Maintain ‘buy’ on Nagarjuna Construction – TP Rs.186 Company has reported 2QFY11 revenue of Rs.1200 crore, higher by 12.6% y-y and higher than market estimates. Operating profit at Rs.120 crore increased by 13.3% y-y and higher than market expectations. Operating profit margin has also improved by 10 bps over last year. […]
FPO Issue Details: Rs76b fund raising at FPO upper band – The Government has announced the price band for Follow-on Public Offer (FPO) of Powergrid at Rs85-90/sh for issue of 841.8m shares. The issue comprises of fresh offer by Powergrid (fund raising) upto 50% of the size, and balance offer for sale by Government (Dis-investment).
Reiterate ‘buy’ on IDFC – TP hiked to Rs.230 from Rs.210 Buy call on IDFC is reiterated with an increased target price of Rs.230 over one year as against the earlier projection of Rs.210. Company has reported robust loan growth of 56% y-y and 19% q-q with net interest income at 2.4%. It
Retain ‘buy’ on Apollo Tyres – TP hiked to Rs.82 Buy call on Apollo Tyres has been reiterated with a higher target price of Rs.82, as against the earlier projection of Rs.70. TP hike is due to the rollover of the valuation year to FY12 from FY11. Despite temporary challenges like increasing cost
Issue Open: November 09, 2010 Issue close: November 12, 2010 Price Band: Rs. 85 – Rs. 90 Per Equity Share Minimum Bid Size: 65 Equity Shares Face Value: Rs. 10 Per Equity Share Issue Type: 100% Book Building Maximum Subscription Amount for Retail Investor: Rs. 100000 POWER GRID CORPORATION OF INDIA LIMITED: Power Grid Corporation