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Tuesday, August 11, 2009

JMC Projects India Ltd and Cochin Minerals & Rutiles Ltd:Future growth prospects and outlook

1)Scripscan:JMC Projects India Ltd

Story:The changing face of organised retailing, rising income levels, changing lifestyles and benign interest rates have stoked a massive demand for commercial as well as residential property in the last couple of years. One sector that is naturally reaping the benefits of this surging property demand is construction. Companies from this sector have been very prominent on investors’ radar resulting in stock prices sometimes zooming to ridiculous levels. One such company that has turned up very high on our five-month rolling returns price screen is JMC Projects (India) Limited. Working in the industrial, power, institutional and infrastructure segments, JMC has executed many prestigious projects for companies like Bajaj Auto, East India Hotels, Hindustan Motors, Larsen & Toubro, Power Grid Corporation, Cognizant Technologies and many others.The company has been doing consistently well over the past few years. JMC, based in Ahmedabad, was run by a technocrat and was known for its high quality of construction of bridges and flyovers. In December 2004,leading construction group Kalpataru took a large stake in it. The Kalpataru group is a specialised player in the power transmission segment and is also a leading builder of residential properties in Mumbai. With JMC in its fold, Kalpataru will be able to offer a complete portfolio of services spread across infrastructure, commercial and residential properties.Jmc itself looks a solid buy at bit lower levels.

2)Scripscan:Cochin Minerals & Rutiles Ltd

Story:There seems to be a lot of speculative current in synthetic rutile and ferric chloride manufacturer, Cochin Minerals and Rutile Limited (CMRL). What is the CMRL story? It manufactures and entirely exports value-added products using Ilmenite ore obtained from the beach sand of Kerala. Global demand for Synthetic Rutile has been rising, keeping CMRL’s order book full for the last couple of years. This has translated into better pricing power and robust reported results.CMRL has a competitive edge in making synthetic rutile. One of the key raw materials for the company is mineral sand from which its products are extracted. Mineral sand is available in a stretch of about 3,180 km on the country’s western coast, of which 600 km are on Kerala’s coast line. Kerala alone accounts for as much as 75 million tonnes of Ilmenite deposits. CMRL has a strong hold in this region through its JV partners (Kerala Rare Earths and Minerals Ltd a joint venture between CMRL and Indian Rare Earths Ltd is a subsidiary). A big boost to profitability may come from its initiative to bring down costs. It has entered into an agreement with the Regional Research Laboratory in Thiruvanathpuram to adopt a modified version of their technology for making synthetic rutile using the metallisation process, which is a more environmentally friendly technology and would also go a long way in bringing down its overall cost.However, what we dislike is the low margin of safety in its operations.A risky bet overall.

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