Global tremors add to the Indian Stock Markets woes: ShareKhan

The first month of the new year was eventful for the market. Third quarter results (of good, bad and ugly varieties); some positive economic data flow; and monetary tightening by the central bank?the market was witness to all. The result season began on a good note with information technology companies reporting better than expected numbers and guiding for an improved performance in the next quarter too. However, the third quarter performance turned out to be mixed bag with banks and automobile companies reporting good numbers but infrastructure (Larsen and Toubro, Punj Lloyd) and some specific companies like State Bank of India and Oil and Natural Gas Corporation disappointing with a weaker than expected performance. This put a damper on market sentiments and in the last few sessions the market turned southward after remaining flat for most part of the month. The market ended January 2010 with a loss of over 1,000 points.

STOCK UPDATE:
•3i Infotech: Results largely in line with estimates
•Allahabad Bank: Healthy core performance
•Apollo Tyres: Robust performance continues
•Axis Bank: Upgraded to Buy
•Bajaj Finserv: A strong all-round performance in Q3
•Bank of Baroda: Results above expectations
•Bharat Heavy Electricals: Upgraded to Buy
•Bharti Airtel: Results in line with expectations
•Cadila Healthcare: Price target revised to Rs765
•Crompton Greaves: Price target revised to Rs478
•Deepak Fertilisers & Petrochemicals Corporation: Price target revised to Rs115
•Dhampur Sugar Mills: Price target revised to Rs191
•Godrej Consumer Products: Price target revised to Rs318
•HDFC Bank: Consistent as ever
•Hindustan Unilever: Upgraded to Buy
•ICICI Bank: Ready to shift gears
•IDBI Bank: Core performance improves, asset quality concerns remain
•Infosys Technologies: Price target revised to Rs2,822
•Ipca Laboratories: Price target revised to Rs1,470
•ITC: Upgraded to Buy
•Jaiprakash Associates: Price target revised to Rs183
•Lupin: Price target revised to Rs1,602
•Mahindra Lifespace Developers: Q3 numbers shine
•Marico: Results in line with expectations
•Orbit Corporation: Price target revised to Rs393
•Phillips Carbon Black: Price target revised to Rs205
•Piramal Healthcare: Upgraded to Buy
•Ratnamani Metals and Tubes: Price target revised to Rs149
•Reliance Industries: Price target revised to Rs1,148
•Shiv-Vani Oil & Gas Exploration Services: A strong performance in Q3
•Sintex Industries: Price target revised to Rs321
•State Bank of India: A weaker core performance in Q3
•Tata Consultancy Services: Price target revised to Rs867
•Torrent Pharmaceuticals: Price target revised to Rs554
•Zensar Technologies: Price target revised to Rs351
•Zydus Wellness: Upgraded to Buy