Sharekhan is bullish on IRB Infrastructure has recommended buy rating on the stock with a target price of Rs 270 in its research report dated March 14, 2018.
Sharekhan's research report on IRB Infrastructure
IRB Infrastructure Developers’ (IRB) in consortium with Modern Road Makers Private Ltd, a wholly owned subsidiary of IRB has emerged as a preferred bidder for two Hybrid Annuity Projects in Tamil Nadu at a total bid cost of Rs3465 crore with a construction period of 730 days and 15 years of operation. The projects bagged are 1) four laning of Poondiankuppam to Sattanathapuram of 56.8km at a bid cost of Rs2169 crore and 2) Four laning of Puducherry to Poondiyankuppam of 38km at a bid cost of Rs1296 crore.
Outlook
However, the resolution of claim at its Ahmedabad Vadodara project and the Pune court case (for detail see note dated 7th December 2017) remain as the key overhang on the stock. At this stage, we maintain our ‘Buy’ recommendation with an unchanged price target of Rs270.For all recommendations report, click here
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