Buy HDIL for target of Rs 250: Religare
Religare Securities has advised traders to buy HDIL for target of Rs
250.“Buy HDIL at Rs 235 with stoploss of Rs 230 for target of Rs 250,” the report said.
Source : Economic Times
US markets ended higher.
Europe ended flat.
Asia is trading positive.
Expect the Indian markets to have a gap up opening.
NIFTY Support and Resistance :
Current spot - 4572.65
Support - 4489.9 and 4407.3
Resistance - 4618.65 and 4664.8
Day Trading Ideas :
IDBI Bank : Buy above 100.45 for targets of 101.60 and 102.50 keep a SL of 98.50
HDIL : Buy above 325 for targets of 328 and 331 keep a SL of 320
DLF : Buy above 419 for targets of 422 and 425 keep a SL of 415
IFCI : Buy above 57.25 for targets of 58.10 and 58.90 keep a SL of 56.80
PINC Research has recommended a buy rating on Housing Development and Infrastructure, (HDIL) with a price target of Rs 365 in its report dated May 25, 2009.
"Housing Development & Infrastructure Ltd's (HDIL) Q4FY09 results were below our expectations. Its revenues declined 63.3% YoY to Rs 3.6 billion owing to a slowdown in the Mumbai property market. OPM for the period dipped by 3,158bps YoY to 57% owing to higher cost of construction & development (38% of net sales) incurred towards ongoing projects. Despite other income of Rs 309 million, net profits dropped by 91.3% YoY to Rs 619 million impacted by interest cost of Rs 1.4 billion."
"We have estimated the NAV of HDIL's projects (ongoing & proposed), including the SEZ land at Vasai/Virar at Rs 338/share. The airport project is expected to add another Rs 150/share, taking the company's total NAV to Rs 487/share. Considering an up-tick in buyers' response to its new offerings, infusion of equity, easing interest & debt repayment woes and an expected revival in the TDR market over the next few months, we upgrade our recommendation to 'BUY' on the stock, target Rs 365," says PINC's research report.
Source - Money Control
