Sharekhan has maintained its buy rating on Ratnamani Metals and Tubes with a target price of Rs 133 in its September 30, 2009 research report. On Thursday, the share closed at Rs 106.15, down Rs 1.25, or 1.16%.
"The company has been witnessing gradual improvement in its business environment. RMTL's specialty products consumed in high-growth sectors like power would drive the volumes going forward. Further, meaningful revival in orders from the refinery sector could add to incremental orders. At the current market the stock trades at 4.8x its FY2011 estimates, which we feel is attractive and thereby reiterate a 'Buy' on the stock, target of Rs 133," says Sharekhan's research report.
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