Thursday, 6 November 2008

Buy Britannia, target of Rs 1398: India Infoline

India Infoline has recommended a buy rating on Britannia Industries with a target of Rs 1398 in its November 3, 2008 research report. "Net sales beat expectations, up 27% yoy at Rs 8.4 billion in Q2 FY09 driven by 17.5% volume growth. Net profit for the quarter increased by 15.6% yoy to Rs 597 million. We expect the company to witness 11.9% CAGR in revenues and 15% CAGR in net profit over FY08-10E. The company is looking at new growth triggers like acquisitions in new categories both in India and the overseas market. Recommend BUY with a one-year price target of Rs 1,398, an upside of 19.1%, says India Infoline's research report.

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Source: Moneycontrol

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