Reliance Money has maintianed buy rating on Glodyne Technoserve with target price of Rs 784, implying upside potentail 47% in its May 2008 report. "We expect consolidated revenues to grow at a CAGR of 51% and net profit to grow at a CAGR of 60% over FY08A-10E. On the other hand, management is contemplating further inorganic growth, which is likely to materialize by Q2FY09E. We have not factored any kind financial benefits arising out of the acquisitions for our FY09E and FY10E estimates, as and when its comes it will be a added value to the Glodyne’s financials.Thus, with robust growth visibility, with EPS CAGR of 60% over FY08-10E and attractive PEG ratio of around 0.15x and 0.1X FY09E and FY10E respectively, we recommend a BUY, with a upward revised target price of Rs 784. At the current market price Rs 530, Glodyne is trading 9x FY09E and 5x FY10E. We maintain a BUY, with a revised 12 months target price Rs 784; we had earlier given a target price of Rs 356. On our revised target price stock will be valued at 13x FY09E and 8x FY10E" according to Reliance Money report.

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