Source: Sharekhan
Recommendation: Buy
Price target: Rs84
Current market price: Rs47

Price target revised to Rs84

Result highlights

1. KEI Industries (KEI) has reported an increase of 24.6% in its revenues to Rs258.5 crore for Q4FY2008. The growth in its sales is in line with our expectations.

2. During the quarter the company made provisioning for mark-to-market losses of Rs3.67 crore on its exposure to foreign currency derivatives made for the purpose of hedging currency and interest rate-related risks.

3. Adjusting for the provisioning, the operating profit grew by 7.9% to Rs27 crore, translating into an operating profit margin (OPM) of 10.5%. Thus, in Q4FY29008 the OPM declined by 160 basis points year on year (yoy). [Read more]

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ESS DEE Aluminium Limited has informed the Stock Exchange that: “ESS DEE Aluminium Limited has been ranked No.1 in the Packaging Sector for the year 2007 based on the ranking of the Top 500 Indian Manufacturing SMBs, initiated by Industry 2.0, a monthly manufacturing technology publication. Shri Sudip Dutta, Chairman & Managing Director of the Company received the Award of being the Top Indian SMB in Packaging Sector for 2007 at the Second “Industry 2.0 SMB Conclave & Awards Night” held on 30 May 2008 at New Delhi”. [Read more]

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Prabhudas Lilladher has maintained buy rating on ESS DEE Aluminium with target price of Rs 689, implying upside potential of 55%, in its May 28, 2008 report.”We expect the company to report 31% CAGR in net sales and 48% CAGR in net profit over FY08-10. We also expect its EBIDTA margin to improve from 27.9% in FY08 to 32.4% in FY10 due to the introduction of new products, capacity expansion and entry into FMCG segment. At the CMP of Rs443, the stock trades at 16.8x FY08 EPS of Rs26.4, 9.0x FY09E EPS of Rs49.4 and 7.7x FY10E EPS of Rs57.4. [Read more]

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Opto Circuits India

Source: Sharekhan
Recommendation: Buy
Price target: Rs460
Current market price: Rs338

Key points

# Opto Circuits India’s (Opto) non-invasive business is expected to grow at a compounded annual growth rate (CAGR) of 39.5% over FY2007-10E to Rs550.7 crore on the back of rising demand for its sensors and patient monitoring systems, coupled with an increasing market penetration and innovative new launches.

# The invasive business would be driven by the increasing acceptance of the company’s stents due to superior technology and better pricing. Further, the growing revenues from DIOR in Europe and the semi-regulated markets due to limited competition would also fuel the growth of the invasive segment. We expect the invasive segment (EuroCor) to contribute ~43% to the company’s total revenues by 2010. [Read more]

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Bank of India raised tier-I capital of Rs 13.6 billion through qualified institutional placement, which was subscribed 1.8 times in the current weak market scenario. The capital raised will help the bank meet Basel II requirements and maintain the current business growth momentum.The capital raised will also support its life insurance venture with Dai-Ichi Mutual Life Insurance and Union Bank of India, mutual fund business, and credit card ventures. [Read more]

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After a deep correction for last six weeks, IDBI exhibits the possibility of a trend reversal in daily and weekly charts, the brokerage says in a technical report dated Feb 14. Rise in volume indicates a medium term buy in the counter. Based on the chart pattern to date, the stock is likely to get support around Rs 98. [Read more]

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