TANTIA CONSTRUCTIONS LTD-IPO

Issue Opens: 27 March, 2006
Issue Closes: 31 March, 2006
Issue Size : 4,350,000(No. of Shares)

Lower Price Band : Rs.45
Upper Price Band : Rs.50

Application Multiple: 125 and in multiples there off starting with atleast 125 shares.

Maximum Shares: 1875 for retail investors

Information URL : http://www.tantiagroup.com
Prospectus URL : http://www.sebi.gov.in/dp/tantiadrhp.pdf

About the Company:

Tantia Constructions Limited (TCL) is a leading infrastructure construction company incorporated in 1964. TCL is a profit making company since inception and dividend paying since the last ten years.
It has a well diversified project portfolio; the company has special expertise in constructing Bridges, Rail Roads, Roads, Flyovers, Tunnels, Marine infrastructure,Township and Real Estate development, Structural Steel Engineering and Fabrication and Urban Infrastructure

List of Clients
Central & State PWDs, all zonal railways, National Highway Authority of India,IOC, IRCON, etc.

Key Financials
March 2005 : December 2005
Total Income Rs.106.29 Crs : Rs. 98.21 Crs
PAT Rs. 1.87 Crs : Rs. 4.08 Crs
RONW 2004-05 13.79%
RONW for 9 month period ended Dec 31, 2005 26.47% (Annualised)
EPS 4.33 : 12.60 (Annualised)
P/E at upper band of Rs.50/- is 3.96

Recommendation:
Extremely undervalued.With infrastructure being a key growth area Tantia Construction will offer excellent value to the short and long term investor.