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ENGINERSIN		12-23-2014
Recommendation: BUY ( + )   Target Price: Rs. 300

EIL continues to witness sluggish business environment. Capex by major oil

companies (upstream and downstream) continues to remain low leading to

lackluster order book growth.

We share the management’s optimism on maintaining growth on back of

international orders and recovery in spending by key customers over FY16.

At the current price, company's stock looks attractively valued on a

discounted cash flow basis. We maintain our long term BUY rating on

company's stock with a DCF based unchanged target price of Rs.300.

LINK
http://www.kotaksecurities.com/pdf/pdfs/FUNDENGINERSIN23122014092334.pdf