Buy Patel Engg, target of Rs 550: Fairwealth Sec
Fairwealth Securities has maintained its buy rating on Patel Engineering with a price target of Rs 550 in its report dated June 8, 2009.
“Patel Engineeringn(PE) registered steady growth in 3QFY2009. Consolidated Sales of the company were in line with our expectations increasing 31% Y-o-Y to Rs 495 crore (Rs 379 cr) on the back of a strong Order book of Rs 7,100 cr. For 9MFY2009, Top-line growth was a tad better at 32% to Rs 1495 cr (Rs 1133cr). As of 31st March Order book stood at Rs. 9000 Crore. We initiate a buy on dips call for Patel Engineering. One can buy at levels from around 300 to 340 for a target of 550 with a time horizon of 3 months. This call presents an upside potential of 40% and 70% for investors,” says Fairwealth Securities’ research report.
source: MOneycontorl
Tags: brokerage tips, brokereage calls, buy rating, fairwealth securities, india stocks, nse news, patel engg, shares india, stock market
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