Sandur Manganese Stock Story

Few important things have happened in the company over last few months, will be good to update:

• Company has acquired a speciality steel company – Arjas Steel an en EV of about 3000 Cr. I feel this is a very interesting move as the company was earlier going for DI expansion…which would have taken over 3-4 years and its not a great product to get into. While this company has a very large infrastructure and was earlier run by PE fund and hence well suited for Sandur. Sandur already had 1000 Cr cash surplus so this acquisition should help them go to next level.

• All the long pending approvals came through over the last 6 months and if one observes the Q4 presentation, it seems very strong scale up has happened and going forward one should start seeing the benefit of the big expansion in iron ore and manganese ore.

• Co has also expanded a lot in other segments like – Ferro manganese alloys. As of now the cycle is down but in coming times things can change and one may see the benefit.

Overall, there would be a significant change in scale of operations of the company over next 1-2 years because of the multiple things above.