New order does not benefit IVRCL Infrastructures

IVRCL Infrastructures & Projects dropped 4.10% to Rs 451.15 at 13:00 IST on BSE despite bagging an order worth Rs 478.48 crore from Narmada Valley Development Authority, Bhopal for execution of canal system of Indira Sagar project in Madhya Pradesh.

The company made this announcement during trading hours today, 3 March 2008.

Meanwhile, BSE Sensex was down 610.25 points or 3.47% to 16,968.47, as Asian stocks fell sharply amid growing concerns about the global impact of a US slowdown.

On BSE, 31,406 shares were traded in the counter. The scrip had an average daily volume of 1.46 lakh shares in the past one quarter.

The stock hit a high of Rs 463.65 and a low of Rs 396 so far during the day. The stock had a 52-week high of Rs 575 on 7 January 2008 and a 52-week low of Rs 241.15 on 3 April 2007.

The large-cap scrip had outperformed the market over the past one month till 29 February 2008, gaining 4.19% compared to the Sensex’s decline of 0.40%. It had also outperformed the market in the past one quarter, rising 0.56% compared to Sensex’s decline of 9.22%.

The company’s current equity is Rs 26.64 crore. Face value per share is Rs 10.

The current price of Rs 451.15 discounts its Q3 December 2007 annualized EPS of Rs 19.35, by a PE multiple of 23.32.

The project is to be executed within a period of 48 months.

On 20 February 2008, the company bagged orders worth Rs 517.89 crore.

In November 2007, IVRCL Infrastructures received orders worth Rs 329.32 crore.

IVRCL Infrastructures & Projects’ net profit rose 102.5% to Rs 64.06 crore on 84.7% growth in net sales to Rs 985.55 crore in Q3 December 2007 over Q3 December 2006.

IVRCL Infrastructures & Projects undertakes contracts to execute civil engineering works.