Stock views on Dena Bank, Axis Bank, Sesa Goa

Emkay Global Financial Services  on Sesa Goa - Target Rs 550

Emkay Global Financial Services has maintained its buy rating on Sesa Goa, with price target of Rs 550, in its report. The stock closed at Rs 441.65.

"At the CMP of Rs 456, Sesa Goa is trading at 8.1x FY11E EPS of Rs 56.5 and at 7.5x FY12E EPS of Rs 60.6. On EV/EBITDA basis, the stock is trading at 4.6x FY11E EV/EBITDA and at 3.6x FY12E EV/EBITDA; while on P/B basis, the stock is trading at 3.3x FY11E book value and at 2.1x FY12E book balue. We maintain BUY on the stock with target price of Rs 550 (5x FY12E EV/EBITDA)," says Emkay Global Financial Services report.

 

 

Angel Securities on Axis Bank - Target Rs 1459

 

Angel Securities is bullish on Axis Bank and has recommended buy rating on the stock with a target of Rs 1459, in its research report.

"Axis Bank reported a strong Net Profit growth of 31.5% yoy, which was ahead of our expectations, on the back of lower-than-estimated provisions for NPAs. The core business growth recorded a strong improvement, with advances and deposits growth of 27.9% and 20.4%, respectively. The other key positive from the result was a sequential CASA improvement, reasonable non-interest income growth and continued retail network expansion. We maintain a Buy on the stock."

IndiaInfoline on Dena Bank - Target Rs 90

 

IndiaInfoline is bullish on Dena Bank and has recommended buy rating on the stock with a target of Rs 90, in its research report.

"Dena Bank is pointing to continued strength in the weeks to come as it has broken a downward-sloping trend line since early-April 2010, A detailed study of the daily chart shows that the stock has corrected from the high of Rs 85 in June 2009 to touch a low of Rs 76.90 this week. On Tuesday, the stock staged a smart breakout past the downward sloping trendline. This bullish breakout signals the end of the intermediate downtrend. The position of the short-term oscillators also indicates that the stock has formed an intermediate bottom. A sustained rally past the levels of Rs 82 could see the stock attempting a new peak for April 2010. We recommend buying the stock at current levels and on any declines to Rs 79 levels for short term target of Rs 90. Traders should maintain a stop loss of Rs 76 on all long positions," says IndiaInfoline report.