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Buy Vakrangee Software, target of Rs 304: Emkay Global
Emkay Global Financial Services has maintained its buy rating on Vakrangee Software with a target price of Rs 304. Vakrangee Softwares Ltd (VSL) ended the first quarter with 86.8% YoY increase in revenues to Rs 612.4 million on the back of Rs 435.5 million and Rs 176.9 million contribution from government and private sector respectively.
Emkay Global Financial Services has maintained its buy rating on Vakrangee Software with a target price of Rs 304 in its August 8, 2008 research report. "Vakrangee Softwares Ltd (VSL) ended the first quarter with 86.8% YoY increase in revenues to Rs 612.4 million on the back of Rs 435.5 million and Rs 176.9 million contribution from government and private sector respectively. DMS business contributed Rs 256.1 million whereas PMS business contributed Rs 356.3 million to the overall revenues of the company."
"At current market price of Rs 211, VSL is trading at 6.1x FY09E and 4x FY10E earnings respectively. We maintain BUY on the stock with a target price of Rs 304. At our target price, stock will be valued at 8.7x FY09E and 5.7x FY10E EPS," says Emkay Global Financial Services' research report.
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