Anand Rathi maintains ‘buy’ on Engineers India, target price Rs 123

Anand Rathi has maintained its ‘buy’ rating on Engineers India (EIL) with a target price of Rs 123. The brokerage said it remains positive on the company on account of sizeable growth potential in sector, huge imminent capex in hydrocarbon sector, assetlight business model, debtfree balance-sheet, healthy revenue and earnings growth and robust return ratios. Also, Turnkey business is likely to provide robust momentum with large projects in advance level of execution. Shares of EIL closed at Rs 78, down 3.8%.