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Buy Zee News, target of Rs 55: Sharekhan
Sharekhan has maintained its buy rating on Zee News with a price target of Rs 55. The Q4FY2009 revenues and operating profit of Zee News is in line with expectations.
Sharekhan has maintained its buy rating on Zee News with a price target of Rs 55 in its April 23, 2009 research report.
"The Q4FY2009 revenues and operating profit of Zee News is in line with our expectations. However, due to a higher than expected interest cost, the net profit is below our estimate of Rs 11.3 crore. The net operating revenues for the quarter increased by 22.4% year on year (yoy) with the existing channel portfolio delivering a 4.2% year-on-year (y-o-y) growth in revenues on a relatively higher base (Q4FY2008 revenues defied the seasonality aspect and were even higher than Q3FY2008, despite the fact that Q3 is seasonally the best quarter during a year). Thus, we upgrade our call on the stock to buy and maintain our price target of Rs 55," says Sharekhan's research report.
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