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Buy ICSA India, target of Rs 348: Hem Securities

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

Hem Securities has maintained its buy rating on ICSA India with a target of Rs 348 in its March 7, 2009 research report. “ICSA India Limited is keen on acquiring a power firm in the US with an investment of USD 20-30 million. ICSA India Limited has been permitted by the Board of Non-Conventional Energy Development Corporation of Andhra Pradesh Limited (NEDCAP) to set up a 20 MW Capacity Wind power project in Andhra Pradesh. The company has a strong order book position of more than INR 700 Crores which provides a strong visibility to the revenues. The company is trading at a very low PE of around 1.5X. We expect the company to outperform in the future and we reiterate “BUY” on the stock with a Target of INR 348.00,” says Hem Securities’ research report.

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