Angel Broking is bullish on Electrosteel Castings and has recommended buy rating on the stock with a target of Rs 29 in its October 16, 2012 research report.
"For 2QFY2013, Electrosteel Castings (ECL) reported a strong growth in its operating profit, mainly due to a decline in costs. We maintain our Buy recommendation on the stock."
Emkay Global Financial Services is bullish on NIIT Technologies and has recommended accumulate rating on the stock with a target of Rs 325 in its October 17, 2012 research report.
"NIIT Tech's Sep'12 qtr operating performance met expectations with a 6.5% sequential revenue growth to Rs 5001 mn with margins improving by ~100 bps QoQ to 17% aided largely by growth leverage and currency depreciation. Profits at Rs 431 mn (-25% QoQ) missed expectations albeit impacted adversely by higher than expected forex translation losses of ~Rs 150 mn. HC addition picked up after a relatively sombre addition in June'12 qtr and company expects similar HC addition ahead. NIIT Tech also won orders worth US$ 93 mn (V/s US$ 80 mn in June'12 qtr) taking the total order book executable to ~US$ 253 mn (+9% YoY). Top 5/10 clients grew by 13%/16% with no of US$ 10 mn+/US$ 5 mn+ clients increasing by 1/3 each to 9/18 respectively."
Prabhudas Lilladher is bullish on MindTree (MTCL) and has recommended buy rating on the stock with a target of Rs 800 in its October 16, 2012 research report.
"MTCL reported Q2FY13 results ahead of expectation. Revenue growth was 5.9% QoQ at Rs5,963m (PLe: Rs5,998m, Cons: Rs5,907m) in INR terms and grew by 1.7% (@cc 2.2%) QoQ in USD terms to $107.3m (PLe: US$108.7m). EBITDA margin expanded by 127bps QoQ to 22.1% (PLe: 20.6% Cons: 19.3%) aided by currency depreciation and operational efficiency. However, EPS de-grew by 18.9% QoQ to Rs17.85 (PLe: Rs16.37, Cons: Rs16.92), due to forex loss of Rs341m (Gain Q1FY13: Rs52m)."
According to IIFL, traders can buy Jain Irrigation above Rs 75 with stoploss of Rs 72.50 for a target of Rs 80 in its October 17, 2012 research report.
"The stock has corrected sharply from its August 2012 high of Rs90 to a low of Rs59 in September 2012. Since past few weeks, the stock has been moving alongwith the support of its short‐term trendline. We believe the rebound from the September low is still in progress and further upside seems on the cards. The daily RSI is exhibiting positive divergences. Yesterday's 2% upmove was by delivery‐based buying as the stock closed around its 100‐DMA. A move above Rs75 is likely to accentuate buying momentum in the counter. (Duration 6 days)," says IIFL research report.
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