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Buy Everest Kanto Cylinder, target of Rs 250: IIFL

Posted on: June 9th, 2009 and is filed under Brokerage Recommendations.

IIFL has upgraded its rating on Everest Kanto Cylinder to buy with a target price of Rs 250 in its June 09, 2009 research report.

“Our recent meeting with EKC’s management has reinforced our positive long-term view on the stock, notwithstanding near-term challenges in both domestic and international markets. The domestic market has shown
signs of recovery in the current quarter and we expect it to grow materially as availability of gas improves. The company has also had some positive results in developing new markets like Thailand and Colombia to partially mitigate the loss of business in key export markets like Iran and Pakistan. Availability of Reliance gas, coupled with the government’s focussed approach on developing gas distribution infrastructure, underpins our positive view on
EKC’s long-terms prospects. The stock is currently trading at an attractive PE of 9.7x on FY11ii; we upgrade it to ‘BUY’, target price of Rs 250,” says IIFL’s research report.

source: Moneycontrol

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