Aditya Birla Nuvo is planning to raise Rs 1, crore by issuing warrants to promoters. The amount, to be raised over the next 18 months, will be used for the expansion of the company's insurance business and in repaying debt. This will help bring down the debt to equity ratio, which was 1.

This announcement has resulted in rerating of the stock, as high leverage has been a key concern for the company. The brokerage values the insurance business at Rs The research firm has upgraded the valuation of the company's telecom business, Idea Cellular, in line with the improvement in the valuation for telecom companies.

Given the diverse businesses of the company it is best valued using the sum-of-the-parts SOTP method. The brokerage has increased the SOTP price target for the company to Rs due to a re-rating of its insurance business and the improvement in the valuation of its telecom business. However, the stock is downgraded to hold due to the steep run-up in the stock price. Divi's Laboratories Reco price: For the quarter ended March, Divi's Laboratories reported revenues of Rs crore up 16 per cent y-o-y and 21 per cent q-o-q , were in line with expectations.

The revenue mix has changed in favour of APIs, which constituted 51 per cent of revenues. EBIDTA for the quarter grew by 9 per cent to Rs EBIDTA margins declined by bps to However, adjusting for forex loss of Rs PAT at Rs At Rs 1,, the stock is trading at 70 per cent premium to CRAMS universe.

In the last three years, stock has traded at 32 per cent premium to sector universe because of superior growth profile 46 per cent and 81 per cent CAGR in revenue and earnings over FY and relatively strong balance sheet.

However, going forward, it would be difficult to maintain similar growth profile. Revenues are expected to grow at PAT estimates for FY10E and FY11E are Rs At the current price, the stock is trading at 13x FY11E. Jaiprakash Associates Reco price: For FY09, Jaiprakash Associates reported lower consolidated PAT of Rs crore down 38 per cent y-o-y compared to standalone PAT of Rs crore. Despite EBIT from construction business of Rs crore, the decline in consolidated profit is due to execution of in-house projects.

In construction business standalone , in-house projects contributed 77 per cent of revenues and 87 per cent of EBIT, driven by execution at Yamuna Expressway project, which came as a surprise. During FY09, the company reported a 54 per cent increase in consolidated capital employed CE to Rs 27, crore, representing an increase of Rs 9, crore y-o-y.

The capital employed on Yamuna project in March stands at Rs 2, crore, up from Rs crore in FY08, indicating accelerated pace of execution. The company is expected to report standalone PAT of Rs crore in FY10E up 16 per cent y-o-y and Rs crore in FY11E down 9 per cent y-o-y.

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The brokerage has a price target of Rs per share, of which Yamuna project is valued at Rs 80 per share. The amalgamation with Jaypee Cements, Gujarat Anjan Cement, Jaiprakash Enterprises and Jaypee Hotels has been approved, which has led to equity dilution of million shares. Pantaloon Retail Reco price: Pantaloon Retail India plans to raise Rs 1, crore to fund expansion plans and repay part of its debt.

The company plans to add 2. Of this internal accruals could contribute Rs Rs crore. PRIL's proposed fund raising could lead to equity dilution of 19 per cent at the current market price.

This round of equity dilution, could be earnings-accretive, the extent of which would depend on the amount of debt the company pays down using the proposed funds. The fund-raising plans will be a positive, as it would ease funding constraints over the next two years. The Board has also mandated the management to consider merger of subsidiary, Home Solutions Retail, with itself.

Though the company plans to split its retail business into two entities and bring in FDI, with the government ruling out retail from the purview of the FDI norms as of now, the restructuring would have little meaning.

Tech Mahindra Reco price: Satyam Computer Services, acquired by Tech Mahindra in April , released key financial data pertaining to Q3 FY09 and January and February On a consolidated basis, net sales stood at Rs 2, crore in Q3 FY09 with EBITDA Margins of The company had a cash balance of Rs crore at the end of March and accounts receivable of Rs 1, crore.

The Satyam acquisition will add around 50 per cent to FY10 and over 74 per cent to FY11 estimated revenues. The acquisition will become EPS accretive from FY10 adding 27 per cent to Tech Mahindra's EPS in FY10 and 42 per cent in FY However, the acquisition is likely to be margin-dilutive for Tech Mahindra, with bps and bps drop estimated in FY10 and FY11, respectively.

This is due to lower margins of Satyam. The lawsuits remain a major concern and the likelihood that the actual audited results could differ materially from those stated remain key risks. The release of key financial data by Satyam and the subsequent new facts coming to light, the brokerage upgrades the stock.

At Rs , the stock trades at 9. Aditya Birla Nuvo Reco price: Upgrade To Premium Services. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". As a premium subscriber you get an across device unfettered access to a range of services which include:. Welcome to the premium services of Business Standard brought to you courtesy FIS. Kindly visit the Manage my subscription page to discover the benefits of this programme.

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