Hindustan Construction (HCC), a leading construction and development company, has secured two orders totaling to Rs299 crore.
The Orders are related to the fabrication of Pot Superstructure and completion of Civil & RCC Structural work for Pot Line for Aditya Aluminium Smelter Project at Lapanga, Sambalpur, Orissa. The first order involves the design, engineering, procurement and fabrication of Pot Superstructures and is worth Rs100 crore, while the second one is related to complete civil and structural work, involving site grading, civil and architectural work for Pot Line worth Rs199cr.
The orders are to be completed in a time frame of 15-19 months. With the accretion of these orders, the outstanding order book stands at around Rs16,800 crore or 4.6x FY2010E revenues.
At the CMP of Rs143, the stock trades at 13.8x FY2012E Earnings and 1.2x FY2012E P/BV on a standalone basis. In the backdrop of the rich valuations, we continue to maintain our NEUTRAL view on the stock.
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