Fw: Investor's Eye: Update - M&M (Ssangyong deal to strengthen luxury portfolio)

Investor's Eye [November 24, 2010]  Sharekhan www.sharekhan.com Summary of Contents STOCK UPDATE Mahindra & Mahindra Cluster: Apple Green Recommendation: Hold Price target: Rs809 Current market price: Rs785 Ssangyong deal to strengthen luxury portfolio  Mahindra and Mahindra (M&M) has signed a definitive agreement with South Korea?s Ssangyong Motor Company (Ssangyong) to acquire a 70% stake in the latter for $463 million (approximately Rs2,080 crore) of which $378 million (approximately Rs1,700 crore) is from new stocks and $85 million (approximately Rs380 crore) from corporate bonds. The acquisition will be finalised by March 2011. Ssangyong would utilise the money to repay debt. We maintain our Hold recommendation and price target for M&M. We expect its automotive volumes (including pick-ups) to grow by 29% and tractor volumes to grow by 10.8% in FY2011. Our sum-of-the-parts (SOTP) valuation target for M&M is Rs809 per share (the core business is valued at 13x FY2012 earnings and the subsidiaries are valued at Rs140 per share).   Click here to read report: Investor's Eye   Regards, The Sharekhan Research Team myaccount@sharekhan.com  Manage your newsletter subscriptions

Fw: IPO Flash: MOIL

IPO Flash  [November 24, 2010] Sharekhan www.sharekhan.com Summary of Contents   IPO FLASH Please find the IPO Flash on MOIL dated November 24, 2010. Click here to read report: MOIL   Regards, The Sharekhan Research Team myaccount@sharekhan.com

Fw: IPO Note: Manganese Ore India Ltd (MOIL) – Subscribe

IPO Note: Manganese Ore India Ltd (MOIL) – Subscribe Price band Rs340-375   MOIL has over four decades of experience in manganese ore mining operations. It enjoys a near monopoly with a dominant 50% share in the domestic manganese production and is also one of the lowest cost producers of manganese ore in the world. MOIL was conferred with 'Mini Ratna' status by Government of India in FY08. A debt-free company, it has a healthy balance sheet with strong cash flows. As on H1 FY11, its cash balance stood at Rs17.6bn, which translates into Rs105 per share. It has witnessed revenue and PAT CAGR of 31% and 42% respectively, over the last four years. Presently, it is enjoying OPM of 70.3% and PAT margin of 52.1%. We recommend investors to 'SUBSCRIBE' the issue.     http://content.indiainfoline.com/wc/research/researchreports/MOIL_241110.pdf