Nomura maintains Buy on Mcleod Russel

Nomura has maintained a Buy on Mcleod Russel in its research report dated January 25, 2013.

The research firm noted that the company reported numbers below its estimate at the operating level, adjusting for the provision of staff salaries. Nomura noted that this might have a negative impact on the stock for the short term, which it would use as an opportunity to accumulate the stock.

Nomura said that the outlook for tea prices in FY14F remains extremely positive, as the loss in tea production globally in CY12 has resulted in increase in its price.

Source : Equity Bulls

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