Portfolio Manager PN Vijay said the movement of the rupee vis-à-vis the dollar has got everybody shaken. “No body really expected the rupee to come off in the last one month. For smart money to come back, some amount of steadiness in the rupee vis-à-vis the dollar is absolutely essential, even if there is good news on the IIP and inflation front.”
Bears tightened their grip on the markets. The strong IIP numbers provided little cheer as the indices extended their losing streak to four straight sessions. Big boy Reliance Industries continued its dismal run, cracking over 3% to fall to its 52-week low below the Rs 2,000 mark. The Nifty closed at 4,228 down 61 points, while the Sensex shut shop at 14,000 down 323 points.
Motilal Oswal has maintained buy rating on Bajaj Auto, in its report dated September 2, 2008. “Total volumes increased 2.7% YoY to 200,955 units. 3-Wheelers volumes declined by 4.6% to 24,324 units and YTD de-growth of 11.5%. Based on new product launches, Bajaj expects its domestic motorcycle sales to register double digit growth in 2HFY09. Our current FY09 volume growth estimate is 3.8% for FY09, implying residual growth of 2.1%. For motor cycles, our FY09 estimate is 4% growth and implied residual growth is 0.3%. We will be upgrading our estimates. The stock trades at P/E of 10x FY09E and 8.6x FY10E. we have maintained buy rating on this,” says Motilal Oswal report.
Morgan Stanley has intitiated a buy rating on Balrampur Chini Mills with a target of Rs 150, reports CNBC-TV18.
Rahul Mohindar of Viratechindia is of the view that Infosys Technologies can go down to Rs 1400-1450.
Rahul Mohindar of Viratechindia is of the view that Chambal Fertilisers and Chemicals and Nagarjuna Fertilisers and Chemicals has 7-10% downside.
Union Bank of India announced the launch of Wealth Management Services to its High Net worth Clients at Mumbai today. The Bank has tied up with M/s. Edelweiss Securities Ltd. – part of Edelweiss Group, which is one of the leading diversified financial services companies with specialized offerings in the Wealth Management space, for this initiative. With this offering the Bank plans to offer a wider range of solutions to its customers.
PINC Research has recommended buy rating on Cosmo Films, with price target of Rs 125, in its report dated September 11, 2008.
HDFC Securities has recommended a buy rating on Akruti City in its September 12, 2008 research report. “The company’s land development schedule is front ended and has high visibility. Its commercial (SEZ) assets too have strong visibility as shown by the SEZs at Baroda and Pune. With 49% of its land bank in the commercial segment (highest among the listed real estate players) the company’s cash flows are strong. Given the visibility in project execution, its diverse land bank and strong presence in SRA schemes, we believe the stock should trade at the NAV of Rs 1535 and hence we recommend a BUY on the stock.We expect revenues to grow at a CAGR of 118% and EPS by 113% (FY07-FY10E). Therefore, we recommend a switch from Indiabulls Real Estate to Akruti City,” says HDFC Securities’ research report.
Morgan Stanley has maintained its buy rating on Sterlite Industries (India) with target of Rs 1006, reports CNBC-TV18.
Deutsche Bank has downgraded its rating on Kotak Mahindra Bank to Hold with a target of Rs 600, reports CNBC-TV18.
Merrill Lynch has maintained its underperformer rating on Tata Motors with a target price of Rs 366, reports CNBC-TV18.