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Thursday, June 25, 2009

Couple of undervalued small cap probable multibaggers

Market outlook:Only 55% roll-over of Nifty positions suggest to me that punters are scarred to carry their short positions, which is a bad omen for the bulls. Short side traders are wary of losing money on positive budget, like they lost it on election results. If budget is positive, there will be rush to close long derivative positions and if it disappoints, there won’t be a buying support which usually exist from short sellers.From today Nifty will be calculated using free float market capitalization of it’s constituents which will result in significant reduction in weightage for ONGC, NTPC while that of L&T, ICICI Bank and Infosys will go up. It will be “difficult” to jack up prices of some shares and expiry will not be as interesting as it is now. It looks like a bounce-back is on cards.

1)Scripscan:Cravatex Ltd

Story:Having started business as a chain of dyers and dry cleaners, Cravatex gradually diversified into textile processing and printing and later on into manufacture of sports and casual wear and distribution of fitness equipment for home and institutional use. It sells brands like Fila, Slazenger and Nassau; its own brand is Proline, a popular name in casual attire and sportswear. It also distributes “advanced international beauty therapies”, to spas across the country.Cravatex has over 100 outlets across India, retailing fitness equipment for home use.Its institutional clients include various hotels, health clubs and gymnasiums, corporates and housing societies.It also exports readymade garments but this is a small business so far.Higher disposable income and rising health consciousness is creating a boom in fitness equipment and this should help Cravatex.But the management is obviously sleepy. There should have been far greater traction in its performance,given the growth opportunity in its segment. The value of a stock like Cravatex is the network and franchise it has built up which should make it ripe for a takeover, or at least an alliance with a large group with retail focus.

2)Scripscan:SI Group India Ltd

Story:Formerly known as Schenectady Herdillia and controlled by G. P. Goenka, SI Group India is now part of the global chemical giant Schenectady. It makes organic chemicals and phenolic resins and perfumery chemicals such as diphenyl oxide, acetophenone and pharmaceutical intermediates such as isobutyl benzene.The company had turned sick and the management has remained laidback even under foreign ownership. There is talk of Schenectady introducing high value and speciality chemicals which should add to the bottomline. If the foreign owners take interest and change the top management, the company can go places.

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