Religare - Nicholas Piramal

Religare recommends a BUY on Nicholas Piramal

Target price of Rs 332

CRAMS to lead growth

Religare - Cadila Healthcare

Religare has a buy on Cadila Healthcare at CMP: Rs 320 with a target of Rs 416

Steady growth; Pantoprazole verdict may upset FY09 estimates

Religare believes CHL's growth drivers remain strong and estimate that the company will witness an earnings CAGR of 20.7% to Rs 3.4bn over FY07-FY09.

Religare - HDIL

Religare has a BUY target of Rs 694 on HDIL

Well diversified in residential, commercial, slum rehabilitation

1x NAV, PE of 7.9 on FY09E

Religare - Power Grid IPO

Religare believes at the lower band of Rs 44, Power Grid is available at a P/E of 17x on FY07 and 10x on FY08E (based on Q1FY08 annualised EPS) and at 20x and 12x at the upper band of Rs 52 (diluted basis).

The current BV/share is Rs 30.5 adjusted for the dilution and Q1FY08 PAT; the Price/BV is thus 1.4x and 1.7x on Rs 44 and Rs 52 respectively. Subscribe.

Religare - Shri Lakshmi Cotsyn

Currently trades at low P/E multiples of 3.5x and 2.5x on FY08E and FY09E respectively and at 4.4x FY08E EV/EBIDTA.

They recommend a Buy with a target of Rs 210 based on a P/E of 7x on FY08E.

Religare - Mindtree Consulting

Religare is valuing the company at 22x P/E and 15x EV/EBITDA on FY08E. This is at ~10% premium in terms of valuation for mid-tier IT companies, which they believe is justified due to its strong management capabilities and larger scale.

Religare - Jagran Prakashan

Religare initiates a BUY on Jagram Prakashan with a target price of Rs 662

This is at 25 P/E

Religare - Maruti Udyog

Religare has a BUY on Maruti Udyog with a target price of Rs 945

They have assigned a 15x PE multiple for one year forward earnings

Religare - Central Bank of India

Religare has a HOLD recommendation on Central Bank

They have a target price of Rs 144

They believe Central Bank IPO funds will fuel future growth

Religare - Mangalam Cement

Religare believes Mangalam Cement trades at a 1-year forward P/E multiple of 4.3x and on EV/EBITDA at 2.9x FY08E and 1.8x FY09E. At US$60 per ton FY08E capacity it is trading at a
discount of 40% to the replacement cost of US$ 100 per ton. They maintain a target price of Rs214 which implies a 2-year forward earnings multiple of 5x