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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence  Small-Cap Steel · Capacity Expansion Story Vraj Iron & Steel at ₹126: A Small Mill Building a Much Bigger Ambition Trading close to book value, backed by a near debt-free balance sheet, and sitting on a freshly-approved ₹450 crore greenfield project in Bastar — Vraj is one of the few micro-caps where the next two years' capacity roadmap is already on paper. India's steel story runs through its infrastructure spend, and Vraj Iron & Steel Ltd (₹126) sits right inside that value chain. At around ₹126, the stock trades close to its book value of roughly ₹125-130 a share, at an earnings multiple near 12x. That is not an expensive tag for a company that has just commissioned new capacity, approved a new rolling mill, and greenlit a large greenfield expansion — all inside the last six months. The bigger story here is not what Vraj ear...
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Today's Recommendation:
Buy Noida Toll Bridge Company Ltd at Rs.27.2 for some good appreciation ahead. It is because:
1.The company has will very soon amalgamate the Company with its 100% subsidiary, DND Flyway Ltd. The Scheme of Amalgamation will have a positive impact on the Income Statement, since expenses which would have otherwise been amortised through the income statement, will be adjusted against Reserves and Surplus. The Scheme will have a healthy impact on the Company's profits and dividend paying capacity, going forward.
2. The Mayur Vihar Link Road (a road linking the Noida Toll Bridge to Mayur Vihar in East Delhi) which has been opened to traffic will work wonders for the company in the days ahead.
Buy with a price target of Rs.42 and Rs.60. If the revenues generated from the second brigdge is substantial, the target could be elevated further.

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