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Numero Uno in UP, the largest print market Jagran Prakashan's (JPL) key strength is its leading position in the UP market with a 49% share in total readership. It leads by 37% in readership vs. its closest competitor. UP is the largest Hindi print market with a readership base of 19.6mn (28% of total Hindi readership in India) and Hindi ad print share of 31% of the total market of ~ Rs2.6bn. UP recorded economic growth at 11% over FY04-08. We believe JPL will continue to be the undisputed leader in the buoyant state, capitalizing on accelerated growth opportunities.

Strong earnings and profitability on aggressive expansion DB Corp Limited (DBCL) continues to expand aggressively, which would enable it to achieve strong growth in earnings and profitability; currently, the emerging editions contribute 10% to the company's total revenue. Expansion in Jharkhand would be completed with the launch of Dhanbad and Jamshedpur editions by end-FY11. The Bihar edition will be launched in FY12. Moreover, the company would be setting up around 9-10 new printing centres in its existing territories of Rajasthan, Punjab, Madhya Pradesh and Gujarat.

CCCL reported lower sales led by execution issue in key projects, though margins surprised us at 9.7%, PAT was marginally below expectation at Rs167mn (Rs176mn PINCe). Followed by the management apprehension towards execution, we lower our FY11 and FY12 estimates and reduce our target price to Rs62 per share. However, we maintain BUY recommendation betting on CCCL’s strong balance sheet, healthy OB inflow and quick ramp-up shown by the company in the Infrastructure segment where the current order mix stands at 50% of Order Book from 10% in FY08.

Rubber rose due to the news on flooding in Malaysia, anticipation and supply worries, but profit-taking capped gains. Concerns over worsening supply shortage still boost the sentiment as demand remains robust, while supply may demand further as rubber trees are entering leave-shedding season, lowering output. Natural-rubber consumption in China may rise 9 percent to 3.6 million tons this year and India's consumption may gain 5.2 percent to
991,000 tons, according to the Association of Natural Rubber Producing Countries.

Mustardseed yesterday traded with the positive node and settled 1.67% up at 3037 due to expectations a rise in edible oil prices will boost demand for rapeseed, which contains higher amount of oil. Stockists and speculative demand was very good in rapeseed.

TRF declared disappointing set of numbers. Net Sales on a consolidated basis declined by 12% to Rs2,484mn as major orders didn’t cross the threshold limit in the project division. OPM declined by 358bps to 10.6% mainly on account of lower sales in the project division and pricing pressure due to increased competition. Resultantly the PAT declined by 29% to Rs171mn. However, the product division and subsidiaries continue to perform well.