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Friday, January 1, 2010

Sumeet Industries Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Sumeet Industries Ltd

Story:Sumeet has five major divisions: - C.P.Polyester,Polypropylene, Weaving and Menthol.The Company is marching towards establishing its presence in entire Polyester Fabrics Value Chain. (Manufacturing Pet Chips and POY & FDY directly from MEG and PTA, Twisting & Texturising, Weaving and Dying & Printing through its group concerns will enable the company to offer premium products at extremely competitive price and boost its profitability margin and market share.The company has successfully commissioned the continuous poly condensation plant, with a capacity of 1,00,000 tonnes per annum, and started commercial production of polyester chips. The plant to produce partially oriented yarn and fully drawn yarn is under erection and expected to be commissioned in the third quarter of FY 2010.The company is at present exporting Polyester & Menthol products to South Africa, Bangladesh, Egypt, Saudi Arabia, China ,Singapore etc.and also making necessary efforts to establish a foothold in foreign markets for marketing Pet Chips.Sumeet expects to generate good growth in terms of sale and profit during the current year and aims to retain as an emerging player in the PetChips and POY production. With falling raw material prices and improving export prospects due to the depreciated rupee the company is very hopeful for the future.With prospects looking robust and good growth potential,one can hold on to the company and plan to have more at sub 12 levels.

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