Buy Puravankara Projects, target Rs 171: Karvy

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Buy Puravankara Projects, target Rs 171: Karvy

Karvy Stock Broking has upgraded Puravankara Projects to buy from under performer, with price target of Rs 171, in its report dated August 2, 2010.

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Karvy Stock Broking has upgraded Puravankara Projects to buy from under performer, with price target of Rs 171, in its report dated August 2, 2010.

"We have upgraded our FY11E Revenue and Net profit estimates of Puravankara Projects by 4.6% & 4.4% to Rs 4873 million and Rs
1464 million. We estimate robust revenue and net profit growth in FY12 over FY11 at 69.9% & 32.2% to Rs 8277 million and Rs 1933 million driven by robust volume and stable pricing. We upgrade the stock to buy from under performer with price target of Rs 171 (Previous target Rs 105) a 30% discount to its FY11NPV of Rs 244 a share or 12.7x its FY12 earnings", says Karvy Stock Broking research report.

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To read the full report click on the attachment