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Sell MTNL, target of Rs 65: Indiabulls Securities
Indiabulls Securities Research has maintained its sell rating on Mahanagar Telephone Nigam (MTNL) with a target price of Rs 65. Mahanagar Telephone Nigam Limited (MTNL) reported weak Q2’09 results with a flat revenue of Rs 11.3 billion and a 751-bps fall in the EBITDA margin to 7.4%.
Indiabulls Securities Research has maintained its sell rating on Mahanagar Telephone Nigam (MTNL) with a target price of Rs 65 in its November 26, 2008 research report. "Mahanagar Telephone Nigam Limited (MTNL) reported weak Q2'09 results with a flat revenue of Rs 11.3 billion and a 751-bps fall in the EBITDA margin to 7.4%. Based on our DCF valuation, we have arrived at a target price of Rs 65 for the stock, assuming an 8% Rf, a 5% terminal growth rate, and a 16.42% WACC. Therefore, we maintain our Sell rating on the stock," says Indiabulls Securities' research report.
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