PINC puts ‘buy’ on Madhucon Projects
PINC has initiated coverage on Madhucon Projects with a ‘buy’ rating after the company secured road projects apart from diversifying into various infrastructure segments.
By ET Bureau |
CMP: Rs 60.65
Target price: Rs 93
PINC has initiated coverage on Madhucon Projects with a ���buy��� rating after the company secured road projects apart from diversifying into various infrastructure segments. According to a brokerage report, the company is currently executing four build-operate-transfer (BOT) toll-based National Highway projects spanning across 306 kms.
The company���s total equity commitment for the same is pegged at around Rs 2.9 billion, it adds. ���In addition to its own BOT projects, it is also undertaking construction activities for ompleting/modernising stretches on five National & State Highways (spanning over 220 kms) on item rate basis,��� notes the report. According to the report, Madhucon Projects is setting up a 540-MW thermal power plant at Nellore in JV with Malaxmi Group. The plant is slated to be developed in two phases of 270 MW each, it says.
���Further, MPL has received LoI for couple of hydroelectric projects namely Etabu Hydroelectric project (165MW) and Elango Hydro-electric project (150MW) in Arunachal Pradesh on BOOT basis,��� adds the report. PINC also expects Madhucon Projects ���to substantially ramp up its operational scale over the
next couple of years���.
Target price: Rs 93
PINC has initiated coverage on Madhucon Projects with a ���buy��� rating after the company secured road projects apart from diversifying into various infrastructure segments. According to a brokerage report, the company is currently executing four build-operate-transfer (BOT) toll-based National Highway projects spanning across 306 kms.
The company���s total equity commitment for the same is pegged at around Rs 2.9 billion, it adds. ���In addition to its own BOT projects, it is also undertaking construction activities for ompleting/modernising stretches on five National & State Highways (spanning over 220 kms) on item rate basis,��� notes the report. According to the report, Madhucon Projects is setting up a 540-MW thermal power plant at Nellore in JV with Malaxmi Group. The plant is slated to be developed in two phases of 270 MW each, it says.
���Further, MPL has received LoI for couple of hydroelectric projects namely Etabu Hydroelectric project (165MW) and Elango Hydro-electric project (150MW) in Arunachal Pradesh on BOOT basis,��� adds the report. PINC also expects Madhucon Projects ���to substantially ramp up its operational scale over the
next couple of years���.
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