• SBI – Buy, TP ₹970: Q1 PAT beat; strong loan growth; stable asset quality.
• OMCs – Buy BPCL (preferred) & IOCL: ₹300bn LPG compensation to boost earnings.
• Sai Life – Buy (↑ from Hold), TP ₹1,000: Q1 beat; strong CMC/CDMO visibility.
• Tata Motors – Underperform, TP ₹550: Q1 big miss; JLR headwinds.
• Manappuram Fin – Hold, TP ₹275: PAT beat; gold loan gains price-led; CEO execution key.