Accumulate Exide Industries Ltd For Target Rs.205 – Religare Securities Ltd

Investment Rationale *  During H1FY15, sales of the company jumped 20%. Operating profit margin (OPM) fell by 160 bps to 13.6% due to rise in cost of raw materials by 270 bps to 68.3% as percentage to sales and net of stock adjustments. *  The revenue of the company rose…

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Buy Pidilite Industries Ltd For Target Rs.526 – Achiievers Equities Ltd

Investment Rationale *  Pidilite Industries’ consolidated total income increased by 14.1% to `12,485.6 mn in Q2FY15 as against `10,940.7 mn in the corresponding period last year on account of 10% YoY jump its sales volumes as well as pricing measures adopted by the company and strong product mix. During the…

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Sell Bank of Baroda Ltd For Target Rs.1000 – Angel Broking Pvt Ltd

*  After a sharp fall of more than 10% from its recent high, the stock prices gave a smart recovery in last three trading sessions. *  The recent bounce back halted around the 61.8% Fibonacci retracement level (`1070) of the fall from `1124.95 (high on December 08, 2014) to `985…

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Buy ICICI Bank Ltd For Target Rs.390.00 – Kotak Securities Ltd

Our recent interaction with the management of ICICI bank reinforces our positive outlook on the stock. We believe management’s focus on stable growth with improving structural profitability is likely to continue. ICICI Bank has continued to demonstrate its prowess in improving ALM, maintaining robust liability franchise, managing asset quality risk…

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Accumulate Wipro Ltd For Target Rs.620.00 – Prabhudas Lilladher Ltd

We downgraded Wipro to “Accumulate” in our “Rear View JAS‐14: X‐Currency led misses, but outlook healthy” (quarterly review) due to continued weak performance on revenue front despite strong deal wins. We see continued headwinds for the company as seasonally strong quarters are behind. The challenges in Energy sector due to…

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Buy Swaraj Engines Ltd For Target Rs.1040.00 – Firstcall Research Ltd

SYNOPSIS *  Swaraj Engines Ltd. is primarily engaged in the manufacturing of diesel engines, diesel engines components as well as its spare parts. *  Revenue for the quarter rose by 10.33% to Rs. 1672.40 million from Rs. 1515.80 million, when compared with the prior year period. *  During Q2 FY15,…

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Buy Siemens India Ltd For Target Rs.1050.00 – Kotak Securities Ltd

Siemens reported Q4FY14 result below our estimates due to muted revenue growth in revenues. Healthcare division reported significant growth in operating profit with meaningful revenue growth in the quarter. We are encouraged by operating margin expansion reported by the company on back of strong pricing and successful business restructuring. We…

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Buy State Bank of India Ltd For Target Rs.378.00 – Sharekhan

Key points *  Given its market share of ~19% in advances (about 25% including the share of its associate banks), State Bank of India (SBI) is our preferred play on the revival in economic growth within the public sector bank (PSB) space. As several macro indicators (core sector growth, Purchasing…

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Buy Sangam (India) Ltd For Target Rs.91.00 – Firstcall Research Ltd

SYNOPSIS *  Sangam (India) Ltd. is one of the largest manufacturers of polyester viscose dyed yarn in Asia at a single location with 25% market share in the country. *  For the 2nd quarter of FY15, Net sales grew by 2.02% and stood at Rs. 3750.30 million as against Rs.…

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