Angel Broking has maintained neutral rating on Marico , in its February 5, 2013 research report.
"For 3QFY2013, Marico posted a 10% yoy growth in its consolidated net sales to Rs1,164cr, aided by a 9% volume growth. The OPM rose by 241bp on a yoy basis to 13.9% aided by a 353bp yoy expansion in gross margins. The net profit rose by 21.6% yoy to Rs102cr, aided by superior operating performance."
SP Tulsian of sptulsian.com advises traders to exit VIP Industries on rally.
Tulsian told CNBC-TV18, " VIP Industries , I was never convinced with this kind of valuations. If you recall about 12-18 months back it was very richly valued. If you really go by the management which has a very low market perception and if you go by the business model, 90 percent of its imported contents, they import from China and they have such a big competition threat. To push the product you have to offer discounts to the dealer, discounts on the product to the consumers and you have a lot of competition from the imported stuff."
Balrampur Chini Mills:
Aditya Birla Money is bullish on Balrampur Chini Mills (BCML) and has recommended buy rating on the stock with a target price of Rs 66 in its February 07, 2013 research report.
"BCML, net sales for 3QFY13 increased by 43.5% YoY to Rs 9499.3 mn mainly led by 49.9% YoY growth in sales of Sugar division to Rs 9208.6 mn. The growth in sugar division was due to increase in sales volume by 35.2% YoY to 0.27 mn tonnes coupled with 16.7% YoY increase in free sale sugar realisation to Rs 34.7/Kg. Sugar divission benefited from the liquidation of low cost inventory brought forward from last year. The performance of distillery division was subdued with sales degrowth of 43.4% YoY to Rs 133.5 mn, led by 44.1% YoY decline in sales volume at 3867 KL. The decline in sales volume is due to lack of clarity on ethanol pricing and hence the company has held back the inventory, to benefit from likely increase in ethanol pricing for rest of the seaon. Blended distillery realisation was flat at Rs 33.8/ltr. Cogen division revenue degrew by 18.1% YoY to Rs 678.5 mn, primarily due to 23.8% YoY fall in sales volume to 97.6 mn units, led by relatively late start of crushing in SY13 as compared to that of in SY12.
Way2Wealth has maintained neutral rating on Cummins India in its February 07, 2013 research report. According to the research firm, the company's domestic demand growth is expected to be in high teens for FY14 of which the power genset business is expected to grow by 15-20% led by changes in emission norms as well as volume driven growth.
"Cummins India, net sales for Q3FY13 have improved by 14% led by a 21%yoy growth in the domestic segment & ~5%yoy growth in the International segment. The power genset segment has grown by 50%yoy although qoq it has remained flat, the industrial business segment has shown a degrowth of 6% as well as the there is a degrowth in the auto segment to the tune of ~5%yoy whereas the distribution segment has shown a growth of ~15%yoy.
Angel Broking is bullish on Jyoti Structures and has recommended buy rating on the stock with a target of Rs 49 in its February 5, 2013 research report.
"For 3QFY2013, Jyoti Structures (Jyoti)'s top-line performance was in-line with our expectations, posting a subdued 5.5% yoy growth to Rs620cr due to slow execution and revenue deferrals. However, the Management is confident of strong execution in 4QFY2013 as the company has received clearances for its upcoming projects. The EBITDA margin came in flat yoy at 10.1%. Jyoti's interest coverage multiple remains under stress, declining from 2.0x in 4QFY2012 to 1.6x presently. The increase in receivables has led to higher working capital borrowing, elevating the interest cost. Consequently, the PAT declined by 3.0% yoy to Rs13cr."
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