Stovk views on Allahabad Bank, MIC Electronics, Bombay Dyeing

India Infoline  on Bombay Dyeing - Target Rs 640

 

India Infoline is bullish on Bombay Dyeing and has recommended buy rating on the stock with a target of Rs 640.

"Bombay Dyeing has rallied smartly from a low of Rs 547 in March 2010 to the present levels. The stock has been consolidating above its 50-day DMA since March 2010, before staging an impressive rally in Tuesday's trading session. The daily RSI is already in strong buy mode, indicating that the prices are set to rally from the current levels. Any move past the levels of Rs 613, could see the stock attempting the levels of Rs 640-645 in the short-term. We recommend a buy at current levels with a stop loss of Rs 598," says India Infoline research report.

 

 

Firstcall Research on MIC Electronics - Target Rs 50

 

Firstcall Research is bullish on MIC Electronics and has recommended buy rating on the stock with a medium term target of Rs 50, in its research report.

 

"At the current market price of the stock Rs.41.35, the stock trades at a P/E of 5.31x and 4.57x for FY10E and FY11E respectively. The EPS of the stock is expected to be at Rs.7.79 and Rs.9.05 for the earnings of FY10E and FY11E respectively.  On the basis of EV/EBDITA, the stock trades at 4.75x and 4.74x for FY10E and FY11E respectively."

 

 

"Price to Book Value of the stock is expected to be at 1.12x for FY09E and 0.90x for FY10E. „MIC Electronics Ltd bagged a 3 year long contract to supply video screen with Parramatta Eels National Ruby Club through their alliance with equity Pty Ltd. The company launches solar LEDs for rural areas which are yet to be connected to the power grids. These LEDs are cost effective and high performance oriented. MIC received purchase orders worth Rs.14.15 Crores. We recommend a 'BUY' on the stock with a target price of Rs 50 for medium to long term," says Firstcall Research

 

India Infoline on Allahabad Bank - Target Rs 169

 

India Infoline is bullish on Allahabad Bank and has recommended buy rating on the stock with a target of Rs 169, in its research report.

"In our view, Allahabad Bank has completed its downfall and has created a medium term support around its 20-day DMA (Rs151). From the current level, the stock is more likely to move upwards. The daily RSI has also given a positive divergence, indicating that price would start moving up. From the first week of March 2010, 20-day DMA has provided strong support on any decline. Any move past the above Rs 160 is likely to trigger an upside in the near term. Based on the above evidences, we recommend high risk traders to buy the stock at current levels and on declines up to the levels of Rs 157 with the support of Rs 153 for an initial target of Rs 169."