Market watch, as on November 21, 2007

MONEY TODAY scans dozens of research reports from investment houses every fortnight to present you the six most relevant stock recommendations.

     Print Edition: December 13, 2007

MONEY TODAY scans dozens of research reports from investment houses every fortnight to present you the six most relevant stock recommendations.

BHARAT FORGE  

Asit C. Mehta: "During the second quarter of 2007-8, Bharat Forge's exports grew 41.3% to Rs 261.05 crore despite weakness in the US truck industry and rupee appreciation. The company is also focusing on segments such as wind power, oil exploration, hydro power and aviation. Our target price for the stock is Rs 418."

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RecommendationBUY
Stock Price Rs 333.45
One-year returns -11.26%
Profit Margin 16.59%
Q2 PE ratio 109.7
   
GRASIM INDUSTRIES  
First Global: "Grasim Industries' performance in the second quarter of 2007-8 was in line with expectations. We expect domestic cement prices to remain stable, although the benefits will be negated by rising costs. The stock will find it hard to outperform a rising market and we therefore downgrade it to Market Performer."

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RecommendationBUY
Stock Price Rs 3640.1
One-year returns 35.88%
Profit Margin 55.67%
Q2 PE ratio 66.78
   
PVR  
Religare: "PVR Cinemas' second quarter results exceeded our expectations with a 42% YoY growth in revenues and 86% increase in net profit. Considering the strong quarterly performance and aggressive expansion plans, we maintain our Buy recommendation with a target price of Rs 277."

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RecommendationBUY
Stock Price Rs 197
One-year returns -17.50%
Profit Margin 83.11%
Q2 PE ratio 72.43
   
SAIL  
IL&FS Investmart: "SAIL's revenues grew 8.4% YoY during the second quarter. During 2008, iron ore contract prices are expected to rise by 35-45% and global demand for steel is expected to be robust. Since SAIL sources its iron ore internally, it would be insulated from the rise in prices. We retain Accumulate rating."

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RecommendationBUY
Stock Price Rs 247
One-year returns 187.88%
Profit Margin 14.00%
Q2 PE ratio 59.95
   
GLENMARK PHARMA  
Edelweiss Securities: "Glenmark has increased its net profit guidance for 2007-8 by 23% and for 2008-9 by 30%. We were pleasantly surprised by the exceptionally high net margins and believe the company is performing very strongly on its base business. We have revised our EPS estimates upwards and recommend a Buy."

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RecommendationBUY
Stock Price Rs 447.75
One-year returns 64.47%
Profit Margin 167.29%
Q2 PE ratio 170.90
   
VOLTAS  
Prabhudas Lilladher: "We expect significant inflow of orders for Voltas over the next six months from both the Middle East and domestic markets. We expect orders for electro-mechanical work of the Delhi and Mumbai airports to be over Rs 500 crore each. We initiate coverage on Voltas with a target price of Rs 267."

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RecommendationBUY
Stock Price Rs 205.7
One-year returns 92.96%
Profit Margin 126.18%
Q2 PE ratio 126.98
   
All stock prices as on November 21. 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; EPS: Earnings per share.

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