Stock views on Jyoti Structures, Texmaco, JP Associates

Hem Securities on Jyoti Structures - Target Rs 200

Hem Securities has recommended a buy rating on Jyoti Structures with a target price of Rs 200 in its research report.

"The company has registered decent set of numbers for the quarter ended June 2009. Net sales stood at Rs.4,847.32, million up by around 21% from the corresponding quarter last year. Since the stock offers good investment opportunity, we initiate a ‘BUY’ signal on the stock with a target price of Rs 200," says Hem's research report.


Asit C. Mehta on Texmaco - Target Rs 124

Asit C. Mehta has recommended a buy rating on Texmaco with a target price of Rs 124 in its research report.

"The announcement of a 61% increase in procurement in the Railway Budget for FY10 points to increasing focus on easing infrastructure bottlenecks for the industry. We initiate coverage on Texmaco with a 'BUY' recommendation and a price target of Rs 124 at a target P/E of 14x FY11E. We have not factored in any value from its Delhi land as it has been under litigation for the last many years without result," says Asit C. Mehta's research report.


IIFL on JP Associates -Target Rs 250

IIFL has recommended a buy rating on Jaiprakash Associates with a target price of Rs 250 in its research report.

"Jaiprakash Associates is well set to be among the top five players in power, cement and real estate in India. Doubling of cement capacity in three years, launch of 13m sq ft residential projects in two years and expeditious award of thermal power projects to established E&C players lend credibility to the group’s ambitious expansion plans. Treasury stocks in the parent company and consolidation of all power assets under the listed subsidiary (Jaiprakash Hydropower Limited, or JHPL) provide funding flexibility. More than doubling of cement volumes over FY09-11 and peak construction at captive projects, we estimate, should yield 44% earnings CAGR over FY09-11, similar to growth rates achieved over FY05-09. We initiate with 'BUY' and an SOTP-based target price of Rs 250 per share. At our target price, the standalone entity would be valued at P/E of 8.4x FY10ii and 6.4x FY11ii," says IIFL's research report.

Stock views on Texmaco, GMR Infrastructure, Sun Pharma

KRChoksey on Sun Pharma - Target Rs 1260
KRChoksey Research has maintained its buy rating on Sun Pharmaceutical Industries with a target price of Rs 1260 in its research report. "In Q3FY09, the company’s sales have increased marginally by 14.2% on a Y-o-Y basis to Rs 918.3 crore on the back of decline in the Caraco, the US subsidiary sales by 32%. We maintained our BUY rating to the stock with a target price of Rs 1260.0, implying an upside potential of 19.0%. At the target price, the stock would be valued at 15.5x FY09E EPS of Rs 81.4," says KRChoksey's research report


Prabhudas Lilladher on GMR Infrastructure - Target Rs 81

Prabhudas Lilladher has recommended an accumulate rating on GMR Infrastructure with a target price of Rs 81 in its research report. "We initiate coverage on GMR Infrastructure with an Accumulate rating and a SOTP-based one year target price of Rs 81. Over the past few years, this company has emerged as one of the leading infrastructure developers with key interest in airports, power and road assets. We believe that GMR, though on a learning curve, will be a major beneficiary from the huge investments committed in the 11th plan, and growing aviation sector," says Prabhudas Lilladher's research report.


SKP Securities on Texmaco - Target Rs 117

SKP Securities has maintained its buy rating on Texmaco with a target price of Rs 117 in its research report. "Net sales were up by 3.7% to Rs. 166.5 crores in Q3FY09 over Q3FY08. For nine months, sales were up by 18.2% to Rs. 568.7 crores. Contribution of heavy engineering division in revenues moved up marginally to 81.7%. Results are in line with our expectations and we maintain our BUY recommendation on the stock with a target price of Rs 117 in 12 months," says SKP Securities' research report.

Stock views on Texmaco, Amtek Auto, ICSA

PINC Research on Texmaco - Target Rs 65

PINC Research has maintained its buy rating on Texmaco with a target of Rs 65 in its research report. "Texmaco’s Q3FY09 results were in line with expectations as net sales rose by 3.6% YoY due to the benefit of excise reduction to Rs 1.6 billion. The growth was led by the Heavy Engineering segment (wagons, process and hydromechanical equipment) which grew 13% to Rs 1.8 billion. We maintain our ‘BUY’ recommendation with a 12-month price target of Rs 65," says PINC's research report.


Angel Broking on Amtek Auto - Target Rs 110

Angel Broking has maintained its buy rating on Amtek Auto with a target of Rs 110 in its research report. "For 2QFY2009, Amtek Auto (AAL) reported 24.6% de-growth in Net Sales to Rs 241.3 cr (Rs 319.9 cr). The company reported a substantial 86.3% yoy decline in Net Profit to Rs 5.4 cr (Rs 39.2 cr) for the quarter. We maintain a Buy on the stock with a revised 18-month Target Price of Rs 110, which values the company at 0.5x FY2010E BV (adjusted for FCCB interest impact)," says Angel Broking's research report.


India Capital Markets on ICSA - Target Rs 150

India Capital Markets has maintained its buy rating on ICSA India with a target of Rs 150 in its research report. "ICSA reported a modest sequential top line growth (lowest since Q1 08) of 8.8% to Rs 3.04 billion. Revenue from the infrastructure business increased by nearly 39% while embedded solution dipped by 5%. PAT margins were further dented by increase in interest cost, though the effective decline was over 200 bp after factoring a 200 bp respite in the tax provision."

"The ongoing slowdown in the economy is bound to affect the power distribution utility given the fall in demand across industries. Our revised target price is Rs 150 at which the stock will trade at FY10E P/E of 3x and EV/EBITDA of 2x. We maintain BUY," says India Capital Markets' research report.