Moody's raises crude oil price forecast to $45-65/barrel on global demand Moody's Investors Service on Wednesday raised its medium-term price band for crude oil to $45-65 per barrel from $40-60 as continued OPEC-led production restraint and strong global demand growth have contributed to declining global inventories, offsetting rapid increases in US shale production. READ MORE   Market Check   S&P BSE Sensex 33,764.70 -0.21%   Nifty 50 10,383.95 -0.26%   S&P BSE 200 4,541.05 -0.08%   Nifty 500 9,146.50 -0.06%   S&P BSE Mid-Cap 16,420.80 0.65%   S&P BSE Small-Cap 17,720.28 0.61% Motilal Oswal Research on Strides Shasun (STR) We remain positive on STR, given its healthy ANDA pipeline, aggressive filings, sound compliance track record, vertical manufacturing integration, value accretion in Australia business, and outperformance in the branded generics business in emerging markets. We value STR based on sum-of-the-parts (SOTP), valuing the pharma business at 18x 12M forward earnings (industry average P/E multiple for midcap pharma) and Solara at an EV of 8x FY19E EBITDA to arrive at a price target of INR989. Re-iterate Buy IPO WATCH Hindustan Aeronautics Limited (HAL) In the absence any direct peer in India and with its unique business model along with Navratna status, HAL is on firm footing to exploit the upcoming opportunities in defence space in India led by Make in India initiative and higher defence expenditures. At upper price band, stock is available at 15.8x FY17 EPS and 9.6x of FY17 EBITDA, which appears to be reasonable considering its strong order book, healthy financials and return ratios. Further, considering the absence of any peer, we do not expect it to trade at a wider discount. Given its current order book, HAL can potentially grow in low teen range in next 2-3 years. Hence, we recommend SUBSCRIBING to the Issue. (Source: Reliance Securities) Fertiliser shares in focus; National Fertilizers, RCF up 5%   Shares of fertilizers companies were trading higher by up to 10% on the BSE in early morning trade after the government approved a proposal to extend urea subsidy till 2020.   Rashtriya Chemicals & Fertilisers (RCF), Nagarjuna Fertilizers and Chemicals, National Fertilisers, Fertilizers & Chemicals Travancore (FACT) and Madras Fertilisers were up in the range of 5% to 8% on the BSE. READ MORE Emerging-market stocks are world's best bet since Feb rout: Goldman's Patel   Emerging-market stocks are the world’s best investment after February’s rout cheapened valuations, according to Goldman Sachs Asset Management.   Unlike previous market corrections, when developing nations suffered big outflows, clients have been adding more money to the riskiest assets, said Sheila Patel, the chief executive officer of International GSAM. That’s been a sound strategy during the past month as emerging-market stocks returned 3.1 per cent, beating the 2.5 per cent gain for US peers. READ MORE