Wednesday, 15 October 2008

Buy Sterlite Inds, target of Rs 637: Emkay Global

Emkay Global Financial Services has maintained its buy rating on Sterlite Industries (India) with a target of Rs 637 in its October 14, 2008 research report. "For the 2QFY09, the company reported aluminum production of 106,000 tonne (yoy up 17.8%, qoq up 19.1%), copper cathodes production of 81,000 tonne (yoy down 11%, qoq up 19.1%) and refined zinc production of 122,000 tonne (yoy up 29.8%, qoq down 4.7%). On EV/EBITDA basis the stock is trading at 4x FY09E EV/EBITDA and at 3.8x FY10E EV/EBITDA. The company offers good growth potential considering the expected volume growth. We maintain BUY on the stock with a target price of Rs 637," says Emkay Global Financial Services' research report.

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Source: Moneycontrol

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