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McNally bags order worth `116cr from Neyveli Lignite
McNally Bharat Engineering’s MHE division has bagged an order worth `116cr from
Neyveli Lignite Corp. Ltd., which is to be delivered over 30 months. The company’s
consolidated order book at the end of 3QFY2011 stood at `4,370cr (2.4x FY2010
revenue), which currently stands at `4,160cr (2.3x FY2010 revenue).
We believe an improving economic scenario, continuous government focus on
infrastructure spend and pick-up in private capex augur well for companies providing EPC
solutions to the core sectors of the economy.
At `219, the stock is available at attractive valuations of 7.5x FY2012E earnings and 4.5x
FY2012E EV/EBITDA. We maintain our Buy rating on the stock with a Target Price of `337.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
McNally bags order worth `116cr from Neyveli Lignite
McNally Bharat Engineering’s MHE division has bagged an order worth `116cr from
Neyveli Lignite Corp. Ltd., which is to be delivered over 30 months. The company’s
consolidated order book at the end of 3QFY2011 stood at `4,370cr (2.4x FY2010
revenue), which currently stands at `4,160cr (2.3x FY2010 revenue).
We believe an improving economic scenario, continuous government focus on
infrastructure spend and pick-up in private capex augur well for companies providing EPC
solutions to the core sectors of the economy.
At `219, the stock is available at attractive valuations of 7.5x FY2012E earnings and 4.5x
FY2012E EV/EBITDA. We maintain our Buy rating on the stock with a Target Price of `337.
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