This report is as recent as 14 October 2010
We have a Neutral rating on DB Realty with Mar-11 PT of Rs 480 (12x Mar-11 normalized FCF).
The price at the time of writing the report was Rs 435. The price now is about Rs 130. Since then DB Realty has been involved in the LIC bribery scam, and now the 2G scam.
The JP Morgan report also say this —
Organizational build out is happening… with the company hiring a number of expats to build out project management /execution capacity. We believe that many of these professionals have had good experience in high rise construction in middle-east. The company has also engaged Deloitte /SAP for project implementation and monitoring purposes.