indian stock market

Patel Engineering an outperformer, tgt Rs 1028: Macquarie     Macquarie research has maintained outperformer rating on Patel Engineering with target price of Rs 1028 with 12 month prespective, implying upside potential of 34%, in report dated on November 28, 2007. "We have valued PEC using a sum of the parts methodology. Core business has been valued at Rs 502 per share based on 18x average of FY09 and FY10 earnings. To the core business, we have added Rs517 for the real estate business (1.5x NAV of the phase I of development) and Rs 13 per share for the BOT business. We subtract Rs 4 per share for the accumulated taxes on account of withdrawal of 80IA benefits. We have an Outperform rating on the stock. We believe PEC is one of the best plays on the huge opportunity in the hydropower sector with a quality land bank. We transfer coverage of Patel Engineering (PEC) to Inderjeetsingh Bhatia with an Outperform rating and 12-month target of Rs 1028, based on a sum of the parts method...

Lehman Brothers equity research has initiated coverage on Goldmines of the Indian Capital Market, PSU banks. Lehman has a OVERWEIGHT rating on Punjab National Bank, Canara Bank, Bank of Baroda, United Bank of India and Indian Overseas Bank. Expect a positive delta in operating metrics vis-a-vis the trend seen in the past three years, supported by a benign operating environment. These banks are currently trading at a material discount to SBI, which we think is unjustified. Note that this valuation gap has emerged only since April 2007. These Public sector banks are trading at an unjustified discount to private sector banks which is unjustified. Over the medium term, we believe regulatory moves will be a key driver for the sector and especially public sector banks. Going by recent developments, expect regulatory moves to be benign for public sector banks. Peaking of interest rates provides a favourable background for stock performance, in our view. A turnaround in the inter...

  Crystal Software Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 03, 2007, inter alia, has transacted the following business, and approved the following, subject to the approval of the shareholders and other regulatory authority, if any:   1. To increase in authorised share capital of the Company from Rs 5 Crores to 10 Crores and consequential amendments in Memorandum (& Articles) of Association of the Company.   2. To sub-divide the Shares of the Company from face value of Rs 10/- each to face value of Re 1/- each and consequential amendments in Memorandum (& Articles) of Association of the Company.   3. To issue further shares / warrants on preferential basis in Domestic / International market.   Further the Company has informed that, the Directors has resolved to convene an Extra Ordinary General Meeting of the Company on January 15, 2008 and approved the draft notice ...

Parsvnath Developers gained 2.45% to Rs 378.05 at 14.13 IST on BSE, after the company said it has won the bid to develop a commercial project on 18,632 square meters of land at sector Delta-II in Greater Noida. The company made this announcement during trading hours today, 5 December 2007. Meanwhile, BSE Sensex was up 152.32 points or 0.78% to 19,681.82. On BSE 2.97 lakh shares were traded in the counter. The scrip had an average daily volume of 3.48 lakh shares in the past one quarter. The stock hit a high of Rs 382.70 and a low of Rs 369.50 so far during the day. The stock has a 52-week high of Rs 545 on 6 December 2006 and a 52-week low of Rs 221.60 on 7 March 2007. The mid-cap scrip had outperformed the market over the past one month till 4 December 2007, gaining 14.61% compared to the Sensex's decline of 0.31%. It had underperformed the market in the past one quarter, rising 16.64% compared to Sensex's rise of 26.44%. The company's current equity is ...

Alok Industries rose 2.80% to Rs 83 on reports it is close to diluting 20% stake in its realty venture Alok Infrastructure to private equity player s. Meanwhile, BSE Sensex was up 86.87 points or 0.44% to 19,619.10. On BSE 12.96 lakh shares were traded in the counter. The scrip had an average daily volume of 9.39 lakh shares in the past one quarter. The stock hit a high of Rs 85, a 52-week high for the stock. It hit a low of Rs 81.50 so far during the day. The stock had a 52-week low of Rs 50.45 on 5 March 2007. Alok Industries outperformed the market over the past one month till 4 December 2007, gaining 21.25% compared to the Sensex's decline of 0.31%. It underperformed the market in the past one quarter, rising 15.69% compared to Sensex's rise of 26.44%. The company's current equity is Rs 173.79 crore. Face value per share is Rs 10. The current price of Rs 83 discounts Q2 September 2007 annualized EPS of Rs 10.01 by a PE multiple of 8.29. The stake sa...

NEW DELHI: The Government is proposing to raise investment in infrastructure sector to 9 per cent of Gross Domestic Product (GDP) by 2012 to achieve the high growth rate planned during the Eleventh Five Year Plan (2007-2012). "The cabinet has recently approved the draft of the Eleventh Plan which envisages an increase in infrastructure investment from 5 per cent of GDP to 9 per cent,'' Planning Commission Deputy Chairman Montek Singh Ahluwalia said while speaking at a session on achieving 10 per cent growth at the World Economic Forum (WEF) here on Tuesday. The country would need an investment of $500 billion in infrastructure during 2007-2012, he said, adding that as much as $350 billion would be invested as per the busine ss-as-usual forecast. Another $150 billion would have to arranged from various sources including global financial market and that should not be a problem as "specific policies are in place for achieving a jump in investment'', ...

Colgate Palmolive Research: Merrill Lynch Rating: Buy CMP: Rs 282 For the first time in 10 years, Colgate is available 6% cheaper than the market at a P/E of 19x FY09E. The 'buy' rating is underpinned by the defensive nature of the business, powerful brand and quality management. Colgate's toothpaste volumes are growing at a safe, but unexciting rate of 10%, in an era when income levels are rising sharply. The management highlighted that economic growth has not trickled down to Colgate's key growth market — rural India. Higher urban incomes are less relevant for Colgate as penetration levels in urban India are over 70%. Moreover, toothpaste is a low-priority item on the shopping list and uptrading trends are typically less common than in other consumer categories. The management stated that, contrary to popular belief, HUL is not lying low in toothpastes and other competitors such as Anchor have sharply upped their marketing budgets. Colgate is gaining m...