We recommended RCF -Expansion By Unlocking Value at the Price of Rs. 39 on 6Mar2016. Considering adequate run-up in a short period, we recommend to book partial profits at current market price of Rs. 48-49 with 25% returns (in 2.5 months).

The government is also planning for reducing its stake in RCF and if the proposal materializes, it may cap the upside in the near term. However, the long term arguments for the stock remains intact.

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