IPCA, NIIT Technologies, Tera Software, Carborundum Universal, ITC

Emkay in their report on IPCA say

Ipca Laboratories (Ipca) is a integrated pharmaceutical company with a strong thrust
on exports (contributes 53% of sales). In 9MFY07, Ipca¿s net profit rebounded by 100% on account of a) successful shift of focus from generic formulations to branded
formulations, b) new products launches in fast growing life style segments such as
cardiovascular, central nervous system and pain management , c) partial recovery of
its business in the UK and d) focused approach on key customers to build long term
relationships. We expect Ipca¿s revenues and EPS to grow at a CAGR of 15% and 20% over FY07-09E respectively, with an EPS of Rs. 68.6 in FY09E. At CMP of Rs.624, the stock trades at 11x FY08E and 9.1xFY09E earnings. We initiate coverage on Ipca with a BUY rating and a target price of Rs.820, i.e. an upside of 31%. Our price target for Ipca is based on 12x FY09E earnings.

Emkay in their report on NIIT Tech say

NIIT Technologies Ltd. (NTL) reported very strong set of Q4FY07 numbers. Revenues
grew by 5.2% qoq to Rs 2,435 mn in line with our expectations. ROOM Solutions
reported 5.4% qoq growth and BPO grew 7% qoq. Operating margins of BPO improved from 4% in Q3FY07 to 10% in Q4FY07. EBITDA, on a whole, improved by 60 bps to 21.9%. EBITDA grew by 8.5% qoq to Rs 534 mn, slightly above our expectations of Rs 525 mn. With higher yield on investments, write back of doubtful debts and refund of withholding taxes, other income jumped 70% qoq to Rs 56 mn. With higher other income and lower depreciation and taxes, PAT grew by healthy 33% qoq to Rs 460 mn, above our expectations of Rs 367 mn. EPS for Q4FY07 stood at Rs 11.8. The company has declared dividend of Rs 6.5 and maiden bonus of 1 share for every 2 shares held.

Karvy in their report on Tera Software

The company has healthy order book of worth Rs. 2,500 mn which is growing with new project wins. Also, the current Central and State Government spending in this area is estimated to be Rs. 20 bn a year and is expected to increase significantly in the future. Thereby creating huge opportunities for players in this segment Given the historical growth in government spending and considering that at present only
seven states are working on this front, gives us further confidence of the good times ahead.

SSKI maintains OUTPERFORMER on Carborundum Universal

SSKI maintains OUTPERFORMER on ITC, In their report,

We expect a marginal decline in cigarette sales over the next couple of quarters because of VAT and the consequent price hikes. However, we believe that with an average cigarette revenue growth of 13.3% over the last eight quarters, ITC will be able to tide over any slow-down and expect sales to be back on track. Furthermore, we still expect ITC to exhibit strong revenue growth in FY08, as we think the other segments like foods, agri-business and hotels will continue to show strong growth momentum. We continue to remain impressed with ITC's business model and its capacity to stay invested in new ventures. While the stock has underperformed the Sensex over the last 12 months because of the uncertainty over VAT, we believe there are substantial growth triggers in place and continue to see value in ITC. At 16.4x FY09E earnings, we reiterate our Outperformer rating.