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Hold Jaiprakash Associates, target of Rs 237: Sharekhan

Posted on: June 18th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has maintained its hold rating on Jaiprakash Associates with a price target of Rs 237 in its report dated June 17, 2009.

“JP Associates Ltd (JAL) recently reported its consolidated and standalone FY2009 numbers after the amalgamation of four of its subsidiaries with itself. On a consolidated basis, JAL’s revenues grew by 13.6% year on year (yoy) to Rs 4,770.8 crore and its net income declined by 35.7% yoy to Rs 512.6 crore. The consolidated revenues and profit are significantly lower than the stand-alone revenues and profit due to the knock-off of the revenues and profit from the various construction and power projects executed at the subsidiary level. JAL is looking to raise money from treasury shares. Its 20.1 crore treasury shares could provide funds aggregating Rs 4,300 crore at the current market price. We maintain our Hold recommendation on the stock with a price target of Rs 237,” says Sharekhan’s report.

source: Moneycontrol

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