gipcl (Emkay) Deferred tax and refund boosts PAT

Q4 PAT helped by deferred tax asset and tax refund; GERC disapproves RoE grossing up but relaxes aux & SHR norms; Upgrade to Buy on stabilization of Surat II plant & recent underperformance
Date Rating Target Price Recommendation Price Broker house
25 May 2011 buy (from hold) 115 86 Emkay Report

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