Management Call Update: BUY With a Target Price of Rs 1944, which is a 34% UPSIDE from the CMP of Rs 1450
We recently conducted a call with the management of Credit Research & Analysis Ltd. (CARE Ratings), the second largest rating agency in India. Since the past two years, the topline growth of the company has been muted, i.e., in the range of 7-10%. This was largely due to a slowing economy, which halted the capex cycle, adversely impacting credit issuances. However, with the government's renewed thrust on the infrastructure sector, coupled with a...