Volume growth in key products such as SPS, Trion and Thionol Chloride will drive growth for Bodal Chemicals over the next 2-3 years. However, turbulence in China could impact realized growth and put pressure on margins. Significant negative surprises in free cash flow could also put the company's balance sheet at risk given its large recent capital expenditures. The company is pursuing capacity expansions, business integration, new product lines, inorganic growth, and geographical expansion to transform into a fully integrated global dyestuff company.
highly fragmented Indian specialty chemicals industry currently has revenues of USD 30 Bn and is expected to grow ~14% per annum over the next decade. It is observed that companies who have invested in product development have grown rapidly and have also expanded globally. Hence, these companies become attractive for large global players and equity investors. Recent M&A transactions in the speciality chemicals space show that most speciality chemical companies were able to attract valuations in excess of 10X EBITDA multiples. The pace of deal making activity is expected to continue with attractive valuations as India is the preferred investment destination in Asia
Feedstock availability, difficult access to latest technology and unfavourable duty structures have led to muted investments resulting in a plethora of chemicals being imported in India across the value chain. The net imports have risen from USD 2.6 bn in FY08 to USD 13.8 bn in FY15. Imports of several chemicals and polymers today are equivalent to a global scale plant output. With chemical demand shifting towards Asia, and China reassessing its chemical industry play, it could offer opportunities for chemical companies to invest selectively in India. To top it, government’s enhanced focus on `Make in India` and several states making chemicals as one of the preferred industries will facilitate realizing such opportunities. To make the most of the USD 12 bn opportunity in petrochemical intermediates, we believe companies need to reassess their business model & manufacturing footprint.
GHCL Limited provided an investor update for Q1 FY21. Revenues were Rs. 440 crores, down 50% YoY due to the impacts of COVID-19 including lockdowns affecting operations and lower demand. EBITDA was Rs. 84 crores with an EBITDA margin of 19.1%, down from 25.2% YoY. The inorganic chemicals segment saw revenues of Rs. 346 crores and EBITDA of Rs. 80 crores, while the textiles segment had revenues of Rs. 94 crores and EBITDA of Rs. 4 crores. The company expects utilization levels to gradually improve in the coming quarters as market conditions stabilize.
Specialty Chemicals Sector Unleash Towards Growth as Market Turns OptimisticTechSci Research
The document discusses the outlook for the specialty chemicals sector in India amid the COVID-19 pandemic. It notes that the sector is expected to see double-digit growth this year and prosper tremendously. Lower oil prices are benefiting petrochemical manufacturers in India and the crisis is highlighting the need for diversified global supply chains. The specialty chemicals sector represents over half of India's chemical exports and is seen as a key pillar for growth. Major players in the sector are looking to expand globally through mergers and acquisitions.
BP Equities_Vinati Organics Ltd_Initiating Coverage_Buy_ Tgt 531_9th Dec 2015nik18031991
Vinati Organics Ltd is an Indian specialty chemicals company that manufactures products like Isobutyl Benzene, -acrylamido-2-methylpropane Sulphonic acid, and Isobutylene. The company expects to see continued revenue growth through capacity expansions and new product launches starting in FY2017. Blended margins are expected to remain healthy around 25-30% due to changes in product mix and cost reductions. The company has healthy return ratios, comfortable working capital cycles, and a strong balance sheet nearing being debt-free.
1. China's lubricant consumption exceeded 6 million tons in 2009, up 6.1% from the previous year, with engine oil making up 15% of consumption.
2. During the first three quarters of 2010, China's lubricant output amounted to 6.3 million tons, rising 13.8% year-on-year, reaching record high levels.
3. State-owned enterprises like Sinopec and CNPC strengthened research and development of medium and high-end lubricant products with higher profit margins.
This document analyzes and recommends buying shares of Precision Camshafts Ltd. It summarizes that over FY12-FY15, PCL's revenues grew at a CAGR of 21% and are expected to continue growing at 13% to FY19. PCL's EBITDA and PAT margins are also expected to expand through FY19 due to increasing focus on value-added products and lower financing costs. PCL plans capacity expansions through FY18 to increase production, and aims to expand into Asia and Europe through strategic investments and partnerships. Based on this, the document initiates coverage on PCL with a buy recommendation and target price representing a 30% potential upside.
This document brings together a set
of latest data points and publicly
available information relevant for
Travel & Transportation Industry. We
are very excited to share this content
and believe that readers will benefit
from this periodic publication immensely.
highly fragmented Indian specialty chemicals industry currently has revenues of USD 30 Bn and is expected to grow ~14% per annum over the next decade. It is observed that companies who have invested in product development have grown rapidly and have also expanded globally. Hence, these companies become attractive for large global players and equity investors. Recent M&A transactions in the speciality chemicals space show that most speciality chemical companies were able to attract valuations in excess of 10X EBITDA multiples. The pace of deal making activity is expected to continue with attractive valuations as India is the preferred investment destination in Asia
Feedstock availability, difficult access to latest technology and unfavourable duty structures have led to muted investments resulting in a plethora of chemicals being imported in India across the value chain. The net imports have risen from USD 2.6 bn in FY08 to USD 13.8 bn in FY15. Imports of several chemicals and polymers today are equivalent to a global scale plant output. With chemical demand shifting towards Asia, and China reassessing its chemical industry play, it could offer opportunities for chemical companies to invest selectively in India. To top it, government’s enhanced focus on `Make in India` and several states making chemicals as one of the preferred industries will facilitate realizing such opportunities. To make the most of the USD 12 bn opportunity in petrochemical intermediates, we believe companies need to reassess their business model & manufacturing footprint.
GHCL Limited provided an investor update for Q1 FY21. Revenues were Rs. 440 crores, down 50% YoY due to the impacts of COVID-19 including lockdowns affecting operations and lower demand. EBITDA was Rs. 84 crores with an EBITDA margin of 19.1%, down from 25.2% YoY. The inorganic chemicals segment saw revenues of Rs. 346 crores and EBITDA of Rs. 80 crores, while the textiles segment had revenues of Rs. 94 crores and EBITDA of Rs. 4 crores. The company expects utilization levels to gradually improve in the coming quarters as market conditions stabilize.
Specialty Chemicals Sector Unleash Towards Growth as Market Turns OptimisticTechSci Research
The document discusses the outlook for the specialty chemicals sector in India amid the COVID-19 pandemic. It notes that the sector is expected to see double-digit growth this year and prosper tremendously. Lower oil prices are benefiting petrochemical manufacturers in India and the crisis is highlighting the need for diversified global supply chains. The specialty chemicals sector represents over half of India's chemical exports and is seen as a key pillar for growth. Major players in the sector are looking to expand globally through mergers and acquisitions.
BP Equities_Vinati Organics Ltd_Initiating Coverage_Buy_ Tgt 531_9th Dec 2015nik18031991
Vinati Organics Ltd is an Indian specialty chemicals company that manufactures products like Isobutyl Benzene, -acrylamido-2-methylpropane Sulphonic acid, and Isobutylene. The company expects to see continued revenue growth through capacity expansions and new product launches starting in FY2017. Blended margins are expected to remain healthy around 25-30% due to changes in product mix and cost reductions. The company has healthy return ratios, comfortable working capital cycles, and a strong balance sheet nearing being debt-free.
1. China's lubricant consumption exceeded 6 million tons in 2009, up 6.1% from the previous year, with engine oil making up 15% of consumption.
2. During the first three quarters of 2010, China's lubricant output amounted to 6.3 million tons, rising 13.8% year-on-year, reaching record high levels.
3. State-owned enterprises like Sinopec and CNPC strengthened research and development of medium and high-end lubricant products with higher profit margins.
This document analyzes and recommends buying shares of Precision Camshafts Ltd. It summarizes that over FY12-FY15, PCL's revenues grew at a CAGR of 21% and are expected to continue growing at 13% to FY19. PCL's EBITDA and PAT margins are also expected to expand through FY19 due to increasing focus on value-added products and lower financing costs. PCL plans capacity expansions through FY18 to increase production, and aims to expand into Asia and Europe through strategic investments and partnerships. Based on this, the document initiates coverage on PCL with a buy recommendation and target price representing a 30% potential upside.
This document brings together a set
of latest data points and publicly
available information relevant for
Travel & Transportation Industry. We
are very excited to share this content
and believe that readers will benefit
from this periodic publication immensely.
Industry Multiples in India Report Q2 2018Duff & Phelps
The document provides an overview of trading multiples for 21 major industries in India as of June 30, 2018. It shows that the P/E multiples for most industries declined from the previous quarter, demonstrating a market correction. Specifically, the metals & mining, energy, construction material and electric & gas utilities industries saw significant declines in their P/E multiples compared to other industries due to various macroeconomic factors. Meanwhile, the multiples for the internet software and services industry increased due to the weakening of the rupee and US tax cuts. The document also reviews recent economic and industry events that impacted company valuations.
Pall Corporation manufactures filtration, separation, and purification systems and consumables. It has two business segments: Life Sciences serving biopharma, food & beverage, and medical; and Industrial serving process technologies, aerospace, and microelectronics. Pall experienced 1% sales growth in 2013 due to biopharma growth offsetting weak industrials. The analyst recommends Pall as a hold due to its market leadership in filtration but expensive valuation of 30x earnings.
ACT 330_Accounting report on pharmacuticalsKhorsed Prince
The current and quick ratios of Kohinoor Chemicals are below the recommended levels, indicating weaker short-term liquidity compared to Abbott Laboratories, whose ratios are above recommended levels. While Abbott has strong liquidity, it could utilize more of its liquid assets for further investment opportunities.
CCGY Corp. Presentation at Rodman & Renshaw Global Investment Conference 9/12/11William Steppacher
The document contains forward-looking statements about China Clean Energy Inc. that involve known and unknown risks and uncertainties that could materially affect results. It provides an overview of the company's products, facilities, equity details, revenue growth, and expansion plans to increase specialty chemical and biodiesel production capacity. The company sees opportunities in China's growing markets for specialty chemicals and transportation fuels.
Bai 7 phan tich tai chinh cong ty mia duong thanh thanh cong tay ninhthesharingbankers
The document analyzes the long-term financial situation of Thanh Thanh Cong JSC (TTCs). It highlights TTCS's potential for long-term growth through expansion of sugarcane farming areas, mergers and acquisitions to integrate the value chain, and development of new healthy product lines. It also discusses the sugar industry in Vietnam, TTCS's competitive positioning as the largest producer, and an analysis of TTCS's financial performance from 2008-2017 showing overall revenue growth but declining margins and returns on assets due to investments in production.
Royal Vopak - Capital Markets Day 2013 - Dick RichelleCompany Spotlight
The document summarizes opportunities for Royal Vopak in the U.S. Gulf Coast area given developments in the oil and gas industry. The shale revolution has increased U.S. oil and gas production and positioned the U.S. to export more oil, gas, and gas-derived chemicals and fuels. This could drive demand for new storage capacity in the U.S. Gulf Coast. Vopak already has terminals in the area and sees opportunities to expand through building additional capacity at existing terminals, developing greenfield sites, and partnering to capitalize on growing export volumes of oil, chemicals, gases, and biofuels. Pipeline access and first mover advantages will be critical to successfully capturing new opportunities.
Colgate Palmolive: Long-term outlook remains encouraging; AccumulateIndiaNotes.com
Colgate Palmolive reported an 11% increase in sales and a 22.6% increase in EBITDA for Q4FY15 due to improved sales mix, price increases, and lower input costs, which expanded margins by 230 basis points. Toothpaste volumes grew 5% and market share increased 110 basis points. While near-term growth seems capped, investments in facilities, distribution, and innovations are expected to benefit the company over the long-term as premium products grow faster. However, profitability in FY16 will be impacted by tax increases and full-year expenses from new production facilities.
CN announced a new normal course issuer bid to repurchase up to 14 million common shares over 12 months and a 7% increase to its 2021 dividend. CP reported record Q4 and full-year 2020 results, with diluted EPS rising 23% and 6% respectively, and announced a proposed 5-for-1 share split subject to shareholder approval. CSX reported Q4 EPS of $0.99, including a $0.05 charge for early debt repayment, and a record Q4 operating ratio of 57%. Lufthansa issued a 1.6 billion euro bond in two tranches to refinance 2021 financial liabilities and repay its KfW loan ahead of schedule.
Catalyst Corporate Finance Brazil Oil and Gas 2013Emma Dowson
Recent major oil & gas discoveries in Brazil’s offshore deepwater fields will move the country into the top five producers globally by 2020. Exploration auctions in 2013 will boost M&A activity as international corporates across the supply chain position themselves to benefit from the associated investment.
Dabur reported a modest 15% year-over-year growth in revenue to Rs. 972.8 crores driven by steady volume growth across segments. Earnings grew 15.4% to Rs. 160.4 crores, in line with estimates. Operating margins expanded slightly by 17 basis points despite a contraction in gross margins, helped by lower advertising spend. Segment-wise, consumer care grew 15.1% while consumer health and the international business grew at higher rates. The company maintained its guidance for steady volume growth and margins in the coming years.
This presentation summarizes information about Astec Lifesciences Ltd., an Indian manufacturer of agrochemical active ingredients and formulations. It discusses Astec's business operations, financial performance, growth strategies, and financial outlook. Specifically, it notes that Astec has three business verticals: enterprise sales, contract manufacturing, and branded formulations. While revenue has grown steadily, profits declined but are expected to improve as Astec focuses on higher-margin segments. The presentation forecasts strong revenue and profit growth over the next three years and assigns the stock a target price representing a 71% upside.
Newfield Exploration Company is an independent oil and gas exploration company focused on properties in the Anadarko Basin region. The analysis team gives Newfield a "Market Perform" rating and estimates the 12-month target price will be $43.92 per share, a 33% increase from the current price of $38.16. This is based on an expected recovery in oil and gas prices in 2015 and Newfield's focus on high-return areas like the Anadarko Basin through acquisitions and cost reductions. However, volatility in commodity prices remains a risk.
NOC, Local and Foreign Investor Interests in the Oil Sector - The New ParadigmDonald Ibebuike
1. NOCs now control over 90% of the world's proven oil and gas reserves, reversing their fortune from the 1970s when they controlled less than 10%. This has enabled NOCs to raise capital and outbid IOCs for assets.
2. IOCs now face challenges replacing reserves as resource-rich nations restrict access. In contrast, NOCs have an average reserve life of 78 years compared to 13 years for IOCs.
3. Leading NOCs like Petronas and Petrobras have become global players through investments in technology and expanding operations internationally, increasing competition for IOCs.
Reliance Industries reported strong growth in its overall turnover and consumer businesses in the recent quarter. Its retail revenue grew 52% and EBITDA surged 77% due to store expansion and consumer traction. Digital business revenue also grew 10.6% due to a strong subscriber base of 306.7 million. Going forward, the company expects its retail and digital businesses to be the next major growth drivers. It plans to further expand its retail segment and increase market share in telecom to boost profitability.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
Chambal Fertilisers & Chemicals Limited is one of India's largest private fertilizer producers. It reported its highest ever quarterly and annual financial performance in Q4 FY19 and FY19. Revenue and net profit increased significantly during this period due to the commencement of commercial production from its new urea plant. The company expects to benefit from various government schemes and plans to reduce its debt within the next 1-2 years through cash flows from the new plant. Analysts expect healthy earnings and margin growth going forward as well as improvement in monsoon conditions which would boost the top line.
1) Stocks are recommended as buys with target prices, including Ultratech Cement (Rs 8600), SRF (Rs 2800), and Titan (Rs 2900).
2) Company summaries are provided for each stock, highlighting factors such as market leadership, growth drivers, valuation, and earnings outlook.
3) Analysts maintain buy ratings based on factors like market share gains, earnings growth, recent corrections providing good entry points, and attractive valuations.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
Akzo Nobel India Ltd. reported an 8% increase in revenue for Q2 FY16 driven by higher volumes in decorative paints. Margins improved to 9.1% due to lower raw material costs. Net profit increased 15% to Rs 40.9 cr. While demand has been subdued, the company is focusing on product innovation and expanding distribution which is improving sales. The analyst maintains a 'Buy' rating given the company's strong brands and expectation that demand will gradually improve in urban areas.
Industry Multiples in India Report Q2 2018Duff & Phelps
The document provides an overview of trading multiples for 21 major industries in India as of June 30, 2018. It shows that the P/E multiples for most industries declined from the previous quarter, demonstrating a market correction. Specifically, the metals & mining, energy, construction material and electric & gas utilities industries saw significant declines in their P/E multiples compared to other industries due to various macroeconomic factors. Meanwhile, the multiples for the internet software and services industry increased due to the weakening of the rupee and US tax cuts. The document also reviews recent economic and industry events that impacted company valuations.
Pall Corporation manufactures filtration, separation, and purification systems and consumables. It has two business segments: Life Sciences serving biopharma, food & beverage, and medical; and Industrial serving process technologies, aerospace, and microelectronics. Pall experienced 1% sales growth in 2013 due to biopharma growth offsetting weak industrials. The analyst recommends Pall as a hold due to its market leadership in filtration but expensive valuation of 30x earnings.
ACT 330_Accounting report on pharmacuticalsKhorsed Prince
The current and quick ratios of Kohinoor Chemicals are below the recommended levels, indicating weaker short-term liquidity compared to Abbott Laboratories, whose ratios are above recommended levels. While Abbott has strong liquidity, it could utilize more of its liquid assets for further investment opportunities.
CCGY Corp. Presentation at Rodman & Renshaw Global Investment Conference 9/12/11William Steppacher
The document contains forward-looking statements about China Clean Energy Inc. that involve known and unknown risks and uncertainties that could materially affect results. It provides an overview of the company's products, facilities, equity details, revenue growth, and expansion plans to increase specialty chemical and biodiesel production capacity. The company sees opportunities in China's growing markets for specialty chemicals and transportation fuels.
Bai 7 phan tich tai chinh cong ty mia duong thanh thanh cong tay ninhthesharingbankers
The document analyzes the long-term financial situation of Thanh Thanh Cong JSC (TTCs). It highlights TTCS's potential for long-term growth through expansion of sugarcane farming areas, mergers and acquisitions to integrate the value chain, and development of new healthy product lines. It also discusses the sugar industry in Vietnam, TTCS's competitive positioning as the largest producer, and an analysis of TTCS's financial performance from 2008-2017 showing overall revenue growth but declining margins and returns on assets due to investments in production.
Royal Vopak - Capital Markets Day 2013 - Dick RichelleCompany Spotlight
The document summarizes opportunities for Royal Vopak in the U.S. Gulf Coast area given developments in the oil and gas industry. The shale revolution has increased U.S. oil and gas production and positioned the U.S. to export more oil, gas, and gas-derived chemicals and fuels. This could drive demand for new storage capacity in the U.S. Gulf Coast. Vopak already has terminals in the area and sees opportunities to expand through building additional capacity at existing terminals, developing greenfield sites, and partnering to capitalize on growing export volumes of oil, chemicals, gases, and biofuels. Pipeline access and first mover advantages will be critical to successfully capturing new opportunities.
Colgate Palmolive: Long-term outlook remains encouraging; AccumulateIndiaNotes.com
Colgate Palmolive reported an 11% increase in sales and a 22.6% increase in EBITDA for Q4FY15 due to improved sales mix, price increases, and lower input costs, which expanded margins by 230 basis points. Toothpaste volumes grew 5% and market share increased 110 basis points. While near-term growth seems capped, investments in facilities, distribution, and innovations are expected to benefit the company over the long-term as premium products grow faster. However, profitability in FY16 will be impacted by tax increases and full-year expenses from new production facilities.
CN announced a new normal course issuer bid to repurchase up to 14 million common shares over 12 months and a 7% increase to its 2021 dividend. CP reported record Q4 and full-year 2020 results, with diluted EPS rising 23% and 6% respectively, and announced a proposed 5-for-1 share split subject to shareholder approval. CSX reported Q4 EPS of $0.99, including a $0.05 charge for early debt repayment, and a record Q4 operating ratio of 57%. Lufthansa issued a 1.6 billion euro bond in two tranches to refinance 2021 financial liabilities and repay its KfW loan ahead of schedule.
Catalyst Corporate Finance Brazil Oil and Gas 2013Emma Dowson
Recent major oil & gas discoveries in Brazil’s offshore deepwater fields will move the country into the top five producers globally by 2020. Exploration auctions in 2013 will boost M&A activity as international corporates across the supply chain position themselves to benefit from the associated investment.
Dabur reported a modest 15% year-over-year growth in revenue to Rs. 972.8 crores driven by steady volume growth across segments. Earnings grew 15.4% to Rs. 160.4 crores, in line with estimates. Operating margins expanded slightly by 17 basis points despite a contraction in gross margins, helped by lower advertising spend. Segment-wise, consumer care grew 15.1% while consumer health and the international business grew at higher rates. The company maintained its guidance for steady volume growth and margins in the coming years.
This presentation summarizes information about Astec Lifesciences Ltd., an Indian manufacturer of agrochemical active ingredients and formulations. It discusses Astec's business operations, financial performance, growth strategies, and financial outlook. Specifically, it notes that Astec has three business verticals: enterprise sales, contract manufacturing, and branded formulations. While revenue has grown steadily, profits declined but are expected to improve as Astec focuses on higher-margin segments. The presentation forecasts strong revenue and profit growth over the next three years and assigns the stock a target price representing a 71% upside.
Newfield Exploration Company is an independent oil and gas exploration company focused on properties in the Anadarko Basin region. The analysis team gives Newfield a "Market Perform" rating and estimates the 12-month target price will be $43.92 per share, a 33% increase from the current price of $38.16. This is based on an expected recovery in oil and gas prices in 2015 and Newfield's focus on high-return areas like the Anadarko Basin through acquisitions and cost reductions. However, volatility in commodity prices remains a risk.
NOC, Local and Foreign Investor Interests in the Oil Sector - The New ParadigmDonald Ibebuike
1. NOCs now control over 90% of the world's proven oil and gas reserves, reversing their fortune from the 1970s when they controlled less than 10%. This has enabled NOCs to raise capital and outbid IOCs for assets.
2. IOCs now face challenges replacing reserves as resource-rich nations restrict access. In contrast, NOCs have an average reserve life of 78 years compared to 13 years for IOCs.
3. Leading NOCs like Petronas and Petrobras have become global players through investments in technology and expanding operations internationally, increasing competition for IOCs.
Reliance Industries reported strong growth in its overall turnover and consumer businesses in the recent quarter. Its retail revenue grew 52% and EBITDA surged 77% due to store expansion and consumer traction. Digital business revenue also grew 10.6% due to a strong subscriber base of 306.7 million. Going forward, the company expects its retail and digital businesses to be the next major growth drivers. It plans to further expand its retail segment and increase market share in telecom to boost profitability.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
Chambal Fertilisers & Chemicals Limited is one of India's largest private fertilizer producers. It reported its highest ever quarterly and annual financial performance in Q4 FY19 and FY19. Revenue and net profit increased significantly during this period due to the commencement of commercial production from its new urea plant. The company expects to benefit from various government schemes and plans to reduce its debt within the next 1-2 years through cash flows from the new plant. Analysts expect healthy earnings and margin growth going forward as well as improvement in monsoon conditions which would boost the top line.
1) Stocks are recommended as buys with target prices, including Ultratech Cement (Rs 8600), SRF (Rs 2800), and Titan (Rs 2900).
2) Company summaries are provided for each stock, highlighting factors such as market leadership, growth drivers, valuation, and earnings outlook.
3) Analysts maintain buy ratings based on factors like market share gains, earnings growth, recent corrections providing good entry points, and attractive valuations.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
Akzo Nobel India Ltd. reported an 8% increase in revenue for Q2 FY16 driven by higher volumes in decorative paints. Margins improved to 9.1% due to lower raw material costs. Net profit increased 15% to Rs 40.9 cr. While demand has been subdued, the company is focusing on product innovation and expanding distribution which is improving sales. The analyst maintains a 'Buy' rating given the company's strong brands and expectation that demand will gradually improve in urban areas.
Dai Ichi Karkaria: Buy at CMP and add on declinesIndiaNotes.com
At CMP of Rs 85, the company is trading at 6.1x its FY14 Adjusted EPS of Rs 13.9. Investors could buy the stock at the CMP and add on dips to Rs.70-76 band (~5.25 xFY14 EPS) for sequential target prices of Rs 111 and 125.
Rudra Shares Fundamental Report Insecticides india ltd (update)AnkurShah108
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
This document provides an earnings presentation for Grasim Industries Limited for the fourth quarter of fiscal year 2020. It discusses Grasim's response to COVID-19, including ensuring employee safety and maintaining business continuity. Financially, Grasim achieved record consolidated revenue, EBITDA, and PAT for fiscal year 2020 despite challenges from the pandemic. It also reviews performance in key business segments such as viscose, chemicals, and fertilizer.
This document presents information about GHCL Ltd and the Indian chemical industry. It discusses key statistics like GDP growth rates and chemical industry size and market share. It also analyzes GHCL's financials, strategies, and competitive position. The chemical industry contributes over 2% to India's GDP and GHCL has a 23% market share in soda ash with the highest margins. Several factors are expected to drive 9% annual growth in the chemical sector to $214 billion by 2019.
The document provides an analysis of the logistics sector and Aegis Logistics Ltd, an Indian logistics company. It includes:
1) An overview of the logistics sector in India, its growth rate, key segments, and contribution to GDP. Charts show the segment-wise income and mix.
2) An analysis of Aegis Logistics including its SWOT profile, application of Porter's 5 forces model, and its products/services.
3) Financial analysis of Aegis Logistics consisting of comparative P&L statements, debt-equity ratio implications, ratio analysis interpretation, and working capital analysis.
The document thus comprehensively analyzes the Indian logistics sector landscape
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
This document initiates coverage on Grauer and Weil (India) Ltd and provides an overview of the company. Some key points:
- GWIL is the market leader in surface treatment chemicals in India with a 38% market share and offers a wide range of surface treatment products and solutions.
- It has a strong distribution network and dealer relationships across major states in India. Auto and auto components are major end markets and are expected to boost revenues.
- GWIL owns a large and highly valuable commercial property, Growel's 101 mall, which generates significant rental income and cash flows. Occupancy and rents are expected to increase further.
- Relocating its paint manufacturing plant and new technical collabor
The key Indian indices opened higher supported by strong Asian markets and quarterly results. Gains were trimmed in the afternoon but markets recovered on buying in metal, realty and auto stocks. The Sensex and Nifty ended up 0.7%.
IVRCL won its first international contracts worth $440 million in Saudi Arabia and Nepal, diversifying geographically. BGR Energy won a $490 million contract in India. Allcargo Global acquired controlling stakes in Hong Kong logistics firms, expecting to boost earnings. Market sentiment was positive supported by company results and deals.
This document is a report on the Pakistan pharmaceutical industry from IQVIA for Q3 2022. Some key points:
- The total retail pharmaceutical market in Pakistan reached Rs. 678 billion with 15.29% growth in value from 2021 to 2022. However, the market shrank in US dollars.
- The top 10 corporations making over Rs. 1 billion accounted for 37.36% of the market share. The top corporation, Getz Pharma, had Rs. 204 billion in sales with 16.42% growth.
- 319 new products were launched in the last 12 months, with the top launches being trastuzumab and rituximab. All top 10 new launches were from domestic
GAIL’s Net Profit Slips 8.5% in Q2, Petrochemicals Output Surpasses Q1 LevelsChem Analyst Pvt Ltd
State-owned GAIL India has posted a consolidated net profit of INR 1,068.16 crore in the quarter ended September 2020, down by about 8.5% from INR 1,167.58 crore in the corresponding period last year.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners. Rudra Shares Fundamental Call Report which will brief about fundamenent coverage of DFM Foods Pvt Ltd.
This document summarizes a blog post analyzing HSIL Ltd, an Indian building products and packaging company. It provides an overview of HSIL's business segments, financial performance, industry drivers, management, and valuation. Key points include that HSIL has leadership in sanitaryware and glass containers, with future potential in new products. The analysis evaluates HSIL's financials, industry growth opportunities, and provides revenue and profit estimates to justify a target share price of Rs. 600.
Firstcall recommend TCPL Packaging, Q4FY15 net profits up 104.53% y/yIndiaNotes.com
TCPL Packaging Ltd is one of India's largest manufacturers of printed folding cartons. The document provides a financial analysis and results update for TCPL for Q4 FY15. Key highlights include:
- In Q4 FY15, net sales grew 18.73% YoY to Rs. 1289.61 million and net profit jumped 104.53% YoY to Rs. 86.76 million.
- Operating profit rose 19.11% YoY to Rs. 211.56 million in Q4 FY15.
- EPS for Q4 FY15 was Rs. 9.97, up from Rs. 4.88 in the same period last year.
-
Similar to Rudra Shares Fundamental Call Report- Bodal chemicals ltd (20)
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 225 business partners. Rudra Shares Positional Call Report which will brief about Kaveri Seeds Company Ltd.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 225 business partners. Rudra Shares Positional Call Report which will brief about
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Rudra Shares Fundamental Call Report- Bodal chemicals ltd
1. www.rudrashares.com 1
Volume growth in SPS, Trion and Thionol Chloride will remain the
key growth driver for next 2-3 years until the new capacity comes
on stream. Although, China turbulence can impact realization
growth thereby putting pressure on operating margins. .Thus, any
negative surprise in terms of FCF can put balance sheet on risk
given the company undergone huge capex.
LEAD RATIONALE
BUY | CMP 74.8| TARGET 90 | POTENTIAL UPSIDE 20%
01 JANUARY 2020
M.Cap (` in cr) 915.18
Equity ( ` in cr) 24.47
52 wk H/L ` 132.45/52
Face Value ` 2
Div. Yield 1.16%
NSE Code BODALCHEM
BSE Code 524370
Stock Data
P/E 8.70
EV/EBITDA 5.85
RONW(%) 12%
Valuation Data
EV 1076.91
Net Worth 877.99
BV 71.76
EPS (TTM) 8.60
Financial Data
FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD
About 45-50% of the basic chemicals (BC) and dye intermediates
(DI) manufactured by Bodal are used by Bodal in-house, to manufac-
ture DI and Dyestuff (DS). Increasing capacities of DI and DS
would enable greater in-house usage of BC and DI manufactured
by it, resulting in more production of higher margin products (DI
and DS). Also, debt is reducing, and hence interest cost. So profit-
ability is expected to improve going forward. In addition, new ini-
tiatives likely Labsa (detergents) and Trion Chemicals (specialty
chemicals) will add diversity and impetus to the growth. Having
said this, chemicals is a commodity business and cyclical in nature as
well. Industry tailwind (shifting of Chinese capacities to India) and
company specific factors, make Bodal a good prospect over next 2-3
years, by which initiatives would bear fruit. On valuation front, at
an EPS(TTM) of ` 8.60, the company is currently trading at a
P/E ratio of 8.70x. Thus, at these levels, the stock looks attrac-
tive, and can be bought at current levels for a price target of `
90.
Penetration into newer geographies - Revamp volume visibility
Company has already opened trading subsidiaries in India and China. The company acquired 80%
stake in Turkish LLC named Sener Boya in August-2019 which will be marketing base for Turkey
and surrounding countries. Recently, it has opened subsidiary in Bangladesh for marketing of Dye-
stuff. This acquisition could aid volume growth in the long run given the Sener Boya’s
strong presence into Turkey and surrounding markets. And also expand global
marketing capabilities and increase in profitability due to gradual increase in B2C .
2. www.rudrashares.com 2
FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD
Gradual margins expansion due to:
Further integration of business with more captive consumption of
Dye Intermediates and Basic Chemicals
Utilization of Thryniol Chloride (TC) Plant of 36,000 MTPA at Unit
VII, a forward integration for sulphuric acid and backward inte-
gration for Vinyl sulphone
Optimum utilization of co-generation power plant will lead to
substantial saving in power & fuel costs going ahead
Gradually increasing share of B2C in Dyestuff across the world
Index Detail
Sensex 41306.02
Nifty 12182.50
Index S&P BSE Small
Cap
Aspired to transform into a fully integrated global Dyestuff company with Fu-
ture-centric mindset
The Indian Dyestuff and Dye Intermediate industry has seen a massive transition. The country
went from being a net importer to a leading exporter across the globe. The Indian Dyes market is
expected to generate revenues worth approximately ` 48,000 Crores by 2022. The demand will
be driven by the user industries such as textile, leather, paper and printing ink, among others. At
Bodal, we are India’s largest manufacturer of Dye Intermediates accounting for 20% of domestic
capacity and 5% of global capacity. The business segment is well-diversified where majority of
the revenue is generated from Dye Intermediates followed by Dyestuff, Basic Chemicals and oth-
ers. We enhanced capacities of our Dyestuff business by 6,000 MTPA and Basic Chemicals by
36,000 MTPA.
What Co. intend to do further?
Calculated capacity expansions
Strengthen business integration
Diversify into new product lines
Explore inorganic growth opportunities
Enhance geographical presence
Reduce energy costs
Envision - 2023-24 ??????
Revenue: ` 2900 cores
EBITDA:` 660 cores
PBT: ` 460 cores
PAT: ` 300 cores
Cash profit: ` 400 cores
Net Debt/Equity: 0.3
Source: Company’s Annual Report
3. www.rudrashares.com 3
FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD
Several strategic initiatives have been planned to expand the business operations
going ahead. These include expanding Dyestuff capacities to meet the global de-
mand, setting up of Chlor Alkali plant to produce Caustic Soda Flakes, Caustic Soda
Lye, Chlorine and Hydrogen, thus strengthening the raw material base. The Com-
pany is gradually transforming its business model from B2B to B2C in Dyestuff
segment to establish direct contact with the end customers and strengthening the
margins in the process.
Manufacturing Capacities
Operations are highly integrated, and capacities are balanced to enhance in-house consumption
and ensure minimal effluent costs.
Around 45% of basic chemicals and dye intermediates production is for captive consumption.
The healthy scale and integrated operations enable better absorption of volatility in profitability.
Successful and consistent track record of organic and inorganic growth
Presence in multiple countries minimizing country specific risks. And significant share of reve-
nues coming from exports
Expects dyestuff capacity by 24000 TPA in next 2-3 years
4. www.rudrashares.com 4
FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD
An Eye on Numbers
Total production for Q2 FY '20 improved by 2% year-on-year to 64,109 metric tones. However,
dyestuff production was down 25% year-on-year, mainly due to low demand because of slowdown
in the overall economy and global markets. Further, believe dyestuff production should pick up
very soon. Production at Thionyl Chloride plant has picked up and reached around 50% utilization
in Q2 FY '20. Total production for H1 FY 20 remained flat Y-o-Y.
During the quarter, average prices of VS came down to around `197 per kg from `311 per kg in
the same quarter last year, while average H-Acid prices for the quarter stood at `380, which was
`502 last year. The consumption levels have come down, and there is a slowdown in the econ-
omy globally due to which the prices of finished goods as well as raw materials have come
down.
Standalone total income declined by 31% year-on-year from `376.1 crores to `260.3 cores.
Standalone EBITDA, including other income, stood at `27.9 cores in Q2 FY '20 with EBITDA
margin stood at 11 % for this quarter, which was lower due to higher operating expenditure and
lower sales. Finance costs have increased to `3.4 cores, mainly due to higher utilization of
working capital. The net profit for the quarter stood at 21.27 cores on conso. basis
On the subsidiaries front, SPS posted revenues of `26 cores with EBITDA of `2.1 cores in Q2
FY '20. Considering the current demand and prices of dye intermediates, not starting the VS plant
at SPS, and will decide about it in the next quarter. Trion posted a loss of `2.6 cores in Q2 FY '20.
Moreover, company making few safety-related changes and modifications in Trion, and hopeful
to start production in the next quarter. and committed to minimize the losses at Trion going ahead.
Particulars Q2 FY 20 Q-Q Y-YQ1 FY 20 Q2 FY 19
Revenue 307.71 -17.34 -21.74372.27 393.21
EBITDA 25.76 -49.30 -66.0550.81 75.87
PBT 14.61 -64.50 -78.6641.16 68.45
PAT 21.27 -19.49 -52.7526.42 45.02
EPS 1.74 -19.49 -52.752.16 3.68
Key Financials (` in cores)
5. www.rudrashares.com 5
FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD
Debt profile af-
fected in H1
FY20 due to
higher working
capital and de-
mand slowdown
Company Overview
Bodal is today one of the globally
leading, integrated Dyestuff companies
f ram India.
Company commenced its operations
by setting up a small Vinyl Sulphone
plant at Vatva - Ahmedabad (Gujarat).
At present there are three sub -
segments of Products:
Dye Intermediates (about 25 prod-
ucts)
Dyestuffs (about 175 products)
Sulphur & Bulk Chemicals (
about 12 products)
Presently, there are 9 manufacturing
Units in Gujarat, 1 at UP and 7 depots
across India.
6. www.rudrashares.com 6
FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD
Industry Outlook
Chemicals industry plays an important role in meeting basic needs and touching all spheres of hu-
man activity. It is divided into basic chemicals, specialty chemicals and agrochemicals. Globally,
industry occupies fifth position among manufacturing sectors. The current size of the Indian
chemical industry is 6.3-6.8 lakh cores and has significantly evolved at a CAGR of 7-8% b/w
2014-2019.
Specialty Chemical– DYESTUFF
The global Dyestuff industry is growing at 3.5% annually, dominated by China and India, in terms
of production. This growth is supported by diverse end user applications like paint, ink, textile, pa-
per and leather. The global textile industry is expected to reach USD 1.23 trillion by 2025 which
will positively impact the Dyestuff industry going ahead. India enjoys 16% of the world produc-
tion of Dyestuff and dye intermediates. Government’s consistent Endeavour towards formalization
of economy has been very beneficial for organized players in industry.
Developing market, industrialization, purchasing power and increasing urbanization
have fuelled the end user utilization for paints, textile, leather, paper and water deter-
gent etc, which will ultimately help to boost the growth for chemical companies.
Government initiatives
Government of India has introduced several policies and regulations to promote the industry.
‘Make in India’ has been one such initiative which has encouraged domestic players in setting up
strong infrastructure. Besides, 100% FDI, the Government has also levied anti-dumping duty on
several chemicals to safeguard interests of the domestic manufacturers. ‘Petroleum, Chemicals and
Petrochemicals Investment Regions’ (PCPIRs) and plastic parks have been setup which will pro-
vide state-of-the-art infrastructure for Chemicals and Petrochemicals sector as well.
The Indian chemical industry is projected to reach USD 304 Billion by 2025
largely driven by increasing per capita consumption, import substitution
and increasing end-user applications. Besides, the Government’s target to in-
crease the share of manufacturing in the GDP to at least 25% by 2025, sup-
ported by R&D, will boost the growth of the Chemical industry.
7. www.rudrashares.com 7
Disclosures :
Business Activity :
Rudra Shares & Stock Brokers Limited is engaged in the business of providing broking services & distribu-
tion of various financial products. RUDRA is also registered as a Research Analyst under SEBI(Research
Analyst) Regulations, 2014. SEBI Reg. No. INH100002524.
Disciplinary History :
There has been no instance of any Disciplinary action, penalty etc. levied/passed by any regula-
tion/administrative agencies against RUDRA and its Directors. Pursuant to SEBI inspection of books and
records of Rudra, as a Stock Broker, SEBI has not issued any Administrative warning to Rudra.
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The Research report is issued to the registered clients. The Research Report is based on the facts, figures
and information that are considered true, correct and reliable. The information is obtained from publicly
available media or other sources believed to be reliable. The report is prepared solely for informational pur-
pose and does not constitute an offer document or solicitation to buy or sell or subscribe for securities or
other financial instruments for clients.
Disclosures with regard to ownership and material conflicts of interest :
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Indirect financial interest in the subject company. NO
Rudra or its research analysts, or his/her relative or associate has any other
material conflict of interest at time of publication of the research report. NO
Rudra or its research analysts, or his/her relative or associates have actual
ownership of one per cent or more securities of the subject company. NO
Disclosures with regard to receipt of compensation :
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company in the past twelve months. NO
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FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD
8. www.rudrashares.com 8
Other Disclosures:
The research analyst has served as an officer,director,employee of the
subject company. NO
Rudra or its research analyst has been engaged in market making activity
for the subject company. NO
Rudra or its or associates have received any compensation from the
subject company in the past twelve months. NO
Disclaimers:
This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK
BROKERS LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities.
The information presented in this report, are for the intended recipients only. Further, the intended recipients are ad-
vised to exercise restraint in placing any dependence on this report, as the sender, Rudra Shares & Stock Brokers
Limited, neither guarantees the accuracy of any information contained herein nor assumes any responsibility in rela-
tion to losses arising from the errors of fact, opinion or the dependence placed on the same.
Despite the information in this document has been previewed on the basis of publicly available information, internal
data , personal views of the research analyst(s)and other reliable sources, believed to be true, we do not represent it as
accurate, complete or exhaustive. It should not be relied on as such, as this document is for general guidance only.
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ing whatsoever on any recommendation, that they have given in the research report. Rudra Shares & Stock Brokers
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arise to any person from any inadvertent error in the information contained in this report. Rudra Shares & Stock Bro-
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We hereby declare, that the information herein may change any time due to the volatile market conditions, therefore,
it is advised to use own discretion and judgment while entering into any transactions, whatsoever.
Individuals employed as research analyst by Rudra Shares & Stock Brokers Ltd or their associates are not allowed to
deal or trade in securities, within thirty days before and five days after the publication of a research report as pre-
scribed under SEBI Research Analyst Regulations.
Subject to the restrictions mentioned in above paragraph, we and our affiliates, officers, directors, employees and
their relative may: (a) from time to time, have long or short positions acting as a principal in, and buy or sell the secu-
rities or derivatives thereof, of Company mentioned herein or (b) be engaged in any other transaction involving such
securities and earn brokerage or profits.
FUNDAMENTAL COVERAGE
BODAL CHEMICALS LIMITED RUDRA SHARES &
STOCK BROKERS LTD