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Business metrics or bumpy past? Why MFs prefer KNR Constructions, Ashoka Buildcon over IRB Infra

Despite having a 7% share in NHAI orders between FY15 and FY18, IRB Infrastructure isn’t a preferred choice for mutual funds. Is it because the Indian market doesn’t value asset-owning businesses, or has the road developer’s history got something to do with it?
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priyanka
9 May 2019 6 Mins Read 0 comment
Work on a flyover after the Dahisar check naka in Mumbai, part of the six-laning of National Highway 8 between Dahisar and Surat BCCL
Work on a flyover after the Dahisar check naka in Mumbai, part of the six-laning of National Highway 8 between Dahisar and Surat
India is making roads at an unprecedented pace — 30km per day, or 10,800km of tarmac was laid in FY19. With the Narendra Modi government pressing the pedal on infrastructure development, the roads sector has managed to change course and set out on a path to recovery following the debacle of the public-private-partnership regime (PPP). The last
release. With moderate traffic growth and liquidity-crunch concerns resurfacing, the sector could be headed for a bumpy ride again. And for now, while mutual funds don’t find IRB Infra or Dilip Buildcon as the best infrastructure bets, for domestic institutional investors the pool of road-sector companies to deploy their capital is shrinking evermore. ( Graphics by Sadhana Saxena)
India is making roads at an unprecedented pace — 30km per day, or 10,800km of tarmac was laid in FY19. With the Narendra Modi government pressing the pedal on infrastructure development, the roads sector has managed to change course and set out on a path to recovery following the debacle of the public-private-partnership regime (PPP). The last release. With moderate traffic growth and liquidity-crunch concerns resurfacing, the sector could be headed for a bumpy ride again. And for now, while mutual funds don’t find IRB Infra or Dilip Buildcon as the best infrastructure bets, for domestic institutional investors the pool of road-sector companies to deploy their capital is shrinking evermore. ( Graphics by Sadhana Saxena)

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