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Sell SKF India, target of Rs 110: Reliance Money
Posted on: February 19th, 2009 and is filed under Brokerage Recommendations.
Reliance Money has recommended a sell rating on SKF India with a target price of Rs 110 in its February 19, 2009 research report. “SKF India Ltd reported below expectation results in Q4CY08. Net sales declined by 13% y-o-y while EBITDA margins came down considerably by 791bps y-o-y to 7.6%. Lower sales were attributed to slowdown in automobile and its other user industries.
Surprisingly, despite the partial plant shut down during the quarter, its employee costs and other expenditure continued to go up. We continue to maintain our negative outlook on the sector and recommend a SELL with a target price of Rs 110,” says Reliance Money’s research report.
source: Moneycontrol
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