KRChoksey has maintained its buy rating on Emco with a target price of Rs 36 in its March 13, 2009 research report.
“Emco Ltd has received five orders worth Rs 550 crore from the state-run Power Grid Corporation of India Ltd for a 765 kilo volt overhead transmission line. The orders also involve supply of galvanised steel towers. In Q3FY09, company’s witnessed drop of 14.6% & 45.7%(YoY) in net sales & PAT to Rs 207.9 crore & Rs 8.2 crore. The topline declined mainly due to intentional delay in deliveries to industrial clients and issues in sourcing of key components. We maintain our BUY rating on the stock with target price of Rs 36, with an upside potential of 38.5% from current levels,” says KRChoksey’s research report.
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