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Lakshmi Machine Works fixes date for buy-back of shares
Lakshmi Machine Works (LMW) has fixed the date for the buy-back of shares at a price of
`2,045/share for an aggregate amount of `226.7cr. The buy-back would commence on
February 9, 2010, and would end on February 24, 2010. The company intends to use this
buy-back as a medium to distribute its excess cash amongst shareholders. However, we
are not factoring in any change due to this move, as the current market price is much
higher than the buy-back price. Owing to the recent correction in the stock price, we
upgrade our rating to Buy from Accumulate with a Target Price of `2,977.
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