Target Price :-Rs336.00 CM Price:- Rs310.25 Strong start to the year Strong growth in all businesses was the key highlight of 1Q11. Cigarettes volume growth was negative, but the mix continues to improve. ITC’s pricing strategy and innovation in the cigarettes category should ensure profit growth. We upgrade our earnings forecasts by 3% and raise our target price to Rs336. Buy. Read the full post

Target Price:-Rs4,800 CM Price:- Rs 5,900.00 CRISIL’s Q2CY10 operating revenue grew by 11.3% inline with expectations, however adjusted for 5.5% depreciation in GBP Vs Rupees, the growth would have been higher. 9.1% qoq growth in rating and 3% qoq (even after 5.5% rise of INR/GBP) in research segment respectively. IREVNA may have witnessed high single digit growth sequentially OPMs declined by 121bps qoq to 31.0% as headcount went up by ~11% in H1FY10. Frontloading of staff and premises investment has resulted in lopsided cost structure Read the full post

Very soon we will stop writing Rs. for Indian rupees and instead will start using as we now have a sign for Indian rupee just like other currencies like the dollar sign “$”, the Pound sign “£”, and the Euro sign “€”. On July 15, 2010, the Rupee symbol has been selected by the five member panel. The design chosen was submitted by IIT post-graduate D Udaya Kumar. The new rupee symbol is an amalgam of the Devnagiri ‘Ra’ and the Roman capital ‘R’ without the stem. The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol. Read the full post

Price Target :Rs 536 CM Price:Rs422.80 Introduction: Patel Engineering Ltd (PEL), an ISO-9001- company, has carved a reputation as one of India’s top construction and civil engineering companies and over 200 projects around the world. It has specialization in construction of Power House, Dams, Tunnels, Marine Works, Steel and Concrete structures, Bridges, Flyovers and Highways. Company has a robust order book of Rs10,000 crore of which hydro constitutes 54%, irrigation constitutes ~26% while the remaining 20% is transportation, urban infrastructure etc. Key Investment Rationale: Read the full post

Price: Rs.411.05 Target Price: RS.470 Blue Star has announced its intention to acquire D S Gupta Construction Pvt Ltd, the largest independent plumbing and fire fighting contracting company in India, as a going concern. This move will strengthen Blue Star’s integrated Mechanical, Electrical, Plumbing & Fire fighting (MEP) contracting offering for its commercial and residential real estate customers. Read the full post

CM Price:- Rs 126.75 Target price Rs155.00 Upgrade to Buy: Improving Near Term, Long Term Intact Upgrade to Buy; Raise TP to Rs155 — EKC had a tough FY10, with sales/EBITDA/ profits witnessing steep YoY declines of 24%/68%/70% respectively. The result – a 43% underperformance in the last year. While 4Q was disappointing due to weak US sales and inventory write-downs, the latter is a positive in our view, as it removes a big overhang and helps EKC start FY11 with a clean slate. We believe that after 4Q the worst is now behind us, operationally and stockwise. Read the full post