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TIL is planning to raise around `250cr
TIL is planning to raise around `250cr for on going capex for setting up a new plant in
Kharagpur, West Bengal. The company plans to expand capacity by setting up a new
manufacturing facility at a total planned capex of `300cr over three phases. The company
has not indicated whether the said amount would be raised through debt or equity. We
believe that given TIL’s comfortable debt:equity position of 0.4x at the end of FY2010, it
would be easy for the company to fund its capex with the help of internal accrual and debt.
At `624, the stock is trading at inexpensive valuations of 6.8x FY2012E earnings. We
maintain our Buy recommendation on the stock with a Target Price of `823.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
TIL is planning to raise around `250cr
TIL is planning to raise around `250cr for on going capex for setting up a new plant in
Kharagpur, West Bengal. The company plans to expand capacity by setting up a new
manufacturing facility at a total planned capex of `300cr over three phases. The company
has not indicated whether the said amount would be raised through debt or equity. We
believe that given TIL’s comfortable debt:equity position of 0.4x at the end of FY2010, it
would be easy for the company to fund its capex with the help of internal accrual and debt.
At `624, the stock is trading at inexpensive valuations of 6.8x FY2012E earnings. We
maintain our Buy recommendation on the stock with a Target Price of `823.
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