Stock Views on Bank Of India, PNB, Orchid Chemicals

KRChoksey on Bank Of India - Target Rs 380

KRChoksey has recommended a buy rating on Bank Of India with a target price of Rs 380 in its research report.

"Bank of India’s operational results were broadly in line with our expectations with headline profit numbers increasing 4% y-o-y to Rs 584.3 crores. Net Interest Income came under pressure as bank remained cautious on increasing advances (yoy advances growth up 23% yoy and 2.1% sequentially). We recommend a 'Buy' on Bank of India with a target of Rs 380," says KRChoksey's research report.


KRChoksey on PNB - Target Rs 780

KRChoksey has maintained its buy rating on Punjab National Bank with a target price of Rs 780 in its research report.

"PNB reported better than expected headline profit at Rs 832 crore (up 62.4% y-o-y) on back of higher trading gains. Net Interest Income held up better compared to peers as the bank was able to withstand margin pressures better. We maintain a 'Buy' on PNB with a target of Rs 780," says KRChoksey's research report.

Angel Broking on Orchid Chemicals - Target Rs 110

Angel Broking has maintained its buy rating on Orchid Chemicals and Pharmaceuticals with a target price of Rs 110 in its research report.

"For 1QFY2010, Orchid’s net sales increased 8% to Rs 305.8 crore (Rs 282.6 crore) driven by launch of the high-Margin Tazo-Pip in Europe. At current levels, the stock is trading at 6.1x FY2011E Adjusted Earnings and 1.3x FY2011E EV/Sales which we believe adequately factors in the concerns on the debt front and delays in getting approval for its high-Margin products. We maintain a 'Buy' on the stock, with a target price of Rs 110," says Angel's research report.

Stock Views on Orchid Chemicals, Crompton Greaves

Reliance Money on Orchid Chemicals - Target Rs 176

Reliance Money has recommended a buy rating on Orchid Chemicals and Pharmaceuticals with a target price of Rs 176 in its research report.

"Orchid Chemicals & Pharmaceuticals (Orchid) is an integrated pharmaceutical company with core competencies in the cephalosporin injectable space and that too in regulated markets of US. Having an established strong base in US cephalosporin segment, the company is now spreading its wings to other regulated markets like Europe and Canada. Further the company is progressing well in the non-penicilin, noncephalosporin (NPNC) and drug discovery front."
"Orchid is currently trading at an attractive valuation of 5x it FY11 EPS its FY11 EV/ EBITDA. Further looking at the robust earning opportunities in the pipeline and debt reduction comitment, we recommend a 'BUY' rating on Orchid with a target price of Rs 176 (8x FY11E)," says Reliance Money's research report.

Sharekhan on Crompton Greaves - Target Rs 308

"We like Crompton Greaves for its consistent performance at the operating level. Moreover, its ability to improve its working capital management in a tough environment (most other companies have indicated a stretched working capital cycle) is quite impressive. We reiterate our bullish stance on the company and maintain our Buy recommendation on the stock. At the current market price the stock is discounting its FY2010 and FY2011 earnings estimates by 16.3x and 14.8x respectively, target of Rs 308," says