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Hold NCC; target of Rs 70: ICICI Direct

ICICI Direct recommended hold rating on NCC with a target price of Rs 70 in its research report dated May 12, 2022.

May 14, 2022 / 01:53 PM IST
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ICICI Direct's research report on NCC

NCC is one of the leading construction companies in India with a presence across varied verticals of infrastructure space such as buildings, roads, water, mining and electrical. Standalone order book is robust at Rs 36,303 crore. Well-diversified order backlog, robust execution capabilities, and strong focus on debt reduction and working capital to characterise NCC over next few years.


Sharp debt reduction has been key positive. However, margins may be see volatility in FY23. We, thus, assign HOLD vs BUY rating, earlier. We value NCC at Rs 70/share (at (9x FY24 P/E).


For all recommendations report, click here

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first published: May 14, 2022 01:53 pm
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