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Buy NIIT Tech; target of Rs 224: Firstcall Research
Firstcall Research is bullish on NIIT Technologies and has recommended buy rating on the stock with a target of Rs 224 for medium to long term, in its January 19, 2010 research report.
Firstcall Research is bullish on NIIT Technologies and has recommended buy rating on the stock with a target of Rs 224 for medium to long term, in its January 19, 2010 research report.
"NIIT Technologies Limited, a leading global IT solutions organization reported a rise of 142.43% profit in the standalone net profit for the quarter ended Dec.31, 2009. During the quarter, the company reported a standalone profit of Rs 291.40 million as against profit of Rs 120.20 million for the quarter ended Dec. 31, 2008."
"At the current market price of Rs.195.00, the stock is trading at a P/E of 11.97x for FY10E and 10.76x for FY11E. The EPS of the company is expected to be at Rs 16.29 and Rs.18.12 for FY10E and FY11E respectively. On the basis of price to book value, the stock trades at 2.90x and 2.28x for FY10E and FY11E respectively. The company has shown interest in adding one more vertical to their existing portfolio, of Govt. contracts. They have seen a lot of interest from the Govt & are very actively addressing this opportunity. We recommend a "BUY" on the stock with a target price of Rs 224.00 for medium to long term."
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