Kotak - Reliance Communications , I-Flex Solutions, JSW Steel, Canara Bank, Mphasis, Castrol, Glaxo, Gateway Distripaks, Dredging & more...

Reliance Communications: 4QFY07 results - forget the bottom line; focus on the top line

i-flex solutions: Results below expectations. Valuations are expensive. Maintain Underperform rating

JSW Steel: 4Q results better than expected; expansion to 10 mn tpa to add substantial value in long-term

Canara Bank: Disappoints despite higher than expected profit as quality suffers

Mphasis BFL: Steady 4QFY07 performance'investments may drag margins in the near-term. Maintain In-Line

Andhra Bank: Core performance remains on track, retain OP

Castrol India: Broadly in-line 1QCY07 results; retain OP with revised 12-month TP of Rs300

Glaxo SmithKline Consumer India: 1QCY07: Sales growth at 17.5% in line with management guidance and our estimates.

Gateway Distriparks: Numbers in-line, led by better performance of the CFS business

Dredging Corporation of India: Better-than-expected numbers due to large contract; outlook remains weak

Change in recommendations

Wockhardt: Expect 8% EPS growth in CY2007; lowering rating to U

Updates

Container Corporation: Lower volume growth in a robust macro environment possibly implies loss of market share to roads

Nicholas Piramal: Guidance is positive on topline; but below expectations on EPS

Automobiles: Apr 07 sales: FY2008 starts on a strong note for cars and LCVs; 2W and M&HCV growth slides

Economy: India's interest rate outlook: Expect SLR cut despite higher MSS ceiling