Thursday, 30 October 2008

Buy Hindustan Zinc, target of Rs 400: PINC

PINC Research has maintained its buy rating on Hindustan Zinc with a revised 12-month price target of Rs 400 in its October 24, 2008 research report. "Hindustan Zinc Ltd’s (HZL) results in Q2FY09 were a pleasant surprise considering the fall witnessed in LME Zinc prices. The net sales declined only 12% despite a 45% YoY fall in Zinc prices."

"With no debt in its books, a cash surplus of Rs 92 billion and an OPM of over 50%, we believe it is one of the most strong company fundamentally, even in these adverse times. Hence, we maintain our ‘BUY’ recommendation with a revised 12-month price target of Rs 400," says PINC's research report.

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Source: Moneycontrol

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