Stock Reco 01112011

PRIVATE CLIENT RESEARCH
STOCK RECOMMENDATIONS
NOVEMBER 1, 2011
Stock Recommendations
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
1-Nov
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
PE (x)
RoE (%)
P/ABV (x)
FY11
FY12E
FY11
FY12E
FY11E
FY12E
FY11E
FY12E
Banking
Allahabad Bank
66,536
25-Jul-11
218
248
BUY
149
66.5
29.9
37.1
5.0
4.0
21.3
21.8
0.9
0.8
Andhra Bank
58,467
1-Aug-11
135
167
BUY
121
38.5
22.6
26.2
5.3
4.6
23.2
21.3
1.1
1.0
Axis Bank
462,831
24-Oct-11
1,124
1,500
BUY
1,136
32.0
82.5
99.4
13.8
11.4
19.3
19.8
2.5
2.1
Bank of Baroda
291,819
1-Nov-11
771
1,050
BUY
798
31.5
108.3
120.1
7.4
6.6
25.3
21.7
1.6
1.4
1,121,878
20-Oct-11
492
575
BUY
482
19.2
16.9
21.5
28.5
22.4
16.7
18.4
4.5
3.9
997,836
1-Nov-11
930
1,336
BUY
895
49.3
45.5
51.9
19.7
17.2
9.7
10.4
2.0
1.8
Indian Bank
93,067
1-Aug-11
225
305
BUY
217
40.8
39.9
44.4
5.4
4.9
22.4
20.8
1.2
1.1
Indian Overseas Bank
54,208
31-Oct-11
98
105
ACCUMULATE
100
5.5
17.3
13.9
5.8
7.2
14.8
10.2
0.9
0.9
Jammu & Kashmir Bank
39,848
2-Aug-11
887
1,060
BUY
822
29.0
126.9
143.9
6.5
5.7
19.0
18.6
1.2
1.0
319,291
29-Jul-11
1,100
1,400
BUY
1,013
38.3
139.9
163.0
7.2
6.2
23.0
22.1
1.8
1.5
29-Aug-11
BUY
HDFC Bank
ICICI Bank
Punjab National Bank

State Bank of India
Union Bank of India
1,207,161
1,889
2,545
1,901
33.8
130.2
159.1
14.6
12.0
12.6
14.7
2.3
2.0
111,707
25-Oct-11
212
275
ACCUMULATE
221
24.3
39.7
35.6
5.6
6.2
18.9
15.8
1.2
1.2
1,005,926
NBFCs
HDFC Ltd
18-Oct-11
672
720
ACCUMULATE
684
5.2
24.1
26.8
28.4
25.5
21.7
21.7
6.1
5.6
IDFC
170,815
29-Jul-11
129
175
BUY
132
32.9
8.8
8.3
15.0
15.9
14.1
10.4
1.7
1.6
LIC Housing Finance
111,435
21-Jul-11
217
240
ACCUMULATE
235
2.3
20.5
23.9
11.4
9.8
26.0
25.1
2.7
2.3
Mahindra & Mahindra Financial Services 63,138
25-Oct-11
638
810
BUY
660
22.8
45.2
54.0
14.6
12.2
21.9
20.4
2.8
2.4
Shriram Transport Finance Co
28-Jul-11
667
760
ACCUMULATE
608
25.0
54.4
62.4
11.2
9.7
29.0
27.2
3.0
2.4
136,170
November 1, 2011
Name of the Company
Mkt
Cap
(Rs mn)
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
1-Nov
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
FY11
PE (x)
RoE (%)
EV/EBIDTA (x)
FY12E
FY11
FY12E
FY11E
FY12E
FY11E
FY12E
Automobiles
Ashok Leyland
69,692
21-Jul-11
25
23
26
(12.2)
2.4
2.1
11.1
12.5
16.6
13.5
7.7
8.3
Bajaj Auto
496,915
21-Oct-11
1,614
1,666
ACCUMULATE
1,714
(2.8)
90.4
107.4
19.0
16.0
66.7
50.7
13.5
11.7
Hero MotoCorp Ltd
427,470
20-Oct-11
2,067
1,838
REDUCE
2,137
(14.0)
96.5
112.0
22.1
19.1
60.0
68.2
14.5
11.0
TVS Motors
Maruti Suzuki India Ltd
Escorts Ltd
REDUCE
31,357
14-Sep-11
59
70
327,582
1-Nov-11
1,125
1,112
BUY
8,123
8-Aug-11
88
157
BUY
REDUCE
66
6.1
4.1
5.2
16.1
12.7
21.2
22.5
9.3
7.9
1,134
(1.9)
79.2
64.0
14.3
17.7
17.8
12.6
8.4
11.5
85
84.4
15.2
13.9
5.6
6.1
8.1
6.8
5.9
3.8
Capital Goods & Engineering

ABB #
145,762
10-Aug-11
806
623
REDUCE
688
(9.4)
2.8
16.6
245.7
41.4
2.6
13.7
22.7
18.7
AIA Engineering
29,582
15-Sep-11
313
355
ACCUMULATE
315
12.8
19.4
21.0
16.2
15.0
18.8
17.6
12.3
11.5
Areva T&D India Ltd #
49,652
16-Aug-11
223
245
REDUCE
208
17.9
7.2
7.6
28.9
27.3
18.5
17.1
13.3
12.7
6.4
Bajaj Electricals
19,310
29-Jul-11
216
285
BUY
195
45.8
14.7
16.5
13.3
11.8
26.3
24.0
7.6
127,116
31-Oct-11
1,562
1,913
BUY
1,589
20.4
108.8
119.9
14.6
13.3
18.7
17.9
8.8
7.5
Blue Star
18,295
31-Oct-11
211
227
REDUCE
204
11.5
17.1
8.6
11.9
23.7
28.9
13.1
8.9
11.8
Crompton Greaves
89,022
20-Oct-11
144
130
REDUCE
139
(6.3)
14.3
9.7
9.7
14.3
28.6
16.6
6.3
7.8
Bharat Electronics
Cummins India
108,870
8-Aug-11
439
507
BUY
393
29.1
29.8
32.9
13.2
11.9
35.1
32.3
12.9
11.4
Diamond Power Infrastructure
4,096
8-Sep-11
110
173
BUY
110
57.3
29.6
24.1
3.7
4.6
26.4
15.8
4.4
4.8
Everest Kanto Cylinder
6,384
2-Aug-11
92
106
ACCUMULATE
60
75.5
6.3
9.0
9.6
6.7
10.4
12.2
7.2
5.0
21,204
25-Oct-11
89
110
BUY
87
26.7
4.9
7.1
17.7
12.2
25.0
30.0
10.3
7.2
2,107
11-Oct-11
131
195
BUY
133
46.2
20.8
17.9
6.4
7.4
20.4
15.8
3.1
3.3
45,812
1-Nov-11
ACCUMULATE
Greaves Cotton **
Gujarat Apollo Industries
Havells India Ltd
358
395
381
3.8
25.2
25.4
15.1
15.0
57.6
37.9
9.4
8.5
2,678
17-Aug-11
38
52
BUY
37
39.0
6.1
4.5
6.1
8.3
17.7
11.5
5.1
5.8
16,793
25-Oct-11
99
140
BUY
109
28.0
12.5
12.5
8.8
8.8
17.8
15.4
4.6
5.2
Larsen & Toubro
811,789
24-Oct-11
1,336
1,500
ACCUMULATE
1,390
7.9
69.9
80.5
19.9
17.3
18.6
18.9
12.8
11.7
Siemens India (Sept end)
ACCUMULATE
845
2.4
28.2
33.7
30.0
25.1
24.2
23.8
17.4
14.2
37
15.4
2.6
14.3
7.1
17.7
7.3
Hindustan Dorr-Oliver
Kalpataru Power Transmission
279,579
2-Aug-11
922
865
Suzlon Energy
55,760
24-Oct-11
37
43
Thermax
54,544
21-Oct-11
424
483
ACCUMULATE
458
5.4
31.7
35.8
14.5
12.8
24.5
22.0
8.1
7.5
Time Technoplast Ltd
12,801
10-Aug-11
65
72
ACCUMULATE
61
17.6
5.1
5.5
12.0
11.1
16.4
14.8
7.5
6.6
Tractors India Ltd
3,997
28-Oct-11
406
560
BUY
400
40.1
60.0
53.2
6.7
7.5
20.0
15.0
4.5
4.6
Voltamp Ltd
4,951
16-Aug-11
472
519
ACCUMULATE
490
5.9
51.0
43.0
9.6
11.4
15.0
11.0
5.2
7.0
32,637
22-Sep-11
121
150
BUY
99
51.9
9.6
8.6
10.3
11.5
25.9
19.5
5.4
5.5
Voltas Ltd
Kotak Securities - Private Client Research
REDUCE
For Private Circulation
November 1, 2011
Mkt
Cap
(Rs mn)
Name of the Company
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
1-Nov
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
FY11
PE (x)
RoE (%)
EV/EBIDTA (x)
FY12E
FY11
FY12E
FY11E
FY12E
FY11E
FY12E
Cement
ACC #
222,419
5-Oct-11
1,101
1,081
REDUCE
1,184
(8.7)
59.6
62.9
19.9
18.8
17.9
17.3
13.6
10.3
Grasim Industries
228,429
25-Oct-11
2,358
2,763
BUY
2,491
10.9
246.9
257.2
10.1
9.7
16.7
15.1
4.5
3.9
India Cements
24,192
16-Aug-11
72
78
REDUCE
79
(1.0)
2.2
6.2
35.8
12.7
1.6
4.5
9.9
6.3
Shree Cement
66,947
2-Aug-11
1,791
1,784
REDUCE
1,922
(7.2)
60.2
58.7
31.9
32.7
10.7
9.6
7.9
7.0
313,223
21-Oct-11
1,111
1,174
ACCUMULATE
1,143
2.7
51.2
61.6
22.3
18.6
18.4
14.8
13.0
9.9
BGR Energy Systems
23,389
16-Sep-11
367
520
BUY
325
60.1
45.0
43.3
7.2
7.5
35.9
25.9
5.2
4.9
IRB Infrastructure Developers
54,175
21-Jul-11
186
246
BUY
163
50.9
13.6
14.3
12.0
11.4
20.3
18.2
7.6
7.2
IVRCL Infrastructure
BUY
UltraTech Cement
Construction
10,360
17-Aug-11
40
76
J Kumar Infraprojects
4,296
10-Aug-11
106
135
39
95.9
5.9
5.5
6.6
7.1
8.2
7.1
5.3
5.5
155
(12.6)
25.7
26.7
6.0
5.8
20.8
18.1
2.9
Jaiprakash Associates
166,863
17-Aug-11
59
90
2.6
BUY
76
18.4
3.0
3.4
25.3
22.4
11.5
6.8
9.8
5,303
2-Aug-11
86
9.6
130
BUY
68
90.5
6.9
7.0
9.9
9.8
8.5
7.9
6.6
13,329
16-Aug-11
6.4
63
90
BUY
52
73.2
6.4
6.7
8.1
7.8
7.1
7.0
7.6
7.2
Patel Engineering
6,777
Pratibha Industries Ltd
4,250
18-Aug-11
102
118
REDUCE
97
21.7
14.3
10.8
6.8
9.0
7.4
5.2
6.1
6.0
25-Oct-11
43
70
BUY
44
57.5
7.1
8.7
6.3
5.1
18.7
16.7
3.9
Punj Lloyd Ltd
3.3
18,685
17-Aug-11
56
60
REDUCE
56
6.4
6.6
8.5
7.1
16.1
Simplex Infrastructures
7.0
10,403
16-Aug-11
280
260
REDUCE
209
24.1
24.8
27.4
8.4
7.6
12.0
11.9
4.7
4.4
2,923
13-Sep-11
49
86
39
118.0
12.7
13.3
3.1
3.0
15.5
14.2
3.3
3.5
136,587
24-Oct-11
402
446
ACCUMULATE
422
5.7
14.9
16.6
28.3
25.4
35.9
29.0
24.0
18.5
1,611,825
25-Oct-11
207
220
ACCUMULATE
208
5.6
6.4
7.7
32.5
27.1
33.8
35.9
21.9
17.6
Madhucon Projects
Nagarjuna Construction
Unity Infraprojects
ACCUMULATE
BUY
FMCG
Godrej Consumer Products Ltd
ITC Ltd
November 1, 2011
Mkt
Cap
(Rs mn)
Name of the Company
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
1-Nov
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
FY11
PE (x)
FY12E
FY11
RoE (%)
EV/EBIDTA (x)
FY12E
FY11E
FY12E
FY11E
FY12E
3.4
Information Technology
Geometric Ltd
7-Sep-11
40
61
46
33.6
9.2
8.5
5.0
5.4
28.4
22.0
3.6
296,847
2,785
19-Oct-11
400
496
BUY
430
15.4
22.9
30.8
18.8
14.0
13.6
15.0
10.7
8.3
1,622,523
13-Oct-11
2,680
2,993
BUY
2,837
5.5
119.4
142.0
23.8
20.0
27.1
27.0
18.0
14.7
Infotech Enterpises
13,132
20-Oct-11
115
155
BUY
118
31.1
12.6
13.1
9.4
9.0
14.4
13.4
5.2
3.5
KPIT Cummins Infosystems
13,605
24-Oct-11
167
211
BUY
161
31.1
10.8
15.5
14.9
10.4
19.1
20.5
8.3
5.9
Mphasis BFL (Oct 10)
71,751
7-Sep-11
356
378
ACCUMULATE
344
10.0
37.7
33.2
9.1
10.4
21.7
16.3
5.8
5.2
7,930
24-Oct-11
46
63
BUY
48
30.8
5.6
5.1
8.6
9.4
17.2
14.5
6.6
5.8
13,246
19-Oct-11
227
300
BUY
226
32.8
30.7
31.6
7.4
7.1
27.4
23.0
4.9
3.8
176,096
7-Sep-11
1,819
2,110
BUY
2,103
0.3
132.3
115.5
15.9
18.2
22.9
16.5
13.1
12.2
43,956
20-Oct-11
331
378
ACCUMULATE
330
14.5
45.4
29.7
7.3
11.1
18.4
7.3
4.5
3.1
REDUCE
HCL Technologies (June end)

Infosys Technologies
NIIT LTD
NIIT Technologies
Oracle Financial Services Software
Patni Computer
R Systems International
ACCUMULATE
1,336
7-Sep-11
105
119
110
8.7
14.0
13.9
7.8
7.9
9.9
9.1
1.8
2.1
47,331
7-Sep-11
74
76
ACCUMULATE
70
7.9
4.2
6.5
16.8
10.8
27.4
34.9
2.4
4,024
1-Nov-11
42
47
SELL
41
14.4
12.1
11.4
3.4
3.6
29.9
22.4
7.2
4.9
2,169,680
18-Oct-11
1,120
1,240
BUY
1,108
11.9
44.4
54.7
25.0
20.3
37.6
42.3
18.9
14.9
Wipro Technologies
910,295
1-Nov-11
368
422
BUY
372
13.4
21.6
22.7
17.2
16.4
24.3
21.5
12.6
10.2
Zensar Technologies
5,577
25-Oct-11
126
195
BUY
129
50.8
30.4
33.4
4.3
3.9
34.0
28.6
4.5
2.9
Mahindra Satyam Ltd

Subex Azure Ltd
Tata Consultancy Services (TCS)
Logistics
Allcargo Global Logistics
19,701
18-Aug-11
167
195
ACCUMULATE
144
35.6
13.0
15.0
11.1
9.6
14.7
15.3
7.2
5.9
127,608
28-Oct-11
975
950
REDUCE
982
(3.2)
63.9
66.7
15.4
14.7
16.4
15.4
10.0
9.3
15,946
17-Oct-11
145
160
ACCUMULATE
148
8.4
8.9
9.5
16.6
15.5
13.6
13.6
11.4
9.7
320,760
19-Oct-11
153
166
ACCUMULATE
160
3.7
4.5
5.4
35.6
29.6
21.7
22.3
27.8
21.4
DB Corp
40,676
24-Oct-11
222
288
BUY
224
28.5
14.2
13.2
15.8
17.0
35.4
26.7
10.0
9.7
Entertainment Network (ENIL)
12,423
25-Jul-11
265
264
REDUCE
260
1.4
11.0
11.0
23.7
23.7
11.4
9.5
12.4
10.0
HT Media
33,237
25-Oct-11
140
200
BUY
142
40.9
7.7
9.3
18.4
15.3
14.9
14.2
8.5
6.7
TV18 Broadcast
16,236
12-Aug-11
63
78
45
73.9
1.0
44.9
5.3
42.1
12.9
Jagran Prakashan
32,990
25-Oct-11
107
140
BUY
110
27.7
6.6
7.3
16.6
15.0
32.0
31.4
9.2
8.6
Sun TV Network
100,825
2-Sep-11
303
391
BUY
256
52.8
19.5
22.2
13.1
11.5
36.0
32.8
6.0
5.4
Zee Entertainment Ent
115,453
18-Oct-11
113
97
SELL
118
(17.8)
6.3
6.0
18.7
19.7
17.9
18.3
12.7
13.8
Container Corporation of India

Gateway Distriparks Ltd
Mundra Port & Special Economic Zone
Media
ACCUMULATE
November 1, 2011
Mkt
Cap
(Rs mn)
Name of the Company
Latest
Report
Date
Price as
on latest
Report
(Rs)
Latest
price
target*
(Rs)
Latest
Reco
Price
as on
1-Nov
(Rs)
Upside/
(Downside)
(%)
EPS (Rs)
PE (x)
RoE (%)
EV/EBIDTA (x)
FY11
FY12E
FY11
FY12E
FY11E
FY12E
FY11E
FY12E
Metals & Mining

SAIL
480,095
4-Nov-10
193
215
ACCUMULATE
111
94.2
15.4
19.6
7.2
5.6
17.7
19.4
4.6
3.8
Sesa Goa
185,325
28-Oct-11
205
232
ACCUMULATE
208
11.4
48.6
43.0
4.3
4.8
40.7
26.3
1.9
5.4
570,380
21-Oct-11
294
310
REDUCE
300
3.4
33.3
35.8
9.0
8.4
17.1
15.5
6.6
4.9
119,115
1-Nov-11
493
470
REDUCE
482
(2.4)
19.7
19.2
24.5
25.1
65.8
60.0
15.4
15.5
55,259
10-Aug-11
102
105
SELL
99
6.6
8.6
9.8
11.5
10.1
26.7
24.1
7.0
6.3
Oil & Gas

Cairn India Ltd
Castrol India Limited
Gujarat State Petronet (GSPL)

Indraprastha Gas (IGL)
58,464
20-Oct-11
398
450
BUY
418
7.8
18.4
21.9
22.7
19.1
27.0
26.5
12.7
10.2
122,063
19-Oct-11
161
175
ACCUMULATE
163
7.5
8.1
13.9
20.1
11.7
23.9
32.6
12.4
8.0
1,462,428
28-Oct-11
174
220
BUY
177
24.0
11.0
12.1
16.1
14.7
14.0
14.1
10.2
11.6
35,234
27-Sep-11
250
315
ACCUMULATE
232
35.9
31.0
22.3
7.5
10.4
7.9
5.4
6.7
7.3
6,157
19-Sep-11
27
48
BUY
26
83.2
3.0
3.6
8.7
7.3
3.0
3.6
2.9
3.7
30,450
16-Aug-11
73
86
REDUCE
72
19.6
12.2
6.1
5.9
11.8
8.8
4.3
7.8
9.7
Petronet LNG
Power
NTPC
Shipping
GE Shipping Company
Mercator Line
Shipping Corporation of India
Source: Kotak Securities - Private Client Research

* All recommendations are with a 9-12 month perspective from the date of the report/update. Investors are requested to use their discretion while deciding the timing,
quantity of investment as well as the exit.
# Figures for CY10 & CY11
** Financials for FY11 are for 9 months - Jun 2010 - Mar-2011 due to change in acounting year
November 1, 2011
Fundamental Research Team

Dipen Shah
IT, Media
dipen.shah@kotak.com
+91 22 6621 6301
Saurabh Agrawal
Metals, Mining
agrawal.saurabh@kotak.com
+91 22 6621 6309
Ruchir Khare
Capital Goods, Engineering
ruchir.khare@kotak.com
+91 22 6621 6448
Amit Agarwal
Logistics, Transportation
agarwal.amit@kotak.com
+91 22 6621 6222
Sanjeev Zarbade
Capital Goods, Engineering
sanjeev.zarbade@kotak.com
+91 22 6621 6305
Saday Sinha
Banking, NBFC, Economy
saday.sinha@kotak.com
+91 22 6621 6312
Ritwik Rai
FMCG, Media
ritwik.rai@kotak.com
+91 22 6621 6310
Jayesh Kumar
Economy
kumar.jayesh@kotak.com
+91 22 6652 9172
Teena Virmani
Construction, Cement, Mid Cap
teena.virmani@kotak.com
+91 22 6621 6302
Arun Agarwal
Automobiles
arun.agarwal@kotak.com
+91 22 6621 6143
Sumit Pokharna
Oil and Gas
sumit.pokharna@kotak.com
+91 22 6621 6313
K. Kathirvelu
Production
k.kathirvelu@kotak.com
+91 22 6621 6311
Amol Athawale
amol.athawale@kotak.com
+91 20 6620 3350
Premshankar Ladha
premshankar.ladha@kotak.com
+91 22 6621 6261
Rahul Sharma
sharma.rahul@kotak.com
+91 22 6621 6198
Malay Gandhi
malay.gandhi@kotak.com
+91 22 6621 6350
Technical Research Team

Shrikant Chouhan
shrikant.chouhan@kotak.com
+91 22 6621 6360
Derivatives Research Team

Sahaj Agrawal
sahaj.agrawal@kotak.com
+91 22 6621 6343
Prashanth Lalu
prashanth.lalu@kotak.com
+91 22 6621 6110
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Name of the Company

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Kotak Securities - Private Client Research

For Private Circulation

Name of the Company

Metals & Mining

Oil & Gas

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Source: Kotak Securities - Private Client Research

Kotak Securities - Private Client Research

For Private Circulation

Fundamental Research Team

Technical Research Team

Derivatives Research Team

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