Residential Real Estate - A House of Cards ?
Saturday, May 31, 2008
The Real Estate sector under the lobby of Developers and Builders had squeezed the hard-working middle class Indian BUYER with unseen rates in the nation's history. However, as warned by few professional bloggers on the web, it seems to me like Residential Real Estate is a House of Cards which has began to fall.We were shocked to know that the FALL in Gurgaon is as high as 30%. Several projects are on offer at discounts to developers advertised prices that are as high as 30% the list of developers includes all the usual names, as well as some smaller players. Here is the list of realty projects in Gurgaon selling at a massive discount. All prices in Rs / sq ft
Atlanta by Raheja - Rs6,600 earlier and Rs 4,600 current
Close N.S. by Unitech - Rs4,500 earlier and Rs 3,700 current
Belaire by DLF - Rs7,250 earlier and Rs 6,700 current
Exotica by Parsvnath - Rs6,500 earlier and Rs 4,700 current
Vipul Greens by Vipul - Rs4,000 earlier and Rs 3,800 current
Park View Spa by Bestech - Rs4,500 earlier and Rs 3,450 current
Another Evidence of Real Estate Slowdown is the Disbursment of Loans. Housing loan lenders - HDFC and ICICI Bank have witnessed a very sharp decline as evident from the graph below.
Distress Selling in Indian Real Estate Soon ?
Adding to Land Shark's woes is rising commodity prices and funding problems. They are finding it increasingly difficult to raise funds. Stories of developers deferring their plans to raise equity financing are heard with increasing frequency, as market interest in the sector has dwindled. Hopefully we will see some sort of liquidation if not distresses selling very soon.
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Published by Sunil K @ 3:25 PM IST.
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Will new ECB norms encourage USD inflows ?
Friday, May 30, 2008
The Finance Ministry today relaxed norms on external commercial borrowings(ECBs). There were three distinct strands on which norms were relaxed. Limits on borrowings by companies for rupee expenditure was raised from USD 20 million to USD 50 million. Companies in the infrastructure sector can however raise USD 100 million. The USD 500 million per company per year limit under the Automatic Route was kept unchanged.Although the relaxation of the ECB norms will incrementally lead to greater dollar inflows, we do not think there will be a large increase. Companies are currently not facing significant constraints on debt financing but more on equity financing. Second, credit market conditions externally are not as favourable as last year and lastly, there are increasing questions on the growth outlook of Indian companies.
We think that the outlook on the rupee is still bearish as the relaxation in ECB
norms does not compensate for the rising current account deficit. We welcome the increase in ceilings on FII investments in government and corporate bonds, it may not be an attractive investment route at present, given India's high fiscal deficit, which we expect may worsen to north of 7% of GDP in FY09 from 5.7% of GDP in the previous year.
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Published by Komal M @ 1:43 PM IST.
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Nitin Fire Protection Industries - Buy
Thursday, May 29, 2008
Nitin Fire is one of the largest fire protection service providers in the organized sector in India. The company installs and maintains fire protection and security equipment in facilities such as malls, offices, plants, etc. The nature of this business is sticky.
With projected sales of 243,000 cylinders in FY2009E, the company is set to become one of the largest producers of seamless cylinders
(primarily for CNG) from India. With a global market demand of close to 5 mn cylinders, the company has current capacity of about 0.25 mn and plans to double it by FY2009-end.
Operating margins are sustainable at ~18% underpinned by an evolving business mix towards higher-realization CNG cylinder exports (66% of incremental growth over FY2008-FY2010E).
Goldman Sachs has reiterated BUY on Nitin Fire and a 12-month DCF-based target price of Rs 763.
DalalStreet Analyst View:If you already own the stock, please continue to HOLD. Exposure can be taken on market correction, what we mean is don't rush to BUY the stock.
Initial Coverage of Nitin Fire Protection from Kotak.
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Published by Komal M @ 10:44 PM IST.
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Midcap Pick: Everest Kanto Cylinder
Everest Kanto is a dominant player in the domestic and global high pressure seamless gas cylinder market with ~75% market share in India and about 11% worldwide. The majority of its customers are OEMs (based in India, Iran, Pakistan and China). The market has not fully priced in the company's ability to execute and grow in a supply-constrained global cylinder market (estimated demand of 5 mn cylinders in FY2009 according to the IANGV). Estimate a utilization rate of 60% and a sales CAGR of 50% for FY2008-FY2010E.With existing capacity running at close to 100%, EKCL has added new capacity at strategic locations, targeting high growth/high realization international markets (Dubai to serve the Middle East and Pakistan, China for China).
Estimate that through FY2008-FY2010E, margins are sustainable at ~27% given the company's evolving product mix (72% of growth from CNG cylinders) and geography mix (80% of growth from international markets. EKCL has diversified its sourcing strategy by using alternate manufacturing processes (billets instead of tubes) thus reducing
supplier risk.
Goldman Sachs has a 12-month DCF-based target price of Rs 464
Citigroup's Recommendation on Everest Kanto.
Labels: Everest-Kanto
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Published by Webmaster @ 1:25 PM IST.
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Weak Rupee - Buy IT - Lehman Brothers
Wednesday, May 28, 2008
Lehman Brothers has been at the fore-front in covering the Indian IT Stocks. They were the first one to downgrade last October and subsequently after the blood bath upgraded tier-I Indian IT stocks. Just a while ago they have reiterated a BUY on Infosys, Wipro and TCS due to the weakness in rupee which is probably going to last longer than expected.Infosys Technologies:
Lehman Brothers' economics team expects the FY09E US$-INR average exchange rate to be 41.2 (3% depreciation from the average rate in FY08), against the earlier forecast of 39.4. Lehman raised EPS forecast for FY09E to INR 98.6 from
INR 94.2.
Revised FY10E EPS to INR108.9 from INR101.8, due mainly to tax rate estimates for FY10 going down to 18% from 20% before. The change in tax rate is due to extension of tax holiday by one more year by the Government of India recently. 12-month DCF-based price target is INR2,025, against INR1,870 before.
Wipro:
Revised FY09E EPS estimates to INR 28.1 from INR27.1. Also revise FY10E EPS estimates to INR32.4 from INR31.6 before. New 12-month DCF-based price target is INR 550 as against INR 539 before.
TCS:
Revised FY09E EPS estimates to INR 62.9 from INR 60.5. Also revise FY10E EPS estimates to INR 72.2 from INR 70.3 before. New 12-month DCF-based price target is INR 1,226 as against INR 1,161 before.
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Published by Webmaster @ 12:15 PM IST.
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Top 10 Stocks Sold by FIIs
Crunching the data releases by NSE and then looking into the books of the company, here are the top 10 companies where Foreign Institutions have sold in the last 3 months. We are providing the Data - Rank [1 - Highest sales by FIIs], Name of company, Percentage - Feee float of the company which the FIIs have SOLD.1 Firstsource Solu: -22%
2 Ganesh Housing: -14%
3 Indiabulls Financials: -13%
4 Sasken Comm.Tech: -12%
5 Sujana Towers: -10%
6 BOC India: -8%
7 Balrampur Chini: -7.8%
8 Strides Arcolab: -7.5%
9 Cairn India: -7.2%
10 Nag. Fert & Chem: -7%
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Published by Webmaster @ 11:21 AM IST.
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Tata Motors + Mahindra & Mahindra Downgraded to SELL
Tuesday, May 27, 2008
Its time to say Goodbye to Automobile Stocks. Tata Motors and Mahindra & Mahindra have been downgraded to a SELL by Merill Lynch.Tata Motors will be impacted by strong headwinds of restricted financing in commercial vehicles and the low priced Nano car. The major reasons for the downgrade are - moderation in commercial vehicle sales on tight financing availability, margins decline on adverse sales mix and lower volumes, forex losses on weaker rupee and fallout impact on inter-related subsidiaries.
Tata Motors is expected to report an EPS of Rs 61 for FY09 and Rs 86.50 for FY10. In the medium term the stock is likely to be under pressure as Merill has set a price target of Rs 657.
Mahindra & Mahindra's tractors sales is estimated to decline 5% in FY09 (earlier flat), and 5% growth in FY10, as financing intermediaries show reluctance to support tractor credit. The company's inability to significantly raise prices in utility vehicles to compensate surge in commodity prices should pressure margins.
One of the key reasons for our previous positive view was the imminent listing of its leisure business subsidiary and thereby unlocking of value for minority shareholders. Given present market conditions, we believe it is unlike that Mahindra Holiday Resorts will fetch our benchmark value of $811mn (Rs106/share in M&M).
M&M is expected to report an EPS of Rs 72.80 and Rs 82.3 for FY09 and FY10 respectively. Merill maintains a SELL with a fair value price of Rs 657.
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Published by Webmaster @ 10:07 PM IST.
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Shri Renuka Sugars - No More Sweet
Merill Lynch has downgraded Shri Renuka Sugars on a number of factors - Indian govt steps to reduce buffer stock of about 5mn tonne sugar to reign in inflation coupled with prospect of good monsoon has increased supply side risk. Over 15% additional sugar cane production in Brazil has raised supply pressure and US Congress approval of farm bill on 15th May08 maintaining import tariff barrier on ethanol a deterrent too.Renuka faces the risk of higher molasses cost to double production to 900KLPD in FY09E as its internal production of molasses could meet only half of its capacity. Price molasses has gone up by over 50% recently due to lower stock and may increase further due to lower production.
Renuka Sugar is already trading at a PE of 14.3x FY09E and close to estimated fair value of Rs139. Investors can Book Profit and Exit the stock and look at other promising growth stories.
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Published by Webmaster @ 1:09 AM IST.
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Reduce Thermax Ltd
Saturday, May 24, 2008
Thermax's Q4FY08 results were in line with expectations. At the consolidated level, revenues grew ~19% Y-o-Y to ~INR 10 bn, driven by better performance of the company’s subsidiaries. Standalone revenues grew ~13% Y-o-Y to ~INR 9 bn.During the quarter, the energy business segment grew ~12% Y-o-Y, whereas the environment business grew ~7% Y-o-Y. The energy segment contributed ~77% to revenues with the balance being contributed by the environment segment. Consolidated EBITDA margins were up ~100bps Y-o-Y to 13.4% driven by higher margins in the energy business segment.
For FY08, consolidated revenues grew ~50% Y-o-Y to ~INR 35 bn and consolidated EBITDA margin was flat Y-o-Y at 12.3%. Thermax's consolidated order backlog at the end of FY08 was ~INR 26 bn, with ~81% being contributed by the energy segment. The company is cautiously optimistic on captive power plants order flow as electricity tariff's firm up and coal linkages are now being extended to smaller power plants as well.
The company is expected to report an EPS of Rs 29 and Rs 36 for FY09 and FY10 respectively.The recent spell of monetary policy tightening has impacted the order accretion over the past two quarters. Further increase in raw material prices is likely to impact margins in the medium term. We recommends investors to REDUCE and not BUY in the medium term.
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Published by Webmaster @ 1:45 PM IST.
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SAIL Showing Strength - ICICI
Tuesday, May 20, 2008
ICICI Sec has recommended a BUY on SAIL [Steel Authority of India Ltd]. SAIL's Results were above expectations even though the company is out of the Iron & Steel Cartel prevailing in India.
Average realisations at ~Rs37,200 in Q4FY08 were higher 15% YoY & 17% QoQ. While SAIL will maintain prices for the next 2-3 months (as committed to the Government), the average realisation for Q1FY09 would be higher since the price increase was taken largely during February and March. Also, 200% cost escalation due to new coking coal contracts, which the company is on the verge of finalising, would only start from July-August, leaving enough time to hike prices. Further, the introduction of export duty would only marginally affect SAIL since it sells more than 90% in domestic markets.
Average realisation is expected to be Rs40,583/te for FY09E, which is 25% higher than the average in FY08. Several initiatives such as increasing production from 64% to 100% via the concast route, higher capacity utilisation (which touched 118% last year) and increasing power generation capacity from 873MW to 1,922MW will drive operational efficiency.
SAIL is expected to report an EPS of Rs 25.4 and Rs 29.8 for Fy09 and FY10 respectively. ICICI Sec recommends a buy with a target price of Rs 325.
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Published by Webmaster @ 11:52 PM IST.
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Sell Tech Mahindra - Citi
Citi in a report released just a while ago has recommended a SELL / High Risk on Tech Mahindra.Tech Mahindra (TM) posted revenue of US$258m (vs. estimate of US$260m) and a margin decline of ~20bps, despite sharp uptick in utilization (400bps) and no pass-through revenue in 4Q. Net profit of Rs2.2bn was below expectations (est. Rs2.27bn) despite forex gains of US$7m.
TM booked revenue of just US$30m in FY08 (from US$1bn order), of which 4Q accounted for ~US$20m revenue. Excluding this deal, top-line growth was flat at ~1% qoq. TM has an order backlog of US$2bn (executable over next 4/5 years.
TM is expected to report an EPS of Rs 71.53 for FY09 and mere Rs 75.19 for FY10. Citi recommends a SELL with High Risk rating and a target price of Rs 730.
DalalStreet Analyst View:Compared to poor and unethical management like that of Satyam, TM has good management practices. As an investor, profit making is our motive, so if you have bought TM in IPO, you may consider some profit taking as future looks bleak and growth is unpredictable with EPS growth and order book slowing down drastically.
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Published by Webmaster @ 10:31 AM IST.
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Morgan on Sesa Goa + Market Conviction
Thursday, May 15, 2008
After Kotak Recommended a BUY on Sesa Goa, Morgan Stanley has also initiated coverage with a BUY recommendation. Sesa's solid iron ore output growth. A change in sales mix from contract to spot market sales. The likelihood of above-consensus iron ore prices. These factors should support an EPS CAGR of 22% in F2008-10 for Sesa, which does not seem to be captured in the stock's 7.5x P/E valuation.Catalyst: Strong results in the next two quarters would be evidence of Sesa's ability to grow volumes faster than Street expectations, and expand its sales in the spot market amid strong spot ore prices. Notably, these factors mark a change in the stock's trends from just a year ago. Due to a lack of catalysts, the stock used to go into a slumber every year after the iron ore price contracts were concluded, but we do not expect that to be the case anymore.
Morgan Stanley iron ore price profile in line with our global team's assumptions. EPS forecasts raised by 32% for F2009 and 21% for F2010 to Rs 523 and Rs 582 respectively. Target price of Rs 5,063 on the stock.
Investors lack conviction about the market:
Trading activity and flows suggest that there is low conviction in the market. While foreign institutional investors are doing little in the cash markets, data from the derivative markets suggest heightened activity in index options and possible buying of volatility. On the other hand, domestic investors seem convinced this is a time to buy stocks. At the margin, a market bottom is unlikely to be created until retail investors panic.
There are three reasons why the lack of conviction among market participants does not surprise. The macro environment has worsened over the past month. A depreciating currency and rising commodity prices is a recipe for tighter monetary conditions and slower growth. Secondly, market timing indicators are not screaming a sell at us like they did in Jan-08, May-06 and Jan-04. Morgan believes that the indicators are unlikely to back up to those levels since fundamentals have undergone a distinct change and hence reckon that the recent bounce off the bottom is good enough to sell. Lastly, the earnings picture is sending mixed signals.
Conclusion: From a portfolio perspective, financials and industrials will likely underperform whereas consumer staples, healthcare, energy and telecoms will outperform.
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Published by Webmaster @ 5:10 PM IST.
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JP Associates Secures Land for Taj Expressway
Tuesday, May 13, 2008
JP Associates highlighted acquisition of entire 165kms of Taj expressway (JPI) land, addition to & monetization of real estate land bank; improved execution at cement (19mt capacity in FY09E) & E&C businesses and 24-31% RoE at its power subs. JPA is one of our top Infra pick with potential PO upside of 89%.
This should create room to boost E&C revenues from 2HFY09E. JPA is likely to get ~160 acres of prime real estate landbank at NOIDA in a week, taking total to 1075 acres of 1250, as per expressway concession. This will help JP Infra (JPI) secure 39% of MLe SPV value, as this parcel accounts for 45% of MLe value of JPI. JPI has pre-sold 60% of its 1st realty project worth Rs15.5bn. JPI will develop 400mn.sq.ft. across 5 parcels (165kms).
JPA hopes to grow FY09E sales by 74%YoY led by 83% rise in E&C and real estate revenues and ~70% growth in cement sales. PAT is likely grow by 46%YoY to Rs8.9bn despite higher fixed costs from capex.
Sum of the Parts Valuation of JP Associates:
Infrastructure Rs 286 / share
Power Rs 137 / share
Cement Rs 82 / share
Hotels Rs 5 / share
Steel Rs 4 / share
Others Rs 14 / share
Net Debt -Rs 55 / share
The sum of the parts yield to Rs 473 / share of JP Associates. Ganga Expressway is not discounted in the current valuation.
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Published by Webmaster @ 11:37 AM IST.
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IndiaBulls Real Estate - Underperformer
Monday, May 12, 2008
After Merill Downgraded IndiaBulls Financial Services, Credit suisse has downgraded IndiaBulls Real Estate [IBREL] to UNDERPERFORM.IBREL has filed the prospectus with the Singapore exchange for the listing of Indiabulls Properties Investment Trust (IPIT), which will hold an initial portfolio comprised of IBREL's One Indiabulls Centre and Elphinstone mills projects, which together comprise 3mn sq ft of commercial, 0.44mn sq ft of retail and 0.12mn sq ft of residential space, along with 6,500 parking spaces.
IBREL will hold 45% stake in IPIT, receive cash from part sale of its stake in the assets and leasing management and trustee fees. Credit Suisse estimates the value of IBREL's stake in the two assets to be worth anywhere between US$1.1bn- $1.46bn thus leaving hardly any scope for upsides.
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Published by Webmaster @ 1:22 PM IST.
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Reduce Bharat Bijlee - Kotak
Bharat Bijlee's [BBL] numbers though good appears to indicate moderate growth.BBL reported 11% growth in Q4FY08 to Rs.1.9 bn. On a sequential basis, revenue growth was strong at 79% QoQ. In the third quarter, the company had suffered loss of production on account of the capacity expansion work being carried out at its facility. Hence, the fourth quarter also had some revenue spillover of the previous quarter.BBL's transformer division is currently operating at over 100% utilization and in view of this, it is in the process of raising its transformer capacity from 8000 MVA to 11000 MVA at its existing location at Kalwa.
BBL's current order backlog stands at greater than Rs.3.5 bn, equivalent to ten months of estimated FY08 transformer revenues.
Bharat Bijlee is cash rich and the value of its equity investments is Rs.317 per share. The stock is currently trading at 16.2x and 14.4x FY09 and FY10 earnings, respectively. Kotak values Bharat Bijlee on a DCF basis with target price of Rs.2600 including Rs.480 in cash and investments. In view of limited upside, Kotak recommends a REDUCE on Bharat Bijlee Ltd.
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Published by Webmaster @ 11:16 AM IST.
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Index returns in May from 1998 to 2008
Sunday, May 11, 2008
Here is a chart provided by Sharekhan about returns in Indian Indices in May of every year from 1998 to 2008.
Months Index returns (%)
May-98 -9.05
May-99 13.61
May-00 -1.89
May-01 3.65
May-02 -5.41
May-03 7.23
May-04 -21.06
May-05 8.86
May-06 -15.84
May-07 4.84
May-08 -3.68 ? [Till Date]
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Published by Webmaster @ 12:23 AM IST.
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Buy Techno Electric - SBI Caps
Thursday, May 08, 2008
Techno Electric company has posted its Q4FY08 performance, which saw an improvement in all its divisions. The stock is in for a re-rating on the back of continued strong order inflow, huge order backlog and timely execution capability.Techno Electric order backlog stood at Rs. 8,500 mn as on FY08. The total backlog is 2x of FY08 revenues. The company has bid for more than Rs. 2,500 mn till date.
In FY08, net sales showed a rise of 21.77% to Rs.4294.2 mn over the corresponding period of the previous year. EBITDA showed a rise of 37.36% to Rs.506.30 mn and net profit jumped by 77.61% to Rs.497.95 mn over the corresponding period of the previous year. Considering the buoyant industrial outlook, expect the company's revenue to grow by a CAGR of 28% over the next two years.
Techno Electric trades at a P/E of 19.18x and 15.67x its FY09E and FY10E EPS of Rs.10.74 and Rs.13.15, respectively. On an EV/EBITDA basis the stock trades at 15.13x and 11.49x, our FY09E and FY10E earnings, respectively. SBI Caps recommends a buy on the stock with a price target of Rs. 263 implying upside of 28%.
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Published by Webmaster @ 3:02 PM IST.
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Jindal Saw - Underweight by HSBC
Tuesday, May 06, 2008
Just few minutes ago, HSBC Equity Research has downgraded Jindal Saw Ltd to UNDERWEIGHT. This change in recommendation comes after the back of poor Q4 results from the company. Another Jindal Group company, JSW Steel had to face the same plight earlier this morning.Jindal Saw (JSAW) had favourable coal prices for a long time, but the inventory of this low-cost (USD100/t) coal is over, the contract for which expired in April 2008. Management guided recently that new supplies should come in only at USD300/t. With this, margins for ductile iron (DI) pipes should collapse.
With the 200% increase in coal price, DI pipes' EBITDA margin should erode to 0% in the next three quarters of 2008, from 19% in Q1. Seamless pipes' EBITDA margin of 9.5% for Q1 2008 (year to Dec) was significantly below our estimate of 15%.
HSBC reduced target PE multiple for JSAW at the lower end of the band to 10x from 13x. Based on March 2008 EPS, PE-based fair value is INR570 per share.
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Published by Webmaster @ 12:43 PM IST.
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Reduce BGR Energy - Kotak
All though Energy / Power sector looks attractive, Kotak Sec Analyst has recommended a REDUCE on BGR Energy Systems. The company is poised to grow strongly on the back of massive investments expected in the country, especially in the power generation sector. BGR Energy has expanded the scope of its products/services to emerge as a complete Balance-of-Plant (BOP) contractor for power plants. Successful project execution and managing strong growth are key challenges.Kotak expects revenues and earnings to grow at CAGR of 53% and 62%, respectively, over FY2007-10E, led by growth in power division. Order backlog of Rs36 bn at beginning Mar'08 provides visibility of 1.8 years based on FY2009E revenues.
High working capital levels (115 days) and lowmargin profile (10.6%) imply lower return on capital and free cash flow generation. BGR Energy based on DCF at Rs460 per share, implying a P/E multiple of 28X and EV/EBITDA multiple of 16X on our FY2009E estimates. However, current valuation multiples of 27X and 20X, FY2009E and FY2010E EPS preclude further optimism. Kotak has set a target price of Rs 460.
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Published by Webmaster @ 12:07 PM IST.
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SBI - Tug of War between Analysts
Monday, May 05, 2008
Research Analysts at Citigroup and Morgan Stanley are having a tug of war when it comes to Index Heavyweight State Bank of India. Morgan Stanley Downgraded the bank to Underweight [If you follow their MCSI, then you have to SELL the stock] while, Citigroup lowered the price target but still retained a BUY on the stock.SBI reported a 21% sequential increase in NPLs. This was driven by higher agricultural NPLs (farmers stopped coming to branches to repay, after the debt waiver scheme announced by government – according to management). The other driver for higher NPLs is SME/ SSI – a sector witnessing some stress. Given that these remain focus areas for growth, we expect an NPL increase as we move forward. Moreover, with NPL coverage of 42%, credit costs could rise significantly.
Credit costs are likely to rise on account of low provisioning levels as well as low coverage ratio. Wage hikes/provisions will lead to significant increase in employee costs says Morgan report.
Morgan Stanley expects a FALL in EPS of SBI to Rs 102 from Rs 117 reported for FY08. Citi expects the EPS to be Rs 126 for FY09. Morgan Stanley has set a Target Price of Rs 1,550 while Citi has downgraded the target price from Rs 2,790 to Rs 2,370.
DalalStreet.Biz Analyst View: We feel SBI will see a dip growth this year but FY09 EPS is likely to be sustained at Rs 120. In our view the stock should trade at Rs 1,700 levels until a clearer picture emerges at the end of June-2008.
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Published by Webmaster @ 9:51 PM IST.
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Hindustan Constructions - Buy from KR Choksey
Sunday, May 04, 2008
Hindustan Construction Company (HCC) is one of the largest private sector construction companies in India engaged in construction of technologically complex long gestation projects across all verticals in infrastructure space.
HCC has also forayed into the escalating Indian real-estate market by floating HCC Real Estate, a 100% subsidiary of the group. The company had transferred the development rights of its land at Vikhroli, Mumbai, and investments in the Lavasa hill-station development project, to HCC Real Estate. Lavasa is a blend of cosmopolitan architecture, imaginative planning and environment ideals, planned and based on the Principles of New Urbanism (NU).
HCC is currently in talks with the government to sort out the issues related to the cost escalation, change in scope of work and payment of the under recoveries arising out of Sealink project. It has provided for an under recoveries of Rs230 crore Bandra Worli Sealink project till 1Q FY08, which according to the management covers the expected losses on the project. HCC expects to complete the project by March 2009.
HCC has a land bank of over 1,500 acres in Mumbai, Pune, Nasik, etc., which is proposed to be used for developing over 36 mn sq ft of area. These include a 1,000 acre SEZ/township in Nasik and a 300 acre township in Pune.
KR Choksey recommends a BUY with a Target Price of Rs 175.
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Published by Webmaster @ 12:30 PM IST.
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