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Axis Securities Report
We are initiating coverage on Man InfraConstruction Ltd. with a Buy recommendation and a target price of Rs 270/share, which implies an upside of 28% from the current market price.
With roots tracing back to 1964, the company started as an engineering contractor and has since completed numerous landmark projects across various sectors such as ports, infrastructure, residential developments, townships, and commercial projects.
Key risks:
Geographically concentrated
Rise in input costs and regulatory changes
Adverse changes in the interest rate
Government policies
Labor intensive business
Property litigation
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