unjab National Bank (PNB) is the third largest PSU bank in India with a dominant presence in north India . The bank has adopted a strategy of moderate growth, focusing more on margin protection thereby improving its profitability and return ratios. We expect earnings to grow at a CAGR of 21% over FY07-09E to Rs 2,243 crore…

In the first quarter review of the annual monetary policy, the Reserve Bank of India (RBI) has kept the policy rates unchanged as per expectations but hiked the cash reserve ratio (CRR) by another 50 basis points to 7%, which has come as a surprise. Higher money supply and reserve money growth coupled with risks from higher commodity and oil prices to price stability and inflation are likely to have forced the RBI to take the rather pre-emptive step. In addition to price stability the RBI has added maintenance of financial stability in the policy stance…

ICICI Direct Research Report has recommened Petronet LNG at Current Market Price Rs 68 for a Target of Rs 78 with time frame of 3 to 6 months. It says Petronet LNG has a potential Upside of 20%

Bajaj Auto (BAL) is set to return to its winning ways with a refreshing new strategy, which is more focused towards high-end high-margin two- wheelers. Substantial opportunity of value creation in the high-growth insurance business could give a further fillip to its valuations. We initiate coverage on the company with an OUTPERFORMER rating…

Significantly lower Ondansetron sales, supply issues at CPS Mexico facility as well as negative impact of currency appreciation were primary reasons for the disappointment. With a 50% earnings decline in FY08, outperformance is linked to expectations of FY09 turnaround in Germany, which is uncertain. Future earnings face significant headwinds from uncertainty in Germany, potential incremental competition in Allegra as well as currency appreciation. We are 20% below consensus and believe consensus downgrades will weigh on near term performance, even as downside is limited. Downgrade to Underperformer…