Finally the Nifty Futures breaks out of the bind on 4500 and closes at 4527.Buy Phillips Carbon Black, target of Rs 219: Angel
Angel Broking has maintained its buy rating on Phillips Carbon Black with a revised target price of Rs 219 in its July 30, 2008 research report. “Phillips Carbon Black’s (PCBL) Top-line grew 27.4% yoy to Rs 299.3 crore (Rs 234.8 crore) in 1QFY2009. The company’s volume growth was subdued due to capacity constraints. The growth came primarily owing to improved realisations during the quarter as Sales volume was up a mere 1.75%.”
“We expect PCBL to record a CAGR of 26.3% in Top-line over FY2008-10, while Bottom-line would grow at a CAGR of 21.8% in the mentioned period. At the CMP, the stock is trading at 4.5x FY2009E and 3.5x FY2010E Earnings and 3.8x FY2010E EV/EBITDA. We maintain a Buy on the stock, with a revised Target Price of Rs 219 (Rs 259),” says Angel’s research report.
Buy Sun TV; target of Rs 268: K R Choksey
K R Choksey has recommended buy rating on Sun TV Network with a target of Rs 268 in its July 29, 2008. “SUN TV is one of the largest players having 45 radio licenses across the country. Out of 45 licenses of radio station, 42 are operational and rest will be operational by Q2FY09. Sun, along with its subsidiaries and Red FM (48.9% stake) has presence in all the four A+ cities in India, namely Mumbai, Delhi, Chennai, Kolkatta. In addition, it is present in 12 out of 13 A+ and A category cities in India. At CMP of Rs 231, the stock trading at 27.8x FY08 EPS of Rs 8.3 and 21.4x FY09E EPS of Rs 20.6. We have valued Sun TV network using P/E multiple approach. We recommend a BUY rating, with a target price of Rs 268 representing an upside potential of 16.0% from current levels,” according to K R Choksey research report.
3i Infotech has target of Rs 184: H Shah
Harit Shah of Angel Broking is of the view that 3i Infotech has target of Rs 184.
Shah told CNBC-TV18, “3i Infotech is focused banking solution provider and they are focused on the BFSI space, they are into products and services. They have got a vast geographical mix and therefore in a sense that their exposure to currency fluctuations in not very high. There have been lot of focused acquisitions, which have been plugging in a lot of the gaps they have had in their service offerings without compromising too much on profitability. We are positive on that stock as well and we have a target of about Rs 184.”
Buy Pidilite Industries: Bhambwani
Technical Analyst, Vijay Bhambwani is of the view that one can buy Pidilite Industries.
Bhambwani told CNBC-TV18, “I would recommend a buy Pidilite Industries at the current levels of Rs 142-144 levels with a stoploss at Rs 118 levels. I expect the stock to peak out at Rs 175 to Rs 185 levels in the coming three to four quarters.”
Bharti announces strategic restructuring at corporate level
Bharti Enterprises today announced a strategic restructuring at the apex corporate level. The new structure has been designed to strongly build emerging businesses as well as enhance empowerment to functions and developed businesses.
“We are now embarking on a journey to significantly scale up our emerging businesses and leverage our leadership position in established businesses. Towards this end, we are strengthening the Bharti organization structure and the governance model that will take us further on the path to building one of the most admired conglomerates in India. With the new structure, we will engage functionally with our emerging businesses at a deeper level, empower the developed businesses, strengthen the interface mechanisms of Bharti with the businesses and leverage the group functions effectively.” said Sunil Bharti Mittal, Chairman and Group CEO, Bharti.
As a part of new strategic apex level re-structuring, an office of the Chairman & Group CEO has been created with primary focus on seeking growth opportunities, guiding businesses, securing financial health of the group, and growing & developing talent. Rakesh Bharti Mittal and Rajan Bharti Mittal will be the Vice Chairmen & MD of Bharti Enterprises. While Rakesh B. Mittal will also be the co-chairman of Bharti Foundation and enhance focus on social projects, Rajan B Mittal has been elevated as Vice-Chairman and will focus on Retail, Cash & carry and Realty. The office of the Chairman & CEO will be supported by three Directors - Director, Chairman’s office; Director, Corporate Affairs and Director, Shareholder’s office.
Akhil Gupta has been elevated as the Deputy Group CEO & MD of Bharti Enterprises. He will take specific charge of the Tower Infrastructure business as the Vice Chairman & MD, Bharti Infratel and also lead the Financial Services and the Software business. He will continue to be on the board of Bharti Airtel. Manoj Kohli, has been elevated as the CEO & Joint Managing Director of Bharti Airtel.
Buy IVRCL Infrastructure and Projects, tgt Rs 413: Angel
Angel Broking has recommended a buy rating on IVRCL Infrastructure and Projects with a target price of Rs 413 in its July 30, 2008 research report. “IVRCL Infrastructure Projects, one of the leading Infrastructure players in the Irrigation segment, reported a 37% yoy growth in Topline to Rs 929 crore (Rs 677 crore) for 1QFY2009, [...]
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