HDFC Securities - Tanla Solutions

HDFC has a BUY on Tanla Solutions with a target price of Rs 706

Tanla trades at 13.9x and 8.9x its FY08E and FY09E EPS of Rs 31.18 and Rs. 48.15 respectively.

The target price of Rs 706 includes Rs 646 for the core business and Rs 60 for its non-core business (Interest and Dividend incomes).