Buy Finolex Cables, target of Rs 75: Angel Broking

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Angel Broking has come out with a research report on Finolex Cables . The research firm has initiated coverage on the stock, with a buy recommendation and target price of Rs 75, in its report dated November 6, 2009.

"The Cable Industry in India is set to resume its growth trajectory on the back of robust demand from user industries. Finolex Cables, we believe is well-placed to reap benefits of such burgeoning demand. After a bleak FY2009, during which period the company posted losses because of weak macro-economic outlook, higher inventory costs and forex losses, it registered strong performance for the first half of FY2010. We believe that the company will continue its growth momentum going ahead as well. At Rs 53, the stock is quoting at attractive valuations of 7.7x FY2011E Earnings. We initiate coverage on the stock, with a buy recommendation and target price of Rs 75", says Angel Broking.

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