Thursday 13 November 2008

Buy GE Shipping, target of Rs 284: ICICIdirect.com

ICICIdirect.com believes the current fall in GE Shipping price is due to the overall weakness in market which presents a compelling buying opportunity with target price of Rs 284 in its November 3, 2008 report. "GE Shipping (Gesco) reported a strong operating performance for Q2FY09, which was better than our expectations. Revenues grew 43.7% to Rs 864.09 crore. The growth in revenues has been achieved despite a 12.7% decrease in operating days. We believe the current fall in its share price due to the overall weakness in market presents a compelling buying opportunity. We have valued Gesco on multiple valuation parameters using global benchmarks and arrived at a target price of Rs 284, an upside of 35%," says ICICIdirect.com's research report.

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Source: Moneycontrol

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.