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The development that Nagarjuna Constructions has entered the realty sector may well spur the stock, analysts point out. In particular, they underline the company's prospects, courtesy a land bank of 130 acres in tier-2 cities, a corpus that is valued at Rs 250 crore.

A 100 per cent SPV is allowing the company to develop a 155-acre National Games Village in Jharkhand, it is added. The stock trades at about 18.4x PE on fiscal 2007 estimated EPS of Rs 15.6 and 12.9x PE on fiscal 2008 estimated EPS. On Tuesday, the stock, with Rs 2-face value, closed at Rs 311.10, a 4.13 per cent gain. It reached the day's high at Rs 312.95.

Nilanjan Dey

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