Stock views on Pennar Industries, Corporation Bank, Lupin

Karvy Stock Broking on Pennar Industries - Target Rs 33


Karvy Stock Broking has maintained its buy rating on Pennar Industries with a target price of Rs 33 in its research report. "Pennar Industries Ltd (PIL) reported net sales of Rs 1509 million, 6% growth (YoY) and 12% de-growth (QoQ) in Q3FY08. This is 6% lower than our estimates. YoY growth of 6% is primarily driven by higher realisation over last year. EBITDA during Q3FY09 improved by 12% (YoY) and 3% (QoQ). This is 15% higher than our estimates. PBT grew by 17% (YoY) due to lower interest cost by 3% and higher other income by 20%. We retain our target price of PIL at Rs 33 and continue to rate it a BUY," says Karvy's research report


Emkay Global on Corporation Bank - Target Rs 240

Emkay Global Financial Services has maintained its buy rating on Corporation Bank with a price target of Rs 240 in its research report. "Corporation Bank’s (Corp Bank) Q3FY09 results were ahead of our expectations driven by better NII growth and higher other income. The NII has grown by 43.2% yoy to Rs 4.8 billion driven by 30.4% yoy growth in advances and 37 bps expansion in NIM’s. The other income has shown a jump of 85%yoy mainly driven by higher treasury and Forex income. Non interest income has grown by a strong 85.0% yoy to Rs 2.8 billion during the quarter. The same was mainly driven by higher treasury and Forex income. The core fee income has grown by 12.6% yoy. We maintain BUY rating on the stock with a price target of Rs 240," says Emkay Global Financial Services' research report.


Karvy Stock Broking on Lupin - Target Rs 850

Karvy Stock Broking has maintained its buy rating on Lupin with a target price of Rs 850 in its research report. "Lupin's recent acquisitions are a clear signal to focus on diversified revenues streams from different markets and create stability in revenues and earnings over the next couple of years. With formulations contributing 70 % of the revenues and the bias being towards India and regulated markets, the company appears on a strong wicket with focus on niche products in regulated markets. We maintain BUY on the stock with a price target of Rs 850," says Karvy's research report.