Innovative Research has recommended buy rating on BOC India , November 20, 2007 report. "The Linde Group, Germany holds 55% equity stake in BOC India. The Linde Group is a world leading industrial gases and engineering company with Sales of Euro 12 billion (Rs. 70,000 crores) and Operating Profit Margin of nearly 20%. BOC India is the leader in gas business in India since 1935. Company has long-term supply contracts with leading customers including Tata Steel, Jindal Group, etc. Strong order book of Rs 450 crores, up 275% - large orders from SAIL. Major beneficiary of massive investments planned by various user industries - steel production, refining, chemical processing, environmental protection, welding, food processing and distribution, glass production, electronics, health care, etc. Market opportunity of Rs. 25,000 crores in steel industry. At the current price of Rs 146, valuations are attractive with a P/E of 11.14 X December 2008 earnings and P/E of 6.93 X December 2009 earnings. Considering the parent's global leadership, company's Indian leadership, huge market opportunity, high growth rates and attractive valuations, we recommend Buy." according to the Innovative Research report.
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