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Buy Oil Country, target of Rs 92.3: Nirmal Bang
Nirmal Bang has maintained its its buy rating on Oil Country Tubular (OCTL) with a target of Rs 92.3. OCTL reported robust top line and bottom line growth, Going forward the research firm expects the company will continue to witness strong demand trends.
Nirmal Bang has maintained its its buy rating on Oil Country Tubular with a target of Rs 92.3 in its October 17, 2008 research report. "Sales witnessed strong growth of 29.4% yoy to Rs 85.0 crores in 2Q 09. Reported PAT increased 27.9% to Rs 17.8 crores primarily reflecting healthy top line growth. However, PAT margins declined 19 bps yoy to 20.9% in 2Q 09. OCTL reported robust top line and bottom line growth, Going forward we expect the company will continue to witness strong demand trends. OCTL is currently available at 2.79x FY 09E. At current levels the stock looks undervalued and holds strong potential for upside. We reiterate BUY rating on OCTL with the target price of Rs 92.3 in one year period," says Nirmal Bang's research report.
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