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Keynote Capitals has come out with a report on Nu Tek India’s IPO. It has recommended investors to subscribe the issue with a medium term view.

Emkay Global Financial Services research has maintained buy rating on BHEL with target price of Rs 2330 in its July 22, 2008 report. “BHEL Q1FY2009 results have been above our expectations. Net sales witnessed a strong growth of 33.9% yoy to Rs 43.3 billion against our estimates of Rs 40.6 billion on account of strong performance by the industry vertical. Consequently operating profit growth was at 20.3% yoy to Rs 3.7 billion (ahead of our expectation of Rs 3.2 billion). Operating profit margin for the quarter declined by 97 bps to 8.6%, however the same was above our estimates of 7.9%. For the Power vertical, EBIT margin declined by 69 bps to 18.7%. In the industry segment, EBIT margins witnessed a sharp rebound and stood at 14.1%, (up 1,036bps) on the back of sharp 40% increase in revenues. The other income for the quarter stood at Rs 2.9 billion, a growth of 41.4% yoy.

Emkay Global Financial Services research has maintained buy rating on HDIL with target price of Rs 698 in its July 21, 2008 report. “Housing Development and Infrastructures Ltd. (HDIL) reported its Q1FY09 results which were in line with our expectations on the revenue front and higher than expectation on the bottom-line. Revenue for the quarter stood at Rs .5.7 billion as compared to Rs 4.4 billion during Q1FY08. The company booked revenue at commercial property at Bhandup, SRA project at Santacruz and residential project at Bandra (W). Operating profit during the quarter stood at Rs 4.6 billion which represents growth of 96.5%. Increase in inventory substantially declined from Rs 22.5 billion in Q4 FY08 to Rs 3.4 billion in Q1 FY09, primarily due to decline in the land bank payment that the company made in Q1FY09 as compared to Q4FY08. Interest cost increased from Rs 681.5 million in Q4FY08 to Rs 1.4 billion in Q1FY09.”

Karvy Stock Broking has upgraded its rating on Lupin to buy with a target price of Rs 930 in its July 25, 2008 research report. “The company’s net revenues for the quarter has grown by 50 % to Rs 8.6 billion. The key growth drivers has been formulations exports which clocked Rs 3450 million a growth of 131 % while the non regulated formulations exports have gained renewed traction. Profits for the quarter has grown by 100 % to Rs 1120 million which was way ahead of consensus estimates.”

Hem Securities has maintained its buy rating on Power Finance Corporation with a target price of Rs 168 in its July 24, 2008 research report. “The company has posted strong financial result in FY08. As during the XI Plan Period (2007-2012) a growth target of 9% has been set by National Development Council, which requires commensurate infrastructure in power, roads, ports etc, PFC being the dominant player in the power sector has a key role to play not only in the power sector but also in the associated infrastructure sector.”

Emkay Global Financial Services research has maintained buy rating on Tech Mahindra with target price of Rs 990 in its July 21, 2008 report. “Tech Mahindra reported revenues of US$ 271.9 mn (+5.5% QoQ), Rs 11.2 billion (+9.3% QoQ, 27.4% YoY), slightly ahead of expectations. Operating margins improved impressively by 400 bps to 25.8% (V/s our expectations of 30 bps increase) despite compensation increases helped by tight control on SGA costs (SGA expenses down by 86 bps QoQ), higher offshore proportion of revenues (offshore % of revenues increased by 200 bps over the quarter) and higher utilization (company reported an inch up in sequential utilization of 100 bps to 74% V/s our expectation of 70%).

Angel Broking has maintained its accumulate rating on Dr Reddys Laboratories with a target price of Rs 755 in its July 21, 2008 research report. “For 1QFY2009, DRL registered a yoy growth in Net Sales of 24.9% to Rs 1481 crore (Rs 1186 crore) primarily aided by growth in the North American market, both in the Generic and API segment. This growth in Sales has come well ahead of our expectations. However, the same does not reflect in Net Profits, which declined 50.8% during the period.”

Emkay Global Financial Services research has maintained accumulate rating on Canara Bank with target price of Rs 185 in its July 22, 2008 report. “Canara Bank (CNBK) reported a net profit of Rs 1.2 billion, below our expectations, driven by higher MTM losses during the quarter. However on the operating level the bank surprised us positively with better than expected performance. The NII grew by 14%yoy to Rs 10.2 billion (positive growth after four quarters) vis-à-vis our expectations of Rs 9.2 billion. The growth mainly led by expansion in NIM’s which benefited from shedding of high cost deposits. The other income remained flat at Rs 3.7 billion marginally lower than our expectations due to trading losses and muted growth in commissions.

India Infoline has maintained its buy rating on Reliance Industries with a target price of Rs 2936 in its July 25, 2008 research report. “Reliance Industries Ltd (RIL) net sales were up by 40.8% driven by higher realizations across the segments. GRMs were at USD 15.7 per barrel for Q1 FY09, tad below expectations. OPM were down 450bps to 14.7% as EBIT margins for both refining and petchem businesses declined. Two additional discoveries were made in Q1 FY09. Commencement of production at KGD6 and RPL refinery in H2 FY09 and additional E&P discoveries to drive future growth.”

Asit C. Mehta has maintained its accumulate rating on Thermax with a target price of Rs 480 in its July 25, 2008 research report. “Thermax Limited has announced its results for the first quarter ending June 2008 (Q1FY09). Despite moderation in order book at the beginning of the financial year, the company has registered a revenue growth of 8.2% from Rs 7136.4 million in Q1FY08 to Rs 7724.9 million in Q1FY09. The company posted a consolidated net profit of Rs 584.2 million, compared with Rs 556.3 million in the first quarter of 2008, representing a growth of 5%.”

Angel Broking has maintained its buy rating on Reliance Industries with target price of Rs 3344 in its July 25, 2008 research report. “RIL once again reported a good set of numbers for 1QFY2008. Revenues jumped by 40.8% yoy to Rs 41,579 crore (Rs 29,524 crore) surpassing our estimate of 27.5% yoy growth. Revenues increased substantially owing to the strong performance clocked by the Refining segment. Crude processing at the Jamnagar refinery was at 8.13mn tonnes (8.01mn tonnes) implying 98.5% capacity utilisation.”