Emkay research has maintained buy rating on Hindustan Construction Company HCC with target price of Rs 260 in its January 22, 2008 report. “We believe that the company is on a strong growth trajectory and with more clarity emerging in the real estate business; the company looks to set to unlock value for the shareholders. We value the company on a SoTP based valuation of Rs 260 / share assigning a value of Rs 148 / share to the core construction business (15xFY10E), Rs109 / share to the real estate business and Rs 3/ share for the BOT projects. We maintain our ‘BUY’ recommendation,” says Emkay report.