Analysts' Picks: Provogue

PROVOGUE

CMP: RS 850

TARGET PRICE: RS 1,106

IDBI Capital continues to recommend ���accumulating��� Provogue shares, with a price target of Rs 1,106, after its first quarter results.

���Provogue is expanding geographical presence in the wake of rising competition. It plans to add 20-22 stores in FY09 and 30 stores in FY10 and add footprint at more than 100 NCS locations. It would invest Rs 2,200/sq. ft. of space. Provogue is planning to add nine more Promart stores up to FY2010 with the same size to make it a count of 10,��� the brokerage said in a client note.

���Rising inflation may be a concern to organised retail in the form of falling footfalls, but softening real estate prices will help them continue with their planned expansions,��� IDBI Capital said.