IVRCL bags orders worth Rs. 639cr - Angel Broking

IVRCL Ltd said its transportation division has bagged orders worth Rs. 445.54cr for road and drain improvement works in Karnataka, construction and upgradation of road in Madhya Pradesh and construction of roadbed, station buildings and passenger amenities for east coast railway.

The Building Division secured orders worth Rs. 183.61cr. The works invloves construction of secondary technical school in Umm Al Quwain in UAE and construction on integrated office building for ISRO in New Delhi. Also, the company has bagged various orders worth around Rs. 10 crore pertain to various other miscellaneous work.

We continue to maintain our Buy rating on the stock with target price of Rs. 35.

Source : Equity Bulls

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