Sarvendra Srivastava, technical strategist, Emkay Global Financial Services , is of the view that ACC charts indicate bearish pattern. He expects the stock to touch Rs 900 levels in coming weeks. “The weekly chart shows how ACC formed a ‘bearish harami’ last week. The pattern itself is bearish enough to result in a meaningful decline [...]
With crude at $89, can I say oil marketing companies- forget about buying them, you should be selling them, they are good short candidates? Hemang Jani : I do not think the market is looking at these companies from that perspective. The buying interest that we are seeing in oil marketing companies has more to [...]
Allied Digital Services (ADSL) At the CMP of Rs 220, ADSL trades at a P/E of 7 & 6 on FY11E & FY12E EPS of ` 30.4 & ` 34.9 respectively. On a EV/ EBIDTA basis, the stock is available at a multiple of 1 & less than 1 on FY11 & FY12 estimate. We [...]
In Q2FY2011, Bajaj FinServ reported a strong set of numbers by earning a consolidated net profit after minority interest of Rs69.4 crore as compared with a net profit of Rs43.9 crore during the year-ago period. However, the results are not strictly comparable as the company raised its stake in Bajaj Finance to 55.1% during the [...]
Cadila Healthcare (Cadila) reported better-than-expected results for Q2FY2011 a 23.3% year-on-year (y-o-y) growth in the adjusted profit after tax (PAT) to Rs168.9 crore, which is marginally above our estimate of Rs165.7 crore. The total operating income increased by 18.1% due to: a) a 40.8% y-o-y increase in the US generics business, arising from higher volumes [...]
ABG Shipyard Ltd. (ABG) has bagged orders worth approximately $82.5 million from Halul Offshore Services Company (HOSC) of Qatar ($65 million) and Manravi Spa (Manravi) of Italy ($17.5 million). As per the order, ABG will construct a 91-metre twin-screw diving support vessel for HOSC and a 63.8-metre twin-screw 82T bollard pull anchor handling tug supply [...]
HDFC Bank’s Q2FY2011 performance was in line with our expectations. The bank’s quarterly net profit was up 32.7% year-on-year (y-o-y) to Rs912.1 crore vis-à-vis our projection of Rs912.3 crore. The quarterly profit growth was driven mainly by a healthy growth in the net interest income (NII) and lower provisioning during the quarter. The NII was [...]
Tata Motors reported its global sales numbers for September 2010, which increased by 19% y-o-y to 86,996 units. Growth was led by strong growth in commercial and passenger vehicle sales. During the month, sales of commercial vehicles grew 18% y-o-y to 40,961 units and sales of passenger vehicles grew by 21% y-o-y to 46,035 units [...]
Axis Bank plans to raise US $200mn of commercial paper (CP). The notes would be rated A-1, the second-highest short-term investment grade, and will be supported by a letter of credit from Bank of America, N.A. The bank plans to use the money from the notes to fund its three overseas branches. At the CMP, [...]
Bayer CropScience India management have highlighted the improving methods being practiced by Indian farmers, viz. adoption of new technologies, increasing quality consciousness and consolidation of food supply chains. In FY2010, the Indian agrichemical industry witnessed the entry of many international generics players, due to which many generic molecules witnessed price erosion. The total industry grew [...]
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