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Anand Rathi

Colgate Palmolive –Buy- Anand Rathi

by free stock tips on June 3, 2010

in Broker tips

Colgate’s 4Q10 net profit was up 42% y-o-y. Given less competition, its pricing power and sub-segmentation strategy, we expect Colgate to gain market share and report revenue and net profit CAGRs of 17% and 14%, respectively, over FY10-12. We rate the stock a BUY, and raise our target price to Rs930. Colgate’s revenue grew 13.4% [...]

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ICICI Bank –Buy- Anand Rathi

by free stock tips on May 20, 2010

in Broker tips

ICICI Bank plans to acquire Bank of Rajasthan (BoR), a private sector bank with 463 branches and assets of ~Rs172bn. We expect this transaction to be value accretive for ICICI as it would expand its existing branch network by approximately 27%, and strengthen its presence in north India. Retain BUY. Appears expensive. If approved, the [...]

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RCom deserves to trade at 5-10% discount to Bharti: Anand Rathi

by free stock tips Broker tips

Anand Rathi Securities has recommended `Sell` on Reliance Communications with a price target of Rs 140 as against the market price (CMP) of Rs 142 in its report dated May 18, 2010. We have slashed our consolidated EBITDA estimates by 11-14%, on back of RCOM`s significantly weak 4QFY10 results. Our new TP is 7% (Rs10) [...]

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ABB –Buy- Anand Rathi

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Losses in power systems and in marked-to-market derivative contracts hit ABB’s 1Q profitability. Year-on-year, sales rose a modest 5%, while net profit, adjusted for exceptionals, slid 8%. The Rs8,700 crore orderbook assures revenue, orders in the industry sector picking up strongly. We maintain BUY on the strong orderbook (Rs8,700 crore, up 24% y-o-y), likely recovery [...]

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Maruti Suzuki –Sell- Anand Rathi

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In April 2010, Maruti Suzuki posted robust volume growth of 29.7% y-o-y (declining 2.2% m-o-m) to 93,058 units. This is the smallest mom decline ever for MS for April over March. It has thus sustained the run-rate for the past three months for April as well. Volume growth was driven by domestic demand growing 23% [...]

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Tech Mahindra –Buy- Anand Rathi

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Tech Mahindra’s profit was higher than our estimate on account of higher forex gain. We lower FY11/12 estimates 7.5%/6.6% respectively to factor in rupee appreciation, salary hikes (mentioned by the company) and a higher tax rate, and lower target price to Rs1,010 (from Rs1,130). Forex boosts profit. In rupee terms, 4Q revenue slid 0.3% q-o-q [...]

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GMR Infrastructure –Buy- Anand Rathi

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Our revised target price is lower by Rs20 vs. previously, as we have: left out four hydropower projects from SOTP [890MW, Rs5/sh impact]; reduced LT share of merchant power to more than 35% from over 40% [Rs5]; and factored more conservative HIAL valuation [Rs5]. We have also factored higher project costs as revealed in QIP [...]

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IndusInd Bank –Buy- Anand Rtahi

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IndusInd Bank’s net profit was driven by higher net interest income growth (89% y-o-y), fees (46.3% y-o-y) and reduced cost-income (by 124bp to 50.5%). We maintain BUY, given we expect RoE to expand as margins, fees and NPA coverage improve. Advances and deposits grew 30.3% and 20.8% yoy, respectively. Reported NIM improved 71bp y-o-y to [...]

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MphasiS –Buy- Anand Rathi

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MphasiS is to acquire Fortify Infrastructure Services, a provider of offshore-based remote IT operations and management (ROM) services via an all-cash deal. MphasiS would be paying $15.5 million (upfront consideration) + earn-outs (over a period of two and a half years if certain financials are attained). Fortify Infra Services was privately held, operating in India [...]

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NTPC –Buy- Anand Rathi

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We lower FY10 estimates because power generation was lower than estimated and fuel costs were higher. We retain our BUY rating given its strong balance sheet, clarity on capacity expansion, and long-term fuel supply and off-take tie-ups. Central Electricity Authority’s (CEA) power generation data shows that NTPC generated 219 BU (2 BU short) in FY10. [...]

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