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India Foils looks good for long term: K Kotak
Kamlesh Kotak, VP-Research of Asian Markets Securities is of the view that India Foils is looking good for long term investment. It has huge accumulated loss of Rs 290 crore and loan of Rs 270 crore. The company to become debt free post BIFR approval. Promoters of the company and Ess Dee will jointly take on the restructuring of the company.
Kamlesh Kotak, VP-Research of Asian Markets Securities is of the view that India Foils is looking good for long term investment.
Kotak told CNBC-TV18, "We haven't set any target for India Foils but this is a classic turnaround story. It is aluminum foil packaging company of Vedanta group. Ess Dee Aluminium, which is a prominent player in pharmaceutical packaging, has taken up joint MoU to restructure this company. The company has three plants near Kolkata with 19,000 tonne capacity, which is just utilized at 37%."
He further added, "The company has huge accumulated loss of Rs 290 crore and loan of Rs 270 crore. The company to become debt free post BIFR approval. Promoters of the company and Ess Dee will jointly take on the restructuring of the company. With the operational efficiency and expertise of Ess Dee coming in, the company can even look at exports market for growth. Ess Dee is looking to get the company into green by FY10. If an investor has a 2-3 years horizon then this can be a good stock for long-term investment."
Disclosure: Analyst holds the above stock in the portfolio and have recommended to the clients.
