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India Equity Research Reports, IPO and Stock News
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Markets bounce back
The Indian stock market ended the three-week losing spree, with the Sensex
and Nifty gaining 2.7% and 2.8% of their value, respectively. However, the
market gave up some of its gains on the last day of the week. Food inflation
fell further to 11.1% from 13.1% in the previous week, thereby reducing
investor concerns. Overall WPI inflation for January fell to 8.2% from 8.4%
earlier. BSE mid-cap and small-cap indices outperformed the large-cap
counterparts during the week, gaining 2.9% and 4.1%, respectively. On the
sectoral front, the Bankex outperformed the other indices, gaining 4.9%
during the week, followed by the BSE Metal index, which increased by 4.0%.
BSE Realty fell over yet another week, losing 2.2% of its value.
Bankex outperforms the Sensex
The BSE Bankex recovered smartly from the recent lows on the back of value
buying to report gains of 4.9%, outperforming the Sensex during the week.
PSU banks showed good momentum on the back of approval of capital
infusion into few PSU banks. The capital infusion will enable these banks to
grow advances at a healthy pace going forward and will be positive for
them notwithstanding the equity dilution. Liquidity also showed some signs
of easing with LAF borrowings for the first fortnight of February averaging
~`74,000cr compared to over `1,05,000cr during the second fortnight of
January. Among private banks, we have a positive view on ICICI Bank and
Axis Bank; in the large PSU banking space, we prefer SBI; and among
mid-cap banks, we prefer Dena Bank, J&K Bank and Indian Bank.
Inside This Weekly
Tata Steel - 3QFY2011 Result Update: Tata Steel’s consolidated net revenue
grew by 11.0% yoy to `29,089cr. EBITDA margin came in flat yoy at 11.8%.
Consolidated net profit grew by 112.2% yoy to `1,003cr. We maintain Buy
with a revised SOTP Target Price of `747 (earlier `766).
Hindalco - 3QFY2011 Result Update: Hindalco's consolidated net revenue
was below our estimates due to lower-than-expected sales volumes and
higher-than-expected costs. We maintain Accumulate on the stock with a
revised SOTP Target Price of `243 (earlier `245).
CRISIL - 4QCY2010 & CY2010 Result Update: For 4QCY2010, CRISIL
registered 19.8% yoy growth in revenue to `177cr on the back of strong
growth in the credit ratings and research segments. The ratings segment
grew by 17.7% yoy to `75cr and the research segment's revenue spiked by
33.1% yoy to `87cr, the highest-ever revenue reported in a quarter.
Even the advisory segment's revenue witnessed a huge jump of 49% qoq to
`15cr. We continue to maintain our Buy rating on the stock with increased
Target Price of `7,616 (`7,584).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Markets bounce back
The Indian stock market ended the three-week losing spree, with the Sensex
and Nifty gaining 2.7% and 2.8% of their value, respectively. However, the
market gave up some of its gains on the last day of the week. Food inflation
fell further to 11.1% from 13.1% in the previous week, thereby reducing
investor concerns. Overall WPI inflation for January fell to 8.2% from 8.4%
earlier. BSE mid-cap and small-cap indices outperformed the large-cap
counterparts during the week, gaining 2.9% and 4.1%, respectively. On the
sectoral front, the Bankex outperformed the other indices, gaining 4.9%
during the week, followed by the BSE Metal index, which increased by 4.0%.
BSE Realty fell over yet another week, losing 2.2% of its value.
Bankex outperforms the Sensex
The BSE Bankex recovered smartly from the recent lows on the back of value
buying to report gains of 4.9%, outperforming the Sensex during the week.
PSU banks showed good momentum on the back of approval of capital
infusion into few PSU banks. The capital infusion will enable these banks to
grow advances at a healthy pace going forward and will be positive for
them notwithstanding the equity dilution. Liquidity also showed some signs
of easing with LAF borrowings for the first fortnight of February averaging
~`74,000cr compared to over `1,05,000cr during the second fortnight of
January. Among private banks, we have a positive view on ICICI Bank and
Axis Bank; in the large PSU banking space, we prefer SBI; and among
mid-cap banks, we prefer Dena Bank, J&K Bank and Indian Bank.
Inside This Weekly
Tata Steel - 3QFY2011 Result Update: Tata Steel’s consolidated net revenue
grew by 11.0% yoy to `29,089cr. EBITDA margin came in flat yoy at 11.8%.
Consolidated net profit grew by 112.2% yoy to `1,003cr. We maintain Buy
with a revised SOTP Target Price of `747 (earlier `766).
Hindalco - 3QFY2011 Result Update: Hindalco's consolidated net revenue
was below our estimates due to lower-than-expected sales volumes and
higher-than-expected costs. We maintain Accumulate on the stock with a
revised SOTP Target Price of `243 (earlier `245).
CRISIL - 4QCY2010 & CY2010 Result Update: For 4QCY2010, CRISIL
registered 19.8% yoy growth in revenue to `177cr on the back of strong
growth in the credit ratings and research segments. The ratings segment
grew by 17.7% yoy to `75cr and the research segment's revenue spiked by
33.1% yoy to `87cr, the highest-ever revenue reported in a quarter.
Even the advisory segment's revenue witnessed a huge jump of 49% qoq to
`15cr. We continue to maintain our Buy rating on the stock with increased
Target Price of `7,616 (`7,584).
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