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Monday, May 21, 2012

Kalyani Investment Company Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Kalyani Investment Company Ltd

Investing-reflections:Kalyani Investment Company holds investments primarily in the debt and equity of Kalyani Group companies – constituting over 90% of total investments.It relies mainly on dividend income and held over 1,400cr in market value of quoted investments – the most notable of which is a stake in Bharat Forge Limited, a group company, valued at over 1,000cr at current market prices.The primary risk pertaining to the value of the company appears to be adverse developments in the Kalyani Group companies in which it is invested in. Apart from this, it is exposed to market value declines for whatever reason. In the same vein, it is unlikely to realise capital gains in the event of market exuberance due to the long-term nature of its holdings.The company also holds several questionable looking unquoted investments such as 0.1% non-cumulative preference shares (and equity investment) in an entity that is a debt restructuring (CDR) candidate. Little information is provided on unquoted investments.Management don’t appear to be too shareholder-oriented – they haven’t declared any dividends on the equity shares despite large liquid assets. Interestingly, they declared dividends on preference shares due to the ‘extent of distributable assets available. Without losing their breath, they refused dividends on equity shares in the very next sentence. One wonders why the dividend reasoning for preference shares is inapplicable to equity shares.

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