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BSE Sensex: (13952) we were expecting volatility and we got that today, the short term trend is still intact but the F&O expiry could spoil the fun.

Sharekhan has kept a buy rating on Union Bank of India with a target of Rs 180, reports CNBC-TV18.

Sharekhan has kept a buy rating on the State Bank of India (SBI) with a price target of Rs 1801, reports CNBC-TV18.

Parag Parikh Financial Advisory Services has recommended a buy rating on NIIT Technologies with a target of Rs 130 in its September 20, 2008 research report. “In terms of P/E, the scrip is trading at 4x FY08 EPS and 3.6x FY10E EPS. The trailing dividend yield is extremely attractive at 7%. We believe that the company will have no problem in maintaining the payout ratio and consequently we expect the dividend to steadily increase going ahead.”

Reliance Industries Limited (RIL) has commenced production of hydrocarbons in its KG-D6 block of Krishna Godavari Basin with the production of crude oil on 17th September 2008. The field is initially producing about 5,000 barrels of crude per day and is expected to reach its peak hydrocarbon production of 5,50,000 BOEPD over the next six to eight quarters. A first of its kind hydrocarbons production from any deep water field in the country, Reliance KG-D6 will account for 40% of country’s current indigenous hydrocarbon production. It is estimated that the production from KG-D6 facility will save India an annual foreign exchange outflow of US$20 billion.

Reliance Money has maintained its buy rating on Glodyne Technoserve with a target of Rs 815 in its September 22, 2008 research report. “At the current market price Rs 683, Glodyne is trading 11x FY09E and 6x FY10E. We maintain BUY, with a revised 12 months target price Rs 815; we had earlier given a target price of Rs 784. On our revised target price stock will be valued at 13x FY09E and 8x FY10E,” says Reliance Money’s research report.

Mehraboon Irani, VP, PMS at Centrum Broking is positive on sugar space.

Mehraboon Irani, VP, PMS at Centrum Broking is negative on aluminium pack.

As per the latest announcement by Ranbaxy, the letter of offer is subject to the receipt of certain regulatory approvals by the acquirer. So there will be a delay in making payment of consideration to the shareholders who have tendered their shares in the open offer. Also the number of shares tendered have exceeded the open offer size. Excess shares are being dispatched following determination of the proposed allocation to the relevant beneficiaries by Sept 23,2008. However, it also says that the return of the unaccepted shares shall not be deemed acceptance of shares by the acquirer. Also it confirms to pay interest on delay of payments to the shareholders beyond 15 days from the closure of offer as approved by SEBI.

Mehraboon Irani, VP, PMS at Centrum Broking feels that one should continue to hold Reliance Industries for long term.

Parag Parikh Financial Advisory Services has recommended a buy rating on Bharat Electronics with a target price of Rs 1215 in its September 20, 2008 research report. “BEL currently trades at 8.8x & 7.4x its FY08 & FY10E EPS of Rs. 107.5 & Rs. 121.5 respectively. We recommend a BUY with a target price of Rs. 1215 (35% Upside, based on 10x FY10E),” says Parag Parikh Financial Advisory Services’ research report

Mehraboon Irani, VP, PMS at Centrum Broking is of the view that one can hold Moser Baer.