The Hindu Business Line : ICSA India up on `re-rate' hopes

A section of the market players seem to be betting on ICSA India as a long-term story. The buzz doing the rounds on Dalal Street is that a number of corporate developments are likely to force re-rating of the stock in the near future.

The counter finished up, more than one per cent, on Wednesday at Rs 714.40, after touching the day's high at Rs 719 (traded quantity 27,712 shares on the BSE). This has come about after a week of relative decline preceded by a smart upward move for a couple of weeks.

Meanwhile, according to market sources, the company has begun its major project work abroad and is going to shortly get an advance payment for it. The payment could be of the order of around Rs 60 crore.

The company had signed an agreement with the Sudan Government-owned National Electricity Corporation for $139.95 million (or approximately Rs 629 crore) in July 2006 within a three-year timeframe to construct the 514 km long 220 kv transmission line and four sub-stations with two bay extensions.

Though no official confirmation could be had from the company on the issue, sources close to the development indicated that the payment could come in as early as October this year.

Jayanta Mallick

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