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Wednesday, April 8, 2009

Mysore Cements Ltd:-The cheapest cement bet in India

Scripscan:Mysore Cements Ltd

If you have just landed from Mars, you maybe pleasantly surprised that technical supports for the BSE have not got broken. Infact, surprising pockets of resilience have emerged in Automobiles and Cement.Cement is the only cyclical sector in the country which is virtually owned by TNCs Holcim, LaFarge, Heidelberg and Grasim alongside Ultratech on the other end.Investors could consider looking at Mysore Cements-owned by German giant Heidelberg with close to Rs 10 per share in cash on its books compared to a market price of Rs 20 per share, zero debt and plans to raise capacity to over 6 mn tpa seems the most interesting stock around.Post merger with Indo Rama Cement and the planned capacity hikes, the current size of operations will triple and will call for further support from the parent TNC.Ever since buying up the Mysore Cements operations from the SK Birla group at Rs 58 per share and a preferential offer at Rs 55 per share, the corporate has gone on to repay all its long term debt and still keep cash in hand.What's more this 2 mn tpa cement producer sells for Rs 320 crores in market capand cash in deposit accounts of Rs 170 crore-Mysore Cements sells for a net value of Rs 120 crores.The cheapest cement stock in India.

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