Ennore Coke Ltd: Ennore Coke Ltd is about to hit the buyer freeze as there are very little stocks for sell in the markets. The company has purchased a number of mines abroad and looking to purchase more in the days ahead to make Ennore Coke Ltd a Rs.5000 Cr company. Ennore Coke, listed on the BSE, is an associate company of Shriram EPC Ltd, part of the Chennai-based Shriram group, which has a 32 per cent stake in the company. It produces coke, used in the conversion of ores into metals, from coking coal that comes from mines. Coke is a key raw material in steel production.
Today, Ennore Coke has more than 410,000 tonnes of capacity under its command, half of which is through an arrangement with a company called Durgapur Projects Ltd. Ennore Coke outsources coke manufacture to Durgapur Projects. In addition, Ennore Coke recently acquired an 80,000 tonne coke plant from Wellman Incandescent, in West Bengal, for a consideration of Rs 30 crore. The rest of the capacity comes from the newly commissioned plant at Haldia that has a 12 MW thermal power plant that produces power from waste heat from the coke plant.
It is worth mentioning that a goup company of Ennore Coke Ltd, Ennore Power Ltd acquired Cuttack-based Wellman Coke India Ltd, last year. The acquisition, which took place in June 2008, added 1 lakh tonne to Ennore Coke’s production capacity. Its capacity will be raised to 5 lakh tonne by September 2009 and it will market the entire amount under Ennore Coke brand, according to my close sources.
Earlier Mr. Ganesh Natarajan, president and CEO said that the company had taken up contract manufacturing of Nilachal Carbo Metallics which gave it 60,000 tonne capacity. More recently, it has also finalised an agreement with M V International which has two units of 36,000 tonnes each located at Jajpur.
The coke business has been good for the company with the steel sector comprising almost 65-70% of sales and is presently looking good. The balance comes from sale of foundry grade coke. The company counts the likes of Usha Martin industries, Adhunik Metaliks and Neo Metaliks, among its clients. Ennore Coke is also pitching for a 90% stake in Australia’s Broughton Coal Mine. The group has also acquired 60% stake in a coking coal property in Arkansas, US. The latter has given it access to good quality coking coal, a key raw material in manufacture of coke.
OVERALL Ennore Coke Ltd IS A VERY GOOD STOCK TO ACQUIRE/ACCUMULATE FOR THE SHORT TO MEDIUM TERM PLAY. THIS COKE COMPANY IS WAY AHEAD OF ITS COMPETITORS LIKE GUJARAT NRE COKE AND AUSTRAL COKE LTD.
Posted by SumanSpeaks
Today, Ennore Coke has more than 410,000 tonnes of capacity under its command, half of which is through an arrangement with a company called Durgapur Projects Ltd. Ennore Coke outsources coke manufacture to Durgapur Projects. In addition, Ennore Coke recently acquired an 80,000 tonne coke plant from Wellman Incandescent, in West Bengal, for a consideration of Rs 30 crore. The rest of the capacity comes from the newly commissioned plant at Haldia that has a 12 MW thermal power plant that produces power from waste heat from the coke plant.
It is worth mentioning that a goup company of Ennore Coke Ltd, Ennore Power Ltd acquired Cuttack-based Wellman Coke India Ltd, last year. The acquisition, which took place in June 2008, added 1 lakh tonne to Ennore Coke’s production capacity. Its capacity will be raised to 5 lakh tonne by September 2009 and it will market the entire amount under Ennore Coke brand, according to my close sources.
Earlier Mr. Ganesh Natarajan, president and CEO said that the company had taken up contract manufacturing of Nilachal Carbo Metallics which gave it 60,000 tonne capacity. More recently, it has also finalised an agreement with M V International which has two units of 36,000 tonnes each located at Jajpur.
The coke business has been good for the company with the steel sector comprising almost 65-70% of sales and is presently looking good. The balance comes from sale of foundry grade coke. The company counts the likes of Usha Martin industries, Adhunik Metaliks and Neo Metaliks, among its clients. Ennore Coke is also pitching for a 90% stake in Australia’s Broughton Coal Mine. The group has also acquired 60% stake in a coking coal property in Arkansas, US. The latter has given it access to good quality coking coal, a key raw material in manufacture of coke.
OVERALL Ennore Coke Ltd IS A VERY GOOD STOCK TO ACQUIRE/ACCUMULATE FOR THE SHORT TO MEDIUM TERM PLAY. THIS COKE COMPANY IS WAY AHEAD OF ITS COMPETITORS LIKE GUJARAT NRE COKE AND AUSTRAL COKE LTD.
Posted by SumanSpeaks
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1 comment:
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