Wednesday, January 24, 2007
Maadhav Granite & Realty Ltd. (Madhav Marbles)
I had initially started coverage of Maadhav Granite at the price of Rs. 90 with a BUY rating. Within approx. one month of my call, the stock raced to 161.5. Since then it retraced to 140 levels, where it spent quite a lot of time consolidating. The third quarter results are now out, and as expected, they are excellent. The EPS for nine months now stands at Rs.19 plus. The management is good and some new projects are on the anvil. It is a BUY with a target of Rs.250 in the medium to long term.