Nirmal Bang is bullish on Patel Engineering and has recommended buy rating on the stock, in its August 06, 2010 research report.
“Patel Engineering, PEL has a land bank of 1127.6 acres spread across India. According to the company this land bank is valued at Rs. 2100 crore on an “as in where is basis” as per DTZ report 2008. However given the current scenario where in the company have plans to utilize the land, we value the land bank at 2x its actual book value. The book value of the land bank is at Rs 250 crore in the company’s balance sheet. Based on this we get a valuation of Rs 71.6 per share for the land bank of the company."
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