Stock ideas for the medium term

ICICI Bank (Rs 834): Sub-prime concerns have trimmed valuations for this stock to a level that is at a discount to other private sector peers. A focus on retail lending, where growth prospects are strong and the possibility of value un locking from subsidiaries (insurance, venture capital, investment banking) with bright prospects are the positives. PE multiple: 28 times (trailing 12 month earnings).

NTPC (Rs 163): The stock offers a good exposure to power generation, which is set to see accelerated government spending over the next few years. One of India's most efficient and low-cost power producers, the company has ambitio us capex plans lined up for the next five years. Contribution from hydel power and backward integration into coal also have the potential to improve margins in the next three years. PE multiple: 18 times.

Container Corporation (Rs 2,017): A leading player in the logistics solutions business, Concor's earnings have direct linkages to domestic business activity as well as India's foreign trade, both of which are on a strong wi cket. The company will be a key beneficiary of increased capex by the railways over the next five years, having steadily increased its share in domestic traffic even as the contribution from logistics linked to cross-border trade has stagnated. PE multiple: 18 times.

Punj Lloyd (Rs 246): The company is a unique turnkey solutions provider with a focus on oil and gas infrastructure, which is set to see substantial investments in the years ahead. Contributions from newly acquired subsidiaries to the o rder book, renewed focus on infrastructure solutions and recent strategic investments to strengthen its position in the new offshore platform business may drive strong earnings growth. PE multiple: 31 times.

Colgate Palmolive India (Rs.353): The company has been expanding its market share in oral care at a time when offtake for oral care products is showing a healthy growth, driven by demand from non-metros. The company's earnings gr owth may outpace most other FMCG players over the next couple of years, as newly expanded capacities at Baddi(HP) reduce tax incidence. An improving product mix as a result of Colgate's foray into personal care products is also positive for margins. A capital reduction proposal may improve the stock's dividend yield and return parameters. PE multiple: 20 times.