Emkay Research has maintained buy rating on Spanco Telesystems with a price target of Rs 383 in its February 01, 2008 research report. "Spanco Telesystems reported Q3FY08 results slightly below our expectations. The net sales for the quarter grew by 39% yoy to Rs 1883 million. The revenue growth was mainly driven by a 40% yoy growth in the telecom business to Rs 1779 mn. During the quarter the company bagged a system integration contract from HARTRON valued at Rs 137.5 mn executable over the next 3 months. The company has also won a contract from EDS worth Rs 400 mn on a BOOMT model spread over 5 years. We continue to remain bullish on the company due to the strong capex activity in the telecom industry. We maintain our earnings estimates for FY08E and FY09E with earnings of Rs 23.9 and Rs 35.8 respectively and a buy rating on the stock with a SOTP based price target of Rs 383." According to Emkay Research report.
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