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Friday, June 22, 2012

Buy stocks of Electrosteel Castings for one year

Here is the Result Update on Electrosteel Castings for 4QFY2012 with a 'Buy Stocks' recommendation and target stock price for next 12 months.

The results of Electrosteel Castings (ECL) for 4QFY2012 were disappointing. The company’s EBITDA and net profit were negatively affected due to higher raw-material and interest costs.

The stock research team at Angel Broking has positive view on the company’s initiatives of venturing into steel making through its associate Electrosteel Steels (ESL).

Further, the company’s backward integration initiatives through the allocation of iron ore and coking coal mines are expected to result in cost savings from FY2014.

The stock research report recommends to Buy stocks of Electrosteel Castings (ECL) with target stock price of Rs.22 in next 12 months.

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