The Company has posted a net profit of Rs 1074.70 million for the quarter ended June 30, 2009 as compared to Rs 3179.40 million for the quarter ended June 30, 2008. Total Income has decreased from Rs 6011.30 million for the quarter ended June 30, 2008 to Rs 3186.20 million for the quarter ended June 30, 2009.
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
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
