Merrill Lynch has reiterated a buy recommendation on HDFC Bank at Rs 232 with an 12-month price objective of Rs 300. It estimates the earning per share (EPS) to improve from Rs 8.63 to Rs 10.75 and Rs 13.29 for the FY02 and FY03 respectively. HDFC is well positioned to rapidly gain market share given its superior technological platform, product range and low cost funding. customised products.
SG Asia Pacific Equity research has downgraded Sterlite Optical to underperform from buy at Rs 186. The downgrade has been initiated due to the adverse external environment in the sector such as the decline in demand and prices of optical fibre below the expected levels.
After the company visit to Smithkline Beecham Consumer Healthcare(SBCH), ASK-Raymond James Securities has reiterated its buy recommendation on the company at Rs 441. It considers SBCH as a top pick in the FMCG sector. The stock is currently trading at 11.8x CY2002 earnings which amounts to a hefty discount of 40 per cent to Cadbury and Britannia.
Merrill Lynch has reiterated an accumulate rating on HDFC at Rs 695 with an 12-month price objective of Rs 800. It estimates the earning per share (EPS) to improve from Rs 39.6 currently to Rs 45.1 and Rs 53 for the FY02 and FY03 respectively. HDFC
