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Stock picks for Jan 29, 2013
Jet Airway:
SP Tulsian, sptulsian.com advises traders to buy Jet Airway around Rs 600 for smaller gains.
Tulsian told CNBC-TV18, "Jet Airways- Etihad deal, sources have been saying that probably 24 percent stake will be acquired by Etihad for about USD 330 million that translates about Rs 1800 crore plus for 2.73 crore shares. So, whatever present valuations or the market cap which we are seeing of Jet at about Rs 5300 crore represents 76 percent stake. So, if you make a calculation of Rs 1800 crore divided by 2.73 crore shares that gives you a value per share at Rs 660 per share. So, if the shares are going to get issued to Etihad at about Rs 660 or Rs 665, I don't think that share can move beyond Rs 630-635 even if it triggers the open offer and all sort of things."
Sesa Goa:
Motilal Oswal is bullish on Sesa Goa and has recommended buy rating on the stock with a target of Rs 208 in its January 25, 2013 research report.
"Sesa Goa, adjusted PAT declined 41% YoY to INR5.1b (v/s our estimate of INR6b) due to higher than expected losses from core operations. Against our expectation of INR463m, adjusted loss after tax from core operations was INR1.7b, due to higher losses in iron ore and coke segment. The income tax dept has raised a demand of INR15b, disallowing EoU benefits pertaining to FY10-12. Based on legal opinion, Sesa has made no provisions."
Rallis India:
Angel Broking has maintained neutral rating on Rallis India , in its January 24, 2013 research report.
"For 3QFY2013, Rallis India (RAIL)'s consolidated net sales grew by 7.0% yoy to Rs340cr. The OPM for the quarter came out to 12.9%, ie a dip from 15.2% in 3QFY2012. The yoy dip in the OPM resulted in a 15.9% yoy decline in the company's adjusted net profit to Rs22cr. Going forward, we expect RAIL to register a CAGR of 15.0% and 20.3% in net sales and profit over FY2012-14, respectively. We remain Neutral on the stock."
L&T:
Motilal Oswal is bullish on Larsen and Toubro (L&T) and has recommended buy rating on the stock with a target of Rs 1870 in its January 25, 2013 research report.
"Larsen and Toubro's (LT) operating performance for 3QFY13 was significantly below expectations, the key positives are continued strong order inflows (INR195b; up 14% YoY) and positive cash flow from operations. Adjusted EBITDA margin declined 84bp YoY in 3QFY13, impacted by lower sales and poor fixed cost absorption. Adjusted net profit declined 7.8% YoY to INR10.4b (below our estimate of INR11.4b)."
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