Buy Maharashtra Seamless, target of Rs 335: Sushil Finance
Sushil Finance has recommended a buy rating on Maharashtra Seamless with price target of Rs 335, in its report dated June 22, 2009.
“Maharashtra Seamless Ltd. (MSL) is one of the largest manufacturers of seamless tubes with a production capacity of 350 000 tons MSL also manufactures ERW pipes. The total unexecuted Order Book of the Company as at Mar. ‘09 stands at Rs 5,700 million, to be executable over the next one year. The company has net cash of around Rs. 5,000 million in its books. The company plans to productively use the cash partly to fund its capacity expansion plans & to meet its working capital requirements over the next 2 years. At the current market price the company is trading at 7 4x its FY09EPS of Rs 36 and 1 4x. Buy the stock with target of Rs 335,” says Sushil Finance’s report.
source: Moneycontrol
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