Kotak Securities is bullish on MOIL has recommended buy rating on the stock with a target price of Rs 260 in its research report dated November 30, 2018.
Kotak Securities' research report on MOIL
MOIL Q2FY19 revenue was higher than estimates, driven by better than expected sales volume. Blended ore realizations stood at Rs10,560/tonne were 12.7% below our estimates, which partly offset the benefit of higher volumes. The company had taken 5% price hike in the month of Sep'18 and 10% in Oct'18, the benefit of the same will reflect in 3QFY19.
At CMP, the stock trades at 9.6x/8.5x FY19E/FY20E earnings and on EV/EBITDA, it trades at 3.7x/2.8x FY19E/FY20E EBITDA. We reiterate our BUY rating on the stock with an unchanged target price of Rs260.
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