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| 4/19/2012 9:00 PM Thursday

GUJARAT MINERAL DEVELOPMENT CORPORATION

I wish to purchase 250 shares of Gujarat Mineral Development Corporation at the current market prices. Please advise whether this is the right price at which to enter the counter.

- Ajay Warandani, Via Email

Gujarat Mineral Development Corporation (GMDC), BSE/NSE Code 532181/GMDCLTD, with a face value of Rs 2, is currently trading at Rs 188. Its 52-week high/low are Rs 213 and Rs 133 respectively.

GMDC engages in the development of mineral resources in India. Its products include lignite, bauxite, fluorspar, manganese, base metals, silica sand, limestone, bentonite and calcined bauxite. It also engages in the generation of thermal power as well as wind power. The company was founded in 1963, and is based in Ahmedabad.

GMDC’s performance for nine months ended December 2011 has been quite decent. The topline witnessed a growth of 15 per cent on a YoY basis, and stands at Rs 1095 crore as against Rs 951 crore for 9MFY11. The bottomline, however, witnessed a better growth of 25.23 per cent YoY, and stands at Rs 328 crore for 9MFY12 as against Rs 262 crore for 9MFY11.

On the valuations front, the stock discounts its trailing 12-month earnings by 13.30x and the EV/EBITDA stands at 8.59x. These valuations look a bit expensive when compared to those of NMDC and Sesa Goa, which trade at a P/E of 8.34x and 5.33x respectively. The company has very little debt of Rs 133 crore as of FY11, which translates into a debt-to-equity ratio of merely 0.08x. However, keeping the valuations in mind, we believe that this is not an opportune time to enter the stock. We suggest that you avoid the counter at this point of time and decide once the FY12 results are announced.

VIKAS WSP

Is this the right time to enter the Vikas WSP counter? Please guide me.

- Ravina Devi, Satna, Madhya Pradesh

Vikas WSP, BSE Code 519307, with a face value of Rs 1, is currently trading at Rs 71.85. Its 52-week high/low stand at Rs 76 and Rs 9 respectively.

 

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