Ferro alloys Stocks

* Ferro alloys prices have further firmed up in the current year. As silicon manganese is now around Rs.78,000 per tonne, ferro chrome around Rs.94,000 per tonne, ferro manganese around Rs.80,000 per tonne, Navbharat Venture, Ferro Allloys, Rohit Ferro Tech, Impex Ferro may get good benefit.
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NCL Industries

By Nayan Patel
NCL Industries
BSE Code: 502168
NSE Symbol: NCLIND
Last Close: Rs.40
NCL Industries Ltd., an ISO 9001:2000 company, made its debut in the Indian industrial scene way back in 1983 by setting up a 200 TPD cement plant at Simhapuri in Nalgonda District, Andhra Pradesh. The plant was expanded in stages to 1800 TPD with a split grinding unit at Kondapally. With this, the present capacity increased from 2,97,00 TPA to 6,30,000 TPA. The company has started identifying building materials which are best suited for the Indian construction industry. Several units have been established with proven technologies from Europe. The company is also interested in Construction, Power Generation and Manufacture of Chemicals.
It has an equity of Rs.32.50 cr. and the promoters hold 40.24% stake in the company. It has shown very good results for March 2008 quarter. Net sales jumped 103.77% to Rs.66.98 cr. and PBT jumped 634.22% to Rs.13.73 cr. Due to high tax outgo, its net profit jumped 15.48% to Rs.8.95 cr. On a yearly basis, net sales of the company jumped 29.97% to Rs.192.73 cr. while profit before tax jumped 45.33% to Rs.42.93 cr. The company has recorded an EPS of Rs.9.32 on a yearly basis. At current levels, the stock is available at P/E ratio of just 4.3. The company has declared 25% dividend for this year compared to 20% last year. At current levels, the stock looks safe for investors and is available with an attractive dividend yield. Buy at every decline with stop loss of Rs.37. On the upper side, the stock can go up to Rs.52 level in a short time and to Rs.65 level in the medium-term. Its 52-week high/low is Rs.94.50/34.75.

Infosys Technology LTD

Annual Report Analysis
The Infosys Annual Report 2007-08 contains a human touch with the key theme being various company initiatives towards attracting, training, retaining and empowering talent. FY08 was another watershed year for Infosys with robust business performance (industry-leading dollar growth), judicious expenditure management and strengthened financial position. Infosys, the behemoth, continues to move from strength to strength. Our analysis of the Annual Report revealed following interesting findings.
ä Income Statement – robust growth and unparalleled size and profitability
ä Special dividend and increase in payout ratio reflects company’s confidence in growth
ä Balance Sheet – strong, debt-free and highly liquid
ä Superior return ratios generate positive EVA
ä Cash Flows – more than sufficient to cover growth, dividends and contingencies
ä Corporate Governance – leading across industries
ä Re-organization to sustain competitiveness
However, we maintain SELL on Infosys as current valuations are above fair value. Our target price of Rs1,670 represents 10% downside.

Jayswal Neco

Jayswal Neco (Rs. 48.00) (Code 522285) :-

Stock price of the Nagpur based company Jaiswal Neco has increased by 15 per cent during last one month, because the company has joined one time settlement scheme for clearing debt. According to the informed sources the company has OTS worth Rs. 200 crores. As per the settlement agreement company will settle all its due, will require 80 crores for the same. The news of company joining OTS scheme has resulted in increased activities on the counter. If OTS is materialized company is likely to get good benefit of the same. The company is planning for corporate debt restructuring mechanism. Investors may invest in the scrip for long term at current market price.

Dividend Announced

Deepak Fertilizers ,Punj Lloyd

Opto Circuits India

Opto Circuits India

Cluster: Emerging StarRecommendation:

BuyPrice target: Rs460

Current market price: Rs338
A growth monitor
Key points
Opto Circuits India’s (Opto) non-invasive business is expected to grow at a compounded annual growth rate (CAGR) of 39.5% over FY2007-10E to Rs550.7 crore on the back of rising demand for its sensors and patient monitoring systems, coupled with an increasing market penetration and innovative new launches.
The invasive business would be driven by the increasing acceptance of the company's stents due to superior technology and better pricing. Further, the growing revenues from DIOR in Europe and the semi-regulated markets due to limited competition would also fuel the growth of the invasive segment. We expect the invasive segment (EuroCor) to contribute ~43% to the company's total revenues by 2010.
Opto has recently completed its $70 million acquisition of Criticre Systems (Criticare), a US-based publicly listed company specialising in vital signs and gas monitoring instruments. We estimate the Criticare acquisition to generate incremental earnings of Rs0.60 per share in FY2009E and Rs1.80 per share in FY2010E. We will incorporate the impact of the acquisition after the announcement of Opto's FY2008 results.
We expect Opto's fully diluted earnings (without Critcare) to grow at a CAGR of 35% over FY2007-10E on the back of a 57% CAGR in revenues. We estimate earnings of Rs20.0 per share in FY2009E and Rs29.9 per share in FY2010E.
We have valued the stock using the dividend discount model and the P/E mutiple, arriving at price targets of Rs453 and Rs470 per share respectively. Using the average of the two, we fix our price target at Rs460 per share, an upside of 36% from the current levels.
Opto is trading at attractive valuations of 16.9x FY2009E fully diluted earnings and 11.3x FY2010E fully diluted earnings. Hence, we initiate coverage on Opto with a Buy recommendation and a price target of Rs460. Our current estimates do not incorporate the Criticare acquisition, which could yield incremental earnings of Rs1.8 per share in FY2010E, implying an upside of Rs28-30 per share to our target price.

Lehman Brothers

Lehman Brothers May Have to Put Itself Up for Sale
2008-06-04 03:43 (New York)

June 4 (Bloomberg) -- Lehman Brothers Holdings Inc.'s balance-sheet troubles threaten to harm the wider financial system unless the bank takes decisive action, the Wall Street journal said in its ``Heard on the Street'' column. The company, which is likely to report a second-quarter loss this month, may be forced either to sell all or part of itself to a bigger financial firm or sell a large quantity of new shares, the newspaper said. If it were to go for the outright sale option, Lehman might, at the right price, attract interest from Blackstone Group LP, Citadel Investment Group LLC or J.C. Flowers & Co.,the Journal said.The investment bank has seen its shares fall for two days in succession and they're now 22 percent below their book value, reflecting investors' concerns about the values put on its assets, many of which are backed by poor-quality real-estate loans, the newspaper said. While a plan to sell as much as $4 billion of new stock is being considered, the share-price decline makes it harder to do that, and as Lehman's market capitalization has fallen to about$17 billion, $4 billion is equivalent to almost a quarter of the company, the newspaper said. Investors might, in any case, want the bank to raise more than $4 billion, to cover any future losses from marking downasset values, the Journal added.
Lehman brothers Indian Share Market Holding

				Percentage Stake			Stock Fall
	Co_Name		Holder's Name ( 31/03/2008)	31/03/2008	No of Shares	Cmp	Weekly
1	Develop.Cr.Bank	31/03/2008	Lehman Brothers Asia Ltd	3.04	5301900	65.3	-18.88%
2	Spice Mobiles	31/03/2008	Lehman Brothers Asia Ltd	4.41	3289474	24.65	-18.78%
3	Prajay Engg.	31/03/2008	Lehman Brothers INTL Europe	1.15	457701	192	-17.28%
4	Edelweiss Cap	31/03/2008	Lehman Brothers Netherlands Horions BV	1.8	1350000	652	-10.78%
5	KPIT Cummins Inf	31/03/2008	Lehman Brothers Asia Ltd	1.11	862823	68.2	-10.44%
6	Anant Raj Inds.	31/03/2008	Lehman Brother Asia Ltd	1.82	5362500	204.65	-10.24%
7	Pion. Embroider.	31/03/2008	Lehman Brothers Intl Europe	3.23	394356	77.85	-10.21%
8	GTC Inds.	31/03/2008	Lehman Brothers Asia Ltd	1.56	275000	188	-9.68%
9	Prithvi Info	31/03/2008	Lehman Brothers Asia Ltd	2.63	476160	150.1	-7.12%
10	Champagne Indage	31/03/2008	Lehman Brothers Asia Ltd	1.62	236574	480	-5.63%
11	Orbit Corporatio	31/03/2008	Lehman Brothers Asia Ltd	4.69	1700000	471	-3.25%
12	Godawari Power&I	31/03/2008	Lehman Brothers Asia Ltd	1.47	413832	188	-3.09%
13	IOL Netcom	31/03/2008	Lehman Brothers Asia Ltd	1.68	447032	108	-2.70%
14	Aztecsoft	31/03/2008	Lehman Brothers Asia Ltd	4.85	2180308	70.6	-2.55%
15	West Coast Paper	31/03/2008	Lehman Brothers Asia Ltd	4.37	2504774	66.9	-1.11%
16	Indo Asian	31/03/2008	Lehman Brothers Asia Ltd	1.66	254450	90	-0.99%
17	Consolidated Con	31/03/2008	Lehman Brothers Asia Ltd	1.36	503000	601	-0.17%
18	IVRCL Infrastruc	31/03/2008	Lehman Brothers Asia Ltd	1.2	1600000	386	1.65%
19	Spice Commun.	31/03/2008	Lehman Brothers Opportunity Ltd	1.33	9203339	52.5	6.1