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Crompton Greaves gains on acquisition
2008-02-14 04:50:00
The company made this announcement during trading hours today, 13 February 2008.Meanwhile, BSE Sensex was up 203.59 points or 1.23% to 16,811.60.On BSE, 67,267 shares were traded in the counter. The scrip had an average daily volume of 1.77 lakh shares in the past one quarter.The stock hit a high of Rs 293.30 and a low of Rs 276.50 so far during the day. The stock had a 52-week high of Rs 454 on 20 November 2007 and a 52-week low of Rs 172.05 on 28 February 2007.The mid-cap scrip had underperformed the market over the past one month till 12 February 2008, declining 24.46% compared to the Sensex`s decline of 19.88%. It had also underperformed the market in the past one quarter, declining 35.62% compared to Sensex`s decline of 16.66%.The company`s current equity is Rs 73.31 crore. Face value per share is Rs 2.The current price of Rs 280 discounts its Q3 December 2007 annualized EPS of Rs 7.41, by a PE multiple of 37.79.Crompton Greaves made this acquisition through wholly owned subsid...
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Reliance Industries advances on natural gas discovery
2008-02-14 04:50:00
As per the company`s announcement during market hours today, 13 February 2008, the block KG-DWN-2003/1 is located in the southern Indian state of Andhra Pradesh and covers an area of 3,288 square kilometres. The block was awarded to Reliance Industries (RIL) in the fifth round of auction under the New Exploration Licensing Policy (NELP). Reliance Industries holds 90% participating interest while Hardy Exploration and Production India Inc, a subsidiary of Hardy Oil and Gas, holds the balance. RIL informed that the discovery has been notified to the government and the Directorate General of Hydrocarbons and the potential commercial interest of the discovery is being ascertained. Reliance Industries net profit rose 162.2% to Rs 8,079 crore on 22.7% rise in sales to Rs 34,590 crore in Q3 December 2007 over Q3 December 2006. Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermedi...
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Blue Dart Express net profit rises 56.20% in the December 2007 quarter
2008-02-14 04:49:00
Net profit of Blue Dart Express rose 56.20% to Rs 18.90 crore in the quarter ended December 2007 as against Rs 12.10 crore during the previous quarter ended December 2006. Sales rose 27.50% to Rs 232.30 crore in the quarter ended December 2007 as against Rs 182.20 crore during the previous quarter ended December 2006.For the full year, net profit rose 39.24% to Rs 69.90 crore in the year ended December 2007 as against Rs 50.20 crore during the previous year ended December 2006. Sales rose 21.06% to Rs 808.70 crore in the year ended December 2007 as against Rs 668.00 crore during the previous year ended December 2006.
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Hindustan Unilever net profit rises 23.53% in the December 2007 quarter
2008-02-14 04:48:00
Net profit of Hindustan Unilever rose 23.53% to Rs 631.44 crore in the quarter ended December 2007 as against Rs 511.18 crore during the previous quarter ended December 2006. Sales rose 16.83% to Rs 3687.40 crore in the quarter ended December 2007 as against Rs 3156.10 crore during the previous quarter ended December 2006.For the full year, net profit rose 3.78% to Rs 1925.47 crore in the yearended December 2007 as against Rs 1855.37 crore during the previous year ended December 2006. Sales rose 13.34% to Rs 13717.75 crore in the year ended December 2007 as against Rs 12103.39 crore during the previous year ended December 2006.
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FII selling continues
2008-02-14 04:44:00
Foreign institutional investors (FIIs) sold shares worth net Rs 115.10 crore on Tuesday, 12 February 2008, compared to their selling of Rs 1845.50 crore on Monday, 11 February 2008. FII outflow of Rs 115.10 crore on 12 February 2008 was a result of gross purchases of Rs 3440.20 crore and gross sales Rs 3555.30 crore. The 30-share BSE Sensex fell 22.90 points or 0.14% at 16,608.01 on that day.FII outflow in February 2008 totaled Rs 628.80 crore (till 12 February 2008). FII outflow in calendar year 2008 totaled Rs 13,664.40 crore (till 12 February 2008).There are a total of 1,284 FIIs registered with the Securities & Exchange Board of India (Sebi).
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Market to move down on Wednesday
2008-02-13 04:28:00
Bhavesh Shah, Head Research, Asit C Mehta remarked that market opened strong after Monday`s huge fall on stronger global cues but could not sustain its gain on profit booking at every rise. Benchmark indices however managed to end firm but market breadth was negative throughout the day. There were 636 advanced and 3,171 shares showing decline (BSE + NSE) today.Market sentiments look very weak after January Crash and very weak debut of Reliance Power on the bourses. In line performance of IIP data was also discounted. Capital goods sector showed some recovery from its intra day lows but was not spared in the last hour trade.On the down side, 14,500 for Sensex looks a good Support level. I still advise investors to be selective and very specific in selecting a company before they invest, he said.Rahul Dhedia, senior dealer, Networth Stock Broking commented that there is not much of activity in the markets. Today (February 12) market opened in green following the good global cues but d...
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10 qualities of a successful stock market trader
2008-02-11 22:32:00
Many people take to trading in the mistaken belief that it is the simplest way of making money. Far from it, I believe it is the easiest way of losing money. There is an old Wall Street adage, that "the easiest way of making a small fortune in the markets is having a large fortune". This game is by no means for the faint hearted. And, this battle is not won or lost during trading hours but before the markets open but through a disciplined approach to trading.1. A successful trader has a trading plan and does his homework diligentlyWinning traders diligently maintain charts and keep aside some hours for market analysis. Every evening a winning trader updates his notebook and writes his strategy for the next day. Winning traders have a sense of the market's main trend. They identify the strongest sectors of the market and then the strongest stocks in those sectors. They know the level they are going to enter at and approximate targets for the anticipated move.For example, I am willin...
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Weakness in Indian markets to continue on Tuesday
2008-02-11 22:08:00
Bhavesh Shah, Head Research, Asit C Mehta said that Indian market was expected to open weak on global cues (US markets closed down and Asian markets were also trading down). However, much awaited listing of country`s largest IPO - Reliance Power- spoiled the day. Very muted response to Emar MGF and Wockhardt IPO were indicating a subduded opening for Reliance Power but the stock listed much below market expectation and that dragged the entire ADAG space down.Reliance Energy, Reliance Communications contributed largely for the fall in the market. Entire power sector was under intense selling pressure on very weak debut from Reliance Power.He stated that, ``I am expecting weakness to continue going forward. This week is going to be very crucial for the market as India`s industrial production data for the month of December is expected on Tuesday . Retail Sales and Industrial production data will be announced in the US and also Japan would announce its Q4 2007 GDP numbers. These factors ...
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Market. sentiments negative after Reliance Power`s dismal listing
2008-02-11 21:48:00
The 30-share benchmark index, Sensex opened negative at 17,427.34 in the early trades today (Feb. 11). The index crashed at noon by nearly 1,000 points on panic selling by funds and retail investors sparked by weakening global stock markets.The index proceeded to trade weak throughout the day. Heavy selling in mid-noon trades led the index plunge to a low of 16,457.74 from the previous close. Finally, it wrapped the day on a dull note.BSE Sensex plunged 833.98 points, or 4.78%, at 16,630.91, while the broad-based NSE Nifty closed at 4,857, down 263 points, or 5.14%.Vishwas Agarwal, Technical Analyst said that investors were disappointed on Reliance Power `s dismal listing. Consequent to the poor listing of RPower, all stocks in the power sector fell drastically.He added that the market has broken the 200 days moving average and that this is not a very positive signal. Market sentiments are negative as investors have lost money in last 25 days.Vishwas said that continuous FII selling,...
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Reliance Power trades at discount
2008-02-11 07:21:00
Equity shares of Reliance Power were listed at the bourses today (February 11). The shares opened at Rs 547.80, a premium of Rs 21.73% to the issue price of Rs 450. It touched a high of Rs 599.90, low of Rs 389 and is currently trading at a discount to the issue price at Rs 445.90. A total of 21,189,241 shares have exchanged at the BSE. (10.40 a.m).The Anil Dhirubhai Ambani Group company had created history by becoming the largest initial public offering ever in India. It received an overwhelming response from investors, with the issue being subscribed 73 times. The price band for the issue was fixed between Rs 405 to Rs 450 a share. The issue price was fixed at Rs 450; retail investors received the shares at a discount of Rs 20. Kotak Mahindra Capital, UBS Securities India, ABN AMRO Securities (India), Deutsche Equities India, Enam Securities, ICICI Securities, JM Financial Consultants, JP Morgan India, Macquarie India Advisory Services, and SBI Capital Markets have helped the com...
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Stock Picks from Brokerage firms
2008-02-11 04:06:00
Broking houseCompanyActionDatePrice (Rs) Karvy+ Tech Mahindra Ltd.OutperformerFeb 08, 08910.00 IL&FS Investsmart+ Jet AirwaysBuyFeb 08, 08803.00 Sharekhan + Ranbaxy Labs.BuyFeb 08, 08558.00 Angel Broking + 3i InfotechBuyFeb 08, 08210.00 Pinc Research+ Coromandel Fert.BuyFeb 08, 08180.00 Pinc Research + Steel AuthoritySellFeb 08, 08- Sharekhan+ Ratnamani MetalsBuyFeb 07, 081,440.00 Sharekhan+ Mahindra Lifespace DBuyFeb 07, 081,096.00 ...
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Emaar MGF Land postpones IPO
2008-02-10 20:32:00
Emaar MGF Land , a joint venture between one of the world`s leading real estate companies, Emaar Properties PJSC of Dubai, and MGF Development of India, has withdrawn and postponed its initial public issue to an appropriate time.The company decided to take this step as a result of the prevailing adverse market sentiments, fuelled by renewed indications of a US recession and global meltdown.EmaarMGF decided to postpone the issue despite receiving applications worth Rs 57.79 billion in the light of discouraging market dynamics. This decision has been taken despite the fact that the QIB and HNI portions were fully subscribed and the book was already filled to almost 85%. The retail portion had over 225,000 applicants demonstrating significant appetite and demand for the issue.Given the prevailing sentiments in the capital markets it was unclear how well the stock would trade post listing; it has been considered wiser to revisit the markets only when the demand and sentiment is stable an...

Weakness in Indian markets to continue on Monday
2008-02-10 20:09:00
Rohit Mehta, Head Equities, Dimpi Investments stated that overall weakness is being seen in the markets. Market today was trading flat in the morning, went down sharply but recovered during the last hours of the trade to close 62 points down at 17,464. Nifty ended down 12 points at 5,120 level.Overall weakness is being seen in the markets, said Rohit. There is no FII buying in the markets and also no participation is being seen from them.He expects markets to open positive on Monday due to Reliance Power opening but will slip into negative during the day. According to him, Sensex support is at 17,200 level.When queried about Reliance Power IPO he said that it might list at a premium of Rs 100. He refrained from recommending any stocks at current levels.Bhupendra Sharma, vice president, Hornic Investments said that market was highly volatile today (February 8). Sensex broke the crucial level of 17,600 and was trading around those levels during the day but closed below 17,600 adding t...
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PE and EPS Ratio Explained
2008-02-10 10:53:00
The EPS is profits (after tax and everything else) divided by the number of shares in issue. It is the amount of the company’s profits that belong to a single ordinary share. Companies are required to publish the statutory (also called “basic”) EPS but there are a number of adjusted EPS numbers which can be more useful to analysts.Headline EPSIt is common to use the headline or adjusted EPS rather than the statutory EPS. The usual adjustment is adding back goodwill amortisation and exceptional costs to profits. Amortisation is excluded because it is non-cash and has no impact on future cash flows. Exceptional items are excluded because they are intrinsically one-off items and distort underlying trends - and therefore again do not help investors estimate future cashflows.Companies often disclose the headline EPS and analysts forecasts are usually of the headline EPS as well. However the exact definition varies and different companies and analysts use different adjustments.The I...

Forthcoming Ipo Issues
2008-02-10 09:39:00
GSS America Infotech Ltd.Wing - 2, 3rd Floor, Block B, Cyber Gateway, Hitech City, Madhapur, Hyderabad, Andhra Pradesh - 500081 Phone: 4002 8700/ 4002 8701 Fax: 4002 8703 Public Issue of 34,97,495 equity shares of Rs 10 each for cash at apremium of Rs 430 per share. Issue details Issue openIssue close 11 Feb, 200815 Feb, 2008 Issue price (Rs)Total size (Rs) 440.00153.89 Crores ...
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Oil firms may hike prices of branded fuel
2007-11-09 08:31:00
State-owned oilmarketing companies are thinking of taking a leaf out of Reliance Industries' books. They are weighing the option of increasing prices of their branded motor fuels, a week after the Mukesh Ambani-controlled firm raised prices of its petrol and diesel by as much as Rs 2 a litre. The thinking on branded fuels has been prompted by continued losses they are running up from selling fuels at government-capped prices even though international crude has been nudging $100 barrel. "We are examining whether this approach (raising prices of branded fuels) can be applied in markets that show willingness to pay more for superior quality fuels. After all, if consumers are paying Rs 2 more for same fuels being sold by private sector firms, I am sure they will pay for our fuels as well. We are discussing in the industry and may raise prices of branded fuels as per dynamics of specific markets... but no decision has been taken yet," a top executive of a state-owned company told TO...
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Petrodollars inflow may work in India’s favour
2007-11-08 07:39:00
Rising oil prices have been raising revenues for oil exporters. Here’s why those petrodollars might actually work in India's favour.This is the dark gold that has been in big demand all over the world. And it's getting even more precious as its price races towards USD 100 a barrel. It has drenched West Asian oil producers with petrodollars. Most commodity gurus see the region earning as much as USD 3 trillion in oil revenues over the next decade.The expectations are well founded. Oil has risen 31% since December and this will raise OPEC’s revenues by 4% to USD 630 billion this year and by 9%, to USD 688 billion, in 2008. These nations would be sitting on a cash surplus of about USD 600 billion.Shailesh Dash, Sr VP, Global Invst House said, “Quite a bit of that, of course, has gone into infrastructure development in these countries. But a significant portion of that has gone into investments and to both developed markets as well as emerging markets. When we talk about emergin...
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Mkts pull back from early lows; bank, IT stocks worst hit
2007-11-08 07:04:00
The markets have pulled back significantly from the early lows but are still trading under pressure. All the key BSE indices are trading in red led by banking, IT and metal sectors which are trading with a cut of over 1%.market breadth has also improved however was still in favour of declining stocks. On NSE 335 stocks were on the advancing side and over 715 stocks on the declining side. Rupee was quoting at 39.35 against a US dollar. Nymex crude price has softened a bit and was at $ 95.65 per barrel.At 10.55 am, the Sensex is down 118.64 points or 0.62% at 19171.19, and the Nifty down 66.35 points or 1.15% at 5716. About 1282 shares have advanced, 1673 shares declined, and 108 shares are unchanged.Top gainers on the Sensex are Hindalco at Rs 190.90 up 1.19%, Larsen at Rs 4,135 up 0.50% and ACC at Rs 1,029.70 up 0.18%.Top losers on the Sensex are Wipro at Rs 461.70 down 3.28%, HDFC Bank at Rs 1,577.80 down 2.48% and Bharti Airtel at Rs 883 down 1.92%.Most active shares on NSE are Re...
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Morning brief
2007-11-08 05:10:00
Sensex ended down 111 pointsThe Sensex opened on a positive note at 19,552.53 points, tracking firm Asianmarkets and rallied to a high of 19,678.50 on all-round buying. However, intenseselling due to steep fall in European markets and concerns of foreign capitalinflows drying up saw the index slip to a low of 19,249.47. The Sensex finallyended down 110.84 points or 0.57% at 19,289.83.The Nifty ended in red in a volatile trading session and closed at 5,782.35, downby 4.15 points.Market breadth weak negativeThe market breadth was weak on BSE - out of the 2,779 stocks that were traded,1,028 advanced, 1,674 declined and 77 were unchanged. Theadvance-decline ratio was 0.61.IT stocks fellThe BSE IT index was the biggest loser among the sectoral indices. It lost 197.27points or 4.34% at 4,343.42. Major software stocks declined as rupee climbed toits highest since March 1998.Infosys trippedInfosys Technologies was the worst hit among index stocks. It lost 5.78% toRs. 1,743.85. HDFC Bank (do...
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Corporate Announcements
2007-11-08 05:09:00
The Blackstone Group announced an investment of $65 mn inHyderabad-based precision engineering company MTARTechnologies. (BS)· Amtek Auto acquired UK based Triplex-Ketlon Group, one ofthe largest automotive precision machining companies. (BS)· Indo Tech Transformers received orders worth Rs. 1.05 bnfrom Tamil Nadu Electricity Board and Rs. 10 mn fromcorporate customers. (BS)· Reliance Industries announced that it has found more gas inone of its offshore blocks in the Krishna Godavari basin, off theeast coast. (BS)· Usha Martin, to concentrate on its core business, has signedan MoU with Manchester-based B3 Cable Solutions to sell theentire equity in its subsidiary company UM Cables. (BS)· Glenmark Pharmaceuticals, to build end-to-end integration,scale and capabilities in pursuing its generic business, plans tohive off the same to a new company. (BS)
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RNRL and RPL
2007-11-08 04:54:00
It looks the whole world jumped into RPL and RNRL during the last two days. This might be one of the reasons for sharp reversals in these stocks. Whats interesting to note is that two days back no one questioned as to why these stocks were going up but on the way down many seem to be worried about future prospects of these companies! Coming back to the stocks-Those who bought RPL futures in excess of 260 might have to book their losses on every bounce. Those who bought in cash may have to wait a bit. 205 is some sort of support for the stock. Below that 190 is a decent support. The stock shall face resistance in the 245 to 250 zone. RNRL is in a little better shape with supports around 140-145 levels. The only issue now is that every rise in these stocks might be met with selling pressure.Unless and until big buying emerges in these stocks, they might not recover fast.

Reliance Petroleum tumbles on CLSA downgrade
2007-11-08 04:51:00
Reports that CLSA has downgraded the stock to under-perform seemed to have affected the sentiment for the stock. However, brokers said as the stock ran up quite sharply in recent times it witnessed some profit booking. They also attribute the downfall to the short positions added in F&O segment on Monday and on early Tuesday. “After quadrupling since our initiation in April-07, RPL now trades at an asset value of $4,129/complex-bpd – 2.4x that of its peers in the US and a 50-70 per cent premium to even the most expensive refinery new-builds quotes. “While such a premium recognises its superior earnings potential because of lower capital costs and taxes, even on earnings-based multiples RPL appears fully priced relative to its peer group at 10.9x P/CE and tax-benefit-adjusted 9.9 EV/EBITDA calculated on our upgraded top-of-consensus FY10 estimate. Risk reward is unfavourable,” said CLSA in its latest Barrels and Bubbles report.
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JP Morgan sets Sensex target at 22500
2007-11-08 04:49:00
Global investment bank JP Morgan , which recently changed its outlook on the Indian equities market from “underweight” to “neutral” has a Sensex target of 22500 by December 2008. Although this is 20 times earnings for fiscal year 2009, India still continues to be less expensive than other emerging markets, Mr Adrian Mowat, Chief Asian and Emerging Market Strategist for JP Morgan, said at a news conference on Tuesday. China at 23 times forward earnings is more expensive, said Mr Mowat. “We are bullish on emerging markets and bullish on the Indian equities market as well,” he said. The revision of their India outlook has to do with several factors, one of which is that other emerging markets are more expensive. The other being that monetary and other policy changes in India have already played out in the market. “The sectors, which we expected to under perform have already done so,” he said. The willingness of the central bank to allow the rupee to strengthen is also ...
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Oil Rises Above $98 to a Record on Dollar, North Sea Disruption
2007-11-07 08:34:00
Crude oil rose above $98 a barrel for the first time in New York as the dollar tumbled to a record low against the euro and producers evacuated platforms in the North Sea, evading a storm forecast to bring waves as high as 36 feet. BP Plc and ConocoPhillips evacuated oilrig workers, adding to supply concerns before a U.S. Energy Department report that may show inventories fell for a third week. The dollar slumped, pushing up prices of commodities denominated in the currency, on expectations the U.S. Federal Reserve may cut interest rates. ``One-hundred-dollar oil is the big benchmark and the factors driving crude towards that are in force,'' said Dariusz Kowalczyk, chief investment strategist at CFC Seymour Ltd. in Hong Kong. ``The supply disruption in the North Sea has given further impetus'' to prices. Crude oil for December delivery gained as much as $1.33, or 1.4 percent, to $98.03 a barrel in after-hours electro...
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Indian Rupee Rises to Highest Since 1998 as Funds Buy Stocks
2007-11-07 08:32:00
India's rupee climbed to the highest in almost a decade as overseas investors bought more local equities to benefit from the nation's record economic growth. Funds abroad doubled their purchases of stocks this year as 26 of the 30 companies in the benchmark Bombay Stock Exchange's Sensitive Index reported quarterly profits that beat forecasts. The rupee's 12.8 percent gain this year was the second-best performance for an Asian currency after the Philippine peso. ``India's sustained growth is the most significant factor in providing confidence to investors abroad,'' said V. Rajagopal, chief currency trader at Kotak Mahindra Bank Ltd. in Mumbai. ``That should help the rupee maintain the momentum of its rise in the longer term.'' The rupee advanced 0.1 percent to 39.26 per dollar as of 9:53 a.m. in Mumbai, according to data compiled by Bloomberg. It rose to as much as 39.205, the highest since February 1998. ...
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Mkts still volatile; Infosys, Satyam, Wipro in deep red
2007-11-07 08:09:00
The markets still trading weak amid volatility on account of selling taking place in the IT and banking sectors. IT stocks are still under deep pressure and the BSE index was trading with deep cut of over 4%. BSE smallcap and the midcap have underperformed the Sensex today. At 12:05 pm, the Sensex is down 110.36 points or 0.57% at 19290.31, and the Nifty down 23.00 points or 0.40% at 5763.50. About 1083 shares have advanced, 1867 shares declined, and 113 shares are unchanged. Top gainers on the Sensex are BHEL at Rs 2,863 up 5.09%, Reliance at Rs 2,737.35 up 3.08% and Larsen & Toubro at Rs 4,220 up 2.29%. Top losers on the Sensex are Infosys at Rs 1,761.90 down 4.8%, Satyam at Rs 432 down 4.66% and Wipro at Rs 476.95 down 2.13%. Most active shares on BSE are Reliance Petro at Rs 206.15 with 8,047,537 shares, Reliance Natura at Rs 137 with 11,557,109 shares and Reliance Energy at Rs 1,808 with 161,262 shares. Mkts choppy in early trade; IT stocks under pressure Th...
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Rupee touches near-decade high in early trade
2007-11-07 07:36:00
Rupee moved towards a near-decade high of 39.18 against the US dollar during morning trade, driven higher by fresh dollar sales from exporters in anticipation of the currency's continued appreciation. In active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed firm at 39.25/26 a dollar from overnight close of 39.30/31 a dollar and later rallied to a high of 39.18/19 per dollar in line with strong Asian equity markets in early trade. Later, however, rupee fell to the opening level of 39.25/26 after the central bank made heavy dollar purchases in a bid to cap the currency's surge, forex dealers said. The Reserve Bank of India (RBI) is active in the exchange market for the last few days and has bought dollar to contain the rupee's sudden rise. The RBI purchases in September were estimated to about USD 16 billion. Rupee is expected to rule steady during the day in the light of sagging equity markets.
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Sensex falls 385 pts on profit-booking
2007-11-06 12:00:00
The stock market benchmark Sensex fell 385 points today on profit booking by funds in heavy-weight scrips of banking, capital goods and refinery sectors. The 30-share index touched the day's low of 19,502.45 and a high of 20,009.35 points. It later settled at 19,590.78, down 385.45 points after funds booked profits amid fears that the subprime mortgage crisis would widen. The wide-based National Stock Exchange index Nifty also lost 85.10 points at 5,847.30. It touched the day's low of 5,819.60 and a high of 5,948.55 points. Selling pressure also gathered momentum as the two major Asian markets --- Japan and Hong Kong --- declined. Japan's Nikkei 225 Stock Average ended 1.5 per cent...
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Cipla beats Ranbaxy, tops sales in September
2007-11-05 17:26:00
Ending Ranbaxy Laboratories’s run as the top-selling drug maker in the domestic retail market for the last three months, Cipla has topped the retail sales chart in September . According to the market research firm ORG IMS latest figures, during September, Cipla’s sales grew 15.3% from last month, garnering 4.92% in the Rs 29,000 domestic retail market. In comparison, sales of India’s largest drug maker Ranbaxy Laboratories by revenue (including overseas sales), grew marginally 0.9% with a market share of 4.81%. Ranbaxy Laboratories has been leading the sales for the last three months - June to August. GlaxoSmithkline is in the third position. India’s largest company by market capitalisation, Sun Pharma, is in the 7th position with 3.08% while Hyderabad-based Dr Reddy’s Laboratories, India’s second-largest company by revenue (including overseas sales), lies at the 13th spot with 2.24%. For the nine-month period ended September, Cipla continues to maintain the t...
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Stocks to buy: Raymond, Everest Kanto, SBI
2007-11-05 17:19:00
Everest Kanto Research: CLSA Rating: Buy CMP: Rs 277 CLSA has initiated a coverage on Everest Kanto with a ‘buy’ recommendation and a 12-month target price of Rs 306. Everest Kanto Cylinders manufactures high-pressure cylinders for CNG and industrial applications. Present in geographies that are slated to see exciting growth (especially in CNG segment) and higher-realisation markets than India, profitable growth opportunity looms ahead. It augurs well for the company that the fastest growing market (Iran) is also the highest realisation market ($315/unit vs $240/unit in India). Everest Kanto has a long standing sourcing relationship with Tenaris. This, along with approvals in 16 countries and two decades of manufacturing experience, makes it one of the best-poised players to cash in on the opportunity. The company is pursuing aggressive expansion plans in its Gandhidham facility and is setting up a greenfield plant in China at an attractive capital cost. Even af...
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