Market Updates 01 Jun11
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Market Outlook »
Nifty must stay above the 5545 levels sustainably with volumes.
The coming session is likely to witness a resistance at the 5575 levels on advances above which the 5600 maybe seen. Support is likely at the 5545 levels below which the 5495 maybe tested. Follow up buying, if occurs, may pull indices somewhat higher. The Nifty (spot) must stay above the 5545 levels sustainably with volumes and open interest expansion to rally intraday. On the flip side, sustaining below the 5495 levels may trigger a fresh bout of declines.
Buy Cox & Kings 371.00 target 395
Buy JSW Steel 958.100 target 975
Buy A.B. Nuvo 884.00 target 900
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Buy S.Kumar Nation 65.20 target 70
Buy Jyoti Structure 86.00 target 95
Buy IGL 332.00 target 345
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Investment »
Time Technoplast
TTL reported strong numbers on revenues as well as profitability front This is due to the innovative product strategy of the company and strategic acquisitions. Due to reasonable valuations and 13% upside potential from current levels we revise rating to Accumulate on TTL with revised DCF based pricetarget of Rs 71.We are positive on the medium to long term growth prospects of TTL
Investment »
IVRCL
Net profit growth was impacted by lower than expected execution as well as higher interest outgo.We reduce our estimates due to delays seen in order bookexecution and expect revenues to grow by 15% and profits to grow by 10% during FY12. q At current price of Rs 71, stock is trading at 10.9x P/E and 5.2x EV/EBITDA on FY12 estimates Post revising our estimates, we arrive at a revised price target of Rs 111
Stock Watch
We expect that company is likely to maintain dominant position in the domestic market in future. Recovery in capex cycle and infrastructure spending would have positive impact on company's earnings. Continued momentum in the exports demand would also aid tofree cash flow generation over next few years. q We maintain our 'BUY' recommendation on company's stock with a DCF based one year price target of Rs 840 (Rs 837 earlier).
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