Construction and civil engineering firm Hindustan Construction Company (HCC) has informed that Bank of India has invested Rs 150 crore in Lavasa Corporation Ltd (LAVASA), a subsidiary of HCC (Hindustan Construction Company Ltd) in the form of Convertible Debentures. 

Based on the above investment, the equity valuation of LAVASA gets reconfirmed at Rs 10000 crore. Earlier, Axis Bank Ltd had invested Rs 250 crore at the same valuation. 

It may be recalled that earlier this month, Angel Broking has quoted during its stock-recommendation report that, it remains positive on HCC and believes that HCC's stock will fetch attractive returns if the Lavasa project turns out to be a success over a period of time. The company has maintained a Buy on the stock, with a revised Target Price of Rs 117 (Rs 140).

In recent market turmoil, the counter has declined over 80% in last nine months. At current level, investors can pick this stock with a medium to long term perspective. 

The counter has support at Rs 42 and is poised to bounce back in the days ahead. The scrip ended day at Rs 46, down 12% compared to its previous close of Rs 53.