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Buy Glodyne Technoserve, target of Rs 575: Reliance Money

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

Reliance Money has recommended a buy rating on Glodyne Technoserve, with price target of Rs 575, in its report dated June 8, 2009.

“Glodyne Technoserve continues to leap forward with impressive financial performance. We expect consolidated revenues to grow at a CAGR of 31% over FY09-11E and for the same period net profit expect to show a CAGR growth of 36%. We believe as 75% of Glodyne business is centered around India that too 79% from infrastructure management space (non-discretionary spend), which makes Glodyne largely immune from any major cut in the global IT spending and rupee appreciation. At CMP of Rs 458, stock trades at 5X FY10E and 4X FY11E earning, we recommend ‘BUY’ with a 12 months target price of Rs 575, at our target price stock will be valued at 5x FY11E,” says Reliance Money’s report.

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