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Heard on the street
Century's high on Worli property buzz It was just the fillip that Century Textiles' shareholders were waiting for. The scrip, after falling 7% this week and rising only about 5% in the course of the past month — at a time when the Sensex is scaling new highs everyday, — was in action on Friday on the buzz that the company has procured all permissions required for the development of its Worli property and will start work on it soon. The share rose around 4% on Friday to Rs 1,196. In the past year, Century has more than doubled its share price from Rs 450. Sources say that the labour commissioner has already forwarded its final approval note to labour minister at Sachivalaya, which means that all permissions needed for its land development plans have been obtained.

For broking houses, everything is a ‘buy’ ‘Never Say Die’ appears to be the mantra of brokerages, which have raised their price targets in mid- and small-cap space in the face of weakness across this segment. To name a few, Rajesh Exports has a new target of Rs 1,562, while current market price (CMP) is Rs 882. Similarly, Prakash Industries, whose CMP is Rs 329, has a steep target of Rs 520. Sintex has a price target of Rs 1,030 with a CMP of Rs 560. While Shri Lakshmi Cotsyn, which has a CMP of Rs 165, has a target of Rs 240. Some of the large-caps have also not been kept out of this.

The most interesting among the lot is CLSA which has given a price target of about Rs 3,400, but at the same time, come out with a Blue-Sky estimate for Reliance at Rs 5,300, terming it as a target in a bull-case scenario. The current market price stands at Rs 3,128. Surprisingly, there are very few ‘sell’ reports to come by in the market.

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