NIITTECH : VALUE BUY AT 132

I spent quite a bit of time looking at NIIT-TECH numbers over the last couple of weeks.

At the current market-cap of INR 770 Crores I firmly believe the stock offers significant value.
>Quality Management ,

> Lower Concentration of Non-North American business ( 32% currently),

>Better EBITDA margin compared to peers ,

>Potential value unlocking through sale of 25% in NIIT-TECH which is held by NIIT

add to my level of comfort.
Snapshot of the model for the co which i built is shown.( I have assumed INR /USD 37.5 for the period with North-Am revenues as a % of Total Revenues decreasing by 0.75% on annualized basis)

HINDUSTAN PETROLEUM ( shaken but not out !!)

CMP :321
Hindustan Petroleum has not participated in the Indian stock rally over the last 1 year
mainly because of crude oil price continuous rise.

With the crude cooling off to $54 levels from $80 levels the stock has also not gone up.

Some of the positives for the buyer:
1.The Book Value of the script is rs 270 .
2. It is all set to sell half its stake in the Vishakapatnam refinery to French firm Total SA, which will bring in Rs 6,000 crore.
3.HPCL to develop malls, multiplexes at unused depots.

Buying at 300 levels the risk reward is in favour of buyer.

ANSAL INFRA ( DETAILED REPORT)

This is my latest reserch report .
Ansal Infrastructre offers can offer decent appreciation over
medium to long term.Worth a look.

Monthly Trading Idea : Real Estate Play....More Steam Left

The indian real estate story could be a bubble but momentum is certainly left.
The general opinion is that of over heating in real estate markets but the valuations,
growth oppurtunities available compared to other emerging markets are less.
A compelling oppurtunity going ahead.

These 2 stocks have the least exposure to SEZs which is the riskiest thing that real estate
companies are undertaking .Hence we prefer these two.

Best Picks:
Bombay Dyeing cmp: 772
target: 930


Ansal Properties and Infrastructre cmp: 942
target: 1200

Detailed Report on Ansal Housing coming soon.

Monthly Trading IDEA : SESA GOA buy @ 1070-1090 levels

On the charts SESA GOA has given a break out @ 1060 levels.

So far SESAGOA has underperformed the market to a tune of 34% in the last 4 months and an exepctation of firming up of ore price and a result season around the corner .A surge in price may be exepcted.

value pick : PYRAMID RETAIL ( accumulate @ 90 levels)

investment idea : EMCO ( BUY @ 510 levels)