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Thursday, December 31, 2009

Shirpur Gold Refinery Ltd(Agee Gold Refiners Ltd):Buy/sell/hold,growth prospects and recomendation,news and results,target and analysis,views&outlook

Scripscan:Shirpur Gold Refinery Ltd(Agee Gold Refiners Ltd)

Story:Shirpur Gold is a solid turnaround stock. Its gold refinery was un-operative since past 8-9 years due to financial problems, and Zee group took it over an year back from original promotors along with proper open offer, with obvious intention to start production.Now, management seem to have indicated that a working capital loan is sanctioned, and this has paved for likely production very soon.I believe this is the main trigger for recent breakout in the scrip.I have not seen the Kirti report, but the refinery capacity is huge i.e 217 Tonnes per year as per published data on capaital market. Such capacity production, at today`s prices can result in huge turnover, several thousand crore rupees. Further the gold stocks have zoomed all over the world.So Ageegold production is coinciding with all favourable accompanying factors.The scrip may or may not touch the astounding figures people are penning, but it is definitely a stock whose huge rerating is bound to happen due to huge gold production capacity.The only question here is - how soon the production will hit the market.The scrip is witnessing 5% upper circuits despite having been transferred to T to T group. This is attributed to the expectation that the production of gold in the refinery is about to commence in next few months after 8 years of work stoppage.Considering that the refinery can produce 217 Tonne of 99.99% gold in a year, the likely turnover on full capacity could exceed Rs 33000 crore. The company has tiny equity 0f 1.5 crore shares, bulk of them are with Zee group/FIIS. So this is case of Rerating and nothing else.Additional interest is due to uptrend in gold prices,leading to surge in gold stocks all over the world.Small investors must hold this scrip for phenomenal gains.
Source:Friendly Voice

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