Brokers' call on Indiabulls Real Estate and Bajaj Auto

Morgan Stanley 'Overweight' on Indiabulls Real Estate

TARGET: NA CURRENT PRICE: 65.30

With the launch and execution progress of Worli Blu, Sky/Forest, Savroli and Panvel.

Phase II, Indiabulls Real Estate's operational/cash flow scale-up has high visibility.

Sales were up 137% y-o-y (up 23% q-o-q) driven by Panvel, Gurgaon, Chennai and a little contribution from Savroli.

Citigroup 'Neutral' on Bajaj Auto

TARGET: Rs 1,942 CURRENT PRICE: 1,996

A further de-rating is not likely provided BAL doesn't cede too much market share to Hero; maintains margins at around 18-20%; continues to grow share in the export markets & thrust into new markets.

Management noted industry retail volus fell ~11% in June and expects vols to decline 5% in July.