Buy CCL Products India; target Rs 38: Nirmal Bang
Nirmal Bang is bullish on CCL Products India and has recommended buy rating on the stock with a target price of Rs 38 in its August 2013 research report.
September 04, 2013 / 15:14 IST
Nirmal Bang's report on CCL Products India
"CCL reported mixed results for Q1FY14. Though Q1 is a seasonally weak quarter, revenues were below our expectations and fell by 4 percent YoY. However, Operational performance was better with margins expanding 200 bps YoY and we believe these are sustainable with the company adding superior quality products into the portfolio. Company underwent maintenance in its Freeze Dried Indian plant during the quarter. Q3 and Q4 are seasonally strong quarters for the company. We expect flattish growth in Q2FY14E. At CMP, the stock is trading at a P/E of 5.6x its FY14E earnings which looks attractive. We maintain BUY recommendation on the stock with a target price of Rs 38," says Nirmal Bang research report.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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