Cera Sanitaryware Ltd is an Indian ceramics company that manufactures sanitaryware and bathroom fittings. It has grown at a rate of over 25% in the past 3 years and aims to become India's largest sanitaryware producer. Recent developments include unveiling a new logo and branding identity to appeal to younger customers, signing Bollywood actress Dia Mirza as a brand endorser, and plans to acquire an Italian brand or factory to enter the high-end sanitaryware segment in India and globally. The company is also expanding its manufacturing capacity in India through investments of Rs. 100 crores.
This report provides an analysis of Superhouse Ltd, an Indian company that manufactures and exports leather, leather products, and textile garments. It discusses the company's background and facilities, financial performance, industry overview, and recommends the stock as a potential investment. Key points include that Superhouse has annual revenues over Rs. 4,000 crores and 15 manufacturing units in India. The report provides financial details, compares it to peers, and forecasts continued growth in the coming quarters.
Tide Water Oil is an Indian lubricant company with a market cap of Rs. 6,747 crores. It has seen revenue and profit growth of 13.61% and 21% respectively over the past 3 years. The report recommends the stock with an 18-24 month target price of Rs. 12,500, citing opportunities for international expansion through a recent acquisition and a technical collaboration with a major Japanese lubricant company. However, risks include volatility in base oil prices and competition from large players in the domestic market.
Plastiblends India Ltd is India's largest manufacturer and exporter of color and additive masterbatches and thermoplastic compounds. The report provides an overview of the company's background, facilities, products, achievements and financial performance. It also discusses the Indian masterbatch market outlook, forecasting growth of 23% annually until 2018 driven by increased plastic usage in industries like packaging, healthcare and automotive. The company has a leading 12% market share in India's fragmented masterbatch industry.
Rane Brake Lining Ltd (RBL) is an auto ancillary company and domestic leader in friction material products. It manufactures brake linings, disc pads, clutch facings, and composite brake blocks. RBL was awarded the prestigious Deming Grand Prize in 2013, marking a milestone in its excellence journey. The company has four manufacturing plants in India and supplies products to automotive OEMs, the Indian Railways, and exports to 15 countries. RBL is led by a strong management team focused on quality and research & development.
Camlin Fine Chemicals Ltd is an Indian manufacturer and exporter of bulk drugs, fine chemicals, and food grade products. The company produces active pharmaceutical ingredients, food antioxidants, and sweeteners. It has two business divisions: Food Ingredients and Industrial Products. Camlin has a research and development facility focused on product and process improvements. The company has expanded its production capacity over the years through investments and acquisitions. Camlin's key products include the food antioxidants TBHQ and BHA, as well as the sweetener sucralose.
This document provides an equity research report on Acrysil (India) Ltd, which manufactures quartz and granite kitchen sinks. Some key points:
- Acrysil is a leading manufacturer of composite quartz sinks in India and exports to over 30 countries. Exports account for 80% of revenues.
- Recent developments include adding new institutional customers, entering new geographies, and launching new product lines in India to target the premium kitchen segment.
- Financial performance has been positive with rising revenues, though profits have recently declined due to higher raw material costs. Forecasts estimate continued revenue and profit growth.
- Risks include reliance on exports and susceptibility to global economic conditions, as well as inflation
SMS Pharmaceuticals is an integrated pharmaceutical company focused on API manufacturing with a presence in over 70 countries. The report provides an equity research analysis on SMS Pharmaceuticals with a target price of Rs. 1100 based on a 18-24 month timeframe. Key details include SMS Pharma's financial performance over the last 6 quarters, expected future earnings, peer comparison, and risks. The report recommends SMS Pharma given its robust product portfolio, largest producer of anti-ulcer products, manufacturing facilities approved by USFDA and European authorities, and plans to invest in expanding facilities in Andhra Pradesh.
Aurobindo Pharma Ltd is an Indian pharmaceutical company with a market capitalization of Rs. 54543.9 million. The equity research report from Saral Gyan Capital Services provides an overview of the company, recent developments, financial performance, investment rationale, and risks. Key points include Aurobindo generating over 70% of its revenues from international markets, guidance for 15-20% revenue growth in the US market, and plans to aggressively file 25 ANDAs per year to drive future growth. The report recommends Aurobindo Pharma as a buy with a 12-18 month target price of Rs. 275 per share.
This report provides an analysis of Superhouse Ltd, an Indian company that manufactures and exports leather, leather products, and textile garments. It discusses the company's background and facilities, financial performance, industry overview, and recommends the stock as a potential investment. Key points include that Superhouse has annual revenues over Rs. 4,000 crores and 15 manufacturing units in India. The report provides financial details, compares it to peers, and forecasts continued growth in the coming quarters.
Tide Water Oil is an Indian lubricant company with a market cap of Rs. 6,747 crores. It has seen revenue and profit growth of 13.61% and 21% respectively over the past 3 years. The report recommends the stock with an 18-24 month target price of Rs. 12,500, citing opportunities for international expansion through a recent acquisition and a technical collaboration with a major Japanese lubricant company. However, risks include volatility in base oil prices and competition from large players in the domestic market.
Plastiblends India Ltd is India's largest manufacturer and exporter of color and additive masterbatches and thermoplastic compounds. The report provides an overview of the company's background, facilities, products, achievements and financial performance. It also discusses the Indian masterbatch market outlook, forecasting growth of 23% annually until 2018 driven by increased plastic usage in industries like packaging, healthcare and automotive. The company has a leading 12% market share in India's fragmented masterbatch industry.
Rane Brake Lining Ltd (RBL) is an auto ancillary company and domestic leader in friction material products. It manufactures brake linings, disc pads, clutch facings, and composite brake blocks. RBL was awarded the prestigious Deming Grand Prize in 2013, marking a milestone in its excellence journey. The company has four manufacturing plants in India and supplies products to automotive OEMs, the Indian Railways, and exports to 15 countries. RBL is led by a strong management team focused on quality and research & development.
Camlin Fine Chemicals Ltd is an Indian manufacturer and exporter of bulk drugs, fine chemicals, and food grade products. The company produces active pharmaceutical ingredients, food antioxidants, and sweeteners. It has two business divisions: Food Ingredients and Industrial Products. Camlin has a research and development facility focused on product and process improvements. The company has expanded its production capacity over the years through investments and acquisitions. Camlin's key products include the food antioxidants TBHQ and BHA, as well as the sweetener sucralose.
This document provides an equity research report on Acrysil (India) Ltd, which manufactures quartz and granite kitchen sinks. Some key points:
- Acrysil is a leading manufacturer of composite quartz sinks in India and exports to over 30 countries. Exports account for 80% of revenues.
- Recent developments include adding new institutional customers, entering new geographies, and launching new product lines in India to target the premium kitchen segment.
- Financial performance has been positive with rising revenues, though profits have recently declined due to higher raw material costs. Forecasts estimate continued revenue and profit growth.
- Risks include reliance on exports and susceptibility to global economic conditions, as well as inflation
SMS Pharmaceuticals is an integrated pharmaceutical company focused on API manufacturing with a presence in over 70 countries. The report provides an equity research analysis on SMS Pharmaceuticals with a target price of Rs. 1100 based on a 18-24 month timeframe. Key details include SMS Pharma's financial performance over the last 6 quarters, expected future earnings, peer comparison, and risks. The report recommends SMS Pharma given its robust product portfolio, largest producer of anti-ulcer products, manufacturing facilities approved by USFDA and European authorities, and plans to invest in expanding facilities in Andhra Pradesh.
Aurobindo Pharma Ltd is an Indian pharmaceutical company with a market capitalization of Rs. 54543.9 million. The equity research report from Saral Gyan Capital Services provides an overview of the company, recent developments, financial performance, investment rationale, and risks. Key points include Aurobindo generating over 70% of its revenues from international markets, guidance for 15-20% revenue growth in the US market, and plans to aggressively file 25 ANDAs per year to drive future growth. The report recommends Aurobindo Pharma as a buy with a 12-18 month target price of Rs. 275 per share.
This document provides an equity research report on Chemfab Alkalis Ltd, a commodity chemicals company based in Chennai, India. The report discusses the company's background and products, recent developments including replacing old plants, financial performance over the last six quarters, peer comparison, and risks. The report recommends the stock, noting the company stands to benefit from rebounding domestic demand and higher international caustic soda prices. The target price is Rs. 170, with an expected return of 12-24 months.
Petronet LNG Ltd is India's largest importer of LNG with long term supply contracts with RasGas of Qatar and Exxon Mobil's Gorgon project in Australia. The company has seen strong growth in recent years with net profit rising 112% in Q4 FY2011 and 53% for the full year. Future outlook is positive due to increasing demand for cleaner natural gas and the company's expansion plans. However, risks include volatility in international LNG prices and regulatory changes.
This report provides an equity research analysis of Ultramarine & Pigments Ltd., a specialty chemicals company based in India. The report discusses the company's background and operations in pigments, surfactants, and IT services. It highlights recent developments like plans to expand surfactant production and an increased focus on IT services. Financially, the company has seen rising revenues and profits in recent quarters. The report recommends the stock as a potential multibagger, setting a target price that is 80% higher than the current market price.
This document provides an equity research report on Pokarna Ltd, an Indian company that exports granite and manufactures quartz surfaces. It discusses the company's background, recent developments, financial performance, peer comparisons, risks, and provides a recommendation to purchase the stock with a target price of Rs. 1975 within 12-24 months. The report also provides an overview of the favorable outlook for the granite, quartz, flooring and countertop industries globally and in key markets like North America, Europe and Asia.
The document provides an equity research report on Stylam Industries Ltd., which manufactures high-pressure laminates. Some key points:
- Stylam is a leading manufacturer of decorative laminates in India and exports to over 80 countries. It has several quality certifications and a new manufacturing plant.
- The report discusses the laminate industry outlook, noting increasing demand from the housing and construction sectors. It is expected to grow at a 11.2% CAGR to 2020.
- Recent developments for Stylam include winning a rising star brand award and emerging as a leading laminate exporter to Italy through high-quality, innovative designs.
- Stylam is developing a new building at an IT park
This report provides an analysis of Emmi Industries Ltd, an Indian packaging company. Key points:
- Emmi manufactures flexible packaging products like flexible intermediate bulk containers and woven sacks. It has a manufacturing facility in Silvassa, India.
- The company supplies domestic and international customers in over 52 countries. Exports contributed 49% of revenue in FY16.
- Emmi is focusing on value-added products like water conservation and agriculture products for the domestic market. It has an R&D center approved by the Indian government.
- Recent developments include the company gaining recognition as an R&D center and expanding into food-grade packaging. Financial performance has been positive with increasing revenues
Bambino Agro Industries Ltd is a leading producer of vermicelli in South Asia, with a household name in India. It has four manufacturing units across India equipped with modern facilities. The company focuses on R&D to develop new product lines and maintains stringent quality control. It has a large distribution network across India as well as exporting to various international markets. The report provides an overview of the company's background and operations, and recommends the stock as a potential investment.
This report provides an analysis of Sterling Tools Ltd, an Indian manufacturer of high tensile cold forged fasteners for the automotive industry. The company has outperformed peers with strong revenue growth of 9-14% in recent quarters due to growth in automotive sales. The report recommends the stock as a potential multibagger, setting a target price of Rs. 1400 based on projected revenue increases of 5-10% annually over the next 2 years from continued automotive sector expansion. Key risks include any slowdown in the automotive industry.
Established in 1991 and listed on BSE in 1993, Control Print Limited is one of India’s leading Industrial Coding & Marking Solutions provider and the only Indian manufacturer of Continuous Inkjet Printers (CIJ) and consumables under license of KBAMetronic
AG, Germany at its facility in Nalagarh, Himachal Pradesh.
Prior to Control Print’s tie-up with KBA-Metronic AG, it was one of the largest distributors of Videojet CIJ printers in India and Nepal.
Besides CIJ Printers, the company also manufactures Large Character Printers, Electrograph Digital Printers, Thermal Transfer Over printers (TTO), Hot Ink Coders and
their consumables in collaboration with respective technology leaders. The laser range of printers at Control Print is supported by MACSA Lasers. MACSA has over 90 years of experience and are market leaders for Laser Solutions internationally.
This equity research report provides an overview of Shaily Engineering Plastics Ltd, a manufacturer of plastic components and subassemblies. Some key points:
- The company has five manufacturing facilities in Gujarat producing components for industries like FMCG, pharmaceuticals, auto, and more.
- It caters to major domestic and international clients and has long-standing relationships. Exports are diversified globally.
- A new plant produces child-resistant packaging for pharmaceuticals with capacity for 100 million units. Approval from two drug companies received.
- The report recommends the stock as a potential multibagger, setting a target price significantly higher than the current market price.
This document provides an investment recommendation for Mazda Ltd stock for April 2012. It summarizes Mazda's business operations, financial performance, and valuation. Mazda operates an engineering division that designs vacuum and evaporator systems, as well as a small foods division. Despite economic challenges, Mazda has grown revenues by 10-15% annually and maintained high profit margins and returns on equity. The document recommends buying Mazda stock within a price range, noting the company's strong cash position, profitable operations, and conservative management.
This document provides an analysis of Orient Refractories Ltd (ORL) and recommends it as an Alpha/Alpha+ stock. It summarizes ORL's business, performance, industry prospects and acquisition by RHI AG. ORL manufactures refractory products for the steel industry in India. It has consistently grown sales 15-18% annually. In 2013, RHI AG, the world's largest refractory producer, acquired a majority stake in ORL. The Indian refractory industry is expected to grow with the country's steel industry as per capita steel consumption and infrastructure development increases.
This document provides an analysis and recommendation for Cera Sanitaryware Ltd stock. It introduces Cera as the third largest sanitary ware company in India with a 20% market share. The document recommends buying Cera stock within the 180-190 range, with a first profit booking at Rs 430 and a second holding for further updates. It highlights Cera's strong brand, marketing network, and attractive valuation as key investment highlights.
This document provides an analysis of DFM Foods, an Indian company that pioneered packaged snacks in India. It discusses DFM's product portfolio including their flagship CRAX brand which accounts for 75-80% of sales. The document also analyzes the performance, valuation, industry outlook and growth potential of DFM Foods. Specifically, it notes that DFM has consistently delivered over 25% sales and profit growth in recent years and has opportunities for geographic expansion and market share gains in the growing Indian snacks market.
Acrysil Ltd is an Indian company that manufactures premium composite quartz and granite kitchen sinks. It is the largest kitchen sink manufacturer in India that is not focused on steel sinks. Around 85% of Acrysil's sales currently come from exports but the company aims to increase domestic Indian sales to 30% of total sales over the next couple years. Acrysil has aggressively expanded production capacity over the last 5 years and is considering further expansion to meet growing demand. The company uses unique manufacturing processes and materials like quartz to produce high-quality, scratch-resistant sinks and has been growing sales through both volume increases and price increases.
Aarti Drugs Limited (ADL), incorporated in 1984 is part of Rs 3,000 crore Aarti Group of
Industries and is engaged in manufacturing and sale of Active pharmaceutical ingredients
(APIs), advanced intermediates and specialty chemicals. ADL manufactures drugs in
therapeutic segments such as anti-arthritis, anti-fungal, antibiotics, anti-diabetic, sedatives,
anti-depressant, anti-diarrhea and anti-inflammatory.
In Aarti Drugs we get a bulk drugs manufacturer with steady growth across the years,
continuously improving performance on various financial parameters, good dividend
yield of more than 5% and low valuations of 5 times earnings and EV/EBIT of 5.28.
Besides, what instills further confidence in the stock is the fact that promoters of the
company have been continuously increasing their stake with regular purchases from open
market. Two years back promoters had 54.83% stake in the company and the same now
stands increased to 59.65%.
Exclusive coverage cooperation pumps valves and systems magazine balmer lawrieBalmerLawrie
Balmer Lawrie & Co. Ltd. is a 154-year-old Indian conglomerate with six business units including logistics, travel and vacations, industrial packaging, greases and lubricants, chemicals, and refinery and oil field services. It has a greases and lubricants manufacturing facility in Kolkata that produces greases, lubricants, and specialties using pumps, valves, and other equipment. Maintaining these is important for smooth operations and quality production. The facility has various certifications and follows quality control procedures.
This document provides an overview and analysis of Cera Sanitaryware Ltd, an Indian company that pioneered the sanitary ware segment in India. It discusses Cera's business operations, products, financial performance, and growth opportunities in the industry. The management team, led by Vikram Somany and Vidush Somany, has grown the business successfully over the years and increased shareholder value through strong returns and dividend payouts. The industry is expected to continue growing rapidly due to increasing housing demand, rising incomes, and greater awareness of hygiene in India.
Ratio Analysis of the Sitara Chemical Industries Ltd.
In this content there have a different ratio analysis is Incoem statment ratio analysis, balance sheet ratio analysis, liquidity ratio analysis, cash ratio analysis, longterm ratio analysis and some more ratio analysis.
All complete detail of the company will make helpful.
Balmer Lawrie is a diversified public sector company serving manufacturing and services. To participate in Digital India, the company is using IT to enhance transparency, encourage e-procurement, and make transactions cashless. Most recruitment is also done online. The company's logistics services allow real-time container tracking and its travel portal offers booking services. Balmer Lawrie plans to invest in digitization over the next few years to achieve growth objectives and reach more customers digitally.
The document recommends buying shares of Amara Raja Batteries, an Indian battery manufacturer, over the short term. It predicts the stock price will rise 16.7% over the next 90 days to Rs. 428 based on technical analysis showing the stock has outperformed the market over the past year. Key financial metrics like quarterly earnings per share are also presented. The recommendation is based on the company's strong financial performance recently and positive technical indicators, though investors are advised to do their own research and make independent investment decisions.
This document describes an offline portfolio management service that aims to build wealth over the long run by investing in a portfolio of selected stocks. The service involves three steps - investors plant by initially investing in the portfolio, the service nurtures the portfolio through research-driven management, and investors eventually harvest their wealth through long-term capital appreciation. Key features include a focus on hidden gem and undervalued stocks, minimal brokerage costs, and updates to subscribers when changes are made to the portfolio.
This document provides an equity research report on Chemfab Alkalis Ltd, a commodity chemicals company based in Chennai, India. The report discusses the company's background and products, recent developments including replacing old plants, financial performance over the last six quarters, peer comparison, and risks. The report recommends the stock, noting the company stands to benefit from rebounding domestic demand and higher international caustic soda prices. The target price is Rs. 170, with an expected return of 12-24 months.
Petronet LNG Ltd is India's largest importer of LNG with long term supply contracts with RasGas of Qatar and Exxon Mobil's Gorgon project in Australia. The company has seen strong growth in recent years with net profit rising 112% in Q4 FY2011 and 53% for the full year. Future outlook is positive due to increasing demand for cleaner natural gas and the company's expansion plans. However, risks include volatility in international LNG prices and regulatory changes.
This report provides an equity research analysis of Ultramarine & Pigments Ltd., a specialty chemicals company based in India. The report discusses the company's background and operations in pigments, surfactants, and IT services. It highlights recent developments like plans to expand surfactant production and an increased focus on IT services. Financially, the company has seen rising revenues and profits in recent quarters. The report recommends the stock as a potential multibagger, setting a target price that is 80% higher than the current market price.
This document provides an equity research report on Pokarna Ltd, an Indian company that exports granite and manufactures quartz surfaces. It discusses the company's background, recent developments, financial performance, peer comparisons, risks, and provides a recommendation to purchase the stock with a target price of Rs. 1975 within 12-24 months. The report also provides an overview of the favorable outlook for the granite, quartz, flooring and countertop industries globally and in key markets like North America, Europe and Asia.
The document provides an equity research report on Stylam Industries Ltd., which manufactures high-pressure laminates. Some key points:
- Stylam is a leading manufacturer of decorative laminates in India and exports to over 80 countries. It has several quality certifications and a new manufacturing plant.
- The report discusses the laminate industry outlook, noting increasing demand from the housing and construction sectors. It is expected to grow at a 11.2% CAGR to 2020.
- Recent developments for Stylam include winning a rising star brand award and emerging as a leading laminate exporter to Italy through high-quality, innovative designs.
- Stylam is developing a new building at an IT park
This report provides an analysis of Emmi Industries Ltd, an Indian packaging company. Key points:
- Emmi manufactures flexible packaging products like flexible intermediate bulk containers and woven sacks. It has a manufacturing facility in Silvassa, India.
- The company supplies domestic and international customers in over 52 countries. Exports contributed 49% of revenue in FY16.
- Emmi is focusing on value-added products like water conservation and agriculture products for the domestic market. It has an R&D center approved by the Indian government.
- Recent developments include the company gaining recognition as an R&D center and expanding into food-grade packaging. Financial performance has been positive with increasing revenues
Bambino Agro Industries Ltd is a leading producer of vermicelli in South Asia, with a household name in India. It has four manufacturing units across India equipped with modern facilities. The company focuses on R&D to develop new product lines and maintains stringent quality control. It has a large distribution network across India as well as exporting to various international markets. The report provides an overview of the company's background and operations, and recommends the stock as a potential investment.
This report provides an analysis of Sterling Tools Ltd, an Indian manufacturer of high tensile cold forged fasteners for the automotive industry. The company has outperformed peers with strong revenue growth of 9-14% in recent quarters due to growth in automotive sales. The report recommends the stock as a potential multibagger, setting a target price of Rs. 1400 based on projected revenue increases of 5-10% annually over the next 2 years from continued automotive sector expansion. Key risks include any slowdown in the automotive industry.
Established in 1991 and listed on BSE in 1993, Control Print Limited is one of India’s leading Industrial Coding & Marking Solutions provider and the only Indian manufacturer of Continuous Inkjet Printers (CIJ) and consumables under license of KBAMetronic
AG, Germany at its facility in Nalagarh, Himachal Pradesh.
Prior to Control Print’s tie-up with KBA-Metronic AG, it was one of the largest distributors of Videojet CIJ printers in India and Nepal.
Besides CIJ Printers, the company also manufactures Large Character Printers, Electrograph Digital Printers, Thermal Transfer Over printers (TTO), Hot Ink Coders and
their consumables in collaboration with respective technology leaders. The laser range of printers at Control Print is supported by MACSA Lasers. MACSA has over 90 years of experience and are market leaders for Laser Solutions internationally.
This equity research report provides an overview of Shaily Engineering Plastics Ltd, a manufacturer of plastic components and subassemblies. Some key points:
- The company has five manufacturing facilities in Gujarat producing components for industries like FMCG, pharmaceuticals, auto, and more.
- It caters to major domestic and international clients and has long-standing relationships. Exports are diversified globally.
- A new plant produces child-resistant packaging for pharmaceuticals with capacity for 100 million units. Approval from two drug companies received.
- The report recommends the stock as a potential multibagger, setting a target price significantly higher than the current market price.
This document provides an investment recommendation for Mazda Ltd stock for April 2012. It summarizes Mazda's business operations, financial performance, and valuation. Mazda operates an engineering division that designs vacuum and evaporator systems, as well as a small foods division. Despite economic challenges, Mazda has grown revenues by 10-15% annually and maintained high profit margins and returns on equity. The document recommends buying Mazda stock within a price range, noting the company's strong cash position, profitable operations, and conservative management.
This document provides an analysis of Orient Refractories Ltd (ORL) and recommends it as an Alpha/Alpha+ stock. It summarizes ORL's business, performance, industry prospects and acquisition by RHI AG. ORL manufactures refractory products for the steel industry in India. It has consistently grown sales 15-18% annually. In 2013, RHI AG, the world's largest refractory producer, acquired a majority stake in ORL. The Indian refractory industry is expected to grow with the country's steel industry as per capita steel consumption and infrastructure development increases.
This document provides an analysis and recommendation for Cera Sanitaryware Ltd stock. It introduces Cera as the third largest sanitary ware company in India with a 20% market share. The document recommends buying Cera stock within the 180-190 range, with a first profit booking at Rs 430 and a second holding for further updates. It highlights Cera's strong brand, marketing network, and attractive valuation as key investment highlights.
This document provides an analysis of DFM Foods, an Indian company that pioneered packaged snacks in India. It discusses DFM's product portfolio including their flagship CRAX brand which accounts for 75-80% of sales. The document also analyzes the performance, valuation, industry outlook and growth potential of DFM Foods. Specifically, it notes that DFM has consistently delivered over 25% sales and profit growth in recent years and has opportunities for geographic expansion and market share gains in the growing Indian snacks market.
Acrysil Ltd is an Indian company that manufactures premium composite quartz and granite kitchen sinks. It is the largest kitchen sink manufacturer in India that is not focused on steel sinks. Around 85% of Acrysil's sales currently come from exports but the company aims to increase domestic Indian sales to 30% of total sales over the next couple years. Acrysil has aggressively expanded production capacity over the last 5 years and is considering further expansion to meet growing demand. The company uses unique manufacturing processes and materials like quartz to produce high-quality, scratch-resistant sinks and has been growing sales through both volume increases and price increases.
Aarti Drugs Limited (ADL), incorporated in 1984 is part of Rs 3,000 crore Aarti Group of
Industries and is engaged in manufacturing and sale of Active pharmaceutical ingredients
(APIs), advanced intermediates and specialty chemicals. ADL manufactures drugs in
therapeutic segments such as anti-arthritis, anti-fungal, antibiotics, anti-diabetic, sedatives,
anti-depressant, anti-diarrhea and anti-inflammatory.
In Aarti Drugs we get a bulk drugs manufacturer with steady growth across the years,
continuously improving performance on various financial parameters, good dividend
yield of more than 5% and low valuations of 5 times earnings and EV/EBIT of 5.28.
Besides, what instills further confidence in the stock is the fact that promoters of the
company have been continuously increasing their stake with regular purchases from open
market. Two years back promoters had 54.83% stake in the company and the same now
stands increased to 59.65%.
Exclusive coverage cooperation pumps valves and systems magazine balmer lawrieBalmerLawrie
Balmer Lawrie & Co. Ltd. is a 154-year-old Indian conglomerate with six business units including logistics, travel and vacations, industrial packaging, greases and lubricants, chemicals, and refinery and oil field services. It has a greases and lubricants manufacturing facility in Kolkata that produces greases, lubricants, and specialties using pumps, valves, and other equipment. Maintaining these is important for smooth operations and quality production. The facility has various certifications and follows quality control procedures.
This document provides an overview and analysis of Cera Sanitaryware Ltd, an Indian company that pioneered the sanitary ware segment in India. It discusses Cera's business operations, products, financial performance, and growth opportunities in the industry. The management team, led by Vikram Somany and Vidush Somany, has grown the business successfully over the years and increased shareholder value through strong returns and dividend payouts. The industry is expected to continue growing rapidly due to increasing housing demand, rising incomes, and greater awareness of hygiene in India.
Ratio Analysis of the Sitara Chemical Industries Ltd.
In this content there have a different ratio analysis is Incoem statment ratio analysis, balance sheet ratio analysis, liquidity ratio analysis, cash ratio analysis, longterm ratio analysis and some more ratio analysis.
All complete detail of the company will make helpful.
Balmer Lawrie is a diversified public sector company serving manufacturing and services. To participate in Digital India, the company is using IT to enhance transparency, encourage e-procurement, and make transactions cashless. Most recruitment is also done online. The company's logistics services allow real-time container tracking and its travel portal offers booking services. Balmer Lawrie plans to invest in digitization over the next few years to achieve growth objectives and reach more customers digitally.
The document recommends buying shares of Amara Raja Batteries, an Indian battery manufacturer, over the short term. It predicts the stock price will rise 16.7% over the next 90 days to Rs. 428 based on technical analysis showing the stock has outperformed the market over the past year. Key financial metrics like quarterly earnings per share are also presented. The recommendation is based on the company's strong financial performance recently and positive technical indicators, though investors are advised to do their own research and make independent investment decisions.
This document describes an offline portfolio management service that aims to build wealth over the long run by investing in a portfolio of selected stocks. The service involves three steps - investors plant by initially investing in the portfolio, the service nurtures the portfolio through research-driven management, and investors eventually harvest their wealth through long-term capital appreciation. Key features include a focus on hidden gem and undervalued stocks, minimal brokerage costs, and updates to subscribers when changes are made to the portfolio.
The document recommends buying shares of Vedanta Ltd, an Indian natural resources company. It is currently trading at Rs. 249.05 per share and has an upside potential of 17.2% to reach the target price of Rs. 292 within 90 days. Vedanta has significantly outperformed the broader market in returns over the past year. The recommendation is based on technical analysis and the company's strong financial performance in recent quarters with rising revenues, profits, and earnings per share.
De Nora India Ltd is an Indian subsidiary of De Nora, a global leader in electrochemical technologies. Some key points:
- De Nora India reported a net profit of Rs. 9.72 million for the quarter ending September 2010, up from a net loss in the same quarter the previous year. Sales increased 55.72% to Rs. 44.13 million.
- For the quarter ending June 2010, De Nora India's net profit rose 105.17% to Rs. 11.9 million compared to the same quarter the previous year. Sales increased 56.08% to Rs. 46.3 million.
- Estimated earnings show continued growth with net sales projected to be Rs. 64.63
Sri Adhikari Brothers Television Network Ltd is an Indian media and entertainment company with a market capitalization of Rs. 892.76 crore. Some recent developments at the company include the approval of the allotment of 51.25 lakh equity shares, reviewing the strategy of their music and comedy channel Mastiii which became the number one music channel in Mumbai and major Hindi markets within 3 weeks, and fixing the dates for their annual general meeting and book closure for dividend. The company's financial performance has also improved with net sales rising 42.48% in Q1 FY2011 and net profit turning positive. The research report provides earnings estimates for the next two quarters expecting continued robust growth.
This document provides an equity research report on Premier Explosives Ltd, an Indian company that manufactures explosives and accessories. The report discusses the company's background, financial performance, peer comparison, and risks. It recommends the stock as a potential multibagger, citing the company's consistent growth, expansion into new markets, and upside potential given government plans driving demand in the mining and power industries. The target price is Rs. 150, representing upside of over 100% from the current market price.
Prima Plastics is one of the largest plastic moulded furniture manufacturers in India with a market share of around 6%. The company exports to countries in Africa, Americas, and the Middle East. It has two manufacturing plants in India and a 50% joint venture in Cameroon, Africa. Prima Plastics is expanding its manufacturing capacity in India and Africa to meet growing demand. The company is also exploring setting up a new joint venture in Central America to expand its international reach. In the past, Prima Plastics diversified into aluminum composite panels but later closed this division due to challenges.
The document provides an equity research report on Coral Laboratories Ltd, an Indian pharmaceutical company. It discusses the company's background and product portfolio, recent developments, financial performance, peer comparison, risks, and the analyst's recommendation of the stock as a potential multibagger investment over the next 12-24 months with a target price of Rs. 1100. The report analyses Coral Labs' manufacturing facilities, leadership, export markets, and range of generic drug products across various therapeutic segments.
Saral Gyan - 15% @ 90 Days - March 2017SaralGyanTeam
City Union Bank stock is recommended as a buy for short term gains within 90 days. The stock price is currently Rs. 143.95 but is predicted to rise to Rs. 168, a potential upside of 16.7%. Quarterly results show the bank has experienced rising revenues, profits, and EPS over the past year. Technical analysis further supports the stock reaching resistance levels that justify the price target. However, investors are advised to make independent decisions as this is an independent equity research report and not a solicitation.
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Asian Granito India Ltd is a manufacturer of ceramic tiles based in India. The report provides an overview of the company's background, products, financial performance and recent developments. Key points include:
- The company has expanded its production capacity significantly over the past decade and now has 8 manufacturing plants.
- In FY14, revenues were Rs. 759 crore and net profit was Rs. 14.15 crore. In Q1 FY15, revenues were Rs. 176 crore and net profit was Rs. 3.35 crore.
- Recent developments include opening new showrooms, acquiring a new subsidiary, and using contract manufacturing to further expand production capacity.
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Financial statement analysis of tiles and ceramic industryRishabh Agarwal
This report includes the detailed financial analysis of three companies namely: Somany Ceramics Limited Cera Sanitaryware Limited HSIL Limited
At the very outset of this project, we downloaded various statements for analyzing financial position, performance and funds flow and computed corresponding ratios for relative comparison. During the process we took help of the databases and formulas available on the internet and also in our text books. We compiled the data in an excel sheet to carry out the required calculations and finally transferred them to a word document. The methodology adopted is very crisp and clear. We have used Quantitative and Qualitative statements for analyzing different financial trends and patterns. We have also used various ratio analysis tools for comparative study.
This document provides information about Candil Enterprises (Pvt) Ltd, a company that imports, assembles, and distributes watches and clocks. It discusses the company's history of starting as a proprietorship in 2003 and expanding to a private limited company. It also introduces the two directors, Mr. S. S. Haputhanthri and Mr. R. P. Pothupitiya, who have extensive experience in managing large businesses and marketing watches, respectively. The company aims to expand its business by investing more capital and opening a retail outlet.
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Sarka Industries produces custom material handling and automation equipment. They specialize in metal fabrication and hand produce all their products. Their main product is the Carhoe, which was originally developed in 1967 to safely and efficiently unload railcars. Sarka purchased the rights to the Carhoe in 2009 and modernized the design to make it more efficient with self-regulating technology. The Carhoe is primarily used to unload dried distillers grain, coal, and gravel. It creates a safer and more efficient unloading process compared to manual unloading. The marketing plan proposes expanding the sales team, improving YouTube videos, securing editorial placements, and offering discounts for early or financed payments to promote the Carhoe.
Customization has been a major obstacle in the growth of India's modular kitchen industry. Kitchen makers are struggling to change consumer habits like wet kitchens and preferences for materials like plywood over particle board. Mass production is needed to deliver affordable, high quality kitchens, but most Indian manufacturers only assemble components rather than producing standardized modules. The industry is shifting as bigger players promote modular kitchen concepts and consumers are becoming more willing to wait 5-6 weeks for a perfect modular kitchen rather than a rushed customized one.
The document provides an overview of Liberty Shoes Ltd., including its history, corporate philosophy, social responsibility efforts, products, organizational structure, and financial performance. It details how Liberty began in 1954 and has since grown to be one of the top 5 footwear manufacturers in the world, producing over 50,000 pairs per day for domestic and international markets. The document also reviews Liberty's board of directors, brands, markets, and awards received.
The document provides an overview of the Liberty Group, a large Indian conglomerate. It discusses the group's origins and vision to produce quality footwear for the Indian market. It has since diversified into other sectors like ceramics and retail. The group owns Liberty Shoes, Liberty Whitewares, and Liberty Retail Revolutions. Liberty Shoes is one of India's largest footwear manufacturers. Liberty Whitewares produces ceramic sanitary ware. Liberty Retail Revolutions operates high-end retail stores. The board of directors includes Mr. Adesh Gupta, Mr. Shammi Bansal, and Mr. Adarsh Gupta.
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The ratio analysis is Sitara Chemical Industries Ltd. The ratio analysis will hold 2011-2015. In the ratio analysis included the different ratio analysis firstly conduct the analysis is a balance sheet ratio analysis, income statement ratio analysis, cash ratio analysis, liquidity ratio analysis, long-term ratio analysis.
All the detail of the company, with full company profile.
This document is a summer internship report submitted by Sunny Jaswal to Punjab Technical University in partial fulfillment of an MBA degree. The report examines the consumer buying behavior of Godrej appliances in Patiala, India. It includes an acknowledgments section, declaration, table of contents, and introduces the scope, limitations and research methodology of the project. It also provides background information on Godrej & Boyce Mfg Co. Ltd. and the Godrej group of companies.
This document contains a summary of Vinod Kumar's professional experience and qualifications. It lists his contact information and over 15 years of experience in civil engineering and construction project management. It then provides details of his roles and responsibilities on various projects for companies like Aditya Birla Retail Limited, Appaswamy Real Estates Limited, Heritage Foods India Ltd, Pantaloon Retail India Ltd, and Sobha Developers Ltd. It also includes profiles of these companies and the types of projects he has worked on.
Ray+Keshavan is a brand design consultancy that is part of The Brand Union network. They have helped build brands in India's infrastructure sector by developing brand strategies, identities, and communications. Some of the infrastructure companies they have worked with include ACC, Chettinad Cement, GMR Group, GVK, and NCC.
Kajaria Ceramics is the largest manufacturer of ceramic and vitrified tiles in India with an annual production capacity of 68.9 million square meters across nine manufacturing plants. It offers a wide range of ceramic wall and floor tiles, polished vitrified tiles, glazed vitrified tiles, and tile adhesives and grouts. Kajaria has grown to become a leading brand in India and globally through its high-quality products, innovations, and focus on meeting customer demands. It uses cutting-edge technology and processes in manufacturing and distributes products through franchises, company-owned outlets, and e-commerce platforms to serve customers nationally and internationally.
Business Connect is a business magazine whose name is derived from Business Community which connects entrepreneurs, executive officers and VCs.
https://businessconnectindia.in/
Kia Motors entered the Indian market in 2019 and has found success with its launch of the Kia Seltos SUV. It established a manufacturing plant in India capable of producing 300,000 vehicles annually. For its initial launch, Kia used a marketing strategy focused on storytelling about its design inspiration and building a large dealership network. Kia's digital marketing promotions were very successful at generating online buzz. Going forward, Kia plans to launch new SUV models and is evaluating entering the mid-sized 7-seater segment.
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Paint and coatings industry is expected to grow at about 7% CAGR in India which is now seeing a number of mergers and acquisitions taking place. The government also is supporting this industry which recently brought down GST from 28% to 18%. The top three peers, Asian Paints, Berger Paints and Kansai Nerolac, in this industry are considered in this study and qualitative and quantitative analysis of these three companies have been conducted. Atlas.ti is used for doing qualitative analysis and codes were made and finally gone through to rank the companies selected. Seven attributes have been considered which are framed as seven research questions.
This document provides an equity research report on Kabra Extrusiontechnik Ltd, which manufactures plastic extrusion machinery. The report discusses the company's background and operations, recent developments including increased stake by promoters and partnership extensions, financial performance with rising net profits in the most recent quarter, and recommends the stock as a potential investment with a target price implying upside of over 100% within 12-24 months. Key risks mentioned include potential slowdown in the plastics industry.
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This document recommends buying shares of Praj Industries Ltd, an Indian engineering company, for potential short-term gains within 90 days. It provides the stock's current price and target price, along with technical analysis showing resistance and support levels. Financial data for the past four quarters demonstrates overall growth in sales, net profit, and earnings per share. The recommendation is based on this technical and fundamental analysis showing the stock is undervalued and has upside potential for investors.
This document recommends buying shares of Dhampur Sugar Mills Ltd, an Indian sugar company, based on its current undervaluation. The stock price is 117.10 rupees but the target price over the next 90 days is 139 rupees, representing an 18.7% upside potential. Recent financial data is presented showing the company's quarterly revenues, expenses, profits, and other details. A technical analysis indicates the stock price supports and resistances in the near term. The recommendation is to buy this stock to benefit from short-term gains over the next 3 months.
- Radico Khaitan Ltd is recommended as a short-term buy based on its current market price of 323.45 and target price of 380, representing potential upside of 17.5%.
- Over the last year, Radico Khaitan's stock returns were 84.8% compared to 3.3% for the Nifty index. Resistance levels are seen at 350 and 372, with support at 315 and 300.
- Quarterly financial results show rising sales, profits and EPS over the past four quarters on a year-over-year basis.
This document provides a stock recommendation for Radico Khaitan Ltd, an Indian beverage company. It recommends buying the stock with an expected 17.6% upside potential within 90 days. The stock analysis is based on the company's financial performance, quarterly results, current market price of Rs. 353 compared to a target price of Rs. 415, and technical analysis showing support and resistance levels. The document discloses its independent equity research status and disclaimer.
The document recommends buying shares of Capital First Ltd for short-term gains within 90 days. It provides the stock's current and target prices, market capitalization, P/E ratio, and other financial details. The quarterly financial results are shown, along with a comparative chart showing Capital First's returns have outperformed the Nifty index over the last year. Technical analysis forms the basis for the recommendation to buy the stock.
This document recommends buying shares of India Glycols Ltd, an Indian chemicals company, for potential short-term gains of 16.7% over the next 90 days. It provides the company's current stock price and target price, as well as comparative charts showing India Glycols' strong stock performance versus the broader market in the last year. Financial data for the past four quarters show increasing sales and profits. The recommendation is based on technical analysis indicating the stock price may rise further.
Waterbase Ltd is an aquaculture company headquartered in Chennai that manufactures shrimp feed and processes farmed shrimp for export. The company has recently received approval to merge Pinnae Feeds Ltd, which manufactures shrimp feed, to expand production capacity. Waterbase was also awarded the 2016 India Shrimp Feed Industry New Product Innovation Leadership Award. Financially, Waterbase reported a profit of Rs. 0.82 crore for the quarter ending March 2017 compared to a loss of Rs. 1.73 crore in the previous year, with sales rising 12.05% to Rs. 62.50 crore.
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The document recommends buying shares of City Union Bank Ltd. for potential short-term gains of 16.5% over the next 90 days. It notes that the stock's current price is 144.20 rupees per share with a target price of 168 rupees. Recent quarterly financial results for the bank are also presented, showing growth in interest income, net profits, and basic earnings per share over the past four quarters. The recommendation is based on technical analysis showing the stock's resistance and support levels as well as its strong 62.2% return over the past year compared to a 4.8% return for the Nifty index.
- Mold-Tek Packaging Ltd is a leading manufacturer of rigid plastic packaging in India with a 25% market share. It produces plastic containers for paints, lubricants, food, and FMCG products.
- The company recently raised Rs. 55 crores through a QIP to expand operations by setting up new plants in India and the UAE and increasing capacities of its tool room and food packaging facilities.
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This report provides an equity research analysis of Zenith Fibres Ltd., a manufacturer of polypropylene staple fibre (PPSF) in India. The report discusses the company's background, recent developments in the textiles industry, financial performance over the last 6 quarters, peer comparison, and risks. The report recommends Zenith Fibres as a investment, citing its focus on quality, new product grades, established production base, and debt-free balance sheet. The report predicts steady growth as new initiatives are absorbed.
Saral Gyan - 15% @ 90 Days - August 2016SaralGyanTeam
The document recommends buying shares of Credit Analysis & Research Ltd. It is currently trading at Rs. 1187.70 per share and the target price is Rs. 1380, representing an upside potential of 16.2%. The company's quarterly financial results are provided, showing steady growth in net profit. A technical analysis indicates the stock price has support levels of Rs. 1110 and Rs. 1030, and resistance at Rs. 1270 and Rs. 1340. The recommendation is to buy the stock with an expected return of 15% within 90 days.
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1. UNEXPLORED MULTIBAGGER SMALL CAP STOCKS
EQUITY RESEARCH REPORT
CERA SANITARYWARE LTD. BSE CODE: 532443
NSE CODE: CERA
Industry: Ceramics CMP: Rs. 166.40 (24/12/2011)
Market Cap: 210.57 (Crores) Target Price: Rs. 350
Date: December 24, 2011 Time Period: 12 – 18 months
Saral Gyan Capital Services
www.saralgyan.in
An Independent Equity Research Firm
2. HIDDEN GEMS – DEC 2011
TABLE OF CONTENT
S. No Content Page No.
1. Company Background 03
2. Recent Developments 07
3. Financial Performance 09
4. Charts & Graphs 11
5. Peer Group Comparison 13
6. Key Concerns 13
7. Industry Overview 14
8. Investment Rationale 17
9. Saral Gyan Recommendation 18
10. Disclaimer 19
-2- SARAL GYAN CAPITAL SERVICES
3. HIDDEN GEMS – DEC 2011
1. Company Background
Launched in 1980, Cera is a pioneer in the sanitaryware segment in India. The first
sanitaryware company to use natural gas, Cera has been on the forefront of launching a
versatile colour range and introducing the bath suite concept. It also launched
innovative designs and water-saving products. The twin-flush model launched in India
by Cera for the first time, reduces the water needs of households considerably. WCs
designed to flush in just 4 litres of water is another notable innovation by Cera.
Based in Kadi, Gujarat, Cera Sanitaryware Ltd. uses International technology, which has
ensured Cera’s superiority over others in quality. Established with an initial capacity of
3,600 MTPA, the plant has undergone several periodical upgradations and
modernisations to expand to 25,000 MTPA.
To achieve growth in the rapidly changing retail market in the country, Cera, has
launched its one of a kind Cera Bath Studios in Ahmedabad, Bangalore, Chandigarh,
Kolkata, Cochin and Hyderabad, Mumbai. With the opening of the Cera Bath Studios,
the discerning consumers, architects and interior designers can have full view of the
Cera’s premium ranges of WC’s, Wash Basins, Shower Panels, Shower Cubicles, Bath
Tubs, Shower Temples, Whirlpools, CP fittings etc. Cera Bath Studios will complement its
existing network of 600 dealers and 5000 retailers. Several Bathrooms are displayed live,
so that the customers can get a feel of Cera’s vast range of products.
Having shown a growth rate of more than 25% since last 3 years, Cera Sanitaryware Ltd.
today is the fastest growing sanitaryware company in India. For its contribution towards
the industrial growth, Cera's ED 'Mr. Vidhush Somany' received "The Nirman Ratna
Award" in September 2010.
-3- SARAL GYAN CAPITAL SERVICES
4. HIDDEN GEMS – DEC 2011
Products – Sanitaryware and Bath Fittlings
Revenue Streams:
-4- SARAL GYAN CAPITAL SERVICES
5. HIDDEN GEMS – DEC 2011
Revenue Streams
For Cera there are two revenue streams. Manufacturing and Outsourcing. The
company manufactures sanitary ware locally, while it outsources bath ware and
faucet ware.
The company has registered a good growth of 19% CAGR over the last 5 years in the
Sanitaryware segment. This is well above 12-13% industry growth.
In the Outsourced premium segment, the growth has been more spectacular at 33%
CAGR over the last 5 years. Outsourcing doesn’t require the company to set up a
plant and therefore it’s relatively easier to scale up and test market the products.
Strong Branding with Pricing Power
In the Sanitary ware segment both the raw materials and the Power and fuel are
the major inputs. Over the last 5 years, while the cost of raw materials has not
increased much, the energy cost has gone up substantially.
In case of Cera the company has been able to pass on any major increase in input
price without much lag, while it doesn’t have to reduce the prices in case the
commodity prices go down. A sign of both the branding power and efficient
management.
Strong Marketing and Distribution Network
-5- SARAL GYAN CAPITAL SERVICES
6. HIDDEN GEMS – DEC 2011
Cera Bath Studio and Bath Gallery
Cera pioneered the concept of Cera Bath Studios, the company owned company display
centers, where architects, interior designers, builders, consultants, customers, etc. can
touch and feel its range of sanitary wares, shower cubicles, steam cubicles, whirlpools,
faucets, sinks, mirrors, sensors, etc.
-6- SARAL GYAN CAPITAL SERVICES
7. HIDDEN GEMS – DEC 2011
2. Recent Developments
Cera embraces new Identity, Dia Mirza to Endorse, Nov 03, 2011
Cera Sanitaryware Ltd (CSL), has unveiled a new logo to capture the imagination of
young and modern India. “Our new logo is the most sweeping transformation of the
company’s corporate identity ever since it started its journey in 1980,” says Vidush
Somany, executive director of the company. “Cera is one of the most preferred brands
in the country, and the trust it generates from its customers is immeasurable. We are
giving our logo a more contemporary look that is relevant for business today.”
Delving in to the semantics of the new logo, Somany explains, “Our new logo has been
designed by the Ahmedabad-based creative agency Aakriti Promotions & Media Ltd, and
has been infused with a sense of dynamism and openness. It is free from its boundaries,
just as we are all set to become a total bathroom solutions provider. It aspires to evolve
as a brand that provides style solutions to its core target group. Besides, the new and
modern typeface indicates a strong sense of purpose and confidence in the brand’s
ability.”
Somany believes that the new logo will connect seamlessly with the company’s
customers, business associates and influencers. “Retaining the blue colour keeps Cera
connected with its rich heritage of design and innovation for which it is immensely
popular. While remaining rooted, it also aspires to adhere to core values of stability and
sincerity.”
According to Somany, Cera has become a versatile brand by virtue of its expansion into
new markets, creation of new businesses and strengthening of capabilities. “We are
targeting those areas where our presence has been minimal. Soon our company will
significantly scale up capacity from the current 75,000 pieces per month at the new
faucet plant at Kadi. We will also aggressively increase the production of sanitaryware
from 20 lakh pieces to 27 lakh pieces per annum to make it the largest plant in the
country. Our new logo reflects this versatility.”
Along with the launch of the logo, CSL is also rejuvenating its marketing programmes.
“We will kickstart our media campaign from December, which will spill over to the next
financial year and span print, television and hoardings. We have signed up Bollywood
actress Dia Mirza for endorsing the Cera brand. Our customers will get to see the new
logo on all the products, packaging and signages within the next three to four months.”
He adds that an array of new designs in sanitaryware and other products will also be
launched in the coming year. “In our faucet vertical, we have launched four new ranges,
and are planning to roll out some more shortly. Very soon, a new display centre will be
thrown open in the western suburb of Mumbai.”
-7- SARAL GYAN CAPITAL SERVICES
8. HIDDEN GEMS – DEC 2011
Cera Sanitaryware looks at acquisition in Italy, Oct 13, 2011.
Cera Sanitaryware Ltd, the third largest sanitaryware maker in India, is in talks with a
number of companies to acquire a brand and a factory in Italy. Cera's board of directors
is likely to take a decision on this by next year. Apart from this, the company is also in
the process of expanding its manufacturing facility at Kadi in North Gujarat involving an
investment of Rs 100 crore over the next couple of years.
With a view to catering to high end sanitaryware segment in India, we are looking at
acquisition in Italy. This would be the first acquisition by Cera outside India," said Vidush
Somany, executive director, Cera Sanitaryware Ltd. However, he did not disclose the
size of the acquisition and the names of the Italian companies that Cera is in dialogue
with.
According to Somany, the company is looking at acquiring either a brand or a factory or
brand and factory both. Apart from this, the company may also buy out a research and
development (R&D) studio. Cera has been scouting for a suitable company for almost a
year.
Cera, which currently enjoys 21-22 per cent share in Rs 1500 to Rs 1800 crore organised
sanitaryware market in India, is increasing the production capacity of its sanitaryware
division at Kadi facility from current 2 million pieces to 2.7 million pieces. The expansion
is slated to be completed by April 2012.
In addition to this, the taps manufacturing division will see its capacity going up almost
three times to 2 million pieces from current 0.7 million pieces over the period of next 12
to 18 months.
"For sanitaryware division around Rs 60 crore will be infused, while for taps capacity
increased Rs 40 crore would be pumped in," said Somany adding that the company is
eyeing to capture 25 per cent market share by next year.
The company is also aggressively entering into luxury segment of shower enclosures,
shower trays and equipped panels and cubicles. It has also tied-up with Italian company
Novellini for this.
At present the company is the third largest player in Indian sanitaryware market with
21-22 per cent market share, while Hindustan Sanitaryware and Industries Ltd (HSIL) is
on top with 41 per cent followed by Global giant Roca Bathroom Products Pvt Ltd with
26 per cent.
-8- SARAL GYAN CAPITAL SERVICES
9. HIDDEN GEMS – DEC 2011
3. Financial Performance
Cera Sanitaryware net profit rises 25.62% in the September 2011 quarter
Net profit of Cera Sanitaryware rose 25.62% to Rs 7.65 crore in the quarter ended
September 2011 as against Rs 6.09 crore during the previous quarter ended September
2010. Sales rose 28.90% to Rs 73.29 crore in the quarter ended September 2011 as
against Rs 56.86 crore during the previous quarter ended September 2010.
Cera Sanitaryware net profit rises 15.19% in the June 2011 quarter
Net profit of Cera Sanitaryware rose 15.19% to Rs 6.90 crore in the quarter ended June
2011 as against Rs 5.99 crore during the previous quarter ended June 2010. Sales rose
27.29% to Rs 64.64 crore in the quarter ended June 2011 as against Rs 50.78 crore
during the previous quarter ended June 2010.
-9- SARAL GYAN CAPITAL SERVICES
10. HIDDEN GEMS – DEC 2011
Current & Expected Earnings:
Particulars
(Rs. In Crores) Dec '10 Mar '10 Jun '11 Sep '11 Dec '11 E Mar' 12 E
Audited / Unaudited UA UA UA UA UA UA
Sales Turnover 59.79 75.47 64.64 73.29 71.89 86.76
Other Income 0.8 2.48 0.94 2.33 1.1 2.81
Total Income 60.59 77.95 65.57 75.61 72.99 89.57
Total Expenses 47.47 63.11 52.51 61.59 59.14 72.32
Operating Profit 12.32 12.36 12.13 11.7 12.75 14.44
Total Extraordinary Inc/Exp -- -- -- -- -- --
Tax On Extraordinary Items -- -- -- -- -- --
Net Extra Ordinary Inc/Exp -- -- -- -- -- --
Gross Profit 13.12 14.84 13.07 14.03 13.85 17.25
Interest 0.76 0.72 0.72 0.82 0.80 0.98
PBDT 12.36 14.12 12.34 13.2 13.05 16.27
Depreciation 1.52 1.85 1.88 1.88 1.88 1.88
Depreciation On Assets -- -- -- -- -- --
PBT 10.84 12.27 10.46 11.32 11.17 14.39
Tax 3.6 4.07 3.56 3.67 3.64 4.91
Net Profit 7.24 8.2 6.9 7.65 7.53 9.48
Prior Years Income/Expenses -- -- -- -- -- --
Earnings Per Share 5.72 6.48 5.45 6.05 5.95 7.49
Equity 6.33 6.33 6.33 6.33 6.33 6.33
Reserves -- -- -- -- -- --
Face Value 5 5 5 5 5 5
% of Public Share Holdings 45 45 45 45 -- --
Expected Earnings for 2nd and 3rd Qtr FY 2011-12:
CSL revenues may not deliver strong growth in next 2 quarters on account of high
interest rates, raw material prices and slowdown in housing sector but can deliver
robust growth in FY 2012-13.
Revenues are expected to increase significantly in FY 2012-13 considering higher volume
sales on account of new manufacturing unit fully operational. Operating and profit
margins will also improve with ease in raw material prices and interest rates. Increase in
demand in housing and real estate sector will benefit the company.
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11. HIDDEN GEMS – DEC 2011
4. Charts & Graphs
i) Share Price Moving Average:
CSL is currently trading below its 200 days price moving average and is having strong
support at 150.
ii) Comparative Graph:
CSL has given returns of 411.05% in last three year. In last one year, CSL has
outperformed giving returns of 7.31% against Sensex returns of -22.02%
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12. HIDDEN GEMS – DEC 2011
iii) Performance Chart:
iv) Share holding Pattern:
Promoters share holding is 55%. Promoters have increased their stake from 53.7% to
55% in last one year. FIIs holding have increased from minuscle 0.3% to 2.4% in last one
year.
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13. HIDDEN GEMS – DEC 2011
5. Peer Group Comparison
PEER Cera Bell Euro Somany
GROUP Sanitaryware Ceramics Ceramics Ceramics HSIL
CMP 166.40 10.69 10.15 32.70 122.50
52 W H/L 245.75/150.00 24.45/10.00 38.25/9.32 59.90/28.60 245.80/116.50
Mkt Cap 210.57 12.17 26.82 112.80 809.07
Results
(in Crores) Sep-2011 Se-2011 Sep-2011 Sep-2011 Sep-2011
Sales 73.29 42.70 53.65 207.66 299.05
PAT 7.65 -1.05 -20.88 5.75 23.00
Equity 6.33 12.17 26.43 6.90 13.21
EPS 23.70 0.84 0.00 7.16 16.87
P/E 7.02 11.90 -25.32 4.57 7.26
6. Key Concerns / Risks
Over the last 1 year the raw material prices and the prices of other key inputs have
increased, while on the same hand the global economy is slowing down. The
company could be in for some tough times over the short term.
In view of the inflationary environment, the RBI has continued with its monetary
tightening. The same is hurting the growth and more specifically that of Real estate.
The sale of Bath fittings is directly proportional to growth in real estate as
replacement demand commands a very small share.
Jaguar and other local and foreign brands are trying their hands at Indian Sanitary
ware market. Jaguar has a very strong brand identity and distribution network. We
believe it could come across as a major competitor to the established players.
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14. HIDDEN GEMS – DEC 2011
7. Industry Overview
The Bathroom accessories and sanitary ware market in India has grown exponentially in
the recent past. The current sanitary ware market size in India is approximately Rs 1700
crores while the Bathroom fittings market size is around Rs 3500 crores and are growing
annually at a sustained rate of 15-16%. India is expected to become one of the largest
consuming countries of sanitary ware in the near future.
The Sanitary ware and the bathroom fittings industry in India can be classified as
follows:
Robust Growth Expected in next 3-5 years
The Indian sanitary ware industry has witnessed a seachange. With India emerging as
the second largest in the baths and sanitary market in Asia Pacific, the sanitary ware
market is poised to see strong growth in years to come.
The real estate and construction boom in India has helped in the increasing demand for
bathroom products. Secondly, buying homes has become more ‘affordable’ to Indian
customer with several housing finance companies offering attractive home loan
packages.
The average age of an Indian youth buying his first house is in the early thirties or late
twenties. They are willing to spend on their houses and demand the latest international
trends and products for their new homes. Moreover, the ‘replacement’ market,
comprising renovations, home improvements and refurbishments in bathrooms is
growing significantly.
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15. HIDDEN GEMS – DEC 2011
Competition Overview
Market is fragmented with many organized and unorganized players. Cera commands a
market share of 21-22% in the organized sector.
Share of unorganized sector is gradually declining.
People are increasingly opting for branded bath fittings because of the guarantee in
quality and after sales service.
Both domestic and the foreign manufacturers are supplying products in Indian Market
Foreign players either have distribution partnerships with Indian players or have
established their own subsidiaries.
Companies are opening dedicated showrooms complete with concept bathrooms
for providing better product demonstrations
Companies operate both, through direct selling in the market and through retailers
Companies also market directly to builders, architects and corporate without
involving retailers.
Lack of Sanitation facilities in India
India is a highly populated country with about 72% living in rural areas and the
remaining 28% in urban areas.
Around 58% of India’s urban population has access to improved sanitation and in
rural areas, the coverage is considerably lower at 18%.
India’s sanitation coverage in urban and rural areas is much less than other
neighbouring South–Asian countries.
Poor sanitation coverage in India reflects vast potential for growth opportunities for
the sanitary ware industry.
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16. HIDDEN GEMS – DEC 2011
Growth in Real Estate Sector
The growth in sanitary ware industry is directly proportional to the growth in the
real estate sector. The FY 2011-12 Union Budget has extended proposals with focus
on affordable housing which are expected to benefit the sanitary ware industry in
India.
With robust growth in real estate sector, strong demand for sanitary ware products
is expected from commercial and residential segments.
Increase in Life Style Spending
A customized bathing experience is fastly gaining momentum and presence of multiple
International brands are making the market a competitive one.
In a developing market like India, these
brands translate into more options for the
luxury consumer. People are aspiring to a
better life and they are spending money to
get it.
An average household today is ready to
invest more than Rs 15,000 on bathing
luxuries. Three years ago, the average spend
was just Rs 5,000.
The high-end products are targeted at the 3 million households and affordable products
at segment of 6 million.
Today consumers are brand concious and are aware of the fashion and changing trends,
hence prefer branded products. They seek global brands for their kitchens or bathrooms
for their flaunt value.
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17. HIDDEN GEMS – DEC 2011
8. Investment Rationale
Strong Brand Equity – In the sanitary ware segment, there’s strong brand identity
against that in Tiles segment. At present there are only three major players i.e. HSIL,
Parryware Roca and Cera. Cera’s achievement of 20% + market share is commendable in
the light of the fact that Cera started almost 20 years later than HSIL and 30 years later
than Parryware.
Strong Marketing & Distribution network – Cera sells it’s products through a marketing
network of 500 dealers and 5000 retailers spread across the country. It’s difficult to
replicate such a network and is one of the major business moats for Cera against the
onslaught from foreign players and other local players.
Relatively slowly changing industry - It’s a relatively slow changing business (makes it
easier for us to hold it for long term in comparison to education or technology stocks
where the trends change very fast and thus a company doing well today may end up on
a losing side in a very short period of time).
No Institutional holding - There’s no institutional holding in Cera, probably because of
low liquidity. There is a very high probability the stock can get re-rated to higher PE
multiples once it comes in sight of smart investors. At present the stock is quoting at 6.8
times trailing twelve months earnings.
Very attractive valuations – Murugappa group sold of their 47% stake in Parryware-
Roca joint venture in 2008 for a sum of Rs 720 crore while the company had recorded a
turnover of Rs 360 crore for FY 08, thus valuing the company at 4 times its annual
turnover. Cera’s market cap is approximately equal to its annual sales. Though not 4
times, however Cera can still get re-rated to twice the annual sales considering its
efficiency and growth.
Regular Dividend Income – Since 2002, company has continuously rewarded its share
holders paying regular dividend. Management has increased the dividend payouts every
year from 2003. In last 8 years, dividend payout is increased by almost 9 times from Rs.
0.30 per share in year 2003 to Rs. 2.50 per share in 2011.
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18. HIDDEN GEMS – DEC 2011
9. Saral Gyan Recommendation
i) Cera Sanitaryware net sales have grown at a rate of 26% on yearly basis during last 6
years whereas industry growth average is around 12-13%. Being into manufacturing
sector, Cera commands higher margins, operating margins are at 20% and PAT margins
are above 10%. PAT margins improved significantly from 4% in FY 2005 to 10.4% in FY
2011.
ii) Cera has achieved sales growth of 26% during last 6 years without any major equity
dilution or debt funding and now it’s a debt free company. Moreover, company is
evaluating various parameters for an acquisition opportunity in Italy.
iii) For FY 2011, company has achieved 100% capacity utilization and in view of strong
demand, it is increasing the production capacity of its sanitaryware division at Kadi
facility from current 2 million pieces to 2.7 million pieces. The expansion is expected to
be completed by April 2012. In addition to this, the faucetware manufacturing division
will see its capacity going up almost three times to 2 million pieces from 0.7 million
pieces over the period of next 12-18 months.
iv) Cera Sanitwaryware Ltd is consistantly paying dividends since 2002 to reward its
shareholders. In last 10 years, dividend payout is increased by almost 9 times to Rs 2.5
per share in FY 2011 compared to Rs. 0.30 per share in FY 2002. Visibility of robust
earnings in FY 2012-13 on account of increased production capacity, acquisition
opportunity in Italy and increase in housing demand due to softening of interest rates
makes CSL a good buy at current market price for investors who can hold it for period of
12-24 months.
v) At current market price of Rs 166.40, dividend yield works out to 1.5%. On equity of
Rs. 6.33 crore the estimated annualized EPS for FY 2012-13 & FY 2013-14 works out to
Rs. 32 and Rs. 44 respectively. Book value per share is Rs. 88.15 and at CMP of Rs.
166.40, stock price to book value is 1.89. Currently, the scrip is trading at 5.2X FY 2012-
13 and 3.8X FY 2013-14 estimated earnings which make CSL an attractive bet at CMP.
Considering ongoing expansion, healthy operating margins with effective brand
positioning and pricing power, better earning visibility on account of robust demand
and strong marketing and distribution network, Saral Gyan Team recommends “BUY”
on Cera Sanitaryware Ltd for a target price of Rs. 350 over a period of 12-18 months.
Buying Strategy:
50% at current market price of 166.40
50% at price range of 145-150 (If stock price falls during market correction)
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