Archive for February, 2010


  

Sell Reliance Industries Ltd.

  Target price Rs815.00 CM Price Rs982.00 Tempering E&P expectations We reduce our expectations on volumes and profitability of KG-D6 oil/gas and, thus, marginally lower our net profit estimates for RIL despite some upside to its refining and petrochemical margins. Net debt has also remained well above our estimates despite lower capex. We maintain Sell,...

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Buy Motherson Sumi Systems Ltd.

Price Rs135.50 Target Price Rs160.00 Stronger volume boosts Dec Q Raising PO to Rs160 at 13.5x FY12e on stronger sales Motherson Sumi Dec09 quarter EBITDA at Rs1.8bn is 35% higher than our estimate owing to higher sales and margin. PAT for Dec09 quarter at Rs749mn is 83% higher than our estimate owing to higher...

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