Kaveri Seed Company Ltd. - Initiating Coverage
We initiate coverage on Kaveri Seed Company Ltd. which is India's prominent hubrid seed player. We believe that KSCL is ideally positioned to capitalise on the rising demand seen for hybrid seeds like cotton, sunflower and rice.
Also with a timely expansion at Pamulparthi village, warangal Mandal, Medak district, the company will get the benefit of increased capacity expansion which will further boost earnings during FY11 and FY12. We rate the stock as a BUY with a Target price of Rs 450. At our Target price Rs KSCL will be valued at 12 x FY12E.
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