Buy Selan Exploration, target of Rs 338: Sharekhan

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Buy Selan Exploration, target of Rs 338: Sharekhan

Buy Selan Exploration Technology with a target price of Rs 338, says Sharekhan's research report. See the research firm's analysis.

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RELATED NEWS Buy Selan, HOEC on every dip: Sukhani Bullish on Selan Exploration, -ve on Austral Coke: Tulsian ALSO READ See previous views by Sharekhan See what other Experts & Brokerages are saying about Selan Explore See messages about Selan Explore Selan Explore BSE | NSE 31/05/12 Are Mutual Funds betting on Selan Explore?

Sharekhan has maintained its buy rating on Selan Exploration Technology with a target price of Rs 338 in its September 8, 2009 research report.

"Oil exploration stocks have run up sharply lately. The re-rating has been partially driven by the rub-off effect of Oil India Ltd (OIL)'s public offering and firming up of crude oil price. Based on the revision in our assumption of long-term crude oil price to $75 per barrel, we are upgrading our price target to Rs 338. At the current market price the stock trades at 11.5x FY2010E and 8.7x FY2011E earnings. We maintain our 'Buy' recommendation on the stock," says Sharekhan's research report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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