In an exclusive interview with Myiris.com, Prashanth Tapse, Sr Research Analyst, Mehta Equities has provided views on 3 buzzing stocks as on Oct. 28, 2010 which are as under:
Indian equities continued to drop for the third day on Thursday.
At the close, the benchmark 30-share index, BSE Sensex declined 64.33 points or 0.32% at 19,941.04 with 20 components registering drop. Meanwhile, the broad based NSE Nifty went down by 24.95 points or 0.41% at 5,987.70 with 36 components registering drop.
Bank of Baroda
Shares of the company gained Rs20.50, or 2.07%, to settle at Rs 1,010.80. It touched a high of Rs1,048.65 and a low of Rs 983.95. The bank posted a net profit of Rs 10,193 million for the quarter ended Sept. 30, 2010 as compared to Rs 6,341.80 million for the quarter ended Sept. 30, 2009, growth of 60.73%.
Prashanth Tapse: The stock was in action on the back of better than expected sept 2010 results. We believe BOB (Q,N,C,F)* has is consistently beating market forecasts on strong results, a 60.7% jump in net profit at Rs 10.19 billion for the second quarter ended September 30, 2010. The lender also reported an increase of 23.4% in total income for the quarter at Rs 5,839.9 crore, against Rs 47.30 billion in the last year. We expect BOB to grow at higher-than-industry average rate and post strong profit growth in relation to most of its peers. Technically the stock is expected to face some profit booking action as it made a 52 high of Rs 1048 on bse. We expect the stock to find support near 950 before making any fresh move. Overall trend remains positively biased in the medium term.
Bata India
Shares of the company gained Rs 8.35, or 2.47%, to settle at Rs 345.85. It touched a high of Rs 347.95 and a low of Rs 338.10. The company registered rise of 57.57% in net profit for the quarter ended Sep.30, 2010. Its profit for the current quarter stood at Rs 207.2 million against Rs 131.5 million for the same quarter a year ago.
Prashanth Tapse: Bata quarterly results are in line with our expectation. As per the announcement for the third quarter ended September 30th, 2010 The Net Sales of the Company grew by 12% at Rs 2.92 billion as against Rs 2.60 billion in the same period last year and a 58% growth in Net Profit. The excellent performance was on the back of higher sales and profitability due to continued expansion plan by adding new retail stores. Technically we expect the stock to consolidate at these levels while overall trend remains positively biased with a medium term target of Rs 360.
Chartered Logistics
Shares of the company gained Rs 1.23 , or 4.99%, to settle at Rs 25.86. It touched a high of Rs 25.86 and a low of Rs 25.86. The company`s board will meet on Nov 5, 2010 to consider bonus issue of shares and to declare interim dividend.
Prashanth Tapse: The stock was in action on the back announcement that its board will meet on Nov 5, 2010 to consider bonus issue of shares and to declare interim dividend. Recently the company reported rise of 94.76% in standalone net profit on y-o-y basis to Rs 15.6 million, while total income increased 38.44% y-o-y basis to Rs 39.77 crore for the quarter ended June 2010. Chartered Logistics outperformed the market over the past one month till Oct. 26, 2010, rising 60.80% in comparison with the Sensex`s 0.88% rise. It outperformed the market in past quarter, gaining 151.45% as against 12.22% rise in the Sensex. We believe that the stock is likely to outperform the broader market and expect 10% to 15% more upside from the level. Fresh position should be traded with a stoploss of Rs 21.5 with a medium term target of Rs 32.
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