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The Golden Dozen
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 IVRCL Infrastructures & Projects Ltd.
Entry Price: Rs.308
Target Price: Rs.408
EPS: 24 (FY10E)
P/E: 13 on FY10E EPS
Time Duration: At least one year
Rationale: IVRCL has one of the best prequalifications in the water and irrigation segment, which is evident from the fact that it bagged projects worth Rs.16 billion out of projects worth Rs.40 billion awarded by Narmada Valley Development Department. Moreover, the company has a healthy book to bill ratio of 3x FY09E. Even its current order book stands at Rs.149 billion implying a book to bill ratio of 2.7 times of FY 2010 revenues.
Indraprastha Gas Ltd.
Entry Price: Rs.144
Target Price: Rs.161
EPS: 15.4 (FY10E)
P/E: 9.4 on FY10E EPS
Time Duration: At least one year
Rationale: Promising business model, robust growth in CNG vehicles and PNG customers in NCT of Delhi, timely expansion plans and low industry competition provides a long term & stable visibility to company’s future performance and growth trajectory. However, due to the supply side pricing constraints, margins are expected to remain under pressure.
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Mcleod Russel India Ltd.
Entry Price: Rs.145
Target Price: Rs.178
EPS: 12 (FY10E)
P/E: 12.25 on FY10E EPS
Time Duration: At least 1 year
Rationale: Due to shortfall in output from major tea producing regions, India, Kenya and Sri Lanka, the domestic demand registered an annual growth of 8% during FY 2009. Further, because of supply side constraints, the price realisations have also witnessed an upside of 16%. This widening demand supply gap certainly seems working in favour of Mcleod.
Indian Hotels Company Ltd.
Entry Price: Rs.45-50
Target Price: Rs.100
EPS: 1.43
P/E: 43.07
Time Duration: One year plus
Rationale:which it had started last year, is likely to be completed during FY 2011-13. It’s also expanding in the budget hotel segment. While, it would add 468 rooms in 5 hotels under ‘Ginger’ brand, another project of 6 hotels has already been launched by it.
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