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Note: The artciles are not research reports but assimilation of information available on public domain and it should not be treated as a research report.

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Tuesday, April 7, 2009

Varun Industries Ltd:-Hold for long term gains

Scripscan:Varun Industries Ltd
cmp:20
Traded in:Nse-bse

Story:Varun Industries is an exporter of kitchenware and houseware items, its main markets being the Americas, Europe, the Far East, Australia, African and Middle East countries.Varun Industries has set up a unit for steel kitchenware and houseware in Vasai, near Mumbai, at a capital expenditure of Rs 55 crore. This unit has capacity of 30,000 tpa and will help reduce the company's dependence on suppliers of these products.The company also has diversified into wind power generation.It proposes to venture into iron ore mining, oil and gas drilling.Company's iron ore mining business is yet to get approval for lease. Varun Industries has entered into a contract with ONGC for oil & gas drilling. Both these businesses are at nascent stages.The company has also completed its backward integration programme at Jodhpur. It has set up a stainless steel re-rolling mill at a cost of Rs 29 crore.The company is highly vulnerable to exchange rate fluctuations. Varun Industries has a high leverage and low interest coverage which I believe could be a major concern for the company's future plans and fund raising abilities. I also note the execution risks related to entering the Indian market.New businesses like iron ore mining and oil & gas drilling,wherein the company has no experience.Valuation wise it looks decent thus investors having the counter should keep holding for long term gains.

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Posted by arun at 8:50 PM

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This blog does not share personal information with third parties nor do we store any information about your visit to this blog other than to analyze and optimize your content and reading experience through the use of cookies.You can turn off the use of cookies at anytime by changing your specific browser settings.This privacy policy is subject to change without notice and was last updated on 20.3.2013. If you have any questions, feel free to contact me directly here: arunsharemarket@gmail.com Investment in equity shares has its own risks.Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that I consider reliable. I,however,do not vouch for the accuracy or the completeness thereof.This material is for personal information and am not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.The stock price projections shown are not necessarily indicative of future price performance.The information herein, together with all estimates and forecasts, can change without notice.
 
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