Buy Madhucon Projects; target of Rs 152.5: Joshi

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Buy Madhucon Projects; target of Rs 152.5: Joshi

Sharmila Joshi, Co-Head PCG Sales, Emkay Global Financial Services is of the view that one can buy Madhucon Projects with a target of Rs 152.5.

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Sharmila Joshi, Co-Head PCG Sales, Emkay Global Financial Services is of the view that one can buy Madhucon Projects with a target of Rs 152.5.

Joshi told CNBC-TV18, "The Madhucon Projects has been in the news today for the iron ore mines that they have got but apart from that a fairly interesting company if you look at it. Perhaps why people look at this stock is also for the growth that they see in the future because I think if you look at the current numbers then they don't suggest something very exciting. But I think the kind of hydro projects that they have signed and they have got in Uttrakhand and from 25 megawatt (MW) they can go upto 100 MW making this a very interesting company to be watching."

She further added, "This is a stock that I have bought and it has already opened above the target price that I have recommended. It is exactly precisely what I said that if you look at the numbers possibly you would think that what is the great excitement in this stock but I think it is news like this and the fact that the projects that they get, you will see that this stock moves up in those spurts. So I think if you have a fairly long-term view and you can wait to get the benefit of the projects that they are getting in to play out and then result in the better numbers then I think this can be a stock that you can hold on to with a year's perspective in mind. But I think that till then we will see it possibly maybe correct from this level and then again move up and you hear the next announcement and things like that. 'Buy' the stock with a target of Rs 152.5."