Guj Nre MR Ltd makes rapid strides

Gujarat NRE Mineral Resources Limited (GNMRL), an associate of Gujarat NRE Coke Limited (GNCL) is poised to make its presence felt in the Oil & Gas Sector with the acquisition, through its Australian subsidiary, Gujarat NRE Oil Ltd., of two onshore exploration blocks covering an area of 10,640 km2 in the highly prospective Central Canning Basin, Western Australia (WA).
GNMRL also has major interest in the fast growing Coal and Coke sector in India and Abroad. It has post merger of eight core investment companies of the group, emerged as the controlling stake holder in GNCL , India largest independent Met Coke Producer having a stake of 35%. This in turn allows us to hold controlling stake in Gujarat NRE Coking Coal Ltd (GNCCL), a subsidiaries of GNCL. GNCL is owning and operating two high quality premium hard coking coal mines in Australia having coal resource of over 560MT. Currently GNCL is producing 1.5 MT met coke and co is trying to increase the production to 6 MT in 2-3 years. Besides, GNMRL holds controlling stakes in NRE Metcoke Ltd, a Metcoke producer having capacity of 0.1MT which is being progressively increased to 1MTPA.

GUJ NRE MINERALS HAS ALSO DECLARED RIGHTS, 1: 1 BONUS AND DIVIDEND @ 15% (RECORD DATE 4-9-2010) IN THE PAST 1 YEAR. THEY ARE ALSO GOING FOR LISTING THROUGH REVERSE MERGER IN NEXT 6-8 MONTHS

Currently the shares are available at Rs.18 per share.

There are 3 triggers in the next 3 years.

1) listing expected price in 1 yrs time is rs.35.00

2) on increased production and better performance of guj nre coke, the expected price is 50 in 3 yrs

3) if there is any oil discovery in canning basin the price can go to around 100 in 3 – 5 yrs.

Recommendation – buy for long term 1- 3 yrs

Another instrument that is available in OFCD.

Each OFCD is for 18 months maturing on september 2013 face value rs.30000.00

The OFCD is redeemable on maturity at rs.36000.00 or can be converted into equity 2000 shares anytime before maturity

So this is a win win situation for investor. If the markets are bad and price of guj nre minerals is below 18 on maturity, redeem the debenture, and if the share price goes above 18 either on listing or in unlisted market before maturity, then convert the deb in shares and reap the benefit.

Sandip Ginodia

ABHISHEK SECURITIES

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