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Tuesday, July 12, 2011

Bedmutha Industries ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,views and outlook,multibagger

Scripscan:Bedmutha Industries ltd

Story:Bedmutha Industries is one of the leading steel wire manufacturers in western India. The company's product portfolio is wide comprising galvanized wires, cable armor wires, ACSR wires, wire nails, earth wires, stay Wires, spring steel wires, barbed wires, etc. Its products are used in various areas such as roads, bridges, flyovers, power, automobile, engineering, agriculture, railways and defence.It has strong marketing setup as well as established relationship with clients.Established clientele comprises Sterlite Industries, Apar Industries, Finolex Cables,RPG Cables, Universal Cable, Ravin Cable, Suprajit Industries, Godrej, GTL Infrastructure, and Ashoka Buildcon.The products are approved by Power Grid Corporation, electricity boards of various states etc. apart from Bureau of Indian Standards (ISI).BIL enjoys package scheme of incentives (PSI) awarded by the government of Maharashtra as it is located in backward area. For the present expansion of LRPC wire, BIL is entitled to receive sales tax incentive up to 20% of the capital expenditure, exemption in stamp duty and subsidy in electricity duty by way of refund of MVAT. The sales tax benefits are applicable to the company up to 2015.With the expansion, BIL will have extended benefit on sales tax up to 2017.The company is forwardly integrated to services/ products using wire products through its investments in KEIPL and APPL.This offers direct as well as indirect synergy.The steel wire market is characterized by both large/medium players as well as small and unorganized players in India as well as overseas. The large/ medium peers of the company are backward integrated with access to captive mineral resources and are better equipped to withstand the volatility in material cost and competition from unorganized players (unbranded wires) than non-integrated organized player such as BIL.It is expected to start its commercial production of its new capacity by September 2011.Any delay in implementation may increase the capital cost and also affect returns from the project. The plant & machinery to be purchased include those that are being imported.Corporate guarantee given by the company stood at Rs 32.44 crore.Of this, about Rs 27.93 is to Axis Bank for working capital limits sanctioned to subsidiary KIEPL and the balance is for Ashoka Pre Con.The coming quarter numbers should dictate its share price trend.

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