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Last Updated : Dec 03, 2018 03:48 PM IST | Source: Moneycontrol.com

Buy MOIL; target of Rs 260: Kotak Securities

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.

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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.


Outlook


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.


For all recommendations report, click here


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First Published on Dec 3, 2018 03:48 pm
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