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Buy Nesco; target of Rs 800: ICICI Direct

ICICI Direct is bullish on Nesco recommended buy rating on the stock with a target price of Rs 800 in its research report dated November 30, 2022.

December 01, 2022 / 12:40 PM IST
 
 
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ICICI Direct's research report on Nesco

Nesco Ltd (Nesco) is in the business of development and management of commercial / IT-ITES Real Estate, Exhibition centre and foods business. It manages two commercial with leasable area of 1.75 msf (mn sq ft) and BEC spread over 0.6 msf. As part of its future plans, the company has outlined a capex plan of ~Rs 2400 crore to (i) build ~2.6 msf sq leasable area commercial Tower along with a 350 keys 4-star Hotel and ii) refurbish and expand the BEC.


Outlook

We maintain BUY rating to the company. With improved occupancies in IT park and recovery in exhibition business, earning recovery is likely to be sharp, going ahead. We value Nesco at Rs 800/share.