Buy IVRCL Infrastructure and Projects for a target of Rs 372 says HDFC Securities
February 18, 2010 by admin
Filed under Brokerage Recommendations
HDFC Securities in its February 18, 2010 research report has recommended a buy rating on the stock IVRCL Infrastructure and Projects with a target of Rs 372.
It further went on to say that IVRCL Infrastructure and Projects, engaged in execution of EPC and turnkey projects across various infrastructure segments, reported a strong order inflow of over Rs100 bn YTD. The current order book stands at Rs 220 billion (4.3x last 12 months revenue) and offers decent revenue visibility going ahead. However, IVRCL’s performance was subdued in 3QFY10 due to the delay in payment from the Government of AP leading to slower execution. But we feel this will no longer be the case as the company has reduced its exposure to AP and the uptick in cement consumption in AP shows a pick up in construction activities. We are retaining our BUY call on the stock with a target price of Rs 372.
Source: Moneycontrol.
