Wednesday, June 30, 2010

WIRES AND FABRIKS - An Unnoticed Player

Wires and Fabriks (SA) is an unknown and unnoticed
company among investor fraternity over a long
period of time.This company is established at Jaipur
in 1963.Company’s product list includes Industrial
Synthetic Fabrics, EDM Wire, Wirecloth,
Conveyor Belting, Dryer Screens, Bronze Wire Cloth,
Paper Making Chemicals, Paper Machine Clothing ..etc.
Company is working with a technical collaboration with
Hutter and Schantz of Austria.Wires and Fabriks is the
first ISO 9002 certified wire cloth manufacturer from
Asia and exporting its products to more than 25
countries. A major portion of company’s income coming
from paper industry which is growing at a good pace.
Company is the first one introduced double layer
forming fabricks in India .Company is growing at a
steady pace in last many years.At present company is
going through an expansion cum modernization programme
which is expected to improve its performance going
forward.Since the open market purchase of promoters
led to a mandatory open offer ,in the last financial year
company came out with an open offer at Rs.71/-.

In FY 2009 ,company posted a turnover of Rs.66 Cr and
a net profit of 3.46 cr with an EPS of Rs.11.30/-.
Effect of growing demand and expanded capacity
will be reflected in the financials going forward. At CMP of
Rs.110/- WIRES AND FABRIKS(SA) is a decent long term pick



It is that time of the year when investors start receiving the most
critical communication tool from the company, namely the
annual report. An annual report provides a summary of how
a company has performed in the year that went by, and how
it is likely to perform in the forthcoming year.

For companies, it is mandatory to send a hard copy of the

annual report to each and every shareholder. While a lot of
shareholders merely keep annual reports aside or throw them
away with old newspapers, there are important cues which
savvy investors pick.

In fact, for the general public, the annual report is the only

financial document that they get to see. Hence, for existing
shareholder, it could be the best source of information to
determine the financial health of a company and to learn about
any problems or opportunities in the business environment.

Here are some important things that you could look for

in a balance sheet.
Balance sheets can be designed in any shape and size. Also, there is
no mandatory rule which specifies the quality of paper to be used
in an annual report.

Hence, while some companies come up with a plain vanilla annual

report with simple fonts, simple colours and pay little attention to
page layouts and displays, there are companies which use
high-quality paper, take special efforts to design it and ensure
that the annual report is really presentable to their shareholders.

“How the annual report looks and feels conveys its image and

speaks volumes about the ability of a company to market itself
in the corporate world. Quality of paper used in the annual report,
many a time, is proportionate or signifies how well the company
is doing,” said Alok Churiwala, managing director, Churiwala Securities.

Sending the annual report by courier or speed post, as compared to

ordinary post, could denote how important an investor is for the company.

Management discussion and analysis
This section is of prime importance for research analysts as well
as fund managers. It gives you an overview of the previous year
of operations and how the company performed.

Besides this, most importantly, the management shares its

vision for the coming year, updates on projects which are
in the pipeline and thoughts on future projects. However, investors
should keep in mind that unlike the numbers, this section is unaudited.

“Management discussion and analysis is very important to me in

case of multinational companies, where there is less communication
by way of conference calls or analyst meets during the year,” said
Anand Shah, head (equities), Canara Robeco Mutual Fund.
This section gives you important clues as to the direction in which
a company is thinking, how they think the year ahead is going to be
for the industry and how the company will fare.

Financial statements and strength of balance sheet
Shareholders like to look at the income statement as it denotes
how the company is performing in its business, how much profit
the company is making and what is it earning from its core
operations. Portfolio managers and analysts are concerned
about the strength of the balance sheet.

“I look at things like inter-group loans, investments, cash and debt

position in the balance sheet prior to making an investment decision,”
said Vaibhav Sanghvi, director (funds management), Ambit Capital.

There are things like auditors qualification, or one-off expenditure

which raise a red flag and need to be considered further by analysts.
Then, there are things like cash flow statement which is sacrosanct
for most analysts.

Monday, June 28, 2010


Sukhjit starch and chemicals is one of the largest
manufacturer of starch and starch derivatives in 
India. Company has four units one each in Punjab,
Andhhra Pradesh,West Bengal and Himachal. 
Company’s products are widely used in industries
like Confectionery, Bakery ,Preserved food,
Baby foods,Ice creams..etc. All of these
industries are closely related with direct
consumer spending. Company is a preferred
supplier of well known firms like Wrigley
India Ltd., Dabur India Ltd., Perfetti
India Ltd.,Godrej,  Parle, and  Cadbury.
Citing the vast scope in consumer industries,
company is now planning to start another
Greenfield plant near the existing site at
West Bengal with a capital outlay of Rs.50 Cr.
Entire amount for the expansion will be funded
through term loans and internal accruals.
For the last financial year company posted a
turnover of Rs.259 Cr and a net profit of
Rs.15 Cr with an EPS of Rs.20/-. Sukhjit also
declared a dividend of 60% for its Rs.10/-
FV shares.It is expected to perform even
better in coming years. Open market purchase of
shares by promoters are also a positive factor.
A decent medium to long term BUY at current level
of Rs.169/- which is at a price earning multiple
of 8.5. Keep an eye on maize prices which is the
raw material of the company and prone to
wild fluctuations  due to monsoon effect. 

Sunday, June 27, 2010


Jaipur based Genus Power Infrastructure is one
of the largest company making energy meters
in India.It also engaged in Power Distribution
Management Projects, Hybrid microcircuits, Inverters,
Batteries, Home UPS and Online UPS.Genus is the first
company introduced pre-paid energy meters
in India ,having lot of potential in future.
Till FY 2009 company posted very good performance .
In March 2009 company posted a profit of Rs.48 Cr
(excluding extra ordinary item).But in October 2009 ,
there was a fire in Indian Oil depot
in Jaipur - very close to the factory of Genus-broke
out and its factory damaged seriously which led to
production disturbance for few months. This unfortunate
event badly affect the performance of Genus in just
previous FY 2010 ,where company posted a profit
of Rs.15 Cr. But now ,company started production from
its new unit at Haridwar from the beginning of this
financial year. Currently company having an order book
around Rs.900/- Cr which gives good visibility for
earnings in near future. Considering the changed
situation and government thrust in rural
electrification ,there is good future for Genus
Power Infrastructure.Currently it is quoting
around Rs.210/- ,a decent BUY.

Saturday, June 26, 2010

No need to throw stones

After my posting on ORCHID CHEMICALS ,I have received few mails stating that Orchid is a company like Satyam Computer and its promoter Mr Raghavendra Rao is similar to Mr Raju of Satyam.I have a different opinion on it and it is a continuation of my earlier post on Orchid Chemicals.

I think Mr. Raghavendra Rao does not committed any fraud.
When we recollect the past, Mr Rao was a first generation
entrepreneur with lot of idea but without deep pockets.
Since he doesn’t have enough money ,he forced to dilute
equity in favor of others (mainly for various FII’s )  and also
raised fund through FCCB’s. Using these funds company
created top class facilities for manufacturing. After these fund
raising exercise Mr.Rao’s stake in percentage terms come
down drastically in the company.
In order to increase his share holding in
the company Mr Rao wants to purchase shares from open
market .For this purpose he pledged his existing shares with
India bulls and Religare and bought money from them  for
market purchase of shares of his own company  .
Unfortunately at this time the subprime crisis worsened and
one of the share holder BSMA forced to offload their entire
stake in the open market. Such a huge sell off led to a sharp
drop in its share price which led to margin calls by India Bulls
and Religare , Mr Rao could not meet his obligation and even
forced to sell already bought shares .All these unfortunate events
led to a sharp fall in share price of Orchid from Rs.240/- level to
just Rs.56/- in 2009.On the other hand ,in the past two years
due to unfavorable volatility in exchange value of rupee company
also suffered loss in foreign exchange and FCCB   front .To save his
company,Rao had no other option than selling part of  his company
itself for escaping from debt trap.That’s why he sold the  injectable
business to ‘HOSPIRA’ last
year .But he didn’t took the amount personally and the entire amount
came to the company itself .Company realized an amount close
to 1900 Cr  and used Rs.1400 Cr out of it for repayment of loan
.Balance amount is with the company for further acquisitions and
repayment of  FCCB . It take the first move in this direction by
acquiring US-based generic marketing company Karalex Pharma
in this month. Orchid also declared a dividend of 100% for this FY.
Sell off of  the  injectables business is expected to result a revenue
loss of  $ 90 mn for Orchid ,but I strongly believes that Orchid will
compensate it through it new products and by increasing the volume
of existing products in two year time. Moreover  Mr Rao already
indicated that he is going to increase the promoter stake through
creeping acquisition and which is already visible in latest share
holding pattern. This is the real story , and I believes that it is
entirely different from ‘Satyam Saga’ . So there is no reason for
comparing both these companies and throwing stones to a
promoter like Mr.Raghavendra Rao. Some unfortunate things
happened in the past and Mr Rao may have learned valuable
lessons from past happenings and in my opinion he is capable of 
steering the company to new heights.
When there was a crash in share prices ,both Ranbaxy and
Serum Institute of India (a Poonawala Group Company) bought
huge quantity shares of Orchid  from the open market  itself is a
testimony for the quality of the company and its products.
So I believes that if there is any problems like the previous one
occurred due to higher  percentage of pledged shares  there will
be many takers for this 1300 Cr company .In nutshell Orchid is a
‘Class ‘company  for investment  if you have sufficient patience
with a three year target of  Rs.400/-.

Thursday, June 24, 2010


So far I have recommended Simran farms twice ,first through MMB @ RS.14/- and again through this blog @ Rs.30/- Currently it is quoting around Rs.43/- .Considering the steady growth company shown in past few years and expected the same trend going forward ,I still feels that there is some more steam left in this counter .

You can access past two write ups from the following links

1) Simran Farms -MMB
2) Simran Farms -Blog

Wednesday, June 23, 2010


Orchid Chemicals and Pharmaceuticals is a 1300 + Cr pharma company based in
Chennai promoted by  Mr.K Raghavendra Rao
Orchid is the largest manufacturer of
Cephalosporin in India and one of the top
five in the world.Company has strong presence
in API and formulation segment.It is very strong
in R&D and has a special R&D wing in the name
of Orchid Research Laboratories with more than
130 scientists.Orchid's plants are approved by
various foreign agencies like US FDA and the
company is one of the largest exporter from India.
Last year was a disaster for orchid mainly
because of its huge debt burden and foreign
currency loss.Inorder to de-leverage ,company last
year sold its generic injectable finished dosage
business to 'HOSPIRA' and repaid loans worth
Rs.1400 Cr using part of this realisation .
Using part of the balance fund ,Orchid recently
aquired a company named Karalex Pharma .
This aquisition will be a boost for its marketing
efforts in US over next few's bad times
are almost over and it is expected to post better
perfomance in the years to come.Orchid is expected
to post a turnover of Rs.1270 Cr and a net
profit of Rs.85 + Crore in current financial year .
Company recently declared a dividend
of Rs.10/- each (100%) too.  Moreover after the reduction in debt
Orchid is a perfect takeover target due to its large size ,
quality of operations ,well established R&D and comparatively
low promoter stake At current market price of Rs.161 /- ,
Orchid is a decent BUY.

Tuesday, June 22, 2010


Nowadays my mail box flooded with mails requesting to express
opinion on Concurrent India Infrastructure Ltd after recent
developments in the company. I really wonder ,how a small
company which changed its name and line of business recently
getting this much attention from investment fraternity.
On the other side I am really afraid because of my past experience
about over publicised companies in the past .
Anyway I would like to express my view on mid-small caps
generally and not on any company specifically.

1)      I strongly believes that , It is the commitment of any
good  management to come out with an explanation about facts
to its share holders,if there is any strong allegations about any company.

2)      If any company spending much time and energy  for publicity
and announcement ,such companies should be treated with caution.
If any company is working really well and growing steadily
investors will eventually find it out  and it will get deserved
valuation in long term – promoters should concentrate in
business rather than publicity .

3)If any company announcing business deals only  with unknown
parties and parties outside the country ,such companies should be 
treated care fully. In the case of deals with companies outside the home
country , it is not very easy to verify the facts ,which increase the chance
of  foul play. Especially, if the company is very small and no previous
credentials of large project execution ,it is not very easy to get large
contracts anywhere.

4)      If any company announcing only the beginning of various
projects and silent on its completion , it is difficult to swallow such
claims as such

5)      If a company or promoter group  lost its glory due to  serious
allegations and no effective efforts from promoters to clarify their side ,
such company’s will underperform even if they declare excellent results later.
This is because  investors will sceptical  about the results ,
whether it is genuine or fabricated.

PS. :Study the history of companies like Teledata ,Compact disc ..etc.

6)    In a bull market  Small and midcaps are moving not only because
 of fundamentals , anything possible if the parties behind any company
is smart enough and their pockets are deep ,but such up move  may
not last longer.

This is my general view on small and mid cap investing and not specific to any company.

Monday, June 21, 2010


Lokesh Machines Ltd is a Hyderabad based company in
Machine tools Industry .Company is a major
producer of CNC machines for Automobile
industry.Lokesh came out with an IPO @ Rs.140
in 2006 . Company performed well till the beginning
of bad times in automobile industry. After a long time,
new capex plans by auto majors are expected to bring
good business for the company in near future. Signs of a
revival in financials are visible in last qtr of the
previous financial year itself. Company posted a
turnover of Rs.96 Cr and a net profit of Rs.4 Cr
in last year . Currently it is trading around Rs 49.5.
Risk takers can BUY for medium term

Sunday, June 20, 2010

An Article by Yamal Vyas of -Worth Reading

 This Article is taken from the latest issue of 'Dalal Street' magazine . I think an average Indian retail investor should read this before investing in mid-small cap stocks .

Times Of Turbulence
The volatility continues. After a
period of relative calm in April,
the month of May was quite
eventful. And the high volatility con-
tinues with full force in June. This can
be seen from the daily price movements
which have been very high in May and
June. The measure that we took is
simple. If the difference between high
and low levels of Nifty on a trading
day was more than 100 points, the day
was considered to have high volatility.
In April, such days were only four. In
May, the number of volatile days rose
almost threefold to 11, and in the first
ten days of June, there have been four
volatile days already.
As a result of this, the small day
traders have been at the receiving end.
Such volatility would generally provide
a good chance for day traders in theory,
but in practice, the reverse is true. The
big players are always one step ahead of
the smaller players and this fact shows
up more clearly in volatile times. Even
for short-term traders, the times have
been trying. The prices of a few ran-
domly selected stocks such as Gujarat
Ambuja, Ashok Leyland and Gujarat
State Petronet reveal that the prices on
May 3 and Jun 10 do not seem to have
changed. There may be a few other
stocks which would have moved up,
but overall the volatility has not been
good for the retail investors.
The lesson to be learnt from this
is that for the retail investors, the best
time is when there is one way move-
ment in the market. For example,
between October 2007 and January
2008, the market was moving only
one way i.e. up and the retail inves-
tors across the board must be having a
good memory of that period. A simi-
lar situation prevailed between March
2009 and July 2009, but the number
of beneficiaries of this straight rise in
stock prices was much lower because
that period was the turnaround of the
market after a 14month bear phase.
So what does the retail investor do
in the intervening period? Well, he has
only one better option than wait for 2-
3 years before the last phase of any bull
market. He or she should invest for tak-
ing delivery. Period. That could be very
difficult for the brigade who has grown
up only on a daily diet of futures and
options. But let me assure you that it is
the way to go for the retail investors in
the future. There are many advantages
of buy and hold. The longer you hold,
the better are your chances of decreas-
ing any loss. Conversely, the possibility
of coming out with profit goes up.
Further, the most important thing is
that in the long run, the fundamental
always catch up. If you buy and hold a
particular company's stock and if the
company performs well consistently,
there is no way the stock will not rise.
One only needs patience to benefit
from this fact. Many recent entrants
to the market have never got around
being comfortable with the policy of
buy and hold. One of the reasons is
the spread of the electronic media and
internet. These two are so dominant
in our thought process that if we are
a close follower of either of these, the
news and data overkill will lead you to
buy and sell rather than buy and hold.
There are reasons why everyone
from your broker to your TV chan-
nel will recommend a hundred stocks
within a short time. The brokers stand
to earn their brokerage and the chan-
nels their viewership. How many peo-
ple will watch a TV channel which rec-
ommends a few stocks day in and day
out? And any investment grade stock
will remain good every day. The only
thing is, you will not like it if the TV
channel recommends the same stock
every day for a month. You would like
to have some variety.

Saturday, June 19, 2010


Almost all well managed companies from auto
ancillary space are reaping the benefits of
the booming auto sales .Haritha Seating Systems
is such a company which is based in Chennai.
This company belongs to the well known TVS Group
and promoted by Sundaram Clayton Ltd. Harita makes
seats for two-wheelers, commercial vehicles, tractors
and buses.  It is also in the field of poly urethane
products businesses to different segments of the
auto industry . Harita Seating Systems has manufacturing
facilities in Hosur, Ranjangaon near Pune and at Nalagarh
in Himachal Pradesh. It was earlier known as Haritha
Grammer and had a joint venture with Grammer AG of
Germany till 2002.In 2002 company pulls out of joint
venture and its name changed to Haritha Seating Systems.
Company has another joint venture with German based
Fehrer for making two wheeler seats ,which is known as
Harita Fehrer Ltd.Company’s client list consists of auto
majors like Tata Motors, Ashok Leyland, Mahindra & Mahindra,
Tafe, John Deere, New Holland, TMTL, Escorts, Caterpillar,
BEML, Telcon, L & T Komatsu and  Volvo.Company also suppliers
seats to body builders Jaico, SM Kannappa, ACGL, Amar Coaches,
IRIZAR TVS, Veera Vahana, HNS Coaches, Damodar coach,
Bharat Coach etc. Last year company posted a turnover
of Rs.223 Cr and a net loss of Rs.71 lakhs . It is notable
that company posted decent result in last qtr of previous
financial year with a profit of 2.39 Cr. Belongs to TVS
group which has good pedigree in auto ancillary space
Harita is expected to post even better numbers in the
current year.Risk takers can BUY at CMP of Rs.99/-

Thursday, June 17, 2010


Cenlub Industries is one of the India’s largest manufacturer of
Central lubricating systems. Company is manufacturing central
lubricating systems for machines used in industries like sugar ,
power, steel ,cement and also for Railways ,trucks,and Excavators.
All well known names in these sectors are customers of Cenlub.
Company is in the final stage of the commercialization of the wheel Flange
lubrication system for locomotives ,which is expected to bring big
business for company from railways. Since there is rapid growth in
industrialization in India ,company’s products having bright future
. Even if it is a small company at present ,it is a niche one having
decent potential .For the full year ended March 2010 company posted
a turnover of Rs.18 Cr and a net profit of Rs.1.8 Cr which translates
into an EPS of Rs.2.9/-. Promoters are heavily buying from the
open market .One may add Cenlub which is currently trading around Rs.20/-


Earlier I have recommended this scrip on April 4 ,2010 @ Rs.58/- .Now It is trading at around Rs.52/- ie,10% below. As expected ,company performed well in last qtr and back to black in full year basis.Rishi Laser is expected to perform even better in current financial year ,hence I am repeating this.Old report is re-producing below.

Rishi Laser is one of the largest listed player from the metal
fabrication sector in India. It has operations in five states
with 13 units with most modern facilities like CNC Laser
Cutting Machines, Horizontal Milling/Boaring Machines,
CNC 5- Axis 3D Lazer Machine,Moving Column Milling
Centre ..etc. Company’s growth is closely associated
with the growth in infrastructure sector. Its main
customers are from sectors like Power, Automotive,
Telecommunication , Railway .etc. Major companies like
L&T ,Ingersoll Rand are the customers of Rishi and it also
processing orders from abroad. Last year company started
two units- one in Bangalore and other in Savli.To cater
the demand from Railway related sectors company started
a new unit in Pune too.At present ,almost all sectors
using the service of Rishi Laser returned to growth path.
So the company is ready to reap the benefits of the boom
in these sectors. Last year company posted a loss of 1.5
crore on a sale of 115 crore.For the nine month ended
December 2009 Rishi laser posted 88 crore sales and
almost nil profit /loss . Company is expected to return to
black on full year basis and post better results in next FY.
Currently it is quoting at 58/-

Sunday, June 13, 2010


Atul Auto Ltd is one of the fast growing Diesel Three wheeler
manufacturers in India located at Rajcot, in Saurashtra .
Late Mr. Jagjivanbhai Karsanbhai Chandra of ATUL GROUP
was pioneered in the concept “CHADKA”, an affordable mode
of transportation for common man in India. Company's  Rajcot
plant having production capacity of 24000 vehicle per annum in
single shift basis.In 2009, Atul has introduced its all-new rear
engine three-wheeler, under the brand name ATUL GEM, which is
one of the best selling three wheelers in India presently.
Atul GEM is a  reliable vehicle, which gives a fuel economy
of 35 kmpl and has a payload capacity of 585 Kg.
Recently  Company expanded its operations into
6-seater Auto Rickshaws, Pick-Up Vans and Chassis of
Passenger Vehicles.Atul planning  to develop more
innovative, environment-friendly and practical automobile
vehicles considering changes in market trends.These includes
CNG and LNG operated vehicles,  4- wheeler one tunner LCVs ..etc
For sourcing engines for its CNG / LNG vehicles, company
already signed an agreement with  Lombardini.
In 2010 company is planning an additional capex of Rs.20 Cr
to expand its production capacity to 36000 units per year.
Company aggressively expanded its marketing network in South India
last year and result of the same clearly visible in recent financial
performance. Company  has registered a phenomenon financial
performance for the financial year 2009-10 with company’s net profits
zooming up by around 1000% from Rs.46 lakh to Rs.4.54 
crore over the year ended March 2009. On an equity capital
of Rs 6.08 crore, EPS stood at Rs. 7.76. The company has  recommended
a final dividend of Rs 2 per share for the year ended March 2010.
In a segment where cut throat competition is prevailing, by fighting with biggies
like Piaggio,Bajaj,Mahindra ..etc ,ATUL is coming out as a winner mainly
because of the quality of vehicle offered at reasonable price, well planned
marketing strategy and overall commitment of management.
                                                          At the prevailing market price
of Rs. 71/- this stock is available at below 10 prices to earnings ratio.
Considering the company’s well accepted vehicle, strong distribution
net work, dividend pay-out track record and its ambitious plans to
enter 4 wheeler and CNG and LNG running vehicles, one may look into it 
with a long term view

Thursday, June 10, 2010

Ahlcon Parenterals (India) Ltd - BUY

Ahlcon Parenterals (India) Ltd is a New Delhi
based manufacturer of Pharmaceutical Intravenous
Fluids and Opthalmics Eye/Ear Drops. Company has
an installed capacity of 32 million bottles per
annum for LVP (Large Volume Parenterals), 144 million
units for SVP and 60 million vials of Eye drops
and Injections. Company is in the process of adding
more capacity for both of these products.
Various government initiatives and  increasing awareness
of general public assures sustained growth in Health
care sector.Last year company performed exceedingly
well and management is expressing confidence about
the days ahead..Company is also planning to diversify
into CRAM (Contract Research and manufacturing )segment.
Another company from the same group is Ahluwalia Contracts.
For the FY 2010 company posted a turnover around Rs.50 Cr
and a net profit of Rs.7 crore and an EPS of Rs.9/-
Company also declared a dividend of 15 % .
At CMP of Rs 64/- ,one may BUY for decent
appreciation in medium term.

Saturday, June 5, 2010


Simran farms is an Indore based company engaged
in Poultry Industry.For the past four years company
is performing very well. March 2010 turnover is more
than 136 crore and NP is 3.4 crore. On an equity base
of just 3.8 Crore company posted an EPS of Rs.9/- .
Currently it is trading at a price of Rs.30 with
a P/E multiple close to 3.Considering the growth
prospects of the industry, company`s pace of growth and
its plans to consolidate the business of companies under
the same management into a single fold and re-rating of
stocks like Venkys India and Srinivasa hatcheries in
recent past , it is a stock to watch at CMP of Rs.30/-

Thursday, June 3, 2010


Igarashi Motors is originally promoted jointly by Crompton
Greaves and Igarashi Electric work of Japan as CG Igarashi
Motors .Later the foreign company bought the entire stake
from CG and changed name to the present one(Igarashi Motors).
Company manufactures DC micro motors that find application in
industries like  automobile, power tools, toys , domestic
appliances and office equipments. Most of its income
coming from automobile sector.Company’s plant is located in
Chennai.In automobile sector its products are used for engine
management, exhaust and braking systems.Due to huge foreign
exchange loss and bad shape of automobile industry ,company
posted dismal performance in last year. After that ,now the
company take various steps like loan restructuring ,selling
of some low margin business , re negotiation of product price
with customers ..etc. As a result of all these efforts
company back to profitability in
last qtr of the previous FY with a sale of 45 Cr and a NP of
4 Cr in that qtr.Since the company streamline its products and
customers to avoid loss making business ,its turnover was low
in last qtr. Company’s efforts seems to be paying off especially
at a time of global recovery in auto sector. Historically company
enjoying very high P/E since its listing.Considering
all these points it is a scrip to watch.
Currently it is trading around Rs.60/-


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