Wednesday 12 November 2008

Buy Tata Motors, target of Rs 283: Emkay Global

Emkay Global Financial Services has recommended a buy rating on Tata Motors with a target of Rs 283 in its November 3, 2008 research report. "Net sales at Rs 70.8 billion. Adjusted net profit at Rs 2.7 billion. We have revised our standalone earnings estimates by 39%% and 30% to Rs 24.5 and Rs 28.5 per share for FY09 and FY10 respectively. We have valued standalone business at Rs 228 (8x FY10 PER). We have valued subsidiaries at Rs 55 per share."

"We have not assigned any value to JLR as management is not likely to share information on JLR before 1QFY10 At CMP of Rs 172, the stock trades at a significant discount its FY09 standalone book value per share of Rs 256, Buy, target of Rs 283," says Emkay Global Financial Services' research report.

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Source: Moneycontrol

Posted by Harsh at 09:32

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