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Wednesday, November 4, 2009

Suprajit Engineering Ltd:Buy/sell/hold,future growth outlook and prospects

Scripscan:Suprajit Engineering Ltd

Story:Suprajit manufactures the entire range of automotive cables for its clients like Bajaj Auto, Hero Honda, TVS Motors, Tata Motors, M&M, General Motors, Suzuki among others. It also manufactures speedometer console for TVS Motors and non-automotive cables for club cars. It also exports cables to Suzuki in Europe, Magna, GM, Jaguar and Land Rover.The company is setting up a manufacturing facility in Haridwar to produce automotive cables. The company is investing Rs 10 crore to set up the unit which will have an installed capacity to manufacture 5-6 million cables per annum and will commence production early next year.The plant in Haridwar will be SEL’s 10th in the country. It presently has five plants in Bangalore, of which, one is 100 per cent export-oriented unit, one plant each in Chakan near Pune, Wapi, Manesar and Pantnagar. It has also been allotted land at Sanand in Gujarat adjacent Tata Motors’ forthcoming plant to manufacture Nano cars.The new 100% Export Oriented Unit in Bangalore for non-automotive cables was established during the last quarter of 2008-09.The Company has also developed a Pan India distribution network to improve the sales of its products in the after market.The focus on these two new areas is expected to yield new businesses with better margins for suprajit in the coming years. This company has got a track record of uninterrupted dividend for the last 13 years. Even during the time when auto ancillaries were not doing well, this company was a regular dividend payer, which only talks about the investor friendliness of the management.The Stock at Rs 80 level is trading at a single digit PE its expected forward earnings.Over a one-year timeframe,the stock has the potential to appreciate by 30-35%.

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