four laning of Kiratpur to Ner-Chowk project worth Rs.1,818 cr.
This BOT project in Himachal Pradesh would be executed on DBFOT basis under Phase III. The
project is on toll basis with a concession period of 28 years and construction
period of three years.
Further, NHAI (National Highways authority of India) would provide a grant of Rs.134.6 cr to ITNL.
This is positive for the company, as ITNL had not won any project in FY 2012
owing to the aggressive bidding witnessed in the road sector.
Considering the sharp run up in the share price (About 40% in one month), we recommend
Accumulate on the stock with an SOTP target price of Rs.227.
Review by Angel Broking
6th Floor, Ackruti Star, Central Road,MIDC
Andheri (E) , Mumbai-93
Main : (91-22) 3935 7600 Extn : 6956
Website : www.angelbroking.com
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