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Sep 02, 2008, 07.41 PM IST
Hem Securities has recommended a buy rating on Orient Abrasives with a target of Rs 36. Orient Abrasives’ principal activity is to manufacture abrasive grains, refractory and monolithic products.
"The Indian abrasives industry is characterized by diverse user industries, an insig-nificant threat from substitute products, adequate raw material availability and extensive application in the industry. the stock is trading at Rs 27 which is at 5.89 times to its earn-ings and 1.59 times to its book value of Rs 17.08. Since the stock seems to offer extremely good investment opportunities, we initiate a ‘BUY’ signal on the stock with a target price of Rs 36 in medium to long term investment horizon expecting an appreciation of about 33 % from the current level of Rs 27." says Hem Securities' research report.
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Action in Orient Abrasives
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