Buy GNFC, target of Rs 76: Emkay Global

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Buy GNFC, target of Rs 76: Emkay Global

Emkay Global Financial Services has maintained its buy rating on Gujarat Narmada Valley Fertilizers Company (GNFC) with a target of Rs 76. Shareholders of Gujarat Narmada Fertiliser have disapproved the resolution to contribute 30% of company’s PBT for Gujarat State development fund in a recent decision taken through postal ballot.

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Emkay Global Financial Services has maintained its buy rating on Gujarat Narmada Valley Fertilizers Company (GNFC) with a target of Rs 76 in its January 6, 2009 research report. "Shareholders of Gujarat Narmada Fertiliser have disapproved the resolution to contribute 30% of company's PBT for Gujarat State development fund in a recent decision taken through postal ballot. We maintain our BUY recommendation on the stock given its attractive valuations. Our FY09 estimated book value for the stock is Rs 131 and at current price the stock is trades at approximately 55% discount to its book value. Other valuations multiple are also attractive at FY09E P/E of 2.6x and EV / EBITDA of 2.3x, target of Rs 76," says Emkay Global Financial Services' research report.

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