Angel Broking views on Patel Engineering, IVRCL Infrastructure,

Angel Broking on Patel Engineering - Target Rs 231

Angel Broking has maintained its buy rating on Patel Engineering with a revised target price of Rs 231, in its research report. " Patel Engineering (PE) registered steady growth in 3QFY2009. Consolidated Sales of the company were in line with our expectations increasing 31% yoy to Rs 495 crore (Rs 379 crore) on the back of a strong order book of Rs 7,100 crore. For 9MFY2009, Top-line growth was a tad better at 32% to Rs 1,495 crore (Rs 1,133 crore). PE has a robust order book of Rs 7,100crore (3.0x FY2009E Revenues). We maintain a Buy on the stock, with a revised target price of Rs 231," says Angel Broking's research report.


Angel Broking on IVRCL Infrastructure - Target Rs 204

Angel Broking has maintained its buy rating on IVRCL Infrastructure with a target price of Rs 204, in its research report. " IVRCL Infrastructure Projects reported 20.7% yoy growth in top-line to Rs 1,190 crore (Rs 986 cr) for 3QFY2009, which was tad below our estimate of Rs 1,201 crore. Net Profit Margin declined to 3.9% (6.5%) resulting in 27% de-growth in Net Profit to Rs 46.5 crore (Rs 64.1cr). IVRCL has a very strong order book of Rs 14,300 crore, (excluding orders worth Rs 1,700 crore of L1 stage).We maintain a Buy on the stock, with a SOTP target price of Rs 204," says Angel Broking's research report.


Angel Broking on GAIL - Target Rs 239

Angel Broking has maintained its buy rating on GAIL with a target price of Rs 239, in its research report. "For 3QFY2009, GAIL reported 35.2% yoy increase in revenues to Rs 5,812crore (Rs 4,298 crore), which was below our expectation of Rs 6,364crore. Overall revenue growth was affected by the yoy decline in revenues from LPG & Liquid Hydrocarbon segment as the subsidy burden shared by the company in this quarter was a whopping Rs 646 crore. Petrochemical volumes surged 60.5% yoy to 1,30,000 tonnes (81,000 tonnes) during the quarter on account of de-stocking, while soft international petrochemical prices led to average realisations dipping by 28.2% yoy to Rs 47,154/tonne (Rs 65,679/tonne). We remain positive on GAIL. We maintain a Buy on the stock, with an SOTP target price of Rs 239," says Angel Broking's research report.