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Buy Bharat Electronics, target Rs 1230: Hem Securities

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

Hem Securities has recommended a buy rating on Bharat Electronics with a price target of Rs 1230 in its May 4, 2009 research report.

“The company is presently trading at 9.47 times to its earnings of Rs 101.90 and 1.93 times to its book value of Rs 499.20. The company has registered the decent growth of 20% in its topline while bottomline of company registered the smart growth of 16% in quarter ended March ’09 as compare to last year quarter ended March’08. The company‘s order book as on 01.04.2009 stood at Rs 10,100 crore and it has paid 60% interim dividend to its shareholders for 2008-09. Looking at the brighter future prospects of company we recommend BUY on the stock with the medium term price target of Rs 1230 which is approximately 27% above from its current market price of Rs 965.05,” says Hem Securities’ research report.

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