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Buy ESS DEE Aluminium, target of Rs 200: Sunidhi Securities

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

Sunidhi Securities & Finance has recommended a buy rating on ESS DEE Aluminium with a target price of Rs 200 in its April 8, 2009 research report. “EDAL acquired a 90% stake in IFL for Rs 120 crore from Vedanta Group, making it a subsidiary.

The remaining 10% stake is with Vedanta. During Q3FY09, sales have gone by 45% to Rs 103 crore whereas net profit has moved up by 11% to Rs 20.1 crore. During the 9 months of FY09, sales have gone up by 54% to Rs 333.5 crore and net profit by 31% to Rs 64.4 crore. OP & NP margin during the nine months of FY09 stood at 29.5% and 19.3% respectively against 30% and 22.7% (YoY). We recommend BUY with a target price of Rs 200,” says Sunidhi Securities & Finance’s report.

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