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Initiating Coverage | Dec 22nd 2014

Nagarjuna Agrichem Ltd

CMP : 12Target 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..

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Initiating Coverage | Dec 22nd 2014

Orient Cement Ltd

CMP : 148Target 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 ..

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Initiating Coverage | Nov 18th 2014

Visaka Industries Ltd

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 ..

Initiating Coverage | 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..

Initiating Coverage | 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 ..

Initiating Coverage | Sep 02nd 2014

Tide Water Oil Co (I) Ltd

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..

Initiating Coverage | Aug 20th 2014

L G Balakrishnan & Bros Ltd

CMP : 497
Target Price : 605

LGBL is a market leader in two-wheeler automotive chains with ~70% market share in the OEM segment. The two-wheeler industry is showing signs of recovery, both in terms of domestic sales as well as exports. This will lead to recurring business opportunity for auto ancillary companies like LGBL. Going ahead, the company would improve its v..

Initiating Coverage | Jul 01st 2014

Banco Products (India) Ltd

CMP : 120
Target Price : 172

Banco Products (India) (Banco) is among the leading manufacturers of radiators and gaskets in the country with five manufacturing units. In July 2010, the company acquired 51% stake in Lake Cement (a cement manufacturer), a diversification into unrelated business which led to sharp correction in the stock price. In May, 2014, the company ..

Initiating Coverage | Apr 12th 2014

Kirloskar Oil Engines Ltd

CMP : 197
Target Price : 244

Kirloskar Oil Engines (KOEL) is the flagship company of the Kirloskar group, one of Indias largest engineering conglomerates. It is one of the worlds largest generating set (genset) manufacturers, operating at a capacity utilization level of 55%, manufacturing both air-cooled and water-cooled engines and diesel gensets across a wide range..

Initiating Coverage | Mar 31st 2014

Heritage Foods Ltd

CMP : 200
Target Price : 275

Heritage Foods (India) Ltd. (HFL), based in Hyderabad, is among the leading corporates in the dairy industry. HFL has ~77% of its revenue coming in from the dairy business. The dairy industry, as per industry reports, is expected to grow at a CAGR of 13-15% till FY2020. The expected robust growth would be on the back of the urbanization t..

Initiating Coverage | Mar 18th 2014

M M Forgings Ltd

CMP : 98
Target Price : 131

MM Forgings (MMFL) is one of the largest exporters of forgings from India with a capacity of 40,000MT (exports contributed ~70.0% to the revenue in FY2013). It is engaged in the manufacturing of steel forgings, catering to the forging requirements of almost all sections of industry including Automotive, Valve and Oil-field, Engineering an..

Initiating Coverage | Jul 18th 2013

Hindustan Sanitaryware Industries

CMP : 87
Target Price : 117

Hindustan Sanitaryware Industries Ltd (HSIL) is the largest manufacturer of sanitaryware (40% market share) and the second largest manufacturer (22% market share) of glass containers in India. With increased awareness for improving sanitation coverage coupled with current low penetration and changing lifestyles of people, the sanitaryware..