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Markets close marginally in green - Feb 13, 2012

February 13th, 2012

A bit of consolidation has come on the radar today with the markets going see-saw and finally closing a tad bit in the green territory.

The SENSEX closed at 17772.84 gaining 24.15 (0.14%) while NIFTY closed at 5390.20 adding 8.60 (0.16%). The CNX Midcap ended at 7551.80 adding 14.55 (0.19%) while the BSE Smallcap closed at 6903.57 adding 12.72 (0.18%) in trade today.

MOST has given a BUY call on Bharti Airtel with a target of Rs. 410. Bharti’s 3QFY12 PAT declined 22.4% YoY and 1.5% QoQ to INR10.1b, below our estimate of INR14.7b. While consolidated revenue of INR184.8b was broadly in-line, earnings were dragged by higher opex (sponsorship and other expenses of ~INR1.2b) and depreciation (one-time adjustment of ~INR0.75b in Africa segment).

MOST has given a BUY call on Dena Bank with a target of Rs. 144. Dena Bank (DBNK) reported a PAT of ~INR1.9b for 3QFY12, up 20% YoY. Reported NIM improved 11bp QoQ to 3.3%, led by ~300bp improvement in CD ratio and higher yield on loans (+22bp QoQ). Further, core fee income was strong at 13% QoQ and 27% YoY, driving PAT.

MOST has given a BUY call on M&M with a target of Rs. 879.

Emkay feel the Q3 results of Reliance Communications has disappointed once again but has given a retain HOLD call with a target of Rs. 82

Entry Filed under: Equity Markets, Closing Bell