Equity Alert: Mundra Port dn 2% on steep valuation, weak broad mkt

[K.Karthik Raja]

Equity Alert: Mundra Port dn 2% on steep valuation, weak broad mkt
Tuesday,
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Equity Alert: Mundra Port dn 2% on steep valuation, weak broad mkt
MUMBAI--10:20AM--Shares of Mundra Port and Special Economic Zone
were
traded down nearly 2% at 753.50 rupees as valuations look steep at
current
levels, dealers and analysts said.
The stock also took a beating on account of a weak broad market,
despite
strong Jan-Mar results.
Analysts forecast the company's 2008-09 (Apr-Mar) revenue at about
11 bln
rupees and net profit at 5 bln rupees. They estimate the stock trades
at around
60 times FY09 forward estimates, which is expensive.
Brokerage Prabhudas Lilladher Securities, however, maintains its
out-performer rating on the stock, with a 12-month price target of 900
rupees,
on the company's dominant position in container operations on the
Gujarat
coast and planned capacity expansions, among other things.
"Mundra Port faces support at 650 rupees and long-term resistance
at
820 rupees. Its near-term outlook is bearish," said a technical
analyst at
Angel Broking.
So far today, 106,716 shares of the company have been traded on
NSE.

[K.Karthik Raja]

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Equity Alert: Mundra Port dn 2% on steep valuation, weak broad mkt

[K.Karthik Raja]

Equity Alert: Mundra Port dn 2% on steep valuation, weak broad mkt

MUMBAI--10:20AM--Shares of Mundra Port and Special Economic Zone