Buy Core Projects With a long Term View (On Oct21,08)

Fundamental Call From Sevak

Company Name: Core Projects& Technology Ltd. Reco : Buy
CMP: INR 41 Target: INR 140
Holding Period: 12-18 months
Best Buy Price Level: INR 36-38 ( Accumulate Dip around this level)

Investment Rational:
1. The company is in software development related to Education and so it will be less impacted of global slowdown in demand of IT services. This also reflects in its financial performance. It has registered 3 yr CAGR in Net Sales = 183%, Net Profit = 145%.
2. Core Projects & Technologies has been awarded a prestigious contract to implement FAIM, its Admissions and Examinations Management System, by the Karnataka State Open University (KSOU) on 24-09-08.
FAIM is Core's flagship product in the examinations management segment and is presently being used successfully in eight African countries, three Caribbean countries and more than 25 institutions in the UK. The contract with KSOU represents a significant breakthrough for CORE in the Indian subcontinent.
It has a JV with ILFS and Pact with NASA's Centre of Higher Learning.

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