>SMART IDEAS (LKP SHARES)

Focus Issue of the Month

Focus Issue of the Month - Union Budget - 2009-10 - Analysis & Impact

Company Reports

Areva T&D India Ltd
While we are positive on its capacity expansion in high-rating power equipments and robust order intake, its high debt and higher contribution from low margin project business will lead to subdued growth in profits for the next two years. At 33xCY'09E earnings, Areva is fairly valued and we remain Neutral on the stock.

IDBI Bank Limited
IDBI Bank has transformed itself from a DFI into a full-service commercial bank. With Resource Mix shifting towards low cost deposits, we will witness NIMs expansion and improvement in CASA. We initiate coverage on IDBI Bank with a Buy recommendation with a target price of Rs.155, a return of 40% for a time frame of 12-18 months.

Impact Analysis of open offer for Great Offshore Ltd
We are likely to see a price war in the form of counter offers for the stake in Great Offshore Ltd. Bharati Shipyard Ltd has re - revised its bid for GOFS to Rs.405/ share as per SEBI rules. ABG Shipyard is also mulling over its options for the counter offer it has put across. Our estimates suggest that this acquisition will be more beneficial to BSL in all respects, financially, strategically as well as good synergies.

To see full report: SMART IDEAS