**[investwise]** J Kumar Infra (JKIL)-BUY, Target Rs 350

 

JKumar Infra-Urban Play BUY JKIL is likely to report a 49% earnings CAGR over FY09-12. Given steady order inflows and a proven execution record, we raise FY10 and FY11 earnings estimates by 25% and 21%, respectively. We estimate a 49% CAGR in J Kumar's earnings over FY09-12. Healthy order book. J Kumar's Rs14.5bn order book (3.7x FY09 and 3.1x TTM revenues) is a healthy mix of varied projects –transport engineering, skywalks, irrigation, civil construction and piling. It has an average execution period of two years. Superior operating margins. J Kumar's operating margin (15%) is better than the sector average (10%) given its strengths: geographical concentration, owned machinery and manpower and a strategy of not bidding for sub-contract work. For FY10-12, we estimate it would maintain margins at current levels. Macro growth opportunities… scale up in execution is key. Increase in outlay on infrastructure development would increase order flows to construction companies. J Kumar, with a threedecade long track record in Maharashtra, is in a good position to capitalise on the potential for infrastructure investment. Valuation. We value J Kumar at 10x FY11e earnings, a 50% discount to the average of large cap construction companies and a 25% discount to mid cap companies. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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**[investwise]** Aravali Sec-Another Day, Another Set Of Block Deals

 

14/9/2010 512344 Aravali Sec SUNDER DEVI SHARMA B 175000 22.25 14/9/2010 512344 Aravali Sec RACHNA SHARMA B 125000 22.13 14/9/2010 512344 Aravali Sec LE ROY SECURITIES P LTD B 100000 22.30 14/9/2010 512344 Aravali Sec NIRMAL JOHAR S 300522 22.25 Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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Fwd: Equity Special Report - 13th September 2010

 

 

JSW STEEL(CMP Rs.1217)
STOP LOSS – Rs.1195 TARGET - Rs.1270 / Rs.1301
JSW Steel has been in accumulation phase since last 1-2 months. With strong supports at Rs.1143 and Rs.1100. JSW is poised for a good break-out next week. Especially above 1228…it has its first target at Rs.1270. And on a strong weekly close above Rs.1270, targets are 1301 and even Rs.1339—Rs.1400 seems possible. On a monthly chart, the fast stochastics is just coming out of 30-40 zone, and giving a buy call, by crossing its average line 5-13 EMA, has crossed 21 EMA and has generated a BUY CALL on daily charts.
A trader can maintain Stop-Loss at 1195 or maximum at 1161.

HIND OIL EXPLORATION LTD (CMP Rs.245)
STOP LOSS - Rs.234 on a closing basis TARGET - Rs.259 / Rs.274
Hind oil exploration looks good for the coming week for delivery based target of Rs.259 and Rs.274.Second target can take 2-3 weeks time to reach. 5 & 13 EMA band is taking support of 34 EMA on daily charts and ROC is in the buy mode in addition, there seems to be an inverted Head & Shoulder pattern developing. On weekly charts 5-13 EMA is about to cross 34 EMA which will be a very good sign for bulls.

AJMERA LTD (CMP Rs.225)
STOP LOSS - Rs.209 TARGET - Rs.240 / Rs.260
Ajmera seems poised for a fast track upmove, in coming weeks. It made a high of Rs.320 around in 2009 and a recent low of Rs.140.its slowly picking up strength from recent bottom with volume also picking up, this stock seems to have initial target of 240—260. September month closing may decide further upmove in this stock. Normally, such momentum stocks gets fired up, once they cross, some immediate resistance levels…here Rs.240-Rs.259 zone seems to be such area. One would not be surprised, if after reaching these target zone, the stock crosses Rs.320 levels. Recent cross over of 89-200 EMA looks to suggest good potential in this stock.

Source - Latin Manharlal Securities Pvt. Ltd.

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**[investwise]** Bill Bonner-Gold Makes A Lifetime High $1267/oz..gets set for a home run!

 

Strikes make travel tough today - in both London and Paris. The unions have called for massive snarl-ups to protest governments' efforts to bring spending under control. The subways aren't running. Trains are halted. The French leftist newspaper, Liberation, says that "millions are expected to take to the streets." Just another pain in the neck for travelers? Or, the beginning of the end for the welfare state? More below... Meanwhile, Wall Street did no damage yesterday. It left peoples' money where it found it...as The Street took off for Labor Day. But the financial press didn't stop...and neither did we atThe Daily Reckoning.  The most amazing thing is that the people who are supposedly the most able thinkers seem unwilling to do any thinking. So many well-educated, smart economists spend their lives trying to understand what is going on. So few really seem to care. So many economists.... If you could take all the world's economists and lay them end-to-end, you should do it. The world would be a better place with out them. And take Paul Krugman...please! He's in The New York Times this morning with an analysis worthy of a Ph.D. economist/Nobel Prize winner...but unworthy of a first year philosophy student, cab driver or hairdresser. At least he is efficient. In the space of just a few well-chosen paragraphs he is able to misunderstand the entire economic world.  More on that too...but not today... Today, we're waiting... Wise investors spend 90% of their time waiting for something to happen. The other 10% of the time they are caught off guard when it finally does happen. Here at The Daily Reckoning we are still waiting for the washout...the sell-off...the final leg down of the bear market that began in January 2000. The Dow should sink below 7,000. Most commodities should go down...along with art, collectibles, and labor costs. (Oil is down below $75 this morning.) US housing should lose another 10% to 30% of its value. Even gold should sell off... ..or maybe not.  How do we know this market downturn is coming, you ask?  We don't. But it's too likely to ignore.  "Stock market valuations actually hit their last low in the mid-'70s. They spent the next nearly 10 years shilly shallying around," said an investment pro yesterday. Our friend in London has been operating an independent investment research company for nearly 30 years. "It's so complicated," he went on. "And inflation distorts the picture. It's probably best to think about it in terms of gold. Gold is the only real money. And bear markets are fundamentally an adjustment between money and stocks.  Sometimes people are hopeful and want the upside of stocks. Sometimes they are fearful and want the protection of cash in hand. The adjustment can happen in either direction - either with an increase in the price of money or a decrease in the price of stocks." At the ratio's peak in 1998, it took 43 ounces of gold to buy a single unit of the Dow - a single share in each of the companies that make up the average. Back in '98, investors really took leave of their senses. They thought computers and modern communications were creating a brave new world where the old rules no longer applied.  "This time it's different," they said, and paid good money for stocks in companies with no earnings, no history, and business plans that were little more than wishful thinking. Since then, investors' optimism has been hammered out of them.  By a bust in the NASDAQ, the 9/11 disaster, Bush II, Hurricane Katrina, Iraq, Afghanistan, the huge bubble of '05-'07...subprime, another stock market bust, 10% unemployment, Lehman Bros., Obama, and other catastrophes. The ratio of gold to stocks has already come down to under 10. But there's much further to go. At its low-point, gold and the Dow tend to trade at a ratio of 2 to 1...or even 1 to 1.  Where might we find the low point of this market? "Well, maybe if gold were to rise to $3,000 and the Dow were to fall to 6,000, we might be at a bottom," continued our London sage. "And we might be talking about another 5 to 10 years with no positive returns for the average stock market investor." We're not wise enough to know what will happen. And we're not fool enough to think we know. But there's no need to take the analysis too far. A bull market takes prices up. A bear market brings them down. A bear market began in January 2000. The big risk is that the bear market hasn't completed its work...that stocks, housing, commodities, etc, still haven't reached their ultimate lows for this cycle. The danger of a new, major low is high. Investors should beware.  So we wait. And hold gold. Gold is not the only form of money. But it's the best form. And money becomes more and more valuable as people seek protection from the bear market...and from other forms of "money." If we're right, sometime in the future, investors' fear will reach its climax. Money will be as valuable as it's going to get. Assets such as stocks and houses will be as cheap as they are going to get. Then, it will be time to reverse the trade... Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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**[investwise]** CLSA-India'sWinnersOf2015 [1 Attachment]

 

[Attachment(s) from Maverick included below]

FYI   Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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Attachment(s) from Maverick

1 of 1 File(s)

CLSA-EmergingWinners2015.pdf

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Fw: Index Funds - Simple investment solution

 

Simple & easy way to invest in equity market is investing through " Index Funds".

 

Simplify further, by investing in them through our NSE terminals.

 

Just place the order with your cheque. Units will automatically get credited into your Demat account.

 

1. IDBI NIfty Junior Index Fund - NFO closes 15/09/2010 - Last 3 days

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Nifty Junior consists of most liquid stocks after Nifty ( 2nd rung 50 stocks ) Stocks are either from Large or Mid Cap category.

2. Reliance Index Fund  Nifty Plan

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Large Cap oriented fund tracking S&P CNX Nifty.  Diversified portfolio of very well known blue chip companies.  NFO closes on 23/09/2010.

3. Infra BeES - Like an Index Fund & also like a Stock - Best of both worlds

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An open ended listed index scheme ETF from Benchmark MF. Investment in infrastructure stocks in same proportion as in CNX Infrastructure Index CNX Infrastructure Index includes companies from Power, Road, Telecom, Port, Railways, Shipping etc., NFO closes on 23/09/2010.

Please note, for all the above mentioned NFOs, the traditional application form route is also available.

 

For further details, please contact your nearest branch of Integrated.For list of branches Visit http://www.iepindia.com/contact.aspx