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Nagarjuna Construction builds on winning order

Source: Capital Market, Tuesday, February 9th, 09:10 AM

The company announced winning fresh orders during trading hours on Monday, 8 February 2010, when the stock declined 0.74% to Rs 155.25.

Hyderabad-based Nagarjuna Construction Company Limited (NCCL) said that it has bagged five orders worth Rs 583 crore. The first order valued at Rs 238-crore order is received from the public health engineering department, Kolkata, for surface water-based piped water supply scheme at Chakdah municipality of Nadia district, West Bengal to be completed in 15 months.

The second order valued at Rs 124 crore is from Orissa-based Mahanadi Coal Fields for execution of works like drilling, excavation and dozing to be completed in three years, while the third order worth Rs 85-crore order is from the National Water Supply and Drainage Board, Sri Lanka, for construction of Mahara and Blygama schemes.

On BSE, 6,301 shares were traded in the counter as against an average daily volume of 2.49 lakh shares in the past one quarter. The stock hit a high of Rs 159.75 and a low of Rs 155.95 so far during the day. The stock had hit a 52-week high of Rs 183.80 on 15 October 2009 and a 52-week low of Rs 34.25 on 5 March 2009.

The mid-cap stock had underperformed the market over the past one month till 8 February 2010, falling 11.29% as compared to the Sensex's 9.15% fall. It had also underperformed the market in the past one quarter, declining 5.34% as compared to the Sensex's decline of 1.38%.

The company's equity capital is Rs 51.31 crore. Face value per share is Rs 2. The current price of Rs 157 discounts the company's Q3 December 2009 annualized EPS of Rs 7.46, by a PE multiple of 21.05.

Nagarjuna Construction Company (NCC)'s net profit jumped 32% to Rs 47.86 crore on 16.1% increase in net sales to Rs 1186.54 crore in Q3 December 2009 over Q3 December 2008.

Nagarjuna Construction Company is engaged in constructing industrial and commercial buildings, roads, bridges, underground drainage and sewerage, stadiums, flyovers, multi-store and duplex apartments, farm and private houses.

Promoters have pledged 36.45 lakh shares representing 1.42% of the equity capital of the company. The total promoter shareholding in the company is 20.23% (as on 31 December 2009).

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