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Company News Details

BSE   20 Apr 18 | 12:00 AM

18.35 -0.3 (-1.61%)
Mkt Price (Rs)   Chg Rs (Chg %)
Code: 502742
Face Value: N.A.

NSE   20 Apr 18 | 12:00 AM

18.35 -0.3 (-1.61%)
Mkt Price (Rs)   Chg Rs (Chg %)
1 Week : Rs 19.20 (-4.43%)
1 Month : Rs 18.90 (-2.91%)
1 Year : Rs 20.01 (-8.30%)
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Brokerage Calls: Sintex, Infosys, Suzlon

SI Reporter / Mumbai 16 Jan 12 | 01:40 PM

Current Price Rs 65
Target Price Rs 115

As per management there is a slowdown in Monolithic construction especially on account of delay in getting clearances from the government. The company has an order book of Rs29bn of which Slum rehabilitation (Rs7.5bn), Railways (Rs2.5bn) and Defence (Rs2.5bn) cumulatively have ~45% of the order book and where the slowdown/stoppage is being felt. We also noticed stoppage of work in 4-5 sites out of the 18-20 sites in progress. We believe that with the upcoming state elections (Feb’12) in UP (order book of Rs4.5bn) and Uttarakhand the company will face delays in collection. We reduce our TP from Rs240 to Rs115 (7x on FY13e EPS) and maintain a ‘BUY’ rating on the stock. We believe the CMP factors the slump in overseas business, forex loss impact and slowdown in the Indian economy. - PINC Research

PRICE: Rs 18

Competition has been intensifying in wind energy space globally mainly from Chinese players. Pricing pressure exists across the value chain; from suppliers to project management companies. q Order intake in Suzlon wind remains sluggish. Company's order book at the end of 1HFY12 stands at 2042 MW (ex-RE Power) vis-à-vis our breakeven level estimate of 1900 MW. q We reduce our earnings estimate for FY13 to factor in margin pressure on account of 1) higher raw material pressure 2) lower realizations 3) higher finance charges for FY12. We continue to remain cautious on company's stock and maintain our 'Reduce' rating on with one year forward revised target price of Rs 20 (Rs 43 earlier). - Kotak Securities

CMP Rs2,589
Target Price Rs2,760

Infosys Q3FY12 result was tad higher on revenue (Rs92.9 bn v/s IDBI est. Rs.91.3 bn) and net profit (Rs23.7 bn v/s IDBI est. Rs22.9 bn). However, Q4 guidance of US$1,806 mn to US$1,810 mn, implied 0% to 0.2% sequential growth which was a big disappointment, as street was estimating 2-3% growth (IDBI est 3.6% on account of higher working days). This flat Q4 growth outlook translates FY12 USD top-line growth guidance to 16.4% YoY, down from 17-19% in Q2 and 18-20% in Q1. However, EPS guidance was revised upwards from Rs143–145 to Rs147 for FY12E on account of US$/rupee assumption of Rs52 for Q4. Based on the management commentary of flat-to-down CY12 IT budgets and choppy client spending, we have adjusted our FY13 growth rate to 12.5% from 13.6% earlier. We have increased our FY12 and FY13 EPS by 2.5% and 0.8% to R145.7 and Rs162.3 (our US$/Rs assumption is 48.2 for FY13 - refer our sensitivity analysis in page 2). We upgrade Infosys to ACCUMULATE - IDBI Capital

CMP Rs 1,434
Target Price Rs 1,852

Abbott India (AIL), a 50.44% subsidiary of Abbott Capital India Ltd., UK, is involved in the manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products. Consolidation of Solvay Pharma India Ltd. (SPIL) with the company is expected to improve operating efficiencies, leading to expansion of EBITDA margin and an extended product portfolio with addition of brands from SPIL. We expect the company to post a 24% CAGR top-line over CY2010-13E on the back of continued focus on advertising, increased employee expenses, new therapeutic segments and its agreement with Zydus Cadila. At the current price of Rs 1,434, the stock is trading at 13.9x CY2013E EPS, which we believe is attractive for an MNC. We Initiate Coverage on AIL with a Buy rating and a target price of Rs 1,852. - Angel Broking

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