>McNally Bharat(ANAND RATHI)

Re-iterate Buy. McNally Bharat reported strong revenue and
earnings growth for 2Q. Faster execution of projects helped
revenue beat our estimates, while earnings were in line. We reduce
earnings estimates (mainly to account for higher interest costs)
and cut our target price to Rs85 from Rs168. Maintain Buy.

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>Infosys ADR (FSA)

Fundamental research indicates a 14% upside in the common stock over the next 6-12 months. We
have calculated the target price based on fundamental factors, using a weighted average of target
prices obtained using DCF and comparative valuation methodologies.
We reiterate the common stock a BUY, with a 6-12 month target price of INR1,400.

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>Vikasha ind(Sunidhi)

Andhra Pradesh-based VIL was incorporated in the name of Visaka
Asbestos Cement Products in Jun 81 and acquired its present name in
Aug 1990. It came out with a rights issue in 1992 aggregating Rs.5 crore
(29.85 lakh equity shares at a premium of Rs 7) to part-finance the
Rs.23 crore expansion project at it's synthetic yarn facility at Nagpur.
During FY2006-07, it made preferential issue of shares, which raised its
equity capital to Rs 15.9 crore.
It manufactures asbestos cement sheet and synthetic blended yarn.
The cement sheet division contributes 80% of the total revenue with
20% coming from yarn division.

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