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Friday, October 30, 2009

Sarda Energy & Minerals Ltd:Analysis/prospects,future potential and growth outlook

Scripscan:Sarda Energy & Minerals Ltd
cmp:170
Code:504614

Story:Sarda Energy and Minerals is a company which first formed out of merger of a company called Raipur Alloys & Steel & Chattisgarh Electricity Company. This company is basically a steel manufacturer. This company manufacturers sponge iron, ferro-alloys and roll products.What I like about this company is the resource security which it has created over the years. Now, the critical input for the manufacture of steel is energy. This company has got a 48MW power plant, Power for which is not only used for captive consumption but is also sold in the open market. The company has got iron ore mines where the operational mines have a capacity of about 20 million tonne. The company also has accessed to coal mines and so far as manganese ore is concerned the company has made an arrangement with private parties in Goa which has given mining right to the company. Beside this the company has been allotted a few manganese ore mines by the Madhya Pradesh government.In the worst case scenario the company should come out with an EPS of about Rs 55 for FY10. Stock at Rs 170 , price to earning (P/E) ratio is less than 3.5. This stock has reacted from a high of about Rs 700 to the current price of close to Rs 170. I think even though the near-term scenario does not look that good, I feel the negatives with regard to various concerns which are there in the market have already got built into the stock price and at a market cap of about Rs 500 odd crore which has declined from a peak market cap of Rs 2300 crore and a price to earning ratio of about 3.5, the stock looks attractive for investment at dips.

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