Wednesday 12 November 2008

Sell Punj Lloyd: Indiabulls Securities Research

Indiabulls Securities Research has downgraded its rating on Punj Lloyd from hold to sell in its November 6, 2008 research report. "Punj Lloyd reported a strong performance in H1’09 with a 69.5% yoy jump in the consolidated revenues and a 62.3% yoy surge in the adjusted net profit. We have valued the Company by using discounted cash flow (DCF) methodology. Our fair value estimate of Rs 174 reflects a downside of 12.4% from the current market price. Hence, we downgrade our rating on the stock from Hold to Sell," says Indiabulls Securities' research report.

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Source: Moneycontrol

Posted by Harsh at 09:25

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