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Friday, November 13, 2009

Mukand Ltd:Future growth prospects and outlook,buy/sell/hold,analysis and recomendation

Scripscan:Mukand Ltd

Story:Company produces alloy, special & stainless steel long products of various grades & sections, to international specifications like Japanese(JIS), German(DIN), American(AISI/SAE)& Indian Standards BIS). It was India's first steelmaker to successfully adopt the ‘continuous billet casting' technology using ‘F' type continuous casting machine along with successful implementation of the vacuum oxygendecarburisation technology for the manufacture of stainless steel. It was also the first in the country to install an oxygen top and bottom blown converter for the manufacture of stainless steel. With the growing steel demand in India we think the company has huge growth potential.It produces equipments required by mining, steel industry, space exploration, research , power plants, defence applications. Companyhas worked with the best and the biggest companies in their fields in the world : Dravo Wellman Company (United States of America), Fives-Cail Babacock (France), Hitachi Ltd. (Japan), Lurgi Chemie (Germany), Peiner (Germany), SKET Export-Import (Germany), Skodaexport (Czech republic), Syprim SA (France). It has supplied plant and equipment all over India. Mukand is now equipped with comprehensive and modernmanufacturing facilities and computerized design, planning, procurement and monitoring capabilities, due to which it not just builds machines but total systems for total capabilities.Company has undertaken various major projects in consortium with leading companies like SAIL, NALCO, Indian Space Research organization(ISRO) formanufacture of equipments. Mukand Ltd has two highway construction projects funded by World Bank. The projects are part of the ' Golden Quadrilateral ' announced by the Prime Minister of India. The company supply material, machinery and manpower as well as other services incidental to the execution of the projects.Company is planning to sell its of its surplus land at Kalwa. The proceeds from the sale of the land will be used to partly pay off the debt of the company. Currently the company has debt of Rs.1397 crore. The company has completed Rs 350-crore expansion of its capacity from 300,000 tonnes to 500,000 tonnes of high-quality speciality steel during the second quarter of 2009-10.Company has increased its specialty steel selling price by 5-7%.The industrial machinery division has an order book of Rs.580 crore at the end of September quarter.The company has successfully completed its planned modernization & expansion programme.The company will be able to achieve the full capacity utilization of its specialty steel products by April 2010.At current price of Rs 49.5 the stock is trading at P/E of 5.7 x of can buy it with a taget price of 58rs to be acheiveable over the next few months.


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