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Mar 12th 2015

J K Cements Ltd

CMP : 673Target Price : 778

Capacity expansion to drive growth: JK Cement (JKCem), a JK organization group company, has a grey cement capacity of 10.5mtpa catering to the markets of North, West and South regions of India. 7.5mtpa of its plant capacity is located in the North region (Rajasthan and Haryana) and the remaining 3mtpa is located in the South region (Karna..

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CMP : 250Target Price : 293

Top-line growth to accelerate to 15% CAGR over FY2014-17E on economic revival; eventual GST implementation would provide further boost: We expect Transport Corporation of India (TCIL) to report a healthy top-line growth ~15% CAGR over FY2014-17E on the back of revival in the Indian economy. Among TCIL’s four business segments, we expect (..

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Feb 05th 2015

Nilkamal Ltd

CMP : 440
Target Price : 566

Nilkamal (NILK) is a pioneer in the plastic industry and is among the leading manufacturers of moulded plastic products. It is present in three verticals, viz Plastics (83% of revenue), Retail (13%) and Mattress (4%). The Plastics division is made up of Material Handling and Moulded Furniture segments. Material handling accounts for ~58% ..

Jan 31st 2015

Indag Rubber Ltd

CMP : 897
Target Price : 992

Indag Rubber (IRL) to benefit from recovery in commercial vehicle industry: IRL manufactures pre-cured tread rubber and ~90% of its revenue comes from the commercial vehicle (CV) industry. The company would be a beneficiary of improving CV OEM sales although retreading revenues accrue with a lag of 5-6 month of new vehicle sales; retreadi..

CMP : 442
Target Price : 561

Strong Order inflows to lead to better execution: MBL Infrastructures (MBL), a specialist EPC player is expected to benefit from NHAI’s ~2,000km of EPC award activity in the next 12 months. With economic revival, infra award activity across verticals should catch-up. MBL has participated in projects worth Rs10,000cr. Going by its past tra..

Jan 08th 2015

Subros Ltd

CMP : 67
Target Price : 80

We expect Subros to clock a revenue CAGR of 13% over FY2014-FY2017 aided by a recovery in the passenger vehicle industry and market share regain by its key clients. Initiation of supplies to Denso Corporation would also boost Subros top-line. Also, Subros’ margins are expected to improve owing to increased localisation, operating leverage..

CMP : 12
Target Price : 18

Nagarjuna Agrichem Ltd (NACL) is one of the largest pesticide agrichemical companies in the country with a market share of ~4% and belongs to the Nagarjuna Group of Hyderabad. NACL manufactures a comprehensive range of pesticide technicals, formulations and custom manufactured fine chemicals through its three plants situated at Srikakulam..

Dec 22nd 2014

Orient Cement Ltd

CMP : 148
Target Price : 183

Orient Cement Ltd (Orient), a CK Birla group company having its plants in Telengana (capacity 3mtpa) and Maharashtra (capacity 2mtpa), is expanding its cement capacity by 3mtpa (an increase of 60%) to 8mtpa by 1QFY2016. The new plant is expected to be the next growth driver as it would contribute significantly to volume growth. We expect ..

CMP : 123
Target Price : 174

Visaka Industries (VIL) is engaged in two businesses – building products (cement asbestos products and fibre cement flat products like V-boards and V-panels) and synthetic yarn. It has an installed capacity of 7,52,000MT of cement asbestos products with a strong network of 6000 plus stockists / dealers across India. In the synthetic yarn ..

Sep 25th 2014

Mangalam Cement Ltd

CMP : 246
Target Price : 337

Mangalam Cement (MCL), a BK Birla group company having its plant in Rajasthan, has expanded its cement capacity by 1.25mtpa (increase of 63%) to 3.25mtpa (as of end-FY2014). We expect MCL to report a healthy 21.8% volume CAGR over FY2014-16E on the back of improved outlook for cement demand (also MCLs production in FY2014 was lower due to..

Sep 12th 2014

Sterling Tools Ltd

CMP : 332
Target Price : 397

Going ahead, we expect STL to report net sales CAGR of ~14% over FY2014-16 to ~`394cr owing to recovery in automobile sales volumes in both domestic as well as export markets. This will lead to recurring business opportunities for auto ancillary companies like STL. Going ahead, the company would improve its volume growth in the fasteners ..

CMP : 12,076
Target Price : 14,704

Going ahead, we expect TWOIL to report standalone net sales CAGR of ~9% over FY2014-16E to ~Rs1,196cr owing to some improvement in sales volume and possible price hikes (the company would be able to take price hikes due to its strong brands and better quality of products). We believe that the company would perform better in the “Bazaar” s..