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View latest reports from the Arihant Research Desk. Daily News Analysis, daily market outlook, Value Plus for the latest happenings, investment ideas, model portfolio and market summary, mutual fund reports, ongoing IPO and NFO recommendation reports.
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Daily News Reprot 06-02-2012
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Daily News Reprot 06-02-2012
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Daily News Report 03-02-2012
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75KB
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Daily News Report 03-02-2012
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Daily News Report 02-02-2012
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75KB
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Daily News Report 02-02-2012
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Daily Equity F&O Margin Report 06-02-2012
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88KB
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Daily Equity F&O Margin Report 06-02-2012
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Daily Market Update Report 06-02-20126
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649KB
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Daily Market Update Report 06-02-20126
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Daily Equity F&O Margin Report 03-02-2012
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88KB
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Daily Equity F&O Margin Report 03-02-2012
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Daily Market Update Report 03-02-2012
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649KB
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Daily Market Update Report 03-02-2012
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Daily Equity F&O Margin Report 02-02-2012
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88KB
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Daily Equity F&O Margin Report 02-02-2012
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Daily Market Update Report 02-02-2012
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643KB
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Daily Market Update Report 02-02-2012
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Daily Equity F&O Margin Report 01-02-2012
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88KB
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Daily Equity F&O Margin Report 01-02-2012
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Arihant's Value Plus - January 2012
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588KB
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Arihant's Value Plus - January 2012
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Arihant's Value Plus - December 2011
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3MB
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Arihant's Value Plus - December 2011
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Value Plus - November 2011
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754KB
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Value Plus - November 2011
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IPO Note - Taksheel Solutions Ltd
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191KB
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Taksheel Solution is an IT Solution Company focused on providing products and services for companies engaged in financial services industry & Telecom, which are driven by technology all over the world...We recommend an ‘Avoid’ on the IPO.
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IPO Note - L&T Finance Holdings Ltd
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206KB
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Promoted by Larsen & Toubro Limited, L&T Finance Holding (L&TFH) is a financial holding company (i.e. no direct operations) offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors...L&TFH has a strong parentage support and an established business setup. The management team of the Co is experienced and has good track record...
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NCD Note - Shriram Transport Finance Company Ltd
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169KB
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Shriram Transport Finance Company (STFC) is one of the largest asset financing NBFCs in India and among the leading organized finance provider for the commercial vehicle industry with a focus to provide various credit facilities to Small Truck Operators....We recommend investment in Shriram Transport Finance NCD for conservative investor and investors looking for better than Fixed Deposit returns, considering its very attractive yield and company’s creditworthiness. The Issue is Rated AA+ by CARE, so there is no risk of default.
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FPO Note - Power Finance Corporation Ltd
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125KB
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PFC was set up on 16th July 1986 as a Financial Institution (FI) with an objective to provide funding to the power and associated sectors, to help its borrowers in financial...PFC is a strong organisation with strong balance sheet. It has had a good and consistent financial performance with a very healthy asset quality...At price of Rs 203, the stock would be available at a P/BV of ~1.6 times the FY11P and 1.2 times FY12E.All this apart from valuation makes us believe that it would a medium risk proposition to invest in PFC.
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NFO Note - Religare Monthly Income Plan (MIP) Plus
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125KB
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NFO Closes on 11 May 2010. The investment objective of Religare Monthly Income Plan (MIP) Plus is to generate regular income through a portfolio of fixed income securities, Gold ETFs and equity. We Recommend INVEST in the fund. Download NFO Note for complete details.
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Daily Agri Buzz Report 06-02-2012
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156KB
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Daily Agri Buzz Report 06-02-2012
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Daily Metal Buzz Report 06-02-2012
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195KB
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Daily Metal Buzz Report 06-02-2012
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Daily Currency Update Report 06-02-2012
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183KB
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Daily Currency Update Report 06-02-2012
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Daily MCX Margin Report 06-02-2012
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111KB
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Daily MCX Margin Report 06-02-2012
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Daily NCDEX Margin Report 06-02-2012
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110KB
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Daily NCDEX Margin Report 06-02-2012
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Daily NCDEX Margin Report 03-02-2012
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113KB
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Daily NCDEX Margin Report 03-02-2012
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Daily MCX Margin Report 03-02-2012
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113KB
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Daily MCX Margin Report 03-02-2012
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Daily Currency Update Report 03-02-2012
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185KB
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Daily Currency Update Report 03-02-2012
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Daily Metal Buzz Report 03-02-2012
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192KB
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Daily Metal Buzz Report 03-02-2012
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Daily Agri Buzz Report 03-02-2012
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157KB
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Daily Agri Buzz Report 03-02-2012
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Daily Agri Buzz Report 02-02-2012
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186KB
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Daily Agri Buzz Report 02-02-2012
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Daily Currency Update Report 02-02-2012
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186KB
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Daily Currency Update Report 02-02-2012
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Daily Metal Buzz Report 02-02-2012
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192KB
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Daily Metal Buzz Report 02-02-2012
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Daily MCX Margin Report 02-02-2012
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115KB
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Daily MCX Margin Report 02-02-2012
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Technical View
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126KB
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Gold one pager
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Result Update – 3i Infotech Ltd Q3FY12
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435KB
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3i Infotech reported Q3FY12 result which was a major disappointment on all counts. It’s topline was down by 29.7% QoQ at Rs.350.2cr. Both its division namely, IT solutions and Transaction services saw sharp sequential de-growth of 29.4% and 33.5% in Q3FY12… Further taking into account a challenging macro environment, we believe the future currently looks very bleak for 3i Infotech. We therefore reduce our estimate and target price to Rs.16 per share from Rs.30 earlier and downgrade it to ‘SELL’ from ‘ACCUMULATE’ earlier.
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Result Update – TVS Motor Q3FY12
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346KB
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Q3 Net Revenue at Rs 1733 crores, up 7.45% . Quarterly growth of 7.45% yoy aided by 6.6% increase in realization per unit, while unit sales for the quarter only increased by 0.7%. Realizations improved due to a better product mix having higher number of scooters in the product portfolio, and also due to higher FOB realizations and a weak rupee… The stock is currently trading at 8.8x estimated 1 year forward earnings, which we feel is at a discount, and hence offers a investment opportunity at these levels. We value TVS at 10x expected FY13 EPS of Rs 6.1 per share, with a price target of Rs 61.
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Result Update – Dewan Housing Finance Ltd Q3FY12
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201KB
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Dewan Housing posted a PAT of Rs 75 cr signifying a growth of 21% YoY and 4% QoQ. The results were mostly in line with our expectation. The growth looked much robust than expected while the margins remained steady though under pressure. The asset quality remained healthy with GNPA of just 0.89% and coverage of 81%...We marginally lower our SOTP target price on account of slower performance of subsidiaries to Rs 316 (earlier Rs 321) over a period of 12 months giving a potential upside of ~38%.
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Result Update – Mahindra Finance Ltd Q3FY12
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249KB
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In line with our expectation, Mahindra Finance (MMFSL) continued to post a robust disbursements growth of ~35.5% YoY at Rs 5886 cr and a PAT growth of 34% YoY at Rs 155 cr. Resumption of securitisation and healthy asset quality helped in countering the continuing pressure of high interest cost... We continue to remain less aggressive about growth in FY13 given the high base of FY12 and monsoon contingency. Given more than expected pressure on margin in FY12 we marginally revise our forecast downwards and arrive at a price target of Rs 756 (earlier 768) valuing the Co at 2.2 times the FY13E book value.
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Initiating Coverage - Bank of Maharashtra
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635KB
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An inconspicuous bank to the mainstream for many years, BoM now deserves a closer look given its strong fundamentals. A healthy CASA of 40%, NIM of 3%, steady NPA for four years, provision coverage of 85%...With fundamentals in place we feel that the bank just needs few quarters of consistent performance to give a stronger portrayal, though heavy restructurings muddle the frame… We value the bank on average of Gordon growth (RoE 14%, COE 14%, G 5%) and long term average P/BV (0.9x) and arrive at a price target of Rs 79 over next one year.
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Result Update – KPIT Cummins Q3FY12
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KPIT posted their Q3FY12 result which was better than our estimate. In US$ terms, it grew its revenue by 4.3% QoQ at $73.4 mn v/s our expectation of $72.2mn. In INR terms, its revenue went up by a whopping 16.6% QoQ to Rs.378.9cr while its bottom line grew by 12.6% QoQ to Rs.41.1cr… Therefore, taking into account a weaker rupee, though, we are upping our estimates, we however maintain our previous target price of Rs.213 per share and reiterate our ‘’ACCUMULATE” call on the stock.
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Result Update – Bajaj Auto Ltd Q3FY12
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307KB
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Amidst a challenging environment with slowdown concerns, Bajaj Auto reported another strong quarter with Operating EBITDA margin at a seven quarter high of 21%... Q3 Net Revenue at Rs 4840 crores was up by 21.6% on a yoy basis.. Q3 Operating EBITDA at Rs 1061 crores, a growth of 25% yoy.. Q3 Reported PAT at Rs 795 crores, a growth of 19.2% yoy.. Bajaj Auto at Rs 1561 trades at 14.3x and 12.7x estimated revised FY12 & FY13 EPS respectively… Our new target price is Rs 1620; based on 13.25x FY13 EPS and 10.5x FY13 Core EBITDA. We have assigned equal weights to both multiples.
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Result Update - Hero Motocorp Q3FY12
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370KB
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Hero Moto reported a strong quarter amidst a challenging environment for the domestic auto industry. Reported operating EBITDA at 15.63% was aided by a marginal correction in Raw Mat prices and lower SG&A expenses on a yoy basis… Our revised Net Sales and PAT forecasts for Hero Moto represent a 2 year CAGR growth of 16% and 15.7% respectively over FY12 & 13… We value the stock at 15.5x our FY13 EPS estimate of Rs 129.2 per share assign a price target of Rs 2005.
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Result Update - Polaris Financial Tech Q3FY12
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382KB
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Polaris posted their Q3FY12 result which was broadly inline with our expectation. Their topline came in line at Rs.572.5cr (a QoQ growth of 12.3%) v/s our expectation of Rs.575cr… Polaris improved their gross margin by a whopping 390bps QoQ to 34.4%... The strong traction being seen in Intellect and services revenue around it gives us the confidence that the company is on track of making a niche for itself in the BFSI domain… We thereby maintain target price of Rs.246 and retain our “BUY” call on the stock.
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Initiating Coverage - Godawari Power and Ispat Ltd
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923KB
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GPIL is one of the few steel producers in India with backward integration into iron ore and met 85% (FY11) of captive iron ore requirement. We estimate company to be the main beneficiary of ongoing mining issues where supplies of iron ore has deteriorated and prices strengthen despite them falling globally… At current market price of Rs 105/share, the stock trades at PE(x) of 2.5x and EV/EBITDA(x) 3.9x times its FY13E EPS and EBITDA, respectively which is at ~35% discount to large steel companies…. We initiate on Godawari power and Ispat with buy recommendation and price objective of Rs 134 per share.
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Result Update - Wipro Q3FY12
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431KB
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Wipro posted their Q3FY12 results which was broadly inline with our estimates. In USD terms, its IT services revenue came at $1505.5mn—a growth of 2.2% QoQ, while on a constant currency basis, revenue grew by 4.5%. In INR terms, the topline grew by a whopping 11.4% at Rs 7607.6cr...However, taking a fragile global economic scenario and weaker market sentiment into consideration, we lower our target PE multiple for Wipro to 18x from 20x earlier for its FY13E EPS of Rs.25.6per share. We thereby lower our target price to Rs.460 per share from Rs.495 earlier and reduce our call to ‘ACCUMULATE’ on dips from ‘BUY’ earlier as the stock has run up quite a bit during the December quarter (around 12%).
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Result Update - TCS Q3FY12
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429KB
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TCS came out with their results which were slightly above our
expectation on the topline front but a tad lower on the bottomline front. Revenues came
at Rs.13203.9cr (a growth of 13.5% QoQ) while net profit came at Rs.2802.8cr (up by 21.8% QoQ) which was slightly lower than our expectation of Rs.2915cr....However,
incorporating a higher INR/$ rate compared to our previous expectation we tweak upwards our profit estimates. We thereby arrive at a lower target price of Rs.1340 per share (previously Rs. 1370). We thereby maintain our “BUY” call on the stock.
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Result Update - HCL Tech Q2FY12
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450KB
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HCL Tech posted their Q2FY12 result which was broadly inline
with our expectation. Total revenue came at Rs.5245.2cr—up by 12.8% QoQ , while net profit came at Rs.572.7cr—up by a whopping 15.3% QoQ....However, taking into account a riskier economic scenario and weaker market sentiment, we lower our target multiple to 15x from 16x earlier for our FY12EPS of Rs.33.4 per share. We thus maintain our target price of Rs.500 and maintain a ‘BUY’ call on the stock.
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Result Update - DCB Ltd Q3FY12
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319KB
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DCB posted a healthy number for the sixth quarter in a row with PAT of 15.64 cr (+91.4% YoY, +17.3% QoQ). Asset quality remained healthy though margins and growth showed some pressure...We improve our target to Rs 52(earlier Rs 49) at which the stock will trade at 1.7 times its FY12E book value and 1.47 times its FY13E book value. At CMP of Rs 40, the stock trades at FY13 price to book of 1.1 times and a PE of 11.3 times.
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Result Update - Infosys Ltd Q3FY12
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436KB
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Infosys posted their Q3FY12 results which were slightly above our expectation in INR terms but slightly lower in USD terms. Infosys’ topline saw a robust growth of 14.8% QoQ to Rs.9298cr while its bottomline went up by a whopping 24.5% to
Rs.2372cr in INR. In US$ terms, revenues were up by 3.4% at $1806mn...We however up our revenue estimates factoring in a weaker INR than our previous expectation. We therefore arrive at a target price of Rs.3450 (Rs.3500 earlier) and maintain our ‘BUY’ call on the stock.
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Result Update - IndusInd Bank Q3FY12
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287KB
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The IndusInd bank results reinstated the belief in the private bank which has been consistently posting healthy set of numbers for quarters now.The net profit grew by 34% to Rs 206 cr with a good support from fee income and a healthy asset quality...We increase our earnings by 5% for FY12E accounting for the lower credit cost but on FY13 concerns our target price is reduced to Rs 314 at a P/BV of 2.8x. At CMP of Rs 260, the stock trades at FY13E P/ABV of 2.3 times.
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Event Update - Adhunik Metaliks
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246KB
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Incorporated in 2001 as Neepaz Metaliks Pvt Ltd, Adhunik Metaliks (AML) is a diversified player having presence across steel, mining and power sectors...Adhunik Metaliks Limited had, in Aug 2011, signed a mining lease deed for 30 years with the Government of Orissa …The mine has estimated iron ore reserves of 25mn tonne with average Fe+ content of 63% having... We have valued Adhunik’s steel business and mining business at 4.5x and 3.5x its FY13 EBITDA and valued investment in power subsidiary at 1x book value and have arrived at fair value of Rs 77 per share.
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Visit Note - KPIT Cummins (Buy)
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457KB
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KPIT is witnessing no slowdown, delays or any cancellation in its projects. The company’s pipeline remains healthy and company's investor relation team remain confident of doing better than the 23-25% guidance that they had given earlier...We believe that the stock currently is available at attractive valuation of 7.6X its FY12E EPS and would therefore recommend a ‘BUY’ on the stock with a target price of Rs.213 per share.
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Visit Note - Mahindra Finance Ltd
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216KB
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We met Mahindra Finance management to get a feel of the operations in Q3 till date. Things are looking good in Q3 as the growth is robust, asset quality is good,Securitisation has begun and Insurance broking subsidiary has now been allowed to
collect brokerage...At CMP of Rs 658, the stock is available at price to book of 2.3x FY12 and 1.9x FY13. We have a price target of Rs 768 on the stock.
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Banking Sector Result Analysis Q2FY12
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1MB
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We have briefly analysed the Q2’12 results for an array of 27 major banks (including 12 private banks)...The credit growth pace slowed, while deposits were slower. Profit of PSU bank suffered as they continued to reel under NPA pressure- despite nearly 80% banks dipping in their PCR cushion... However private banks reported healthy PAT growth as they could maintain their asset quality and curtail provisions….Banks are acknowledging the slow down resulting from increased rates, lack of policy initiatives and their own cautiousness...We believe that the banking stocks are now placed in the “High Risk and High Return Bracket”.
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Result Update - Andhra Bank (Buy)
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222KB
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It came as a shot in the arm when Andhra Bank (AB) shifted its smaller loans of less than Rs 25 lakhs to system based NPA recognition this quarter and GNPA increased by 112 bps over June 2011 to reach 2.67% (around FY05 levels).Despite this Andhra bank managed to post a PAT growth of 4% at Rs 316 cr...We reduce the current year profit by 6% for the higher than expected default and, given the uncertainty reduce our price target to Rs 199 (earlier Rs 212) where the book will trade at 0.84x FY12E ABV and 0.7x FY13E ABV, which is attractive valuation wise along with a dividend yield of 5.3%.
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Result Update - Dewan Housing Finance Corp Ltd
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216KB
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Culling out the exceptional gain of Rs 35 cr on sale of HDIL shares in Q2 FY11, DHFL posted a close to expected PAT of Rs 72 cr (+24% YoY). PAT was also impacted by of provision on standard assets part of which (Rs 12 cr) was routed through P&L...Since affordability of property as well as loan is becoming difficult, pressure on margins asset quality...The third largest housing finance Co in India is available at a attractive valuation of FY12 E P/BV of ~0.83x and FY13E P/BV of 0.65x. We recommend a BUY.
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Result Update - Mahindra Finance Ltd Q2FY12
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286KB
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Despite higher base, Mahindra Finance (MMFSL) managed to post a robust growth in disbursements (value of assets financed) at ~35% YoY at Rs 4452 cr. However increased cost pressure, lack of securitisation and provision on standard assets, limited the growth in PAT to 16% YoY at Rs 136 cr...The Co is expected to benefit in the long run because of its stronger and transparent business processes. We retain our earlier assumptions as well as price target to Rs 768 valuing the Co at 2.2 times the FY13E book value.
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Result Update - Bank of Baroda Q2FY12
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296KB
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Strong asset growth helped Bank of Baroda (BoB) post a NII growth of 26% ( ~5% better than our expectation) but the same could not trickle down to profits due to high provision charges (NPA + Deprecation in Investment). PAT growth was 14% YoY at Rs 1166 cr (~6% better than our expectation)...We revise our target downwards to Rs 1105 (earlier Rs 1162) over next 6 months where it would trade at a price to book of 1.82 times the FY12E book value and 1.51 times FY13E book value.
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Result Update - Federal Bank Q2FY12
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240KB
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Federal bank’s performance was weaker at operating profit level than expected (-6% YoY) but better at PAT level due to reduced credit cost at Rs 191 cr (+36% YoY).Lower than expected recovery from written off accounts pulled down the other income and operating profit...We maintain our previous estimates but given the volatility due to economic concerns we increase the beta and reduce our price target to Rs 496 (earlier Rs 506). At CMP of Rs 411, the bank trades at FY13 P/ABV of 1.12 times.
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Result Update - IDBI Q2FY12
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249KB
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IDBI reported a PAT growth of 20% against our expectation of 2% and market expectation of negative 4%. The surprise came from the low provision charge as the Bank restricted itself to RBI’s requirements and the coverage ratio dropped from 41.2% in June ’11 to 37.2% now...Given the
increased rates and increasing beta of the stock as well as sector, we reduce our price target to Rs 140 from Rs. 163.
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Result Update - Wipro Q2FY12(Buy)
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431KB
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Wipro posted their Q2FY12 results which was slightly better than our expectation on the topline front. In USD terms, the company’s IT services revenue came at $1472.5mn—a growth of 4.6% QoQ, while in INR terms it grew by a whopping 6.6%, thus matching its peers in terms of revenue growth after a gap of more
than a year...We therefore maintain our “BUY” call on the stock with a target price of Rs.495 per share for Wipro based on a 20x PE multiple for its FY13E EPS of Rs.24.7 per share.
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Result Update - Polaris Q2FY12
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377KB
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Polaris posted their Q2FY12 results which was inline with our
expectation. In USD terms, total revenue grew by 10.6% QoQ to $111.3mn while in INR terms it grew by 13.2% to Rs.509.7cr. Their bottomline saw a robust growth of 21% QoQ to Rs.53.9cr...We therefore increase our DCF based target price to Rs.246 from Rs.242 per share earlier and retain our “BUY”
call on the stock.
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Result Update - KPIT Cummins Q2FY12
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457KB
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KPIT posted their Q2FY12 result which was inline with our expectation on the topline front. The company’s revenue went up by 2.8% QoQ to Rs.325cr.KPIT’s PAT grew by a whopping 51.4% QoQ helped by a higher other income component of Rs.8.8cr arising mainly out of a forex gain of Rs.7.7cr...We therefore maintain our estimate and our target price on the stock at Rs.213 per share and reiterate our ‘’ACCUMULATE” call on the stock.
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Result Update - HCL Technologies Ltd Q1FY12(Buy)
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447KB
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HCL Tech posted their Q1FY12 results which though met our topline expectation, came a tad lower on the bottomline front. Their total revenue came at Rs.4651.3 cr (up by 8.2% QoQ) while net profit came at Rs.496.8cr(down by 2.7% QoQ)...We now expect HCL to post an EPS of Rs.31.3 per share in FY12E v/s Rs.32.3 we expected earlier. We however maintain our FY13E estimates. Thereby, using a PE
multiple of 16x we lower our target price to Rs.500 from Rs.517 earlier and retain our
‘BUY’ call on the stock.
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Result Update - IndusInd Bank Q2FY12
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276KB
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Reinstating its consistency, IndusInd once again posted healthy results with a strong PAT growth of 45%. Bank played with the loan mix and managed to grow its other income in a robust manner helping it beat our expectations...At CMP of Rs 267, the stock trades at FY13E P/ABV of 2.4 times. We value the stock at 2.9 x P/ABV with a price target of Rs 321 over a period of 12 months.
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Result Update - Tata Consultancy Services Q2FY12
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443KB
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TCS came out with their results which were below our expectations especially on the bottomline front. Their Q2FY12 revenues came at Rs.11633.5cr (a growth of 7.8% QoQ) while their bottomline came at Rs.2301cr (down by 4.7% QoQ). The volume growth was healthy at 6.3%...We are therefore tweaking down our estimates and expect TCS’s FY12E and FY13E EPS to be at Rs. 51.7 and Rs.59.6 per share ( previously Rs. 52.7 and Rs.60.9) respectively. We thereby lower our target price to Rs. 1370 from earlier Rs.1400 per share based on a PE multiple of 23x for its FY13e EPS. We however maintain our “BUY” call on the stock.
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Result Update - Development Credit Bank
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327KB
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With a PAT of Rs 13.3 cr, DCB reported its highest quarterly profit in the last 14 quarters (+176% YoY, +51% QoQ). Its overall performance remained good with robust margins, controlled cost and healthy asset quality...This improves our target price to Rs 49 (earlier Rs 48) at which the stock will trade at 1.64 times its FY12E book value and 1.42 times its FY13E book value. At CMP of Rs 43, the stock trades at price to book of 1.5 times and a PE of 20.5 times.
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Result Update - Infosys Ltd (Buy)
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590KB
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Infosys posted their Q2FY12 results which were above their own guidance and also better than our expectation. Infosys’ topline saw a growth of 8.2% QoQ to Rs.8099cr while its bottomline went up by 8.6% to Rs.1906cr...We therefore maintain our target price of Rs.3500 based on a PE multiple of 23x for its FY13E EPS of Rs.152.2 and reiterate our ‘BUY’ call on the stock.
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Initiating Coverage - Development Credit Bank
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895KB
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Development Credit Bank (DCB) has revived itself from legacy credit issues and continued losses. The steps initiated by the new management in the recent past have yielded good results with bank returning to profit, CASA sustaining at 31%+,NPA reducing and margins improving...We initiate coverage on DCB with a price target of Rs 48 which would value the bank at 1.57 times its FY12E book value and 1.42 times its FY13E book value.
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Management Meet Note - Take Solutions Ltd
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143KB
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Take is a global technology solutions and service provider, with significant focus across two principal business areas – Life Sciences and Supply Chain
Management. Started in the year 2000, TAKE has grown exponentially over the decade..So, if Take is able to successfully keep its flock together, we believe the company will be able to embark on a high growth journey and also provide good returns to investors from its current price.
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Management Meet Note - Sasken Ltd
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131KB
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Sasken is an embedded communication solutions company.It basically helps businesses across the communication value chain to accelerate their product development life cycles and speed up their product launch...The Sasken stock is currently trading at a very low PE of 3.8x compared to its peers...We believe that investor with a longer horizon may take position in the stock.
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Initiating coverage - HCL Technologies Ltd
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1MB
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Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing,HCL is a global transformational enterprise today...We believe that the company will be able to post a topline growth of 18.7% and 13.4%, and a bottomline growth of 29.9% and 14.6% in FY12E and FY13E respectively. We thereby initiate coverage on HCL Technologies with an ‘BUY’ rating.
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Result Update - Mphasis Ltd Q3FY12
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134KB
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Mphasis posted their results for the quarter ended 31st July 2011, in which the company’s net revenue grew by 2.9% to Rs. 1281.1cr while its bottomline saw a de-growth of 10.4% to Rs.194.8cr...We believe investor should take a cautious approach towards Mphasis mainly due to the uncertainty surrounding its top client account.
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Analyst Meet Update - Infosys Ltd (Buy)
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456KB
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Our interaction with the management of Infosys during their annual analyst meet revealed that they are not seeing any let up in demand...Wetherefore maintain our estimates and our ‘BUY’ call on the stock though we would now like to associate a ‘downside risk’ to our target price.
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Result Update - Federal Bank Q1FY12(Buy)
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221KB
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Federal bank’s performance was muted with PAT growth of 11% YoY at Rs 146 cr. The previous quarter momentum in business growth dropped sharply as advances and deposits remained flat on a sequential basis...However, given the cost pressure, asset quality concern as well as increased risk free rate we reduce our price target to Rs 506 (earlier Rs 535). At CMP of Rs 390, the bank trades at FY13 P/BV of 1.07 times.
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Initiating Coverage - TVS Motor Ltd (Accumulate)
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571KB
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TVS Motor Co is a part of the prestigious TV Sundaram Iyengar and Sons Group, established in 1911, and one of India’s top industrial entities with combined group turnover more than 4Bn $...It sold a total of 2.047 million vehicles in FY11, a 33.5% growth over FY10...TVS at Rs 53.00 currently trades at 10.8x and 9.4x estimated FY12 and FY13 EPS of Rs 4.9 and Rs 5.65 respectively.
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Result Update - Andhra bank Q1FY12 (Buy)
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218KB
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Andhra bank posted a PAT growth of 20% at Rs 386 cr on the back of a healthy growth of 32% YoY in advances and a NIM of 3.77%. AB has been one of the few banks which could improve its margins on a sequential basis. The bank has been growing much faster in the last couple of years shedding its earlier image of a conservative slow moving regional bank.
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Result Update - IDBI bank Q1FY12 (Downgrade)
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232KB
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The bank reported dry quarter in terms of slow business growth, dip in CASA and a slippage in asset quality. However the bottom-line on a YoY basis looked strong with a 33% growth at Rs 336 cr, supported by a margin of above 2% and operating efficiency (CTI 35%). Given the resurfacing asset quality concerns we increase the slippage and provision and reduce our price target
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Result Update - KPIT Cummins Q1FY12
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455KB
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KPIT posted their Q1FY12 results which was largely inline with our expectation on the topline front. In USD terms, the company’s revenue grew by 6.9% QoQ to $70.1mn. In INR terms, revenue went up by 6.4% QoQ to Rs.316.1cr while PAT saw a de-growth of 8.5% QoQ to Rs.24.1cr...We thereby upgrade our DCF based target price to Rs.213 per share from Rs.200 earlier and maintain our ‘’ACCUMULATE” call on the stock.
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Result Update - Wipro Q1FY12
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430KB
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Wipro posted their Q1FY12 results which were largely inline with our expectation. In USD terms the company’s IT services revenue came at $1407.5mn—a QoQ growth of 0.5%. In INR terms, its total revenue (including IT services) saw a growth of 3.2% QoQ at Rs.8564cr...We therefore maintain our target price of Rs.495 per share for Wipro and based on a 20x PE multiple for its FY13E EPS of Rs.24.7 per share. We thereby maintain our “ACCUMULATE” call on the stock.
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Result Update - TCS Q1FY12
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441KB
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TCS posted strong Q1FY12 topline numbers of Rs. 10797 cr (a growth of 6.3% QoQ) which were above our expectations. It was mainly driven by strong volume growth of 7.4%...We maintain our estimates for TCS and based on a 23x PE multiple for its FY13E EPS of Rs.60.9 we maintain our target price of Rs. 1400 per share. We thereby maintain our “ACCUMULATE” call on the stock.
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Result Update - Polaris Software Lab Q1FY12
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380KB
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Polaris posted their Q1FY12 results which were inline with our expectation on topline as well as on EBIDTA front. In USD terms, total revenue grew by a healthy 4% QoQ to $100.7mn and in INR terms it grew by 2.9% to Rs.450.2cr...We therefore remain positive on the company and maintain our estimates and our DCF based target price of Rs.242 per share. We thus retain our “BUY” call on the stock.
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Result Update - IndusInd Bank Q1FY12
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302KB
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Reinstating its consistency, IndusInd once again posted healthy results with a strong PAT growth of 52% YoY on the back of healthy advances growth, low deposit growth and fee income growth...At CMP of Rs 274, the stock is trading at FY13E P/ABV of 2.5 times. We value the stock at 2.9 x P/ABV (RoE 17.9%, CoE11.8%, G6%) and arrive at a price target of Rs 321 (earlier Rs 325) over a period of 12-15 months. This leaves 17% upside potential.
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Management Meet Note - Hexaware Technologies Ltd
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306KB
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Management Meet Note - Hexaware Technologies Ltd
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Laxmi Vilas Bank - Meet Note
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395KB
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Lakshmi Vilas Bank (LVB) is a private bank from south India with largely regional operations. The bank has been witnessing consistent growth since past few years. the new management has initiated a number of structural and cultural changes in the bank which will help and make it more in tune with current environment as well as push forward its growth. At CMP of Rs 119 the bank trades at a PE of Rs 11.5, which is at a considerable discount to its peers. The fundamentals of LVB is strong and it looks promising in near future. We will shortly come out with Initiating Coverage of the same with valuation and targets.
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Weekly Metal & Energy Outlook - 06-02-2012
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348KB
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Weekly Metal & Energy Outlook - 06-02-2012
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Weekly Currency Outlook 06-02-2012
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245KB
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Weekly Currency Outlook 06-02-2012
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Weekly Agri Market Outlook 06-02-2012
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175KB
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Weekly Agri Market Outlook 06-02-2012
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Weekly Market Sector Outlook Stock Pick Report
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474KB
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Weekly Market Sector Outlook Stock Pick Report 06-02-2012
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Weekly Agri Market Outlook 30-01-2012
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240KB
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Weekly Agri Market Outlook 30-01-2012
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Weekly Currency Outlook 30-01-2012
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243KB
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Weekly Currency Outlook 30-01-2012
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Weekly Market Sector Outlook Stock Pick Report
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456KB
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Weekly Market Sector Outlook Stock Pick Report 30-01-2012
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Weekly Agri Market Outlook 23-01-2012
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228KB
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Weekly Agri Market Outlook 23-01-2012
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Weekly Market Sector Outlook Stock Pick Report
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431KB
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Weekly Market Sector Outlook Stock Pick Report 23-01-2012
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Weekly Agri Market Outlook 16-01-2012
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197KB
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Weekly Agri Market Outlook 16-01-2012
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Weekly Metal & Energy Outlook - 16-01-2012
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182KB
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Weekly Metal & Energy Outlook - 16-01-2012
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