>MAHINDRA UGINE STEEL COMPANY (AASPL)

KEY INVESTMENT ARGUMENTS

• Rising Automobile demand- to boost revenue
• Capacity Expansion - "to help capture the potential demand".
• Operating Profit grow at a CAGR of 38% p. a.
• Valuations- "Value not yet valued"

To read the full report: MAHINDRA UGINE

>NIRLON LIMITED - KNOWLEDGE PARK (AASPL)

• Prime Location in Mumbai
• New Construction to add lease rentals revenue
• Old structure continue to generate decent cash flows
• Company to become Debt free within four years starting from FY10
• Valuation- "Beyond the Vagaries of Real estate cycle.

To see full report: NIRLON LIMITED

NALCO (AASPL)

NALCO Q1FY10: ANOTHER QUARTER OF DISMAYING PERFORMANCE

• Net sales down 36.3% YoY to Rs 935.3 Crores
• EBITDA down by 77.3% YoY to Rs. 167.4 crores - "due to sharp drop in sales realization".
• PAT down at 75.9% YoY to Rs 126.4 Crores

To see full report: NALCO

>VOLTAMP TRANSFORMERS LIMITED (AASPL)

Voltamp Transformers Ltd., established in 1963 is one of the leading players of customized transformers for industrial, building & power segment with ~20% market share in Industrial application transformers. The Company after acquiring vast experience and significant industry expertise in the low-end space is now expanding its presence by entering in higher league of 220 KV transformer segment. This would not only open new avenues for the company but would also fetch higher realizations to the company in the future.

KEY TAKEAWAYS

Niche player in Dry-type transformer space.....
Capacity expansion on back of continuously increasing demand.....
Decent Order-book position.....
Clientelebase "Well-diversified".....
Margins decline on back of increasing SEB share:....
Strong Balance-sheet along with Healthy Return Ratios....

To see full report: VOLTAMP TRANSFORMERS LIMITED