Bootstrapping a startup in India with zero money or less!

By Ashish Sinha on bootstrapping guide

[Guest post by Shabda Raaj, an entrepreneur who started,
a site dedicated to finding interesting stories from the wild web. In
this post he walks us thru’ few very key and smart tactics to bootstrap
one’s startup.]

This is a very hands on guide to starting a web based startup,
without having much money. This is a very personal tale! Once you have
been bitten with the “I want to start a startup” bug, you can not but
do this. Probably you have no money, or no co-founder, or even no idea.
No problem. I did not have any of these when I started. Though by no
stretch of imagination I can call my startup successful yet, I am glad that I started. This is a brain dump of what I learnt in these four months.

I have no money

Most of you would have been working in a company for a few years. Do
you remember who called you the maximum number of times? Oh yes, the
pesky loan companies. It is time to go one of them and take a loan. Of
course this is a somewhat risky strategy, what if your startup does not
work out? But then you must be trying to get an idea you believe in.
And if you do not believe in your idea, who else will?

The second question is how much money should you take. I believe
that you should take the maximum loan the bank is offering you. When
your startup succeed, the penalty of a ten thousand rupees for
prepaying would not be a big problem, but if you run into rough spots,
it is always good to have cash reserves you can draw upon. The other
option is to calculate what money would it take for you to become
profitable, and double it. I took a loan of 4 Lac (which was the
maximum the bank was willing to lend me), and pay back a little less 11
Thousand each month.

I have no co-founder

Leave your job and tell every one about this. This is a very strong
indicator of your commitment to your idea. If you are willing to let
the co founder work part time with you, a LOT of people would be

I have no idea

Look around you. Do you find something broken? Or visit hundred random famous

sites in next two hours. Make a note of what is wrong with them.
Decide fixing which will make you most money. You have your idea. Or
you can go to 5 startup ideas on blog, and get a ready made idea.

Source control, bug tracking etc

In a company you would have your build systems, bug tracking system,
source control system all set up. Now you can either pay a good deal of
money each month on these utilities, or go to, which has a very generous plan with all these utilities built in for free.

Getting your app designed

If you are a programmer, you have no sense of color. Live with it. So you need some one else to design your UI/webpage. Go to
there for a few hundred USD you can get a lot of designers competing to
designs for you. You can choose from the designs and only have to pay
the winning designer. If you want to save even more money go to Digitalpoint forum and create a competition, you will save some money but the results would not be as good as 99Designs.

Hosting your web app

A lot of people I know start with a dedicated server. You are not
going to need a dedicated server for a long time. Save your money and
rent a VPS instead. I recommend Slicehost
if you are looking for a VPS. They have plans starting from 20USD. Or
ask in your framework’s forum and use a shared hosting which
specializes in your framework. For my Django sites, I use Webfaction.

Marketing your web app:

If you are a hacker, you probably do not know anything about
marketing. Yet this is the part you can not outsource. Learn SEO. I
recommend Aaron Wall’s SEO training program. At 100$ per month it is
not cheap, but for me this has been worth the 100$ per month. If you
are marketing to a Web2.0 crowd, try to get profiled on Techcrunch, Mashable and other similar sites.

I hope these ideas have been useful to you if you already are
running a startup, or have got you excited about starting a startup in

Here is to more startups in India.



I started learing about stocks about
6 months back. This forum has been a good help. Just summarizing what I
have learnt by way of resources available.

For any more
resources which our experts have or any member would like to
contribute, that would make this thread a single point access.

Financial data
Gives 52 week high/low, current price and market capitalization.

Gives net profit for the company
Gives book value and price to book value ration.

Givse EPS and hence P/E can be computed.

Gives the net sales number.

Also using moneycontrol one can get moneycontrol classification of
sector / industy, which enables comparison of numbers for industry.
Downloading all this data and using excel, one can get company, sector,
price, 52 week high/low, market capitalization, eps, book value, P/E,
net profit , net sales, etc and the same can be used for

Quarterly numbers.
Gives good numbers for sector and growth.


Movement with quarterly result comparison

By changing the date, the required results calendar can be checked.
b. Any stock movement for the stock can be checked for weekly or month basis using below :

Technical learning
a. Teach a man to fish by Saint on

Old market data


Stock Screener
e. And the excel created earlier, with all details from

Sector watch


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Prefer Jindal Saw to Welspun Guj: R Shah

2008-04-29 14:39:35 Source : Markets Midday/CNBC-TV18
 Email     Print Version
Rajen Shah, Chief Investment Officer of Angel Broking is of the view
that one can prefer Jindal Saw to Welspun Gujarat Stahl Roh.

Shah told CNBC-TV18, “The numbers of Welspun Gujarat were absolutely
astounding, actually 40% jump in topline and about 150% jump in
bottomline. EBITDA improved by about by 100% actually. This is despite
the very strong steel prices and the company has an excellent order
book position almost about Rs 5,000 crore and this year again the
company should report about 25% kind of topline growth because the
demand for saw pipes, which are used by the energy sector in
transportation of oil and gas is pretty robust. So for the current
year the company should easily report about Rs 5,000 crore of topline
and about Rs 30 kind of earnings. So it’s at about12-times.”

He further added, “This space though it’s a hit actually Welspun has
done pretty well. But I think Jindal Saw, which is in the similar
business is available at just about 8-times. The stock has come down
almost 50% from the top. So in fact one would do better to switch over
from Welspun to Jindal in this space

Toll Free Numbers in India

Indian Airlines – 1800 180 1407
Jet Airways – 1800 22 5522
SpiceJet – 1800 180 3333
Air India — 1800 22 7722
KingFisher – 1800 180 0101

ABN AMRO – 1800 11 2224
Canara Bank – 1800 44 6000
Citibank – 1800 44 2265
Corporatin Bank – 1800 443 555
Development Credit Bank – 1800 22 5769
HDFC Bank – 1800 227 227
ICICI Bank – 1800 333 499
ICICI Bank NRI – 1800 22 4848
IDBI Bank – 1800 11 6999
Indian Bank – 1800 425 1400
ING Vysya – 1800 44 9900
Kotak Mahindra Bank – 1800 22 6022
Lord Krishna Bank – 1800 11 2300
Punjab National Bank – 1800 122 222
State Bank of India – 1800 44 1955
Syndicate Bank – 1800 44 6655

Mahindra Scorpio – 1800 22 6006
Maruti – 1800 111 515
Tata Motors – 1800 22 5552
Windshield Experts – 1800 11 3636

Adrenalin – 1800 444 445
AMD – 1800 425 6664
Apple Computers – 1800 444 683
Canon – 1800 333 366
Cisco Systems – 1800 221 777
Compaq – HP – 1800 444 999
Data One Broadband – 1800 424 1800
Dell – 1800 444 026
Epson – 1800 44 0011
eSys – 3970 0011
Genesis Tally Academy – 1800 444 888
HCL – 1800 180 8080
IBM – 1800 443 333
Lexmark – 1800 22 4477
Marshal’s Point – 1800 33 4488
Microsoft – 1800 111 100
Microsoft Virus Update – 1901 333 334
Seagate – 1800 180 1104
Symantec – 1800 44 5533
TVS Electronics – 1800 444 566
WeP Peripherals – 1800 44 6446
Wipro – 1800 333 312
xerox – 1800 180 1225
Zenith – 1800 222 004


Indian Railway General Enquiry       131
Indian Railway Central Enquiry     131
Indian Railway Reservation     131
Indian Railway All Enquiry     139
Indian Railway Railway Reservation Enquiry     1345,1335,1330
Indian Railway Centralised Railway Enquiry     1330/1/2/3/4/5/6/7/8/9

Couriers/Packers &

ABT Courier – 1800 44 8585
AFL Wizz – 1800 22 9696
Agarwal Packers & Movers – 1800 11 4321
Associated Packers P Ltd – 1800 21 4560
DHL – 1800 111 345
FedEx – 1800 22 6161
Goel Packers & Movers – 1800 11 3456
UPS – 1800 22 7171

Home Appliances
Aiwa/Sony – 1800 11 1188
Anchor Switches – 1800 22 7979
Blue Star – 1800 22 2200
Bose Audio – 1800 11 2673
Bru Coffee Vending Machines – 1800 44 7171
Daikin Air Conditioners – 1800 444 222
DishTV – 1800 12 3474
Faber Chimneys – 1800 21 4595
Godrej – 1800 22 5511
Grundfos Pumps – 1800 33 4555
LG – 1901 180 9999
Philips – 1800 22 4422
Samsung – 1800 113 444
Sanyo – 1800 11 0101
Voltas – 1800 33 4546
WorldSpace Satellite Radio – 1800 44 5432

Investments/ Finance
CAMS – 1800 44 2267
Chola Mutual Fund – 1800 22 2300
Easy IPO’s – 3030 5757
Fidelity Investments – 1800 180 8000
Franklin Templeton Fund – 1800 425 4255
J M Morgan Stanley – 1800 22 0004
Kotak Mutual Fund – 1800 222 626
LIC Housing Finance – 1800 44 0005
SBI Mutual Fund – 1800 22 3040
Sharekhan – 1800 22 7500
Tata Mutual Fund – 1800 22 0101

Club Mahindra Holidays – 1800 33 4539
Cox & Kings – 1800 22 1235
God TV Tours – 1800 442 777
Kerala Tourism – 1800 444 747
Kumarakom Lake Resort – 1800 44 5030
Raj Travels & Tours – 1800 22 9900
Sita Tours – 1800 111 911
SOTC Tours – 1800 22 3344

Best on Health – 1800 11 8899
Dr Batras – 1800 11 6767
GlaxoSmithKline – 1800 22 8797
Johnson & Johnson – 1800 22 8111
Kaya Skin Clinic – 1800 22 5292
LifeCell – 1800 44 5323
Manmar Technologies – 1800 33 4420
Pfizer – 1800 442 442
Roche Accu-Chek – 1800 11 45 46
Rudraksha – 1800 21 4708
Varilux Lenses – 1800 44 8383
VLCC – 1800 33 1262

AMP Sanmar – 1800 44 2200
Aviva – 1800 33 2244
Bajaj Allianz – 1800 22 5858
Chola MS General Insurance – 1800 44 5544
HDFC Standard Life – 1800 227 227
LIC – 1800 33 4433
Max New York Life – 1800 33 5577
Royal Sundaram – 1800 33 8899
SBI Life Insurance – 1800 22 9090

Hotel Reservations
GRT Grand – 1800 44 5500
InterContinental Hotels Group – 1800 111 000
Marriott – 1800 22 0044
Sarovar Park Plaza – 1800 111 222
Taj Holidays – 1800 111 825

Asian Sky Shop – 1800 22 1800
Jaipan Teleshoppe – 1800 11 5225
Tele Brands – 1800 11 8000
VMI Teleshopping – 1800 447 777
WWS Teleshopping – 1800 220 777

Domino’s Pizza – 1800 111 123

Cell Phones
BenQ – 1800 22 08 08
Bird CellPhones – 1800 11 7700
Motorola MotoAssist – 1800 11 1211
Nokia – 3030 3838
Sony Ericsson – 3901 1111

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sir,in which share should i invest to get guranteed profit, may be long term or short term..
Ans : Go for frontliners like RIL, L&T, GMR Infra and Century Textiles.

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2008 – stock picks

Adlabs Films
a strong presence across the entertainment industry value chain of
content production, distribution, and exhibition, Adlabs becomes the
choicest pick.    

consumption and leisure spends will remain buoyant as disposable
incomes rise across the country fuelling growth at Adlabs.   

produces and distributes films, and is a dominant player in the
multiplex segment. It has also acquired 51 per cent stake in television
content producer Synergy Communications, the maker of Jhalak Dikhhla
Jaa and Kaun Banega Crorepati.     

the FM radio business, its subsidiary, which runs Big FM has 44 FM
licenses across India. This could also become a value unlocking
opportunity going forward.       

the past three years, Adlabs has impeccably delivered a top line growth
of over 100 per cent y-o-y, along with high profitability. In the
September 2007 quarter, it raked in a whopping 69 per cent operating
profit margin.     

going by the past numbers, operating margins have remained in excess of
50 per cent consistently, with net profit margins at over 22 per cent.
The stock has appreciated three-fold since January 2007 and should do

Bank of Baroda
Bank of Baroda has a strong presence in western
India —a key zone for retail and industrial growth—with equally good
rural network.    

Further, the bank is one
of the few banks having a substantial international presence, which
contributes 18-20 per cent to total business and 30 per cent to
profits. This business is expected to rise further with the bank
growing its global presence.     

bank has improved its fundamentals over the past several years on key
parameters such as net interest margins (NIMs) and asset quality
despite growing at a robust pace (asset growth CAGR of 19 per cent in
FY04-07). Going ahead, the bank’s focus on NIMs backed by moderate
growth augurs well.        

its initiatives such as online trading services, and joint ventures in
insurance and asset management, will help it create value for its

triggers could be in the form of consolidation within the public sector
bank space. All this put together makes this stock, which is reasonably
valued at 1.4 times its FY09 estimated book value, an attractive
investment opportunity.    

Bharat Bijlee
Though Bharat Bijlee has risen by a whopping 228.5 per cent in the last one year, even at current levels, it is inexpensive.   

Consider this: The company has investment in various companies including Siemens, HDFC and ICICI Bank. 
At current rates, their
combined value works out to Rs 317 crore, or about Rs 560 per share.
Excluding this, the core business is valued at attractive valuations of
20 times FY08 earnings and 15 times FY09 estimated earnings.      

company is capitalising on the emerging opportunities in the power
transformer sector, which accounts for 65 per cent of its total
revenues with the balance from motors.  

the Eleventh Five Year Plan, a total power generation capacity of
78,000 mw is planned. This augurs well for transformer manufacturers
such as Bharat Bijlee.       

company on its part has recently expanded its transformer capacity to
11,000 MVA from 8,000 MVA. The motors business is also witnessing 25
per cent growth and Bharat Bijlee has forayed into higher frame motors
of up to 400 kw. All this put together make Bharat Bijlee a good pick.

Bharati Shipyard
Stocks of shipbuilding companies have been
re-rated on the back of rising order book-to-sales to over seven times.
The stock price of ABG Shipyard has gone up 267 per cent, while Bharati
Shipyard is up 107 per cent over the last one year. 

gain has been higher in the case of ABG Shipyard, thus stretching its
valuation at 33 times its FY08 estimated earnings. Bharati Shipyard is
still trading at a comfortable 18 times estimated FY08 EPS and 13 times
FY09 EPS.     

its current order book of about Rs 4,639 crore (11 times its FY07
revenue) is strong enough for maintaining 50 per cent growth for the
next three years. 

is building a greenfield shipyard which will enable it to build six
vessels up to 60,000 dwt (dead weight tonne) against 15,000 dwt
currently by December 2008. This will enable Bharati to improve its
execution speed and bid for more projects.     

it is planning to invest Rs 2,000 crore along with Apeejay Shipping to
set up a shipbuilding yard on the eastern coast, which will be
commissioned in FY 2011. A relatively lower valuation and strong
earnings visibility makes this stock an attractive investment. 

the biggest constraint in the power sector is the supply of equipment,
especially the critical power equipment required for the larger

for Bhel, which commands about 65 per cent market share in the domestic
power equipment industry, this provides long-term earnings visibility.

competition is rising with new players like L&T and Chinese
companies vying for a share, Bhel’s order book of Rs 62,400 crore,
almost 3.6 times its FY07 revenues, instils confidence. The successful
acquisition of orders for super critical boilers and high technology
gas turbines required for the bigger projects would only improve its
order book further.      

the huge order backlog and the orders in pipeline, Bhel is expanding
its capacities by 67 per cent to 10,000 mw by January 2008, which will
further increase to 15,000 mw by December 2009.        

is also expanding its forging and casting capacities and a new
fabrication plant to help reduce its dependence on imports. These
should also help lower costs in the years to come. Overall, a better
industry outlook, strong order book and expansion of existing
capacities will drive the stock from the current levels.      

Bharti Airtel
With a mobile subscriber base of 51 million,
Bharti Airtel is India’s largest mobile service provider. While it has
added an average of 2 million subscribers a month in Q2, it is expected
to crack the 100 million subscriber mark by FY10.  

the company has experienced good growth, its ARPU has fallen by 10 per
cent over the last three quarters, much ahead of the 4 per cent decline
experienced by Reliance Communications. Even then, operating margins
have improved, on the back of higher margin in broadband business and
cost reduction.        

forward, increase in scale of operations will keep costs in check.
Capital and operating expenditure is also likely to come down after the
formation of Indus, a tower infrastructure company, which will manage
the tower infrastructure of Bharti, Vodafone and Idea.  

trigger for the stock could be the listing of Bharti Infratel, the
tower division and which holds 42 per cent in Indus. Bharti Infratel
already has 20,000 towers and plans to set up more.  

will be the biggest threat for the company if it manages to soon roll
out its GSM services across 15 circles. Additionally, any unfavourable
outcome over the spectrum issue will have its impact; it could lead to
increased investments in upgradation of existing equipment.   

conclude, Bharti’s revenues should grow by 35 per cent in the next two
years on the back of subscriber expansion, start of Sri Lankan
operations by March 2008, and launch of IPTV and DTH. A sum-of-parts
valuation puts the per share value of Bharti at Rs 1,200, a 27 per cent
upside from the current levels.  

Blue Star
central air conditioning major, Blue Star, is a key beneficiary of the
economic boom in the country across sectors like IT/ITES, retail and

is reflected in the strong CAGR of 32 per cent and 40 per cent in sales
and operating profit respectively in the past three years.        

such strong growth traction is expected to continue as the company is
sitting on a strong order book position, which is at Rs 1,030 crore as
on September 2007. It is likely to get repeat orders from its existing
customers as they expand operations.      

is expanding its capacities by investing about Rs 60-70 crore, which
will lead to economies of scale and rationalisation of costs leading to
margin expansion. Its return on equity and return on capital employed,
which were at 34 per cent and 26 per cent respectively in FY07, will
only improve.      

the full benefits will be reflected only from the next financial year.
The macro factors too continue to be robust, with huge investments
planned in all the above mentioned sectors. 

Dishman Pharmaceuticals
Dishman, a pharma outsourcing player, is moving up
the value chain from being a commoditised chemicals supplier to a
research partner for innovator companies. 

acquisition of Swiss-based Carbogen-Amcis (CA), which offers drug
development and commercialisation services, has helped it tap into the
client base of CA that includes seven of the top ten US drug companies.

three projects in phase-III development, and likely to hit commercial
production in two years, CA’s revenues are expected to grow 15 per cent
annually to Rs 400 crore by December 2008.  

caters to 50 per cent of Dutch pharma major Solvay Pharma’s requirement
of eposartan mesylate, an anti-hypertension medication. Its acquisition
of Solvay’s Vitamin-D business will boost revenues. Its foray into
China to manufacture Quats, a catalyst, is also seen positively.    

these should help reduce Solvay’s share of 25 per cent in Dishman’s
revenues going forward. With earnings expected to grow between 25-30
per cent in the next two years (Rs 12 in FY08, Rs 15 in FY09 and Rs 20
in FY10), the stock can deliver 28-30 per cent returns in one year.

Educomp Solutions
Educomp, the market leader in Kindergarten-12
education products, is a successful niche player. It has made some
smart acquisitions, entered new areas. and garnered a client base of
almost 6,000 schools across India besides, a small presence in
Singapore and the US. Its first mover advantage makes it difficult for
competition to catch up anytime soon.      

the company has so far acquired and built the abilities to design and
create content for schools, learning and school infrastructure
management solutions, online teaching solutions, community building
solutions and more recently into setting up its own schools. 

Financially, Educomp’s top line has almost doubled every year and operating margins have been maintained above 50 per cent.    
the growth potential in the Indian education industry, Educomp is
likely to keep its juggernaut rolling for the coming few years. In
FY09, Educomp will double its top line again and grow its earnings by
75 per cent. Although there has been a concern over valuations, the
consistent earnings growth justify the same.        

is an ideal play on the gamut of financial services. Besides market
dominance in housing finance, it provides huge potential for value
unlocking from its investment in banking, insurance and mutual fund

proposed UTI Mutual Fund IPO, stake sale by Reliance Capital in its
mutual fund entity and the probability of listing of insurance
companies though in the long term, should provide triggers. Moreover,
there is a possibility of a merger with HDFC Bank.        

core business–housing finance will continue to do well. Its loan book
is expected to witness a CAGR of 25 per cent over the next two years.
Its net interest margins are expected to remain stable at around 3 per

HDFC is known for its asset quality. HDFC’s stock trades at about 5
times FY09 estimated book value (adjusted for the value of its
subsidiaries, which is about 30 per cent of HDFC’s market
capitalisation), and is a worthy pick.       

India Infoline
India Infoline is another company representing financial services, except the lending business.        

Its stock price has
grown more than fourfold in the last one year amid many positive
triggers like capital raising for expansions, tie-up with strategic
investors for investments in subsidiaries and restructuring of its
various businesses.        

equity broking, it has expanded its product basket to include
institutional equities broking, commodities broking, margin finance,
investment banking and, distribution of life insurance, mutual fund and
loans products.     

is investing towards building a strong distribution network (596
branches in 345 cities) and customer base (5 lakh clients) for its
various services. Accordingly, the share of its traditional broking
business of about 56 per cent in FY07 revenues is expected to come down
over the years.     

stock trades at 51 times and 44 times estimated earnings for FY08 and
FY09 respectively. While it looks cheaper than Edelweiss, in terms of
market capitalisation to revenues, it trades at a higher P/E than

it has the most de-risked business model compared to other players.
Given India Infoline’s aggressive growth strategy, the stock is ideal
for long term investors.    

Jain Irrigation
Jain Irrigation, which is in the businesses of
micro irrigation systems, food processing and plastic pipes and sheets,
is a direct play on the growing emphasis on agriculture. Irrigation
systems account for 30 per cent of its revenue. It’s revenues from
micro irrigation have grown at 70 per cent annually.     

will be maintained on the back of its plans to launch new irrigation
systems, higher replacement demand, focus on geographical

five overseas acquisitions, including a 50 per cent stake in NaanDan of
Israel, the world’s fifth largest micro-irrigation company, will help
in terms of access to technology and access to large markets such as
South Africa, US, and Europe.        

food processing, which accounts for 14 per cent of total income and
grew by 74 per cent in FY07, Jain produces juices and dehydrated
vegetables for companies like Coco Cola, Nestle, etc. This business to
grow at healthy from hereon.    

plastic pipes and sheets, its products find application in agriculture
(30 per cent market share) and telecom (70% share) among others and,
should continue to grow at a healthy pace.      

sum up, Jain is operating in high growth areas, while exports too are
expected to grow rapidly, which makes it a good investment case.      

Jindal Saw
Saw, the most diversified Indian pipe manufacturer, makes submerged arc
welded (Saw), seamless and ductile iron spun pipes, which are used in
diverse applications like oil & gas and water-based infrastructure.

company is expanding its capacities in phases which will bring
economies of scale– longitudinal Saw pipes (by 25 per cent), helical
Saw pipes (233 per cent) and seamless pipes (150 per cent) — by FY09.
These expansions are well-timed due to strong demand for pipes on
account of surging demand for oil and gas globally.   

the next three-four years, global demand (including India), for Saw
pipes is estimated at 200,000 km involving an investment of $60

Saw is likely to gain due to restructuring of the investment holdings
in Jindal Group companies, wherein it has substantial investments in
Nalwa Sons, Jindal Stainless, JSW Steel and Jindal Steel & Power,
are worth about Rs 2,200 crore. Excluding the value of investments, the
stock trades at 9 times its FY09 estimated earnings, which is
attractive as compared with 17 times for Welspun Gujarat.    

Larsen & Toubro
Reinventing itself and successfully developing new
businesses are among L&T’s key strengths. That, along with the
domestic infrastructure and global hydrocarbon investments, is
responsible for the rising revenues and order book. It is now targeting
a turnover of Rs 30,000 crore by FY10 as compared with Rs 18,363 crore
in FY07.       

forward, there is more business to come, as the government has
estimated an infrastructure investment of $500 billion during the
Eleventh Five Year Plan. Besides, a lot of money will also be spent by
domestic players in the metal, oil and gas, power and other industries.

wonder, L&T’s order book has been rising. As of September 2007, the
engineering and construction division had an order book of Rs 42,000

forward, L&T is also focusing on the overseas markets and has
targeted exports to increase to 25 per cent of 2010 sales. It is
entering shipbuilding, railway locomotives, power generation and power
equipment as well. 

all these investments in different businesses will help sustain future
growth, the medium term continues to be robust. Some of it is already
rubbing off positively on the share price. Although the stock seems
richly valued, it can fetch good returns.       

Maruti Suzuki
On the back of a sound foundation of existing
products (13 models priced between Rs 2 lakh and Rs 15 lakh), strong
distribution, efficient service network and new product launches,
Maruti Suzuki will maintain its dominant position.        

company has 52 per cent market share by volume of the Indian car market
and 62.5 per cent of the small car segment, which is commendable given
the stiff competition from global majors.   

grew at a scorching 18 per cent, compared with the 13 per cent recorded
by passenger car market in H1 FY08. For eight months ended November
2007, sales volume was up 19.7 per cent to 500,108 vehicles led by 49
per cent growth in exports. Notably, exports are expected to grow 40
per cent annually for the next two years; its share in total sales is
likely to move up to 12 per cent in 2010 from 7 per cent in FY07.  

is already augmenting capacities by 3 lakh in a phased manner by FY10
to a million units. Besides, it has lined up Splash (A2 segment) and
the concept car A-Star (A1 segment), while a Swift sedan is on the
cards. These will help earnings grow by 20 per cent annually in the
next two years. Aggressive pricing, enhanced margins on the back of
improved product mix, indigenisation and scale benefits, will help
Maruti do well.        

exploration companies are set to benefit from the current high oil
prices and firm outlook. India’s largest oil exploration company, ONGC
is the best bet in this space. ONGC with interest in 85 domestic blocks
including 52 offshore fields, has made 28 discoveries in the past two
years, of which, 14 were made in FY08 itself.      

its 100 per cent subsidiary, ONGC Videsh has stakes in 26 blocks across
15 countries and is expected to be the key growth driver with its share
in ONGC’s consolidated revenues and profits expected to rise to 20 per
cent (14 per cent now) and 14 per cent (9 per cent now) respectively.  

substantial interests in MRPL, Petronet LNG, GAIL and Indian Oil
Corporation are the topping. Moreover, the IPO of Oil India in the next
few months could provide further triggers.     

also makes ONGC attractive is that it is the cheapest among its Asian
peers trading at 10.1 times estimated FY09 earnings and enterprise
value per barrel oil equivalent of about 7.5 times for FY09.     

ahead, exploration successes especially in the KG basin and favourable
announcement on various issues like sharing of subsidy burden, cess and
deregulation in gas prices will be big positives. 

Patel Engineering
Patel Engineering, which is having an order book
of Rs 5,400 crore almost 4.8 times its FY07 revenues, would be the key
beneficiary of the boom in the construction, power and real estate

power sector, the 11th Five Year Plan has an outlay of Rs 70,000 crore,
adding another 18,000 mw in hydropower generation. Patel Engineering
has 22 per cent market share in the domestic hydropower construction,
which accounts for 60 per cent of its current order book.    

Also, the company has pre-qualified for new projects worth over Rs 6,000 crore as on September 30, 2007.       
its entry into own power generation setting up of 1,200 mw thermal
power plant at an investment of Rs 5,000 crore are positive triggers.
Meanwhile, its core businesses including construction of dams,
transportation and micro-tunneling are growing at a faster pace thus
providing sustainable earnings growth.   

immediate trigger would come from its real estate business. Patel
Engineering has transferred a land bank of about 1,000 acres spread
across Bangalore, Chennai, Hyderabad and Mumbai to Patel Realty India,
a 100 per cent subsidiary.    

to estimates, the real estate business is valued between Rs 500-520 per
share. All of these make Patel Engineering an attractive investment. 

Reliance Communications
Reliance Communications (RCOM) has a mobile
telephony market share of 18 per cent and subscriber base of 38
million, which is rising by a million every month. And this should
continue to rise as RCOM penetrates into smaller towns. 

more interesting is that despite concerns over declining, operating
margins have improved to 42.2 per cent in Q2 FY08, thanks to the
benefits of larger scale.  

is expected to improve further if RCOM gets the go-ahead to operate an
additional 15 GSM circles as 65 per cent of passive infrastructure such
as telecom towers, is common to both GSM and CDMA technologies and the
investments in its existing networks will be incremental.   

Additionally, it is the value unlocking in its subsidiaries that are likely to provide further triggers.       
2008, RCOM is likely to announce a stake sale and subsequently list its
tower subsidiary, Reliance Telecom Infrastructure, list its submarine
cable subsidiary, FLAG Telecom, hive off of its SEZ and BPO businesses
and the launch IPTV and DTH services by the first quarter of 2008.     

estimate that a conservative sum-of-parts valuation based on FY09
numbers for RCOM comes to Rs 850-Rs 900 per share, which indicates an
appreciation of 17-24 per cent from current levels.   

Reliance Industries
In 2008, Reliance Industries’ (RIL) exploration
and production (E&P) division, which accounts for 50 per cent of
its sum-of-parts valuation, will start selling gas from the KG Basin.
The only ambiguous aspect here seems to be the pricing of gas and
settlement with the ADA group and NTPC.       

Within a few months, Reliance Petroleum will also start operations, all of which should lead to a jump in RIL’s profits.       
the bids for NELP VII will be awarded by July 2008. While further wins
will add to reserves, new discoveries at existing reserves should
further add to valuations and the possible de-merger of RIL’s E&P
division would unlock value.  

the company is yet to prove its mettle in its retail and SEZ
initiatives, given its track record managing mammoth projects, one can
hope to see positive results here as well.   

analysts maintain their bullish outlook on the core businesses.
Refining margins for RIL, already the best among global players, should
remain firm until FY11, while petrochemical margins are expected to be
stable with good growth in volumes. At a P/E of under 12 times FY09
estimated core earnings, RIL is a worthy investment.       

State Bank of India
SBI’s move to merge State Bank of Saurashtra with
itself has the potential to trigger the re-rating of public sector
banking stocks by pushing the much needed consolidation process.  

further expedite consolidation, the boards of SBI and its other six
associate banks are meeting in January to consider merger. Should that
happen, SBI’s standalone balance sheet size will grow 1.5 times to Rs
8.20 lakh crore, almost double the size of ICICI Bank’s.   

its branch network will jump 50 per cent to 14,400 branches. But, the
improvement in valuations (re-rating) should get a boost when the
merged entity is able to rationalise costs and extract benefits from
the merger. 

will raise Rs 17,000 crore through a rights issue that should provide
fuel for future growth. In a competitive Indian banking business, it is
important for banks to achieve size and scale to be globally

for investors, it is more important to find such banks at reasonable
valuations. SBI meets both these criteria. SBI’s stock trades at 2.2
times and 2 times its estimated consolidated book value for FY08 and
FY09 respectively.  

Further, SBI has investments in mutual fund and life insurance subsidiaries, which make valuations more compelling.

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Multibaggers – PYT – ??

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  05-02-2008      Recommended Price Rs. 888.45 Current Price Rs. 807.00 (Loss -9.17 % )     
UTV Software
PN Vijay, Investment Advisor
is an excellent exposure in the Indian Media space with its tentacles
across the sector. The Management has proved its mettle and its growth
plans are well thought out.
  02-02-2008      Recommended Price Rs. 176.90 Current Price Rs. 163.30 (Loss -7.69 % )     
Hindalco Industries
India Infoline Picks,
is on a massive expansion plan in its aluminium business with
capacities increasing 3x over the next 3-4 years. The company has
announced expansion projects, both greenfield and brownfield increasing
its aluminium capacity to 1.5 million tons. Most of the large projects
are likely to go on stream only after FY09.
  28-01-2008      Recommended Price Rs. 136.55 Current Price Rs. 138.25 (Gain 1.24 % )     
JK Lakshmi Cement
Ashish Chugh, Investment Advisor
undervaluation of the stock is also evident from the fact that the
expected Cash Profit (PAT + Depreciation) for FY 07-08 is Rs 320
crores; the current market cap of Rs 780 crores is less than 2.5 times
its cash profits. At its current price of Rs 136, JK Lakshmi Cement
trades at a PE ratio of less than 3, both on expected FY 07-08 earnings
and cheap valuations when compared with the peer group and looks
attractive for investment.
  19-01-2008      Recommended Price Rs. 106.05 Current Price Rs. 97.30 (Loss -8.25 % )     
Universal Cables
K.R Choksey Picks,
has completed its technology upgradation cum expansion plan in May 2007
and commissioned manufacture of EHV (Extra High Voltage) XLPE cables of
upto 400KV. UCL is the only company in India, which manufactures such
cables and hence will be able to secure orders in this category, where
demand potential is significant from power transmission sector.
  19-01-2008      Recommended Price Rs. 1348.05 Current Price Rs. 1270.00 (Loss -5.79 % )     
Provogue (India)
PN Vijay, Investment Advisor
India is an upcoming fashion retailer of branded apparel and fashion
accessories and an emerging retail-cum-real estate play in India.
Considering the growth in sector (its core business) and huge potential
upside arising from unlocking of value in Prozone, recommends as
Outperformer on the stock with a target of doubling form the Current
market price to Rs 2700 within a year.
  19-01-2008      Recommended Price Rs. 290.55 Current Price Rs. 275.00 (Loss -5.35 % )     
Kavveri Telecom Products
India Infoline Picks,
Telecom Products manufactures base station antennas, accessories and
radio frequency products like wimax serving defense, telecom operators
and wimax service providers. The expansion plans of the company make us
believe that it is well poised to capitalize on the developments in the
telecom sector. We recommend investor to Buy with a 12-month view.
  15-01-2008      Recommended Price Rs. 104.90 Current Price Rs. 96.05 (Loss -8.44 % )     
Aro Granite Industries
Ashish Chugh, Investment Advisor
Granite Industries Ltd. is a 100% Export Oriented Unit located at Hosur
near Bangalore and exports polished Granite Slabs and Granite Tiles to
US, Canada, Europe, Japan, and Far East. The operations of company have
suffered due to the strengthening of rupee in recent times, however the
company’s expanded capacities in Granite Tiles and Granite Slabs which
has recently gone on stream alongwith its change in focus and a shift
towards the domestic markets may see it tide over the problems due to
rupee rise.
  10-01-2008      Recommended Price Rs. 450.30 Current Price Rs. 321.50 (Loss -28.60 % )     
XL Telecom & Energy
E Mathew,
Telecom & Energy has transformed itself from a low margin Telecom
company by diversifying substantially into the high margin business of
Solar Photo Voltaic Modules (SPV). It has a order book of around 2.2
billion in Solar Photo Voltaic divisions and has secured orders for the
supply of Fuel Ethanol from the oil companies.
  08-01-2008      Recommended Price Rs. 83.10 Current Price Rs. 56.25 (Loss -32.31 % )     
Alps Industries
S.P.Tulsian, Investment Advisor
Industries is a leading eco-friendly textile products manufacturers and
a principal infrastructure player of interior products. The product
portfolio of the company includes an eclectic range of home
furnishings, sophisticated fashion accessories and high quality yarn.
  05-01-2008      Recommended Price Rs. 567.80 Current Price Rs. 511.90 (Loss -9.85 % )     
ICSA India
PN Vijay, Investment Advisor
is one of the fastest growing companies in the Power T&D and Oil
and Energy space. We recommend ICSA as an excellent Mid-Cap play with
the year-end target of Rs 1000.
  31-12-2007      Recommended Price Rs. 47.75 Current Price Rs. 42.00 (Loss -12.04 % )     
XPRO India
Ashish Chugh, Investment Advisor
India Ltd. is a part of S.K. Birla Group and is a diversified company
involved in the manufacture of BOPP Films, Coextruded Plastic Sheets,
Coextruded Cast Plastic Film, Thermoformed Components, Refrigerator
Liners, Thermoset Moulding Powders and Synthetic Resins. The company
has its manufacturing operations located at Faridabad, Greater Noida,
Ranjangaon (Pune) and Barjora (West Bengal). The company had relocated
its manufacturing plant located at Kandivali, Mumbai to Ranjangaon,
  31-12-2007      Recommended Price Rs. 741.55 Current Price Rs. 800.00 (Gain 7.88 % )     
Allied Digital Services
India Infoline Picks,
the stock has run up sharply in the recent past, there is still ample
upside scope based on the expected robust growth earnings (including
boost from inorganic growth). We assign an earnings multiple of 20x to
FY09E EPS to arrive at a 12month target price of Rs 1014 implying 35%
  24-12-2007      Recommended Price Rs. 219.00 Current Price Rs. 216.50 (Loss -1.14 % )     
IMP Powers Ltd
K.R Choksey Picks,
Powers is undertaking $ 7 Mn (Rs 30 Cr) expansion plan after which the
installed capacity of Transformers would increase from 3600MVA to
6000MVA (67% rise) meters from 164400 units to 314400 units (47%
growth). The expanded capacities are expected to be operational by
  18-12-2007      Recommended Price Rs. 238.50 Current Price Rs. 285.40 (Gain 19.66 % )     
Karuturi Networks
PN Vijay, Investment Advisor
Networks is a Bangalore based Floriculture company and is an emerging
leader in the global rose industry. It has 10 hectares of land in
Bangalore and another 50 hectares in Ethiopia where it has made a major
acquisition of land under rose cultivation. It supplies roses to some
of the biggest retailers in the world like ASDA (a Walmart company).
Karuturi has also expanded into the fast growing food processing sector
with export of gherkins used to make pickles and for salads.
  17-12-2007      Recommended Price Rs. 717.75 Current Price Rs. 634.00 (Loss -11.67 % )     
Asian Hotels
Ashish Chugh, Investment Advisor
demerger of Asian Hotels into three companies, with each promoter group
then pursuing aggressive growth & acquisition strategy for their
respective companies will lead to huge value enhancement for the
  13-12-2007      Recommended Price Rs. 271.10 Current Price Rs. 278.00 (Gain 2.55 % )     
Micro Technologies India
K.R Choksey Picks,
is a global provider of security, safety and life-support solutions.
MTIL’s systems combine state-of-the-art technologies such as GPS,
wireless communications, and business intelligence with a full array of
sensors to ensure integrity, reliability, security and efficiency. MTIL
has been awarded the ‘Technology Fast 50 (India) Award’ for 2006-07 for
being one of the fastest growing companies in India by the Deloitte
Touché Tohmatsu.
  08-12-2007      Recommended Price Rs. 380.10 Current Price Rs. 291.25 (Loss -23.38 % )     
Zylog Systems
S.P.Tulsian, Investment Advisor
Systems is a global services provider with 100% EoU status with focus
on Application Development and Integration (Web Application, Web
Services, Application Integration, Business Intelligence, Data
Warehousing and Mobile & Wireless Application) and Enterprise
Infrastructure Management.
  03-12-2007      Recommended Price Rs. 89.80 Current Price Rs. 79.40 (Loss -11.58 % )     
Ashish Chugh, Investment Advisor
threefold increase in capacity, expected to go on stream in March 2008
will drive volume growth for ISMT besides increasing Operating Margins
further, which currently stand at a healthy 22%. The company is well
positioned to take advantage of the buoyancy being witnessed in the Oil
and Gas, Power, Construction, Automotive and Engg Sectors.
  01-12-2007      Recommended Price Rs. 43.45 Current Price Rs. 66.85 (Gain 53.86 % )     
Deccan Gold Mines
PN Vijay, Investment Advisor
Gold Mines is the first privately owned gold exploration company in
India to be listed on the BSE. Established as a gold exploration
company in 2003, DGML now has a large portfolio of exploration
prospects in Karnataka, Andhra Pradesh, Kerela and Rajasthan.
  01-12-2007      Recommended Price Rs. 239.00 Current Price Rs. 215.15 (Loss -9.98 % )     
Garware Offshore Services
India Infoline Picks,
Offshore Services Ltd (GOSL) currently has four Anchor Handling Tugs –
cum – Supply Vessels (AHTSV) and three Platform Supply Vessels (PSV).
Further, it has embarked upon an aggressive capex plan to acquire two
PSVs, two 60-T AHTSVs and one construction barge (on lease). It also
has an option to place orders for two more 60-T AHTSVs.
  24-11-2007      Recommended Price Rs. 385.95 Current Price Rs. 320.00 (Loss -17.09 % )     
Kirloskar Brothers
K.R Choksey Picks,
has recently taken over the management control of TKSL by inducting a
majority of directors on the board of the subject company. TKSL,
incorporated in 1965, is engaged in manufacturing of alloy steel
castings catering to sugar, cement, steel, pumps/valves, marine, earth
moving and other general engineering industries sectors.
  23-11-2007      Recommended Price Rs. 400.25 Current Price Rs. 464.70 (Gain 16.10 % )     
Marg Construction
S.P.Tulsian, Investment Advisor
Construction is a South based realty company, engaged in property
development and infrastructure development like SEZ and Sea port. The
present equity of the company is Rs.20.63 crores, with face-value of
Rs.10 per share. This is after a preferential allotment of 12.20 lakh
shares to promoters, 2 lakh shares to Benett Coleman & Co. and 6.80
lakh shares to non-promoters.
  19-11-2007      Recommended Price Rs. 704.70 Current Price Rs. 731.80 (Gain 3.85 % )     
Orbit Corporation
India Infoline Picks,
Corp is all set to witness huge gains from Kalina land deal as the
development cost is estimated to be around Rs 150 cr, which would reap
in huge profits.
  14-11-2007      Recommended Price Rs. 238.10 Current Price Rs. 248.00 (Gain 4.16 % )     
Tata Cofee
Ashish Chugh, Investment Advisor
believe the acquisition of Eight O’ Clock can potentially catapault
Tata Coffee into a different orbit. Coffee Prices internationally have
been on an upswing and are ruling firm.
  09-11-2007      Recommended Price Rs. 135.75 Current Price Rs. 103.00 (Loss -24.13 % )     
Vijay Shanthi Builders
E Mathew,
Vijay Shanthi Builders around Rs 135.75 with a stop loss of Rs 125. The
share has the potential to cross Rs 217 after the declaration of 31st
March, 2008 results and barring unforeseen circumstance it has the
potential to touch Rs 400 by May, 2009.
  07-11-2007      Recommended Price Rs. 193.65 Current Price Rs. 210.15 (Gain 8.52 % )     
Hanung Toys and Textiles
Deven Choksey, KR Choksey
Toys and Textiles is a leading player in the domestic organized toy
industry and renowned player in home furnishing. With 15 years of
experience in the industry, the company has built a strong foothold in
the domestic and international market.
  02-11-2007      Recommended Price Rs. 611.00 Current Price Rs. 666.85 (Gain 9.14 % )     
Genus Power Infrastructur
India Infoline Picks,
Power Infrastructures Ltd (Q2 FY08)Q2 FY08 revenues post healthy growth
of 29.2% to Rs 1 billion. Lower excise duty, other expenses and staff
costs help operating margin expand to 16.9%. Q2 FY08 profits jump 62.8%
to Rs 92 million against Rs 56 million in Q2 FY07. BUY with a one-year
price target of Rs 818, providing 36% upside.
  30-10-2007      Recommended Price Rs. 128.40 Current Price Rs. 166.00 (Gain 29.28 % )     
EIH Associated Hotels Ltd
Ashish Chugh, Investment Advisor
the current market cap at just Rs.250 crores and its current enterprise
value; the valuation is at a significant discount to the intrinsic
worth of the company.
  27-10-2007      Recommended Price Rs. 248.00 Current Price Rs. 400.00 (Gain 61.29 % )     
Shriram Transport Finance
PN Vijay, Investment Advisor
company has reported an EPS of 18.32 for the whole year 2007-08 based
on annualized profits of the first half year. This works out to a P/E
ratio of 12.8. We recommend this share with a target price of Rs 360 on
a one-year horizon.
  23-10-2007      Recommended Price Rs. 128.60 Current Price Rs. 81.50 (Loss -36.63 % )     
Swan Mills
S.P.Tulsian, Investment Advisor
company has not yet sold its Kurla property and quite a large area is
unsold at Sewree. With any further rise in realization, it would
improve its profitability.
  18-10-2007      Recommended Price Rs. 129.05 Current Price Rs. 175.00 (Gain 35.61 % )     
Krone Communications
Ashish Chugh, Investment Advisor
Communications achieved Sales revenues and PAT of Rs.86 crores and
Rs.7.30 crores respectively for the year ended October 2006. The stock
trading at a PE of 8 looks undervalued for a Multinational operating in
a growth business, where the potential opportunities could be immense.
  15-10-2007      Recommended Price Rs. 353.80 Current Price Rs. 386.55 (Gain 9.26 % )     
Punj Lloyd
India Infoline Picks,
Q1FY08, the consolidated income of Punj Lloyd stood at Rs 1,394 crore,
a rise of 73%, while its PAT before minority interest was at Rs 59
crore. On back of rising OPM, international presence, significant
experience and strong order book, a buy rating is recommended with a
price target of Rs 420.
  15-10-2007      Recommended Price Rs. 67.90 Current Price Rs. 85.60 (Gain 26.07 % )     
Sanwaria Agro Oils
Deven Choksey, KR Choksey
Agro Oils has been growing at a rapid pace in the recent past and is
expected to do so in the coming two-three years due to the economics of
packaged edible oil sector.
  08-10-2007      Recommended Price Rs. 45.70 Current Price Rs. 62.60 (Gain 36.98 % )     
Lanco Industries
Ashish Chugh, Investment Advisor
Industries is a play on the growth opportunities in India’s Water
Infrastructure space and can be accumulated at the current price and on
  05-10-2007      Recommended Price Rs. 72.50 Current Price Rs. 81.10 (Gain 11.86 % )     
KS Oils
Deven Choksey, KR Choksey
the CMP of Rs 72.50, KS Oils is trading at commodity valuations of
EV/Sales of about 1.6x and EV/EBITDA of abou 14.9x its TTM Sales, which
is extremely low compared to its peers in the FMCG industry
  28-09-2007      Recommended Price Rs. 270.70 Current Price Rs. 232.55 (Loss -14.09 % )     
Kirloskar Electric Compan
India Infoline Picks,
realizations leading to margin expansion should help bottom line
witness 53.3% CAGR over FY07-09E. At the current price the stock trades
at around 15x and 11x FY08E and FY09E EPS of Rs 18 and Rs 24.1
respectively. We recommend BUY with a one-year price target of Rs 361.
  26-09-2007      Recommended Price Rs. 125.35 Current Price Rs. 114.85 (Loss -8.38 % )     
Idea Cellular
Deven Choksey, KR Choksey
EV/EBIDTA basis, Idea is trading at 21.5x which is at a discount to
TTML and a premium to RCom and Bharti. We believe Idea looks attractive
considering its entry into new circles and improvement of margins in
the existing ones.
  18-09-2007      Recommended Price Rs. 100.70 Current Price Rs. 113.95 (Gain 13.16 % )     
Tamil Newsprint
Ambareesh Baliga, Karvy Stock Broking
is poised to tap growth opportunities in the paper industry with its
capacity expansion. Higher volumes, low cost of pulp and better
realisations are expected to the growth in operating profits and the
stock can be accumulated at current levels with a 12-month target price
of Rs 150.
  17-09-2007      Recommended Price Rs. 37.65 Current Price Rs. 30.70 (Loss -18.46 % )     
Vinay Cements
Ashish Chugh, Investment Advisor
Cement is a play on the demand explosion that the Cement deficit market
of North East is expected to witness in the years to come. Investors
can accumulate the stock at the current levels and on declines.
  10-09-2007      Recommended Price Rs. 176.70 Current Price Rs. 172.65 (Loss -2.29 % )     
India Infoline Picks,
buoyancy in automobile sector and stability in raw material prices with
a negative bias is expected to benefit CEAT. The company also plans to
de-merge its investment portfolio into a separate company making it a
good buying opportunity.
  04-09-2007      Recommended Price Rs. 157.05 Current Price Rs. 157.05 (Loss 0.00 % )     
Ashish Chugh, Investment Advisor
has the potential to attract the Institutional Investors. Smart
investors will do well to accumulate the stock at the current levels
and on declines.The stock may well turn out to be the McDowell of the
Indian poultry industry.
  03-09-2007      Recommended Price Rs. 43.50 Current Price Rs. 49.45 (Gain 13.68 % )     
Hotel Leela Venture
S.P.Tulsian, Investment Advisor
FY 07, the topline of the company was Rs 411.83 crores, EBITDA was at
Rs 212.84 crores, PBT of Rs 189.51 crores and PAT of Rs 126.24 crores.
EPS was at Rs 2.31 and at Rs 3.41 after considering exceptional gain.
  01-09-2007      Recommended Price Rs. 247.35 Current Price Rs. 454.55 (Gain 83.77 % )     
Welspun Gujarat Stahl Roh
PN Vijay, Investment Advisor
Gujarat Stahl Rohren is a part of high growth sector. The oil and
energy sector is becoming very big in India and India is emerging as
the pipe manufacturing hub due to its lower cost of production. Welspun
is the largest player in this segment.
  25-08-2007      Recommended Price Rs. 45.20 Current Price Rs. 42.95 (Loss -4.98 % )     
Mysore Cements
Deven Choksey, KR Choksey
At the CMP, Mysore Cements is cheaply valued as compare to its peers on EV/EBIDTA and EV/Tonne basis.
  24-08-2007      Recommended Price Rs. 189.10 Current Price Rs. 314.00 (Gain 66.05 % )     
Sunil Hitech Engineers
India Infoline Picks,
the back of encouraging quarterly results, healthy order backlog and
entry into new high growth segments, Sunil Hitech Engineers is well
placed for the future. We recommend a Buy with a medium term perspective
  20-08-2007      Recommended Price Rs. 82.45 Current Price Rs. 66.20 (Loss -19.71 % )     
DCM Shriram Consolidated
Ashish Chugh, Investment Advisor
Shriram management has already demonstrated its ability by successfully
carrying out various expansions and diversifications in diverse
businesses. Investors can buy the stock at the current levels and on
  11-08-2007      Recommended Price Rs. 275.30 Current Price Rs. 386.55 (Gain 40.41 % )     
Punj Lloyd
PN Vijay, Investment Advisor
Lloyd is increasingly focusing on the high value added Hydrocarbon
vertical where the margins are higher and the work is also more
  10-08-2007      Recommended Price Rs. 135.90 Current Price Rs. 140.35 (Gain 3.27 % )     
Indian Hotels Company
India Infoline Picks,
expect higher volume growth on the back of increased room inventory,
moderate average room rate and expansions in key subsidiaries to be
main drivers for Indian Hotel over FY07-FY09E.
  06-08-2007      Recommended Price Rs. 32.55 Current Price Rs. 48.70 (Gain 49.62 % )     
Oswal Chemicals & Fertili
Ashish Chugh, Investment Advisor
on 31st March 2006, Oswal Chemicals and Fertilizers had cash and bank
balance of around Rs 1300 crores. Assuming an annual return of 10% on
the surplus cash with the company, the current cash could be around Rs
1450 crores. The market cap of this debt free company at the current
price is Rs 835 crores.
  03-08-2007      Recommended Price Rs. 243.00 Current Price Rs. 278.00 (Gain 14.40 % )     
Micro Technologies
Jagdish Malkani, NSE Member
Technologies specialises in creating custom-tailored solutions for its
clients. The stock can be expected to reach around Rs 350 in the next
one year.
  30-07-2007      Recommended Price Rs. 353.55 Current Price Rs. 291.55 (Loss -17.54 % )     
Eicher Motors
PN Vijay, Investment Advisor
Motor’s valuation is compelling when one looks at the earnings
momentum. The company is likely to close the year with an EPS of
between Rs 35 and Rs 40 per Rs 10 share
  23-07-2007      Recommended Price Rs. 29.05 Current Price Rs. 37.05 (Gain 27.54 % )     
Ricoh India Ltd
Ashish Chugh, Investment Advisor
believe that there is a huge potential for office automation products
in Tier II & III cities that still remains to be fully exploited.
Investors can accumulate shares of Ricoh India at the current price and
on declines.
  20-07-2007      Recommended Price Rs. 29.40 Current Price Rs. 38.75 (Gain 31.80 % )     
Tata Teleservices (M)
Deven Choksey, KR Choksey
EV/Sales and EV/ EBIDTA, TTML is trading at cheaper valuations. Also in
terms of EV per subscriber, the company is cheap compared to peers. We
believe TTML would witness strong growth from the current smaller base
with its plans of adding 1 lakh subscribers every month.
  14-07-2007      Recommended Price Rs. 57.38 Current Price Rs. 67.05 (Gain 16.85 % )     
Freshtrop Fruits
PN Vijay, Investment Advisor
is a company engaged in export of processed fruits with it operations
mainly in Maharashtra. There is enormous potential for fruit exports
from India and tremendous government support for the industry.
  07-07-2007      Recommended Price Rs. 50.70 Current Price Rs. 106.80 (Gain 110.65 % )     
Mercator Lines
E Mathew,
Mercator Lines has strong support between Rs 44-42, in short run (3 months) has potential to touch Rs 71.
  06-07-2007      Recommended Price Rs. 150.65 Current Price Rs. 230.00 (Gain 52.67 % )     
Kamat Hotels India
Ashish Chugh, Investment Advisor
With several new Hotels properties coming up and the Room Tariffs in Mumbai on a high, the future looks good for Kamat Hotels
  02-07-2007      Recommended Price Rs. 102.10 Current Price Rs. 135.25 (Gain 32.47 % )     
Hitachi Home and Life Sol
S.P.Tulsian, Investment Advisor
The share looks attractive at around Rs 100 levels, and can give a return of 40% in next 12 months
  23-06-2007      Recommended Price Rs. 119.25 Current Price Rs. 185.00 (Gain 55.14 % )     
Hawkins Cooker
Jagdish Malkani, NSE Member
EPS of the company is about Rs 14 and against the current market price
of Rs 119, it is trading at attractive P/E multiples of around 8.5
times. The stock has the potential to reach Rs 180 in the next 1 year.
  16-06-2007      Recommended Price Rs. 130.70 Current Price Rs. 105.15 (Loss -19.55 % )     
Liberty Shoes
Ambareesh Baliga, Karvy Stock Broking
Shoes is broadening its product range from need based shoes to
lifestyle shoes. Its earnings growth is expected 35% over FY08 &
FY09 on account of increase in capacities & in average realizations.
  13-06-2007      Recommended Price Rs. 155.65 Current Price Rs. 146.25 (Loss -6.04 % )     
Carborundum Universal
S.P.Tulsian, Investment Advisor
Advisor, S.P.Tulsian says the long-term investor can buy Carborundum
Universal at Rs 155 for decent gains in the next 12 months.
  01-06-2007      Recommended Price Rs. 55.00 Current Price Rs. 61.10 (Gain 11.09 % )     
Kovai Medical Centre & Ho
Ashish Chugh, Investment Advisor
Medical with its Market Cap lower than its Sales Revenues and with a
scalable business model seems to be a low risk bet at the current
  26-05-2007      Recommended Price Rs. 871.20 Current Price Rs. 906.25 (Gain 4.02 % )     
Gillette India
Jagdish Malkani, NSE Member
Jagdish Malkani likes Gillette India and believes that the stock has the potential to touch Rs 1250 in a year’s time.
  21-05-2007      Recommended Price Rs. 226.80 Current Price Rs. 227.15 (Gain 0.15 % )     
Autoline Industries
Meherboon Irani, Darashaw and Co
prospects of Autoline look good based on the aggressive expansion plans
and acquisition of Stokota. A price of Rs 450 looks attainable over a
12-mth period.
  16-05-2007      Recommended Price Rs. 283.00 Current Price Rs. 265.00 (Loss -6.36 % )     
Clariant Chemicals
S.P.Tulsian, Investment Advisor
Advisor SP Tulsian is of the view that Clariant Chemicals can give 50%
return by making investment at the current levels.
  08-05-2007      Recommended Price Rs. 38.00 Current Price Rs. 42.95 (Gain 13.03 % )     
Mysore Cements
Jagdish Malkani, NSE Member
is turning around Mysore Cements. The company is expected to clock in
an EPS of Rs 6-7 in FY 08. The stock is reasonably priced and our
projected price is at Rs 60.
  23-04-2007      Recommended Price Rs. 41.00 Current Price Rs. 59.25 (Gain 44.51 % )     
21st Century Printers
Ashish Chugh, Investment Advisor
very few players having a size and scale of operations as large as
Twenty First Century Printers, it commands a dominant position in the
industry and will continue to be a preferred supplier to most MNCs and
other big corporates.
  17-04-2007      Recommended Price Rs. 182.00 Current Price Rs. 212.65 (Gain 16.84 % )     
Sterlite Opticals
Deven Choksey, KR Choksey
Opticals is due for re-rating as demand for optic fiber and optic fiber
cable is coming out of hibernation. Support for the stock exists at
around Rs 177 levels. Investors can buy it at declines.
  09-04-2007      Recommended Price Rs. 63.00 Current Price Rs. 67.50 (Gain 7.14 % )     
Mcleod Russel
Jagdish Malkani, NSE Member
prospects of Mcleod Russel are bright and the stock looks attractive at
the current levels. The company is expected to end FY 07 with an EPS of
around Rs 8-9. The stock can reach Rs 100 by the year end.
  04-04-2007      Recommended Price Rs. 107.00 Current Price Rs. 270.00 (Gain 152.34 % )     
Godawari Power
Ambareesh Baliga, Karvy Stock Broking
integration should improve profitability of Godawari Power & Ispat
going ahead. Though its not in a high technology field, it looks cheap
from a valuation angle. We are looking at a price of about Rs 140 in
about 8-9 months.
  19-03-2007      Recommended Price Rs. 75.00 Current Price Rs. 118.55 (Gain 58.07 % )     
Jagdish Malkani, NSE Member
IDBI with a price target of Rs 110 by year-end. The current market
price of the company does not capture its holdings in many companies
like NSE, CDSL, NSDL etc.
  17-03-2007      Recommended Price Rs. 194.00 Current Price Rs. 432.30 (Gain 122.84 % )     
Kewal Kiran Clothing
Kashyap Pujara,
Kiran Clothing is among the few manufacturers of branded apparels in
India. We suggest a long-term Buy on the stock with a target price of
Rs 297.
  15-03-2007      Recommended Price Rs. 425.00 Current Price Rs. 455.50 (Gain 7.18 % )     
Electrotherm India
Ashish Chugh, Investment Advisor
Electrotherm India’s expansion projects going on stream and new product
launches in the auto segment, the pace of growth in the coming years
may be much more than ever before. For FY 06-07, we expect sales of
around Rs 700-750 cr and PAT of Rs 40-45 cr.
  07-03-2007      Recommended Price Rs. 224.00 Current Price Rs. 312.25 (Gain 39.40 % )     
Bayer Cropscience
S.P.Tulsian, Investment Advisor
Cropscience is likely to sell its land plot at Rs 1,600 cr. It is also
likely to post an EPS of close to Rs 19 for CY 07. With P/E multiple of
18, share can touch Rs 350 in next 12 months.
  05-03-2007      Recommended Price Rs. 316.00 Current Price Rs. 249.95 (Loss -20.90 % )     
Cadila Healthcare
Nirmal Jain, India Infoline
formulations growth of Cadila Healthcare is likely to rebound in FY08.
We estimate net profit to witness revenue CAGR of 32% to Rs 3.5
billion. We maintain BUY with a target price of Rs 417, an upside of
  23-02-2007      Recommended Price Rs. 72.00 Current Price Rs. 152.25 (Gain 111.46 % )     
Mukta Arts
S.P.Tulsian, Investment Advisor
at the valuation of the archive films as well as the new production and
the potential of film institute being established by the company, the
share holds good potential to appreciate and can give returns of over
50% in the next 6 to 12 months.
  21-02-2007      Recommended Price Rs. 190.40 Current Price Rs. 279.25 (Gain 46.66 % )     
Ankur Drugs
Jagdish Malkani, NSE Member
Malkani, NSE Member says Ankur Drugs which is a contract manufacturing
company has good potential to become a multibagger & recommends it
with price target of Rs 300 over 12 months.
  12-02-2007      Recommended Price Rs. 135.00 Current Price Rs. 101.20 (Loss -25.04 % )     
Rajen Shah, Angel Broking
is working out a major investment plan for its core tractor business to
ramp up capacity. We expect the company to turnaround in FY2007.
  06-02-2007      Recommended Price Rs. 301.00 Current Price Rs. 145.85 (Loss -51.54 % )     
Kashyap Pujara,
Pujara maintains Buy rating on Steelcast for target of Rs 413 with
holding period of one year, at which, the stock would quote at 9x FY08
  02-02-2007      Recommended Price Rs. 43.00 Current Price Rs. 55.05 (Gain 28.02 % )     
Bhagyanagar India
Ambareesh Baliga, Karvy Stock Broking
India has forayed into real estate and infrastructure development to
unlock value of its existing land bank of 3 Mn sq ft. The stock is
valued at Rs 65 a share an upside of 51% from the current stock price
of Rs 43.
  29-01-2007      Recommended Price Rs. 337.00 Current Price Rs. 421.00 (Gain 24.93 % )     
Opto Circuits
Nirmal Jain, India Infoline
like OCIL’s business model and believe the model would be difficult to
replicate. OCIL is witnessing strong volumes on its base business (SpO2
sensors & pulse oxymeters) which are estimated to witness revenue
CAGR of 31% over FY06-08.
  25-01-2007      Recommended Price Rs. 0.00 Current Price Rs. 818.00 (Loss 0.00 % )     
Deven Choksey, KR Choksey
is witnessing significant improvement in profitability YoY and QoQ due
to improvement in business mix towards international business and more
value added services. The company expects to grow at 45-50% YoY.
  23-01-2007      Recommended Price Rs. 91.00 Current Price Rs. 99.00 (Gain 8.79 % )     
Hindustan Oil Exploration
Jagdish Malkani, NSE Member
Malkani, NSE Member is positive on the prospects of Hindustan Oil
Exploration. He believes that the stock price can touch Rs 150 in a
years time.
  17-01-2007      Recommended Price Rs. 81.00 Current Price Rs. 93.90 (Gain 15.93 % )     
Carnation Nutra-Analogue
Ashish Chugh, Investment Advisor
company sells a product which currently has the largest market share
& is still to enter the growth phase. It also has a good management
capable of scaling up operations considerably to meet the demand, a
small equity capital & high promoter’s stake.
  04-01-2007      Recommended Price Rs. 339.70 Current Price Rs. 515.95 (Gain 51.88 % )     
Gayatri Projects
Nirmal Jain, India Infoline
Projects has order book of Rs 2390 Cr with an average gestation period
of 2.5 years, expected to drive top line CAGR of 41.7% during FY06-08.
The stock enjoys one-year target price of Rs 517, representing an
upside of 59.6%.
  29-12-2006      Recommended Price Rs. 188.05 Current Price Rs. 372.00 (Gain 97.82 % )     
JMC Projects
Deven Choksey, KR Choksey
is on the growth trajectory with an order book of Rs 845 crore, more
than double as compared to the last year. We recommend long term
investors to buy the stock.
  27-12-2006      Recommended Price Rs. 630.00 Current Price Rs. 848.60 (Gain 34.70 % )     
Great Offshore
Deven Choksey, KR Choksey
expansion plans amounting to $ 220 million would enable the company to
grow revenue a at faster pace in FY09 and there after.
  22-12-2006      Recommended Price Rs. 113.80 Current Price Rs. 145.15 (Gain 27.55 % )     
Indraprastha Gas
Nirmal Jain, India Infoline
believe that low business risk and growth prospects of the company will
drive valuations for the stock and hence we recommend a BUY on the
stock with a target price of Rs 162.
  20-12-2006      Recommended Price Rs. 72.00 Current Price Rs. 169.45 (Gain 135.35 % )     
GMR Infra
S.P.Tulsian, Investment Advisor
from airports, the company can be termed as a real estate play having
land of over 3000 acres available for commercial development near
Hyderabad Airport. The share has potential to appreciate by over 200%
in the next 24 months.
  18-12-2006      Recommended Price Rs. 250.00 Current Price Rs. 667.95 (Gain 167.18 % )     
Indo Tech Transformers
Jagdish Malkani, NSE Member
Buy Indo Tech Transformers it is is a great play on the power sector & has also attracted lot of FII buying interest.
  05-12-2006      Recommended Price Rs. 42.65 Current Price Rs. 43.00 (Gain 0.82 % )     
Premier Explosives
Ambareesh Baliga, Karvy Stock Broking
account of high other income and low interest cost, we are increasing
our net profit estimate for FY07. Buy with a price target of Rs 80.
  01-12-2006      Recommended Price Rs. 169.00 Current Price Rs. 350.00 (Gain 107.10 % )     
Shalimar Paints
Ashish Chugh, Investment Advisor
believe that the company is grossly undervalued compared to its peers
and carries potential to reduce the huge valuation gap which exists
  28-11-2006      Recommended Price Rs. 264.00 Current Price Rs. 486.00 (Gain 84.09 % )     
Himadri Chemicals
Meherboon Irani, Darashaw and Co
prospects of Himadri Chemicals look good and with expansion plans well
laid out over the next 3-4 years, the stock price of Rs. 400 looks
attainable by FY 08 closing.
  27-11-2006      Recommended Price Rs. 114.00 Current Price Rs. 145.15 (Gain 27.32 % )     
Indraprastha Gas
Jagdish Malkani, NSE Member
stock is a play on the natural gas distribution. The company is
expected to post an EPS of Rs 10. The stock can shoot up if there are
specific triggers like change in FII limit.
  17-11-2006      Recommended Price Rs. 280.00 Current Price Rs. 545.85 (Gain 94.95 % )     
S.P.Tulsian, Investment Advisor
cement and engineering sector enjoys better multiple on the bourses and
this company has combination of both the sectors Hence, KCP has scope
of P/E expansion, which can take share price to cross Rs 500 mark in
the next 12 months.
  15-11-2006      Recommended Price Rs. 239.00 Current Price Rs. 236.00 (Loss -1.26 % )     
Kashyap Pujara,
is a fundamentally sound company with growth visibility in all the
segments that it is operating. Buy with a price target of Rs 625 with a
two year holding period.
  10-11-2006      Recommended Price Rs. 128.00 Current Price Rs. 236.00 (Gain 84.38 % )     
Meherboon Irani, Darashaw and Co
at the favorable scenario in the power sector in India as well as the
future plans of Bilpower, the stock looks under priced and could go up
to Rs 200 in the next 6-9 months.
  10-11-2006      Recommended Price Rs. 426.00 Current Price Rs. 677.00 (Gain 58.92 % )     
Era Construction
Meherboon Irani, Darashaw and Co
stock valuation of Era Construction look cheap considering the
company’s expected growth prospectus. The stock can go up to Rs 600 in
the next 9-12 months.
  09-11-2006      Recommended Price Rs. 88.95 Current Price Rs. 121.65 (Gain 36.76 % )     
3i Infotech
Deven Choksey, KR Choksey
is poised to grow both organically and inorganically, thereby
leveraging its earnings in BFSI space. It has a strong growth
potential, we recommend a Buy.
  08-11-2006      Recommended Price Rs. 292.75 Current Price Rs. 260.00 (Loss -11.19 % )     
Indoco Remedies
Kashyap Pujara,
expect revenues to grow by 25% in FY07 and APAT to grow by 49% in FY07.
We retain our Buy rating on the stock with a target price of Rs 500
  04-11-2006      Recommended Price Rs. 75.00 Current Price Rs. 161.75 (Gain 115.67 % )     
Selan Explorations
Ashish Chugh, Investment Advisor
the focus of the world on Energy, we believe that Oil Exploration
stocks would continue to command high valuations on the bourses in
times to come. The forthcoming issue of Cairn Energy may lead to a
re-rating of the stock of Selan Exploration.

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