Indian Oil Corporation | Nomura has downgraded its rating on Indian Oil Corporation (IOC) to 'neutral' with a target of Rs 105 per share. It says IOC's first quarter results were below estimates, with lower-than-expected refining margin.

M&M Finance | Citi has maintained a 'buy' rating on M&M Finance with a target of Rs 355 per share. It says M&M Finance missed the first quarter earnings estimates as its net income margin plunged and credit cost rose. It added that the company's business assets grew 28 percent from year and 5 percent from the previous quarter, led by 29 percent year-on-year disbursement growth.

Piramal Enterprises | CLSA has downgraded its rating on Piramal Enterprises to 'underperform' with a target of Rs 1,150 per share. It says that in quarter ended June, the company's operating profit nearly halved from the previous quarter because of net interest margin (NIM) compression.

IDFC First Bank | CLSA has maintained an 'underperform' rating on IDFC First Bank with a target of Rs 84 per share. It says the lender's long trajectory of undershooting on credit costs and strong growth can lead to an upside.

MCX | Morgan Stanley has maintained an 'underweight' rating on MCX with a target of Rs 1,270 per share. It says focus will be on the company management's focus on the TCS software implementation by December.

NTPC | CLSA has maintained a 'buy' rating on NTPC with a target of Rs 240 per share. It says the company's first quarter reports demonstrated an improvement in its operations and finance with the rise in availability of coal plants.