Monte Carlo may give 15-20% gain on day 1:Mehta Equities

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Fertilizer Policy Update: Asit C Mehta

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Fertilizer Policy Update
Department of fertilizers (DOF) has announced revised NBS rates for FY12,
wherein the NBS rates have been increased on an average by 37% for all complex
fertilizers compared to FY11 rates. Subsidy rates per Kg for primary nutrients, i.e.
N (Nitrogen), P (Phosphate) and K (Potash) is increased by 18%, 12% and 1%
respectively. While, for S (Sulphur) is lowered by 5%.

Apollo Tyres Ltd -- 3Q FY11 Results-- Asit C Mehta

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Apollo Tyres Ltd
3Q FY11 Results
Apollo Tyres (ATL) reported better than expected numbers for Q3 FY11.In Q3
FY11,ATL’s revenue increased 3.2% on Y-o-Y basis to `23,687.1 million. Operating
profit margins dipped 510 bps on Y-o-Y basis to 11.5% .Net profits declined 35.6%
on Y-o-Y basis to ` 1207.5 million.

Buy ILFS Transportation Networks; target of Rs321:: Asit Mehta,

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IL&FS Transportation Networks Ltd.
IL&FS Transportation Networks (ITNL’s) revenue fell 17% QoQ to ` 7,336.5 million and
net profit decreased by 43% to ` 616.3 million in 3Q FY11. The company’s operating
profit margin was at 30%. The company has projects worth ` 172 billion and ` 757
billion in RFP and RFQ stage respectively.

M&M Financial Services : 3Q FY11 highlights: Asit Mehta

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Mahindra & Mahindra Financial Services Ltd
Mahindra & Mahindra Financial Services Ltd (MMFSL) reported PAT of `1158
million, up by 24% on YoY basis. Healthy loan growth enabled strong growth in
NII of 36%. Asset quality performance appears on track as indicated by low NPAs.

Accumulate Man Industries (India) -Target Rs 87; Asit Mehta

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Introduction
Man Industries India Ltd. (MIIL), the flagship company of MAN Group (UK), was
incorporated in May 1988 as an aluminium extrusions manufacturing company. Today,
it is a leading manufacturer and exporter of large diameter Carbon Steel Line Pipes
for various high pressure transmission applications for Gas, Crude Oil, Petrochemical
Products and Potable Water. It has an annual capacity to produce 1 million tonne
of submerged arc welding pipes through its manufacturing facilities at Anjar and
Pithampur in Gujarat and Madhya Pradesh. It has state-of-the-art manufacturing
facilities for Longitudinal Submerged Arc Welded (LSAW) & Helically Submerged
Arc Welded (HSAW) Line Pipes and also for various types of Anti-Corrosion Coating
Systems. It also owns modern facilities for manufacturing of Aluminum Extrusion
Products. Its operations are spread across globally with offices in U.K. and U.A.E.
besides India.

Buy Nagarjuna Construction Company - Target Rs 148; Asit Mehta

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Introduction
Nagarjuna Construction Company Ltd. (NCC), established in 1978, is an Indian
Construction Company, headquartered at Hyderabad. It has a well-diversified business
portfolio with presence across roads, buildings, water, irrigation and hydropower. It
has also secured construction orders in the international markets - UAE and Oman. Its
international business is undertaken through its two subsidiaries -- NCCL International
LLC and Nagarjuna Contracting Co LLC. Transportation, water sanitation and
building projects are currently being executed in international markets.

Buy LIC housing Finance - 3QFY11 review -Asit Mehta

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LIC housing Finance Ltd
LIC Housing Finance Ltd (LICHF) has declared results for 3QFY11.Driven by
strong growth in disbursements at 28% the net interest income has registered a
55% growth on a YoY basis. Asset quality performance appears on track as
indicated by low NPAs.

Asit C Mehta: Buy Transport Corporation of India

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Asit C Mehta: Buy Transport Corporation of India 


We initiate coverage on Transport Corporation of India (TCI) with a “BUY”
recommendation with target price of ` 135. We are valuing the stock at 13.5x FY12E
EPS of ` 10. An increasing contribution from high margin businesses like express
delivery solutions (XPS) and supply chain solutions (SCS), improving volumes from
the automobile industry with continual and sustainable margin expansion, we believe
TCI will register a growth of 17.9% and 29.5% CAGR in topline and bottomline,
respectively, during FY10-FY12E.

Accumulate: Gujarat State Fertilizers & Chemicals: Asit C Mehta

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Gujarat State Fertilizers & Chemicals


We initiate coverage on Gujarat State Fertilizers & Chemicals Ltd (GSFC) with
“ACCUMULATE” recommendation and target price of `357, based on 6x FY12E
EPS of `59.4. GSFC manufactures fertilizers and industrial products, which contribute
71% and 29% respectively, for FY10 revenue. GSFC has a large market share of
63% in Gujarat for DAP (Di-ammonium phosphate). DAP contributed 71% of total
fertilizer revenue in FY10, having total capacity of 0.8 million tonnes. In industrial
products segment, caprolactam contributed ~50% of the total revenue in FY10.
We expect DAP revenue to grow at CAGR of 5% during FY10-FY12E on back of
introduction of NBS policy by the government. Caprolactam revenue is expected
grow at CAGR of 15% due to increase in the prices.

Dewan Housing: acquires Deutsche Post bank home finance :: Asit C Mehta

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Dewan Housing Finance Ltd
Dewan Housing Finance Corporation Ltd  (DHFL), Wadhwan housing private
limited and Caledonia investments have acquired 100% in Deutsche Post bank
home finance (DPHFL) for a consideration of `10.8 billion. Post the transaction,
DHFL will hold 67.5% stake in the company.