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Buy HDIL, target of 356: Angel Broking

By SiliconIndia   |   Tuesday, March 30, 2010
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Bangalore: Angel Broking has come out with a research report on Housing Development and Infrastructure (HDIL) and has initiated coverage on the stock with a buy rating and target price of Rs. 356. According to Angel, HDIL is the largest listed slum rehabilitation developer in the most resilient Mumbai market, which contributes a substantial 71 percent of its GNAV. HDIL is an India-based company engaged in real estate development and construction of residential and commercial properties, infrastructure facilities and all other related activities. The company developed three projects: Premier Residency at Kurla (West), Metropolis at Versova, Andheri (West) and Project Galaxy at Kurla (East). The company's subsidiaries include Privilege Power and Infrastructure, HDIL Entertainment, HDIL Oil and Gas, Mazda Estate and HDIL Leisure. Angel says, execution of the Rs. 200 billion Mumbai International Airport (MIAL) project is progressing well, sustainable TDR prices and successful new launches via the conventional method provides strong visibility for HDIL. Further, HDIL seeks to de-leverage its balance sheet on the back of expected high revenue inflow from the MIAL project and the recent low-cost Rs. 11.5 billion fresh NCD issue. With the recommended target price of Rs. 356, if the stock is bought at Monday's closing price of Rs. 286.05, the percentage of gain would be 19.64 percent.
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