Mahindra & Mahindra
CMP of Rs: 652
Target Price: 775
> M&M is in a sweet spot with strong industry growth (seen in both UVs and tractors and minimal incremental competition over the next 12‐18 months.
> We believe, the Ssangyong Motors acquisition is a strategic fit with M & M `s ambitions of being a global SUV player. Also the potential upside for M & M over the player medium term could be substantial, particularly considering its impressive track record in unlocking value of subsidiaries.
> We expect to remain cash flow positive despite high capex and investments of Rs 100 billion over the next three years. With a comfortable D/F at 0.4x, the balance sheet remains strong. We expect earnings CAGR of 12% over FY10‐12E on the back of strong top‐line growth (16% in FY10‐FY12E). FY10 FY11E FY12E
> With Mahindra & Mahindra in a strong position in core businesses, a strong balance sheet coupled with a sound management, the company’s growth momentum remains strong across key segments utility vehicles and tractors. With a rich product pipeline, the company is an ideal play on the Indian economy Year to March FY10 FY11E FY12E.
> We believe that the M & M stock offers good upside potential in the near term and we have a `Buy` rating on the stock with a target price of Rs 775.

 Tata Motors:
CMP of Rs: 1,201
Target Price: 1,470
> Tata Motors ( TATMOT) is largest automobile company in India and is leader in all commercial vehicle segments such as trucks and buses The company is one of the key beneficiaries of increase in infrastructure activity, recovery in commercial vehicle space and is well positioned to benefit from the growth in the Indian Year to March FY10 FY11E FY12E.
> Jaguar and Land Rover��" JLR is a jewel in the kitty of Rover Tata Motors which is performing very well demand is very robust
> Luxury car demand remains robust particularly in China, Russia and the US. Waiting periods on most JLR’s models are ranging between 4 and 6 weeks.
> We believe JLR margins are sustainable in the medium term. With a more manageable D/E of 1.2x, a stronger demand outlook and a sustainably high EBITDA margin, we believe potential returns outweigh the risks unfavorable currency movements, potential crisis in Europe).
> Tata Motors Q3FY11 consolidated PAT of Rs 24.5 billion Valuation Parameters
(up 2.7x Y‐o‐Y, 17% Q‐o‐Q) was ahead of consensus estimate. While standalone EBITDA, at Rs 11.96 billion (up 6% y-o-y, 7% q-o-q) with PAT at Rs 4.4 billion (up 10% y-o-y, 3% q-o-q) on the back of strong volume growth in the CV segment in the domestic markets.

ICICI Banks
CMP of Rs: 1,028
Target Price: 1,297
> ICICI Bank is India`s second largest bank and the largest private banks with total assets of about Rs 3 6 tn as of March 2010 The bank`s 3.6 2010. bank`s focus is on retail lending with retail financing representing 40% of total loans and advances while International and corporate are the new growth drivers. Year to March
> ICICI Bank`s 4C (Cost, Credit, CASA Capital) strategy  is on track and, and the bank`s business model has also emerged fitter and leaner through ,also and aggressive cost control. A positive has emerged on the asset quality front where NPL formation is declining; reinforcing that worst of retail NPL cycle is behind us
> In FY11, we expect overall loan book to settle at 18 -20% with a higher share from high‐margin domestic business, coupled with further traction on  expected to boost margins in by at least 15bps and 2 6%.

Deepak Fertilizer
CMP of Rs: 164
Target Price: 206
> Deepak Fertilizers & Petrochemicals Corp is a leading manufacturer of industrial chemicals and fertilisers in India. The company operates in three business segments chemicals, agribusiness, and specialty retailing.
> It is the leader in the Indian Technical AmmoniumNitrate (TAN) market, with 30% share. The company has increased its TAN capacity further 300 000 capacity further by 300,000 MT from 132,000 MT, at a capex of Rs. 6.5 billion.
> It is also the market leader for Iso Propyl Alcohol (IPA) in India with 75% market share. IPA is used by industries in the sectors like pharma, agro‐chem organic chemicals, imaging chemicals, healthcare growth Ratios
and paints.
 > Considering the strong revenue and profit growth prospects over the next two years (with better capacity utilisation new capacities) stock looks attractive at current levels. We have a `Buy` with a target price of Rs 206.

BHEL:
CMP of Rs: 2,105
Target Price: 2,550
> BHEL`s current order book of Rs 1,580 billion 5x FY10 revenues), is based on projects that are fully financially closed and provides visibility for 25% EPS Cagr over the next three years.
> Bharat Heavy Electricals (BHAHEA) being a leader and established and BoP contractor for power generation plants, is likely to benefit from the robust visibility in the power sector.
> Of the above capacity addition 65% plus is estimated to be from thermal‐based power plants. This is a positive for BHEL as its forte lies in setting up coal‐based power plants
> We remain positive on the stock due to: a) the expected strong order pipeline over the next few quarters; (b) the first mover advantage in supercritical equipment thus indigenising earlier than competition; and c) attractive valuations at current levels levels.