Buy Usha Martin; target of Rs 125: Sunidhi Sec

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Sunidhi Securities & Finance is bullish on Usha Martin and has recommended buy rating on the stock with a target of Rs 125, in its March 17, 2010 research report.

"Established in 1961, Usha Martin (UML) is a Rs 3000 crore conglomerate with global presence in Europe, S.E. Asia, Middle East and USA. The company is India's largest and world's second largest steel wire rope manufacturer. UML has three divisions - Steel, Wire & Wire Ropes and Others. The nine manufacturing facilities of UML are located at Jharkhand (four units), U.P. (two units), Karnataka, Punjab and Tamil Nadu. We recommend a BUY on the stock with a 12 month target price of Rs. 125, at 12x FY12E earnings, giving it an upside potential of 36%," says Sunidhi Securities & Finance research report.

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