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Buy Sterlite Industries, target of Rs 760: India Infoline
India Infoline has recommended a buy rating on Sterlite Industries (India) with a target price of Rs 760. Sterlite plans to add 9.6GW of power generation capacity over FY08- 12 through its fully-owned subsidiary Sterlite Energy Ltd (SEL).
India Infoline has recommended a buy rating on Sterlite Industries (India) with a target price of Rs 760 in its July 14, 2008 research report. "We like Sterlite Industries (SIL), India's largest and most diversified non-ferrous metals player. Besides a host of factors favoring investment (explained below), exercise of Balco and Hindustan Zinc options are also key triggers. It recently planned to acquire ASARCO, a US-based integrated copper producer. Although, the deal still faces some headwinds, the current bid of USD 2.6 billion seems to be reasonable and value accretive."
"Sterlite plans to add 9.6GW of power generation capacity over FY08- 12 through its fully-owned subsidiary Sterlite Energy Ltd (SEL). SIL has secured coal mines with reserves of 322m tons. We recommend Buy with a price target of Rs 760," says India Infoline's research report.
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