Birla Corp

I took a dig at Birla Corp today .. at about 325 rupees. (I had previously bought it at rupees 210 and sold it at 350 .. it seemed attractive again). As usual, haven't gone into the details much and based the investment on a back of the envelop calculations. Quick notes -
1. One of the lowest PE ratios among all cement / diversified stocks (about 6.5 on a 1-yr fwd)
2. Investments of about 420 crs in the B/S (haven't seen the annual report, but should atleast come at cost .. effectively, 60 rupees per share)
3. Profits for last 4 quarters, between the 95 crs - 105 crs range (annual profit estimate at 400 crs, hmm .. ingenius calculations)
4. Debt recap ratio at 50% ... quite comfortable !

And.. just to be sure .. i searched for an analyst report on Birla Corp. Fortunately, not many analysts are following it. Religare did publish an update in Nov '07 and has put a buy indicator on it with a target of 500 rupees