Bank of Baroda:
Aditya Birla Money is bullish on Bank of Baroda (BoB) and has recommended accumulate rating on the stock with a target price of Rs 808 in its November 2, 2012 research report.
"Bank of Baroda, net Profit after tax for the current quarter increased 11.6% YoY (14.3% QoQ) to Rs 13013.9 mn from Rs 11660.8 mn for Q2 FY12. The muted growth in PAT on YoY basis was on the back of subdued growth in NII at 11.5%. Decline in margins (36 bps YoY) coupled with lower CD ratio (decline of 105 bps YoY) impacted the NII growth during the quarter. However, sequentially the growth in PAT was mainly on the back of lower provisions. Provisions declined (27.3% QoQ) despite higher slippage (~2.1% annualised vs ~1.8% in Q1) mainly on the back of write back of investment provision. Other income during the quarter grew by 12.8% YoY (7.5% QoQ) on the back of strong trading gains while growth in core fee income remained muted at 2.8% YoY.
Maruti Suzuki India:
Motilal Oswal is bullish on Maruti Suzuki India and has recommended buy rating on the stock with a target price of Rs 1,730 in its October 31, 2012 research report.
"Maruti Suzuki India's (MSIL) EBITDA margin for 2QFY13 was higher than our estimate, buoyed by lower than expected staff cost and other expenditure (due to write-back of 1QFY13 royalty provision). Further, higher other income and lower tax boosted PAT to INR2.27b (v/s our estimate of INR1.18b). Volumes declined 22% QoQ (9% YoY), impacted by labor issues at Manesar (production loss of ~77,000 vehicles) and poor demand for petrol vehicles. Higher sales of Ertiga (including CKD exports) diluted the impact of adverse mix (lower share of diesel vehicles) and higher discounts. Realizations declined 1.6% QoQ (grew 19.5% YoY) to INR350,302/unit (v/s our estimate of INR347,724/unit).
FinQuest Securities is bullish on Bajaj Auto and has recommended buy rating on the stock with a target price of Rs 2276 in its November 1, 2012 research report.
"Bajaj Auto's Q2FY13 results were in-line with our expectations. Revenue came in at Rs 49.7bn down 5.6% Y-o-Y but was up 2.2% sequentially. EBITDA came in at Rs 9.2bn down 13.4% Y-o-Y but was up 5% Q-o-Q. The improvement in profitability was a result of higher 3W sales Q-o-Q both in the domestic and the export markets despite weak 2W volumes. PAT came in at Rs.7.95bn, up 2% Y-o-Y and 3.1% sequentially.
Dolat Capital is bullish on Biocon and has recommended accumulate rating on the stock with a target price of Rs 287 in its November 1, 2012 research report.
"Biocon, net sales for the quarter grew 17.2% YoY to Rs 5.92bn, driven by higher revenues from both Biopharma & CRO segment. Biopharma revenues (ex licensing income) grew 24% YoY to Rs 4.63bn primarily driven by immuno-suppressants, branded formulations along with increased traction in insulin. Ramp-up in Fidaxomicin bulk API supplies has meaningfully added to the momentum this quarter. Domestic branded formulations grew 42% YoY to Rs 913mn driven by growth in chronic therapies. Licensing development fees & income was nil for the quarter (Q2FY12: Rs 365mn). Contract research revenue grew 39% YoY to Rs 1.29bn. About 50% of the growth was on account of favorable currency movement.
Prabhudas Lilladher is bullish on NTPC and has recommended accumulate rating on the stock with a target price of Rs 176 in its October 26, 2012 research report.
"NTPC's PLFs suffered on account of lower coal supplies and grid restrictions, leading to a mere 3.5% growth on a YoY basis; they were at 74.9% in Q2FY13. However, the availability also suffered at 80.4% as against 83.1% in Q2FY12. The average tariff of generation in Q2FY13 stood at Rs3.1/Kwh. Adjusted PAT was up by 10.4% to Rs20.5bn.
Plant commercialisation till H1FY13 stood at 2800MWs, while plants commissioned YTD stood at 2060MWs. Availability of Gas stations stood at 90% as against 92% in Q2FY12. Loss of generation due to shortage of coal was 5.1bn units as compared to 1.9bn units in Q2FY12 and 1.3bn units in Q1FY13".
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