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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence POLITICAL ECONOMY | PART 1: THE TELECOM TEST The Sangh’s Costliest Blunder: Keeping Narendra Modi in the Chair After Demonetisation and a Trail of U-Turns Two private giants, one state-propped survivor, roughly ₹3.22 lakh crore in announced BSNL revival and support packages (spectrum allocation included), and ₹1.41 lakh crore of AGR dues still on the books: telecom shows what happens when one man’s brand becomes the party’s only policy. This is an argument against Narendra Modi, not against the BJP. SYNOPSIS India’s telecom market has narrowed from a messy but real plurality into two dominant private networks, one weak private survivor kept alive by government equity, and a public operator that has needed about ₹3.22 lakh crore in announced support packages and spectrum allocations, not all of it cash. The 2010 spectrum auctions that started the debt spiral were a UPA-era event, and we say so plainly. But a ...
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Jindal Saw Ltd: Screaming Buy
Jindal Saw Ltd, part of the O.P. Jindal Group, is the undisputed leader in India’s tubular market. Today, Jindal SAW is one of the largest pipe manufacturers with business interests catering to varied industries spanning across the globe. It competes with companies such as Welspun and Maharashtra Seamless.

With integrated facilities at multiple locations, Jindal SAW is rolling out Large Diameter Submerged Arc Welded Pipes and Spiral Pipes for the energy transportation sector; Ductile Iron (DI) Pipes for water and wastewater transportation; Carbon, Alloy and Stainless Steel Seamless Pipes and Tubes for industrial applications. Maintaining its edge, Jindal SAW provides value added products and services in different verticals of its business.

It is India’s most diversified manufacturer and supplier of Iron & Steel pipe products for the energy, water sector and other industrial applications. Its principal products include (a) Large Diameter SAW Pipes i.e. Longitudinal Submerged Arc Welded (LSAW) and Helically Submerged Arc Welded (Spiral/HSAW), (b) Seamless Tubes, and (c) Ductile Iron (DI) Pipes etc.

 It is one of the largest global producers of DI pipes with manufacturing facilities in India, UAE and Europe. 

 In FY 2011, the Company acquired iron ore mines in district Bhilwara, Rajasthan in India. These mines have iron ore which is low in Fe content and hence, needs to be first beneficiated and thereafter the iron ore concentrate is used for production of value added products like pellets and other Iron & steel products. The beneficiation and pellet plants are fully operational. Pellet plant is producing at its rated capacity of 1.20 MTPA. 

The Company had commenced operations in its captive iron ore mine and ramped up operations in this segment. Pellet plant has achieved 100% capacity utilization. Jindal Saw Ltd would continue to get benefits from its captive iron ore mine (the company  has already achieved 100% backward integration in iron ore) and pellet plant.

 Jindal Saw’s most profitable segment – seamless pipes – is expected to see a revival in demand from North America and Europe, its primary market. However falling oil prices may have an adverse impact on the OCTG product demand. The company is focusing on enlarging product range which shall take care of the changing business environment. 

The scrip should be bought in intra-day dips, for a medium term target of Rs.110.

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