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Market Watch, as on December 5, 2007

We scan dozens of research reports from investment houses every fortnight to present you the six most relevant stock recommendations.

Print Edition: December 27, 2007

We scan dozens of research reports from investment houses every fortnight to present you the six most relevant stock recommendations.

NUCLEUS SOFTWARE EXPORTS  

Edelweiss Securities: "Second quarter results were in line with expectations. Net sales were up 28% YoY, EBITDA was up 12% while net profits were up 16.6%. We expect net profits to grow at CAGR of 28% in 2007-8 and 23% in 2008-9. We therefore upgrade it to Buy."

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RecommendationBUY
Stock Price Rs 324
One-year returns 29.85%
Profit Margin 35.50%
Q2 PE ratio 74.6
   
MARUTI SUZUKI  
Prime Broking: "Maruti is expected to retain its leadership despite intense competition. The company clocked 29.5% YoY growth in sales in the first half of 2007-8. We expect Maruti’s revenue to grow at a CAGR of 24% and net profits at 21.1% over 2007-9. We recommend a strong Buy with a price target of Rs 1,348."

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RecommendationBUY
Stock Price Rs 1034
One-year returns 8.90%
Profit Margin 31.08%
Q2 PE ratio 64.05
   
TVS MOTORS  
Reliance Money: "TVS’ second quarter sales dipped to Rs 820 crore compared to Rs 1,080 crore during the same period in 2006-7. Considering the dip in profits, non-clarity on new launches and weak motorcycle demand we believe the stock trades at higher valuation and maintain a sell with a target price of Rs 54."

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RecommendationSELL
Stock Price Rs 68
One-year returns -30.16%
Profit Margin -57.76%
Q2 PE ratio 136.6
   
GUJARAT GAS  
LKP Shares: "The demand for natural gas is set to witness an exponential growth in India. This augers well for market leader Gujarat Gas. The company has clocked an increase of 35% YoY in revenues in the third quarter of 2007. Fresh tie-ups for gas supplies shall provide a good jump to revenues."

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RecommendationBUY
Stock Price Rs 352
One-year returns 46.09%
Profit Margin 62.88%
Q2 PE ratio 66.45
   
NESTLE  
IDFC-SSKI: "Nestle’s revenues grew by 24.7% between January and September 2007, spurred by increased penetration, brand extension and addition of new categories from Nestle’s global portfolio. We have maintained that Nestle is the best bet in India’s consumerisation story. Our price target for the stock is Rs 1,725."

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RecommendationBUY
Stock Price Rs 1433
One-year returns 27.39%
Profit Margin 29.11%
Q2 PE ratio 119.02
   
PUNJ LLOYD  
Enam Securities: "Punj Lloyd is targeting over 30% CAGR in revenues, riding on the boom in infrastructure construction in India and in the Middle East. Further, the company’s recent strategic investments in Pipavav Shipyard and a real estate joint venture lend longerterm visibility. We maintain sector Outperformer rating."

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RecommendationBUY
Stock Price Rs 519
One-year returns 143.61%
Profit Margin 171.26%
Q2 PE ratio 480.93
   
All stock prices as on Dec 5. EPS is not annualised for computing PE ratio. Profit margins are based on half-yearly results for 2007-8. Some financial jargon: YoY = Year on Year; CAGR = Compounded annual growth rate; EBITDA = Earnings before interest, taxes, depreciation and ammortisation

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