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Buy Rain Commodities, target of Rs 300: PINC
PINC Research has maintained its buy rating on Rain Commodities with a target of Rs 300. Buoyant demand for CPC coupled with stable RPC prices afford strong margin protection and provide visibility for profits in the near term.
PINC Research has maintained its buy rating on Rain Commodities with a target of Rs 300 in its November 10, 2008 research report. "Rain Commodity Ltd's (Rain) revenues rose 30% QoQ to Rs 13 billion in Q3CY08, on back of buoyancy in the CPC business and incremental despatches from its newly commissioned cement capacity. Buoyant demand for CPC coupled with stable RPC prices afford strong margin protection and provide visibility for profits in the near term."
"Additionally, the robust performance of the cement business also inspires confidence in the outlook for the company and hence we have revised upwards our estimates. Accordingly, we maintain our 'BUY' recommendation, with a 12-month price target of Rs 300," says PINC's research report.
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