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Buy Hyderabad Ind; target of Rs 850: FinQuest
FinQuest Research is bullish on Hyderabad Industries and has recommended buy rating on the stock with a target of Rs 850, in its May 11, 2010 research report.
FinQuest Research is bullish on Hyderabad Industries and has recommended buy rating on the stock with a target of Rs 850, in its May 11, 2010 research report.
"Hyderabad Industries (HIL) posted excellent set of numbers for 4QFY10 and FY10, surpassing our expectations. We had post result interaction with management of HIL and it came our knowledge that HIL is further expanding its cement sheet capacity by setting up a 90,000 MT plant at Bihar (at cost of INR 400-450 million; expected to be operational by Mar11) and increasing capacity at existing UP plant by 90000 MT (at cost of INR 250-270 million; expected to be operational by 4QFY11). We have fine tuned our estimates for FY11E and have incorporated our estimates for FY12E. At CMP, HIL is trading at 5.2x and 5.0x FY11E and FY12E earnings respectively. We roll our valuations to FY12E earnings and reiterate BUY rating with target price of Rs 850. (target FY12E P/E ratio of 6.0x)," says FinQuest Research.
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