Stock Reports

India Cements earnings fell weak amid poor realisations and higher overheads.Potential cash deployment in the new business is a concern especially given its high debt at Rs 34.3 billion.Target Price is maintained at Rs 88 per share.

Tech Mahindra PAT met estimates buoyed by 13.2% increase in non-BT organic revenues. Organic revenues (excluding BT) have grown at 3.2% CQGR over the past four quarters.Reasonable valuations and pending merger with M Satyam could enable re-rating. Stock upgraded to Buy from earlier rating of Outperform

ITC Q4 PAT jumps 19.4% driven by net sales, which rose by 19.2% backed by cigarettes, FMCG and Agri Business. Operating profit grew 20.2% despite higher material costs. Investors can buy stock in small quantities at current price. Add more on dips

Weak earnings led by weak pricing and disappointing realisations. A positive outcome of the Chanderia mining case would trigger re-rating. Prices continue to remain weak in most regions, despite attempts at price hike. We maintain BUY rating with a revised target price at Rs 355 per share.

Volumes of Bajaj Auto in January-March quarter of 2013 fell 3.5%. Estimates for this financial year have been revised downwards. Investors could buy the stock on dips in the band of Rs.1662-1721.

LIC Housing finance earnings exceeded estimates for the January-March quarter of 2013, driven by growth in the retail portfolio. NII, pre-provisioning profits and PAT estimates for this year, enhanced by 4.1%, 2.6% & 3.4% respectively. Investors can buy the stock at current price and to add on dips in the price band of Rs. 241-248

Despite healthy revenue growth, pricing pressure in key markets impacted Dr Reddy laboratories operating margin in January-March quarter of 2013. DRL sees challenges in the form of slower market growth in India and price erosion in its main US market. DRL sees challenges in the form of slower market growth in India and price erosion in its main US market. Investors could enter the stock on dips to Rs.1965-2018 for a target of Rs.2230.

HT Media fourth quarter earnings were marginally below estimate. It reported 3% growth in advertising revenue after 3 quarters of decline. However, key disappointment was a meagre buyback of Rs 250mn. HTML has multiple growth engines with its investments in HT Mumbai, Hindustan UP and Shine.com at inflection point, but delivery has been challenging. We downgrade the stock with target price at Rs 91.

Can Fin Homes PAT grew slower sue to higher effective tax rate at 35.1%. The net interest income grew by a robust 38.7% backed by strong credit growth. Our price target for the stock is Rs. 177. Investors could buy the stock at current levels and average it on dips in the price band of Rs. 132-138.

The Net sales of NTPC rose a tad at 1.2% in the January-March quarter of 2013. Operating expenses rose due to increase in water charges. Core RoE was revised lower at 23.7%. Investors could buy the stock on dips between Rs 143 to Rs 148

Bank of Baroda net profit dips because of higher provisioning and rise in operating expenses at10.9%. The loan growth for the January-March quarter of 2013 was slower at 14.2%. The earning estimates of the bank have been lowered for this fiscal year. Investors can buy the stock only on dips between Rs 631 to Rs 666.

Bank of India earnings were below estimates despite healthy loan growth. Target price of the stock is revised to Rs 352

Nestle 1QCY13 revenues missed estimates as volumes continue to remain under pressure. However, EBITDA margin surprised with 129bps YoY jump on account of lower other expenses and COGS. APAT grew 8.7% YoY to Rs 3bn led by higher depreciation and interest expense.

PNBs net profit for the january- march quarter down 20.6% on higher provision. It showed some respite in terms of asset quality with improvement in Net NPAs from to 2.35%. investors could enter the stock between Rs 675-Rs 714 over the next one quarter

Emami January- March quarter sales were marginally below estimates due to weak performance. However, domestic growth was robust. Stock has the potential to trade higher. Hence investors can buy this scrip at current levels and add it further on dips in the price band of Rs. 608-633 over the next quarter.

IDFC earnings were in line with expectations backed by stable asset quality. IDFC has been consistently maintaining healthy spread and a robust asset quality. Existing investors can exit the stock between the CMP and Rs.161. Fresh investors could buy the stock on dips of Rs 136-146 for a target price of Rs 161 over the next 1 quarter.

Godrej Consumer Products earnings for January-March quarter in 2013 were above estimates. The revenue growth was driven by robust domestic growth of 18%. We Most of the positive cues have already been factored in the stock price hence it is fairly valued. Investors can buy the stock on declines in the price band of Rs. 740-766 over the next quarter.

Kotak Mahindra Bank results exceeded expectations backed by strong loan growth and stable asset quality. The stock is fairly valued at present.Investors can buy on dips in Rs 647 - Rs 670 band.

Grasim reported a marginal increase in its consolidated net profit due to sluggish demand and lower profit from the cement business.Investors could look at exiting the stock on rises to Rs.3,078 and re enter the stock in Rs.2,693-2,770 band over the next quarter.

Marico quarterly results were below expectations due to lower volume growth.For better returns & margin of safety, investors can buy this stock on dips in the price band of Rs. 187-194.