APL Apollo Tubes Ltd. was established in 1986 as Bihar Tubes Pvt. Ltd. and is a leading player of ERW (Electric Resistance Welded) Steel Tubes and Pipes in India with a 15% market share. The company has Pan-India presence with 7 manufacturing facilities spread across India. APL has three wholly owned subsidiaries. It has established a vast distribution network with 650 distributors, 40,000 retailers and 29 warehouses.
Market Study and Industry Analysis of Xiaomi Incorporation in India - Marketi...Karan Kapoor
Marketing Project: Market Analysis for Company, Xiaomi India / Xiaomi Inc., implying marketing management concepts.
Date: November, 2016.
Description: Marketing Project conducted on a progressing Chinese Internet Company, Xiaomi Incorporation / Xiaomi Technologies, known for its Smartphones, and IoT gadgets. The project covers, Industry and Company overview (2016) and study conducted using marketing concepts like, PEST Analysis, SWOT Analysis, Marketing Objectives, Marketing Mix, Product Life Cycle and etc. (considering Indian and Global market conditions).
Please feel free to Clip, Like and Share.
Connect with me on LinkedIn: https://www.linkedin.com/in/ikarankapoor/
Thank You.
Best,
Karan Kapoor.
The document summarizes the Indian steel industry. It discusses that India is the 3rd largest producer of raw steel globally. It outlines the history and establishment of major steel plants in India such as Tata Steel and Steel Authority of India Limited (SAIL). Current major steel producers in India like Tata Steel, Essar Steel, and JSW Steel are also summarized. The role of the steel industry in the Indian economy and employment opportunities are highlighted. Issues faced by the industry such as capital, technology, productivity, and shortage of raw materials are briefly mentioned.
This document provides an overview of the Indian steel industry. It states that India is the 4th largest producer of crude steel globally, producing around 89 million tonnes in 2011-2012. It also discusses the major players in the industry, reasons for the industry's growth including abundant resources and a strong global presence. The document analyzes the industry using PEST and Porter's Five Forces frameworks and outlines challenges, opportunities and future prospects for further development of the Indian steel sector.
BUSINESS STRETEGIC MANAGEMENT ANALYSIS OFTATA MOTORSRISHABH SHUKLA
Tata Motors is a subsidiary of Tata Group founded in 1945. It initially began as a joint venture with Daimler-Benz for commercial vehicles. Over the years it launched many popular vehicles in India and became the largest automobile manufacturer. It currently owns Jaguar Land Rover and has a majority market share in commercial vehicles in India. The presentation analyzes Tata Motors' strengths such as market leadership, weaknesses like competition, and opportunities in the growing Indian market. It performs a SWOT analysis, competitive profile matrix, and BCG matrix to strategically assess the company.
Smartphone Industry and Apple iPhone RisingRobin Thieu
This document discusses strategic analysis of the communication equipment industry and Apple Inc.'s smartphone business. It provides an overview of industry drivers and trends, a PESTEL analysis, Porter's Five Forces analysis, a SWOT analysis of Apple, and recommends that Apple pursue product diversification, expansion through M&A/partnerships, and continuous innovation.
A case study analysis done on India's trending low-cost telecom operator who created Strom on Indian Telecommunications Industry. Jio, is an LTE mobile network operator in India. It is a wholly owned subsidiary of Reliance Industries. The case study was done in the month of October in 2016.
The document discusses the steel industry in India. It provides an introduction to the steel industry, noting that India is the 8th largest producer of crude steel globally. It then discusses the market scenario for steel in India, highlighting increasing consumption. The document also discusses the global steel scenario, major players in the Indian steel industry like SAIL and Tata Steel, pricing strategies, and opportunities for growth in the industry.
This document outlines the research methodology for a study on customer satisfaction and loyalty for Nokia mobile phones. It discusses:
- The mobile phone industry history and Nokia's role
- The objectives of studying customer satisfaction, influencing factors, and the relationship to loyalty
- The research questions and hypotheses about how demographic factors may impact satisfaction expectations and perceptions
- The research design uses a quantitative survey to collect primary data on customer ratings, opinions, and demographics from Nokia users in Turkey. Convenience sampling will be used to distribute the survey in major cities.
Market Study and Industry Analysis of Xiaomi Incorporation in India - Marketi...Karan Kapoor
Marketing Project: Market Analysis for Company, Xiaomi India / Xiaomi Inc., implying marketing management concepts.
Date: November, 2016.
Description: Marketing Project conducted on a progressing Chinese Internet Company, Xiaomi Incorporation / Xiaomi Technologies, known for its Smartphones, and IoT gadgets. The project covers, Industry and Company overview (2016) and study conducted using marketing concepts like, PEST Analysis, SWOT Analysis, Marketing Objectives, Marketing Mix, Product Life Cycle and etc. (considering Indian and Global market conditions).
Please feel free to Clip, Like and Share.
Connect with me on LinkedIn: https://www.linkedin.com/in/ikarankapoor/
Thank You.
Best,
Karan Kapoor.
The document summarizes the Indian steel industry. It discusses that India is the 3rd largest producer of raw steel globally. It outlines the history and establishment of major steel plants in India such as Tata Steel and Steel Authority of India Limited (SAIL). Current major steel producers in India like Tata Steel, Essar Steel, and JSW Steel are also summarized. The role of the steel industry in the Indian economy and employment opportunities are highlighted. Issues faced by the industry such as capital, technology, productivity, and shortage of raw materials are briefly mentioned.
This document provides an overview of the Indian steel industry. It states that India is the 4th largest producer of crude steel globally, producing around 89 million tonnes in 2011-2012. It also discusses the major players in the industry, reasons for the industry's growth including abundant resources and a strong global presence. The document analyzes the industry using PEST and Porter's Five Forces frameworks and outlines challenges, opportunities and future prospects for further development of the Indian steel sector.
BUSINESS STRETEGIC MANAGEMENT ANALYSIS OFTATA MOTORSRISHABH SHUKLA
Tata Motors is a subsidiary of Tata Group founded in 1945. It initially began as a joint venture with Daimler-Benz for commercial vehicles. Over the years it launched many popular vehicles in India and became the largest automobile manufacturer. It currently owns Jaguar Land Rover and has a majority market share in commercial vehicles in India. The presentation analyzes Tata Motors' strengths such as market leadership, weaknesses like competition, and opportunities in the growing Indian market. It performs a SWOT analysis, competitive profile matrix, and BCG matrix to strategically assess the company.
Smartphone Industry and Apple iPhone RisingRobin Thieu
This document discusses strategic analysis of the communication equipment industry and Apple Inc.'s smartphone business. It provides an overview of industry drivers and trends, a PESTEL analysis, Porter's Five Forces analysis, a SWOT analysis of Apple, and recommends that Apple pursue product diversification, expansion through M&A/partnerships, and continuous innovation.
A case study analysis done on India's trending low-cost telecom operator who created Strom on Indian Telecommunications Industry. Jio, is an LTE mobile network operator in India. It is a wholly owned subsidiary of Reliance Industries. The case study was done in the month of October in 2016.
The document discusses the steel industry in India. It provides an introduction to the steel industry, noting that India is the 8th largest producer of crude steel globally. It then discusses the market scenario for steel in India, highlighting increasing consumption. The document also discusses the global steel scenario, major players in the Indian steel industry like SAIL and Tata Steel, pricing strategies, and opportunities for growth in the industry.
This document outlines the research methodology for a study on customer satisfaction and loyalty for Nokia mobile phones. It discusses:
- The mobile phone industry history and Nokia's role
- The objectives of studying customer satisfaction, influencing factors, and the relationship to loyalty
- The research questions and hypotheses about how demographic factors may impact satisfaction expectations and perceptions
- The research design uses a quantitative survey to collect primary data on customer ratings, opinions, and demographics from Nokia users in Turkey. Convenience sampling will be used to distribute the survey in major cities.
Tata Motors has faced several problems in recent years including deep losses, poor sales, deteriorating relations with dealers and customers, and decreasing market share. A new chairman, N Chandrasekaran, hopes to implement short and long-term turnaround plans within 6-9 months to address issues in marketing strategies, planning, and results. While the Jaguar Land Rover segment is growing, margins have suffered in Tata's passenger vehicle segment. The chairman believes focusing on organizational effectiveness, new passenger vehicle models, an advanced modular platform, electric vehicles, and hiring top talent can help put Tata Motors back on a path of growth and shareholder dividends.
The document summarizes the Indian steel industry. It states that India is the 5th largest steel producer globally and is projected to become the 2nd largest by 2015-2016. The key players in the industry are Tata Steel, Jindal Steel & Power, Jindal Iron & Steel, Essar Steel, and Steel Authority of India. The industry faces challenges such as delays in land acquisition and lack of infrastructure. The government aims to support the industry through infrastructure development and policies promoting foreign investment and SEZs.
Bhushan Steel - A report and complete analysis of stock priceManeesh Garg
This report is analysis of Bhushan Steel's stock price, and its comparison with Steel Industry and Competitor Tata Steel
To get a copy of this report, share your views about the document with your email id in Comments section... I keep on updating my presentations and documents. To ensure that you don't miss any update or new uploads don't forget to press the "FOLLOW" and "LIKE" button. You can also mail me at manigarg21@gmail.com
Market study and Industry Analysis of Xiaomi in India - PPT - Marketing Mana...Karan Kapoor
Marketing PPT of Project conducted on a progressing Chinese Internet Company, Xiaomi Incoproration / Xiaomi Technologies, known for it's Smartphones, and IoT gadgets. The project covers, Industry and Company overview (2016) and study conducted using marketing concepts like, PEST Analysis, SWOT Analysis, Marketing Objectives, Marketing Mix, Product Life Cycle and etc. (considering Indian and Global market conditions).
Project Link: https://goo.gl/cksB7o
Please feel free to Clip, Like and Share.
Connect with me on LinkedIn: https://www.linkedin.com/in/ikarankapoor/
Thank You.
Best,
Karan Kapoor.
Xiaomi Corporation is a Chinese electronics company founded in 2010 that produces smartphones and other consumer electronics. It has over 15,000 employees worldwide and is expanding to other countries in Asia and Africa. Using Porter's Five Forces model, the document analyzes Xiaomi's competitive environment and identifies rivalry among existing firms as the strongest force. It then discusses Xiaomi's product portfolio, marketing strategies of quality products at low prices and flash sales, and competitive analysis against other smartphone brands like Samsung.
This thesis examines the repositioning strategy of Tata Motors in the Rourkela market and customer acceptance levels. The objectives are to understand Tata Motors' market potential and customer requirements, analyze Tata's repositioning strategies, and study customer awareness, perception, and satisfaction levels. The study is limited to the Rourkela area and possible errors from the questionnaire, short time span, and some confidential company information. The thesis will analyze Tata's strategy and customer response in the local market.
Tyre industry in india competition or collusionPallav Prasad
The Indian tyre industry is highly concentrated, with the top 10 companies accounting for over 95% of production. There have been allegations of collusion between major players to fix prices. An investigation by the Competition Commission of India found evidence that companies were not passing on reductions in excise duty to consumers and engaged in parallel pricing. However, the presence of powerful original equipment manufacturers and import competition made sustaining a cartel difficult. The industry faces high barriers to entry and risks from volatile raw material prices.
Tata Steel is Asia's first and India's largest private sector steel company. It is also India's 2nd largest and 2nd most profitable private sector company. Tata Steel was founded in 1907 and is headquartered in Mumbai. It has major steel production facilities and mines located across India and has expanded globally through acquisitions and partnerships. Tata Steel aims to be a globally competitive steel producer and expand its addressable markets through international growth. It is currently in discussions with the Jharkhand government regarding the renewal of its lease on 12,708 acres of land in the state.
This document provides an outline for a research report on Titan watches' brand positioning and repositioning strategies. The report will include 8 chapters: an introduction discussing brand positioning and repositioning theory; a literature review; research methodology; an industry overview; Titan's company profile; an analysis of Titan's positioning strategies for different segments; an analysis of Titan's recent repositioning strategies including a new logo, tagline, ad campaign, and product designs; and a consumer awareness survey and findings. The objectives are to review Titan's sub-brand positioning strategies, analyze its repositioning strategies, study consumer awareness and perception of the repositioning, and recommend improvements. The introduction defines brand positioning and repositioning and their importance
JSW Steel is India's leading private steel producer with operations across India and internationally. It has grown significantly in recent years through expansion and acquisitions. A financial analysis of JSW Steel's 2014 annual report shows increases in revenues, assets, and shareholder equity compared to the previous year, though net profits declined. Looking ahead, JSW Steel aims to increase total production capacity to 40 million tons per year through ongoing expansion projects.
Tata Motors is an Indian multinational automotive manufacturing company founded in 1945 and headquartered in Mumbai, India. It has over 1400 engineers and scientists working across 6 R&D units in India, South Korea, Spain, and the UK. Some of Tata Motors' key accomplishments include developing India's first indigenous passenger car called the Tata Indica in 1998, and acquiring the British brands Jaguar and Land Rover from Ford Motors as part of its international expansion strategy. Looking ahead, Tata Motors aims to consolidate its position in India by capitalizing on opportunities from growing mobility needs and infrastructure development, and seeks growth from new products and emerging markets.
Titan is the largest watch company in India and 6th largest globally. It was established in 1987 as a joint venture between Tata Group and TIDCO. Titan manufactures over 90 million watches across 40 countries. It has a 60% market share in India and sells watches under various brands like Fastrack, Sonata, Titan, Raga and Nebula targeted at different consumer segments. Titan has grown significantly over the years with net sales increasing from Rs. 804 crores in 2004 to Rs. 4,703 crores in 2010. It uses brand ambassadors like Aamir Khan and MS Dhoni and promotes its brands through various advertising mediums.
1) Lucas-TVS was India's largest automotive components manufacturer and marketing group, with a turnover of over Rs. 8600 crore from 25 manufacturing companies.
2) In the 1980s, the company began a journey towards manufacturing excellence by forming a task force to study how to improve production methods at its Padi plant in Chennai.
3) The task force recommended transitioning from a process-based layout to a product-based layout to improve productivity, quality and reduce costs. It took five years to fully implement the layout changes while keeping production running continuously on weekends.
The document discusses the history and success of the iPhone from its launch in 2007 to 2014. It outlines Apple's stages in the product life cycle from introduction to maturity. Charts show the iPhone's rising market share and how different models fit within the BCG matrix from cash cows to stars. References are provided on the iPhone's sales milestones and product life cycle analyses.
The document lists information about 7 major Indian tech startups, including their latest valuation, total funding received, number of funding rounds, location, year founded, and CEO. It provides details on Flipkart, Snapdeal, Ola Cabs, Paytm, InMobi, MU Sigma, and Quikr, the largest Indian tech startups ranging in valuation from $15 billion to $1 billion and founded between 2001-2011 based in major cities like Bangalore, Delhi, and Mumbai.
The document discusses a case study observation of the mobile phone industry and applies Porter's five forces model to Samsung's position in that industry. It finds that the threat of new entrants is low due to financial and expertise barriers. Buyer bargaining power is moderate due to standardization and quality. The threat of substitutes is moderate as well due to competitor brands. Supplier bargaining power is low as Samsung sets the rules and is a major customer. The five forces model analysis concludes that these factors determine Samsung's competitive strength in the mobile phone industry.
- The document provides an overview of the Indian FMCG sector and Patanjali Ayurved Ltd. It notes that the Indian FMCG sector grew at a CAGR of 11-12% from 2003-2015 and is one of the fastest growing in the world. Food and personal care are major growth opportunities.
- Patanjali Ayurved Ltd started as a small pharmacy in 1997 and today produces over 800 products across categories. It has seen strong growth with revenues increasing from Rs. 1185 crore in FY2014 to Rs. 2028 crore in FY2015.
- The document analyzes Patanjali's business model, value chain, strategies and competitive position versus
Piaggio's Vespa scooter re-entered the Indian market in 2012 after withdrawing in the 1970s. Vespa targeted young, style-conscious consumers and positioned itself as a premium lifestyle brand through digital campaigns highlighting its heritage. It priced products 15-25% higher than competitors but 40% above basic scooters. While focusing on Vespa's retro image and superior technology, experts were uncertain if Indians would accept its higher prices in the price-sensitive scooter market.
The document analyzes the Indian automobile industry for investment purposes. It begins with an overview of the industry's growth and current position. It then outlines the objectives of the analysis, which are to examine the industry's growth trends, qualitatively analyze companies and competitors like Tata Motors and Maruti Suzuki, and apply fundamental and technical tools. The analysis then covers the economy, industry environment and dynamics, and financial performance and position of key companies through various metrics and comparisons. It finds that while the industry was impacted by the economic slowdown, the long term outlook remains positive due to growing incomes and demand.
Jindal Steel & Power Ltd. FIIB, New DelhiMukesh Singh
Jindal Steel and Power Limited (JSPL) is one of India's leading steel manufacturers, founded in 1979. The company operates in steel, power, mining and infrastructure with business across Asia, Africa, the Middle East and Australia. JSPL has committed over $30 billion in future investments and produces steel through backward integration from its own coal and iron ore mines. The company has various steel production facilities located in Raigarh, Chhattisgarh and Angul, Odisha with a total annual steel production capacity of over 3 million tons.
This document appears to be a report submitted as part of an MBA program. It includes an introduction to Bokaro Steel Plant in India, along with sections on the company profile of Steel Authority of India Limited (SAIL), the vision, mission and core values of SAIL, a SWOT analysis, and the history and production process of BSL. The scope of study and objectives are to analyze the pricing and sales strategy of secondary products and by-products at BSL. The report will cover the marketing department and policies regarding sales procedures and pricing of secondary materials. It includes sections on production volumes, data analysis, limitations and bibliography.
Tata Motors has faced several problems in recent years including deep losses, poor sales, deteriorating relations with dealers and customers, and decreasing market share. A new chairman, N Chandrasekaran, hopes to implement short and long-term turnaround plans within 6-9 months to address issues in marketing strategies, planning, and results. While the Jaguar Land Rover segment is growing, margins have suffered in Tata's passenger vehicle segment. The chairman believes focusing on organizational effectiveness, new passenger vehicle models, an advanced modular platform, electric vehicles, and hiring top talent can help put Tata Motors back on a path of growth and shareholder dividends.
The document summarizes the Indian steel industry. It states that India is the 5th largest steel producer globally and is projected to become the 2nd largest by 2015-2016. The key players in the industry are Tata Steel, Jindal Steel & Power, Jindal Iron & Steel, Essar Steel, and Steel Authority of India. The industry faces challenges such as delays in land acquisition and lack of infrastructure. The government aims to support the industry through infrastructure development and policies promoting foreign investment and SEZs.
Bhushan Steel - A report and complete analysis of stock priceManeesh Garg
This report is analysis of Bhushan Steel's stock price, and its comparison with Steel Industry and Competitor Tata Steel
To get a copy of this report, share your views about the document with your email id in Comments section... I keep on updating my presentations and documents. To ensure that you don't miss any update or new uploads don't forget to press the "FOLLOW" and "LIKE" button. You can also mail me at manigarg21@gmail.com
Market study and Industry Analysis of Xiaomi in India - PPT - Marketing Mana...Karan Kapoor
Marketing PPT of Project conducted on a progressing Chinese Internet Company, Xiaomi Incoproration / Xiaomi Technologies, known for it's Smartphones, and IoT gadgets. The project covers, Industry and Company overview (2016) and study conducted using marketing concepts like, PEST Analysis, SWOT Analysis, Marketing Objectives, Marketing Mix, Product Life Cycle and etc. (considering Indian and Global market conditions).
Project Link: https://goo.gl/cksB7o
Please feel free to Clip, Like and Share.
Connect with me on LinkedIn: https://www.linkedin.com/in/ikarankapoor/
Thank You.
Best,
Karan Kapoor.
Xiaomi Corporation is a Chinese electronics company founded in 2010 that produces smartphones and other consumer electronics. It has over 15,000 employees worldwide and is expanding to other countries in Asia and Africa. Using Porter's Five Forces model, the document analyzes Xiaomi's competitive environment and identifies rivalry among existing firms as the strongest force. It then discusses Xiaomi's product portfolio, marketing strategies of quality products at low prices and flash sales, and competitive analysis against other smartphone brands like Samsung.
This thesis examines the repositioning strategy of Tata Motors in the Rourkela market and customer acceptance levels. The objectives are to understand Tata Motors' market potential and customer requirements, analyze Tata's repositioning strategies, and study customer awareness, perception, and satisfaction levels. The study is limited to the Rourkela area and possible errors from the questionnaire, short time span, and some confidential company information. The thesis will analyze Tata's strategy and customer response in the local market.
Tyre industry in india competition or collusionPallav Prasad
The Indian tyre industry is highly concentrated, with the top 10 companies accounting for over 95% of production. There have been allegations of collusion between major players to fix prices. An investigation by the Competition Commission of India found evidence that companies were not passing on reductions in excise duty to consumers and engaged in parallel pricing. However, the presence of powerful original equipment manufacturers and import competition made sustaining a cartel difficult. The industry faces high barriers to entry and risks from volatile raw material prices.
Tata Steel is Asia's first and India's largest private sector steel company. It is also India's 2nd largest and 2nd most profitable private sector company. Tata Steel was founded in 1907 and is headquartered in Mumbai. It has major steel production facilities and mines located across India and has expanded globally through acquisitions and partnerships. Tata Steel aims to be a globally competitive steel producer and expand its addressable markets through international growth. It is currently in discussions with the Jharkhand government regarding the renewal of its lease on 12,708 acres of land in the state.
This document provides an outline for a research report on Titan watches' brand positioning and repositioning strategies. The report will include 8 chapters: an introduction discussing brand positioning and repositioning theory; a literature review; research methodology; an industry overview; Titan's company profile; an analysis of Titan's positioning strategies for different segments; an analysis of Titan's recent repositioning strategies including a new logo, tagline, ad campaign, and product designs; and a consumer awareness survey and findings. The objectives are to review Titan's sub-brand positioning strategies, analyze its repositioning strategies, study consumer awareness and perception of the repositioning, and recommend improvements. The introduction defines brand positioning and repositioning and their importance
JSW Steel is India's leading private steel producer with operations across India and internationally. It has grown significantly in recent years through expansion and acquisitions. A financial analysis of JSW Steel's 2014 annual report shows increases in revenues, assets, and shareholder equity compared to the previous year, though net profits declined. Looking ahead, JSW Steel aims to increase total production capacity to 40 million tons per year through ongoing expansion projects.
Tata Motors is an Indian multinational automotive manufacturing company founded in 1945 and headquartered in Mumbai, India. It has over 1400 engineers and scientists working across 6 R&D units in India, South Korea, Spain, and the UK. Some of Tata Motors' key accomplishments include developing India's first indigenous passenger car called the Tata Indica in 1998, and acquiring the British brands Jaguar and Land Rover from Ford Motors as part of its international expansion strategy. Looking ahead, Tata Motors aims to consolidate its position in India by capitalizing on opportunities from growing mobility needs and infrastructure development, and seeks growth from new products and emerging markets.
Titan is the largest watch company in India and 6th largest globally. It was established in 1987 as a joint venture between Tata Group and TIDCO. Titan manufactures over 90 million watches across 40 countries. It has a 60% market share in India and sells watches under various brands like Fastrack, Sonata, Titan, Raga and Nebula targeted at different consumer segments. Titan has grown significantly over the years with net sales increasing from Rs. 804 crores in 2004 to Rs. 4,703 crores in 2010. It uses brand ambassadors like Aamir Khan and MS Dhoni and promotes its brands through various advertising mediums.
1) Lucas-TVS was India's largest automotive components manufacturer and marketing group, with a turnover of over Rs. 8600 crore from 25 manufacturing companies.
2) In the 1980s, the company began a journey towards manufacturing excellence by forming a task force to study how to improve production methods at its Padi plant in Chennai.
3) The task force recommended transitioning from a process-based layout to a product-based layout to improve productivity, quality and reduce costs. It took five years to fully implement the layout changes while keeping production running continuously on weekends.
The document discusses the history and success of the iPhone from its launch in 2007 to 2014. It outlines Apple's stages in the product life cycle from introduction to maturity. Charts show the iPhone's rising market share and how different models fit within the BCG matrix from cash cows to stars. References are provided on the iPhone's sales milestones and product life cycle analyses.
The document lists information about 7 major Indian tech startups, including their latest valuation, total funding received, number of funding rounds, location, year founded, and CEO. It provides details on Flipkart, Snapdeal, Ola Cabs, Paytm, InMobi, MU Sigma, and Quikr, the largest Indian tech startups ranging in valuation from $15 billion to $1 billion and founded between 2001-2011 based in major cities like Bangalore, Delhi, and Mumbai.
The document discusses a case study observation of the mobile phone industry and applies Porter's five forces model to Samsung's position in that industry. It finds that the threat of new entrants is low due to financial and expertise barriers. Buyer bargaining power is moderate due to standardization and quality. The threat of substitutes is moderate as well due to competitor brands. Supplier bargaining power is low as Samsung sets the rules and is a major customer. The five forces model analysis concludes that these factors determine Samsung's competitive strength in the mobile phone industry.
- The document provides an overview of the Indian FMCG sector and Patanjali Ayurved Ltd. It notes that the Indian FMCG sector grew at a CAGR of 11-12% from 2003-2015 and is one of the fastest growing in the world. Food and personal care are major growth opportunities.
- Patanjali Ayurved Ltd started as a small pharmacy in 1997 and today produces over 800 products across categories. It has seen strong growth with revenues increasing from Rs. 1185 crore in FY2014 to Rs. 2028 crore in FY2015.
- The document analyzes Patanjali's business model, value chain, strategies and competitive position versus
Piaggio's Vespa scooter re-entered the Indian market in 2012 after withdrawing in the 1970s. Vespa targeted young, style-conscious consumers and positioned itself as a premium lifestyle brand through digital campaigns highlighting its heritage. It priced products 15-25% higher than competitors but 40% above basic scooters. While focusing on Vespa's retro image and superior technology, experts were uncertain if Indians would accept its higher prices in the price-sensitive scooter market.
The document analyzes the Indian automobile industry for investment purposes. It begins with an overview of the industry's growth and current position. It then outlines the objectives of the analysis, which are to examine the industry's growth trends, qualitatively analyze companies and competitors like Tata Motors and Maruti Suzuki, and apply fundamental and technical tools. The analysis then covers the economy, industry environment and dynamics, and financial performance and position of key companies through various metrics and comparisons. It finds that while the industry was impacted by the economic slowdown, the long term outlook remains positive due to growing incomes and demand.
Jindal Steel & Power Ltd. FIIB, New DelhiMukesh Singh
Jindal Steel and Power Limited (JSPL) is one of India's leading steel manufacturers, founded in 1979. The company operates in steel, power, mining and infrastructure with business across Asia, Africa, the Middle East and Australia. JSPL has committed over $30 billion in future investments and produces steel through backward integration from its own coal and iron ore mines. The company has various steel production facilities located in Raigarh, Chhattisgarh and Angul, Odisha with a total annual steel production capacity of over 3 million tons.
This document appears to be a report submitted as part of an MBA program. It includes an introduction to Bokaro Steel Plant in India, along with sections on the company profile of Steel Authority of India Limited (SAIL), the vision, mission and core values of SAIL, a SWOT analysis, and the history and production process of BSL. The scope of study and objectives are to analyze the pricing and sales strategy of secondary products and by-products at BSL. The report will cover the marketing department and policies regarding sales procedures and pricing of secondary materials. It includes sections on production volumes, data analysis, limitations and bibliography.
This document is a research report submitted by Rajat Baghel for his MBA degree. It discusses marketing of secondary products at Bhilai Steel Plant. The report provides an overview of BSP, describing its location and facilities. It defines secondary products as defective or rejected materials that can be remelted and resold. Selling secondary products generates significant revenue for BSP of around Rs. 1700 crores annually. The report outlines the various secondary product types and procedures for their sale through e-auction or to regular customers. It also provides details on BSP's central marketing organization which handles marketing and sales across India.
- Hindalco Industries is an Indian aluminum and copper manufacturing company and one of the largest aluminum rolling companies in Asia. It reported a significant increase in profits for FY10 due to improved earnings from its subsidiary Novelis.
- The report provides an overview of Hindalco's financial performance, business segments, expansion plans, and strengths as the largest aluminum producer in India with plans to triple production in the next three years. However, it also notes delays in some expansion plans and a potential increase in debt from financing expansions.
- Based on the delays and expected increase in debt, the report recommends selling Hindalco stock for the short term until its expansion plans are completed and begin contributing to earnings in FY
The document discusses the marketing mix (4Ps) of Tata Steel - one of the largest steel companies in India. It provides details of Tata Steel's products, pricing strategy, distribution channels, and promotional activities. It also analyzes Tata Steel's major competitors like JSW Steel, SAIL, and Essar Steel and their strategies. Tata Steel focuses on market penetration pricing and has established efficient distribution channels like Mjunction to reach customers across India.
The document provides a vocational training report submitted by Gunjesh Kumar detailing his training at Bokaro Steel Limited from June 16th to July 12th 2014. It includes:
- An introduction to Steel Authority of India Ltd (SAIL) and Bokaro Steel Plant.
- Summaries of Gunjesh's training and exposure to various processes at Bokaro Steel Plant including the sinter plant, blast furnace, steel melting shops, continuous casting, slab mill, and hot strip mill.
- Acknowledgements from Gunjesh thanking those who supported and guided him during his training.
This document provides details about a project on motivation and job satisfaction at Durgapur Steel Plant in India. It includes:
1) An introduction and declaration by the author Shilpa Bose about the project being submitted for their MBA program.
2) Acknowledgements thanking various individuals at Durgapur Steel Plant and Apex Management Institute for their support and guidance.
3) An outline of the contents of the project report which will examine motivation and job satisfaction schemes at Durgapur Steel Plant through research, findings analysis, and suggestions.
Alt R - IPO - Loads Limited Valuation - Sept 6th, 2016Ali Shah Jumani
Loads Limited, an automotive parts manufacturer, is offering 50 million shares representing 40% of its post-IPO capital through a book building process. 71.25% of shares will be allocated to institutional investors and 28.75% to the general public. The proceeds will be used for expansion, modernization, working capital, and acquiring equipment for a new two-wheeler customer. Loads supplies parts to major automakers in Pakistan and enjoys high market shares. However, profit margins have been volatile and international commodity price fluctuations pose risks to input costs and margins. New entrants under the automotive policy could increase competition.
The document provides an interim project report on research conducted on the steel industry. It includes a company overview of Rain Industries Limited, which operates in carbon products, chemicals, and cement. It then outlines the outlook for these business segments and objectives of the research, which is to study macroeconomic factors affecting the steel industry and their potential impact on the calcining industry. The methodology section compares financial performance indicators of Rain Group and its coal tar pitch suppliers between 2009-2015. It also provides a global economic outlook for 2012, describing growth trends in the US, Eurozone, China, and other emerging markets.
IFGL Refractories: Buy at CMP and add on declinesIndiaNotes.com
At CMP of Rs 144.8 the stock is trading at 7.0x its FY15E consolidated EPS of Rs 20.5 and 5.7x its FY16E consolidated EPS of Rs 25.5. Investors could buy the stock at CMP and add on dips to Rs.127-134 band for sequential target price of Rs 178 and RS 204 in 2-3 quarters.
JSW Steel is India's largest steel producer operating integrated steel plants and manufacturing facilities. Over the years, JSW has focused on cost reduction through technology optimization, scaling operations, and improving efficiency. The company's technology strategy is to selectively adopt technologies from global innovators to optimize costs and processes as a technology follower, while also pursuing some internal innovations. JSW conducts technology audits and focuses on continuous improvements to sustain its leadership position in the competitive Indian steel market.
A project on consumer behaviour at northern & eastern Odishabhabani shankar dash
The document provides information about Sterling Generators, a manufacturer of diesel generator sets and electrical panels. It is part of the Shapoorji Pallonji Group, one of India's largest construction conglomerates. Sterling Generators operates out of a large, state-of-the-art manufacturing facility in Silvassa, India. The facility fabricates sheet metal parts, assembles bus bars, and uses a 14-step painting and powder coating process to produce generator sets and panels for commercial, industrial and infrastructure clients.
Company Analysis Example_AAA Road MaterialsBill Guo
AAA Road Material Co., Ltd is a Chinese-foreign joint venture located in Hebei Province, China. It is 51% owned by TI HK Co., Ltd, a subsidiary of TA PCL, a Thailand-based company focused on road materials. AAA Road Material produces polymer modified asphalt (PMA) and asphalt concrete (AC) and its main clients include government agencies responsible for road construction and maintenance in Hebei Province. The production process for PMA involves heating asphalt concrete and mixing it with additives. The company sources most of its raw materials from TA PCL's headquarters in Thailand and local suppliers in China.
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This document describes Project Sales Corp, an Indian company that represents various international principals in selling rolling mill equipment and spares. It lists their current customers which include major Indian steel producers. It outlines the company's strengths in focusing on finishing stands, experience, customer coverage, and value-added products. The document provides details on the product range, team, history, opportunities for partnerships, and next steps.
Srikalahasthi Pipes Ltd (SPL) is one of India's leading manufacturers of ductile iron pipes. The document analyzes SPL's financial performance and outlook, the ductile iron pipe industry, and factors driving industry growth such as government initiatives and increasing demand for water infrastructure. It recommends buying SPL stock, setting a target price 31% higher than the current price based on an EV/EBITDA valuation. Key points of investment rationale include SPL's market leadership, capacity expansion plans, improving margins, and balance sheet deleveraging.
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1) The document is an industrial training report submitted by Deepesh Rajak, a mechanical engineering student at Rajiv Gandhi Proudyogiki Vishwavidyalaya Bhopal, for their training at Bhilai Steel Plant located in Bhilai, Chhattisgarh.
2) The report provides an overview of Bhilai Steel Plant, including its establishment, production capacity and awards received.
3) It also describes the various departments visited by the student during the training, including the sintering plant, blooming and blade mill, and forge shop, where the student learned skills like welding and CNC machining.
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1. 1
RadhikaModi- Assistant Research Analyst (Radhika.modi@jainam.biz); 0261-6725518
Iron & Steel
02 Jan 2019
Investors are advised to refer through important disclosures made at the last page of the
Research Report.
Jainam Share Consultant research is available on www.jainam.in
Research Note |
2. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 2
Index
A. Company Overview
1. About…………………………………………………………………………..3
2. Investment Rationale………………………………………………………….4
3. Risk……………………………………………………………………………..6
B. Industry Overview
1. Domestic Steel Pipe Industry………………………………………………..10
2. Steel pipes market opportunity……………………………………..………11
3. Sectors………………………………………………………………………..12
C. Business of the Company
1. Products………………….………………………………………………………………………..………13
2. Product-wise Performance………………………………………………………………………..14
3. DFT Technology………………………………………………………………………………..……….15
4. Special Products………………………………………………………………………………………..16
5. Top Shareholders……………………………………………………………………………………...17
6. Management…………………………………………………………………………………………….17
D. Financial Outlook
1. Profit & Loss……………………………………………………….…………………………………….19
2. Cash Flow Statement…………………………………………………………………………………19
3. Balance Sheet……………………………………………………………………………………………20
4. Ratio…………………………………………………………………………………………………………21
E. Analysis
1. Peer Analysis………………………………………………………………….22
F. Conclusion
1. Recommendation……………………………………………………………..24
2. Sources………………………………………………………………………..25
3. Full Form & Glossary………………………………………………………….26
4. Report Gallery………………………………………………………………...27
5. Disclaimer……………………………………………………………………..28
3. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 3
Company Overview
About
Exchange: BSE BSE Code: 533758 Current Market Price: 1225.00 Date: 02-Jan-19
Latest Date 2nd January
Current Market Price(Rs) 1225.00
52 week high (Rs) 2,587.00
52 week low (Rs) 1,097.80
TTM EPS(Rs) 50.01
TTM P/E(x) 23.55
Price/BV(x) 2.93
EV/TTM EBITDA 11.64
Dividend Yield(%) 1.19
Current Book Value(Rs.) 401.36
Market Cap (Rs in Crs) 2,906.90
RoE (%) 20.56
RoCE (%) 22.41
DEBT/EQUITY (x) 0.93
No. of shares (in cr.) 2.37
APL Apollo Tubes Ltd.
APL Apollo Tubes Ltd. was established in 1986
as Bihar Tubes Pvt. Ltd. and is a leading player
of ERW (Electric Resistance Welded) Steel
Tubes and Pipes in India with a 15% market
share. The company has Pan-India presence
with 7 manufacturing facilities spread across
India. The capacity expansion and Pan-India
presence has been a result of both organic
and inorganic growth; APL has three wholly
owned subsidiaries:
Apollo Metalex Pvt. Ltd. – Acquired in
2007 as a measure of backward
integration.
Shri Lakshmi Metal Udyog Ltd. – Acquired
in 2008 for penetrating in South India
Blue Ocean Projects Private Limited
Lloyds Line Pipes Ltd. which was acquired in
2010 as a wholly owned subsidiary to extend
footprint to West India has been
amalgamated with Apl Apollo Tubes Ltd.
It has been a pioneer in bringing advanced
global technologies to India and has also
successfully penetrated into manufacturing
niche steel products (window and door
frames) apart from its pipes and tubes
portfolio. APL has also, over the years
established a vast distribution network with
650 distributors, 40,000 retailers and 29
warehouses cum branches that give a country
wide presence to its portfolio of over 400
products. It also exports to over 35 countries
worldwide.
Source : Trendlyne
4. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 4
Investment Rationale
DFT Technology : Direct Forming Technology (DFT) is a latest technology pioneered by
APL Apollo Tubes ltd. It is used for making Hollow sections of superior quality and finish.
This technology, unlike conventional technologies, can form rectangular and square hollow
sections of different sizes and thickness directly, thus translating into huge cost-savings and
better productivity at both the Customer and Company level.
Acquisition of High margin product :
APL Apollo is acquiring stake in Apollo Tricoat Ltd which manufactures Tricoat Tubes. This
product is made through latest galvent technology and it has tri-layer of protective
coating - paint, zinc and UV organic coating. It is eco friendly product which I widely used
for electric conduits and appliances and green houses. It is a high margin product and it will
help APL Apollo to strengthen its position in global steel tubes company.
GST :
With 60% of the market being unorganized, GST hailed as India's biggest and most notable
tax reform has opened up new opportunities for APL. The advantage APL could capitalize
upon is the shift of business from unorganized to organized segment. This works well for
further strengthening its leadership positioning in the Indian Steel Tubes and Pipes
segment. APL Apollo has close to 15% market share which could increase going ahead in our
opinion owing to GST.
Source : Investor Presentation
5. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 5
Strong Distribution Network :
Company has very strong distribution network to supply to the customers. 92% of the
revenue comes from distributors/dealers and the rest comes from OEM (2%) and export
(6%). Company is planning to increase the OEM to 10% and export to 15% in next 3 years.
Pan-India Footprint and Capacity Expansion :
Particulars 2011 2012 2013 2014 2015 2016 2017 2018
No. of
distributors
175 200 275 300 375 600 625 650
Warehouses 5 15 19 26 26 26 27 29
Zone Plant Location
Capacity
(TPA)
DFT
Total
Capacity
(TPA)
North Unit 1 Sikandarabad, UP 2,50,000 1,25,000 3,75,000
Apollo Metalex Sikandarabad, UP 2,25,000 2,25,000
East Unit 3 Raipur, Chhatisgarh 2,00,000 1,25,000 3,25,000
West Llyod Lines Pipes Murbad, Maharashtra 3,50,000 1,25,000 4,75,000
South Unit 2 Hosur, Tamil Nadu 3,50,000 1,25,000 4,75,000
SLMUL Bengaluru, Karnataka 1,25,000 - 1,25,000
Total 15,00,000 5,00,000 20,00,000
Source : Annual Report
6. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 6
Risks
Volatility in Steel prices: As the raw material cost (majorly HRC and Zinc) forms 85% of
total sales, product demand and margins are directly affected due to volatility in steel prices.
Increase in prices may affect demand as consumers can alternate their purchases whereas
sharp decline in steel prices may lead to inventory loss. At times, the company may have to
bear cost burden as price hikes could decrease the product demand due to intense
competition and fragmented nature of industry. Further, RM price volatility could lead to
pressure on its operating margins and thereby profitability. However, owing to GST
implementation, the possibility of intense competition from unorganized players could
drastically reduce thus allowing APL Apollo to enjoy a good relationship with customers.
Borrowings: The company is continuously increasing the borrowings which can be a point
of concern for the investors.
Replacement Market: There is a shift from galvanized pipes to PVC pipes. PVC tubes are
increasingly being used in agriculture, infrastructure, construction, and sewage sectors as a
replacement for galvanized pipes. They are less costly and light-weighted. It does not
require much man-power and is easy to install. This could negatively impact the company's
growth prospects.
Capital Allocation : Apl Apollo ltd., through its wholly owned subsidiary Shree Udyod Ltd.
is acquiring stake in Rahul Gupta’s (son of Sanjay Gupta - Executive chairman of APL Apollo
Tubes Ltd.) company which is Apollo Tricoat Tubes Ltd. (earlier called ‘Best Steel Logistics’).
Source : Screener.in
7. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 7
* 80,30,030 shares = 8,30,030 shares + 72,00,000 shares
Shree Udyod Ltd acquired 40.43% stake (8030030 shares + 4300000 convertible warrants) of
Rahul Gupta through share purchase agreement and also made an open offer of 26% to Apollo
Tricoat Tubes to acquire majority stake in this company. If the open offer is fully subscribed then
total stake of APL Apollo in Apollo Tricoat Tubes will be of 66.43%.
No. of shares Price at which APL Apollo is acquiring stake (Rs.) Total Amount
80,30,030 120 96,36,03,600
43,00,000 30* 12,90,00,000
79,30,000 135 1,07,05,50,000
216,31,53,600
*1/5th
of the total price is paid at the time of subscription of warrants and the rest 4/5th
is paid
when the warrants are converted into equity shares.
So, Apl Apollo will be acquiring 66.43% stake in Apollo Tricoat Tubes at 216.31536 cr.
Apollo Tricoat tubes ltd.
No. of shares as on 31st dec-17 1,85,00,000
New Preference Allotment to Rahul Gupta 72,00,000
Convertible warrants issued to Rahul Gupta +
non-promoters
48,00,000 (43,00,000 + 5,00,000)
No. of shares as on 31st mar-18
2,57,00,000 (1,85,00,000 +
72,00,000)
Total number of shares after whole dilution (To be)
3,05,00,000 (2,57,00,000 +
48,00,000)
Rahul Gupta
Shares held by him
New Preference
Allotment
Warrant Total Shares
8,30,030 72,00,000 43,00,000 1,23,30,030
Current stake of Rahul Gupta on fully paid up equity share capital 31.25% - 80,30,030 shares*
Total stake of Rahul Gupta (including warrants) on diluted capital 40.43% - 1,23,30,030 shares
Open offer made by Shree Udyog Ltd. 26.00% - 79,30,000 shares
8. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 8
*Because of the dilution the P/E will increase to 96.65.
Apl Apollo Tubes Ltd. is also diluting the shares to fund the acquisition. The company is
issuing 4,00,000 equity shares and 5,00,000 convertible warrants to the promoters.
Apollo Tricoat
Pre-dilution Post Dilution
Change in
Eps (%)
PAT (2018) (cr.) 6.98 6.98
No. shares 2.57 3.05
EPS (Rs.) 2.72 2.29 -15.81%
TTM PAT (cr.) 4.26 4.26
No. shares 2.57 3.05
EPS (Rs.) 1.66 1.40 -15.74%
Pre-dilution Post-dilution
Current Price (Rs.) 135 135
Eps (Rs.) 1.66 1.40
P/E (x) 81.44 96.65*
Apl Apollo Tubes ltd.
Current No. of shares (cr.) Equity Infusion(cr.) Total number of shares after dilution(cr.)
2.373 0.09 2.463
APL apollo
Apollo
Tricoat
66.43%
stake
Total offer P/E
TTM PAT (cr.) 154.11 4.26 2.83 216.31536 76.44
No.of shares after dilution 2.463 3.05
EPS after dilution (Rs.) 62.57 1.40
TTM Sales (cr.) 5,979.23 42.99 28.56 216.31536 7.57
9. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 9
Post acquisition the EPS of APL Apollo Tubes Ltd. will be only Rs. 63.97 cr. (62.57 + 1.40).
APL Apollo is acquiring 66.43% stake in Apollo Tricoat, therefore the PAT and Sales is
considered accordingly.
According to this, APL Apollo will be acquiring Apollo Tricoat Tubes on 76.44 times higher
valuation when calculated through PAT and on 7.57 times higher valuation when calculated
through Sales.
10. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 10
Industry Overview
Domestic Steel Pipe and Tubes Industry Structure
Steel pipes and tube manufacturing are among the fastest growing industries across the globe.
India is among the leading ERW steel tubes manufacturing hubs in the world with domestic
demand levels of 10MTPA. Other countries manufacturing steel pipes and tubes include China,
Turkey, Italy and US. Demand is led by increased infrastructure construction, automobile and
energy sectors. Domestic ERW pipe industry to grow at 10-12% CAGR through FY19 and the
current market size is estimated at 30000 cr..
Seamless
Steel Tubes & Tubes Industry
Ductile Iron
Potable Water
& Sewage
Transportation
Oil & Gas,
Engineering,
Automotive
and Power
Key Players
Electrosteel,
Jindal SAW,
others
Key Players
ISMT,
Maharashtra
Seamless,
Jindal SAW
Welded
SAW (HSAW
& LSAW)
Oil & Gas,
Water and
sewage spiral -
long distance
O&G and
water
transportation
Key Players
Jindal SAW, PSL,
Welspun Corp,
Man Industries,
Ratnaman
ERW Precision
(DOM)
Automotive,
White goods
Key Players
TI, Tata Steel,
Innoventive
ERW (Structural/
Commerical)
Traditional: New Age:
Engineering, Auto, Power,
Oil & Gas (Last mile, City
gas distribution), Water
and sewage Modern
infrastructure - airport,
malls, metros, bus body,
greenhouse structures,
sprinklers, prefabricated
structure, etc
Key Players
APL Apollo, Surya Roshni,
Maharashtra Seamless,
Tata Steel, Welspun Corp,
Bhushan Steels
11. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 11
Steel pipes market opportunity
Steel Pipe consumption is directly linked to the country’s GDP growth
Steel demand expected to grow at 6-8% through FY21
Pipe demand will form 10-12% of the total steel demand, thereby providing a huge
opportunity for steel pipe consumption
Steel
Consumption
Pipe
consumption
Pipe
consumption
as a % of steel
Per Capita
Consumption
Mn ton Mn ton % Steel Kg Pipe Kg
Global 1573 156 10% 208 21
China 800 80 10% 568 57
India 105 10 10% 75 6
Rest of the
World
673 68 10% 140 14
Global Steel Pipes Consumption (156 mn tonnes)
Indian Steel Pipes Consumption (10 mn tonnes)
Global Steel Consumption (1,573 mn tonnes)
12. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 12
Sectors
Growth Potential
Strong Government impetus. increasing purchasing power. imp roving lifestyle dynamics. etc
provide a boost to all key sectors of the Indian economy.
With enormous untapped potential across all major sectors and new age applications. APL
Apollo's business model is well-positioned to capitalize on all emerging sectoral trends
Source : Investor Presentation
13. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 13
Products
Applications:
Urban Infra,
Automotive,
Preengineered
buildings
Applications:
Liquid & Power
Transmission,
Scaffolding, Fire
fighting
Applications:
Over & Under
Ground piping,
Scaffolding,
Refineries
Applications:
Automotive (bus
body), Cabling &
Ducting, Green
house structures
15. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 15
DFT Technology
DFT is the latest global technology for making hollow sections of superior quality which reduces
rollover time significantly.DFT would however alleviate the need to do this and help them form
square and rectangular pipes directly. This would bring along a number of benefits and
opportunities:
a) 3-10% Savings on RM: DFT would eliminate the wastage which earlier used to gather at the
edges when round pipes were converted into square or rectangular pipes. Savings in the range of
3-10% on RM costs are expected on the back of this.
b) Customized/Small orders to drive market share gains: Introduction of DFT would enable APL
to produce pipes in smaller batches, as low as 10-20MT against the traditional requirement of
having to process 400-550MT before making any changes. Thus, the ability to accept small orders
in customized sizes would enable it to serve a larger part of the market. Besides, customization
will also allow APL Apollo Tubes to be the first to offer its customers the size which just meets
their requirement. Testimony to this customization is the introduction of 300x300mmsize in India
for the first time in India and being the sole producer of the same. Having received encouraging
response to customized sizes, the company has already developed 12 new sizes which APL shall
leverage upon going forward.
c) Entry into new industries: The management expects to make inroads into new industries such
as Truck & Bus Body, Agricultural Implements, Gym/Sports Equipment, Solar Tracking systems etc.
led by the acceptance of the superior quality products as a result of the new technology.
d) Export opportunities: Export markets of Europe, Japan and USA hold strong potential as DFT
products are well accepted in these advanced economies. The management is betting on DFT to
be a key catalyst in ramping
Source : Annual Report
16. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 16
Special Products
Source : APL Apollo website
New Patented Design
17. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 17
Top Shareholders
Management
Name of Share holders No of shares Percentage
Kitara PIIN 1001 3000000 12.64
IDFC Premier Equity Fund 867063 3.65
HDFC Trustee Company Limited - HDFC Prudence 672703 2.83
DSP Blackrock Small Cap Fund 982098 4.14
Emblem FII# 239004 1.01
Sameer Mahendra Sampat 558500 2.35
Suresh Kumar Agarwal 400,000 1.69
Ashish Kacholia 400,000 1.69
Kitara PIIN 1101 852,000 3.59
Goldman Sachs India Limited 626,434 2.64
Kotak Emerging Equity Scheme* 337,094 1.42
Name Designation About
Mr. Sanjay Gupta Executive Chairman
Founder & Promoter of APL
Apollo Tubes since inception.
Has a diverse experience across
the steel industry segments of
over 20 years.
Instrumental in driving APL
towards the growth path.
He spearheads the company in
strategic road map and
formulating business plans
Mr. Ashok Gupta Managing Director
A steel industry veteran with
over 30 years of experience in
the industry.
He has worked in various senior
managerial positions at
companies like SAIL, Bhushan
Steel, LN Mittal (African
Continent), Jindal etc.
A Master's in Science (Physics)
and masters in management
18. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
02-01-2019 18
from AIMA
Mr. Vinay Gupta Director
He has over 18 years of
experience in exports and
international market.
He possesses in-depth
knowledge of manufacturing
and trading pipes, tubes, sheets
and other steel products.
He has been specifically
assigned with the development
of pre-galvanized business
Mr. Deepak Goyal Chief Financial Officer
Chartered Accountant by
profession, he has been a CFO
of the company since February
2015 prior to which he was the
General Manager Accounts
19. Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
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Financial Outlook
Profit and Loss Statement
Cash Flow
Particulars FY16 FY17 FY18
Income from operations 4154.23 4,377.65 5,472.38
Total Expenses 3971.20 4044.68 5101.34
Operating Profit 182.03 332.97 371.04
Operating Profit Margin 4.38% 7.60% 6.78%
Other Income -15.03 5.97 8.01
Depreciation 34.10 50.90 53.41
Interest 69.51 72.03 81.30
Profit Before Tax (PBT) 162.98 216.01 244.34
PBT Margin 15.04% 9.62% 10.75%
Tax 62.42 63.90 86.21
Net Profit 100.56 152.11 158.13
Net Profit Margin 10.25% 6.23% 6.96%
EPS 40.90 64.48 66.64
Metric/Figures (cr) 2016 2017 2018
Cash Flow from Operating Activity 11.30 315.35 91.37
Cash Flow from Investing Activity -92.68 -169.70 -165.37
Cash Flow from Financing Activity 80.88 -145.43 79.23
Net Cash Flow -0.50 0.22 5.23
24. Jainam Share Consultant Pvt Ltd Sector : Iron & Steel
02-01-2019 24
Conclusion
Recommendation
APL Apollo Tubes Ltd. is having a strong distribution network of 650+ distributors, 40,000
retailers and 29 warehouses cum branches. DFT Technology will help the company in
cost-optimization and also increase the efficiency of the company.
The management is focusing on brand and high margin products but the company is acquiring
stake in Apollo Tricoat Tubes ltd. at higher valuation which can be a big concern for the
company. APL Apollo Tubes Ltd. And Apollo Tricoat Ltd. Is having equity dilution which can
effect minority shareholders. The volatility in steel prices (which forms 85% part of the raw
material) can impact the profitability of the company. Also, the company is increasing its
borrowings which again is a concern. People shifting towards PVC pipes from galvanized pipes
can be a threat for the industry. GST implementation can be beneficial for the company as this
industry is highly dominated by unorganized players (60%).
The company is increasing its production capacity and also expanding its Pan-India presence
which will help the company to reach to its customers. Also, the company is trying to increase
its exports and OEM’S in the coming years.
We are ‘neutral’ on this stock.
.
25. Jainam Share Consultant Pvt Ltd Sector : Iron & Steel
02-01-2019 25
Sources
Annual Report
APL Apollo Tubes ltd. Website
Investor Presentation
Conference Call
BSE website
Web based Software – Ace Analyser
Screener.in
Research Analyst Details
Name Designation Email Id
Tejas Jariwala Research Head tejas.jariwala@jainam.in
Jimit Zaveri Sr. Research Analyst jimit.zaveri@jainam.biz
Vaishali Patel Sr. Research Analyst vaishalip.patel@jainam.biz
Karan Agarwal Assistant Research Analyst karan.agarwal@jainam.biz
Vandana Pareek Assistant Research Analyst vandana.pareek@jainam.biz
Riva Patel Assistant Research Analyst riva.patel@jainam.biz
Radhika Modi Assistant Research Analyst radhika.modi@jainam.biz
Shahrukh Nalbandh Sr. Research Executive shahrukh.nalbandh@jainam.biz
Drashti Patel Jr. Research Executive drashti.patel@jainam.biz
Dhruvish Bakshi Jr. Research Executive dhruvish.bakshi@jainam.biz
26. Jainam Share Consultant Pvt Ltd Sector : Iron & Steel
02-01-2019 26
Full Form & Glossary
Abbreviation Full Form
BV Book Value
CAGR Compound Annual Growth Rate
CAPEX Capital Expenditure
COGS Cost of Goods Sold
DPS Dividend Per Share
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, tax, depreciation and amortization
EPS Earning Per Share
EV Enterprise Value
FY Financial Year
GP Gross Profit
HY Half Year
MCap Market capitalization
NAV Net Asset Value
NII Net Interest Income
NOI Net Operating Income
NOPAT Net Operating Profit after Tax
NPV Net Present Value
OCF Operating Cash Flow
OI Operating Income
P&L Profit & Loss
P/E Price/Earnings Ratio
PAT Profit After Tax
PATM Profit After Tax Margin
PBT Profit Before Tax
QOQ Quarter on Quarter
RE Retained Earning
ROA Return on Assets
ROCE Return on Capital Employed
ROE Return on Equity
ROI Return on Investment
ROIC Return on Invested Capital
RONA Return on Net Asset
TTM Trailing Twelve Month
WC Weighted Average Cost of Capital
YOY Year over Year
27. Jainam Share Consultant Pvt Ltd Sector : Iron & Steel
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28. Jainam Share Consultant Pvt Ltd Sector : Iron & Steel
02-01-2019 28
Disclaimer
Research Analyst Details
Name: Radhika Modi Email Id: radhika.modi@jainam.biz Ph: +91 0261-6725518
Analyst ownership of the stock: No
Details of Associates: Not Applicable
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