Angel Broking has maintained its buy rating on Maruti Suzuki India with a revised target price of Rs 750 in its July 21, 2008 research report. “For 1QFY2009, Maruti clocked 21.5% growth in Net Sales to Rs 4,754 crore, which was slightly above our expectation of Rs 4,570 crore. Net Profit for the quarter declined 6.8% yoy to Rs 466 crore.”
Markets were in a euphoric mood, giving big thumbs up to the UPA winning Tuesday’s trust vote. Both the frontline indices clocked gains of over 5%. The Nifty closed at 4,476 up 236 points, while the Sensex shut shop 838 points higher at 14,942.
Hem Securities continues to remain bullish on Chennai Petroleum Corporation and has upgraded its previous target of Rs 348 by 22 per cent to Rs 427 in the long term investment horizon in its July 22, 2008 research report. “The company has posted excellent results, ahead of the market expectations for the quarter ended June’08. The topline of the company has grown by over 81 % from Rs 62217 million clocked Q1FY08 to Rs 112532 million in Q1FY09. EBITDA stood at Rs 11688.70 million up by over 71.74 % from the previous quarter and 97 % higher than Rs 5914 million clocked in Q1FY08. Net profit stood at Rs 7032.70 million against Rs 3231.50 million posted in the corresponding quarter last year, showing a whopping YoY growth of near 117%.
Foreign Institutional Investors (FIIs) on Wednesday were net buyers in shares worth Rs 1,306.56 crore after the finance minister reassured that the government will push forward with the economic reforms after the UPA government won the trust vote in the Parliament, last evening.
Enterprise solutions and services provider Ramco Systems on Wednesday said it will raise Rs 173 crore through issue shares on rights basis to its shareholders.
IDFC
cmp: Rs 93.45
target price: Rs 160
Tata Chemicals
cmp: Rs 271.95
target price: 350
Satyam
cmp: Rs 368.35
target price: Rs 430
Prabhudas Lilladher has reiterated ‘outperformer’ rating on Shree Cement with a target price of Rs 700, an upside of 36.6 per cent from the current level.
Investors will heave a sigh of relief Wednesday with dust on the political uncertainty settling down, much in favour of what the market had been anticipating. With the UPA government winning the confidence vote, the market will now keenly watch out for the revival of some of the government’s stalled economic reforms.
BSE Sensex: (14942) the market gave thumps up sign to the confidence vote trapping the shorts in the bargain…market still looks up…