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Sunday, January 4, 2009

Outllok for the day-Jenson & Nicholson:-The penny stock to rock

Markets are likely to build on their last weeks gains as they take stock of the economic stimulation package, monetary measures and the buoyant moves in US and Asian markets. The next meaningful resistances for the Nifty come at 3110 and 3240.As far as the Sensex is concerned, it faces resistance at 10300, from that oft repeated over head trendline. A close above that could be very bullish for the Sensex. A truckers strike that has begun today may not be such a big issue as the land invasion by Israel in Gaza. Crude stocks could do well as a result.

Scripscan:Jenson & Nicholson
Traded in:Nse-bse

Company:-Jenson & Nicholson is engaged in the business of manufacturing and selling of paints for the decorative and industrial applications in India.The company has got a country wide presence with 33 branches and stock points across the country and manufacturing plants at Naihati,Sikandrabad and Panvel.The company over the years has fallen on bad times and ended fiscal 07-08 with a small turnover of 31crs.The story is that it has got lucrative real estates in form of its panvel factory land which has been closed.The company has further got some land in naihati where its operation has been suspended.If i add up the too the present marketcap of the company would look too little(Though the mangement denied to figure the exact value of the lands)The company has got lots of debts in its book which ARCIL has taken over aggregating to nearly 39% from IDBI, SBI, UBI, BOB and BOI.On words of the management," They are actively involved in the restructuring process and is likely to take over the remaining debts from other Banks and Institutions".Further AAIFR has appointed SBI Capital Markets Ltd. as Consultants to conduct the TEV study and valuation of assets. It is expected that once the process is complete, total restructuring plan made with the help of ARCIL will be submitted before the BIFR for their final approval.

Conclusion:Lots of developments are expected to happen for the company in the coming days.It is because of the rumours the company went on to hit a high of 26rs before nosediving to the present levels.Technically speaking too the company has got very strong support at rs 3.Downside is very limited but on happening of any of these developments the company is set to hit double digits for sure.

Trading range:3-6 is the trading range for the company.One can accumulate the counter and exit partly at that level.

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