Buy Vakrangee Software, tgt Rs 415: HEM Sec

HEM Securities has maintained buy rating on Vakrangee Software with target price of Rs 415 in its May 23, 2008 report. "The company is a pioneer in the digitalization, data management and printing management solutions. The reduc-ing paperwork in the wake of globalization has increased the demand for such solutions and the company is well positioned to capitalize on the same. Delimitation exercise is another area where the company has a huge poten-tial. The company's topline and bottom-line has grown with a CAGR of 87.37% and 160.20% respectively from FY05 to FY08, indicating the robust growth in its business. Presently, the stock is trading at Rs 275 which is 11.79 times to its earnings and 2.13 times to its book value.  Keeping in view the robust opportunities in the industry, capacity expansion of the company and the growth rate of Vakrangee Softwares, we initiate a 'BUY' signal on the stock with a price target of Rs 415 in the long term in-vestment horizon, expecting an appreciation of 51 % from the current levels" according to HEM Securities reports.