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Sri Lanka Equity Forum » Stock Market Talk » MELSTACORP PLC (MELS.N0000)

MELSTACORP PLC (MELS.N0000)

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SelvaKolla


Stock Analytic
Stock Analytic

February, 6, 2019
News from: http://bizenglish.adaderana.lk/sri-lankan-billionaire-liquor-baron-harry-js-melstacorp-nearing-10-stake-of-jkh/


MELSTACORP PLC (MELS.N0000) - Page 3 Harry-Jayawardene1-2
Analysts say if Melstacorp takes over control of JKH, Harry J may virtually control 4 largest Licensed Commercial Banks, several Finance and Insurance Companies apart from being a Liquor and Dairy Baron that controls Colonial era founded 2 largest Conglomerates in Sri Lanka
Sri Lanka’s one of the oldest-richest men and a Billionaire turned Liquor and Dairy Baron Harry Jayawardena, has increased his shareholding in Colombo Stock Exchange’s (CSE) leading listed Blue Chip in Sri Lanka - John Keells Holdings (JKH) to nearly 10%, latest financials note.
Billionaire Harry Jayawardena’s Melstacorp PLC owned 8.4% of JKH voting shares according to the December 31, 2018 financials of JKH. The John Keells Holdings (JKH) group is Sri Lanka’s foremost conglomerate that sells Keells Sausages to Elephant House Sausages to Elephant House Drinks; Premier Cinnamon City and Suburb Hotel Rooms to Expensive City Condominiums in the country apart from controlling a larger share of Port Operations, Tea and Rubber Broking to several other industries. The JKH group’s over 13%-16% stake for almost two decades has been under ownership of Billionaire Sohli Captain and family along with his company Paints and General Industries that also control one of Sri Lanka’s oldest and leading agricultural and fertilizer business conglomerate CIC Holdings. Sohli Captain and Rusi Captain along with Paints and General Industries still control over 20% of JKH as at 31st December financials.
The second largest shareholder of JKH is Malaysia’s state investment arm Khazanah Nasional’s special investment purpose vehicle Broga Hill Investment Ltd (Current stake 10.2%) that bought an 8.9% stake in Sri Lankan conglomerate John Keells Holdings (JKH) for nearly US $ 120 million in Mid-March 2012 and increased the stake form their onwards till 2013.
JKH recently concluded a buyback of shares by January 2019, which was announced in November 2018 that planned to execute a share buyback to the tune of Rs.11.1 billion, offering to repurchase one out of every 20 ordinary voting shares in issue, at a price of Rs.160 per share from existing shareholders. The Board of Directors of John Keells Holdings PLC (the Company) highlights in the December 2018 financials that they resolved on 11 November 2018 to repurchase up to a maximum of 69,376,433 of its Ordinary Shares, amounting to 5% of the total number of issued shares of the Company and the Company received acceptance of 32,189,118 Ordinary Shares (which amounts to acceptance of 46%) and 37,187,315 shares were allocated for repurchase based on the additional applications. A total amounting to Rs. 11.10 billion has thus been paid out on 25 January 2019.
As at 31st December 2018 JKH had 1,387,528,658 (over 1.38 billion) voting shares in issue whilst  10,914,400 (Over 10 million) of them are owned by current Chairman Krishan Balendra and 20,006,476 (Over 20 million) of them are owned by his father and first Sri Lankan Chairman of JKH Kandiah Balendran. Apart from that recently retired JKH Chairman Susantha Ratnayake also owns 9,241,144 (Over 9 million) shares of JKH making the two former Chairmen and Present Chairman Billionaires in the country. Market analysts note that a possible subsequent purchases by Harry Jayawardena after the December quarter, it is likely that the Melstacorp holding in JKH may be close to 10%.
Market analysts further points out that if Billionaire Harry Jayawardena or his Melstacorp representatives get a Board Seat or two of John Keells Holdings (JKH) will indirectly give opportunity to Harry Jayawardena and his family to control JKH associate and subsidiary banks and insurance companies such as Nations Trust Bank and Union Assurance. Harry Jayawardena already controls country’s largest privately owned three licensed commercial banks in Sri Lanka including HNB, DFCC and Commercial Bank apart from the finance and insurance companies owned by those banks apart from Harry Jayawardena owned Continental Insurance. Some economic experts and analysts outline that many entrepreneurs and common people lose access for credit opportunities or unable to seek potential credit for enterprise growth once a ‘Mega Oligarch’ take the control of several banks in the country which will provide ample of huge opportunities for such an Oligarch to take over other ailing businesses or running enterprises in an economy which has only 21 million populace, whilst such an economy is controlled by mostly un-educated politicians that take unwise policy decisions falling to the hands of the Oligarchs business agenda. Earlier Sri Lanka’s financial regulators had written legislation that has prevented local banks from falling into the hands of a controlling shareholders such Harry Jayawardena, however he still continue hold a larger percentage of HNB, DFCC and Commercial Bank whilst it has also paved some Harry J favoured professionals (who are also relatively attached to country’s top politicians) to serve the top seat in top two privately owned banks in the country including HNB and Commercial making history in Sri Lanka.
JKH reported revenue at Rs.36.55 billion for the third quarter of the financial year 2018/19 which is a 17% increase over the Rs.31.22 billion recorded in the previous financial year. The cumulative revenue for the first nine months of the financial year 2018/19 at Rs.99.28 billion is an increase of 13% over the revenue of Rs.87.66 billion recorded in the same period of the previous financial year. The profit attributable to equity holders in the third quarter of the financial year 2018/19 at Rs.4.80 billion is an increase of 7% over the corresponding period of the previous financial year, whilst the first nine months performance at Rs.12.08 billion is an increase of 9% over the previous year.
 
- Reporting by Devendra Francis

42MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Thu Feb 07, 2019 1:27 pm

SelvaKolla


Stock Analytic
Stock Analytic
[size=33]Harry J’s shareholding in JKH approaching 10%, stake valued at close to Rs20bn[/size]
Author  LBONews from: http://www.lankabusinessonline.com/harry-js-shareholding-in-jkh-approaching-10-stake-valued-at-close-to-rs20bn/
Posted on  February 5, 2019 |  Economy & Markets,  MarketsMELSTACORP PLC (MELS.N0000) - Page 3 KB-800x534

Krishan Balendra during a Bloomberg Television interview in Hong Kong. Photographer: Lam Yik Fei/Bloomberg via Getty Images


February 5, 2019 (LBO) – Sri Lanka’s richest man, Harry Jayawardena, has increased his shareholding in Colombo Stock Exchange bellwether John Keells Holdings (JKH) to near 10%.  The total value of his shareholding is now worth close to Rs20bn.
As of December 31, 2018, Jayawardena’s Melstacorp PLC owned 8.4% of JKH.
After the quarter ended, the company executed a buyback transaction in which JKH bought back 5% of its total outstanding shares for Rs160/share.
After the company buyback, and possible subsequent purchases by Jayawardena after the December quarter, it is likely that the Melstacorp holding in JKH is close to 10%.
JKH is Sri Lanka’s most important stock exchange listed company. It is the only local company that has been able to attract in excess of a billion dollars in foreign investment through the capital markets, and it is likely the only local company with the financial muscle to embark on billion dollar projects like its upcoming Cinnamon Life property development.
JKH has just recently undergone a leadership transition where the Board of Directors chose Chairman/CEO Krishan Balendra (45) to lead the company for at least the next decade. Balendra and the Board have yet to express views on shareholders accumulating large stakes of the company in excess of 10%. It is also unclear if representatives of such large shareholders will be invited to join the JKH Board of Directors.
Some market watchers are of the opinion that if control of JKH were to fall into the hands of one of Sri Lanka’s oligarchs, that it would be as significant detriment to the country and its economy.
Sri Lanka has written legislation that has prevented local banks fro falling into the hands of a controlling shareholder. Previously, it was the same Harry Jayawardena who made plays to take over Sri Lanka’s largest listed banks: Commercial Bank (COMB) and Hatton National Bank (HNB).
Other than with banks, policy makers have yet to express views on control of Sri Lanka’s largest companies by high net worth investors.
[size=14]MELSTACORP PLC (MELS.N0000) - Page 3 Jkh-shareholders
[/size]

43MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Fri Nov 01, 2019 1:02 pm

God Father


Senior Equity Analytic
Senior Equity Analytic
MELSTACORP PLC (MELS.N0000) - Page 3 Screen33
MELSTACORP PLC (MELS.N0000) - Page 3 Screen31
MELSTACORP PLC (MELS.N0000) - Page 3 Screen32

44MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Fri Nov 01, 2019 1:07 pm

God Father


Senior Equity Analytic
Senior Equity Analytic
MELSTACORP PLC (MELS.N0000) - Page 3 Screen34

45MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Mon Nov 04, 2019 7:56 am

ChooBoy


Senior Equity Analytic
Senior Equity Analytic
[size=33]Melstacorp to remain acquisitive in non-alcobev sector[/size]




Melstacorp PLC will continue to look for acquisition and investment opportunities in the non-alcoholic beverage segment as the company is looking to further reduce its over-reliance on its alcohol business, which is largely susceptible to the country’s lopsided and frequently changing public policy.


However, such acquisitions or investments could weigh on the group’s leverage, which has already weakened due to large debt-funded investments in recent times, cautioned Fitch Ratings.



While affirming the conglomerate’s rating at ‘AAA’ with a ‘Stable’ outlook, the rating agency stated that the entity’s net leverage had weakened to 1.8 times during the financial year ended March 31, 2019 from 1.3 times a year ago due to the increased debt.


However, the rating affirmation reflects Fitch’s expectation of the company’s ability to maintain the leverage below 2.0 times over the medium term, despite large investments.


“The ratings of Melstacorp and Distillery Company could come under pressure if Melstacorp continues to make large debt-funded investments that dilute the cash-flow stability of its core spirits business or are not immediately cash-flow accretive,” the rating agency stated.



Fitch measures leverage as net adjusted debt/operating earnings, before, interest, tax, depreciation, amortisation (EBITDA) and rent.



At Melstacorp, net leverage includes its 51 percent share in Aitken Spence PLC’s net debt and EBITDA, but excluding its insurance subsidiary.



Since the restructuring of the conglomerate under Melstacorp through a complex share swap, the company was cleaving off some of its business units such as its finance company and entered into healthcare and cement sectors by investing as much as Rs.1.2 billion.



Meanwhile, Melstacorp has also increased its stake in the country’s largest conglomerate, John Keells Group from 3.5 percent to 9.9 percent spending as much as Rs.12 billion, which was largely debt-funded, Fitch said.



Since its restructuring, the group has been vying for investment opportunities in various sectors as its subsidiary, Distilleries Company of Sri Lanka PLC, is still making 70 percent of the group’s consolidated EBITDA and is expected to be the case in the medium term.



Although Distilleries Company remains the market leader with a market share of 70 percent, up from 65 percent in 2017, the unproportionate tilt towards one business segment, which is also highly contingent on the government policy, has led the company to continue to look for further diversification opportunities in non-alcoholic beverage segment.



“Distillery Company saw a drop in sales volume in 2018 following the 2017 excise-duty revision, which brought down taxes on beer. This led to consumer demand shifting to beer, away from spirits, which has become cheaper on an equivalent-alcohol basis.



Distillery Company has also lost volume to the illicit market owing to the high tax regime and weak economic conditions, which has made its products less affordable. The government reduced the excise tax difference between spirits and beer to 20 percent in March 2018, from 34 percent, which partly contributed to Distillery Company’s net revenue growth of 10 percent in 1Q20, Fitch stated.



Apart from the distiller, Melstacorp has interests to plantations, telecommunication, power generation and leisure.

46MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Thu Nov 07, 2019 8:37 pm

ChooBoy


Senior Equity Analytic
Senior Equity Analytic
Melsta Corporation Simple value calculation based on current market price their listed subsidiaries

Distilleries Compant: Market Cap 80.50B X 92.5% = 75bn
Aitken Spence PLC: Market Cap 18.07B X 50.1% = 9bn
John Keels Holding : Market Cap 202.34B X 9.8% = 20bn

Total value = 104bn

47MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Thu Nov 07, 2019 8:39 pm

God Father


Senior Equity Analytic
Senior Equity Analytic
@ChooBoy wrote:Melsta Corporation Simple value calculation based on current market price their listed subsidiaries

Distilleries Compant:  Market Cap 80.50B X 92.5% = 75bn
Aitken Spence PLC:   Market Cap 18.07B X 50.1% = 9bn
John Keels Holding : Market Cap 202.34B X 9.8% = 20bn

Total value = 104bn


MELSTACORP PLC (MELS.N0000) - Page 3 Mels10

48MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Fri Nov 08, 2019 7:23 am

wisdom79

wisdom79
Vice President - Equity Analytics
Vice President - Equity Analytics
This must reach above 60/- but it's still sleeping!!!!

49MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Fri Nov 08, 2019 8:12 am

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
HJ was able to control leading private banks and insurance companies and accumulate wealth through Sri Lanka insurance corporation in a considerable way.
That was limited by the judgement given by supreme court by handing over SLIC back to government.
The treasury has still not paid the monies due,to distilleries company which was the original investment arm.
That is above Rs 5 billion.

50MELSTACORP PLC (MELS.N0000) - Page 3 Empty MELSTACORP PLC (MELS.N0000) The next AEL on Sat Nov 09, 2019 9:30 am

cseranga

cseranga
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
If you can buy & hold MELS.N for 1 year you can sure sell it for 80/=, likely to be the next Rajapakshas favorite companies who occupied the front seat of number of Viyathmaga forums Very Happy Very Happy Very Happy Very Happy

51MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Sun Nov 10, 2019 4:53 am

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
Value is there for Mel's ,but Rs 80 is bit difficult to achieve...
They are increasing its investment on  JKH gradually.
If they receive money due to them from the treasury ,it will move very fast

52MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Mon Nov 11, 2019 10:16 am

Quibit

Quibit
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Distilleries Company of Sri Lanka PLC (DCSL) and Melstacorp Limited (MC) are Companies registered under the Companies Act No. 07 of 2007 and DCSL is listed on the Colombo Stock Exchange (CSE).

DCSL has circulated to its shareholders, a document titled ‘Proposed Arrangement under Part X of the Companies Act No. 07 of 2007 (The Arrangement)’ and dated 10th August 2016 wherein the intention of the Board of DCSL, to recommend to the shareholders to make MC the ultimate holding company of the group and to be the flagship of the Group and to obtain a listing for its shares in the CSE, has been expressed.

We reviewed each significant activity of the proposed arrangement and connected to it as stated below:

(1) Issue of 148,218,056 new voting shares on 01st August 2016 by MC to its 100% parent DCSL at a consideration of LKR 26,679 million with a view to settle intercompany dues and transfer money from DCSL to MC.
(2) Consolidation of all issued shares of MC to 1,000 shares with the intention of reclassifying them in to non-voting shares subsequently.

(3) Issue of 1,200 million shares by MC to the shareholders of DCSL in lieu of transfer of 300 million shares held by such shareholders in DCSL. This is to be based on four shares of MC for each share of DCSL considering the per share values of DCSL and MC as LKR 47 and LKR 11.75 respectively. At this point MC will become the parent of DCSL.

(4) Repurchase by MC of 34,602,928 of its own shares that will have been held by the Trustee of Melstacorp Limited Employees Share Trust (MLEST) in lieu of LKR 1,392,132,049 owed by MLEST to MC as at 31st March 2016.

(5) Issue of new shares by DCSL with a view to restore the negative position of net assets to positive of the company.
In the aforesaid (1) and (2) have already happened and (3) and (4) are the principle transactions of the arrangement, whereas (5) will have to go through the process of issuing shares after completion of the arrangement.

When the aforesaid activities (1) to (4) are evaluated strictly from point of view of all (majority and minority) the shareholders of DCSL immediately prior to activity (1), those shareholders will continue to own the same proportion of the same net asset base (without any reduction) of the DCSL/MC group (subject to any interim purchases / disposals of DCSL shares) through the resulting shareholding in MC after activity (3).

As a result of activity (4) the proportionate shareholdings of the remaining shareholders, other than the Trustee, will increase and the impact will apply equitably to all the remaining shareholders.

The sole purpose of our exercise is to provide an independent commentary to the Boards of Directors of DCSL and MC, on the proposed arrangement and connected activities, to be used by them in their decision making. The aforesaid evaluation was carried out only from the point of view of the shareholders of DCSL and we have not evaluated the interests of any other stakeholder of DCSL or MC. Therefore our responsibility is confined to the Boards of Directors of DCSL and MC. We will assume no responsibility towards any other party who may use the contents of this commentary in making their decisions.

Our commentary does not constitute an assurance under Sri Lanka Auditing Standards. We have not carried out any due diligence, audit or any exercise of similar nature to validate the information given in the aforementioned documents.

Read the entire restructuring process:
https://cdn.cse.lk/cmt/uploadAnnounceFiles/4351473076548_463.pdf
https://cdn.cse.lk/cmt/uploadAnnounceFiles/6301506082234_463.pdf



Last edited by Quibit on Mon Nov 11, 2019 10:18 am; edited 1 time in total

53MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Mon Nov 11, 2019 10:24 am

ChooBoy


Senior Equity Analytic
Senior Equity Analytic
කවුද හොරා! පුල්වන්නම් හොයා ගන්න!
- රක්ෂණ සංස්ථාව (INSURANCE COPORATION) පැහැර ගන්න ගොස් අහුවුනම අලුතෙන් පටන් ගත්ත කොන්ටිනෙන්ටල් ඉන්සුරන්ස් (CONTINENTAL INSURANCE)
- බැංකුවල බලය ගන්න ගියහම සෙන්ට්‍රල් බැංකුවෙන් (CENTRAL BANK) 10% වඩ වැඩිපුර කොටස් විකුනන්න කියලා බලය සීමිත කලා.
- ආණ්ඩුවට තිබුණු ඩිස්ටිලරීස් කෝපරේෂන් එක කොම්පැනියක් කරගෙන DISTILLERIES 92% අයිති කර ගත්ත.
- ජෝන් කීල්ස්  (JOHN KEELLS  HOLDINGS) 10% සතුව ඇති මොහු තවත් 10% වෙලාව බලාගෙන සිටි.
- අයිට්කන් ස්පෙන්ස් (AITKEN SPENS HOLDINGS) 50% සතුව ඇති මොහු ලංකාවේ සංචාරක සෙස්ත්රය පාලනය කිරිමට් මාන බලයි.
- ලංකා බෙල් (LANKA BELL) බලන්නේ ශ්‍රී ලංකා ටෙලිකොම් එකට කෙලිමටය.

මොහුගේ සියලු ධනය Warren Buffet මෙන් සඟවා ඇත්තේ කුමන ආයතනයෙද??

54MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Fri Nov 29, 2019 10:26 am

Quibit

Quibit
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Melstacorp getting a huge dividend from Distilleries. This Tax free dividend should be in the hands of MELSTA CORP Shareholders. 95% of Distilleries is owned by Melstacorp


DISTLLERIES DIVIDENDS
Voting share (N):
Date of initial announcement:14 Nov 2019
Dividend per share (Rs.) :Voting :0.650
Type of dividend :First interim
Financial year:2019/2020
Shareholder approval:Not required
XD date :25 Nov 2019
Payment date :04 Dec 2019
Share transfer book:Open

55MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Sat Nov 30, 2019 1:59 pm

roshan1039


Moderator
Moderator
@Quibit wrote:Melstacorp getting a huge dividend from Distilleries. This Tax free dividend should be in the hands of MELSTA CORP Shareholders. 95% of Distilleries is owned by Melstacorp


DISTLLERIES DIVIDENDS
Voting share (N):
Date of initial announcement:14 Nov 2019
Dividend per share (Rs.) :Voting :0.650
Type of dividend :First interim
Financial year:2019/2020
Shareholder approval:Not required
XD date :25 Nov 2019
Payment date :04 Dec 2019
Share transfer book:Open
Its around LKR 1.6 per share

56MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Sat Nov 30, 2019 7:53 pm

ColomboCSE


Equity Analytic
Equity Analytic
@roshan1039 wrote:
@Quibit wrote:Melstacorp getting a huge dividend from Distilleries. This Tax free dividend should be in the hands of MELSTA CORP Shareholders. 95% of Distilleries is owned by Melstacorp


DISTLLERIES DIVIDENDS
Voting share (N):
Date of initial announcement:14 Nov 2019
Dividend per share (Rs.) :Voting :0.650
Type of dividend :First interim
Financial year:2019/2020
Shareholder approval:Not required
XD date :25 Nov 2019
Payment date :04 Dec 2019
Share transfer book:Open
Its around LKR 1.6 per share

don't forget jkh - 9.8%  Very Happy

57MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Sun Dec 01, 2019 8:34 am

roshan1039


Moderator
Moderator
once the big seller finished around 45 & 46 this will shoot up to 60 easily

58MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Sun Dec 01, 2019 8:38 pm

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
@ColomboCSE wrote:
@roshan1039 wrote:
@Quibit wrote:Melstacorp getting a huge dividend from Distilleries. This Tax free dividend should be in the hands of MELSTA CORP Shareholders. 95% of Distilleries is owned by Melstacorp


DISTLLERIES DIVIDENDS
Voting share (N):
Date of initial announcement:14 Nov 2019
Dividend per share (Rs.) :Voting :0.650
Type of dividend :First interim
Financial year:2019/2020
Shareholder approval:Not required
XD date :25 Nov 2019
Payment date :04 Dec 2019
Share transfer book:Open
Its around LKR 1.6 per share

don't forget jkh - 9.8%  Very Happy
They own most sound portfolio in the country.

59MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Thu Dec 05, 2019 10:46 am

Quibit

Quibit
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Quibit wrote:Voting share (N)
Description :Melstacorp Plc - Interim Dividend

Date of initial announcement:19 Nov 2019
Dividend per share (Rs.) : Voting :2.000
Type of dividend :First interim
Financial year:31st March 2020
Shareholder approval:Not required
XD date :28 Nov 2019
Payment date :09 Dec 2019
Share transfer book:Open


Share with a Good Dividend Yield
LKR 2/= Interim Dividend is equal to 5% ROI per annum so far. More Dividends expected.

60MELSTACORP PLC (MELS.N0000) - Page 3 Empty Re: MELSTACORP PLC (MELS.N0000) on Sat Dec 14, 2019 12:43 pm

roshan1039


Moderator
Moderator
This is one of the valuable share in the market trading around 42 and 43 level

Has potential to reach 60 level in short term

I am holding Mels

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