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With order books at probably the highest levels in recent years, market participants are willing to ignore record-high valuations in many of these stocks. L&T remains the top pick of analysts. Others include KNR Infra, NCC, Ashoka Buildcon, KEC International, and Kalpataru.
"Companies like Bhel, which have the spare capacity, which have the technology, which have been more or less pre-qualified for many projects and orders are getting the true benefit of it. So, from a valuation perspective, from near-term prospects and also medium-term prospects, certainly there is a trading opportunity in Bhel and with the kind of momentum that is in the stock, it can easily rally by another 10-15% or so. But I would not like to invest in Bhel in the longer term."
The order is worth approximately $205 million, with ITD Cementation's share at 75% excluding taxes and duties.
Its consolidated profit after tax stood at Rs 52.33 crore in Q1 FY24, compared to Rs 30.18 crore in the year-ago quarter.
HDFC Securities is bullish on ITD Cementation has recommended buy rating on the stock with a target price of Rs 170 in its research report dated May 25, 2023.