Nomura reiterates Buy on REC

Nomura reiterated 'Buy' rating on Rural Electrification Corporation (REC) with a revised target price of Rs.255.

The company revised the target price based recent financial restructuring plan (FRP) and the spate of tariff hikes announced over the past few months by SEBs.
BR>Nomura has revised the earnings estimates for FY13F and FY14F by 17% and 7% respectively.

Nomura reiterates 'Buy' rating and the target price has been revised to Rs.255 with a potential upside of 19.7% compared to the closing price of Rs.213 on October 17, 2012.

Source : Equity Bulls

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