Category: Equity Research

Here is a list for companies where earnings and price targets have been changed over the past one month depending on Q1FY09 by Kotak Institutional Equities. (more…)

In a report today, Morgan Stanley has downgraded Reliance Capital to Equal Weight and has also cut the target price citing near term pressures as all the businesses of the company are capital markets-linked.The sharp slowdown in market activity is likely to result in slower growth in RCap’s businesses and contraction in multiples. (more…)

I thought of sharing this Contrarian Views on Indian IT Export Oriented Companies – Infosys Technologies, Wipro, TCS, Satyam, and HCL Technologies as released by Edelweiss Research. The environment is still difficult and any optimism on guidance outperformance that investors may have had in the middle of Q1FY08 has tempered, we see select Indian companies doing well reiterating their FY09 guidance after a not too enthusing Q1FY09. (more…)

SBI Caps Equity Research has initiated coverage on Patel Engineering with a BUY Rating. Patel Engineering has retained its focus on high margin sectors such as hydropower plant construction. Assuming an implementation rate of 50 percent and 7 crore per MW to be the cost of hydropower generation, there is a demand of 43,750 crore on an annual basis. Hence PEL hydropower segment is geared for immense growth in the years to come. (more…)

Reliance Petroleum, which is likely to add 1% to global gasoline and diesel capacity, is facing one of the biggest risks that refining margins may weaken further. Problems in stabilizing refinery cannot be ruled out despite the past impeccable track record. (more…)

Shoppers Stop reported net sales of Rs. 289.19 crore for Q1 FY09 against Rs. 225 crore in Q1 FY08, an increase of 28.5%. Gross profit rose by only 26.3% to Rs. 104.37 crore for 1Q FY09 as compared to Rs. 82.59 crore in 1Q FY08 on account of decline in share of private labels (20.4% against 20.9%). The company reported operating loss of Rs. 0.59 crore for the Q1 FY09 as against operating profit of Rs. 13.55 crore for Q1 FY08 on account of increase in expenditure (37% growth) primarily attributable to service tax paid (Rs. 4 crore), expenses incurred on re-branding (Rs. 7 crore) and higher overheads of new stores. (more…)