Power Grid’s (PGCIL) Q3FY11 results were in line with our expectations with revenues and adjusted PAT each growing by 22% to Rs20bn and Rs6bn respectively. Capitalization increased marginally during the quarter to Rs68bn from ~Rs51bn in H1 FY11. We believe PGCIL offers the best bet as its capex and capitalization continues to remain on track. Re-iterate BUY with a target price of Rs115/share.
AIA Engineering's (AIA) Q3FY11 results were below our expectations. Revenues grew by 15% YoY to Rs2.93bn against our estimate of Rs3.1bn. Higher RM cost (which could not be passed on fully) adversely affected margins which fell by 540bps at operating level. Realisations however, improved to Rs97/kg vs Rs86/kg (YoY basis). Management has further reduced its volume guidance for FY11 and FY12 by ~4-5%. Rupee appreciation and volume growth remain key risks in the long run. At current price we believe the stock is fairly valued and therefore, recommend a HOLD with a target price of Rs355 (14xFY12E).
Monnet Ispat's Q3FY11 revenue at Rs3.5bn and EBITDA at Rs1.1bn declined 7% and 3% YoY respectively as contribution from power sales declined 40% YoY due to reduced tariff. OPM expanded by 120bps YoY to 31.4%. However, PAT at Rs702mn grew 3% YoY on higher other income and lower interest.
Rubber yesterday traded with the positive node and settled 1.36% up at 24015 on speculation that C
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Wheat yesterday traded with the positive node and settled 0.54% up at 1308.6 on speculation global suEmkay Global Financial Services Limited has issued a BUY recommendation for Vishal Mega Mart (VMM), setting an ambitious target price of Rs 180 against the current market price of Rs 136, implying
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Axis Securities has issued a compelling BUY recommendation for Tata Consultancy Services (TCS), positioning the IT services behemoth as a transformative force in the artificial intelligence era.
ICICI Securities has upgraded Bajaj Finance to a BUY rating, revising its target price upward to Rs 1,180 from Rs 1,040, implying an 18% upside from the current market price of Rs
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ICICI Securities has issued a BUY recommendation for LG Electronics India, establishing a target price of Rs 1,875 against the current market price of Rs 1,553, indicating a potent
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ICICI Securities has elevated its rating on Bank of Baroda from 'Hold' to 'BUY', setting a revised target price of Rs 340—representing an upside potential of approximately 18% from the current market price of Rs 288.
Emkay Global Financial Services has reaffirmed its BUY recommendation on RBL Bank, raising the target price by 7% to Rs 375 from Rs 350, representing a 24.6% upside from the current market price of Rs 301.
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ICICI Securities has reaffirmed its bullish stance on LTIMindtree Limited, elevating its price target to Rs 7,350 from Rs 6,500, projecting an 18% upside from the current market price of Rs 6,242 over a 12-month horizon.
