In an exclusive interview with Myiris.com, Prashanth Tapse, Sr.Research Analyst, Mehta Equities gave views on 3 buzzing stocks on Nov 30, 2010. The same are as follows:
Vijayeswari Textiles (VTX)
Shares of the company gained Rs 2.75, or 11.11%, to settle at Rs 27.50. It touched a high of Rs 28 and a low of Rs 24.50. The company plans to set up a 20 MW wind energy plant at Tirunelveli in Tamil Nadu with an investment of Rs 1.5 billion. It has proposed to execute the project through its subsidiary Seshraj Energy (P).
Prashanth Tapse: VTX has outperformed market inline with the sector which is doing pretty well. We are bullish on textile space particularly those relating to the spinning units. They have been among the large gainers over the last 6-8 months and would remain positive on the textile stocks and look to buy at supports levels. Technically Rs 29 acts as a strong resistance level and any fresh position should be traded with a target of Rs 35 and stoploss of Rs 25 for medium term. Overall sector trend remains positively biased in the medium term.
Ramco Systems
Shares of the company gained Rs 5.05, or 4.48%, to settle at Rs 117.85. It touched a high of Rs 117.85 and a low of Rs 113. The company has inked pact with Aveos for MRO.
Prashanth Tapse: The stock was in action on the back of news reporting which says that it has signed a deal Aveos for MRO. As a support service to the aviation industry, India`s MRO (Maintenance, Repair & Overhaul) segment is estimated to grow at 10% and reach USD 1.17 billion by 2010 and $2.6 billion by 2020. The MRO manpower costs in India vary from USD 30 to USD 35 per hour which is almost 60 per cent cheaper that that in Western Europe and the US . Technically we believe that the stock is likely to outperform the broader market and expect 15%-20% more upside from current level. One can trade with a target of 130-135 with a stop loss below 110 for medium term prospective.
Rural Electrification Corporation (REC)
Shares of the company gained Rs 30.2, or 9.45%, to settle at Rs 349.70. It touched a high of Rs 359.80 and a low of Rs 319.60. The company approved a proposal for foreign currency borrowings not exceeding USD 500 million. The stock included in MSCI Index.
Prashanth Tapse: REC gained momentum on the back of inclusion in MSCI Index which triggered investor`s sentiments to step-in with long term confidence followed by an approval for foreign currency borrowings. Technically we have seen the stock formed a positive crossover very close to the oversold territory and we believe the stock will go up and test the 380-400 level with a stop loss of Rs 340.
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