Buy BHEL, target of Rs 2058: IIFL

IIFL has recommended a buy rating on Bharat Heavy Electricals with a 12-month target price of Rs 2058 in its July 22, 2008 research report. "Revenue increased 34% YoY to Rs 43.3 billion, beating our estimate and significantly ahead of consensus expectation. 1Q revenue growth should allay some concerns on execution issues and provide more visibility to management’s FY09 revenue guidance. PAT increased 33% YoY to Rs 3.84 billion, beating our estimate as well as consensus."

"BHEL’s 1QFY09 results should provide comfort to significant worries regarding its execution capabilities. 1Q results increase credibility of management’s full-year revenue guidance, Buy 12-month target Rs 2058," says IIFL's research report.

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