Religare has maintained its buy rating on Gujarat Industries Power Company with a revised target price of Rs 123 in its June 18, 2008 research report. "We have revised our earnings estimates for FY09 and FY10 to reflect the commencement of operations of the expanded plant and higher fuel prices. GIPCL continues to trade close to its book value and at a considerable discount to peers."
"We have valued the company based on an average of the P/BV and DCF methods. Our estimate revision coupled with a tweaking of DCF assumptions generates a revised target price of Rs 123 for the stock from Rs 136 previously. We maintain our Buy recommendation," says Religare's research report.
Emkay Research has maintained its buy rating on NIIT with a price target of Rs 132 in its June 13, 2008 research report. "NIIT reported strong Q4FY08 numbers with revenues of Rs 2725 million (+14.1% QoQ, 6.2% YoY) along with impressive operating margin expansion of 170 bps QoQ (V/s our expectation of 100 bps) and YoY increase of 320 bps. Net profits came in significantly ahead of our expectations at Rs 253 million (+83.3% QoQ, +47% YoY) helped by operating margin expansion and higher other income."
"We remain confident on the prospects of the retail training business (company continues to surprise positively) as well expect more ICT wins in the coming quarters in the Institutional business. We maintain ‘BUY’ with a price target of Rs 132," says Emkay's research report.
