Buy Ratnamani Metals, tgt Rs 1361: Reliance Money

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Buy Ratnamani Metals, tgt Rs 1361: Reliance Money

Reliance Money has recommended a buy rating on Ratnamani Metals and Tubes with a target price of Rs 1361. RMTL reported lower net profit mainly due to provisioning for MTM losses on derivatives instruments. The order book of the company has gone up to Rs 6.5 billion compared to Rs 5.3 billion as on 31st December 2007.

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Reliance Money has recommended a buy rating on Ratnamani Metals and Tubes with a target price of Rs 1361 in its June 23, 2008 research report. "RMTL reported lower net profit mainly due to provisioning for MTM losses on derivatives instruments. The order book of the company has gone up to Rs 6.5 billion compared to Rs 5.3 billion as on 31st December 2007 which indicates net inflow of Rs 1.2 billion during Q4FY08. The management remains confident about 30% CAGR growth for next two years. We maintain our price target of Rs 1361 and recommend a BUY," says Reliance Money's research report.

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