ballarpur industries (Emkay) Margins disappoint, downgrade to Accumulate

Higher paper and pulp prices drive revenues; EBITDA margins disappointment on higher cost; Price increase to compensate for higher cost; Downgrade FY11E / FY12E estimates, downgrade to Accumulate
Date Rating Target Price Recommendation Price Broker house
26 Apr 2011 accumulate (buy) 42 37 Emkay Report

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