Firstcall is bullish on Sangam and has recommended buy rating on the stock with a target price of Rs 355 in its research report dated December 28, 2015.
Firstcall's research report on Sangam
Sangam, the flagship company of Sangam group, is a leading manufacturer of PV yarn in India. Sangam was promoted as a fabric manufacturing unit, under the name of Arun Synthetics Pvt. Ltd, by Mr. R.P. Soni and Mr. S.N. Modani. The company took a strategic decision to backward integrate and forayed into spinning in 1995 by installing 17,280 spindles for manufacturing PV dyed yarn. The company is also present in the Indian synthetic blended fabric and denim segments with brands such as Sangam Suitings and Sangam Denim. The company‘s client base includes Raymond, RSWM, Banswara Syntex, Donear, Siyaram and Grasim. It has a network of 100 dealers and 1,000 retailers across India. Sangam’s manufacturing facilities are located in Bhilwara, Rajasthan. As of FY15, the company has a spinning capacity of 211,296 spindles and 3,128 rotors; weaving capacity of 437 looms; and processing capacity of 53 mn meters P.A
We recommend ‘BUY’ in this particular scrip with a target price of Rs. 355.00 for Medium term investment.
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