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Thursday, July 28, 2016

Reliance Defence and Engineering Ltd: Buy
CMP: Rs.67.10
Reliance Defence and Engineering Ltd (RDEL) is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU). The Erstwhile, Pipavav Defence and Offshore Engineering Company Ltd was rechristened as Reliance Defence and Engineering Ltd (RDEL), in March, 2016.

RDEL is the first private sector company in India to obtain the licence and contract to build warships. The facility houses the only modular shipbuilding facility with a capacity to build fully fabricated and outfitted blocks

Reliance Defence and Engineering Ltd last week signed Sub-Concession Agreement (SCA) with Gujarat Maritime Board and Gujarat Pipavav Port at Gandhinagar, Gujarat. The SCA is for a period of 30 years expiring in June 2046 and the said term of SCA may be further extended.

Land Banks of some of the Prominent Indian Builders
The SCA inter alia grants sub-concession, right and authority to Reliance Defence and Engineering to build, operate and manage Defence / Commercial Shipyard Activities on the terms and conditions mentioned therein.

Earlier there were media reports that Reliance Defence and Engineering Ltd had received the Reserve Bank of India’s (RBI) approval to exit the corporate debt restructuring (CDR) package.

Anil Ambani-led Reliance Infrastructure Ltd, acquired nearly 35% in Pipavav Defence and Offshore Engineering Co, which has been renamed as Reliance Defence and Engineering. The company’s debt to the tune of Rs.6,000 crore will be refinanced with maturity of 20 years while interest cost on the debt would be reduced to 11%, according to the report.
Please Click on the Photo to Expand

The exit from CDR is expected to lead to greater financial flexibility and business opportunities for Pipavav Defence, enabling the company to contribute to the security of the country and pursue the Make in India and Skill India programmes in an even more significant manner, Reliance Infrastructure said in November, 2015.

The stock seems to be on an uptrend. Buy the shares of the company at the CMP of Rs.67.10, for a short term target of Rs.78. 

Moreover, those who are holding the shares of Syncom Formulations Ltd (Rs.3.17), from below Rs.2.50 (where it was recommended) and have short term view can book some profits and enter RDEL and/or Unitech Ltd (Rs.7.10). In case of Unitech Ltd, buy in the CASH segment only (not in Futures) for a target of Rs.12-plus in the short term. 
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