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Hold Nagarjuna Construction, tgt Rs 144: FinQuest
FinQuest Securities has maintained its hold rating on Nagarjuna Construction Company with a target price of Rs 144. For Q1FY09 NCC posted revenues of Rs 9.7 billion as against Rs 7.6 billion in Q1FY08 registering a 27.4% YoY growth.
FinQuest Securities has maintained its hold rating on Nagarjuna Construction Company with a target price of Rs 144 in its August 1, 2008 research report. "For Q1FY09 NCC posted revenues of Rs 9.7 billion as against Rs 7.6 billion in Q1FY08 registering a 27.4% YoY growth. The revenue growth was slow on account of monsoon season. EBIDTA margins decayed by 98bps on account of higher commodity prices from 10.4% in Q1FY08 to 9.4% in Q1FY09."
"At the CMP 126, the scrip trades at 16.8x FY2009E EPS of Rs 7.5 and 13.3x FY2010E EPS of Rs 9.5. We maintain HOLD on the stock with a Target Price of Rs 144," says FinQuest Securities' research report.
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