Buy Great Offshore, target of Rs 435: Emkay
Emkay Global Financial Services has maintained its buy rating on Great Offshore with a price target of Rs 435 in its May 08, 2009 research report.
“In a significant development, Bharati shipyard (BSL) has bought 14.89% @ Rs 315/share in Great Offshore, by acquisition of pledged shares (5533786 shares) of erstwhile promoters Mr Vijay Seth. Prima face we see the development as positive for Great Offshore, as it allays investor concern regarding uncertainty of ownership of the company. The issue that is not clarified is will Mr Seth continue to be the Managing Director of the company, which in turn can allay concern of clients like ONGC. We note that ONGC had raised issues on performance guarantee for contracts, when Great offshore was demerged from GE Shipping. We maintain our ‘BUY’ rating on the stock with a price target of Rs 435,” says Emkay Global Financial Services’ research report.
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