TVS Motors Brokerage: Nomura Rating: Buy Target: Rs 87 Rationale: They expect the stock to react negatively to the Q4 results as operating profit was 11% below estimates. They believe domestic volumes may come under pressure from potential industry slowdown and increased competition.
Voltas Brokerage: Religare Rating: Buy Target: Rs 125 Rationale: The Q4 results beat their estimates on higher than expected operating margins. The stock has corrected nearly 30% since March and currently trades at attractive levels.
Bharti Brokerage: UBS Rating: Buy Target: Rs 480 Rationale: Based on their calculations, Bharti has paid 10% premium for the 49% stake in Qualcomm’s BWA JV. They believe this is justified given that the acquisition provides spectrum in key circles of Delhi and Mumbai.
Hindalco Brokerage: Bank of America Merrill Lynch Rating: Neutral Target: Rs 123 Rationale: Novelis has reported an EBITDA de-growth of 18% and as a result they have cut Hindalco’s EPS estimates by 5%. Valuations appear reasonable.