Info Edge:: Centrum

Low A&P spends boost margins
We maintain Hold rating on Info Edge given the uncertainty in the recruitment
business, continued losses in non-recruitment vertical and expectations of further
investment in Zomato. Q2FY14 results were above expectations on the back of
strong 44.8% growth in non-recruitment vertical and A&P mere 11.2% of sales (2nd
lowest in 30 quarters) helped the company post 19.3% YoY (13.5% above
expectations) increase in operating profit with PAT being flat on the back of lower
other income and high taxes. We believe the growth in the recruitment vertical was
due to an increase in market share and healthy demand from IT services vertical
even though the environment continues to remain challenging.

Dish TV:: Centrum

Long term levers in place
We maintain Buy rating on Dish TV with a target price of Rs65 on the back of
healthy Q2FY14 results in a challenging environment where it was able to manage
debt re-payment, maintain SAC and face irrational competition. With net
subscriber addition of ~1mn and ARPU guidance of Rs167, we believe the company
could turn profitable in Q4FY14 along with sequential margin expansion going
forward on the back of strong operating leverage. We believe its focus on
profitable growth and gaining market share with new products, increasing channel
capacity and widening distribution could augur well in the medium to long term.

Sizzling Stocks - Info Edge India, United Breweries :: Business Line

Sobha Developers: Hold :: Business Line

Stock strategy: Consider calendar spread on RIL :: Business Line

TTK Prestige: Buy :: Business Line

NMDC :: Centrum

Volume traction continues, better pricing ahead; maintain Buy
We maintain Buy on NMDC notwithstanding marginally lower than expected Q2
results as we i) see volume traction continuing and revise our volume estimates higher
to 29.5/31MT for FY14E/5E, ii) believe pricing has bottomed out and expect further
uptick in fines prices in Q4 and iii) increase our EBITDA estimates by 1.6%/4.4% for
FY14E/15E even after factoring in higher expenses on exports. Improvement in
outlook for domestic iron ore pricing on the back of strong Chinese demand and weak
rupee cements our positive stance. Undemanding valuations and strong dividend
yield is an added plus. Reiterate Buy with an upward revised target price of Rs165.