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Friday, June 26, 2009

Prakash Industries Ltd:-Company set to rock your portfolio

Scripscan:Prakash Industries Ltd

Story:PIL, part of 'Suryaroshni' Group was started in the year 1980 by Shri.B.D. Agarwal. Its Integrated Steel Plant is located at Champa in Chhattisgarh. Company has following divisions:
1) Sponge Iron:
2) Blooms: This is forward integration wherein R/M is sponge iron etc.
3) Steel Structurals: Its Hot Rolling Mill for making beams, channels,angles etc. which are used mainly by Construction Industry.
4) Wire Rods and H.B. Wire: H.B. Wire Mill which are used for barbed wire, fencing, nuts, bolts etc.
5) Ferro Alloys.
6) PVC Pipes: Used for irrigation, drainage etc.
7) Wind Energy: Company set up Wind Generation PowerPlant in Tamil Nadu.

Conclusion:The company at present prices is quoting at single digit valuations 1 year forward earnings.Its CMP is significantly lower than 52 week high of Rs. 200/-.Its extremely low for fully integrated steel player.Company is planning further investments of Rs. several hundred crores to enhance its production capacities. Compared to last year, sponge iron prices are on the lower side. If, sponge iron prices go upto 2007-08 level,Prakash can report much much higher profits for coming years. Investment strongly recommended at dips as share price can go upto Rs. 130/- in 3-6 months and Rs 175 in 15-18 months.

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