Buy Nitin Fire Prot, target of Rs 239: Karvy

Karvy Stock Broking has maintained its buy rating on Nitin Fire Protection Industries with a target of Rs 239 in its January 12, 2009 research report. "Nitin Fire Protection Industries (NFPIL) is expected to report strong set of numbers on YoY basis on back of its CNG cylinder plant that started operations during FY09. We expect the company to report revenue of Rs 698 million as against Rs 396 million, a strong YoY growth of 76%. However on QoQ basis, we expect a marginal growth of 5%, primarily on back of volume growth in CNG cylinder segment. We expect the company to report revenues of Rs 348 million from the fire fighting segment and Rs 350 million from the seamless cylinder business. We continue to maintain our BUY rating on the stock with the price target of Rs 239," says Karvy Stock Broking's research report.
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