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This means the asking rate to reach full year estimates could be a tall order in the second half of FY20,” Rusmik Oza, Head of Fundamental, Kotak Securities told Moneycontrol.Amid the gloomy outlook, there are certain companies that have posted steller profit growth in June quarter, prompting the analysts to upgrade the ratings on respective stocks.Here are top 10 stocks which saw rating upgrade from brokerages after June quarter earnings:Brokerage: Motilal OswalVoltas: Upgrade to Buy Target: Rs 700 Return: 16 percentConsolidated revenue increased 24 percent YoY in Q1, led by strong 47 percent growth in unitary cooling products (UCP) segment. As a result of a higher effective tax rate (32 percent versus estimate of 27 percent) and higher losses in JVs, net profit increased at relatively low rate of 6 percent YoY (in line).Motilal Oswal expects Voltas to attain EBIT margin of 13 percent in FY21, slightly below the average of 14 percent over FY14 18.The brokerage raised its adjusted consolidated earnings estimate by 2/6 percent for FY20/21, led entirely by UCP segment. It continues valuing UCP at a target multiple of 35x FY21 estimated EPS.

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