indraprastha gas (Citi) Reiterate Buy: Steady Quarter; Sustaining Margins

Steady quarter; margins holding up well; Volume growth remains robust; Adjusting estimates; TP raised to Rs385
Date Rating Target Price Recommendation Price Broker house
31 May 2011 buy 385 (from 375) 332 Citi Report

colgate palmolive (citi) Lower Advertising Drives Profit Beat

4QFY11 PAT - flat Y/Y - ahead of expectations; Pressure visible on gross margins; Reiterate Sell
Date Rating Target Price Recommendation Price Broker house
31 May 2011 sell 857 (from 800) 896 citi Report

coal india (Citi) Buy: Coal Getting Hotter

Maintain Buy, Raising TP; Estimate changes; Upside to our estimates; FY11 PAT up 11%;
Date Rating Target Price Recommendation Price Broker house
31 May 2011 buy 471 (From 395) 408 Citi Report

educomp solutions (Citi) FY11 below Expectations; Good FY12 Guidance

FY11 net profit at Rs3.4b, below expectations; Good FY12 Guidance; SmartClass revenues up 38% yoy; EBIT margins at ~58%; Other businesses still in early stages; Fund raising resolution surprises; FCCB restructuring
Date Rating Target Price Recommendation Price Broker house
31 May 2011 sell 540 475 Citi Report

reliance capital (JPMorgan) 4Q11: Catalysts may take time to play out

4Q11-Mixed bag; Maintain Overweight
Date Rating Target Price Recommendation Price Broker house
31 May 2011 overweight 740 500 JPMorgan Report

colgate-palmolive india (JPMorgan) Q4FY11 : In-line operational performance

Overall volume growth moderates to 9%; Gross margin pressures come to the fore; however mitigated by lower A&P spends; TP revision
Date Rating Target Price Recommendation Price Broker house
31 May 2011 underweight 865 (from 795) 896 JPMorgan Report

unitech (JPMorgan) Priced for sustainability than fundamentals

Date Rating Target Price Recommendation Price Broker house
31 May 2011 overweight 60 34 JPMorgan Report

sun pharma (Angel) Better-than-expected results

Date Rating Target Price Recommendation Price Broker house
30 May 2011 accumulate 518 465 Angel Report

semantic space technologies (CATE) CARE ASSIGNS 'CARE IPO GRADE 3' GRADING TO THE IPO

Date Rating Target Price Recommendation Price Broker house
30 May 2011 3/5 -- -- CATE Report

sun pharma (CreditSuisse) Strong chronic franchise continues to drive outperformance; expect FY12 growth guidance of 18%

Strongest domestic performance across peers; Strong Taro performance; ex Taro exports weaker
Date Rating Target Price Recommendation Price Broker house
30 May 2011 outperform 515 445 CreditSuisse Report

reliance power (CreditSuisse) FY11 results lower than expectations, Sasan delay disappointing

Weak FY11 results on by domestic coal deficit; zero tax on treasury income surprising; Cut earnings and price target; maintain UNDERPERFORM
Date Rating Target Price Recommendation Price Broker house
30 May 2011 underperform 126 (From 129) 116 CreditSuisse Report

mphasis (CreditSuisse) Assuming coverage: HP overhang remains

Results in line with margin guidance; Continued one-offs worrying; Maintain NEUTRAL
Date Rating Target Price Recommendation Price Broker house
30 May 2011 neutral 500 (from 550) 475 CreditSuisse Report

havells (CreditSuisse) In line quarter. Sylvania margin improvement on track

Date Rating Target Price Recommendation Price Broker house
30 May 2011 outperform 455 395 CreditSuisse Report

oil and natural gas corporation (JPMorgan) 4QFY11 impacted by subsidies, dry well write-offs

Higher DD&A leads to earnings miss; Subsidies impact crude realizations; Higher DD&A costs in 4Q:; Gas pool revenues booked in 4Q:; Focus remains on policy moves
Date Rating Target Price Recommendation Price Broker house
30 May 2011 overweight 390 277 JPMorgan Report

havells india (JPMorgan) Big FY11 earnings beat, increase price target to Rs600

Solid improvement in Sylvania margins; New products driving domestic business; FY11 beats estimates; Solid earnings growth, strong cash flow and capital return profile; increase PT to Rs600
Date Rating Target Price Recommendation Price Broker house
30 May 2011 overweight 600 (From 480) 396 JPMorgan Report

crompton greaves (JPMorgan) Key takeaways from analyst meet post recent developments

Acquisition of US based QEI completes CG's package for power automation; Transformer manufacturing unit in Brazil to be operational in next 3 years; Summing up growth potential from recent overseas acquisitions; Jalgaon distribution will not entail too much investment
Date Rating Target Price Recommendation Price Broker house
30 May 2011 overweight 300 257 JPMorgan Report

bharat petroleum corporation bpcl (JPMorgan) Strong refining performance, subsidy support underpins 4Q

BPCL profits rise on refining performance; Refining performance robust; Pension provisions, forex losses lead to higher expenses; Subsidies provide earnings support; While we expect reforms, it is likely to be a bumpy ride
Date Rating Target Price Recommendation Price Broker house
30 May 2011 neutral 645 628 JPMorgan Report

hindalco industries (JPMorgan) Projects again pushed back with Utkal slated for 2012 (from Early 2012 previously), capex costs increased

Date Rating Target Price Recommendation Price Broker house
30 May 2011 neutral 237 197 JPMorgan Report

reliance infrastructure (JPMorgan) FY11 PAT in-line, balance sheet details awaited

Reliance Infrastructure reported FY11 PAT of Rs15.5bn (up 2% YoY), slightly ahead of est. (Rs15.3bn); Commentary of execution of EPC order backlog, now Rs296bn; Plans to transfer 433MW plants to RPWR have been shelved; Although buyback adjusted Mar-12 SOP PT of Rs825
Date Rating Target Price Recommendation Price Broker house
30 May 2011 neutral 845 (From 825) 558 JPMorgan Report

reliance power (JPMorgan) Mar-q strong, but fundamental risks remain: Maintain UW

4Q results improve with Rosa operating at high PLF combined with a tax benefit; Rosa II (600MW), Butibori (600MW) and Samalkot (2.4GW) inch closer to commissioning. (1) Rosa II; Progress on Chitrangi and Sasan mines; An improvement in funding and execution climate
Date Rating Target Price Recommendation Price Broker house
30 May 2011 underweight 90 110 JPMorgan Report

tata communications (JPMorgan) Q4'FY11: Neotel drag continues; watching the focus on profitability

TCOM reported consolidated Q4 revenue of INR 30.7 bn (+1.7% Q/Q, +3.2% Y/Y); Consolidated EBITDA margin was 11.6%; Neotel continues to drag; Net loss impacted by one-offs and Neotel;
Date Rating Target Price Recommendation Price Broker house
30 May 2011 underweight 207 215 JPMorgan Report

indian oil corporation (JPMorgan) Subsidy support, refining, forex gains prop 4Q earnings

IOC reported healthy 4Q profit; Strong refining quarter; Forex gains, pension provisions rise; Subsidies support earnings:; While we expect reforms, we temper our optimism
Date Rating Target Price Recommendation Price Broker house
30 May 2011 neutral 410 320 JPMorgan Report

unitech (JPMorgan) 4Q PAT falls on low margin projects recognition. Operating trends suggest core franchise still intact.

Operating trends are largely stable Q/Q:Telecom hasn't impacted the core real estate franchise it seems
Date Rating Target Price Recommendation Price Broker house
30 May 2011 overweight 60 33 JPMorgan Report

coal india (CreditSuisse) 4Q 'one-offs' occur annually; cheaper now on headline numbers

4Q11 strong performance: Recurring though seasonal; Management reiterates margins will be maintained; FY12 off-take target strong, though depend on rakes; Increase target price to Rs450; maintain OUTPERFORM
Date Rating Target Price Recommendation Price Broker house
30 May 2011 outperform 450 (from 390) 388 CreditSuisse Report

aban offshore (Citi) 4Q: Operationally Strong Quarter

Good quarter; Balance sheet details; Aban Abraham to commence in 1Q; Reducing TP to Rs790
Date Rating Target Price Recommendation Price Broker house
30 May 2011 buy 790 (from 1122) 558 Citi Report

reliance infrastructure (Citi) FY11 - A Mixed Bag

Other income/ tax write back boost standalone PAT; Strong EPC guidance for FY12E; Consolidated PAT up 2% YoY; Update on buyback and book value; 22.6mn promoter warrants converted at Rs929/share in FY11; Update on Delhi distribution
Date Rating Target Price Recommendation Price Broker house
30 May 2011 buy 902 557 Citi Report

nmdc (Angel) Strong performance despite higher costs:

Date Rating Target Price Recommendation Price Broker house
30 May 2011 reduce 241 258 Angel Report

britannia (Angel) Steady top-line growth and impressive show on the margin front

Date Rating Target Price Recommendation Price Broker house
30 May 2011 buy 495 391 Angel Report

tata steel (HDFCSec) Q4FY11 Result Update

Date Rating Target Price Recommendation Price Broker house
30 May 2011 -- -- 585 HDFC Securities Report

hpcl (Emkay) Results above estimates

HPCL reported results which were above our estimates with EBIDTA at Rs.22bn and PAT at Rs.11.2bn
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 463 356 Emkay Report

ipca labs (HDFCSec) Q4FY11 Result Update

Date Rating Target Price Recommendation Price Broker house
27 May 2011 -- -- 313 HDFC Securities Report

bharat heavy electricals (HDFCSec) Q4FY11 Result Update

Date Rating Target Price Recommendation Price Broker house
27 May 2011 -- -- 1935 HDFC Securities Report

tata steel (HDFCSec) Q4FY11 Results Review

Higher average realisation offset by input cost increase; Higher average realisation offset by input cost increase
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 673 575 HDFC Securities Report

ipca laboratories (ICICIsec) Ipca Laboratories

Further traction in US post approval; Further traction in US post approval
Date Rating Target Price Recommendation Price Broker house
27 May 2011 hold 325 315 ICICI securities Report

jk lakshmi cement (ICICIsec) Increase in realisation drives margins

Sales volume up ~16% QoQ, realisation up ~13% QoQ; Sales volume up ~16% QoQ, realisation up ~13% QoQ
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 61 45 ICICI securities Report

jk tyres and industries (ICICIsec) Rock bottom margins, upside potential strong

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 118 95 ICICI securities Report

kotak mahindra bank (ICICIsec) Provisions lower, subsidiaries return profits

NIM rises to 5.6%, loan book mix constitutes 2/3 of retail loans; Over the years dependency on capital market related profits decline
Date Rating Target Price Recommendation Price Broker house
27 May 2011 hold 416 427 ICICI securities Report

sun tv (ICICIsec) Superlative performance

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 444 380 ICICI securities Report

dividend yield stocks (ICICIsec)

Date Rating Target Price Recommendation Price Broker house
27 May 2011 -- -- -- ICICI securities Report

madhya bharat agro products ipo (SEBI) DRHP

Public Issues: Draft Offer Documents filed with SEBI
Date Rating Target Price Recommendation Price Broker house
27 May 2011 -- -- -- SEBI Report

tech mahindra (ICICIsec) Lacklustre operating performance continues

Date Rating Target Price Recommendation Price Broker house
27 May 2011 hold 700 659 ICICI securities Report

orbit corporation (ICICIsec) Weakness in pre-sales continues

Q4FY11 results below expectation; Pre-sales volumes continues to be weak
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 48 43 ICICI securities Report

tata motors (Angel) Consolidated results driven by volume growth and higher average realisation

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 1456 1089 Angel Report

kewal kiran clothing (ICICIsec) Stable performance

Strong FY11 performance; Expanding retail presence
Date Rating Target Price Recommendation Price Broker house
27 May 2011 hold 531 555 ICICI securities Report

gujarat state petronet (ICICIsec) Volumes below estimates

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 108 97 ICICI securities Report

indian hotels (ICICIsec) Meets expectations in domestic operations

Revenue grows on demand revival and additions in rooms; Higher occupancy, ARR drive margins northward
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 103 93 ICICI securities Report

bgr energy (ICICIsec) Order inflows highly crucial for a re-rating

Conversion of order pipeline into order inflows holds key in FY12; Conversion of order pipeline into order inflows holds key in FY12
Date Rating Target Price Recommendation Price Broker house
27 May 2011 hold 511 477 ICICI securities Report

apollo hospitals (ICICIsec) Results in line, outlook remains intact

Revenue grows at healthy pace, remains in line our expectations
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 545 483 ICICI securities Report

ashok leyland (Angel) Strong volumes support top-line growth; OPM surprises on the upside

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 64 50 Angel Report

gujarat state petronet (Emkay) Volumes and realisation disappoints

Transmission tariff declined by 4.1% YoY & 9.2% QoQ and volume declined marginally by 2.4% YoY to 35.5mmscmd
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 120 97 Emkay Report

hpcl (Emkay) Results above estimates

HPCL reported results which were above our estimates with EBIDTA at Rs.22bn and PAT at Rs.11.2bn
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 463 359 Emkay Report

blue star (Angel) Billing continues to remain sluggish

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 420 318 Angel Report

gujarat state petronet (GoldmanSachs) In line with expectations: Volume growth and tariff to be key

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 120 96 GoldmanSachs Report

gujarat state petronet gspl (DeutscheBank) Q4FY11 results: Transmission volume growth stagnates

GSPL reports net profit of INR1.5bn; +40% YoY, -5% QoQ; Depreciation rate on gas transmission pipelines reduced; Maintain Hold due to muted gas transmission volume growth
Date Rating Target Price Recommendation Price Broker house
27 May 2011 hold 110 96 DeutscheBank Report

tata motors (GoldmanSachs) In line with expectations: JLR drives earnings; India margins weak

Date Rating Target Price Recommendation Price Broker house
27 May 2011 neutral 1186 1161 GoldmanSachs Report

gujarat state petronet gspl (GoldmanSachs) In line with expectations: Volume growth and tariff to be key

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 120 96 GoldmanSachs Report

max india (GoldmanSachs) Gaining traction in life insurance

Date Rating Target Price Recommendation Price Broker house
27 May 2011 conviction buy 190 162 GoldmanSachs Report

dlf (GoldmanSachs) Looking for peak debt, operating leverage to boost profitability

Date Rating Target Price Recommendation Price Broker house
27 May 2011 neutral 262 (from 294) 210 GoldmanSachs Report

tata steel (GoldmanSachs) Above expectations: European ops continue to surprise; CL-Buy

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 774 (from 761) 561 GoldmanSachs Report

coal india (GoldmanSachs) In line with expectations: Price hike remains the key; Neutral

Date Rating Target Price Recommendation Price Broker house
27 May 2011 neutral 405 377 GoldmanSachs Report

tata steel (DeutscheBank) 4Q'FY11 - In line with expectations

TS Europe - Quarterly volumes at two year high; TS India - Higher volumes but lower than expected profitability; Steady progress on Greenfield steel plant in Orissa
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 708 672 DeutscheBank Report

hindustan petro hpcl (DeutscheBank) Beats estimate on higher compensation

HPCL reports Q4FY11 PAT of INR11.2bn, above estimates; High oil prices and uncertain government compensation; reiterate Sell
Date Rating Target Price Recommendation Price Broker house
27 May 2011 sell 300 355 DeutscheBank Report

gujarat state petronet (Citi) 4Q: A Quarter of Clean Ups

Adjusted PAT below estimates; EBITDA below on one-off income reversal, higher costs; Depr. changes likely aimed at increasing regulatory net block; Clarity on tariffs next key catalyst; valuation discount to peers to narrow
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 150 96 Citi Report

tata motors (Citi) Increasing Capex = Adding Beta to the Business

Sharp increase in JLR's capex guidance; JLR's business strategy: in a state of transition; Domestic business' 4Q results disappoint; JLR falls short of revenue and profit expectations; Balance sheet: Overall debt reduction a positive
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 1533 1161 Citi Report

mphasis (Angel) Revenue underperforms after long

Date Rating Target Price Recommendation Price Broker house
27 May 2011 accumulate 505 476 Angel Report

ipca laboratories (Angel) Results above expectations

Date Rating Target Price Recommendation Price Broker house
27 May 2011 accumulate 358 326 Angel Report

sun tv network (Angel) Sun TV continued to post yet another quarter of strong results on the revenue as well as the earnings front

Date Rating Target Price Recommendation Price Broker house
27 May 2011 accumulate 454 388 Angel Report

cairn india (Angel) Mangala production drives growth

Date Rating Target Price Recommendation Price Broker house
27 May 2011 neutral -- 346 Angel Report

dishman pharmaceuticals (Angel) Positive surprise during the quarter

Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 133 95 Angel Report

gujarat state petronet (Emkay) Volumes and realisation disappoints

Transmission tariff declined by 4.2% YoY & 9.2% QoQ, but volume remains flat at 35.5mmscmd; Depreciation writeback boosts profitability in Q4 FY11; Expects t ransmission volume at 40mmscmd in FY12E and 45mmscmd in FY13E
Date Rating Target Price Recommendation Price Broker house
27 May 2011 buy 120 97 Emkay Report

aban offshore (Emkay) Solid operating performance

Strong operating performance drive better than expected 4Q nos; APAT at Rs1.9bn- better than estimates on account lower tax rate help better than; Possible earnings upgrade restricted by delayed deployment of Aban Abraham
Date Rating Target Price Recommendation Price Broker house
27 May 2011 accumulate 645 541 Emkay Report

gvk power and infrastructure (GoldmanSachs) Regulatory uncertainty and event risks still high - retain Neutral

Date Rating Target Price Recommendation Price Broker house
26 May 2011 neutral 23 (From 36) 21 GoldmanSachs Report

bharti airtel (GoldmanSachs) Safari Part 2: Sound strategy; slow but steady execution

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 435 (from 410) 369 GoldmanSachs Report

dishman pharma (Emkay) Subdued performance to continue

Q4FY11 was above our expectations with a) Revenues at Rs3.44 bn (up 39% YoY), EBIDTA at Rs555 mn (up 12% YoY) and APAT at Rs214 mn (up 18% YoY)
Date Rating Target Price Recommendation Price Broker house
26 May 2011 accumulate 125 96 Emkay Report

cairn india (ICICIsec) Royalty issue holds the key

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 396 344 ICICI securities Report

max flex & imaging systems (CARE) CARE ASSIGNS 'CARE IPO GRADE 3'

Date Rating Target Price Recommendation Price Broker house
26 May 2011 -- -- -- CARE Report

coal india (GoldmanSachs) In line with expectations: Price hike remains the key; Neutral

Date Rating Target Price Recommendation Price Broker house
26 May 2011 neutral 405 377 GoldmanSachs Report

tata steel (GoldmanSachs) Above expectations: European ops continue to surprise; CL-Buy

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 774 (from 761) 561 GoldmanSachs Report

irb infrastructure developers (GoldmanSachs) High competition but IRB still better placed to win and execute

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 221 (from 234) 151 GoldmanSachs Report

hindalco industries (Angel) Capacity expansion to meet strong demand

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 243 187 Angel Report

tech mahindra (Angel) Result highlights: For 4QFY2011

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 799 659 Angel Report

gipcl (Angel) Top line up by 24.1% yoy

Date Rating Target Price Recommendation Price Broker house
26 May 2011 accumulate 94 85 Angel Report

elecon engineering (Emkay) Momentum Continues, Retain BUY

Revenue performance better then expectedRevenue performance better then expected.With similar growth in interest and depreciation, APAT grew by 25.1% yoy to Rs236 mn Order inflows doubles to Rs4.4 bn, Order backlog at Rs13.8 bn
Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 89 67 Emkay Report

tech mahindra (citi) Inline 4QFY11 Results

Revenues slightly ahead; Non-BT business witnesses good growth; EBITDA margins lower; We maintain our negative view on the stock
Date Rating Target Price Recommendation Price Broker house
26 May 2011 sell 700 658 citi Report

sun tv network (Citi) 4QFY11 Results - Steady Quarter

~21% yoy revenue growth; EBITDA in line; PAT beat driven by lower amortization & higher other income; Steady advertising outlook; DTH continues to drive subscription growth; Radio business to break even in FY12; Maintain Hold
Date Rating Target Price Recommendation Price Broker house
26 May 2011 hold 525 380 Citi Report

irb infrastructure (ICICIsec) One-off MTM provision mars result

Slower execution in construction segment affects topline; One-off MTM loss leads to disappointing bottomline; One-off MTM loss leads to disappointing bottomline
Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 216 152 ICICI securities Report

jet airways (ICICIsec) Demand remains firm, fuel remains a concern

Domestic market share declines sequentially to 25.4%; Soaring fuel prices dents operating margins
Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 520 438 ICICI securities Report

bharat forge (ICICIsec) Growth path remains illuminated

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 373 313 ICICI securities Report

timbor home ipo (--) OpeningDate

Issue Size approx Rs 20 Crore. Opening on 30th May 2011. Initial public offer of 36,90,000 Equity Shares of face value of Rs 10 each at price range of 54-63. The minimum Bid Lot will be 90 Equity Shares and in multiples of 90 Equity Shares thereafter. The Bid/ Issue will close on June 2, 2011
Check the NSE New Issue Link -- NSE link

cairn india (CreditSuisse) Strong crude prices help grow earnings/ cash flow

Cairn reports strong 4Q PAT; Waiting for outcome of the CNE-VED deal;
Date Rating Target Price Recommendation Price Broker house
26 May 2011 neutral 388 338 CreditSuisse Report

power finance corp (DeutscheBank) Impact of std. asset provision proposal for PFC/REC

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 305 200 DeutscheBank Report

rural electrification corp (DeutscheBank) Impact of std. asset provision proposal for PFC/REC

Date Rating Target Price Recommendation Price Broker house
26 May 2011 buy 280 (from 305) 197 DeutscheBank Report

tata steel (CreditSuisse) 4Q results show no further operating leverage is available in Europe

Date Rating Target Price Recommendation Price Broker house
26 May 2011 underperform 525 561 CreditSuisse Report