Buy IFGL Refractories; target of Rs 450: Profitmart Securities

Profitmart Securities research report on IFGL Refractories

IFGL Refractories Limited is a Kolkata-based Indian multinational company. Co was promoted by S. K. Bajoria Group (56.92%), India and Krosaki Harima Corporation (15.51%), Japan, a subsidiary of Nippon Steel Corporation, in 1993. IFGL manufactures specialised refractories and requisite operating systems for flow control in steel teeming and continuous casting of steel with facilities located in Kandla, Gujarat Rourkela, Odisha with a combined annual production capacity of 27,15,408 pieces of shaped refractories & 52,260 metric tonnes of unshaped refractories. IFGL is also setting up a new unit in Vizag, Andhra Pradesh to produce monolithics and precast shapes with an installed capacity of 48,000 MTPA. IFGL is a subsidiary of Bajoria Financial Services Private Limited, which holds a 51.21% stake in the company.

Outlook

Hence we believe that the IFGL stock should be purchased at the current price for a price target of around Rs 450 over the next 18 months.