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Sep 21, 2010, 03.36 PM IST
ABC Bearings has target of Rs 250, says Devang Mehta, Head - Equity Sales Retail, Anand Rathi Financial Services.
ABC Bearings has target of Rs 250, says Devang Mehta , Head - Equity Sales Retail, Anand Rathi Financial Services.
Mehta told CNBC-TV18, "A lot of CV as well as tractors are doing extremely well. We have a midcap company called ABC Bearings which we have a fundamental buy call on. ABC Bearings supplies bearings and other OEM’s to all the companies like Tata Motors, Toyota, and M&M. It supplies to all the leading manufacturers of automobiles. Almost 80%-85% of its revenues come from the top 10 clients, which are these people."
He further added, "We are expecting the top line of the company to grow by almost 40% and bottom line to almost grow at the same rate. We have a EPS target of Rs 26 for FY11. The stock is currently trading around Rs 160 and we have a buy target of Rs 250 for this stock."
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