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JPMorgan on telecom: The structural reforms in the sector are positive for all players, and the moratorium on AGR-related dues ensures Vodafone Idea’s survival though it still needs tariff hikes, according to the brokerage. Bharti Airtel remains JPMorgan’s top pick in the telecom sector.

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UBS on telecom: Vodafone Idea’s proposed fundraise and future increases in average revenue per user are key for real value accretion, and the telecom operator can now increase its capex to Rs 10,000-12,000 crore, which is essential to address the loss of market share, according to the brokerage. For Bharti Airtel, the annual savings from the deferral of spectrum and AGR-related dues are estimated at Rs 11,000-11,500 crore, UBS said.

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Citi on telecom: According to the brokerage, the latest announcements by the government do not provide any relief on the high incidence of statutory levies, but are meaningful for Vodafone Idea, which has huge payments lined up in the next few months. Citi prefers Bharti Airtel in the space.

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CLSA on telecom: The relief on the adjusted gross revenue-related dues front is expected to result in cashflow savings of $11 billion till FY25 for Vodafone Idea, according to CLSA. The brokerage believes India’s telecom market will continue to have three private players going forward.

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CLSA on HCL Tech: The brokerage has retained a ‘buy’ rating on the stock with a target price of Rs 1,470. HCL Tech’s order book is expected to improve in the second quarter of the current financial year, as its management expects a strong bounceback in revenue growth, according to CLSA.

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CLSA on ICICI Bank: The brokerage has maintained a ‘buy’ call on the stock with a target price of Rs 1,000. ICICI Bank is CLSA’s top pick in the banking space, and the brokerage has raised its earnings estimates for the lender by two percent. The bank’s earnings have multiple levers to surprise, according to the brokerage.

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CLSA on oil & gas: The brokerage expects the domestic gas price to double in April 2022 over and above the upcoming 70 percent hike in October, which would be manageable for IGL and Mahanagar Gas without hurting margins. India’s gas consumption has risen 16 percent to a near record high, with a 14 percent gain in the demand for LNG and an 18 percent jump in the domestic gas production, according to CLSA.

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Citi on midcap IT: Mid-tier companies surprised on the revenue growth front in Q1, and the momentum is likely to be sustained in the near term going forward, according to the brokerage. Citi likes companies with good deal flow trends and available levers to absorb supply-side issues.

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Morgan Stanley on Reliance Industries: The brokerage has retained its ‘overweight’ rating on the stock with a target price of Rs 2,269. The pace of increases in the average revenue per user may be more calibrated but also more sustainable, and the removal of spectrum usage charges on sharing of airwaves is marginally positive for Reliance Industries, according to Morgan Stanley.

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JPMorgan on Zomato: The brokerage has retained an ‘underweight’ call on the stock with a target price of Rs 120. The Zomato stock has risen 90 percent since listing, and trading at a substantial premium to global peers, according to JPMorgan.

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JPMorgan on Zee Entertainment: The brokerage has upgraded the stock to ‘overweight’ with a target price of Rs 320. A rerating is warranted given the abating governance risks in the company, however structural concerns remain, according to JPMorgan.