Angel Broking has changed its rating on Sintex Industries from accumulate to
buy with a target of Rs 230. Sintex Industries Net Sales grew by 30.3% to Rs
798.6 crore 3QFY2009. For 9MFY2009, the company registered a Net Profit of Rs
212.3 crore (Rs 137.6 crore) resulting in a 54.3% growth.
"Currently, the company is available at 5x FY2010E EPS and 1x FY2010E BV. We
believe that these are compelling valuations and as a result of which we are
changing our recommendation from Accumulate to Buy, target of Rs 230," says
Angel Broking's research report.
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