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Accumulate Reliance Capital, target of Rs 690: P Lilladher

Posted on: May 5th, 2009 and is filed under Brokerage Recommendations.

Prabhudas Lilladher has maintained its accumulate rating on Reliance Capital with a target price of Rs 690 in its May 4, 2009 research report.

“Reliance Capital (RCFT) has delivered betterthan- expected results, mainly due to higher-than-expected gains in the proprietary investment book. Total Income/Revenue declined by 5.4% YoY, PBT by 25.1% YoY and PAT by 14.7% YoY. We expect most of RCFT’s business segments to report incrementally better performance in the quarters ahead. Broking, Asset Management and Life Insurance should do particularly well. We maintain ‘Accumulate’ rating on the stock, target of Rs 690,” says P Lilladher’s research report.

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