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Saturday, September 20, 2008
Buy GMDC, target of Rs 203: Asit C. Mehta
Asit C. Mehta has recommended a buy rating on Gujarat Mineral Development Corporation (GMDC) with a target of Rs 203 in its September 16, 2008 research report. "We consider Sum of the Parts valuation (SOTP) to be the most appropriate valuation method for GMDC. While arriving at SOTP valuation we have considered Enterprise value per Reserves tonne for mining business, and Asset Replacement cost for power business. Based on this approach, we recommend a “BUY” on GMDC with a price target of Rs 203," says Asit C. Mehta's research report.
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