K R Choksey is bullish on ICICI Bank and has recommended buy rating on the stock with a target of Rs 1273 in its October 30, 2012 research report.
"ICICI Bank reported strong set of numbers with PAT of Rs1,956 crore, in line with our expectation. NII grew strongly 34.5% y-o-y & 5.6% q-o-q led by steady loan growth of 17.6% y-o-y and stable net interest margins. Fee income continued to be subdued; increased only 0.5% y-o-y due to slowdown in corporate banking fee income which was partially offset by good traction in granular fee income streams. Non interest was also boosted on account of dividend income from subsidiaries (Rs75 crore from ICICI Life). Broadly asset quality has remained stable sequentially; the bank saw fresh slippages of Rs1220 crore (including one large media account amounting to Rs500 cr on which provision made up to 85%). Cost to income remained stable at 41%. Life insurance saw healthy business volume growth with PAT of Rs349crore. General insurance continued to deliver positive net earnings of Rs101 crore. Consolidated PAT grew modestly 20% y-o-y supported by strong parent performance and steady in general insurance business. Maintain BUY."
KRChoksey is bullish on EID Parry (India) and has recommended buy rating on the stock with a target of Rs 327 in its October 30, 2012 research report.
"EID Parry (India) reported net sales de-growth of 4% YoY to Rs 3267 crores. Sugar division registered higher volumes with better realizations however farm input division posted de-growth in revenues. Consolidated EBITDA for the quarter declined 9% YoY to Rs 364 crores on account of margin contraction in farm input division. Consolidated Net profit for the quarter declined 15% YoY to Rs 107 crores aided by higher depreciation and interest expenses."
Aditya Birla Money is bullish on South Indian Bank (SIB) and has recommended buy rating on the stock with a target of Rs 26 in its October 30, 2012 research report.
"South Indian Bank (SIB), net profit for the current quarter increased 2.3% YoY (decline of 21.0% QoQ) to 971.5 mn. The muted growth in profit was mainly on account of exceptional item of 322 mn reported by the bank (on account of fraud committed by its employees at one of the Branches). Adjusting for this one off profit grew by 24.7% (decline of 3.8% QoQ) which were broadly in line with our expectations. NII during the quarter increased by 15.1% YoY (0.3% QoQ). There was a reversal of interest income of 200 mn on account of one large account slipping into NPA. However, this was partly offset by the interest income of 140 mn of interest on tax refund. Adjusting for these one offs NII grew by 17.4% (2.3% QoQ)."
Emkay Global Financial Services is bullish onLupin and has recommended buy rating on the stock with a target of Rs 630 in its October 23, 2012 research report.
"Lupin's, US business (contr. 35%) grew 18% YoY to USD144mn. However, US business declined QoQ by 4% due to loss of exclusivity on Geodon. Moreover, company launched Lexapro in current quarter and is already selling 3 OCs in US. India formulations (contr. 27%) grew by 18% Japan biz (contr. 15%) grew 55% in JPY terms (85% in INR terms) led by I'rom acquisition & new launches. I'rom revenues declined QoQ in JPY terms. Excluding I'rom, growth was just 10%. Gross margins contracted 250bps YoY & 212bps QoQ to 63%. However, EBITDA margins expanded 516bps YoY and 212bps QoQ to 22%, due to reduction in R&D cost at 4.2% of sales vs. normal run-rate of 7-8% PAT increased by 30% YoY to Rs2.9bn and EPS stood at Rs6.5 for Q2FY13 & Rs12.8 for H1 FY13."