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Economic and Political News
Sensitive items' import up by 14.1% in Apr-Oct
Loan disbursements to exceed target in FY11: Govt.
Railways freight traffic up by 3.2% to 673.31mn tones during Apr-Dec’10
Corporate News
Reliance Power signs PPA with NTPC for its upcoming 100MW solar power project
Tata Steel to raise `3,500-5,000cr via FPO
IVRCL Infra looks to exit Hindustan Dorr
iGate buys 63% stake in Patni Computer for US $921mn
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
PNB targets to double business by CY2013
Punjab National Bank (PNB), which achieved total business of `500,000cr till December
31, 2010, is targeting business worth `10,00,000cr by CY2013. Over FY2006-10, the
bank’s business posted a 22.4% CAGR compared to industry’s growth of 20.9% CAGR
over the same period. Post the recent correction, at the CMP of `1,171, the stock is trading
at 1.6x FY2012E ABV of `745. We maintain our Accumulate recommendation on the stock
with a Target Price of `1,341.
Post split, Hero Group to bring in 3-wheelers
The Hero Group, which has agreed to buy out its Japanese partner Honda Motor’s 26%
stake in the two-wheeler joint venture with Hero Honda, as per media reports plans to
enter the three-wheeler business pitting itself against market leader, Bajaj Auto. The
existing pact with Honda Motor, which will soon be scrapped, did not allow the Hero
Group to manufacture three-wheelers and export products except to neighboring countries.
We maintain our Neutral view on Hero Honda.
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