Emkay Global Financial Services has recommended a buy rating on Piramal Life Sciences with a target price of Rs 270 in its August 28, 2008 research report. "Our risk adjusted DCF based NVP is Rs 270 per share. We believe that the current price does not reflect the potential value of its R&D pipeline.On a replacement cost basis also, PLSL's valuations are attractive. Despite having a stronger R&D pipeline of 15 molecules as against 8 molecules of SPARC, it trades at a significant 80% discount to SPARC. Given its strong R&D pipeline (15 molecules, 7 in Human clinical trials, NPV- Rs 16473 million) and attractive valuations, we rate the stock a Buy with a DCF based target price of Rs 270. We expect significant value creation in the next 3-5 years," says Emkays research report.  

They have also maintained a buy rating on Ballarpur Industries with a target of Rs 45 in its August 29, 2008 research report. "We expect BILT to report net revenues of Rs 31.8 billion and PAT of Rs 2.9 billion in FY09E and net revenues of Rs 38.8 billion and PAT of Rs 3.4 billion in FY10E. EPS works out at Rs 21.0 for FY09E and Rs 26.4 for FY10E. At present, the stock trades at 7.3x FY09E earnings. We maintain our BUY recommendation on the stock with a price target of Rs 45," says Emkays research report.

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