Tuesday 11 November 2008

Buy Orchid Chemicals; target of Rs 210: Angel

Angel Broking is bullish on Orchid Chemicals and has recommended a buy rating on the stock with a target of Rs 210, in its October 31, 2008 report. “Orchid Chemicals has been in investment mode since the last three years to tap the Regulated markets. Going forward, the company would reap the benefits of its investments. In terms of Earnings, we have already pruned our FY2009 and FY2010 estimates on the back of treating FCCB as a loan. At the CMP, the stock is trading at attractive valuations of 4.5x FY2009E and 3.4x FY2010E EPS. We maintain a Buy on the stock, with a revised 18-month target price of Rs 210 (Rs 340)," says Angel Broking's research report.

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Source: Moneycontrol

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