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Buy IVRCL Infrastructure, target of Rs 166: IIFL

Posted on: March 4th, 2009 and is filed under Brokerage Recommendations.

IIFL has recommended a buy rating on IVRCL Infrastructure with a target price of Rs 166 in its March 3, 2009 research report. Purandar Lift irrigation scheme project costing Rs 2.5 billion was awarded to IVRCL in 2001 by the Maharashtra government. Construction work continued for about a year before it was stopped owing to funding constraints. CIDCO‚Äôs sewage treatment plant at Navi Mumbai, this Rs 180 million project was awarded to Hindustan Dorr-Oliver (HDO) by CIDCO. Based on sequential batch reactor process, the plant has a capacity of 25MLD. The plant has commenced purification with the operations being currently handled by HDO.”

“CIDCO Seawoods Estate residential project, construction of 0.39m sq ft space under phase II of the project is in progress. Phase II costs Rs 851 milliom and is on schedule for completion in December 2009. Construction of 0.68m sq ft under phase I is complete. BUY, target price of Rs 166,” says IIFL’s research report.

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