Accumulate Praj Industries, target Rs 227: ULJK Securities

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Accumulate Praj Industries, target Rs 227: ULJK Securities

ULJK Securities has recommended an accumulate rating on Praj Industries with a target price of Rs 227. The research firm have assumed a consistent growth in operating profits, which will drive the valuation.

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ULJK Securities has recommended an accumulate rating on Praj Industries with a target price of Rs 227 in its August 25, 2008 research report. "We have arrived at a fair value of Rs.227 per share based on the EVA method. We have assumed a consistent growth in operating profits, which will drive the valuation. At the current market price of Rs 176, the stock trades at PE of 19x on FY09E earnings of Rs 9.2 and PE of 14.2x on FY10E earnings of Rs 12.4, Accumulate" says ULJK's research report.

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