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Hold Cairn India, target of Rs 235: Indiabulls Securities

Posted on: July 8th, 2009 and is filed under Brokerage Recommendations.

Indiabulls Securities Research has maintained its hold rating on Cairn India, with price target of Rs 235, in its report dated June 30, 2009.

“Overall, increasing reserves and growing production potential augur well for CIL. We expect the company to witness a substantial growth during FY09-FY12, mainly on the back of increasing production volume. We have revised our estimates to include the effects of the recent recovery in crude oil prices. We believe that CIL’s stock is fairly priced at its CMP of Rs 233. Based on our valuation, we have arrived at a target price of Rs 235, which does not provide any significant upside potential. Thus, we maintain our Hold rating for the stock,” says Indiabulls Securities’ research report.

source: Moneycontrol

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