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Buy Ganesh Housing with target of Rs 117: M Irani
Mehraboon Irani, Senior VP-Equity, Centrum Broking is of the view that one can safely buy Ganesh Housing in realty space with immediate target of Rs 117.
Mehraboon Irani, Senior VP-Equity, Centrum Broking is of the view that one can safely buy Ganesh Housing in realty space with immediate target of Rs 117.
Irani told CNBC-TV18, "A space which has been completely beaten down very badly, people are keeping on asking questions should we start investing in this particular sector. There are those high beta frontline names but I personally feel among some of the midcap companies in this segment, one of them is good, which - and I am talking about the realty space - is Ganesh Housing. I think looking at the balance sheet, one of the cleaner balance sheets it has. Lovely land bank this company has, 32 crore equity, Rs 10 facevalue, 18% dividend paying, stock saw high of Rs 300-500, book value of the share is around Rs 142. If you go by the March 2009 results, the book value will only go up."
He further added, "I think price to book value of around 0.65 or 0.7 at the present level of Rs 97-100. I have an immediate target for this scrip around Rs 117. This stock - if all goes well, some pockets are showing more enquiries in terms of real estate pockets - I personally feel I would not be surprised if the stock ends up even becoming doublers from here over the next few months. But my immediate target for the stock would be Rs 117. I personally feel people want to take some possible space as far as real estate goes, this is one stock which one can safely buy - one of the cleaner balance sheets."
Disclosure: Ganesh Housing is another stock which we are looking at buying for our clients.
