• State-Run Rail Vikas Nigam IPO gets 9 percent demand on first day sale, Offer close April 3
• India’s first real estate investment trust Embassy Office Parks REIT to list on the exchanges.

F&O Cues

• Nifty April Futures closed trading at 11680, premium of 56 points.
• Max OI for April series at 12,000 Call, OI at 22.7 lakh shares.
• Max OI for April series at 11,500 Put, OI at 21.3 lakh shares.

Stocks In F&O Ban

• In Ban: Adani Power, IDBI, Reliance Power
• New in Ban: IDBI, Reliance Power

JPMorgan on Jubilant FoodWorks

• Maintained ‘Overweight’; hiked price target to Rs 1,600 from Rs 1,430.
• Encouraged by continued efforts to expand menu.
• Chinese food format appears attractive to us.
• Believe Jubilant to fare better in QSR space owing to high exposure to delivery.

Goldman Sachs on Crompton Greaves

• Upgraded to ‘Buy’ from ‘Neutral’; hiked price target to Rs 260 from Rs 214.
• Crompton offers favourable risk reward in a sector where multiples are elevated.
• Expect sustained growth in rural India where CG has high exposure.
• Margins in lighting business to normalize at higher levels.
• Expect new product innovations to drive growth.

Citi on SRF

• Maintained ‘Buy’ with a price target of Rs 2,508.
• Closure of Dahej is big, but a temporary setback.
• Quantum of impact on earnings is difficult to ascertain.
• Dahej contributes 70 percent of chemical business revenue.

HDFC Sec on Mastek

• Initiated ‘Buy’ with a price target of Rs 660.
• Strengthened its relationship with the U.K. government and improved operational efficiencies.
• Don’t expect further margin expansion due to on-going issues in US business, higher on-site hiring and supply side issues.
• Expect revenue and EPS CAGR of 15 percent and 16 percent respectively over FY19-21; available at attractive valuations.
• Stake in Majesco U.S. and net cash position provides additional comfort.

HSBC on Just Dial

• Maintained ‘Buy’ with a price target of Rs 640.
• Targeted mid-teen revenue growth will be achieved in the current financial year.
• Revenue from ex-search business to take time, working on re-launching JD Omni.
• Expect steady cash generation and 4-5 percent dividend yield.

HSBC on Indian Metals

• Vedanta: Downgraded to ‘Hold’ from ‘Buy’; cut price target to Rs 200 from Rs 290
• Hindustan Zinc: Maintained ‘Hold’; cut price target to Rs 250 from Rs 260.
• Lower commodity prices and appreciating rupee results in a cut in Ebitda estimates by 8-21 percent.
• Deviation from capital allocation strategy is likely to act as an overhang for Vedanta.
• Higher debt at Vedanta to result in sustained high dividend payout from Hindustan Zinc.

Equirus Securities on Zensar Tech

• Initiated ‘Add’ with a price target of Rs 246.
• Healthy order booking and acquisitions to aid growth momentum.
• Platform agnostic Digital bouquet to augment growth.
• Well positioned to drive wallet share in large customers.
• Expect $ revenue to grow at 14.3 percent CAGR over FY18-FY21.

Equirus Securities on Radio Sector

• ENIL: Initiate ‘Reduce’ with a price target of Rs 545.
• Music Broadcast: Downgraded to ‘Reduce’ from ‘Long’; cut price target to Rs 61 from Rs 72.
• Emerging digital trends start weighing on valuations just like in the U.S.
• U.S. radio companies have seen de-rating despite stable/growing earnings.
• Radio continues to be the most efficient medium for advertisers.

CLSA on Axis Bank

• Maintained ‘Buy’; hiked price target to Rs 840 from Rs 800.
• Earnings rebound ahead and steady growth can drive a rerating.
• Slippage a tad higher but recoveries stronger.
• Hike EPS estimates by 6 percent for the current and the next financial year; Expect RoE of 16 percent by the next financial year.

• Apollo Tyres promoter Motilay Finance created a pledge of 40 lakh shares on March 26.

SBI Life Insurance

• Canada Pension Plan Investment Board acquired 2 crore shares or 2 percent equity at Rs 577.5 each.
• Promoter BNP Paribas Cardif sold 5.07 crore shares or 5.1 percent equity at Rs 577.93 each.