Buy Texmaco, target of Rs 65: PINC

PINC Research has maintained its buy rating on Texmaco with a target of Rs 65 in its February 2, 2009 research report. "Texmaco’s Q3FY09 results were in line with expectations as net sales rose by 3.6% YoY due to the benefit of excise reduction to Rs 1.6 billion. The growth was led by the Heavy Engineering segment (wagons, process and hydromechanical equipment) which grew 13% to Rs 1.8 billion. We maintain our ‘BUY’ recommendation with a 12-month price target of Rs 65," says PINC's research report.

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