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Friday, July 31, 2009

Electrosteel Castings Ltd:-Whats the future looking like for the dark horse

Scripscan:Electrosteel Castings Ltd
Traded in:Nse-bse

Story:In a recent inter-action with analysts, Electrosteel Castings clarified and specifically focused upon a few points. Electrosteel is a leading manufacturer of Ductile Iron pipes and additionally offers turnkey solutions in water transport and sewage management.The demand for ductile pipes comes from Government/Government sponsored projects for transportation of potable water and for cast iron pipes -from irrigation/sewage disposal projects.Demand for ductile pipes is very fast as there is a renewed focus from the GOI/State Governments and quasi-public bodies to provide potable drinking water not only in India but also across Asia and other developing countries.The Budget allocations for the JNURM, Accelerated Water Supply program and Pradhan Mantri Gramodaya Yojana-Rural Drinking water supplies, has been raised by atleast 30 per cent in FY2010. This will ensure growing demand for the corporate even in a mostly drought scenario that Summer 2009 is turning out to be.Electrosteel is fully integrated both backward and forward, with a pig iron plant, sinter plant, captive power and dedicated iron ore, thermal and metalurgical coal mines. The latter, which are already operational can be used to supply the mini blast furnaces of Electrosteel for another 2 years, till it's 2.2 mn tpa integrated steel plant comes up on stream in Jharkhand.The Q1 numbers were excellent, with Electrosteel reporting an EPS of Rs 1.90 for the quarter. In a very conservative accounting policy, forex losses provided in earlier years have not been reversed in Q1, as many entities like Ranbaxy have done. These will remain as losses till the contracts expiry in the books of Electrosteel.The stock is cum-dividend Rs 1.25 per share till August 7, 2009. On a projected EPS of Rs 7 for FY10, and a peak mutliple of 9.Electrosteel could quote upto Rs 63 by December 2009 which alongwith the dividend will imply a sizeable return of 70 per cent over the next 5 months.

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