December 23, 2010 / 5:34 AM / 7 years ago

MARKET EYE-Kiri up, First Global sets 1000 rupees target

Shares of Kiri Dyes and Chemicals (KIRI.BO) rose by its daily maximum limit of 10 percent on First Global Stockbroking's 'buy' report with a target price of 1,000 rupees, three dealers said. According to the report, Kiri Dyes plans to list its unit DyStar in 2011 at a valuation of $650-700 million, in which Kiri will have stake worth over $225 million, First Global said in a note. "We also would not rule out a buyback of its own stock by Kiri Dyes and Chemicals given low valuations and cash rich position of the company," the brokerage added in the report. At 10:54 a.m., shares were locked in upper limit at 421.55 rupees. Reuters Messaging:sowmya.kamath.reuters.com@reuters.net

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