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We are bullish on Jyothy's long-term growth as it rolls out key brands nationally and expands its laundry business. Excluding the QIP money and the underlying value of its subsidiary, JFSL (laundry business), would result in lower valuation for its FMCG business. Jyothy has underperformed the BSE FMCG Index by 5% in the past three months and offers room for further upside.

Full impact of the price increase of Ujala Supreme will support revenue and profitability growth. Pricing power in Ujala Supreme will underpin volume growth as well;

We like JPL for its its leadership position in UP (the largest print market in terms of readership and print ad value), strong position in growing regions like Bihar and Jharkhand, better cost efficiency, phased and planned expansion into other forms of media businesses, and a wider portfolio (including Mid-Day). 9MFY11 business growth (20% ad growth) strengthens our belief that it is well poised to benefit from steady growth in the print media sector.

Robust ad growth of 18% CAGR FY10-FY12E coupled with margin enhancement would drive overall growth for the company;

IRB infra is a proxy play on Indian road sector. IRB is amongst the largest BOT operator in India with in house execution capabilities and currently have 16 BOT projects under portfolio, of which ten are operational, five under construction and one project is in advance stage of financial closure. IRB is well positioned to add projects worth $1bn i. e about 4-6 BOT projects per annum without any equity dilution.

1) Timely execution of projects under construction will act as a catalyst for stock price.

Uptick in discretionary IT spend and recovery in the European market will boost volume growth for HCL Tech. Further, strengthening of EUR against USD will have positive near-term impact.

The strongest volume growth of 6.5% QoQ among peers in Q3FY11;

Outperformance in emerging verticals such as energy and utilities and retail;

One of the highest bookings in terms of new deals won in the recent quarter;

High growth in EAS and custom application segment driven by discretionary spend;

Higher EBIDTA margins in the near term, supported by higher offshoring and utilisation;

We expect GPIL to benefit from earnings CAGR of 41% over FY10-FY12E on volume growth and margin expansion. This would be driven by higher output from Ari Dongri mines, 0.6mntpa pellet plant, and 20MW biomass power plant that have started giving results from Q3FY11. Further, 0.6 mtpa pellet plant of 75% subsidiary Ardent Steel's has also started to stabilize and is expected to provide additional earnings growth Q4FY11 onwards (not factored in our earnings estimates).

Stabilisation of the newly commissioned 20MW biomass power plant would ensure further power availability for captive use; sale of surplus power to be revenue accretive.

With the success of Pulsar135 and Discover twins (100cc and 150cc), Bajaj Auto's brand-centric strategy has been validated. The high-margin brands, Pulsar and Discover, now account for 70% of the company's motorcycle sales. In addition, continued demand for three-wheelers and robust exports would help Bajaj Auto achieve volume growth of 37.8% and 13.8% in FY11E and FY12E respectively. We expect profitability to be maintained at current levels of 20%.

1) Despite increasing competition, we expect Bajaj Auto to maintain its market share with domestic volume growth of 14%, in line with the industry.