CCCL may lists at Rs 200 plus premium: Experts
Consolidated Construction Consortium (CCCL), a provider of integrated turn-key construction services, will list on the bourses with its public issue shares on Monday, October 15, 2007.
According to Investment Advisor, S P Tulsian, "Consolidated Construction Consortium is likely to list at Rs 700 per share on Monday against issue price of Rs 510 per share. Profit booking is advised and no fresh entry should be made as better secondary market plays are available."
R S Iyer of KR Choksey Securities says, "Consolidated Construction is expected to list at around Rs 550-600. Above Rs 650, one can book profits."
"CCCL is likely to list with premium of Rs 250 that means Rs 760 against its issue price of Rs 510 and advise to hold for long term", Manish Bhatt of Prabhudas Lilladher said.
"CCCL has about two decades of experience in the construction sector. The Company is having an Order book worth Rs 2050 crores which is 2.5x FY07 sales. With a number of IT parks, SEZ, malls planned in next 2-3 years we believe CCCL is poised to exploit the opportunity and show strong growth in the next 3-5 years", Arpit Agrawal- Head Of Research - Arihant Capital Markets said.
The company had enterd capital market with a public issue of 37,00,000 equity shares of Rs 10 each at price band of Rs 460-510 per equity share. The issue was subscribed 81.18 times.
The company raised Rs 188.70 crore from the issue at price of Rs 510 per share, a higher end of price band. The company will use this money to finance the acquisition of construction infrastructure, investment in subsidiaries, expenditures towards skill and management development centre, repayment of loans and expenditure for general corporate purposes.
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14 October 2007
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