Wipro, Prestige Estates, Indsurials:: Kotak PDF links

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Company alerts
Wipro: Valuations still to catch up with improving fundamentals
 Broad-based deal closures are encouraging signs of success in revitalizing sales
 Consistency critical for re-rating push
 Valuations still at a discount despite business improvement

Prestige Estates Projects: Sales and collections increase, so do investments
 Sales fare well but cash flow from operations declines in FY2014
 Debt increases by Rs7.6 bn, we are comfortable with the positive yield spread
 Valuationswe maintain our REDUCE rating with a March 2016 target price of Rs240

Sector alerts
Industrials: T&D: strong pick-up visible; large opportunity best captured by Alstom T&D
 Strong pick-up in T&D commissioning without private-sector support
 Natural impetuspent - up demand strong enough to add to growth in generation
 Opportunities unfold for high-technology solutions in core and grid-protection equipment
 Alstom T&D - strong, pure-play bet to capture the T&D growth
 Transmission-line companies: bandwidth limits potential to leverage sectoral opportunity


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LINK
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily23092014bv.pdf