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Friday, March 10, 2017
1. Buy Vedanta Ltd (or average) at Rs.251.15, T: Rs.257-261, SL: Rs.247. According to MoneyControl.com:
Morgan Stanley has initiated coverage on Vedanta with an overweight call, citing the company’s potential to grow going forward.
The research firm feels that it is the fastest-growing aluminum and zinc company globally. “The balance sheet risk has subsided, which has positioned VEDL on par with global miners and better than local peers,” it said in a report. Additionally, it forecasts a 30 percent FCF CAGR for FY17-19.
Meanwhile, the company in February reported a 4.5-fold jump in third quarter consolidated profit at Rs 1,866 crore on year-on-year basis, boosted by operational performance and low base in year-ago period despite sharp rise in tax expenses.
Revenue during the quarter increased 29.6 percent to Rs 20,393 crore compared with Rs 15,731 crore in corresponding quarter of last fiscal, driven by metals business.
"Revenues in Q3 were driven by higher volumes at iron ore due to recommencement of operations, ramp-up of volumes at the aluminium and power businesses and higher volumes at Copper India and Zinc India. This was partially offset by lower volumes from oil & gas, and Zinc International due to closure of the Lisheen mine, in Q3 FY2016," the company said in its filing.
The company also outlined big plans to invest in Jharkhand last month. Keen to get a strong foothold in Jharkhand, Agarwal said that he had "big plans" for the state but initial foray will be with USD 1 billion investment that includes setting up a 1 million tonne steel plant.
Dubbing Jharkhand as "a diamond in the crown of the world", Vedanta Resources Group Chairman Anil Agarwal said the state is "full of potential" and Vedanta has big plans for it.
"There is a lot of potential...This (Jharkhand) is a real Australia in India with its huge natural resources. We have abig plan but we will start with the medium size or small size project...We intend to set up a one million tonne of steel plant," Agarwal told PTI in an interview.
2. Those who have entered in Inox Wind Ltd at around Rs.169.30-170, should book at least 80% of profits at Rs.185 and hold the rest with a SL of Rs.181. Reentering on dips is suggested in intra - day dips. However, SL at Rs.179 is a must, for fresh entries.