Our Target achieved in Unichem Laboratories, achieved more than the target price

We had recommended a buy call on Unichem Laboratories in our post on 5th July, 2013 click here. The stock touched a high of Rs.221.70 in today's trading session on BSE thus achieving our said target of Rs. 215. Also the stock has achieved its new 52 week high price.

The stock was seen under selling pressure which led it to close at Rs. 205.15 at the end of the day. Hope you have booked your handsome profits though I didn't do it ;)

Enjoy trading with us and keep in touch. Always remember investing for long term will always give you positive returns. So be invested for long term and be PATIENT.

Note : Unichem Laboratories is a Shariah Compliant stock and hence those investors who are following shariah guidelines can invest in this stock. Its Ethical to invest in this particular stock as of today 4th December, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.

Our Target achieved in Amara Raja Batteries Ltd.

We had recommended a buy call on Amara Raja Batteries Ltd. in our post on 25th March, 2013 click here and further we posted on the same stock on 29th April, 2013 click here. The stock is currently trading at Rs. 335. We recommend to hold for a further more target of Rs. 380 in short term and then investors can book profit. Also the market is very volatile at the moment, so investors with low risk profile can book profit at the moment since the stock already tested a high of Rs. 341 in previous trading sessions.

Note : Amara Raja Batteries Ltd is a Shariah Compliant stock and hence those investors who are following shariah guidelines can invest in this stock. Its Ethical to invest in this particular stock as of today 20th November, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.

Our Target Already achieved in Mindtree Ltd.

We had recommended a buy call on Mindtree Ltd. in our post on 7th Sept, 2013 click here. The stock is currently trading at Rs. 1380. We recommend to hold for a further more target of Rs. 1450 in short term and then investors can book profit.

Note : Mindtree Ltd. is a Shariah Compliant stock and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 13th November, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies in future.

Buy Emami Ltd. One Of The Best Stock In FMCG Sector Also Shariah Compliant - CMP 479.70, Target Price 575

Strong product portfolio in niche categories

Emami operates in niche categories like cooling oils, pain balms, antiseptic creams and men’s fairness creams with dominant market shares. Emami enjoys strong pricing power in most segments, thanks to its dominant market shares and minimal competition from large companies. Emami continues to record healthy mid-double digit revenue growth in the domestic business, witnessing a ~20% CAGR over the past three years. The international business revenue contribution is expected to increase to 18-20% from current ~10% over the next five years led by strong growth in Bangladesh and GCC. We expect Emami to witness 16% revenue CAGR over FY13-15.

 New product pipeline to secure long-term growth

Emami has an established track record of launching new brands and categories (like Men’s whitening cream) and transforming brands to block-buster brands. Emami continues to churn out new products that are either in niche segments or occupy differentiated positions within large categories. Over the past 2-3 years, Emami focused on growth in existing brands. However, in CY14, 3-4 new launches and brand extensions are likely to secure long-term growth. Emami is looking at OTC/healthcare as a future growth driver and is planning to expand its portfolio.

Margins to expand, recommend Buy

Given that rural growth is outpacing urban growth, Emami plans to add 75,000 to 100,000 outlets to its direct distribution reach in FY14, which will further fuel revenue growth. With menthol prices (key raw material input comprising ~35% of Emami’s total raw material cost) coming off, Emami’s margins can potentially see significant upside of ~220bps in FY14. We believe, growth in low-penetration core categories, sustained product innovation, and expansion in the international business will drive ~19% earnings CAGR over FY13-15. Recommend Buy rating on the stock.

Source : IIL Ltd.  

Note : Emami Ltd is a Shariah Compliant stock and hence those investors who are following shariah guidelines can invest in this stock. Its Ethical to invest in this particular stock as of today 9th November, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.

Our target achieved in Rallis India Ltd

We had given a call on Rallis India limited click here for a target of Rs.160. The stock touched a high of Rs. 165.90 in today's trading session on BSE, The stock is good for long term. Short term investors can book profit.

Mindtree Ltd: Improving Momentum! – BUY

Mindtree Ltd: Improving Momentum! – BUY
CMP Rs1,031, Target Rs1,210

Deal wins, improving PES biz to help improve momentum
Mindtree's performance over the past couple of years, though not sector leading, has shown definite signs of improvement. This was supported by the sustained traction in IT services business owing to its specialized go-to-market strategy, robust client mining and more recent improvement in demand. Over past four to six months, the deal momentum has shown improvement with higher deal visibility and conversion ratios. The Product engineering (PES) business which was in the midst of restructuring and certain client specific ramp-downs too seems to have turned the corner as evidenced by better management commentary and improving discretionary spending.

Margin outlook stable on the back of multiple levers
Margin performance of Mindtree has been impressive with a sizeable part of the up-tick over FY13 coming from operational improvements. Despite the negative impact of salary hikes, branding expenses and visa costs (total of ~350bps+), the margin expanded 530 bps supported by weak rupee, operational efficiencies and realisation improvement. Decent margin levers in the form of sustained rupee depreciation, utilisation headroom, employee pyramid and improving fixed price projects contribution should help margin performance going forward. Also, considering the relatively high offshore concentration, the negative impact of possible protectionist move in the key markets should be offset to a certain extent.

Attractive pick in backdrop of improving sector dynamics
Better-than-expected and well rounded Q1 FY14 results for most IT companies in our coverage as well as improving management commentary have lowered concern on the demand environment. The expectation of a stronger FY14, better deal visibility/wins as well as push back on the timing/possible impact of US immigration bill have increased sector attractiveness. This is especially true considering the weakened investment thesis for large part of the market, resultantly making IT a safe haven. Within IT, we believe, Mindtree valuations continue to be attractive at 8.5x FY15E earnings (vis-a-vis its historical average of 12x). Maintain BUY. 

 Source: IIFL

Note : Mindtree Ltd. is a Shariah Compliant stock and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 7th September, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies in future.

Our Target Achieved in Tata Global Beverages Recommended on 29th June, 2013 Long Back

We had recommended our readers and investors to buy Tata Global Beverages in our post on 29th June, 2013 for a target of Rs. 149 which touched a high of Rs. 159.7 on 31st July, 2013. Also the stock is performing very nicely on both the indices currently. Long term investors can wait and watch for more gain since the company is technically strong and is one of the Shariah Compliant stock in Indian stock market. So keep visiting and happy investing.

And HAPPY EID to all our Readers.

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Unichem Laboratories: Attractive valuation with a strong Balance Sheet – BUY CMP Rs172, Target Rs215

Unichem laboratory (ULL), an integrated pharmaceutical company has a strong footprint in domestic formulation market. Domestic operations contribute around 75% to total revenues. In the recent past, the company failed to keep pace with the competitors in the domestic market but now, after the completion of restructuring activity and improving operating parameters, the company is all set to post improvement in the margins and return ratio. We believe the rough phase for ULL is set to be over soon; the turnaround of overseas operations along with ramp up in domestic business and cost pressure rationalizing with incremental revenue will help ULL post robust growth.

 

Unichem’s four brands feature among the Top 300 Indian pharmaceutical brands and out of which two brands are in the Top 100 (Losar H- Rs790mn- 90th Rank and Losar- Rs680mn -100th Rank). Top 10 Brands contribute nearly 50% of the company’s domestic revenues. Domestic business will drive long term growth on leveraging on brands. Additionally, Company is also gradually entering developed markets to leverage upon its R&D and manufacturing capabilities. Unichem has presence in Europe through its 100% subsidiary Niche Generics having 33 products in the portfolio. It has direct sales operation in UK and Ireland and is exploring other territories like Australia, SA and Canada. We expect this venture to add meaningful contribution to EPS by FY14. In the US, the company has filed 29 ANDAs till date and has 15 approvals of which 9 have been launched. We expect 2-3 filings every quarter. CRAMs business would also prove to be an interesting opportunity for ULL.

We expect revenues to register 15% CAGR over FY13-15 and margins to expand to 15%. The company is a zero-debt company with a cumulative positive cash flow. The company is looking for acquisitions in therapy area to fill the gap in product offerings. We believe ULL’s valuation is attractive at 8.7x FY15E EPS. . We estimate the fair value of Unichem at Rs 210 and recommend BUY.

Source : IIFL Ltd 

 Note : Unichem Laboratories is a Shariah Compliant stock with zero debt and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 4th July, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies in future.

Tata Global Beverages Ltd – BUY CMP Rs129, Target Rs149, Upside 15.4%

Tata Global Beverages Ltd – BUY
CMP Rs129, Target Rs149, Upside 15.4%

• Correction in Kenyan tea prices augurs well for TGBL
• Rupee depreciation of ~6% yoy to drive revenues
• New business initiatives to further drive growth
• Recent price correction provides a good entry point; BUY

Amara Raja Batteries - A play on strong auto replacement demand

Amara Raja Batteries Ltd (ARBL) is one of the best plays on the ensuing surge in replacement demand for automotive batteries in the domestic market. During FY09-12, passenger car sales in the domestic market registered a CAGR of 18.2% and 2-wheeler sales witnessed a CAGR of 21.8%. With replacement cycle for batteries in a passenger car of 30-36 months and that of a switch-start 2-wheeler of 24-30 months, substantial jump in replacement demand can be seen in the near future. As compared to past, 2-wheeler battery replacement market is likely to increase in size. This can be mainly attributed to the rising proportion of switch-start 2-wheelers in the domestic sales. 

  

Steady increase in automotive market share

ARBL has gained a strong foothold in the replacement market for the automotive with a steady increase in market share in the segment. Even with the OEMs, the company has been able to get into its fold most incumbent players and is in discussions to enter into tie-ups with new entrants. 

Industrial segment to add to momentum

The industrial segment is mainly driven by demand for UPS led by investments in IT industry and towers in the telecom segments. Battery demand in the UPS segment, which has witnessed a 15% growth, is expected to continue given that investments in computerization by India Inc has been on a rise. While pace of new addition of new telecom towers has slowed down, replacement of batteries in the existing towers is due which will keep demand growth from the segment robust.

 

Strong revenue and profit growth, attractive valuations

ARBL, to capture these growth opportunities is expanding capacities in all segments by nearly 50% by H2 FY15. The company has been performing better than Exide in the past few quarters on all counts. This has triggered a re-rating in the stock. We expect the performance to continue on both revenue and profitability fronts with estimates of a revenue  and PAT CAGR of 22% and 26% respectively between FY12-15E.

Courtesy and Source : IIFL Ltd.  

Note : Amara Raja Batteries Ltd is a Shariah Compliant stock and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 9th April, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.

Amara Raja Batteries Ltd: Charged up - BUY CMP Rs267, Target Rs340, Upside 27.3%

Amara Raja Batteries Ltd (ARBL) is one of the best plays on the ensuing surge in replacement demand for automotive batteries in the domestic market. During FY09-12, passenger car sales in the domestic market registered a CAGR of 18.2% and 2-wheeler sales witnessed a CAGR of 21.8%. With replacement cycle for batteries in a passenger car of 30-36 months and that of a switch-start 2-wheeler of 24-30 months, substantial jump in replacement demand can be seen in the near future.

As compared to past, 2-wheeler battery replacement market is likely to increase in size. This can be mainly attributed to the rising proportion of switch-start 2-wheelers in the domestic sales. In a kick-start 2-wheeler, replacement of batteries was not essential as it was not used to start the vehicle. However, batteries are a key for ignition of switch-start 2-wheelers.

ARBL has gained a strong foothold in the replacement market for the automotive with a steady increase in market share in the segment. Even with the OEMs, the company has been able to get into its fold most incumbent players and is in discussions to enter into tie-ups with new entrants.

The industrial segment is mainly driven by demand for UPS led by investments in IT industry and towers in the telecom segments. Battery demand in the UPS segment, which has witnessed a 15% growth, is expected to continue given that investments in computerization by India Inc has been on a rise. While pace of new addition of new telecom towers has slowed down, replacement of batteries in the existing towers is due which will keep demand growth from the segment robust.

ARBL, to capture these growth opportunities is expanding capacities in all segments by nearly 50% by H2 FY15. The company has been performing better than Exide in the past few quarters on all counts. This has triggered a re-rating in the stock. We expect the performance to continue on both revenue and profitability fronts with estimates of a revenue and PAT CAGR of 22% and 26% respectively between FY12-15E. We initiate coverage with a BUY recommendation and a 9-month price target of Rs340.

Source : IIFL Ltd.  

Note : Amara Raja Batteries Ltd is a Shariah Compliant stock and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 25th March, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.

India Oil & Gas - "10 stocks, 10 factors"

Indian oil & gas sector has seen an eventful FY13 with hoards of announcements by companies and plenty of changes accorded by the government. While some companies have gained out of these, there are few who have borne the pain as well. External factors such as crude price movements, exchange rate fluctuations, sanctions on Iran, Euro Zone debt crisis and many more have played their part in increasing the volatility.

In this report, we pick 10 factors that we feel will have the maximum impact on the sector's performance in the medium term. We provide an outlook on each of these variables and give an insight into their impact on the respective companies. Based on our findings, we have also furnished our investment view on 10 companies.

Our top picks include Cairn India (best proxy on crude prices, cheap valuations), Oil India (strong production growth, play on reforms, huge cash balance), ONGC (relative under valuation to global peers, play on reforms), BPCL (huge upstream value, less sensitive to vagaries of subsidy sharing), Petronet LNG (rising domestic gas demand, expectations of weak LNG prices) and GSPL (long term growth in gas supplies, attractive valuations). We have assigned Market Performer rating to Reliance Industries (core business of refining & petrochemicals still under pressure, KG-D6 volumes continue to fall), GAIL (risk to earnings from regulations, fall in petrochemical profitability if gas prices are raised), HPCL (high risk to earnings from subsidy sharing mechanism, high leverage) and IOC (limited upside potential).

The 10 factors

1. Volatility in crude prices
2. Depreciating rupee
3. Muted outlook for gross refining margins
4. Sustained strong demand for petroleum products in domestic market
5. Diesel, kerosene and LPG prices still under government control
6. Subsidy sharing pattern remained volatile
7. Gas supply concerns raised in the medium term
8. Rising demand-supply gap in the domestic gas market
9. Controlled gas prices
10. Uncertainty over regulations

The 10 stocks (Market Prices as on 14th March, 2013)

Company	Rating	CMP (Rs)	Target (Rs)	Upside (%)
Cairn India	BUY	298	360	20.8
Reliance Industries	MP	848	930	9.7
Oil India	BUY	547	638	16.6
ONGC	BUY	325	365	12.5
BPCL	BUY	397	460	15.8
HPCL	MP	305	330	8.1
IOC	MP	311	340	9.5
GAIL	MP	346	365	5.6
GSPL	BUY	66	80	21.4
Petronet LNG	BUY	148	187	26.7

Source: India Infoline Research

Note : Out of above 10 oil stocks only Reliance, ONGC and GAIL are Shariah Compliant stocks and hence  those investors who are following shariah guidelines can invest in only these three stocks. Its Ethical to invest in these stocks as of today 19th March, 2013. We will update if these stocks are removed from the list of Shariah Compliant Companies.

I am away from stock market, what to do?

Its been so long I posted my last article on How much one can earn through share market? These days I am spending my beautiful time in the Kingdom of Saudi Arabia and that is the reason I was away from Indian Stock Market. But you will ask me have I left investing in stock market, NO I have not. But these days I am not able to track stock market changes to a bit extent. Since investment in stock market is about patience and long term investment. That is why I am relaxed and not much worried about my money which floating in stock market. See my previous article on Long Term Investment.

We believe in giving quality investment tips which should be fundamentally strong. Flooding stock tips on daily basis just for the sake of it is not good. And that is the reason you will not find stock tips on a daily basis on our blog like others do. Always remember investing in fundamentally good companies will fetch you positive returns in future.
Learn 10 steps to Profitable Trading in Stock Market for US Investors
You must have come to know which I had said in my last post that its not certain as to how much money you can earn or you will always make profit. It all depends upon your patience and long term commitment in stock market. Take the examples of my previous stock recommendations on Rallis India and Va Tech Wabag, both of the stocks are trading down these days. Rallis India is hit very badly. But fundamentally both the companies are strong. Rallis India posted a 16% sales increase however the profit was impacted by a negative currency effect. These triggers are global and not domestic. The company is doing good and in the long term you can expect good returns out of it.

Keep one FUNDA in your mind which is you have to be patient and your approach should be long term. We are sure there is no one who can beat you except GOD in stock market if you follow this approach. So stay tuned and keep visiting our blog for more investment tips and ideas.

We invite our readers if they want to write a post on investment tips which they have. You can send your writing at our email address stockbouncers@gmail.com or at imransayed.a@gmail.com and we will review and publish your ideas on our blog. The subject of the email should be " Request for My Post on Your Blog".

Please share any investment ideas you have with us in comments so that other readers will get benefited. Thanks for reading good luck.

How Much Can I Earn Through Share Market?

This is the question many people have about making money from share market. Many websites assure people for earning a lot of money from FOREX market or from Futures and Options also called as F&O market. But always remember there is no term like EASY MONEY in an Investors dictionary. Delete this term or phenomena from your dictionary, it is impossible to earn money easily and if you get to hear something like that, never ever go for that.

Think logically, if there were ways to earn money easily then everyone would have been a millionaire, isn't it? But you will tell us that you have really earned from these kind of EASY MONEY making techniques like FOREX, F&O and Short Selling of shares etc. Yes we agree that many people or investors in these segments must have earned a lot of money from this but the big question is that "Have they always made a profit from their investment?" The answer is a big no. In stock market you can’t predict accurately the movement of the market since there are triggers which can blow the entire stock market in seconds.

Like in September, 2008 collapse of Lehman Brothers led to stock market crash where the Indian stock market lost its half of the value in both the indices which is Sensex and Nifty. For your kind information we would like to inform our readers that this had not happened immediately but the majority of the economists say and agree that the Real Estate Bubble was building since the year 2003. So you can imagine it took almost 4 to 5 years to burst that bubble of Real Estate Boom in United States of America and who knows that there is another bubble or stock market crash is waiting to burst. Hence there is no way you can earn only profit while trading or betting in stock market through these routes.

Beginners in stock market will lose a lot if they don’t trade cautiously. Many a times you will make profit out of these routes but remember you will definitely get a big shocker all at once when the greed will take you over to earn more profit out of these and one day you will left with nothing. Trading or betting in these segments of F&O, FOREX market needs a lot of experience.

Learn 10 steps to Profitable Trading in Stock Market

And that is the reason why big companies have dedicated team of economists to predict the fluctuations in US Dollar rate or other currencies they are associated with. Like many IT firms like TCS and WIPRO get affected by fluctuations in US Dollar, while YEN creates an impact on Maruti Suzuki stock price. In short if someone says or a website promises you to make money in hours or days, they are bluffing and you should be cautious before opting for such schemes. You take any example when many websites tell you to make money quickly by just giving 1 or 2 hour of your time and promise to make thousands of Dollars a month, isn't it? You just Google it down and you will come across thousands of these kind of Easy Money making schemes.

What is more important is that you should have patience in the stock market after investing. The profit you earn on your investment in share market is the reward you get for serving the waiting period in the stock market. That means you will always earn profit when you invest for long term. Intraday trading or short selling are just ways of betting in stock market.

 

Many beginners when they start investing in share market always try to earn quickly by doing intraday trading in stock market and this is what majority of beginners do while they debut at stock market. But always remember many successful investors like Sir Warren Buffett never earned through betting or intraday trading. Their huge pockets are the result of patience and long term investment in stock market.

Never ever go for intraday tips since many of these tips are based on rumors. Since cartel of traders control the price and when the stock is reached at certain level they start selling the stock and small investors like us lose a lot of money which goes into the pockets of these big traders.

What you should look for is a fundamentally good company. Companies which are classified as Mid caps or Large Caps based on their market capitalization. Look for short, medium and longer stock call or tips of fundamentally good companies. Like we give you fundamentally good companies stock tips. Like we said it is not necessary that you will start earning immediately if you buy these fundamentally good stocks. It may happen such that the stock price of these companies start declining after you buy it. Yes it happens, but what you need to do is have patience and stay invested. Just remember and make your mind of investing in stock market for Medium to Long Term, we challenge and assure you all our readers that you will never ever lose money in stock market. You will always earn profit in long term and better than those big traders and manipulators who control the prices of those penny stocks.

So keep visiting our blog for Fundamental stock calls and investment tips and ideas for better and healthy investment in stock market.

We will be please to have your comments and feedback on this if we have missed some other points and ideas. You are welcome to post your experience is stock market and share you idea and story with us.

Best of luck to all.

ACC LIMITED Fourth Quarter Result Update, BUY ACC LIMITED

ACC LIMITED announced its Fourth Quarter (Oct-Dec) numbers today 07th February, 2013. Analyst estimated ACC's net profit to decline by 49% to Rs. 236 crore compared to last year net profit of Rs. 470 crore for the quarter ended 31st December.

The numbers which ACC LIMITED announced today met the Analysts Estimates. ACC LIMITED posted a net profit of Rs. 239 crores declining by 49% compared to the same quarter last year. The stock traded in a OK OK mood and closed at Rs. 1345.40 up 1.15% on Bombay Stock Exchange (BSE). The stock was up mainly because the profit of the company does not decline more than what was estimated by analysts. The stock has some more heat to go. Its expected that in near future earnings will improve from here after based on a report released by India Infoline Limited in its research.

We recommend a buy on ACC LIMITED with 7 to 9 month target of Rs. 1750. The stock is shariah compliant as last checked on 07th February, 2013 at 16.31 IST.

 Note : ACC LTD. is a Shariah Compliant stock also and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 07th February, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.

Our Target Acheived in Titan Industries Ltd.

Dear visitors,

Greetings and Good Wishes from Stockbouncers Team.

We once again did it. We had recommended a buy call on Titan Industries in our earlier post on 15th January, 2013 and reiterated the same on 30th January, 2013 to buy for a target of Rs. 286.

Our target achieved yesterday that is on 1st of Feb, 2013 when the stock touched an intraday high of Rs. 287.85 on Bombay Stock Exchange (BSE).

AnalystS are positive on this stock and see the rally to continue till Rs. 296 in a very short period of time. We still advise to hold on till it crosses Rs. 290 levels. Once it break this barrier, Rs. 296 target is very much possible.

We will provide you more fundamental stock tips in future also. We wish all our visitors best of luck and may you all gain good in your investments always. Keep visiting our blog and support us. Thanks to all.

Note : TITAN INDUSTRIES LTD. is a Shariah Compliant stock also and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 31st January, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.

Titan Industries Quarterly Results Update

Titan Industries Ltd. posted a net profit of Rs. 203.73 crores for the Third Quarter supported by better sales, moving it up by 24.29 percent compared to last year's same quarter.

The revenues of the company were also rose by 23.67 percent to Rs. 3,017.80 crore compared with same quarter last year.

Earning Per Share (EPS) of the company now stood at Rs. 2.29 compared to Rs. 1.85 which has been recorded last year. Net Profit growth of 24 percent is best in past three quarters.

Jewellery business of the company reported much better than expected growth of 27% in revenues and it is quite impressive.

These signs of improvement however is not applicable to watches business of the company which reported a 10-qurater low sales growth of 10.6 percent despite improvement in its key brands and the price hike undertaken by the company in last one year.

Following is the earnings summary of the company for reference.

• Standalone

Top of Form

Bottom of Form

Quarterly Results of Titan Industries

------------------- in Rs. Cr. -------------------

	Dec '12	Sep '12	Jun '12	Mar '12	Dec '11
Sales Turnover	3,017.80	2,275.98	2,205.81	2,281.77	2,440.40
Other Income	22.01	23.82	25.02	25.19	24.44
Total Income	3,039.81	2,299.80	2,230.83	2,306.96	2,464.84
Total Expenses	2,735.05	2,026.57	1,993.69	2,074.36	2,227.22
Operating Profit	282.75	249.41	212.12	207.41	213.18
Profit On Sale Of Assets	--	--	--	--	--
Profit On Sale Of Investments	--	--	--	--	--
Gain/Loss On Foreign Exchange	--	--	--	--	--
VRS Adjustment	--	--	--	--	--
Other Extraordinary Income/Expenses	--	--	--	--	--
Total Extraordinary Income/Expenses	--	--	--	--	--
Tax On Extraordinary Items	--	--	--	--	--
Net Extra Ordinary Income/Expenses	--	--	--	--	--
Gross Profit	304.76	273.23	237.14	232.60	237.62
Interest	11.69	12.14	12.60	13.12	0.96
PBDT	293.07	261.09	224.54	219.48	236.66
Depreciation	14.19	13.03	12.32	12.49	11.92
Depreciation On Revaluation Of Assets	--	--	--	--	--
PBT	278.88	248.06	212.22	206.99	224.74
Tax	75.15	67.92	56.13	62.71	60.83
Net Profit	203.73	180.14	156.09	144.28	163.91
Prior Years Income/Expenses	--	--	--	--	--
Depreciation for Previous Years Written Back/ Provided	--	--	--	--	--
Dividend	--	--	--	--	--
Dividend Tax	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Earnings Per Share	2.29	2.03	1.76	1.63	1.85
Book Value	--	--	--	--	--
Equity	88.78	88.78	88.78	88.78	88.78
Reserves	--	--	--	--	--
Face Value	1.00	1.00	1.00	1.00	1.00

 For Titan there are many challenges to be faced in future which also includes restriction of direct Gold import on 180 days credit which is currently restricted to 90 days by Reserve Bank of India (RBI), if this is approved by RBI then margins of the company can further expand by 50 basis points (half a percent). Given these challenges, company's valuation of 27 times FY14 estimated earnings appears bright and rich.

We may not see huge upside from current levels in future but one can consider it to be a part of their portfolio for normal gains.

Note : TITAN INDUSTRIES is a Shariah Compliant stock also and hence those investors who are following shariah guidelines can also invest in this stock. Its Ethical to invest in this particular stock as of today 31st January, 2013. We will update if this stock is removed from the list of Shariah Compliant Companies.