Buy Alembic, target of Rs 42: Karvy

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Buy Alembic, target of Rs 42: Karvy

Karvy Stock Broking has maintained its buy rating on Alembic with a target of Rs 42. The company's net revenues for the quarter are expected to move up by 10 % to Rs 2862 million. Profits for the quarter are expected to decline by 29 % to Rs 138 million for the quarter.

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Karvy Stock Broking has maintained its buy rating on Alembic with a target of Rs 42 in its January 16, 2009 research report. "The company's net revenues for the quarter are expected to move up by 10 % to Rs 2862 million. Profits for the quarter are expected to decline by 29 % to Rs 138 million for the quarter. We continue to amortise the Dabur acquisition and provide Rs 176 mn through the profit and loss account. We downgrade our EPS by 30 % to Rs 4.4 for FY 2009E and by 24 % to Rs 5.8 for FY 2010E. We downgrade our price target by 24 % to Rs 42 based on 7.3x FY 2010E. We however continue to maintain BUY on the stock with a price target of Rs 42," says Karvy Stock Broking's research report.

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