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Dalmia Securities
Nesco (Buy)
CMP: ₹2,569
Target: ₹2,850
Nesco is a diversified, multi-location, public limited company, established in 1939. Nesco has four business groups: Nesco IT Park, Bombay Convention & Exhibition Centre, Indabrator — the industrial
capital goods division and the newly started hospitality division.
Nesco IT Park, located at Goregaon East on the Western Express Highway, is registered as a Private IT Park by Maharashtra Government. Nesco has now started construction of IT building 4, having built-up area of approximate 17 lakh sq. ft. The building is pre-certified
platinum rated under the LEED India for Core & Shell rating system from the Indian Green Building Council. The estimated cost of expansion of IT Park, Bombay Exhibition Centre and Nesco Hospitality is about ₹1,500 crore, which will be met from the company’s own resources without any
borrowings. We are upbeat on the prospects of the company and believe that current valuations have not factored in the medium-term growth opportunities.
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