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Buy Gujarat Industries Power Co, tgt Rs 123: Religare
Religare has maintained its buy rating on Gujarat Industries Power Company with a revised target price of Rs 123. GIPCL continues to trade close to its book value and at a considerable discount to peers.
Religare has maintained its buy rating on Gujarat Industries Power Company with a revised target price of Rs 123 in its June 18, 2008 research report. "We have revised our earnings estimates for FY09 and FY10 to reflect the commencement of operations of the expanded plant and higher fuel prices. GIPCL continues to trade close to its book value and at a considerable discount to peers."
"We have valued the company based on an average of the P/BV and DCF methods. Our estimate revision coupled with a tweaking of DCF assumptions generates a revised target price of Rs 123 for the stock from Rs 136 previously. We maintain our Buy recommendation," says Religare's research report.
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