Entering the big league — We initiate coverage on Nagarjuna with a Buy/Medium Risk (1M) rating and target price of Rs191. Among the fastest-growing construction companies in India, Nagarjuna has diversified skill sets and an improving business mix to exploit the growth opportunity in the construction sector. We expect Nagarjuna to provide 27% upside and rate its peers HCC and Gammon as Sell.Download here