Buy Amtek Auto, target of Rs 110: Angel

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Buy Amtek Auto, target of Rs 110: Angel

Angel Broking has maintained its buy rating on Amtek Auto with a target of Rs 110. The company reported a substantial 86.3% yoy decline in Net Profit to Rs 5.4 cr (Rs 39.2 cr) for the quarter.

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Angel Broking has maintained its buy rating on Amtek Auto with a target of Rs 110 in its February 2, 2009 research report. "For 2QFY2009, Amtek Auto (AAL) reported 24.6% de-growth in Net Sales to Rs 241.3 cr (Rs 319.9 cr). The company reported a substantial 86.3% yoy decline in Net Profit to Rs 5.4 cr (Rs 39.2 cr) for the quarter. We maintain a Buy on the stock with a revised 18-month Target Price of Rs 110, which values the company at 0.5x FY2010E BV (adjusted for FCCB interest impact)," says Angel Broking's research report.

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