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Moneycontrol India > News > Brokers bullish on Fem Care Pharma, Unichem Lab, Union Bank > > Brokerage Recos > Sharekhan,SSKI,Karvy,ICICI Securities,Ci
2006-12-15 09:07 Source : Moneycontrol.com
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Sharekhan has puted buy rating on Fem Care Pharma; with a target of Rs 500.
SSKI has reiterated outperformer rating on Zee Telefilms.
Karvy has kept buy rating on Unichem Lab; with a target of Rs 330.
Karvy has kept outperformer rating on Bank Of India; with a target of Rs 195.
Karvy has kept buy rating on Rolta India; with a target of Rs 320.
ICICI Securities has maintained buy rating on Union Bank; with a target of Rs 172.
Citigroup has kept buy rating on Sasken Communication; with a target of Rs 653.
House
Stocks
Views
Sharekhan
Fem Care Pharma
Buy; with a target of Rs 500
SSKI
Zee Telefilms
Outperformer
Karvy
Unichem Lab
Bank Of India
Rolta India
Buy; with a target of Rs 330
"
Saturday, November 18, 2006
BRICS PCG Research
Bank of India
CMP: Rs 167 Target: Rs 186 (upgraded from Rs 170) BUY
Hitting the high notes
Bank of India (BOI) has churned out an excellent Q2FY07 performance, posting the best results among PSU banks. As guided by the bank after the FY06 results, net interest income (NII) continues to grow at a very robust pace, well ahead of expectations. An improved yield on funds and a relatively lower increase in cost of funds led a 47% growth in NII. This together with the healthy 18% growth in non-interest income (ex-treasury) to Rs 3bn led to a 61% spurt in net profit. Within loans, lending towards the retail, agriculture and SME segments recorded strong YoY growth of 56%, 22% and 27% respectively. BOI expects these segments to continue to drive asset growth and boost yields.
The management is targeting a growth of 20% in deposits (25% in low-cost deposits) and 25% in loans in FY07. Based on our dividend discount model (DDM) we value the bank at Rs 186, an upward revision from Rs 170 earlier to incorporate the robust financial results. BUY.
Tulip IT Services
CMP: Rs 362 Target: Rs 457 (upgraded from Rs 383) BUY
Power packed performance
Tulip IT Services reported a very strong Q2FY07 financial performance, much ahead of our expectations. Revenues in the quarter grew sequentially by 29.7% to Rs 1.9bn on the back of 59.4% growth in the corporate data services (CDS) segment. Operating margins expanded by 280 bps to 15.5% as the share of CDS revenues increased to 34% of total revenues. Net profit grew by 46.5% to Rs 202.5mn, a slower pace than the 58.6% QoQ increase in operating profit due to higher depreciation and tax costs during the quarter. In view of the exceptional performance, we are raising our estimates for FY07 and FY08 and accordingly upgrading our target price to Rs 457 (from Rs 383). BUY.
K S Oils
CMP: Rs 176 Target: Rs 218 BUY
Fuelled for success
KS Oils (KSO) has clocked an outstanding performance during Q2FY07 with 79% YoY growth in revenues to Rs 2.3bn and a 213% spike in net profit to Rs 111mn. Better volumes due to enhanced capacity utilisation and increased realisations from a heightened focus on the retail segment drove sales during the quarter. Operating profit has grown 140% YoY to Rs 161mn, accompanied by an improved margin at 7.1% from 5.3% a year ago. The margin growth was fuelled by increased realisations, lowered operating costs (particularly power) and better working capital cycles. Net profit margins also rose 75% from 2.8% to 4.9% this quarter. We retain our projections for FY07 and FY08, and thus recommend a BUY with our initial target price of Rs 218.
Indoco Remedies
CMP: Rs 293 Target: Rs 410 BUY
Healthy growth, in line with estimates
Indoco Remedies' Q1FY07 results are largely in line with our estimates. Though the sales growth in the quarter exceeded our expectations, net profit was marginally below our estimates due to higher finance charges and depreciation. Net sales in Q1FY07 grew by 37% to Rs 726.5mn as against Rs 529mn in Q1FY06, driven by 26% growth in domestic sales and a 103% rise in exports to regulated markets. Domestic sales contributed about 81.3% to the topline whereas exports to regulated markets contributed about 12% in Q1FY07. These exports have grown more than anticipated (103% as against 60%) on account of a swelling customer base as well as an increase in the products supplied. Operating margins for the quarter have fallen by 90 bps YoY due to an increase in raw material cost as a percentage of sales. We believe the margins in the coming quarters will stabilise at about 20% as the exports gain further momentum.
At the current market price of Rs 293, the stock is trading at P/E multiples of 7.4x on FY07E and 5.9x on FY08E which we believe is very attractive. With an expected ROE of 23% in FY08 and earnings growth of about 30% we believe the stock should trade at a higher multiple. We therefore recommend a BUY with a target of Rs 410.
JK Cements
CMP: Rs 191 Target: Rs 315 BUY
Pillar of strength
JK Cements' (JKCL) Q2FY07 results are in line with our expectations. Sales have grown by 30% YoY from Rs 2.1bn to Rs 2.7bn. The company sold 8.13 lakh tonnes of grey cement and 60,900 tonnes of white cement in Q2FY07. Net profit has risen substantially from Rs 49mn to Rs 340mn in Q2FY07 mainly due to better realisations as compared to the last year. Operating margins have also jumped from 13.7% in Q2FY06 to 23.7% in Q2FY07. The EPS for the current quarter stands at Rs 4.9 versus Rs 1 in Q2FY06.
The company's expansion plans and power projects are on schedule and it has concluded the acquisition of JayKayCem, a wholly owned subsidiary. Further, the outlook on cement demand and prices remains upbeat, with a Rs 3-5 price hike per bag expected in the near term. We thus maintain a strong BUY on JKCL with our target of Rs 315.
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Indian IPO Updates
The issue has been subscribed 3.50 times, as per NSE website.
The total bids received for the issue were 1,22,47,980 against its total issue size of 35 lakh shares.
The company entered in the capital market with its initial public offer, IPO of 35,00,000 equity shares of Rs 10 each for cash at a premium to be decided through the book-building process.
The price band for the issue was between Rs 175 and Rs 200 per equity share of Rs 10 each.
The shares will be listed on the Bombay Stock exchange and National Stock Exchange. The book running lead manager to the issue is SBI Capital Markets.
Global Vectra Helicorp, GVHL presently has 14 Bell 412 helicopters each having 13 passenger seats and two pilot seats. GVHL is part of the Vectra Group, which has 18 companies in six countries, primarily in India and Eastern Europe.
For fiscal 2006, the company achieved gross revenue of Rs 898.38 million as compared to Rs 524.20 million in fiscal 2005, an increase of 71.38% year on year. The net profit for fiscal 2006 was Rs 78.01 million as compared to a net loss of Rs 4.31 million in fiscal 2005.
GVHL‘s biggest client is the largest oil and gas company in the country. The other clients include Reliance Industries, British Gas Exploration and Production, Transocean and Gujarat State Petroleum Corporation.
posted by rtotla at 10:55 AM 0 comments
Usher Agro closes with premium of 8%
Usher Agro, an agri-processing company, closed with 8% premium over its offer price of Rs 15 per share on listing day.
The share ended at Rs 16.20, with volumes of 93,85,025 shares. It touched an intraday high of Rs 19.35 and an in"
Saturday, October 07, 2006
AV Birla NUVO « Indian Stock Market Blog
There is nothing much to talk about the financials about AB Novu, the only to talk about is that company is sitting on big set of investmenst that are yet to materialized. the company involves the business that has growth cum value.
Telecom: Idea
AB Novu holds a whopping 35.74% stake in Idea which by coonservative estimates amounts to more than Rs 10000 crore (estimates take the base value of Rs 40 i.e. price at which stake was acquired from Tata). The company has subscriber base of 10 million as compared to Bharti 28 million (Approx.) The numbers that we see are mind boggling becuase company is still in a very nascent stage and is yet to materialise its opertaion across the country. Moreover, the company is profitable in all the cirlces it is operating so it puts less burden on the financiala as it enetrs the new areas of operation like Mumbai, Bihar etc. Also,the company is to place 10-15% stake of Idea to few QIP whihc will reduce the debt burden of the company. So, looking at the growth potential of telecoma sector per se and company potential it could be be emerging star in AB Novu portfolio.
Insurance: Birla Global Finance
the company includes the integrated play "
