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Buy Tata Tea, target of Rs 853: Sharekhan

Posted on: June 13th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has recommended a buy rating on Tata Tea with a target price of Rs 853 in its June 10, 2009 research report.

“Tata Tea’s Q4FY2009 numbers (derived from FY2009 and M9FY2009 numbers) are below our expectations. The top line grew by 9.4% year on year (yoy) to Rs 1,226.1 crore in Q4FY2009, which is below our expectation of Rs 1,319.7 crore for the quarter. At the current market price the stock trades at 8.7x FY2010E earnings per share of Rs 64.0. We shall revisit our estimates for FY2010 and introduce FY2011 estimates after our interaction with the management. We maintain our ‘Buy’ recommendation on the stock, target of Rs 853,” says Sharekhan’s research report.

source: Moneycontrol

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