Buy Tata Tea, target of Rs 820: Hem Securities
Hem Securities has reiterated a buy rating on Tata Tea with a target price of Rs 820 in its April 17, 2009 research report. “Tata Tea has announced to acquire 51 per cent stake in Grand, a Russia’s tea and coffee major, through one of its overseas subsidiaries, in partnership with European Bank of Reconstruction and Development (EBRD). Post acquisition, Tata Tea will hold 33.2 per cent stake and EBRD will hold 17.8 per cent.”
“We are very positive on the long term business prospects of the company and financial performance. We believe Tata Tea’s focus on new geographies and new initiatives (such as green and herbal tea, fruit-based beverages and mineral water) augur well for the company to sustain the growth at a consolidated level. We reiterate “BUY” on the stock with target price of Rs 820 with a medium term investment horizon,” says Hem Securities’ research report.
Tags: buy, buy rating, hem securities, target, tata tea
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