Hold Steel Strips Wheels; target of Rs 300: Nirmal Bang

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Hold Steel Strips Wheels; target of Rs 300: Nirmal Bang

Nirmal Bang has recommended hold rating on Steel Strips Wheels with a target of Rs 300 in its research report.

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Nirmal Bang has recommended hold rating on Steel Strips Wheels with a target of Rs 300 in its research report.

"Steel Strips Wheels has sales and profitability to witness a robust growth over next couple of years. At the CMP of Rs 258 per share, SSWL is currently trading at a PE of 10.29x FY11E and looks fairly attractive. Based on the EPS estimate of Rs 25.06 and our target multiple of 12.0x we arrive at a target of Rs 300 for the stock. We initiated coverage on SSWL on 31 May 2010 at Rs 133 with a BUY rating and a target price of Rs 250, indicating a potential upside of 88%. This target has been achieved today. We continue to remain positive on the stock and recommend to HOLD the stock for a target of Rs 300," says Nirmal Bang research report.

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To read the full report click on the attachment