CLSA maintains buy on Sadbhav Engg, target Rs 500; stock up 2%

The government has carried out a series of reforms to increase the participation of mid-sized EPC players in the tendering process of construction contracts, Ind-Ra said.

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Share price of Sadbhav Engineering rose 2.5 percent intraday Wednesday as broking firm CLSA has maintained buy rating with a target of Rs 500 per share.

The likely pre-election splurge under Bharatmala creates the growth visibility of the company, said CLSA.

It expect an EPS CAGR of 15 percent over FY17-19.

The firm likes company focus on roads & tolls in the traffic-rich western corridor.

The company's Q3 net profit increased to Rs 53.12 crore against Rs 52.42 crore in the same quarter last fiscal.

At 12:17 hrs Sadbhav Engineering was quoting at Rs 404.65, up Rs 3.95, or 0.99 percent on the BSE.

Posted by Rakesh Patil