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Thursday, August 28, 2008

Sandur Manganese & Iron Ores Ltd

Scripscan:Sandur Manganese & Iron Ores Ltd


1)New Manganese mines are going on which will give boost to overall manganese ore productions. In june Quarter they were in advance stage of completion .This will add directly to company bottomline in september quarter.

2)Manganese ore situation is getting worst in international market .heavy shortages has pushed prices in china in the region of Rs 80000-90000 thousand per tonne .Further china has banned all Manganese Ore export from last quarter to meet the need of domestic demand. This has worsen the situation of Japanese steel companies who caters to automobiles majors.

3)Adhunik is coming out with issue of Orissa minerals and mining . It will pegged the company value in the region of 2000 crores . OMM has net profit for full Year in the region of 100 crores whereas Sandur willl have net profit in excess of 100 crores in September quarter only. In june Quarter it reported net profit of 65 crores.

4)Promoter is holding more than 80% shares in Sandur out of which some has been pledged to institutions for capex plans . Holding is very concentrate and virtually no floating stock in the market.They have negotiated the manganese ore prices @40000/- per tonne which is higher then Rs 15000/- per tonne realization in June quarter . even though international prices are in the region of 80-90k.

Conclusion:I expect the earning will be in the region of 400-500 crores This year and 1100 crores next year Thus EPS of 550.The stock is trading less then 1.5 PE which is a screaming buy because of the International Manganese deman and suplly where vitually no new supply is coming till 2011.

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