Company Background Balrampur Chini Mills Ltd (BCML) is one of the largest integrated sugar manufacturing companies in India, based out of Uttar Pradesh. The company has total sugar crushing capacity to the tune of 76500 TCD spread across 10 locations in eastern UP. In addition, the company has total distillery capacity of 320 KLPD, power capacity of 223.6 MW (saleable 125.5 MW) and organic manure capacity of 58000 tonnes, spread across different factory location. The company has recently merged its subsidiary Indo Gulf Industries Ltd with itself, which has cane crushing capacity of 3000 TCD at Maizapur, UP. Following table shows the capacity at various locations
Investment Argument
Lower stock to consumption ratio (s/c) in the range of 15-18% for next two consecutive years to keep sugar prices stable with an upward bias: We expect India's sugar production to increase by 30.3% and 8.0% YoY to 24.5 mn tonnes and 26.5 mn tonnes in SY11E and SY12E respectively. Despite this, after considering India's sugar consumption to the tune of 23 mn tonnes, the s/c ratio is likely to be in the range of 15%-18% (i.e., inventory will suffice only for 50 days; Hence, due to the relatively tight inventory situation, we believe, domestic sugar prices are likely to remain stable with an upward bias for at least next 10-12 months. >>>> More >>>>
Company Background PTC India Financial Services (PFS) is a systemically important non deposit taking NBFC, promoted by PTC India Ltd (PTC). The company is primarily engaged in equity investment as well as debt financing to projects across the energy value chain in India. PFS raised Rs3.57 bn through an IPO by offering 127.5 mn equity shares @ 28.0 in March 2011. However, the stock got badly hammered post its listing owing to various concerns in the power sector. However, we believe PFS's equity investments and loan disbursements to power projects is comfortably placed in terms of fuel sourcing, regulatory approvals, etc. The company's loan book is adequately collateralized. As far as equity book is concerned the company has protected its rights well with committed IRRs (21.0% to 23.75%) and well structured exits. We believe at current valuation the stock looks attractive. We initiate coverage on PFS with a BUY rating and a price target of Rs 25 /share, implying an upside potential of 40% from current levels.
COMPANY BACKGROUND [LIC Housing Finance]Incorporated in 1989, LIC Housing Finance is one of the largest housing finance companies in India providing long term finance for purchase, construction, repair and renovation of houses. The company also grants finance on existing property for business and personal needs and also to professionals for purchase or construction of Clinics, Nursing homes, Diagnostics Centres, Office Spaces and also purchase of equipments. LIC Housing possesses one of the industry's most extensive marketing networks with 13 back offices, 181 marketing units, 773 direct sales agents, 3400 home loan agents and 615 customer relationship associates. It has also set up representative offices in Dubai and Kuwait to cater services to Non-Resident Indians. Till date, LIC `Housing has given financial assistance to over 10 lacs home owners.
LIC Housing came out with an IPO in 1994 and launched it maiden GDR in 2004. The company holds 100% stake in LIC Housing Finance Ltd Care Homes and LIC Housing Financial and Services.
Shares of LIC Housing were split from the face value of Rs 10 into five equity shares having nominal value of Rs 2-/ share. >>> More >>>
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