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HCC-Alstom JV bags order worth `1,843cr
Hindustan Construction Co. (HCC) in a joint venture with Alstom has bagged a contract
worth `1,843cr from Tehri Hydro Development Corporation to construct Tehri Pumped
Storage Plant in Tehri, Uttarakhand. This is an EPC contract with HCC’s share of `701cr
and is expected to be completed in 54 months. With this order, HCC’s outstanding order
book now stands at ~`17,187cr (4.2x FY2011 revenue), excluding the disputed and L1
orders worth `1,940cr and `1,208cr, respectively. Going ahead, we expect HCC’s interest
cost to increase on the back of higher debt requirements to fund its working capital and
rising interest rates regime. We believe HCC’s stock performance depends on the outcome
of the ongoing Lavasa legal wrangle with the Ministry of Environment and Forests. Owing
to these concerns, we maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HCC-Alstom JV bags order worth `1,843cr
Hindustan Construction Co. (HCC) in a joint venture with Alstom has bagged a contract
worth `1,843cr from Tehri Hydro Development Corporation to construct Tehri Pumped
Storage Plant in Tehri, Uttarakhand. This is an EPC contract with HCC’s share of `701cr
and is expected to be completed in 54 months. With this order, HCC’s outstanding order
book now stands at ~`17,187cr (4.2x FY2011 revenue), excluding the disputed and L1
orders worth `1,940cr and `1,208cr, respectively. Going ahead, we expect HCC’s interest
cost to increase on the back of higher debt requirements to fund its working capital and
rising interest rates regime. We believe HCC’s stock performance depends on the outcome
of the ongoing Lavasa legal wrangle with the Ministry of Environment and Forests. Owing
to these concerns, we maintain our Neutral view on the stock.
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