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Tuesday, May 19, 2009

Titagarh Wagons Ltd:-Buy it at dips

Scripscan:Titagarh Wagons Ltd
Traded in:Nse-bse

Story:TITAGARH WAGONS is one of the few wagon manufacturers in the private sector and its growth story is getting a boost from increasing investment by the Indian Railways (IR) and entry of private players in the rail freight business.Its customers include IR, Concor and NTPC. Titagarh has two manufacturing units at Titagarh and Uttarpara, with combined capacity to manufacture 20 wagons a day, compared to half a wagon a day when the company was founded in 1997. It runs an assembly plant with most of the key components and inputs like steel castings, wheel sets and axles sourced from outside. This makes it vulnerable to changes in input prices compared to integrated players such as Texmaco.The company intends to improve its efficiency through backward integration. For instance, the steel castings capacity of its foundry division at Uttarpara unit will be increased from 5,000 million tonnes (mt) to 12,000 mt per annum. Titagarh has also taken steps to diversify its product portfolio by manufacturing heavy earth-moving, mining equipment and bailey bridges.The size of the company''s gross block is very small compared to its listed peers because it acquired sick manufacturing units at throwaway prices in the past. For instance, Titagarh acquired the heavy engineering division of Hyderabad Industries and successfully turned it around, which indicates its superior quality of management.Private equity fund Blackstone bought a stake in Titagarh at Rs 672 a share on March 13,'08,which further entails confidence.Considering all these Titagarh Wagons Ltd is a value buy at dips.

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