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S and S Power Switchgear Limited
Sector:Power Power - Power - Equipments
BSE:517273NSE:S&SPOWERBloomberg:SSPS@INReuters:SSPW.BO
Market Lot: 1Face Value: 10ISIN Demat: INE902B01017
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04-May-2011
Business Profile
S&S Power Switchgear (SSPOWSWI), incorporated on Sep. 01, 1975, is a leading manufacturer of high voltage disconnecting switches. It is part of the S&S Power group, which has been a center of excellence for protection panels, design, engineering and manufacture of disconnector products for the regional and international markets. Other group companies include Acrastyle - UK, i-Power Engineering and Acrastyle Controls.

The ISO 9001:2000 certified company offers a range of products such as center break, double break, pantograph, and vertical break disconnectors from 36 KV to 800 KV capacities. It had technical collaboration with Southwales Switchgear - UK for high voltage disconnecting switches, and Brush Switchgear - UK for medium voltage switchgear. It has over 7,000 installations to its credits. A state-of-the-art modern manufacturing facility is located in the Union Territory of Puducherry. In FY07, 123 kV disconnectors for Vietnam and 145kV disconnectors for domestic markets were developed and successfully tested.

Major export destinations include Australia, UK, Malaysia, Indonesia, Nepal, Hong Kong, Oman, Argentina, South Africa, Bangladesh, Thailand, and Vietnam. Besides all leading laboratories within India, the company has obtained a certificate of rating from Kema - The Netherlands and Cesi - Italy for its products. A change in trend has made the company focus on the domestic market, and products have been supplied to North Delhi Power, Chhatisgarh State Electricity Board, and others. RPIL Signalling Systems and S&S Power Corporation Sdn.Bhd. - Malaysia are subsidiaries.

The registered office is at Door No 16, TTK Road, First Cross Street, Alwarpet, Chennai-600018, Tamil Nadu.


Financials
The company announced fall of 8.60% in standalone net profit on y-o-y basis to Rs 8.50 million, while total income rose 22.46% y-o-y basis to Rs 16.90 million for the quarter ended March 2011.

Recent Developments
18-DEC-09
Sunidhi recommends ` Buy ` on Century Enka with a price target of Rs 320 as against the current market price (CMP) of Rs 260 (Dec.18, 2009).

10-FEB-11
Finolex Cables announced a phenomenal rise in standalone net profit for the quarter ended December 2010. During the quarter, the profit of the company rose 2.13 times to Rs 261.90 million from Rs 122.80 million in the same quarter last year.

11-AUG-10
Finolex Cables announced a marginal rise in standalone net profit for the quarter ended June 2010. During the quarter, the profit of the company rose 4.45% to Rs 229.80 million from Rs 220.00 million in the same quarter previous year.

11-MAY-10
JRG Capital has recommended `Buy` on Finolex Cables Company with a price target of Rs 81 as against the market price (CMP) of Rs 52 in its report dated May 11, 2010.

05-MAY-10
Angel has recommended `Buy` Finolex Cables with a price target of Rs 85 as against the market price (CMP) of Rs 53 in its report dated May.4, 2010.

26-APR-10
JRG Sec has recommended ` Buy` on Finolex Cables with a price target of Rs 81 in its report dated Apr. 26, 2010.

04-MAR-10
Firstcall has recommended a `Buy` on Finolex Cables with a price target of Rs 68 as against the market price (CMP) of Rs 52.35 in its report dated Mar. 3, 2010.

19-JAN-10
Angel has recommended `Buy` rating on Finolex Cables with target price of Rs 91 against the current market price (CMP) of Rs 62 on Jan. 18, 2010.

09-DEC-09
Firstcall India pointed out at the market price of Rs 58, the stock is trading at 8.56 times and 7.17 times for FY10E and FY11E respectively.

18-FEB-10
These special Hi-Tech vehicles are currently being showcased at the largest defense expo 2010 at Pragati Maidan, New Delhi. The other high safety technical textile products on display include high altitude fabric, bullet-proof jackets, bullet proof helmets Anti-ballistic Products, Lightest hard Armour plates etc.

16-FEB-10
Shri Lakshmi Cotsyn today announced that its wholly owned subsidiary,Shri Lakshmi Defence Solutions has entered into an agreement with Ukrinmash, a State Foreign Trade and investment firm of Ukraine for the supply of 100 nos. armored vehicles (BTR-4) to the UN MJSSION.

05-JAN-10
Shri Lakshmi Cotsyn announced that it has commenced its part commercial production of the new spinning unit with the installed capacity of 10,000 spindles with effect from Jan. 01, 2010

05-MAY-10
Angel has recommended `Buy` Finolex Cables with a price target of Rs 85 as against the market price (CMP) of Rs 53 in its report dated May.4, 2010.

26-APR-10
JRG Sec has recommended ` Buy` on Finolex Cables with a price target of Rs 81 in its report dated Apr. 26, 2010.

04-MAR-10
Firstcall has recommended a `Buy` on Finolex Cables with a price target of Rs 68 as against the market price (CMP) of Rs 52.35 in its report dated Mar. 3, 2010.

19-JAN-10
Angel has recommended `Buy` rating on Finolex Cables with target price of Rs 91 against the current market price (CMP) of Rs 62 on Jan. 18, 2010.

09-DEC-09
Firstcall India pointed out at the market price of Rs 58, the stock is trading at 8.56 times and 7.17 times for FY10E and FY11E respectively.

30-JUL-10
Kansai Nerolac Paints (KNPL), one of the leading paint companies in India, has posted 22.7% growth in its net profit for June 2010 quarter at Rs 519.2 million as against same period last year.

14-JUN-10
Kansai Nerolac Paints, the second biggest company in the coating sector today announced that its members by way of postal ballot with requisite majority have approved the issue of bonus shares in the ratio 1:1.

06-MAY-10
Paints and varnish manufacturer Kansai Nerolac Paints today said it will invest Rs 4 billion in the next 20 months for the second phase of expansion of its Hosur facility in Tamil Nadu, reports agency source.

05-MAY-10
ICICI Sec has recommended `Reduce` on Kansai Nerolac Paints with a price target of Rs 1,382 as against the market price (CMP) of Rs 1,499 in its report dated May 05, 2010.

04-MAY-10
Kansai Nerolac Paints today announced that during the quarter it has commenced its new facility at Hosur.

28-JAN-10
Kansai Nerolac Paints, India`s second largest paint company, announced its unaudited results for the third quarter ended Dec 31, 2009.For the quarter, net sales grew from Rs 3.17 billion to Rs 4.21 billion an increase of 33.1%. PAT grew from Rs 212.5 million to Rs 362.9 million an increase of 70.8%.

28-OCT-09
Kansai Nerolac Paints, India`s second largest paint company, today announced its unaudited results for the second quarter ended Sep.30, 2009. For the second quarter ended September 30, 2009, its net sales grew from Rs 3,902.8 million to 4,487.9 million an increase of 15%

09-DEC-09
Firstcall India pointed out at the market price of Rs 58, the stock is trading at 8.56 times and 7.17 times for FY10E and FY11E respectively.

07-APR-11
Credit rating agency, ICRA has assigned an LAA rating to the Rs 200 million fund based (inter-changeable) facilities and the Rs 2.5 million non-funds based (inter-changeable) facilities of India Motor Parts and Accessories (MPAL).

14-JUN-10
Kansai Nerolac Paints, the second biggest company in the coating sector today announced that its members by way of postal ballot with requisite majority have approved the issue of bonus shares in the ratio 1:1.

06-MAY-10
Paints and varnish manufacturer Kansai Nerolac Paints today said it will invest Rs 4 billion in the next 20 months for the second phase of expansion of its Hosur facility in Tamil Nadu, reports agency source.

05-MAY-10
ICICI Sec has recommended `Reduce` on Kansai Nerolac Paints with a price target of Rs 1,382 as against the market price (CMP) of Rs 1,499 in its report dated May 05, 2010.

04-MAY-10
Kansai Nerolac Paints today announced that during the quarter it has commenced its new facility at Hosur.

28-JAN-10
Kansai Nerolac Paints, India`s second largest paint company, announced its unaudited results for the third quarter ended Dec 31, 2009.For the quarter, net sales grew from Rs 3.17 billion to Rs 4.21 billion an increase of 33.1%. PAT grew from Rs 212.5 million to Rs 362.9 million an increase of 70.8%.

28-OCT-09
Kansai Nerolac Paints, India`s second largest paint company, today announced its unaudited results for the second quarter ended Sep.30, 2009. For the second quarter ended September 30, 2009, its net sales grew from Rs 3,902.8 million to 4,487.9 million an increase of 15%

09-DEC-09
Firstcall India pointed out at the market price of Rs 58, the stock is trading at 8.56 times and 7.17 times for FY10E and FY11E respectively.

08-FEB-11
Flooring and interior solution provider, Nitco Tiles, has drawn up a Rs 10 billion plan to enter Mumbai`s residential real estate development business.

11-AUG-10
Nitco, one of the leading tile manufacturers in the country, has appointed Alok Goel as the chief executive officer (CEO) w.e.f Aug. 9, 2010. In this role, Alok will be responsible for handling the overall operations of the company.

17-MAY-10
ICICI Sec has recommended `Sell` on Nitco Tiles with a price target of Rs 40 as against the market price (CMP) of Rs 46 in its report dated May 17, 2010.

19-APR-10
Credit rating agency, CARE has assigned a `PR1` [PR One] rating to the proposed Commercial Paper (CP) issue of NITCO aggregating Rs 1,000 million. The issue would be carved out of the sanctioned working capital limits of the company. This rating is applicable for instruments having

16-APR-10
Mumbai based flooring solutions company Nitco today announced that CARE has assigned a `CARE BBB+` (Triple B Plus) rating to its long term bank facilities aggregating Rs 4.77 billion and `PR2` (PR Two) rating its short term bank facilities aggregating Rs 7.45 billion.

03-DEC-09
Karvy Stock maintains `Marketperformer` on Nitco with a price target of Rs 53 as against the current market price (CMP) of Rs 50 (Dec. 2, 2009).

28-OCT-09
Kansai Nerolac Paints, India`s second largest paint company, today announced its unaudited results for the second quarter ended Sep.30, 2009. For the second quarter ended September 30, 2009, its net sales grew from Rs 3,902.8 million to 4,487.9 million an increase of 15%

09-DEC-09
Firstcall India pointed out at the market price of Rs 58, the stock is trading at 8.56 times and 7.17 times for FY10E and FY11E respectively.

01-FEB-11
With reference to news item appearing in leading news daily titled `Phillips Carbon eyes Germany`s Evonik`, Phillips Carbon Black has clarified that it is always exploring opportunities for growth both organic and inorganic.

01-DEC-10
The company clarified about the news item stating that Aditya Birla, RPG may bid for German firm`s unit.Phillips Carbon Black has clarified saying that the company is always exploring opportunities for growth both organic and inorganic. The company is also aware of the divestment process of Evonik`s Carbon Black operations.

13-SEP-10
Phillips Carbon Black, part of the RPG Group has said Jatin Kapoor joined the company as chief financial officer with effect from Sep. 10, 2010

09-SEP-10
In an exclusive interview with Myiris.com, Soumen Ghosh, research analyst, SKP Securities discusses 3 stocks which were rallying during the week ended Sep.9, 2010. The same are as follows

07-SEP-10
The Royal Bank of Scotland as Trustee of Jupiter India F, on Friday bought shares in manufacturer and supplier of carbon black, Phillips Carbon Black in a deal valued at Rs 76.02 million

26-JUL-10
Anand Rathi Securities has recommended `Buy` on Phillips Carbon Black with a price target of Rs 278 as against the market price (CMP) of Rs 204 in its report dated July 26, 2010.

20-JUL-10
Anand Rathi Securities has recommended `Buy` on Phillips Carbon Black with a price target of Rs 278 as against the market price (CMP) of Rs 206 in its report dated July 19, 2010.

03-MAY-10
Sharekhan has recommended ` Buy` Phillips Carbon Black with a price target of Rs. 250 as against the market price (CMP) of Rs. 222 in its report dated Apr. 30, 2010.

25-NOV-09
S&S Power Switchgear today announced that it may hiving off disconnector business and set up a joint venture between S&S Power Switchgear Equipment with a leading manufacturer of disconnectors in Italy.

01-DEC-10
The company clarified about the news item stating that Aditya Birla, RPG may bid for German firm`s unit.Phillips Carbon Black has clarified saying that the company is always exploring opportunities for growth both organic and inorganic. The company is also aware of the divestment process of Evonik`s Carbon Black operations.

13-SEP-10
Phillips Carbon Black, part of the RPG Group has said Jatin Kapoor joined the company as chief financial officer with effect from Sep. 10, 2010

09-SEP-10
In an exclusive interview with Myiris.com, Soumen Ghosh, research analyst, SKP Securities discusses 3 stocks which were rallying during the week ended Sep.9, 2010. The same are as follows

07-SEP-10
The Royal Bank of Scotland as Trustee of Jupiter India F, on Friday bought shares in manufacturer and supplier of carbon black, Phillips Carbon Black in a deal valued at Rs 76.02 million

26-JUL-10
Anand Rathi Securities has recommended `Buy` on Phillips Carbon Black with a price target of Rs 278 as against the market price (CMP) of Rs 204 in its report dated July 26, 2010.

20-JUL-10
Anand Rathi Securities has recommended `Buy` on Phillips Carbon Black with a price target of Rs 278 as against the market price (CMP) of Rs 206 in its report dated July 19, 2010.

03-MAY-10
Sharekhan has recommended ` Buy` Phillips Carbon Black with a price target of Rs. 250 as against the market price (CMP) of Rs. 222 in its report dated Apr. 30, 2010.



Future Plans
Consequent to the sale of land at Porur, the company is in the process of shifting its circuit breaker unit from Porur.

In September 2008, the shareholders approved the sale of undertaking related to the disconnector business at Puducherry. To facilitate this process, the company proposes to transfer the whole undertaking to its subsidiary S&S Power Switchgear Equipment. The subsidiary will focus on the high voltage diconnector business while the company will focus on the remaining business.



In Brief

 
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