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Wednesday, November 26, 2008

Punj Lloyd - BUY Report

Anagram Research has recommended a buy rating on Punj Lloyd in its November 8, 2008 research report.

"The current consolidated order of over Rs 21700 crore is approximately 1.9x FY09 consolidated sales. Going forward, we expect PLL to gain a significant share of the ongoing industrial, Oil & gas and infrastructure capex from diversified geographical reach resulting in substantial topline growth and profitability. Going forward PLL’s foreying into defense will add fuel to the growth."

"We believe that the company reported robust Q2 FY09 numbers, which is better than our expectation, answering medium term concern on PLL’s earnings. Hence, we are keeping our estimates unchanged and are quite confident about its FY09E and FY10E earnings. At CMP PLL is trading 10.47x FY09E and 6.5X FY10 earnings with an EPS of Rs 19.1 and Rs 30.5 respectively. Considering the future growth potential of the company, we recommend a “BUY” rating on the Stock," says Anagram's research report.

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