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Buy Torrent Power, target of Rs 270: Karvy
Karvy Stock Broking has recommended a buy rating on Torrent Power with a target price of Rs 270. Revenues for the quarter were up by 23.2 % to Rs 4810 million. Domestic formulations continue to outperform the industry with growth rate of 15.4 % for the quarter to Rs 1987 million.
Karvy Stock Broking has recommended a buy rating on Torrent Power with a target price of Rs 270 in its August 4, 2009 research report.
"Revenues for the quarter were up by 23.2 % to Rs 4810 million. Domestic formulations continue to outperform the industry with growth rate of 15.4 % for the quarter to Rs 1987 million. We increase our operating margins estimates from 17.6 % and 17.9 % on account of better gross margins and lower overheads in majority of the markets to 19.1 % and 19.2 % respectively for FY 10E and FY 11E respectively. We increase our EPS estimates for FY 2010 by 12.4 % to Rs 28.8 and by 13.6 % to Rs 33.3 for FY 2011E. On account of upgrade in EPS we upgrade our price target by 15 % to Rs 270 based on 8.1x FY 2011E. We continue to rate the stock as 'BUY'," says Karvy's research report.
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