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Jindal Stainless: Investments in the fixed deposit scheme of Jindal Stainless can be considered with a one-year perspective. The demand for stainless steel is expected to be robust both in the domestic market and in China over the next two/three years.

The company's exports (in value terms) have increased over the last one year, resulting in higher realisations. This trend is expected to continue leading to an expansion in operating profit margins.

The increase in steel melting and cold rolling capacity is likely to bolster the volume growth while the commissioning of ferro alloys facilities would reduce its raw materials costs.

Post-restructuring, the company has been able to improve its interest cover by reducing the weighted average cost of debt.

The current cool off in steel prices appears to be a temporary blip and steel prices are expected to settle at higher levels towards the end of the third quarter of FY-06.

Further details on the FD programme can be obtained from the company's registered office at Delhi Road, Hissar - 125 005 (Haryana) Ph: 1662-222471-83.

India Glycols: An investment can be considered in the two-year fixed deposit of India Glycols. It also offers a three-year lock-in option, which can be avoided for now. The company offers an interest of 8 per cent and 8.5 per cent on its deposits for two and three years respectively. Cumulative options are also available.

India Glycols, backed by sharp rise in prices of mono-ethylene glycol (MEG), has reported a sharp rise in profits for the three quarters in the fiscal 2005. Prices of molasses have been rising at a slower pace contributing to higher margins.

India Glycols is the only manufacturer of MEG using the molasses route other than the Reliance group; it also makes di-ethylene glycol and ethylene oxide derivatives.

The prices of molasses are expected to rise even further, while global MEG prices are expected to decline cutting into the margins of India Glycols.

Interest expenses are, however, sufficiently covered and the company would be able to meet their interest obligations for a two-year period.

OCL India: An investment may be considered in the one-year fixed deposit of OCL India.

Investors can opt for the cumulative option, as it would push the yield to slightly higher levels compared to the interest rate of 7.50 per cent on offer.

The two- and three-year options may be avoided; for the former, the rate is the same as a one-year deposit and there is no maturity premium to compensate for the longer tenure.

The incremental rise in the interest rate for the three-year deposit is just 25 basis points, which is inadequate for taking an exposure for an additional two years.

OCL India is in the business of cement and related products. The company's financials are in healthy shape.

With an improvement in cement prices, profitability and earnings levels are likely to comfortably cover the interest outgo, which is only about 10 per cent of operating profits.

Investors in the FD programme have no cause for concern

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