Buy CMC, target of Rs 1084: Reliance Money

>> Wednesday, August 12, 2009

Reliance Money has recommended a buy rating on CMC with a target price of Rs 1084 in its August 7, 2009 report.

"CMC is witnessing significant business traction and profitability in the last few years with its renewed business focus on high margins business coupled with “Joint-goto- Market” strategy with TCS is also playing a big role in the business transformation. In the last three fiscals over FY07-09, CMC has recorded EPS CAGR of 29%. We recommend a 'BUY' with 12 months target Rs 1084, at our target price stock will be valued at 11x FY11E," says Reliance Money's research report.

Source: Money Control.