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Buy Amtek Auto, target of Rs 300: Angel
Angel Broking has maintained its buy rating on Amtek Auto with a target price of Rs 300. For 4QFY2008, Amtek Auto (AAL) reported 2.1% growth in Net Sales to Rs 318.2 crore.
Angel Broking has maintained its buy rating on Amtek Auto with a target price of Rs 300 in its July 31, 2008 research report. "For 4QFY2008, Amtek Auto (AAL) reported 2.1% growth in Net Sales to Rs 318.2 crore marginally better than our expectation of Rs 315 crore. Higher EOI of Rs 30.5 crore (profit on sale of Amtek India shares of Rs 53 crore and provision on account of loss on revalidation of outstanding forex loan Rs 23 crore) helped to restrict the fall in Bottom-line. AAL reported 17.6% yoy jump in Net Profit to Rs 75 crore (Rs 63.8 crore) on account of which NPM improved by 406bp yoy."
"We maintain a Buy on the stock, with a Target Price of Rs 300. We await further details of the merger of Amtek Auto and its subsidiaries. Hence, our numbers (Standalone and Consolidated) do not include effects of the merger. We will revisit our numbers on getting more details about the merger," says Angel's research report.
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