Its current m-cap is around a quarter of its fair value. Giving it close company is GHCL (formerly Gujarat Heavy Chemicals), one of India’s leading manufacturers of soda ash. Over the past few years, the company has opted for a series of overseas acquisitions to emerge as one of the world’s leading producers of soda ash. That, however, is yet to be reflected in its m-cap and GHCL’s stock is trading at a 70% discount to its estimated fair value. Similar is the case with Binani Industries, which is a pure holding company with no business operations of its own.