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Buy Navneet Publications, target of Rs 59: Sharekhan

Posted on: March 21st, 2009 and is filed under Brokerage Recommendations.

Sharekhan has recommended a buy rating on Navneet Publications with a price target of Rs 59 in its March 19, 2009 research report. “With the growth in publication business moderating, Navneet Publications India (Navneet) has been banking on stationery business to drive its top line growth. As a result, the revenues from the stationery business are expected to grow by 57% in FY2009 to Rs 214 crore. This is also reflected in the revenue contribution from the stationery business that has increased from 34% in FY2007 to 44% now. For Q4FY2009, we expect Navneet’s top line to grow by a robust 33.8% year on year (yoy) driven by a strong performance of its stationery business. We maintain our Buy recommendation on the stock with a price target of Rs 59,” says Sharekhan’s research report.

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