Motilal Oswal has released a report that Blue Chip powerhouse Cummins India will be an important beneficiary of the new CPCB-2 norms notified by the Central Pollution Control Board for implementation wef April 1, 2014 for Diesel gensets upto 800kw (~1000hp)
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Shriram Transport Finance Corporation: Motilal Oswal Research Report
Shriram Transport‘s 3QFY11 PAT grew 27% YoY to Rs 3 billion, driven by 45% YoY growth in net income (including income from securitization). This was led by disbursement growth of 30% YoY and NIM improvement (on AUM) by 57bp QoQ to 8.91%. In 3QFY11 SHTF provided Rs 552.7 million to comply with recent RBI guidelines to provide 25bp on standard assets
READ MORE »BHEL – Motilal Oswal Research Report
BHEL‘S Order backlog at the end of 1QFY11 was Rs1,480b, a book-to-bill ratio of 4.4x TTM, providing the best revenue visibility in our engineering universe. We expect earnings and revenue CAGR of 22% and 24% respectively with margin expansion of 160bp at 22.1% over FY10-12. After capacity expansion to 20GW by 2012, BHEL‘s capacity will be at par with its Chinese and Korean counterparts, giving BHEL muscle to compete, execute and deliver on time. Our EPS estimates for BHEL are Rs119 for FY11 and Rs147 for FY12. Our price target is Rs2,934, an upside of 19% from current levels. Maintain Buy.
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