Ahluwalia Contract shares gain 5% on contract win worth Rs 199 crore

ICICIdirect initiates coverage with a buy rating with a target of Rs 800 per share (based on 16x FY25 P/E).

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Ahluwalia Contract share price touched a 52-week high of Rs 697.70, gaining 5 percent in early trade on July 14 as company won a project worth Rs 199.58 crore.

Ahluwalia Contract has received a project for civil structural, facade and related external development works for Enterprise Computing and Cybersecurity Training Institute at Bhubaneshwar, Orrisa.

The said project has been awarded by Indian Financial Technology and Allied Services and is to be completed in 20 months.

The order inflow during the current FY 2023-24 stands at Rs 4377.41 crores till date, the company said.

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Ahluwalia is a key beneficiary of the tailwinds in the segments such as real estate, hotels, hospitals, station redevelopment as well as corporate/industrial capex. Given the strong expertise of 5 decades, order book visibility, history of robust execution and balance sheet strength, Ahluwalia is poised for strong growth ahead, said ICICIdirect.

The broking house initiate coverage with a buy rating with a target of Rs 800 per share (based on 16x FY25 P/E).

At 09:18 hrs Ahluwalia Contracts India was quoting at Rs 685.00, up Rs 20.05, or 3.02 percent on the BSE.