Buy Gabriel India; target of Rs 80: Hem Securities

Hem Securities is bullish on Gabriel India and has recommended buy rating with a target of Rs 80, in its August 26, 2010 research report.

“Gabriel India has come out with whopping numbers for the quarter ending June 2010. Net sales jumped about 38% from a year ago quarter to stay at Rs 2126.80 million translating operating profits even higher at Rs 197.30 million which witnessed a sharp rise of around 42% as compared to the like period last year while on a sequential basis it ascended about 24%. Net profit of the company surged 36.19% from Rs 63 million clocked in Q1FY10 to Rs 85.80 million in Q1FY11. Margins of the company were at comfortable levels. EPS for the quarter stood at Rs 1.19 climbing sharply from Rs 0.88 in Q1FY10. With strong market presence in auto component industry, backed by strong operating performance, the outlook for Gabriel India looks promising.”

From: http://www.moneycontrol.com/news/recommendations/buy-gabriel-india-targetrs-80-hem-securities_481199.html