What is Emkay's call on IRB Infra, Mahindra Satyam, BHEL?

Emkay Global Financial Services has come out with its report on different stocks.

IRB Infra: We maintain our BUY rating with a reduced Target price of Rs 255. In our overall calculation we have replaced the value of new projects (Rs 10.6/share) which were likely to be bagged in FY12E with Ahmedabad Vadodara project (Rs -6/share). At the same time the projects that were likely to be awarded in FY13E we have reduced our Equity IRR expectation from 18% to 16% which has led to correction in value of new project from Rs 9/share to Rs 3/share.

Lakshmi Machine Works: We maintain our rating on the stock at ACCUMULATE with revised price target of Rs 2,535, based on 9x FY13E core EPS of Rs203.4 and net cash of Rs1167 per share. In the wake of healthy order book and revenue visibility for next two years, we highlight that margin improvement would happen gradually. At CMP of 2126, LMW trades at 12.2x and 10.5x FY12/13E EPS of Rs174.1/ 203.4.

Mahindra Satyam: We raise our FY12/13E earnings by ~14.4%/10.3% to Rs 5/6.4 (V/s Rs 4.4/5.8 earlier) driven primarily by higher margin assumptions to 12.7%/13.7% (V/s 11.1%/12.5% earlier). We upgrade our rating to HOLD( V/s REDUCE earlier) with a revised TP of Rs 76(V/s Rs 65 earlier) however believe that a good March

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