Feb 12, 2009, 11.07 AM IST | Source: Moneycontrol.com

Buy Texmaco, target of Rs 65: PINC

PINC Research has maintained its buy rating on Texmaco with a target of Rs 65. Texmacos 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.

PINC Research has maintained its buy rating on Texmaco with a target of Rs 65 in its February 2, 2009 research report. "Texmacos 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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