Stock views on Jain Irrigation, Polaris Software Lab, Yes Bank

Angel Broking on Jain Irrigation - Target Rs 770

Angel Broking has upgraded its rating on Jain Irrigation Systems to accumulate with a target price of Rs 770 in its research report.

"Jain Irrigation’s (JISL) consolidated revenue increased by 29% to Rs 2,858 crore in FY2009 (Rs 2,216 crore), which is in line with the standalone growth of 29.9% that it posted for the year. We upgrade the stock to 'Accumulate', with a revised target price of Rs 770," says Angel's research report.


Reliance Money on Polaris - Target Rs 228

Reliance Money has recommended a buy rating on Polaris Software Lab with a target price of Rs 228 in its research report.

"In the last three years, on compounded basis Polaris has recorded decent growth in both the topline and bottomline with 15% CAGR growth, going forward we expect EPS CAGR of 31% over FY09-11E. At CMP of Rs 149, stock is quoting at 6.5x FY11E, incidentally ex-cash it is trading at 5x FY11E earning, which leaves ample room for further appreciation. We believe Polaris is strong candidate for bonus issue with a book value close to Rs 90 (last bonus issue 2001), on the other hand unlocking of real-estate value will bring added value to investors. We recommend a BUY with 12 months target Rs 228, at our target price stock will be valued at 10x FY11E," says Reliance Money's research report.


IIFL on Yes Bank - Target Rs 212

IIFL has maintained its buy rating on Yes Bank with a target price of Rs 212 in its research report.

"Yes Bank is capitalising on the opportunity provided by the withdrawal of foreign banks and conservative approach of larger private banks. It has gained traction with many new corporate clients and should deliver robust 28%+ loan growth for FY10. Going forward, the focus is clearly on building a strong retail deposit franchise, especially CASA. A proactive provisioning policy has ensured that the bank has the highest total NPL coverage in our universe. While Tier-1 CAR remains healthy at 10.3%, the bank plans to raise capital to meet its aggressive growth plans. We are raising our FY10 and FY11 net profit estimates by 4-6% on account of higher estimated loan growth. The stock is trading at 2.0x FY11ii P/B with FY11ii RoE of 22%. We maintain BUY with a revised target price of Rs 212 (previously 204), based on 2.5x FY11ii P/B," says IIFL's research report.