Market Updates 27 May11
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Market Outlook »
Nifty must stay above 5370 with volumes and open interest.
The coming session is likely to witness a resistance at the 5395 levels on advances. Support is likely at the 5300 levels below which the 5285 maybe seen.The Nifty must stay above the 5370 levels sustainably with volumes and open interest expansion On the flip side, sustaining below the 5350 levels may trigger a fresh bout of declines.
Buy Cairn
Buy Polaris 183.00 target 190
Buy Shivvani Oil 251.00 target 260
Buy Guj. Alkalis 140.00 target 150
Buy Orchid Chemical 272.00 target 285
Buy Hanung Toys 164.35 target 175
HSIL is setting up a
DLF maintained steady execution momentum over FY11. Total delivery in 4QFY11 was 3.4msf v/s 1msf in 3QFY11. The company expects to deliver over 12msf of projects in Gurgaon, Kolkata and Channai in FY12 and
Corporate Report »
PFC
We** lower loan CAGR; margin to be stable. *Delay in power projects due to environmental clearance and supply-linkage issues, and higher interest rates is likely to result in slower loan offtake by power companies. We reduce our FY11-13e loan CAGR to 22% from 25%. High capital base due to FPO, ECB, issuance of tax-free infra bonds and repricing of loans worth `81bn vs. liabilities of `89bn in FY12 are likely to
Analyst Corner »
Residential
We expect a challenging six months with low volumes followed by a 15-20% correction in prices. We are unlikely to see a steeper correction, which the stocks are already factoring in, as the economy continues to do well while developers in general are in better financial health unlike in 2008-09. A 15% correction in Mumbai will bring the rise in property prices of the last six years in line with income growth
Stock Watch
For 4QFY2011, JK Lakshmi Cements registered a 6.2% yoy decline in its top line to Rs 4.14 billion primarily due to a 5% decline in dispatches to 1.33mn tonnes. Cement realisations also declined by 1.3% yoy to Rs 3,112 per tonne. However, on a sequential basis, realisations were higher by 7.6%. On the operating front, the company`s profit declined by 456bp yoy to 18.6% due to lower realisations and higher power, fuel and freight costs. On the bottom-line front, the company`s net profit fell by 54.4% yoy to Rs 320 million. We maintain our Buy recommendation on the stock with a target price of Rs 66.
Stock of the Week
IRB has guided for a 15-20% growth in consolidated revenues. E&C margin for FY12E to remain robust at 22-24% (our erstwhile estimates were 21.2%).4QFY11 APAT (+ 76%yoy) above exp. - Better than provisionalAPAT. APAT at Rs 1.58 billion adjusting for Rs 550 million one off mark to market loss & reversal of tax benefit allowed. Toll collection on Tumkur to start in June 11, on
Calls Reviews
Pantaloon given at 241 Achieved 260
Coromandel given at 315 Achieved 327
Canbank given at 523 Achieved 531
TCS given at 1152 Achieved 1182
Wockhardt given at 346 Achieved 372
Bhel given at 2068 Achieved 2108
Hercules Hoist given at 227 Achieved 239
HDFC given at 630 Achieved 650
Shriram Trans given at 639 Achieved 685
Emami given at 407 Achieved 434
Shalimar Paints given at 407 Achieved 475
Bajaj Finserv given at 495 Achieved 528
Muthoot given at 133 Achieved 138
Adani given at 626 Achieved 662
IRB given at 161 Achieved 167
Tata Motors given at 1208 Achieved 1234
Vikas Global given at 81 Achieved 84
Ranbaxy given at 478 Achieved 497
ShreeGanesh given at 252 Achieved 278
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