Monday, November 11, 2013

Angel Broking neutral on Punj Lloyd Ltd (Rs.27.60)
Angel Broking has come out with its research reports on Punj Lloyd and has maintained a 'Neutral' rating on the stock in its November 2013 report.
"Based on 1HFY2014’s operational performance and current order book mix, we are revising our EPS estimates for FY2014 and FY2015 to Rs (0.6) and Rs (0.5) respectively. Punj has been looking to reduce its debt through sale of its non-core assets and replacing Indian debt with foreign debt. However, given the difficult environment we believe these steps would not yield results before the next six to nine months. Further, there is no clarity on the timeframe of recovering various outstanding claims as legal issues such as litigation and arbitration usually are lengthy processes. We continue to remain Neutral on the stock due to headwinds faced by the company."

Source: www.moneycontrol.com