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1. Sell Ashok Leyland: Merrill Lynch
Merrill Lynch research report has maintained sell rating on Ashok Leyland. we believe that the stock is expensive, given muted growth prospects as well as capex related risks (dominant peer Tata Motors trades at 15.2x FY08E and 12.6x FY09E respectively)
As you will notice that above recommendation is 5. issued by a brokerage house whereas I have given a delivery call and the same are at variance as I have given the call based on the recent delivery volumes which are suggesting that an upmove is imminent in the stock shortly as some manipulators are cornering the shares. So I stand by my recommendation of taking the delivery of the stock and holding it for a few days.
2. Hindalco an underperformer: CLSA
CLSA has maintained under performer rating on Hindalco with price target of Rs 180, implying downside potential of 7%. We see downside risk to our Novelis estimates if the US economy slows down
3. Buy Union Bank of India, target Rs 215: ABN-AMRO
ABN-AMRO values Union Bank of India at Rs 215 and has maintained buy rating on it. With capital efficiency also rising, profitability should improve, lending support to valuation.
4. Sell Grasim Ind, target Rs 2700: Citigroup
Citigroup research has maintained sell rating on Grasim Industries with target price of Rs 2700. The expected downturn in cement will offset the upside seen in other divisions, based on their analysis.
5. Buy BHEL, target Rs 3331: IL&FS Investsmart
IL&FS Investsmart has maintained buy rating on Bharat Heavy Electrical (BHEL) with target price of Rs 3331. We estimate the Net sales, EBITDA and PAT to grow at a CAGR of 31%, 35% and 33% respectively through FY2007-10E.
6. Brokerage houses are bullish on Patels Airtemp, BHEL, Union Bank, MphasiS BFL, Mahindra Lifespaces, Greenply Ind, Patel Eng, ABG Shipyard and CESC.
7. Buy Patels Airtemp, target Rs 135: Sharekhan
Sharekhan research has maintained buy rating on Patels Airtemp with target of Rs 135. At the current market price, the stock discounts its FY2009E earnings by 5.9x and is available at an EV/EBIDTA of 3.5x.
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