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Angel Broking has maintained its buy rating on Finolex Industries with a target price of Rs 90. Angel is downgrading its FY2010E EV/EBITDA multiple for the stock form 6x to 5x owing to the volatility in the prices of petroleum-based products.
"We have also downgraded our estimated value of the Pune land that the company plans to sell from Rs 500 crore to Rs 400 crore due to the cooling off in the real estate market. We maintain a Buy on the stock, with a SOTP Target Price of Rs 90," says Angel's research report.
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May 21 2013, 13:56
- in Results Boardroom
May 21 2013, 11:05
- in MARKET OUTLOOK