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Wednesday, May 20, 2009

BF Utilities Ltd:-Future outlook/growth prospects/whats cooking/real story-a buy or a sell?

Scripscan:BF Utilities Ltd

Story:The BF Utilities stock is on fire over the past 1 month or so with the counter rallying over 35% in the bourses. Not because it has been spun off from Bharat Forge and has a wind power generation business. That business is too small. BF also owns shares in Auto Axles, Bharat Forge, Kalyani Steels,Kirloskar Oil and Kirloskar Pneumatic . And through its ownership of KUD, it owns shares in all these companies.The approx market value of these investments, according to one quick calculation, exceeds Rs 150 crores.BF also owns the entire equity of Kalyani Financial Services, a non-listed company. The market cap of BF Utilities is of course far higher than its market cap. What else does it have?BF has five 100% subsidiaries - Bhalachandra Investments, Mundhwa Investments, Forge Investments, Jalakamal Investments and Jalakhumbi Investments. Each of these hold equity in Nandi Infrastructure (NICE), Nandi Highway Developers (NHD) and Kalyani Utilities Development (KUD). So, BF holds 69% of NICE and 100% of KUD. NICE owns land at Madavara and Madanayanahalli along the proposed Bangalore-Mysore expressway corridor. The BMICP Phase 1 is being carried out by Nandi Economic Corridor Enterprise (NECE), which is wholly owned by NICE. BF Utililties is therefore a play on the infrastructure development that is happening across the country.I wouldnt be able to value the counter based on these subsidaries but one such similar case which comes to mind is jai corporation.People are really betting big on BF Utilities and any major announcemments favouring it may make the scrip roar.High risk investors can buy the counter for long term horizion.

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