IIFL has recommended a buy rating on Jaiprakash Associates with a target price of Rs 250 in its August 24, 2009 research report.

“Jaiprakash Associates is well set to be among the top five players in power, cement and real estate in India. Doubling of cement capacity in three years, launch of 13m sq ft residential projects in two years and expeditious award of thermal power projects to established E&C players lend credibility to the group’s ambitious expansion plans. Treasury stocks in the parent company and consolidation of all power assets under the listed subsidiary (Jaiprakash Hydropower Limited, or JHPL) provide funding flexibility. More than doubling of cement volumes over FY09-11 and peak construction at captive projects, we estimate, should yield 44% earnings CAGR over FY09-11, similar to growth rates achieved over FY05-09. We initiate with ‘BUY’ and an SOTP-based target price of Rs 250 per share. At our target price, the standalone entity would be valued at P/E of 8.4x FY10ii and 6.4x FY11ii,” says IIFL’s research report.
Source : Money Control

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Sunidhi Securities & Finance has recommended a buy rating on DCM Shriram Industries with a target price of Rs 175 in its August 12, 2009 research report.

“In view of DCMSIL’s diversified business model, expected lower domestic sugar production, increase in the sugar consumption, increasing sugar prices coupled with improved Q1FY10 results by DCMSIL, the shares are recommend to ‘BUY’ with a target of Rs 175 in the medium term,” says Sunidhi Securities & Finance’s research report.
Source : Money Control

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Emkay Global Financial Services has recommended an accumulate rating on Mphasis with a target price of Rs 560 in its August 21, 2009 research report.

“Mphasis beats expectations yet again with USD 232 million (+9.2% QoQ, highest in the sector once again). ITO leads the way with a 13% sequential growth; Apps/BPO grow by 9%/6% QoQ. Higher revenue/operating margins combined with lower translation losses and effective taxes drive net profit beat. Still like Mphasis as the best demand play in the sector however cut our rating to ‘ACCUMULATE’ with a revised target price of Rs 560,” says Emkay Global Financial Services’ research report.
Source : Money Control

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Hem Securities has recommended a buy rating on Crompton Greaves with a target of Rs 365 in its August 22, 2009 research report.

“The company has reported good set of numbers for the quarter ended June 2009. Net sales stood at Rs.21975.20 million up by 8.00% from the corresponding quarter last fiscal, thereby converting in operating profit of Rs.2476.00 million. Looking at the strong financial and quarterly results, we recommend ‘BUY’ on this stock with a medium-term price target of Rs.365.00,” says Hem Securities’ report.
Source: Money Control

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Sharekhan has maintained its buy rating on Apollo Tyres with a target price of Rs 53 in its August 20, 2009 research report.

“According to media reports, Apollo Tyres is contemplating to increase tyre prices in the wake of rising raw material prices. Price of natural rubber, the key input for tyre manufacturers, has inched to around Rs102/kg at present from the low of around Rs70/kg in January 2009. At the current market price the stock is trading at 5.4x its FY2011 earnings and EV/EBITDA of 2.5x. We maintain our Buy recommendation with price target of Rs 53,” says Sharekhan’s research report.
Source : Money Control

Check out our report on Apollo Tyres

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IIFL has recommended an add rating on Sterlite Industries with a 12-month price target of Rs 684 in its report dated August 20, 2009.

“Sterlite has raised its bid for ASARCO’s acquisition with the upfront cash component now at USD 2.1 billion along with an unchanged USD 207 million in staggered note payments. This bid would be value-neutral at long-term copper prices of USD 4,500/tonne. Current copper price is at USD 6,100/tonne, thereby leaving headroom for further increase in the bid-amount. ASARCO falls within the highest quartile in terms of cost of production. This acquisition would be a departure from the company’s strategy of being cost leader in all its businesses. Sterlite is already executing a number growth projects in India with potential of further expanding its capacity in power business which in our view could be more value accretive as compared to ASARCO’s acquisition. Add Sterlite Industries, with 12-month price target of Rs 684,” says IIFL’s report

Source: Money Control
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IIFL has recommended an add rating on HDFC in its report dated August 20, 2009.

“Over the past few years, HDFC has transformed itself from a pure mortgage player to a financial services conglomerate that derives 44% of its value from non-mortgage businesses. HDFC has three distinct strengths that distinguish it from an average bank or NBFC. Firstly, it has a low-cost and diversified funding base. Its AAA credit rating and familiarity amongst retail depositors allow it to borrow at very competitive rates. Secondly, its operating costs are by far the lowest amongst all financial intermediaries in India and perhaps globally. And finally, its credit costs have consistently remained low and are also the lowest in the industry. Growth prospects remain bright for all businesses and investors can trust HDFC for flawless execution. This, in our view, justifies the stock’s premium valuation of 4.0x FY11ii P/B,” says IIFL’s report.

Source : Money Control
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