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Buy Jyoti Structures, target of Rs 85: Reliance Money

Posted on: February 9th, 2009 and is filed under Brokerage Recommendations.

Reliance Money has recommended a buy rating on Jyoti Structures with a target of Rs 85 in its February 2, 2009 research report. “The overall Q3FY09 performance of Jyoti Structures Ltd (JSL) remains below our expectation. JSL witnessed a top line growth of 25% YoY to Rs 4330.7 million in Q3FY09.

However higher borrowing cost along with increase in other expenditure negatively impacted the bottom line which saw a drop of 10.4% YoY during the quarter to Rs 180.6 million. The order book inflow has slowed down during the quarter which has raised concerns, but we remain confident on margins for next two years. We keep our BUY recommendation with a revised price target of Rs 85,” says Reliance Money’s research report.

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