CMP: Rs. 688 Adani Enterprises (AEL) is redefining its business model and scale of operations. Moving away from low capex, lumpy and low-margin trading to capex heavy and highmargin annuity businesses, AEL is emerging as an infrastructure conglomerate (Rs421bn of revenues by FY12E). AEL plans to invest Rs300bn+ across sectors with 90% in power...
CMP:792 TARGET PRICE:977 Evaluating synergies on potential Bharti-MTN deal Potential Bharti-MTN synergies include lowering procurement costs and replicating low-cost/high-usage model at MTN Deal uncertainties and probability of sweetening the offer forMTN shareholders raise short-term concerns Retain OW(V). Raise TP to INR977 (from INR876) as we roll over our multiples to FY11e. 3G factor supports...