IVRCL order book crosses Rs 7,700cr

IVRCL Infrastructure and Projects has received orders worth Rs 608 crore for power as well as water distribution projects from Jharkhand and Gujarat, taking its order book to more than Rs 7,700 crore.

The infrstructure firm has bagged a Rs 469.46 crore for setting up power distribution project for Jharkhand State Electricity Board, under the Rajiv Gandhi Vidyutikaran Yojana of Rural Electrification Corporation. The order has to be completed in 12 to 18 months, the company said, while informing the Bombay Stock Exchange.

Gujarat Water Supply and Sewerage Board has also awarded IVRCL a contract worth Rs 138.64 crore to set up water distribution network project for its Jamjodhpur, Bhanvad, Khambhalia, Kalyanpur, Kalavad and Lalpur talukas, under Jamnagar District Distribution Network Project.

At 1130 hrs, IVRCL shares were trading down 0.60% at Rs 447, down Rs 2.70 from Friday's close of Rs 440.70.Riding high on the infrastructure boom in the country, IVRCL stock has almost doubled in last four months. Its order book, which mainly comprises of irrigation projects, is almost four times of its FY06 consolidated revenues.

"At current levels, I think the stock is fairly valued. I expect most of the infrastructure players to come out with positive surprises in medium term of six months. But, post six month period, some of them could list their subsidiaries, which may result in dilution of their value," Amar Ambani, construction stocks analyst with India Infoline, said.

IVRCL is also expanding its real estate subsidiary, IVRCL Prime, which is into construction of shopping malls and IT parks.