Indiabulls Securities upgrades its rating on Alstom Projects
Indiabulls Securities has upgraded its rating on Alstom Projects India from 'hold' to 'buy'.
By ET Bureau |
Alstom Projects
CMP: Rs 410.95
Target Price: Rs 483
Indiabulls Securities has upgraded its rating on Alstom Projects India from ���hold��� to ���buy���, citing improvement in operational efficiencies and strong order book as the key triggers.
���Our analysis of the FY08 annual report reveals that debtor days declined by 15 days while credit days increased by 52 days. Accordingly, the working capital had a positive impact on cash flows from the operating activities,��� the note to clients said.
The brokerage expects the company to maintain the positive effect on the operating activities by managing the working capital efficiently in the years forward.
���The company���s order book stood at Rs 2,890 crore as on March 31, 2008, to be executed over the next 1.5-2 years; of which Rs 2,790 crore relates to the power segment and the remaining in the transport segment. The healthy order book and strong revenue booking in this quarter reinforce our confidence in the company���s revenue generation capabilities,��� the note added.
CMP: Rs 410.95
Target Price: Rs 483
Indiabulls Securities has upgraded its rating on Alstom Projects India from ���hold��� to ���buy���, citing improvement in operational efficiencies and strong order book as the key triggers.
���Our analysis of the FY08 annual report reveals that debtor days declined by 15 days while credit days increased by 52 days. Accordingly, the working capital had a positive impact on cash flows from the operating activities,��� the note to clients said.
The brokerage expects the company to maintain the positive effect on the operating activities by managing the working capital efficiently in the years forward.
���The company���s order book stood at Rs 2,890 crore as on March 31, 2008, to be executed over the next 1.5-2 years; of which Rs 2,790 crore relates to the power segment and the remaining in the transport segment. The healthy order book and strong revenue booking in this quarter reinforce our confidence in the company���s revenue generation capabilities,��� the note added.
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