The 2014 All-India Research Team: Capital Goods, No. 3: Inderjeetsingh Bhatia

< The 2014 All-India Research TeamInderjeetsingh BhatiaMacquarie Capital SecuritiesFirst-Place Appearances: 0

Total Appearances: 1

Analyst Debut: 2014Debuting in third place is Inderjeetsingh Bhatia. The Macquarie Capital Securities analyst is known for “digging deep and asking managements the right questions,” one advocate says. In August 2013, Bhatia, who reports on 15 Indian capital goods stocks, reiterated his outperform position on Mumbai-based Larsen & Toubro, India’s largest engineering, procurement and construction conglomerate. A meeting with L&T executives had increased his confidence in the strength of the company’s order flows going forward, Bhatia advised clients, which would bolster earnings gains and the provider’s dominant position in the domestic market. By late October, while the sector had climbed 96.8 percent, L&T’s stock had performed even better, soaring 107.1 percent, to 1,553.75 rupees. Bhatia still favors the shares, assigning them a price objective of Rs1,922. “Stick to quality names,” he advises. Companies with “balance-sheet muscle,” like L&T, are “better equipped to capitalize [on an expected] turnaround in the investment cycle.”

Venkatesh Balasubramaniam

Manish Saxena
Deutsche Bank


Bhavin Vithlani
Axis Capital