Brokerage House Recommendations

1. Buy Elecon Engineering; target of Rs 400: HDFC Sec
HDFC Securities has maintained buy rating on Elecon Engineering. Research firm believes that the performance of the company going forward is likely to grow at a robust pace, mainly due to the large investment capex lined up by Indian corporates across.

2. Buy Shiv Vani Oil; target of Rs 615: Sharekhan
Sharekhan research has recommended buy rating on Shiv-Vani Oil & Gas Exploration with a target price of Rs 615. At the current market price the stock trades at 17.2x CY2008E and 13.4x CY2009E earnings.

3. Buy Binani Cement; target of Rs 147: KJMC
KJMC Institutional is bullish on Binani Cement and has recommended buy rating on the stock with a 12-month target price of Rs 147. At CMP of Rs 112, the stock trades at P/E of 9.7x and 6.1x FY08E and FY09E earnings of Rs 11.5 and Rs 18.5 respectively.

4. Brokers bullish on Binani Cement, Shiv-Vani Oil Oil & Gas Exploration and Elecon Engineering.

5. Morgan Stanley overweight on Hindalco; target of Rs 221
Morgan Stanley has recommended overweight rating on Hindalco Industries with a target of Rs 221, implying 17% upside. Research firm forecast an EBITDA CAGR of 25.6% over F2007-10. Upstream aluminum business remains primary earnings driver.

6. Pantaloon Retail an outperformer; target of Rs 691: CLSA
CLSA Research has recommended outperformer rating on Pantaloon Retail with a 12 month target of Rs 691. After lacklustre growth for a few months, SSS growth for Pantaloon bounced back in Nov-07 in both the value and lifestyle categories.

7. Buy M&M, target Rs 920: ICICI Sec
ICICI Sec has maintained buy rating on Mahindra & Mahindra with target price of Rs 920. A spate of new product launches would drive Mahindra & Mahindra’s (M&M) FY07-10E standalone auto volume CAGR of 16.8%.

8. Lupin an outperformer, target Rs 800: SSKI
SSKI has maintained outperformer rating on Lupin with 15 month target price of Rs 800. We estimate 24% revenue CAGR and 25% profit CAGR (excluding licensing income) for Lupin over FY07-09. At 14.6x FY09E and 11.7x FY10E earnings excluding licensing fees.

9. Buy PVR; target of Rs 405: Kotak Securities
Kotak Securities is bullish on PVR and has recommended buy rating on the stock with a 12-month target of Rs 405. Research firm believes that the multiplex industry is set to witness strong volume growth on the back of rising consumerism, entertainment.

10. Sell East India Hotel, target Rs 85: HDFC Sec
HDFC Securities has maintained sell rarting on East India Hotels with target price of Rs 85. We expect the key players to significantly benefit (EIH included) from the strong ARRs.

11. Buy HEG, target Rs 681: Emkay
Emkay research has maintained buy rating on HEG with target price of Rs 681. We assume a 5% dilution in HEG arising out of preferential allotment to the promoters and employees.

12. Buy Nestle India, target Rs 1699: Angel Broking
Angel Broking has maintained buy rating on Nestle India with target price of Rs 1699, implying upside potential of 18%.

13. Buy Orbit Corporation, tgt Rs 1060: Sharekhan
Sharekhan research report has maintained buy rating on Orbit Corporation with target price of Rs 1060. We believe Orbit will exploit the massive redevelopment opportunities in Mumbai based on its focused business model and ability to convert a large number.

14. Brokerage houses are bullish on Orbit Corp, Nestle India, JBF Ind, HEG, Pantaloon Retail, Hindalco Ind, Lupin, M&M and IVR Prime.

15. Buy Jet Airways; target of Rs 1400: CLSA
CLSA Research has recommended buy rating on Jet Airways with a target of Rs 1400. With the holiday season resulting in strong demand, December results to be better than Oct-Nov 07.