Wednesday, 19 November 2008

Buy IVRCL Infra: Indiabulls Securities

Indiabulls Securities Research has maintained its buy rating on IVRCL Infrastructure and Projects in its November 11, 2008 research report . "IVRCL’s standalone revenue increased by 65.1% yoy to Rs 11,366 million. Net profit soared 62% yoy to Rs 571 million during the quarter. Our SOTP-based fair value estimate stands reduced to Rs 178 due to the challenging macroeconomic environment. However, we believe that the stock has corrected significantly in the recent past and is trading at an attractive valuation. Our fair value estimate reflects a potential upside of 28% over the current market price. Hence, we maintain our Buy rating on the stock," says Indiabulls Securities' research report.

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Source: Moneycontrol

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