Buy Akruti City: HDFC Securities

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Buy Akruti City: HDFC Securities

HDFC Securities has recommended a buy rating on Akruti City. The research firm expects revenues to grow at a CAGR of 118% and EPS by 113% (FY07-FY10E).

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HDFC Securities has recommended a buy rating on Akruti City in its September 12, 2008 research report. "The company's land development schedule is front ended and has high visibility. Its commercial (SEZ) assets too have strong visibility as shown by the SEZs at Baroda and Pune. With 49% of its land bank in the commercial segment (highest among the listed real estate players) the company's cash flows are strong. Given the visibility in project execution, its diverse land bank and strong presence in SRA schemes, we believe the stock should trade at the NAV of Rs 1535 and hence we recommend a BUY on the stock.We expect revenues to grow at a CAGR of 118% and EPS by 113% (FY07-FY10E). Therefore, we recommend a switch from Indiabulls Real Estate to Akruti City," says HDFC Securities' research report.

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To read the full report click on the attachment......