Dalmia Bharat Limited

Founded in 1935 by Jaidayal Dalmia; the cement division of Dalmia Cement Bharat Limited (DCBL) (formerly known as Odisha Cement Limited) was established in 1939 and enjoys a heritage of 70 years of expertise and experience. They are headquartered in New Delhi with cement, sugar, travel agency, magnesite, refractory and electronic operations spread across the country. The Dalmia Bharat Group had established four cement plants in pre-independence years, two of which were affected by the partition and Independence. The two remaining plants operate as Dalmia Cement and they have an associate company which is Orissa Cement Limited (OCL). Managed by a professional team, they have sustained the path to innovation and growth for seven decades. The financials of the company is good, RoCE is 1.36% and at CMP its looks fully priced. As this is Open Offer buyback, so there is no arbitrage benefit to investors.  So we give AVOID rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal