WiproBSE 2.07 %: The stock has operating margin levers such as improving utilization level and increasing offshore revenue. Wipro's utilization level is currently at 66.1 per cent, which is nearer to its historic-low levels. The company has headroom to improve its utilization by ~500bp even if the management does not want to run a tight ship.
We recommend the stock with a target price of Rs 567.
ICICI Bank: The bank's substantial branch expansion (from 1,388 branches at the end of 1QFY2009 to 3,350 branches by 1QFY2014) and strong capital adequacy at 18.35 per cent (tier-1 at 12.5%) positions the bank to grow its loan book at a faster rate than the system average as and when the business environment turns conducive.
We maintain our 'buy' view on the stock with a target price of Rs 1,181.
Axis Bank: In the near term, given the weak macro environment and cautious outlook for the sector, stocks such as Axis BankBSE -1.43 % may undershoot fair value estimates, but from a relative point-of-view compared to peers, it remains one of the preferred banks, in our view, from a medium-term perspective.
We maintain our buy recommendation, with a target price of Rs 1,392.
Cipla: Cipla BSE -1.01 % is one of the largest players in the domestic formulation market, with a market share of around 5%, contributing 47% to the total turnover in FY2013. The company plans to focus on growing its market share and sales by increasing penetration in the Indian market, especially in rural areas, and plans to expand its product portfolio.
We expect the company's net sales to post a 15.5 per cent CAGR to Rs 10,796 crore and EPS to record a 12.1 per cent CAGR over FY2013-15E.
We maintain a buy on the stock with target price of Rs 390.
United Phosphorous: The company figures among the top five generic agrichemical players in the world, with a presence across major markets such as the US, EU, Latin America and India.
Going forward, around $7bn worth of products would be going off-patent in the next 2-3 years, augmenting the overall growth opportunity for generic players like UPL.
We recommend the stock with a target price of Rs 225.
We recommend the stock with a target price of Rs 567.
ICICI Bank: The bank's substantial branch expansion (from 1,388 branches at the end of 1QFY2009 to 3,350 branches by 1QFY2014) and strong capital adequacy at 18.35 per cent (tier-1 at 12.5%) positions the bank to grow its loan book at a faster rate than the system average as and when the business environment turns conducive.
We maintain our 'buy' view on the stock with a target price of Rs 1,181.
Axis Bank: In the near term, given the weak macro environment and cautious outlook for the sector, stocks such as Axis BankBSE -1.43 % may undershoot fair value estimates, but from a relative point-of-view compared to peers, it remains one of the preferred banks, in our view, from a medium-term perspective.
We maintain our buy recommendation, with a target price of Rs 1,392.
Cipla: Cipla BSE -1.01 % is one of the largest players in the domestic formulation market, with a market share of around 5%, contributing 47% to the total turnover in FY2013. The company plans to focus on growing its market share and sales by increasing penetration in the Indian market, especially in rural areas, and plans to expand its product portfolio.
We expect the company's net sales to post a 15.5 per cent CAGR to Rs 10,796 crore and EPS to record a 12.1 per cent CAGR over FY2013-15E.
We maintain a buy on the stock with target price of Rs 390.
United Phosphorous: The company figures among the top five generic agrichemical players in the world, with a presence across major markets such as the US, EU, Latin America and India.
Going forward, around $7bn worth of products would be going off-patent in the next 2-3 years, augmenting the overall growth opportunity for generic players like UPL.
We recommend the stock with a target price of Rs 225.
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