Institutional Activity

SG Emerging Markets Equity Research has reiterated a buy recommendation on Hughes Software Services at Rs 442 with a price target of Rs 700.

Revenues are expected to grow 45-50 per cent instead. The earning per share is estimated to grow from Rs 19 in FY01 to Rs 27 and Rs 37.1 in FY02 and FY03 respectively. Though the company has been affected by the slowdown in the telecom sector, the long-term opportunities remain intact.

Motilal Oswal Securities has maintained a hold recommendation on Zee Telefilms at Rs 117. Zee has launched twenty-four new programmes, changed its logo and is spending Rs 15 crore on a marketing and promotional campaign to regain its position as the leading cable and satellite television channel.

For this fiscal year, the consolidated topline and bottomline is estimated at Rs 1150 crore and Rs 220 crore respectively. It translates into an EPS of Rs 5.3.

Merrill Lynch has downgraded Bharat Heavy Electrical Ltd. (BHEL) from long-term buy rating to accumulate at Rs 150. Though BHEL