M1

M1: Citi maintains Hold with TP $3.00. Note that 1H11 on track to meet street and CIRA forecasts with noted seasonal improvements in 2H. Will continue to pay-out special div with the absence of any meaningful capex rise and easing of working capital pressures.
Separately IIFL maintain Add with TP $2.64, retain FY11/12 EPS growth rates of 8.5% and 14% respectively.