Buy Texmaco, target of Rs 124: Asit C. Mehta

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Buy Texmaco, target of Rs 124: Asit C. Mehta

Asit C. Mehta has recommended a buy rating on Texmaco with a target price of Rs 124. The announcement of a 61% increase in procurement in the Railway Budget for FY10 points to increasing focus on easing infrastructure bottlenecks for the industry.

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Asit C. Mehta has recommended a buy rating on Texmaco with a target price of Rs 124 in its August 25, 2009 research report.

"The announcement of a 61% increase in procurement in the Railway Budget for FY10 points to increasing focus on easing infrastructure bottlenecks for the industry. We initiate coverage on Texmaco with a 'BUY' recommendation and a price target of Rs 124 at a target P/E of 14x FY11E. We have not factored in any value from its Delhi land as it has been under litigation for the last many years without result," says Asit C. Mehta's research report.

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