Monday 27 October 2008

Hold Phillips Carbon, target of Rs 139: Nirmal Bang

Nirmal Bang has maintained its hold rating on Phillips Carbon Black with a revised target of Rs 139 in its research report. "PAT for Q2FY09 was Rs 15.4 crore as against Rs 24 crore in Q2FY08 down by 36.1% YoY basis and Rs 14.4 crore in Q1FY09 up by 6.5% on QoQ basis. Tyre manufactures being the major customers of the company & looking at the slowdown in the Auto sector we revise our earnings expectations for the company & reiterate a HOLD rating on the stock with a long term view with a revised target of Rs 139 per share," says Nirmal Bang's research report.

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Source: Moneycontrol

Posted by Harsh at 15:49

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