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Moneycontrol.com >> Messageboard >> Stocks >> Mercator Lines >> Karvy Stock Broking has maintained underperformer
   You are here :     Moneycontrol     MMB    Stocks      Mercator Lines                         Most active discussions of 2006 , 2007 & 2008
Karvy Stock Broking has maintained underperformer (16)   03-Nov-09 13:35Track this thread   Tracked by (0)  
Posted by:   Guest on ( 03-Nov-09 13:35 )
Price : BSE: Rs 45.35 ( -5.82 % ), NSE: Rs. 45.25 ( -6.02 % )
Karvy Stock Broking has maintained underperformer rating on Mercator Lines with a target price of Rs 38 in its report dated October 30, 2009. The share was quoting at Rs 46.75, down Rs 1.4, or 2.91%.

"Mercator Lines (consolidated) reported revenue decline of 37.4% YoY (QoQ decline of 9.1%) to Rs 4.06 billion in Q2FY10. The revenue from coal mining business increased by 45% on QoQ basis to Rs 618.9 million with sale of 0.26 million mt during the quarter. The revenue was in line with our expectations of Rs 4.04 billion. The company reported loss of Rs 194 million in Q2FY10 as compared to profits of Rs 1.87 billion in Q2FY09. The profits were below our expectation of Rs 399 million. Considering significant decline in freight rates and lower earnings, we maintain our valuation to 30% discount to NAV with target price of Rs 38. We are changing our rating from Sell to Underperformer considering 25% decline in stock price since our last update in 21 October 2009, "says Karvy Stock Broking.
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