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Kotak Securities downgrades Nitin Fire

Kotak Securities downgrades Nitin Fire
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First Published: Mon, Apr 20 2009. 10 48 AM IST
Updated: Mon, Apr 20 2009. 10 48 AM IST
We had recommended BUY on Nitin Fire Protection Limited (NFPIL) on 30 January 2009 at Rs149 and subsequently recommended ACCUMULATE on 25 March 2009 at Rs.175 with price target of Rs.225.
Since then the stock has risen sharply by ~55% in less then three months to touch an intraday high of Rs.230 per share thereby breaching our price target of Rs225.
We now downgrade the stock to REDUCE with unchanged price target of Rs225.
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First Published: Mon, Apr 20 2009. 10 48 AM IST
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