Angel Broking has maintained its buy rating on Bombay Dyeing and Manufacturing Company with a revised target price of Rs 230 in its March 12, 2009 research report.
"Bombay Dyeing (BD) in its attempt to prune operational costs has shifted its Home Textile operations from Mumbai to Ranjangaon and Patalganga. Post this shifting, the company proposes to capitalise on its prime land thus available. We believe its foray into the Real Estate business will drive its future revenues. BD has also forward integrated into polyester staple fibre (PSF) by setting up a plant of 1,65,000 tonnes capacity."
"In CY2008, the company's business was adversely affected by rising crude prices and its inability to pass on the same. However, now with crude correcting, its PSF plant fully operational and decent performance by its Real Estate Division, BD is a good bet at current valuations. We maintain Buy on the stock with a revised Target Price of Rs 230," says Angel Broking's research report.
Source: Moneycontrol.com
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