4Q impresses. MSS’ 4Q standalone performance was driven by good demand for cars at home. SMR benefited from restructuring and efficiency improvements. We expect MSS to benefit from the earnings-growth trajectory (a two-year 47.4% CAGR), 93% FCCB conversion completed, high possibility of more new orders at SMR, and continuing domestic growth. We maintain Buy, and raise our target price to Rs192 from Rs171...

To read more you can refer to :
http://www.dsij.in/productattachment...herSonSumi.pdf

Source:
Dalal Street Investment Journal
www.dsij.in