JKumar Infraprojects soars ~8%

Shares of JKumar Infraprojects rallied over 8.5% in afternoon trade on the BSE as foreign brokerage firm Citi Research upgraded it with a “BUY” rating. Citi Research has initiated coverage with a “Buy” rating and a target price of Rs416, as per media reports. "On-time execution, a large equipment bank, little sub-contracting, and backward integration have helped JKIL deliver industry leading EBITDA margins," Citi Research said. The company's backlog of ~Rs7700cr ($1.10 bn) (3.6x sales) for the quarter ended June 2018 provides strong sales visibility, it added.

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