Technical Event® Alerts at Close of Business November 06, 2009

AJAN	BSE	Amrutanjan Health Care Ltd	Continuation Wedge (Bullish)	465.45	638.00 - 678.00	Intermediate-Term Bullish
ANLP	BSE	Anil Products Ltd	Continuation Wedge (Bullish)	130.00	150.00 - 155.00	Intermediate-Term Bullish
CBI	NSE	Central Bank Of India	Continuation Wedge (Bullish)	135.60	172.00 - 180.00	Intermediate-Term Bullish
HYDI	NSE	Hyderabad Industries Ltd	Continuation Diamond (Bullish)	408.00	501.00 - 522.00	Intermediate-Term Bullish
NAFT	NSE	National Fertilisers Ltd	Symmetrical Continuation Triangle (Bullish)	60.70	96.00 - 104.00	Long-Term Bullish
UTVS	BSE	UTV Software Communications Ltd	Continuation Wedge (Bullish)	440.20	566.00 - 596.00	Intermediate-Term Bullish
VYPR	BSE	Vyapar Industries Ltd	Double BottomW	46.10	84.00 - 94.00	Long-Term Bullish

Accumulate Bharti Airtel, target of Rs 358

Angel Broking has come out with a research report on Bharti Airtel's Q2FY10 earnings. The research firm has maintained an accumulate rating on the stock, with a target price of Rs 358, including Rs 56 being the value of its Towerco business, in its report dated November 6, 2009.

"Going ahead, we expect Bharti to record a CAGR of 8.8% and 2% in its topline and bottomline, respectively, over FY2009-11E. At the CMP, the stock is trading at 13.8x FY2011E EPS, at an EV/EBITDA of 7x FY2011E EBITDA and at an EV/subscriber of US $115 on our FY2011E subscriber base. However, considering: 1) The specific nature of the telecom sector, wherein new players are at a material cost disadvantage to incumbents who are enjoying huge economies of scale, 2) Established brands, comprehensive network coverage and widespread distribution also bring down customer acquisition costs for the incumbents, and 3) In the medium-term, we believe that the customer base that the new entrants acquire will have value in the hands of incumbents and consolidation appears the most likely scenario, which will be beneficial for Bharti, we maintain an Accumulate on the stock, with a target price of Rs 358, including Rs 56 being the value of its Towerco business", says Angel Broking.

Angel Broking has come out with a research report on Lloyd Electric's Q2FY10 earnings. The research firm has upgraded recommendation on the stock from

Angel Broking has come out with a research report on Lloyd Electric's Q2FY10 earnings. The research firm has upgraded recommendation on the stock from neutral to buy, with a target price of Rs 76, in its report dated November 6, 2009.

"Lloyd is the largest manufacturer of AC coils in India and also manufactures completely built units of ACs on a contract basis. Most of the AC manufacturers in India feature in the client list of Lloyd. The penetration of ACs is very low in India, at approximately 1.5 - 2%, compared to approximately 20% in developed countries, which will continue to drive the Sales of ACs in India. Further, during FY2009, the company has acquired a plant in Czechoslovakia, from Luvata, which would give Lloyd a foothold in Europe and add to its top-line and bottom-line. At the CMP, the stock trades at 3.4x its FY2011E EPS of Rs 15.1. The company enjoys excellent positioning in the AC market in India and, we believe, that the stock has a limited downside from its current level. In light of the changed business dynamics and consequently revised estimates, we upgrade our recommendation from neutral to buy, with a target price of Rs76", says Angel Broking.