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Tuesday, January 19, 2010

Goodluck Steel Tubes Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Goodluck Steel Tubes Ltd
Code: 530655
cmp:45

Story:Indian Equity Market is overflowing with largely illiterate operators who, however, find clients and get big business in the form of greedy promoters. Knowing that there are millions of gullible investors, many promoters collude with operators to rig up the share price. Such operators create fake volumes through circular trading. Promoters also take help of some brokers who are ready to bring out detailed Buy report `for a price`. Such Buy reports are also uploaded on some websites (belonging to operators) which are accessible free of cost.We feel that GSTL is fundamentally overpriced. There are operators who are offering 15-20% kickback to arrange buyers at this counter. Moreover, share price pattern also indicates that scrip can fall sharply in coming months.GSTL is engaged in the production of galvanized and cold rolled sheets and coils, pipes and tubes, hollow sections etc. This Industry is a low technology industry, dominated by unorganized sector. Moreover, raw material cost alone accounts for 80-85% of sale value and hence fortunes of this industry depend on raw material price movements. Due to these shortcomings, this industry always have low valuation.Performance of 09-10 should be lower than 08-09. Projections of 25crs PAT given by some analysts are completely off the mark, exaggerated and unrealistic with intention of misleading the investors. As per our sources, operators have already started selling their holdings and share price appears for a steep fall. Hence, investors are advised to stay away from this scrip and those who are holding this scrip should benefit by selling itimmediately.Companies like GSTL deserve P.E. Ratio of 4-5 in current market condition. Hence, fundamentally fair share price should be Rs. 20-25.

Source:HG

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