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HSBC sets Sterlite stock target at Rs 195

HSBC Securities said it had initiated coverage of Sterlite and Sesa Goa with an overweight rating.

Written by Agencies | Mumbai |
September 14, 2010 11:34:06 am

On Tuesday,HSBC Securities said it had initiated coverage of India’s Sterlite Industries and Sesa Goa with an overweight rating.

HSBC set a target price of 195 rupees on non-ferrous metals producer Sterlite and said the valuation comprised enterprise value of 85 rupees for its Hindustan Zinc stake,12 rupees for its BALCO stake,26 rupees for its standalone copper business,21 rupees for its Sterlite Energy holding.

We like Sesa as we expect strong volume growth over next three years and believe investors’ concerns regarding the Cairn acquisition will be allayed as the company demonstrates growth in reserves,it said.

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First published on: 14-09-2010 at 11:34:06 am

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