Confidence Petroleum India – 114% Profits
Call given at 7, CMP 15. Book 114% (partial) profits at 15 and hold the rest for Long term.
Confidence Petroleum India (CONFIPET) is engaged in the liquid petroleum gas (LPG) bottling business. It was incorporated in July 1994 as a private limited company and converted into a limited company in September 1994. Earlier known as Deversa Gas-Chem, it got its present name on Feb. 21, 2006. The company is part of the Nagpur-based Confidence group, which is into the business of LPG cylinder manufacturing, bottling, marketing, blending, auto cylinder manufacturing and auto dispensing.
The company manufactures cylinders and is engaged in LPG bottling and distribution. It has fully absorbed the LPG bottling technology at its plants spread across Udaipur and Pali in Rajasthan; Raigad and Patalganga in Maharashtra; Coimbatore in Tamil Nadu; Haridwar in Uttaranchal; Chindwara, Gwalior and Jabalpur in Madhya Pradesh.
A plant in Patalganga manufactures cylinders, and the Andhra Pradesh State Government allotted a 10-acre piece of land in 2008 within a Visakhapatnam special economic zone to establish a second CNG cylinder manufacturing plant.
Currently trading around 7 and having a P/E of 11
Data collected for Myris
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