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Buy Neyveli Lignite, target of Rs 100: Indiabulls Sec

Posted on: February 25th, 2009 and is filed under Brokerage Recommendations.

Indiabulls Securities Research has maintained its buy rating on Neyveli Lignite Corporation with a target price of Rs 100 in its February 24, 2009 research report.

“Neyveli Lignite Corporation Ltd. (NLC) posted a 9.7% yoy increase in the net profit in Q3’09. This was partially driven by the finalisation of the FY04–09 power tariffs for TPS-I, resulting in an additional revenue of Rs 1.7 billion during the quarter. We maintain our target price of Rs 100, based on our DCF valuation. Since our target price implies a 38% potential upside from the CMP, we maintain our Buy rating,” says Indiabulls Securities’ research report

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