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IRB Infrastructure - Event Update - Nirmal Bang
Posted On : 2012-05-07 10:58:43( TIMEZONE : IST )
Promoter Agrees to Undergo Polygraph Test in Murder Case
The additional sessions court (Pune) has allowed the Central Bureau of Investigation (CBI) to conduct polygraph test on 10 suspects in the murder of Right To Information (RTI) activist Satish Shetty that took place in Pune district on 13 January 2010, which includes the promoter of IRB infrastructure Mr. Virendra Dattatray Mhaiskar and two company officials Mr. Deepak Gadgil (head of real estate) and Mr. Jayant Dangare (head of liasoning).
Brief details
- The deceased RTI activist's brother has named various persons, including Mr. Mhaiskar, as suspects. Earlier, the local police had conducted a detailed inquiry into the matter and given a clean chit to Mr. Mhaiskar.
- The deceased activist's brother was not satisfied with the investigation conducted by the local police and filed a petition in this regard following which the Maharashtra government handed over the case to the CBI. During the course of the investigations, the CBI asked Mr. Mhaiskar, Mr. Gadgil, Mr. Dangare and others allegedly involved in the case to undergo a polygraph test.
- Mr. Mhaiskar and the two company officials have agreed to undergo the polygraph test.
- The polygraph test will take place in the next couple of weeks.
- The company and its management are fully co-operating with the investigating agency and have reiterated their full faith in the judiciary.
Outlook: The stock has corrected 18% intraday on Thursday (ending 10% down) and 23% in the past one month on the news of the CBI probing the company promoter's alleged involvement in the RTI activist's murder case as well on weak market conditions. The management has clarified the matter in detail, but we believe the sentiment would be negative for the stock in near term until further clarity emerges. However, the company is doing well operationally and has achieved the financial closure for its Ahmedabad-Vadodara project with a weighted average blended cost of debt at 10.5% per annum. Its current portfolio of 17 road projects (11 operational), construction order book of Rs91bn (3.7x FY11 revenue) and strong operating cash flow as well as project financing capability would keep future growth intact. We retain our Buy rating on the stock with a target price of Rs235.
