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Sell Puravankara Projects, target of Rs 54: PINC Research
Posted on: May 4th, 2009 and is filed under Brokerage Recommendations.
PINC Research has recommended a sell rating on Puravankara Projects with a price target of Rs 54 in its May 4, 2009 research report. “The current slowdown in the property market affected Puravankara Projects Ltd’s (PPL’s) Q4FY09 performance.
While it posted sales of Rs 679 million (down 56% YoY), OPM shrank by 1836 bps to 16.6% owing to higher general & administration costs, staff costs, selling and other expenses as a percentage of sales. We downgrade PPL to ‘SELL’ with a price target of Rs 54,” says PINC’s research report.
Tags: broker research reports, pinc research, Sell Puravankara Projects
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