Buy Patel Engg, target of Rs 635: Nirmal Bang

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Buy Patel Engg, target of Rs 635: Nirmal Bang

Buy Patel Engineering with a price target of Rs 635, says Nirmal Bang's report.

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Nirmal Bang has recommended a buy rating on Patel Engineering , with price target of Rs 635, in its report dated September 25, 2009.

"At the current market price of Rs 497 per share, Patel Engineering is currently trading at a PE of 16.2x FY10E and 13.7x FY11E EPS estimates, which looks quite attractive. At Rs 497 per share the stock is trading at a discount of 27.9% from our intrinsic price of Rs 635 per share which is 20.7x FY10E and 17.6x FY11E earnings. We recommend a 'BUY' rating on the stock with a long term view, with price target of Rs 635," says Nirmal Bang's report.

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To read the full report click on the attachment......