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Monday, October 5, 2009

Stone India Ltd:Future growth prospects and outlook

Scripscan:Stone India Ltd

Story:Stone India is engaged in the business of manufacturing of various equipment for the railways like alternators, air brakes and brake regulators.Apart from this,the company also manufactures colour monitors and secondary components for the defence sector.The railway's decision of retrofitment of air dryers for both Diesel and Electric Locomotives ,introduction of Bogie Mounted Brake System and End of Train Telemetry System for Freight Cars, manufacturing of high speed coaches is expected to generate huge business opportunities for Stone India's upcoming new green field facilities in Himachal PradeshThe demand of Railway products for the next two years is expected to step up considerably with the increased purchase of Wagons, Coaches as well as Locomotives by Indian Railways. The privatization of Container services as well as establishment of Freight Corridor will further push up the requirement of Wagons and Locomotives which will eventually generate bulk requirement of Wagon Air Brakes, Loco Brake Equipment, Alternators, Pantographs as well as Slack Adjusters.Indian Railways are also expected to increase the coach production both at ICF, Chennai as well as at RCF, Kapurthala.For Defence business, discussions have been carried out with the appropriate authorities for development of several new high value import substitute products for T-90 Tanks which will now be indigenously manufactured by Defence factories.They are various stages of assessment by Defence Establishments.Once approved this would be major revenue earner for the company in future.Apart from consolidating the business in the domestic market the company is aggressively persuing the export business of its products as well as turnkey projects in South East Asia & Africa.SIL is also aggressively pursuing to develop several new Electrical as well as Electronic products particularly for Railways as a part of its diversification activity.Thus,We believe that the current discounting of is on the lower side increasing the chances of a potential re-rating.The stock has the potential to jump to Rs 60 in a year's time.

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