Buy Vardhman Textiles; target Rs 368: Motilal Oswal

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Buy Vardhman Textiles; target Rs 368: Motilal Oswal

Motilal Oswal is bullish on Vardhman Textiles and has recommended buy rating on the stock with a target of Rs 368 in its July 21, 2010 research report.

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Motilal Oswal is bullish on Vardhman Textiles and has recommended buy rating on the stock with a target of Rs 368 in its July 21, 2010 research report.

"We are upgrading our EPS estimates on Vardhman Textiles by 15.8% for FY11 to Rs 46.8 and by 5% for FY12 to Rs 48.2, to account for better than expected cotton margins in FY11 due to sustained domestic raw material advantage and strong international yarn demand. The stock trades at 6.3x FY11E and 6.1x FY12E EPS, and 0.8x FY12E BV of Rs 368. We maintain buy with a price target of Rs 368 (1x FY12E BV)," says Motilal Oswal research report.

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To read the full report click on the attachment