Category Archives: Companies

Snapshots of the companies in my watch list. Some of them are already in my portfolio. Some of them are still in the waiting list for the right time to buy at right price.

11 companies for my portfolio!

For the last couple of months, I have been working to filter out companies in my portfolio to reduce the number of companies from the 54 to 20 or 30.  To find out the ones that I want to keep, I put all my companies to a quantitative test with investment criteria of Benjamin Graham, Kenneth Fisher and Martin Zweig as I mentioned in one of my recent posts.  I decided to keep those companies that pass any one of these three filters – and I got just 11! As usual, I am sharing with you what I found.

1. Opto Circuits

It is a technology company catering to healthcare industry. A multinational medical device company head-quartered in India and its products are used in about 150 countries.

Its revenue have been growing consistently every year for the last 10 years. Last four quarters also have shown impressive growth. Its EPS have grown at an impressive compound annual growth rate of 33% over the last five years.

Its debt equity ratio at 65% and not so healthy cash flows are points to be cautious!

2. Astral Poly Technik

Astral Poly Technik is a manufacturer of PVC plumbing systems. It has the license of Lubrizol of USA, equity joint venture with Speciality Process of USA and tie-up with many international names.  Its corporate clients include big names across various industries! Its products cater to the domestic and industrial applications.

Its revenue have been growing consistently every year for the last 10 years. Last four quarters have shown impressive growth. Its EPS has grown at an impressive compound annual growth rate of 32% over the last five years.

Its debt equity ratio is moderate at 27% but its cash flow is not very healthy.

3. Page Industries

Page Industries Ltd. is the exclusive licensees of JOCKEY International Inc. (USA) for manufacture and distribution of the JOCKEY® brand Inner-wear/Leisurewear for Men and Women in India, Sri Lanka, Bangladesh, Nepal and UAE.

Its revenue has been growing consistently every year for the last 10 years. Last four quarters have shown impressive growth. Its EPS has grown at an impressive compound annual growth rate of 36% over the last five years.

Its debt is huge at a debt-equity ratio of 93%  and its cash flow is also not very healthy.

4. Technofab Engineering

A 40 year old engineering and construction company, serving the Power, Industrial and Infrastructure Sectors, by executing comprehensive balance of plant (BOP) and auxiliary systems on a complete Turnkey EPC basis.

It is clearly a cyclical play which is affected by economic cycle and government policies due to its dependence on power and infrastructure sectors.

Its revenue have been growing consistently every year for the last 6 years. Last four quarters also have shown impressive growth. Its EPS has grown at an impressive compound annual growth rate of 91% over the last five years.

Its debt is moderate at a debt-equity ratio of 11%  and its cash flow is not very bad.

5. Clariant Chemicals

Clariant Chemicals (India) Limited is one of India’s leading specialty chemicals companies and is the No. 1 player in Pigments, Textile Chemicals, Leather Chemicals, Biocides for Paints. Its products cater to the wide range of industries.

Its revenue growth in the last few years are not very impressive and  last four quarters also have shown muted or negative growth. Its EPS grown at an impressive compounded annual growth rate of 31% over the last five years.

Its is a zero debt company. Its cash flow is not very impressive and cash and cash equivalent in the balance sheet has been coming down in recent years.

6. Hinudstan Zinc

Hinustan Zinc is India’s largest and world’s second largest integrated producer of zinc & lead, with a global share of approximately 6.0% in zinc. Hindustan Zinc is a subsidiary of the NYSE listed – Sterlite Industries (India) Limited  and London listed FTSE 100 diversified metals and mining major – Vedanta Resources plc. Its core business comprises of mining and smelting of zinc and lead along with captive power generation. It has four mines and four smelting operations in India.

Its revenue have been growing consistently every year for the last 10 years except a dip in two years – 2008 and 2009.  Last four quarters have shown impressive growth. Its EPS has grown at an impressive compound annual growth rate of 35% over last 10 years.

It is a zero debt company and its current ratio is 3.01! It has been paying dividend in all of the last 10 years.

7. Mayur Uniquoters

Mayur Uniquoters is manufacturer of PVC Vinyl. Its major clients are from Auto-mobile and footwear industries.

Its revenue have been growing consistently every year in the last 10 years. Last four quarters also have shown impressive growth. Its EPS grown at an impressive compounded annual growth rate of 65% over the last five years.

Its debt is moderate with a debt-equity ratio of 13%  and its cash flow is not very bad.

8. Wim Plast

Wim Plast manufacture plastic moulded furniture and bubble guard extrusion sheets in the brand name of Cello.

Its revenue have been growing consistently in the last 5 years.  Its EPS grown at an impressive compounded annual growth rate of 74% over the last five years.

It is a zero debt company and its cash flow is also healthy.

9. Mphasis

An IT company delivering Applications services, Infrastructure services, and Business Process Outsourcing (BPO) services globally serving clients across a wide range of industries.

Its revenue have been growing consistently every year in the last 7 years. However its last four quarters results were disappointing. Its EPS grown at an impressive compounded annual growth rate of 60% over the last five years.

It is a zero debt company and its cash flow is healthy.

10. National Peroxide

National Peroxide Limited manufactures Chemicals “Hydrogen Peroxide”, “Sodium Perborate” and “Per Acetic Acid”. NPL, a pioneer in India for peroxygen chemicals, is the largest manufacturer of Hydrogen Peroxide in India. Hydrogen Peroxide is a highly versatile chemical used in various industries for bleaching, chemical synthesis, environmental control/effluent treatment, sterilisation etc.

Its revenue have been growing consistently every year in the last 5 years except a dip in 2010. However the sales were down in the June 2011 quarter. Its EPS grown at an impressive compounded annual growth rate of 62% over the last five years.

It has no significant debt with a debt equity ratio of 7% and has an healthy cash flow.

11. Voltas

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, materials handling equipment, water management & treatment, cold chain solutions, building management systems, and indoor air quality.

Its revenue have been growing consistently every year in the last 10 years. However growth in last four quarters were not consistent and was low. Its EPS grown at a compounded annual growth rate of 25% over the last five years at 31% over 10 years.

Its debt position is low with a debt equity ration of just 7% and has a healthy cash flow.


Mazda Ltd

Mazda Limited is predominantly an engineering company producing different types of engineering equipments like vacuum systems, evaporator systems, air pollution control equipment. It’s one of the largest sellers of steam jet vacuum systems and condensers worldwide.

Mazda Limited has built a strategic alliance with Croll-Reynolds Inc. USA (C-R), who is a major shareholder in Mazda Controls. Croll-Reynolds has shared a substantial amount of technology with Mazda. At its facilities in Ahmedabad, Gujarat State, India, Mazda and Croll-Reynolds work together to design, manufacture and test high quality equipments for sale to all the regions of the world.

Company’s 85-90% of export orders come from Croll-Reynolds. As on date Croll-Reynolds holds 6.8% stake in Mazda Ltd. Croll-Reynolds clients in India are being served by Mazda ltd.


Vacuum, Evaporators and Food

Vacuum division produces Steam Jet Air Ejector (SJAE) System, Chill Vactors Systems, Surface Condenser, Heat Exchanger, Feed Water Heater

Evaporators division produces Forced Circulation Evaporators, Combination Type Evaporators, Air Pollution Control Equipment

Food division produces Bcool brand soft drink concentrates, essences and jams etc and also supply for private labelling.

Consuming Industry

The equipments manufactured by the company are widely used in the petrochemicals, power generation, fertilizer manufacturing, chemical, bulk drugs, edible oil extraction, steel manufacturing and other industries.

ML’s clients include Reliance Industries, Indian Oil Corporation (IOC), Siemens, Triveni Engineering, Aventis, Clariant Group, Unilever, Kvaerner Gas Power, Bhel, Cadila Transpek, United Phosphorus, Voltas, Atul, Grasim, Aarti Group, Wockhardt, Jacobs, Sterlite, Thermax, Shasun, Unilever, Atul, and GHCL among others. ML also supplies its products to the Nuclear Power Plants at Tarapore.



Peer Group

Thermax, BEML Ltd, Alfa Laval,

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Honeywell Automation India Ltd. (HAIL)

Honeywell Automation India Ltd. (HAIL) is a leading provider of integrated automation and software solutions that improve productivity, enhance comfort and ensure safety and security of homes and business premises. With over 2500 employees and an annual turnover of about Rs. 868 crores, HAIL is headquartered in Pune with 8 offices all over India. It is part of Honeywell Inc. the technology leader with 120,000 employees across 100 countries world wide.

HAIL has an impressive 36000 sq ft. state-of-the-art manufacturing facility in Pune, and is the first Automation and Control Solutions company in India to receive double certifications of ISO 9001 and OHSAS 18001 certifications.

Honeywell International is a $36 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London and Chicago Stock Exchanges.


Honeywell Process Solution, Honeywell Building Solutions, Global Engineering Services, Environmental and Combustion Control, Sensing and Control and Honeywell Security Group.

Consuming Industry

It serves a wide range of industries that include Infrastructure, Petrochemicals, Refining, Chemicals, Mining & Metals, Automobiles and Hospitality.

Honeywell brands can be seen on the thermostats in buildings, in the electronic voting machines, process control systems in refineries and factories or as sensors in automobiles.


Industrial Electronics/Consumer Durables/Engineering


Siemens, Bharat Electronics, Opto Circuits etc.

Related Links

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Maharashtra Seamless

Maharastra Seamless Limited (MSL) is one of the flagship companies of D.P. Jindal Group. Incorporated in the year 1989, Maharashtra Seamless Limited (MSL) is leading manufacturer of Seamless, ERW Carbon and Alloy Steel Pipes and Tubes in India. Its plant at Raigad in Maharashtra has a capacity of 3,500,000 MT p.a. of Seamless Pipes and 2,000,000 MT p.a. of ERW pipes and external and internal coating facility. Both Seamless & ERW Plants are first of its kind in India and are having Technical Tie-up with SMS MEER (earlier known as MANNESMANN DEMAG) of Germany. MSL enjoys 45% market share of seamless pipes in India.

It has forayed in to wind power generation business for captive consumption leading to low cost of power and substantial saving thereby. At Satara in Maharashtra, it has 20 wind turbine generators with an aggregate capacity of 7 MW.


Seamless, ERW and Power


Seamless Pipes and Tubes: Hot finished pipes & tubes, cold pilgered / cold drawn tubes, API oil country tubular goods (OCTG) range, line pipe

ERW pipes: ERW line pipe; steam, water gas and air line ERW pipes, ERW casing pipes

Consuming Industry

Seamless Pipes have wide application in high pressure oil & gas exploration & drilling, boiler, automobiles, process, pipelines, refineries.

ERW Pipes are used for low pressure application in cross country line pipes for oil & gas and water transport.

Maharashtra Seamless Ltd has customers across various industries such as oil & gas, Hydrocarbon and process industry, automotive Industry, bearing industry and mechanical and general engineering.

Raw Materials

Billets and Hot Rolled Coils


Indian Seamless Tubes, Jindal Saw, BHEL, Remi Metals, Jindal Pipes, Surya Roshni, Welspun Gujarat and Oil Country Tubular.

Related Links

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Tata Sponge Iron Ltd

Tata Sponge Iron Ltd is an associate company of Tata Steel. It has its manufacturing facility at Bilaipada in Orissa. It is the first Indian sponge iron company to be accredited with ISO 9002 certification. Tata Sponge Iron Limited produces premium & consistent quality sponge iron. The company has emerged as one of the leaders among coal-based sponge iron suppliers in India. It has the advantage of getting an assured supply of quality iron ore from Tata Steel, which ensures consistency in the quality of sponge iron thus produced. The plant commissioned by Tata Sponge was initially designed to facilitate a production capacity of 90,000 TPA, which was enhanced to 1,20,000 TPA during 1990-91. Later, it increased its capacity by adding a second kiln of equivalent capacity in 1998-99. A third kiln of 150,000 TPA capacity was commissioned in 2005-06. In December, 2001 Tata Sponge commissioned a 7.5 MW captive power plant to produce electricity from the waste heat of exit gases of its Kiln No.2.This helped the company to become self sufficient in power. A second power plant of 18.5 MW fed by the waste heat generated by Kiln No. 1 & 3 was commissioned in November, 2006. Revenues earned by the sale of surplus power generated from the power plants add to the profitability of the company, besides keeping the environment free of thermal pollution. Tata Sponge is among the first sponge iron enterprises to have earned carbon credits.

Finished Products

Sponge iron, Power

Raw Materials

Coal, iron ore, dolomite


Steel – Sponge Iron


Jindal Steel, Monnet Ispat, Jai Balaji Ind, Adhunik Metalik

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Zensar Technologies

Zensar Technologies is a globally focused software and services company spread across eighteen countries across the world. Zensar provides end-to-end services from IT development to Business Process Outsourcing, from consulting to implementation. With more than 5400 associates and sales and operations presence across US, UK, Germany, Sweden, Finland, Middle East, South Africa, Singapore, Australia, Japan and Poland, the Company delivers comprehensive services in mission-critical applications, enterprise applications, e-business, BPO Services. Zensar is the world’s first enterprise-wide SEI CMM Level 5 Company and now a CMMI Level 5 Company with industry expertise that spans across Retail and Distribution, Banking, Financial Services and Insurance, Healthcare and Life Sciences, Manufacturing, Energy and Utilities.

Finished Products/Services

Software development


Information Technology, Computers – Software, Business Process Outsourcing (BPO)

Depend on Industries:

Retail and Distribution, Banking, Financial Services and Insurance, Healthcare and Life Sciences, Manufacturing, Energy and Utilities

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KSB Pumps

KSB Pumps, Indian subsidiary of Klein Schanzlin & Becker (KSB), Germany, is one of the largest manufacturer and seller of pumps and valves in India. The company was established in 1960 in India. The company is engaged in manufacture of power driven pumps and industrial valves, Cast Articles of Iron or Steel. It has it plants located at Pune, Ahmed Nagar, Chinchwad, Nashik and Coimbatore.


Kirloskar Brothers and Dynamatic Tech

Peer Group

Kirloskar Brothers, Roto Pumps, Shakti Pumps, WPIL, Yuken India

Finished Products

Power driven pumps, Industrial valves

Industry and Related Industry

Pumps, Industrial Machinery, Engineering,

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Oil Country Tubular Limited

Oil Country Tubular Limited (OCTL), is one of the leading companies in the world processing a range of Oil Country Tubular Goods required for the Oil Drilling and Exploration Industry. OCTL has earned worldwide recognition for the quality of its products and services.  At OCTL, the complete processing activity is concentrated in a single unique integrated plant located at Narketpally and with Corporate Headquarters in Hyderabad, India. The facilities include Upsetting, Heat Treatment, Non-Destructive Testing, Metallurgical Laboratory, Gaging and Calibration Laboratory, Tool Joint and Coupling Threading, Casing and Tubing Threading, Friction Welding of Drill Pipe, Hydrostatic Testing and Internal Plastic Coating of Tubulars. OCTL’s wide product range covers Drill Pipe, Heavy Weight Drill Pipe, Drill Collars, Production Tubing, Casing, Tool Joints, Couplings, Pup Joints, Nipples, Subs, and Cross Overs. OCTL’s Oil Field Accessories include Rotary Subs, Lift Plugs and Lift Subs, Cross Overs (Drill Pipe to Drill Collar or Drill Collar to Drill Collar), Stabilizer Sleeves, Welded Blade Stabilizers & Integral Stabilizers and Cast Steel Lifting Bails. Services include Tool Joint Hardbanding, Make and Break of Tool Joints, Internal Plastic Coating of Drill Pipe and Tubing, Reconditioning of Drill Pipe, Re-threading of Drill Pipe, Tubing and Casing, and Field Inspection of Tubulars. OCTL can also manufacture and supply in large numbers finished Tool Joints and API Couplings for Tubing and Casing of all grades.

Finished Products

Products include drill pipe, tubing, heavy weight drill pipe, casing, drill collars and accessories.

Services include tool Joint hardfacing, make and break of tool joints, internal plastic coating of drill pipe and tubing, reconditioning of drill pipe, re-threading of drill pipe, tubing and casing and field inspection.


Steel – Tubes/Pipes

Consuming Industry

Oil Drilling and Exploration


Jindal Saw, Welspun Corp, Mah Seamless, Ratnamani Metal

Related Links

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Fate of Hero Honda

It was all bad news for Hero Honda for the last few months. It has been struggling with the situation of increasing competition from its peers and interest rate hike that may hurt its sales while the rumours of stake sale by Honda added fuel to fire.

I have been buying Hero Honda since March 2010 and my average cost is 1,852.22. I bought 4 lots of equal value since March and have paid as high as 1,967.65 in April and 1,709.70 this month. The rumour of Honda leaving the joint venture hit the stock hard. However both the parties – Honda and Hero Group – have denied the news. Though the effect of interest rate hike on the sales will be short lived, the intense competition from existing players like Bajaj and TVS and new entrants like Mahindra and Mahindra will be a real concern going forward. I will continue to hold what I already have for the time being, but will not be buying more until the cloud is cleared.

Honda leaving the Joint Venture

News of Honda offloading its 26 per cent stake in the joint venture Hero Honda Motors Ltd has been in the air for some time now. However the management of both the companies have denied it. Market analysts said Honda’s exit from the company is likely to drive down the valuation of the Hero Honda script on concerns that the company may not have access to the latest two-wheeler technology.

Hero Honda: Going it alone
Business Standard, Sep 4, 2010
The implications of Honda pulling out of the company are still being worked out and a possible re-rating is expected. Concerns exist over the fate of Hero Honda, especially with regard to Honda possibly selling its 26 per cent stake to the promoters and exiting the company. In fact, even as any such deal is yet to be announced, analysts have started to work out the implications.

Uncertainty over JV clouds Hero Honda
Livemint, Sep 6, 2010
Analysts say that despite its large vendor base and indigenization, HHML almost entirely depends on Honda for engine technology. Its power-packed brands—Splendor and Passion— that have catapulted the firm’s brand equity, have Honda’s engine technology. If HHML goes on its own, it would have to invest significant amounts into research and development (R&D) to keep pace in the marketplace. Another option will be to scout for a new technology partner. But this would warrant a brand relaunch, which, in turn, could mean marketing costs and risk of product acceptance.

JV break-up a near-term pain for both
Business Standard, Sep 9, 2010
Analysts say, given that the high growth phase in the motorcycles business is past us and with key urban markets saturated, both parties will have to think hard about going separate ways. If Honda decides to exit Hero Honda, the latter’s scrip is likely to tank and shareholders might be looking at large losses. However, if Honda were to buy Hero’s stake, it could see a major rerating, especially if HMSI is then integrated into the company, believes Umesh Karne of BRICS Securities.

Impact of Interest Rate Hike

Hero Honda Expects India Motorcycle Sales to Slow on Rising Interest Rates
Bloomberg, August 24, 2010
Hero Honda Motors Ltd., maker of about half the motorcycles sold in India, said demand will grow more slowly this year as the central bank raises interest rates to pare inflation. India may take further steps to damp rising prices, Sud said, after four interest-rate increases since March failed to bring inflation down from near 10 percent. Rising prices have stoked public protests and sap demand for motorcycles in India, the world’s second-biggest two-wheeler market. State Bank of India, the country’s biggest bank, raised its benchmark lending rate to 12.25 percent from 11.75 percent last week. ICICI Bank Ltd., the second largest, increased its prime lending rate to 16.25 percent from 15.75 percent.

Competition and Sales Growth

Hero Honda reported a slow 2% YoY increase in sales during the month of August 2010. This seems to be particularly low when compared to the sales volumes of other two-wheeler majors in the country. For instance, TVS Motor reported a 34% YoY rise in volumes, while Suzuki Motorcycle reported a 51% YoY increase in volumes during the month. India Yamaha Motor on the other hand reported a 30% YoY rise in volume sales during the month. Bajaj Auto saw its sales volumes improve by 55% YoY during the month. – Equity Master

Hero Honda on 2nd September launched the new model of Super Splendor that comes with ‘Honda intelligent ignition system’ (HIIS). Priced at Rs.45,950, the new bike features a newly designed carburettor for improved engine performance and five-step adjustable rear shock-absorber for smoother drive and comfort. – The Hindu

Crompton Greaves Limited

Crompton Greaves one of the India’s large private sector enterprises, has diversified business model  in designing, manufacturing and marketing technologically advanced electrical products and services related to power generation, transmission and distribution, besides executing turnkey projects. The company is the single largest source for a wide variety of electrical equipments and products. With several international acquisitions, Crompton Greaves is fast emerging as a first choice global supplier for high quality electrical equipment. The company addresses all the segments of the power industry from complex industrial solutions to basic household requirements.

The company is organized into three business groups viz. Power Systems, Industrial Systems, Consumer Products. Presently, the company is offering wide range of products such as power & industrial transformers, HT circuit breakers, LT & HT motors, DC motors, traction motors, alternators/ generators, railway signalling equipments, lighting products, fans, pumps and public switching, transmission and access products. In addition to offering broad range of products, the company undertakes turnkey projects from concept to commissioning. Apart from this, CG exports its products to more than 60 countries worldwide, which includes the emerging South-East Asian and Latin American markets.

Recent Developments

Crompton Greaves Ltd just concluded an arrangement for the acquisition of 3 businesses on a slump sale basis. The first one is Traction Electronics which deals with railways as the main customer. The second one is Supervisory Control and Data Acquisition (SCADA), of which the main customers the railways, Power Grid Corporation of India, NTPC, all utilities which do the transmission and distribution of electricity. The third one is Industrial Drives which is controlling the speed of the motors for energy efficiency through a variable voltage or variable frequency drives. For the year ending is September 2010, they hope to do a sale of about Rs 115 crore. These units have an opportunity to grow compounded at an annual growth rate of 30%. In five years time this should be a major business for Crompton Greaves.

Crompton Greave’s acquisitions over last five years overseas include PTS, Pauwels, Ganz, Microsol, MSE power and Sonomatra. PTS is a UK-based electrical engineering firm with rich exposure to comprehensive electrical engineering space and diverse clientele base in the UK. Pauwels with manufacturing facilities in five locations—Belgium, Canada, the US, Ireland and Indonesia – was catering to the US and west European markets. The Hungarian switchgears maker Ganz was selling in markets like the Middle-East and Eastern Europe. Microsol Holdings in Ireland provides automated technologies for running sub-stations. France-based Sonomatra will help enhance the Company’s capabilities in the services segment of its transmission & distribution business. US-based MSE Power would help to increase its strength as a systems integrator in the engineering, procurement & construction (EPC) international business arena, particularly in the renewable energy (wind) segment. MSE recently purchased wind-turbine monitoring technology from Second Wind Systems Inc.


All economic indicators point towards the manufacturing sector being the future driver of India’s economic growth. India is today preferred destination for sourcing various engineering goods not only due to low cost but also due to high quality of products. Strong positioning in the domestic transformer market, steady profit margins despite competitive pressures and continuing inorganic growth augur well for the company’s earnings growth.

The concern is the threat of imminent competition from global players who are already in the process of setting up manufacturing facilities in India. The market is expected to remain competition with an added element of competition from imported products. Chinese and Korean players are biggest competitors for Crompton Greaves.

While European  subsidiaries have been unable to grow in 2009-10 owing to unfavourable economic conditions in Europe and North America, return to growth  is expected from 2010-11. Recent acquisition of Power Technology Solutions (PTS) will help to expand its geographical reach! PTS is also looking to tap the opportunity in the renewable energy space, a growing market in the UK.

The scenario for the Indian Economy in general and that for the Capital Goods Industry in particular has undoubtedly improved to an extent, after the political stability in the country along with the easing liquidity situation and the offshoots of recovery in the global economy. The capital goods companies catering to the Power Sector will continue to enjoy a degree of comfort, owing to the government’s thrust on this core sector. However the sector has its own set of issues, with around 49% of the planned power projects for the Eleventh Plan already running behind schedule.

Updates Company website | Market Information | News and Analysis |


Charged with global ambition

April 13, 2010

Crompton Greaves: Buy

April 4, 2010

Indian Capital Goods sector 4Q FY2010 outlook

April 8, 2010