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Hold Indo Tech Transformers: KRChoksey
KRChoksey Research has maintained its hold rating on Indo Tech Transformers with a target price of Rs 337. PAT increase marginally by 0.9% to Rs 12.3 crore as against Rs 12.2 crore in Q3FY08.
KRChoksey Research has maintained its hold rating on Indo Tech Transformers with a target price of Rs 337 in its February 5, 2009 research report. "Net Sales increased by 5.9% to Rs 55.1 crore as against Rs 52.1 crore in Q3FY08. PAT increase marginally by 0.9% to Rs 12.3 crore as against Rs 12.2 crore in Q3FY08. We believe the new management would benefit Indotech in terms of getting high value orders as they would prequalify for high rating transformers. At CMP of Rs 302, the stock is trading at 6.9x on TTM earning of Rs 43.9 and 5.6x on FY10E earning of Rs 53.6. On account of power sector initiative, low debt-equity ratio 0.1x, export oriented initiative, we recommend Hold rating on the stock with target price of Rs 337 (earlier 348)," says KRChoksey's research report.
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