L&T disqualification positive for Gammon India: IDFC
According to IDFC Securities, any re-tendering will be positive for Gammon India as it can now participate in the bidding process.
By ET Bureau |
MUMBAI: Larsen & Toubro has been disqualified from the bulk tendering process for supercritical boilers and turbine generators for NTPC. According to IDFC Securities, any re-tendering will be positive for Gammon India as it can now participate in the bidding process.
“We believe that the retendering of boiler package is positive for Gammon India since Ansaldo Caldie (owned 42.5% effectively by Gammon India) would now be able to participate in the bidding process. This event is negative for L&T since the company is disqualified from bidding for turbine-generator orders, even though it could still participate in the new bidding process for boilers.
The event is marginally negative for BHEL due to postponement in order flow due to delay in bidding process. Maintain Outperformer on Gammon India, Neutral on BHEL, L&T, NTPC and Thermax,” the report said.
“We believe that the retendering of boiler package is positive for Gammon India since Ansaldo Caldie (owned 42.5% effectively by Gammon India) would now be able to participate in the bidding process. This event is negative for L&T since the company is disqualified from bidding for turbine-generator orders, even though it could still participate in the new bidding process for boilers.
The event is marginally negative for BHEL due to postponement in order flow due to delay in bidding process. Maintain Outperformer on Gammon India, Neutral on BHEL, L&T, NTPC and Thermax,” the report said.
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