Monday, March 19, 2007
Ashish Chugh - HIDDEN GEMS
March 19, 2007
Market View
The markets witnessed yet another volatile week with stocks and indices going down further. At the current sensex level of 12400, we may be close to a short term bottom as far as the markets are concerned. As mentioned in our report last week, we believe that in a bad scenario, the sensex may go down to around 12000 levels, however drop below 12000 in the short term atleast looks unlikely.
We had so many negative news all of a sudden - terminologies which was unheard of earlier - Yen Carry Trade, US Sub-prime Home Loan problem. Moreover, The Economist carrying the cover story "India Overheats" and Business Week carrying the cover story " The Trouble with India" took their toll on the already not so good sentiment.
Apart from this, March being generally a month when speculators like to be light on their positions and the brokerages reduce their leverage positions to clients, there is a complete absence of any major buying. The major force FIIs are also shying to make investments, primarily on account of global factors and may be looking for further falls to make an entry.
So, as of now, the sentiment looks hugely negative with no one willing to make major financial commitments to Equities.
The stock prices however have reached attractive levels. Investors may choose to buy selectively - however on a staggered basis. We feel the markets may consolidate around these levels for a while and may go up starting mid April.
Here are a few investment ideas :-
Bambino Agro
CMP - Rs. 12.50 BSE Code -519295
Bambino Agro is into food processing and manufactures Pastas, Macroni and Vermicilli. The company has been facing a tough time over the past few years, primarily on account of huge debt on its balance sheet, which it found difficult to service. The company has reached a settlement with the lenders and the debts have been restructured. The promoters have also agreed to bring in fresh funds into the company.
What we like about the company is its strong Brand and excellent distribution network. Infact, we could find the product occupying shelf space at not just big malls and supermarkets but was available at the neighbourhood "Kirana" stores too. (atleast in Delhi)
In the recent past, we have seen deals happening in the food processing sector at good valuations. Orkla Foods, Norway deal to buy MTR Foods is rumoured to have valued MTR at around Rs.400 crores. Similarly, Private equity players have taken stakes in Capital Foods (manufacturing Ching's Secret brand of sauces & Noodles), and Cremica Foods and these have received rich valuations.
Bambino has already achieved Sales of Rs.100 crores for first 9-months (Incidentally MTR Foods does Sales Revenue of Rs.150 crores).
Bambino with its market cap at just Rs. 8 crores looks attractive. The company of course had been bogged down with its own problems but now seems to be recovering. A stock for someone with High Risk appetite - however a potential multibagger.
Hind Industries
CMP - Rs. 24 BSE Code -526307
Hind Industries was recommended to our subscribers earlier is available at around Rs. 24. Even though the volatility in company's earnings on a quarter to quarter basis is a cause of concern, the potential of the business looks good.
The company being the largest and one of the only organized players and the huge scales on which the company (alongwith its subsidiary) operates has the potential to attract the Institutional Investor at a later stage.
CMP - Rs. 98 BSE Code -523007
The smallest of the three construction companies from the Ansal stable, Ansal Buildwell is undertaking housing & commercial projects primarily in Gurgaon and Kochi with the bulk of its revenues currently coming from Gurgaon.
Some of the projects of the company include Florence Marvel, Florence Elite, Navkriti Arcade, Royal Casa, Club Florence to name a few. The company's ability to acquire land banks at attractive rates is the key strength. Besides, the company is also doing projects in Nepal and Moradabad.
With revenues in excess of Rs.75 crores and PAT of Rs.6.4 crores for first 9-months, the stock looks attractive at the current market cap of Rs.75 crores and is available close to its 52-week low.
Eldeco Housing
CMP - Rs. 200 BSE Code -523329
Another small cap stock from the Housing construction space, Eldeco Housing is undertaking development of housing projects primarily in Lucknow. As per the Balance Sheet of 31.3.2006, the company has an inventory of Rs. 228 crores. This inventory will eventually get translated into sales in the coming years.
In the latest Annual report, the management also talks about having tied up new projects in Lucknow with an estimated value of more than Rs. 500 Crores.
The market cap of the company - just Rs.40 crores. Besides the value which is available at the current price, a big trigger for the stock could be that incase the management decides to merge its unlisted group company - Eldeco Infrastructure, which is several times bigger than Eldeco Housing - this would lead to formation of a much bigger entity and the interest of large market players in the company's stock.
(We wish to clarify here that there has been no confirmation or communication from the management regarding the merger of Eldeco Housing & Eldeco Infrastructure)
One of the negatives in the housing construction stocks however is the uncertainty regarding Sales numbers quarter on quarter since as per the accounting norms being followed by most of them, Sales are booked when possession of the unit is handed over. So in one quarter the company may hand over possession of hundreds of units and in the next quarter none, which leads to confusion in the minds of investors as to why the Sales have dropped or gone up suddenly. This may lead to huge buying and selling and hence huge price volatility in these stocks.
Jolly Board
CMP - Rs. 1000 BSE Code -502335
The company's 2 million square feet IT Park coming up at Kanjur Marg in Mumbai could ring in cash registers for the company. The company has entered into an agreement with Lodha Developers and out of the 2 million square feet of construction, the company's share would be 50%. Assuming the most conservative rental estimate for the space at Rs.30-40 per sq.ft., this would lead to a rental income of Rs.3-4 crore every month for the company. (not to mention the value of the property which could be between Rs.600-800 crores assuming a rate of Rs.6000 to 8000 per square feet).
The company currently trades at a market cap of Rs.90 crores, which is less than three years of its expected rental income. The downside looks restricted from here. The catch here is liquidity since the Equity Capital is just Rs.91 lacs out of which 90% is held by the promoters.
Electrotherm India
CMP - Rs. 435 BSE Code -526608
Electrotherm , our old favourite seems to be now getting the attention it deserves. Recently, India Advantage Fund (through its Investment Manager ICICI Venture) has taken close to 14% stake in the company at Rs.600 per share. The promoters have also taken warrants convertible into shares at Rs.600 per share, which shows the confidence of the management in the future of the company.
Having started as a manufacturer of Induction Heating furnaces, the company went on into backward integration and set up facilities for manufacture of Stainless Steel, Construction Steel/ TMT Bars, Structural & Alloy Steel, Ductile Iron Pipes, and has set up an automotive division manufacturing
The company's journey from Steel to Wheels is definitely exciting and augurs for its Shareholders. With the launch of Yo-Bykes, the company is now gearing up for the launch of Electric Three-Wheelers and Hybrid Buses.
With the world's focus on Alternative Energy, the products would have potential not just in India but also overseas.
Cement Sector
As regard, Cement sector, the entire cement pack is looking good for investment. Most of these stocks have given up almost 30-50% in the last 2 months. Many analysts have started comparing cement sector with the sugar sector arguing what government interference did to sugar can happen to cement too and we see more SELL reports today rather than BUY reports. We believe the comparison is unfair on account of the demand supply mechanics and the fact that the International Trading mechanics for the two commodities are entirely different.
I believe that for an investor having cement stocks in his portfolio, this is certainly not the time to get out. These sell reports are coming in after the event has happened and most cement stocks have already lost significantly.
With ACC near Rs.700, Ultratech at Rs.750, Gujarat Ambuja at close to Rs.100 levels, Birla Corp at Rs.200 & Mangalam at Rs.150, these could be levels to rather buy into these stocks. We feel what Mr. Chidambaram has done has been out of political compulsions rather than economic sense. We feel the decision could see a reversal once the Delhi Municipal Corporation Elections & UP Elections are out of the way. The fundamentals of the sector remain robust and the demand supply situation favours the manufacturers, atleast for the next 2-3 years. Even if the price of cement is frozen at the current levels, the companies would continue to make healthy profits. Another thing the market has probably forgotten is the fact that the whole production by cement companies is not sold in 50kg bags. A large part of the production goes to the Institutional or the bulk buyers. For long term investors, this could be an opportunity though a further fall from these levels not ruled out. If at all there is a further fall, it could be on account of the other factors and the extent of fall from these levels may not be large (5 to 10% at the maximum) .
ICICIDirect - Initiating coverage - Entertainment Network (Buy: Rs 315, Target: Rs 419)
Entertainment Network (ENTNET)
Price: Rs 315 Target: Rs 419 OUTPERFORMER
Entertainment Network (India) Ltd (ENIL) is well geared to capitalize on the
upturn in the radio industry through its pan-India expansion and
complimenting city-centric businesses. Considering its dominance in the
industry along with fillip from the other businesses, we expect the stock to
show significant upside in next 2-3 years.
Radio - biggest growth opportunity: Radio advertisement in India is
estimated to grow at a CAGR of 32% to Rs 1,200 crore by 2010 with the
revenue share policy being the key growth trigger. With more than 40 players
entering this market, we believe radio presents the biggest opportunity in
the media space.
Radio Mirchi - A clear winner: The company is the undisputed leader in the
10 cities it currently operates in. It has also acquired 22 licenses in key
markets. We rate Radio Mirchi as a clear winner among the players.
Part of India’s largest media conglomerate: ENIL is part of the Bennett
Coleman Group (Times Group), the largest media player in India having a
heritage over 150 years with presence across the value chain in the sector.
Along with strong management and execution capabilities the company has an
edge over the competitors with innovative themes and ideas to run the show
and continue to be market leaders.
OOH and 360° on steady growth path: On back of long term rights for
hoardings at airport, metro rail and bus shelters in Delhi, Mumbai and
Kolkata for OOH business along with big ticket events in the live
entertainment space we expect the subsidiary revenues to grow at a CAGR of
128.38% by FY09.
Valuations: There are no benchmarks for valuating ENIL as there are no other
players having the dominance and reach that it commands. However, globally
we can compare it to Clear Channel, Citadel, Austereo and Cox Radio, which
are trading at 10x-13x EV/EBIDTA. Growth in these companies is slowing down
and considering the growth which Indian market offers, we expect ENIL to
command a fair premium over the peers. We value the stock at 13x EV/EBITDA
and arrive at a fair value of Rs 419, an upside potential of 33%.
Download here
Thanks Manish
Intra-day Stock Ideas
BUY Sun Pharma (1012)
SL 985 T 1060, 1067
BUY India Cements (158)
SL 150 T 169, 172
BUY NDTV (287)
SL 279 T 304, 309
BUY BEML (1042)
SL 1015 T 1087, 1093
SL 308 T 330, 334
STRATEGY INPUTS FOR THE DAY
Sun outage to end…Bulls hope for sunshine
Keep your face to the sunshine and you cannot see the shadow.
A Happy New year. Gudhi Padwa heralds the advent of a prosperous new year and is considered as one of the most auspicious days by Hindus. The bulls will hope that the 'Muhurat'. Today, which is the first day, "shuddha pratipada", of the month of Chaitra will bring in sunshine after five weeks of darkness.
The Asian market cues promise a better open. However, a good start cannot always guarantee a good close. On the brighter side, the sun outage, which is usually a weak lackluster time for the markets ends today.
Be on the guard for some cooling as the undertone still remains jittery. Investors should refrain from taking too many bets immediately. If one cannot resist the temptation, stick to only large caps (A group), and avoid small- and mid-caps for a while. Volume has dived, turning the market fairly choppy. This trend may continue as next week we'll have the F&O expiry.
In a major development, the People's Bank of China has raised interest rates to check heavy inflow of foreign investment and slow down the world's fourth-largest economy. Next month, we will have the annual policy meeting of the Reserve Bank of India (RBI), and going by the latest data on inflation, industrial production, money supply and credit growth, the central bank may be forced to take more monetary tightening step(s). Some reports suggest that inflation may remain high for long, if supply side constraints are not eliminated soon. That may prove to be a dampener for earnings growth and the stock market.
Global factors have taken center stage nowadays. The domestic story remains intact but we cannot isolate ourselves too much from the global market. The trend is unlikely to change for a while. This week we'll have policy decisions from Bank of Japan (on Tuesday) and from the Federal Reserve (on Wednesday). As a result, the markets across the world will be keenly awaiting the outcomes from the two key events. We expect both the central banks to keep interest rates unchanged. That may give some relief to global equity markets that have been in the doldrums over the past few weeks.
FIIs were net sellers to the tune of Rs2.02bn (provisional) in the cash segment. In the F&O segment, they offloaded stocks worth Rs3.79bn. On Thursday, foreign funds were net buyers of Rs185mn in the cash segment. Mutual Funds pulled out Rs2.06bn on the same day.
AMD Metplast, Jagjanani Textiles, Lawreshwar Polymers and Abhishek Mills will make their stock market debut today. Expect these shares to be under pressure going by the recent trend on new listings.
RSWM's Board will meet on March 19 to consider investment proposals. OCL India's Board will meet on March 19, to consider the Scheme(s) of Arrangement for the demerger of Sponge Iron & Steel and Real Estate operations of the company.
Bayer Diagnostics India's Board will meet on March 19, to approve and take on record the Annual Audited Financial Results and to recommend dividend, if any.
US stocks closed lower on Friday as a mixed set of economic reports prompted investors to remain cautious ahead of the Fed meeting. An increase in consumer prices in February dashed hopes that the central bank will cut interest rates to give a fillip to the world's largest economy amid growing worries over subprime mortgages.
The Dow Jones Industrial Average had its sixth weekly loss this year and worst start since 2003. The Dow fell 49.27 points, or 0.4%, to 12,110.41. The S&P 500 declined by 5.33 points, or 0.4%, to 1386.95, while the Nasdaq shed 6 points, or 0.3%, to 2372.66.
The S&P 500 has slipped 1.1% since March 9, erasing the previous week's rebound from a worldwide selloff. The Dow is down 1.4% on the week and the Nasdaq dropped 0.6%. The Dow has lost 2.8% since the end of 2006, the worst start to a year since 2003.
European shares ended lower on Friday. German DAX 30 closed down 0.07% at 6,580.78, the French CAC 40 lost 0.1% at 5,382.16 and the UK's FTSE 100 gave up 0.04% at 6,130.60. The pan-European Dow Jones Stoxx 600 index slipped 0.2% at 358.48.
Most Asian markets were trading up this morning. NTT DoCoMo and Takeda Pharmaceutical led gains on speculation they will pay higher dividends. The Morgan Stanley Capital International Asia-Pacific Index added 0.2% to 141.58 as of 10:56 a.m. in Tokyo. The benchmark dropped 4.6% over the past three weeks, its longest stretch of weekly slides in almost six months.
Japan's Nikkei 225 Stock Average climbed 0.8%, rallying from a third weekly drop. Markets elsewhere rose, except for in China and the Philippines. Australia's S&P/ASX 200 Index gained, led by regional banks after Bank of Queensland made a A$2.4 billion ($1.9 billion) offer for Bendigo Bank Ltd.
Market Watch & Insider Trades
Market Volumes:
The turnover on NSE was down by 10% to Rs70.58bn. BSE Capital Good index was the major loser and lost 2.60%. BSE Bank index (down 1.35%), BSE Consumer Durable index (down 1.29%), BSE Technology index (down 1.20%) and BSE PSU index (down 1.01%) were among the other major losers.
Volume Toppers:
Idea Cellular, R Com, SAIL, Mind Tree, ITC, India Cements, Indiabulls, Unitech, Gujarat Ambuja, Bank of India, TTML, Hindalco, Parsvnath, Reliance Industries, Rolta, Ashok Leyland, Century Textile, Bajaj Hindusthan and SBI.
Lower Circuit:
Crisil, Simplex Infrastructure, Atlanta, Evinix, Vyapar Industries, Mefcom Agro, Swan Mills, Gemini Communication, Vakran Software and Anant Raj Industries.
Delivery Delight:
BEML, Escorts, Essar Oil, GDL, HPCL, Hotel Leela Venture, India Infoline, Indian Overseas Bank, Jet Airways, McDowell, Orchid Chemicals, TCS, UCO Bank, Union Bank of India, Unitech and Wipro.
Major News Headlines
Inflation was 6.46% in week ended March 3 against expectation of 6.31%
Punj Lloyd group to construct UK's First World Scale Bio-ethanol Plant
Parsvnath to build Rs2.5bn shopping mall in Ahmedabad
Tata Motors Singur plant site attacked by Villagers – Reports
Thomas Cook to consider rights issue & recommend dividend on 23rd March
Chidambaram expects Average FY07 inflation at 5.4%
United Phosphorous to pay Rs1.2 per share as mid-year dividend
Karur KCP Packagings gets orders worth Rs184.2mn
Pfizer sells Chandigarh property for Rs2.78bn
Cadila Healthcare has acquired Liva Healthcare
Brokers Recommendation:
Sun Pharma – Buy from CLSA with target of Rs1204
Long Term investment:
BEL
HOW MARKET FARED
Fifth straight weekly loss
Markets ended in red for fifth consecutive week with both the key indices slipping over 3% each in the week. This is turning out to be a bad patch for the markets as it does not take a lot for the markets to fall as from the start of this year the Sensex has already fallen over 15%. Investors are vigilant as rising Inflation rates, global happenings and prospect of further monetary tightening by RBI are dampening the sentiments of the players.
After recording a firm start the key indices immediately slipped in to negative territory led by fall in the Capital Good Bank and Technology stocks. All the sectoral indexes including the Mid-Cap and the Small Cap indexes fell sharply dragging the benchmark Sensex to hit a low of 12316.10. Finally, the 30-share benchmark Sensex fell 113 points to close at 12430. NSE Nifty was down 35 points to close at 3608. Hero Honda, Dabur and GAIL were the major losers, however, Tata Motors, Dr Reddy’s Lab and Zee Tele were the major gainers among the 50-scrip’s of NSE Nifty.
Satyam Computer dropped 1.3% to Rs429. According to reports the company planned to spend as much as $50mn to buy a company in the U.S. or Europe. The scrip touched an intra-day high of Rs446 and a low of Rs425 and recorded volumes of over 14,00,000 shares on NSE.
TCS gained 0.5% to Rs1237 after the company yesterday announced that they have won order from Temasek. The scrip touched an intra-day high of Rs1257 and a low of Rs1215 and recorded volumes of over 10,00,000 shares on NSE.
Metal stocks lost their shine on back of selling pressure. Nalco lost 1.3% to Rs230, SAIL was down 0.7% to Rs102, Tata Steel declined 0.7% to Rs430 and Hindalco slipped 0.8% to Rs129.
Cement stocks also were on the receiving end. Gujarat Ambuja slipped 2.1% to Rs103, ACC was down 1.8% to Rs723, Grasim declined 0.5% to Rs2013 and Mangalam Cement lost 4% to Rs143.
Real Estate stocks witnessed profit booking after recent gains. Century Textile declined 4.7% to Rs507, Mahindra Gesco lost 3.5% to Rs602, Bombay Dyeing was down 2.1% to Rs531 and Parsvnath has lost 1.5% to Rs271.
Auto stock ended lower on back selling pressure. Maruti slipped 2.1% to Rs780, Hero Honda was down 3.4% to Rs650, M&M dropped 2.1% to Rs730 and TVS Motors declined 0.3% to Rs61.
ICICIDirect - Pick of the Week - Union Bank of India (Buy: Rs 93, Target: Rs 116)
Union Bank of India (UNIBAN)
Price: Rs 93 Target: Rs 116
Union Bank of India is witnessing robust growth in business supported by
rising non-interest income and a well-diversified loan portfolio.
At the current price of Rs 93, the stock trades at 4.5x its FY08E EPS of Rs
20.7. The bank is poised to sustain healthy earnings growth momentum and is
available at attractive valuations of 1x its FY08E ABV. We believe its RoA
at 0.9% and sustainable RoE at 19 -20% in FY08.
The bank a de-risked investment portfolio with 94% of SLR in HTM category
leading to lower future provisioning requirement on the same. Based on
theoretical P/BV multiple of 1.4x, we get a fair value of Rs 138 on FY08E.
However, considering current market conditions we expect the stock to trade
at 1.2x its FY08E ABV, giving us a target price of Rs 116, an upside of 25%
over a 9-12 month period.
Download here
Thanks Manish
Market may remain volatile
The market is likely to remain volatile and witness sideways movement during intra-days. The overnight fall in US market could drag down the local indices in early trades. However, with bullish Asian Indices trend might lift the investors sentiment and may lead to buying. On the technical side, the Nifty may get support at 3575 and could test higher levels of 3640, while the Sensex may face resistance at 12550 and has a support at 12300 on the downside.
US indices posted loss on Friday. While the Dow Jones delined 49 points at 12110 levels and the Nasdaq ended 6 points lower at 2373.
Indian floats largely had a mixed outing on the US bourses. Patni Computers was the major gainer and rose 1.96% followed by Dr Reddy's advanced 1.12% and MTNL ended with steady gains. Among the laggards ICICI Bank, and Rediff slumped over 2% each while Infosys, Satyam and HDFC Bank, were down over 1% each. However, Wipro, Tata Motors and VSNL were marginaly down.
Crude oil prices in the US market edged lower, with the Nymex light crude oil for April delivery loosing 44 cents to close at $57.11 a barrel and in the commodity space, the Comex gold for April series flared up $6.80 to settle at $653.90 a troy ounce.
Market may recover on firm Asian equities
The market may edge higher tracking Asian markets which were mostly in the green. However, upside may be capped due to data showing lacklustre FII activity over the past two trading sessions.
Although FIIs resumed buying on Thursday (15 March 2007), their daily volume as reflected in daily gross sales and purchases figures for the day was low. They were net buyers to the tune of Rs 18.50 crore on Thursday (15 March 2007) compared to their outflow of a huge Rs 861.40 crore on 14 March. An intermittent surge in funds withdrawal by FIIs has been observed this month. As per provisional data released by the National Stock Exchange, FIIs were net sellers to the tune of Rs 202 crore on Friday 16 March, the day when Sensex had lost 113 points.
FIIs were net sellers to the tune of Rs 563 crore in index-based futures on Friday. They were net buyers to the tune of Rs 104 crore in individual stock futures on that day. Nifty March 2007 futures settled at 3582.30 on Friday, a discount of 26.25 over spot Nifty closing of 3608.55.
The settlement for trading done on Friday 16 March and today’s trading has been clubbed on 21 March 2007 due to bank holiday today on account Gudhi Padva. Therefore, brokerages have advised clients that shares bought on Friday 16 March should not be sold on 19 March 2007.
The next major trigger for the bourses is Q4 March 2007, earnings which will start next month. Market men will closely watch what company managements will have to say about the outlook for FY 2008. Global liquidity still remains strong and may provide the trigger for recovery.
High inflation remains a cause for concern. The wholesale price index rose 6.46% in the 12 months to 3 March 2007, up from the previous week's annual increase of 6.10% due to higher edible oil and naphtha prices, data showed on Friday. The figure was higher than an expected 6.31%.
Finance Minister P Chidambaram said on Friday the government had asked the central bank to take monetary steps necessary to maintain price stability. "When I met with the central board of the RBI recently I pointed out ... and urged the RBI to continue to be vigilant and take such measures as are necessary to maintain price stability," Chidambaram told the Lok Sabha.
Asian stocks nudged higher on Monday with the markets shrugging of a hike in interest rate by China’s central bank on Saturday 17 March 2007. China's main share index opened down more than 2 percent, but soon regained its poise to trade in positive territory. It was up 1.6%. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.38% to 0.83%.
US crude oil rose 19 cents to $57.30 a barrel, after falling as far as $56.17 last week on worries of an economic slowdown in top consumer the United States.
US stocks fell on Friday as data showing strong consumer price inflation dented hopes for an interest-rate cut any time soon, while fears about the subprime mortgage crisis kept investors on edge. A government report showed overall February consumer prices rose faster than analysts estimated, while core CPI, which strips out volatile food and energy costs, matched forecasts. The Dow Jones industrial average fell 49.27 points, or 0.41 percent, to end at 12,110.41. The Standard & Poor's 500 Index dropped 5.33 points, or 0.38 percent, to 1,386.95. The Nasdaq Composite Index slipped 6.04 points, or 0.25 percent, to 2,372.66.
Central banks in Japan and US meet this week to decide on interest rates. Bank of Japan’s two-day meeting ends on Tuesday while US Federal Reserve’s two-day meeting ends on Wednesday. Fed is expected to keep interest rates unchanged. Analysts are keenly awaiting Fed’s accompanying statement for cues about US economic outlook.
Investsmart - Morning Call
Market Grape Wine :
In House :
Nifty above 3785 to give a signal of Trend reversal .
Nifty at a support of 3517 & 3450 levels with resistance at 3685 & 3660 &
3613 levels .
Sell : BajaAuto below 2468 target of 2415 s/l of 2495
Buy : RComm above 385.7 s/l 380.75
Buy : UltraCemco aove 796 target of 820 s/l of 785
Sell : BHEL below 1960 target of 1915 s/l of 1975
Out House :
Sensex at a support of 12354 & 12313 levels with resistance at 12595 &
12786 levels .
Buy : RIL & RelCap
Buy : Ongc & Gail
Buy : Polaris & Mphasis
Buy : Bharti & IciciBank
Buy : PRAJ & Skumarsyn
Buy : INFY & Satyam at dips
Buy : EKC , IBulls , ACC & Aban at dips short covering not ruled out
Dark Horse : PRAJ , Bharti , Skumar , Aban , Polaris , IBulls & IciciBank
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