SKP Securities has recommended an accumulate rating on Nitin Fire Protection Industries with a target price of Rs 266 in its April 16, 2009 research report.
“Keeping in view the growing trend of CNG use in automobile market, NFPIL has ventured in to CNG cylinders space, through its wholly owned subsidiary Nitin Cylinders Ltd. (NCL) at VSEZ. At VSEZ, NFPIL will enjoy the tax exemption for five years. We recommend ACCUMULATE rating on the stock with a target price of Rs 266 (24% upside) in 12 months implying a P/E multiple of 7x of FY11E earnings,” says SKP Securities’ report.
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