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Reduce Parsvnath Developers, target of Rs 33: KRChoksey
KRChoksey Research has recommended a reduce rating on Parsvnath Developers with a target price of Rs 33. The Company had a very bad quarter overall with net sales falling by 80.5% y-o-y and 58.4% q-o-q to Rs. 90.5 crore and profit after tax falling 95.2% y-o-y and 75.3% q-o-q to Rs. 5.42 crore.
KRChoksey Research has recommended a reduce rating on Parsvnath Developers with a target price of Rs 33 in its February 5, 2009 research report. "The Company had a very bad quarter overall with net sales falling by 80.5% y-o-y and 58.4% q-o-q to Rs. 90.5 crore and profit after tax falling 95.2% y-o-y and 75.3% q-o-q to Rs. 5.42 crore due lack of housing sales and lower realisations. Overall, we believe there could still be some downside to the stock and therefore recommend 'Reduce' with a price target of Rs 33," says KRChoksey's research report
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