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#1
25th May 2006, 10:33 PM
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Shree Digvijay Cement, potential ex-right
Shree Digvijay Cement Co. Ltd. (SDCC)
(502180) Presently under TS group Activities: Acquired by Grasim in 1998, Shree Digvijay Cement Co. Ltd. (SDCC) is situated at Sikka, Gujarat, and has an annual capacity of about 1.08 million tpa. All its products are marketed under the brand name 'Kamal'. The company's product ranges between 33, 43 and 53 OPC, PPC and Sulphate Resistant Portland Cement (SRPC). While the Company has ISO 9002 certifications for its clinker and cement production, its oil well cement has been authorised for the use of the monogram of the American Petroleum Institute. The company has a captive jetty having a dry cargo capacity of 3 million tpa. This jetty is used to export cement and clinker and to import coal for captive use. With Gujarat, Rajasthan, Maharashtra (Mumbai) and Kerala as its focus marketing territory domestically, SDCC also exports to SAARC countries, Middle East and East Africa and is a reputed export house. Contact Shree Digvijay Cement Co. Ltd Digvijaygram, Sikka Via Jamnagar Gujarat 361 140 Tel: 91- 288 2344 016 / 9 Fax: 91- 288 2344 092 Email: sdcclsik@satyamn.net.in Website http://www.digvijaycement.com/ & www.adityabirla.com/our_companies/ Company accounting period is changed to March 2005(6 month), March 2006 after Oct 2004 Scrip went ex- Right at CMP =Rs 42.00 or so. This makes cum right value of one share 42X19=Rs 798.00 today 1 Expected EPS by FY March06 (assuming Q4 NP be 12Cr ) = Rs 64.00 2. Diluted Y6/3 EPS ex-right = Rs 3.38 3. Full price at diluted Y6/03 EPS at minimum 15 PE (Grasim owned cement co) = Rs 50.70 My assumption of Q4 NP as 12 Cr is based on following. 1. Q3 NP is 13Cr 2. All cement co-s have done well in this quarter being cement price high and firm 3. Strong management now. My apprehension- Co may even surprise giving extraordinary results in Q4 After wiping out carried losses with the help of right issue money, balance sheet gets clean and there is every likelihood of company being amalgamated with mother company i.e.Grasim to face the stronghold of Holcim. I am sure of a great future ahead for the company and investors as well. 
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