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Houseviews: Two bullish, two bearish calls!
CLSA maintains an outperform on Tata Steel with a target of Rs 470. They believe Corus' margins will improve sharply over the next two quarters as steel prices have started improving in Europe and inventory write-downs are not likely to be as high as in the second quarter.
CLSA maintains an outperform on Tata Steel with a target of Rs 470. They believe Corus' margins will improve sharply over the next two quarters as steel prices have started improving in Europe and inventory write-downs are not likely to be as high as in the second quarter.
Citi has upgraded Cummins to buy from sell and the target has been increased to Rs 486. They believe margins may have bottomed out. Their conversation with the management post results suggests new order intake has already started to improve from January and sales growth of 12-15% is likely in FY13.
CLSA maintains a sell on Hindalco with a target of Rs 115. EBITDA was 5% above estimates driven by strong by-product prices in the copper division which more than offset the weaker aluminium division performance. The only way one can justify the current price of hindalco is by assuming an aluminium price of 2500 dollars per tonne in FY13, which is unlikely given industry over-supply.
JPMorgan maintains underweight on Ambuja with a target of Rs 135. They do not expect the current cement pricing strength to last through the year as some of the recent demand strength seen in central and northern India is likely to reverse.
