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Buy Hindustan Zinc, target of Rs 830: Karvy
Karvy Stock Broking has maintained its buy rating on Hindustan Zinc with a traget price of Rs 830. Karvy's expects the company's revenue to decline 19.4% to Rs 69,008 million and adjusted profit to fall by 22.8% to Rs 34,087 million.
Karvy Stock Broking has maintained its buy rating on Hindustan Zinc with a traget price of Rs 830 in its April 22, 2008 research report. "We expect a 30.6% fall in revenue (QoQ decline of 15.5%) to Rs 14,017 million. The decrease in revenue would be despite a 7.8% YoY increase in mined zinc production and 10.8% YoY higher refined zinc production as the LME zinc price was lower by 27.6% YoY. Besides the lower LME price of zinc, a sharp appreciation in rupee against USD by 10.5% YoY has also impacted the the company's rupee realization adversely."
"EBIDTA is expected to decline by 43.6% YoY to Rs 7,903 million. EBIDTA margin is estimated at 56.4% as against 69.3% YoY.For FY08, we expect revenue decline of 19.4% to Rs 69,008 million and adjusted profit to fall by 22.8% to Rs 34,087 million. We are maintaining our BUY rating with a target price of Rs 830," says Karvy's research report.
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