IVRCL can test Rs 50, says Sanjay Vaid

IVRCL can test Rs 50, says Sanjay Vaid, Sr Vice President and Co-Head of Equities, SBI Cap.

Vaid told CNBC-TV18, "IVRCL performance for the last few quarters has been very dismal and we feel that this pain will continue for atleast another two quarters going forward. Although, the stock or the company has a huge order book of USD 210 billion, which is almost a 4 times FY11 sales but the kind of pressures they are feeling because of the higher interest rate regime now, the subcontracts are finding it difficult to get credits plus the credit terms also are become a slightly difficult and because of paucity of raw material as well as labour there could be some concerns on execution going forward."
He further added, "The recent correction has seen that the price of the stock has corrected hugely and it