KRChoksey has recommended a hold rating on Jaiprakash Associates with a target price of Rs 221 in its August 10, 2009 research report.
"Results of the company were above our estimates. JP Associates Limited reported sales of Rs.2,067.1 crore growth of 78.3% y-o-y mainly driven by Construction and Cement business which contributed 49% and 44% y-o-y respectively. At the CMP of Rs 214 the stock is trading at 19.5 x its FY11E EPS of Rs 11 and 10.4x its FY11 (E) EV/EBIDTA. We recommend a “Hold” on the stock with a target price of Rs 221," says KRChoksey's research report.
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