India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Jain Irrigation (Demand steady, though margins at risk, ADD):
The government recently finalised guidelines under the National Mission on Micro-Irrigation. The programme provides for an increase in subsidies to small and marginal farmers (overall subsidy increases to 70% from 50% earlier), and acceleration in payment of the Centre’s share of funds to companies. We raise our earnings estimates for FY12–13 by 3-5%, as the higher subsidy should support higher demand for MIS in the medium term. Margins, however, could come under risk in JISL’s overseas businesses, should crude prices firm up further and thus depress consolidated earnings by ~8%.
No comments:
Post a Comment