Market Updates 31 May11
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Market Outlook »
Nifty is likely to test a level of 5225.
Technically, the domestic markets have made a temporary bottom at the 5329 levels as it is not only a swing support but coincides with a bullish trendline threshold on the weekly charts. For intraday momentum players, theNifty spot must remain above the weekly high of 5485 level to make a continuous higher highs and lows.In case of declines, the Nifty is likely to test a level of 5225 as long as the bears keep the Nifty below the 5375 levels.
Buy Aban Offshore 560.90 target 575
Buy Bajaj Finserv 488.00 target 500
Buy Coal
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Buy V Guard 204.00 target 215
Buy J. K. Cement 114.10 target 125
Buy Indian Cement 84.00 target 90
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Investment »
Axis Bank
Axis Bank has registered buoyant loan growth on a balanced portfolio skewed towards corporate advances than retail. Retail advances contributed 20% to the total loan portfolio. Thus, it has better scope for aggressively expanding across segments where it has a low presence.It is also spreading across geographies and targeting presence in more than 75% of India`s districts in the next five years. The bank`s
Investment »
Jyoti Structures
For 4QFY2011, Jyoti Structures reported 32% yoy top-line growth to `722cr, which was higher by 2.3% from our expectation of `703cr. For FY2011, revenue grew by 18% yoy to `2,380cr (`2,016cr). EBITDA margin for the quarter came in at 11.6%, which was higher by 80bp from our estimates of 10.8%. Higher sales volume coupled with lower raw-material costs aided margin improvement, resulting into EBITDA growing by 18%
Stock Watch
Orbit`s consolidated revenue for Q4FY2011 fell by 21% year on year (YoY) due to a) a reversal of Rs 430 million of revenue booked in Villa Orb Annex for M9FY2011 as it failed to cross the revenue recognition threshold limit of 25%, b) slower execution of projects due to commercial and regulatory issues and c) poor sales volume. However, on account of lower cost ofconstruction and other expenditure, margins expanded to 77.9% from 47.6% in Q4FY2010.. At the currentmarket price, the stock trades at 6.3x FY2012 estimated earnings
Stock of the Week
Arvind is engaged in the manufacture of textiles and branded segments. Operates in three segments, textiles which inlcude yarn,fabric and branded garments and others which include EPABX and rural automatic exchange systems, It services and construction business. With an equity base of Rs 254cr supported with huge reserves of Rs 1235cr. For FY11 it recorded net sales of Rs 2691cr with net profit of Rs 134cr. FY11 EPS is Rs 5.64. At cmp the stock is available at a forward multiple of just 14.
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