Buy Maruti Suzuki India, target of Rs 750: Angel

Angel Broking has maintained its buy rating on Maruti Suzuki India with a revised target price of Rs 750 in its July 21, 2008 research report. "For 1QFY2009, Maruti clocked 21.5% growth in Net Sales to Rs 4,754 crore, which was slightly above our expectation of Rs 4,570 crore. Net Profit for the quarter declined 6.8% yoy to Rs 466 crore."

"We have revised our EPS estimates for FY2009 and FY2010 to Rs 61.2 (Rs 64.2 previously) and Rs 73.9 (Rs 77.1 previously), respectively. We maintain a Buy on the stock, with a revised Target Price of Rs 750 (Rs 853)," says Angel's research report.

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