Sell Bharati Shipyard, target of Rs 79: Emkay
Emkay Global Financial Services has maintained its sell rating on Bharati Shipyard with a target price of Rs 79 in its May 08, 2009 research report.
“Bharati Shipyard (BSL) has acquired 14.9% shares @ Rs 315 in Great Offshore (GOL) pledged with itself against a loan of Rs 2000 million through its 100% subsidiaries (Natural Power Venture Pvt Ltd. and Dhanshree Properties Pvt Ltd.). Consequently, BSL now owns 14.9% stake as the single largest shareholders and hence the promoter of GOL.”
“In light of management comment- there is high probability of Scenario-1 to play out in the short-to-medium term. Consequently, we upgrade our target price to Rs 79/Share – ascribing value to BSL interest in GOL upon reducing ambiguity. But, recent run-up in share price to Rs 110 has factored the above development. We maintain our ‘SELL’ rating with revised target price of Rs 79/Share,” says Emkay Global Financial Services’ report.
Tags: brokerage recommendation, Emkay, emkay globa, india stocks, shares, stocks
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