Poddar Pigments - 524570

Name of Company	Poddar Pigments
BSE Code	524570
NSE Code
ICICI Code
Established
My Take	So-So
Headquarters	Jaipur
Promoters	S S Poddar
Story	It offers man-made fibres, such as polyester masterbatches comprising single pigment concentrate, tailor made, black, white, and additive masterbatches; polypropylene flame retardent masterbatches and polypropylene antimicrobial master batches; and polyamide antimicrobial masterbatches. The company also manufactures various plastics and packaging products, which include additive masterbatches, such as antiblock agents, antioxidants, antistatic agents, slip agents, metal deactivators, light stabilizers, polymer processing aids, flame retardants, fluorescent whitening agents, antimicrobials, nucleating/ clarify agents, and combined masterbatches; white, black, and custom color masterbatches for the film and packaging industry; injection moulding/blow moulding/roto moulding; masterbatches for pipe extrusion applications; cable masterbatches for jelly filled telecom cables and optical fiber cables; color masterbatches for PET preforms and bottles; and masterbatches for polyester films. In addition, its engineering compounds for various application areas, including day to day consumer products, electrical switches and other electrical components, home appliances, automotives, telecommunication, railways, and national defense. The company offers its products under the Mastercol, Masteradd, and Masterplus name.
Sector	Manufacturing
Sub-sector	Color for man-made fiber and plastics
Website	http://www.poddarpigments.com/
Positives	It is expected that the demand for the company's product will grow manifold with the increased requirements of polyester fibre industry wherein the Company is a major player. Management has bought back shares from market which speaks about bright future for Poddar Pigments. The company has performed consistently well over the last 4-5 years and the same trend is expected to continue going forward. At present prices of 28-30 downside looks minimal. A safe bet altogether for a 2-3 year horizion perspective.
Negatives	Low promoter holding (at 10%). Promoters would not have power to enforce what they want. This also means promoters are having low confidence.
Peers	Pidlite, Nitta Gelatin, Asahi Songwon

Subex Ltd 532348

	(old link - please use new link)
Name of Company	Subex Ltd
BSE Code	532348
NSE Code
ICICI Code
Established	1992
My Take	Like
Headquarters	Bangalore
Promoters
Story	Subex provides fraud management and revenue assurance solutions to global telecom players. It was one of the worst hit companies due to a slump in the telecom sector in the last eight quarters globally. The company struggled to remain afloat as its clients from the telecom sector postponed investments in new projects. It’s client list includes Bell, Comcast, T Mobile, Telefonica, Verizon, BT, Zain, Vodafone, BSNL, Reliance Communications, and Telstra among others. Now, the worst seems to be over for the sector. Telcos are showing signs of revival, which means that the investments could get back in the sector. This augurs well for Subex.
Sector	IT
Sub-sector	Focuses on OSS for communication service providers.
Website	http://www.subexworld.com/
Positives	The company is also aggressively expanding its services portfolio, which would generate recurring revenue. With the restructuring of its FCCBs and other debts, its interest costs will fall. This will support its net margin in the future quarters. At present price of 60 its quoting at less than 6 times its 1 year forward earnings. That’s quite cheap considering the valuation enjoyed by its peers. Subex is the same scrip which even couple of years back commanded a price of over 800 in the bourses. With things looking rosy coupled with promoters taking warrants at 80,things can only get better for the counter.
Negatives	Subex’s ’07 acquisition of services fulfillment player Syndesis went awry as global telcos cut new capex post subprime crisis. Subex took a big hit because of this since it was betting on selling the next generation deliverables of Syndesis
Peers	Rolta

Ispat Industries - 500305

Name of Company	Ispat Industries
BSE Code	500305
NSE Code	ISPATIND
ICICI Code
Established
My Take	Dislike
Headquarters	Kolkata
Promoters	Pramod Mittal
Story	Underperformed the Metals index. The results seem unreliable. Huge losses Qtr after Qtr followed by a few small profits.
Sector	Metal
Sub-sector	Iron and Steel
Website	http://www.ispatind.com/
Positives
Negatives	DII’s(IDBI, IFCI, etc) have offloaded their holdings due to the rumors that management is siphoning off money which is proved by the huge loss made when the steel industry was making huge profits. There are rumors that that company has been selling big quantities of sponge iron in cash (without bill).
Peers	Tata steel, SAIL, Jindal Steel

Management has pledged >90% of their stake. Banks are planning to sell their stake to some leading steel companies.

Sejal Architectural Glass 532993

Name of Company	Sejal Architectural Glass
BSE Code	532993
NSE Code
ICICI Code
Established
My Take	Not Sure
Headquarters	Mumbai
Promoters
Story	New float glass facility which can manufacture 550 tons per day to be operational by FY09. Ventured in retailing with a 30K sqft showroom. Revenue are half compared to Saint Gobain. Glass manufacturing has a low NPM (5-8% annually). Not sure why glass are commanding forward P/E’s in the range of 60-70 or even more.
Sector	Manufacturing
Sub-sector	Glass, tiles, sanitary-ware, mirrors
Website	http://www.sejalglass.com/
Positives	>50% promoter shareholding. Nirma seems to have acquired more than 20% in Feb 2010.
Negatives	Has insider trading and SAST records. Listed in Jul 2008 at 115, then came down to Rs. 20 – relatively new stock with lot of volatility.
Peers	Saint Gobain, Insilco

 

 

Globus Corp 531904

Name of Company	Globus Corp
BSE Code	531904
NSE Code
ICICI Code
Established
My Take	Dislike
Headquarters	Mumbai
Promoters
Story	Company changed name from Karuna Cables to Globus corporation. Very low profit margins. In fact, profit is not even in lakhs for the past 3 quarters. Previously it has shown a few crores in profit as well.
Sector	Trading
Sub-sector	Manufacturing of ACSR and AAAC power conductors. Trades in electrical and electronic items and lot of other items.
Website
Positives
Negatives	12% stake for promoters. Face value Rs.2 is quoting between 50 paisa and Rs. 1.8. Seems to be handled by operators.
Peers

 

 

Beckons Industries Ltd 531937

Name of Company	Beckons Industries Ltd
BSE Code	531937
NSE Code
ICICI Code
Established
My Take	Dislike
Headquarters
Promoters
Story	Formerly known as AGK computer secure prints Ltd. Promoter stake has been reducing, FII’s picking up stake. News was out in Jan 2010 around Beckons Industries setting up bio-diesel plant with an investment of Rs. 60 Cr at Derabassi, Punjab.
Sector	Paper
Sub-sector	Commercial printing/Stationery, newly entering bio-fuels
Website	http://www.agkgroup.com/
Positives
Negatives	Price has been wavering from Rs. 2 to Rs. 13 for the past 10 years. Promoter stake is low at 7% - <26% stake would be unable to influence decisions. Two FII’s hold 7%, but cannot find names of FII’s. Deutsche Bank had fully subscribed to the ADR’s – this could just be the case of black money coming back as P-Notes. The core business has been stagnating. New entrants into bio-fuels business are risk prone.
Peers

 

Indian Bank 532814

Name of Company	Indian Bank
BSE Code	532814
NSE Code
ICICI Code
Established
My Take	Not Sure
Headquarters	Chennai
Promoters	Govt
Story	PSB with 80% Government holding,
Sector	Banking
Sub-sector	Mainly retail banking
Website	http://www.indian-bank.com/
Positives
Negatives	Website can be better. Technology needs to be improved. Training to old employees for new generation banking
Peers

 

 

Yes Bank 532648

Name of Company	Yes Bank
BSE Code	532648
NSE Code	YESBANK
ICICI Code
Established	2004
My Take	Like
Headquarters
Promoters	Rana Kapoor
Story	Supported by Rabobank Netherlands. Global investors like Orient Global(4.99%), Rabobank(18.2%), Franklin Templeton, AIF Capital(5.06%), Swiss Re(3.71%), Khazanah Nasional, Fidelity investing in this bank. Partnered with Wipro for the latest technology. Outsourced all non-core IT functions. Focusing on growth from retail sector.
Sector	Banking
Sub-sector	Banking - Retail, Corporate, Institutional, Investment, Wealth Management
Website	http://www.yesbank.in
Positives	CAGR of more than 130% for 3 years. being a new player, can have good growth rates for a long time.
Negatives	CASA is still at 8.5% of its deposits, making its deposits costly (the other banks are at 40%)
Peers	Axis bank, SBI, ICICI bank, KVB, Indian Bank

 

Amruthanjan Healthcare Ltd 590006

 

Name of Company	Amruthanjan Healthcare Ltd
BSE Code	590006
NSE Code
ICICI Code	AMRLTD
Established	1893
My Take	Wait n Watch
Headquarters	Chennai
Promoters
Story	Chemicals and OTC(over the counter) drugs. Famous in South India. 44% promoters, no FII holding, 40% Indian public. Sold Egattur property in Sep 2008 Qtr (80 Cr) and when they sold, dividend of Rs. 40 was announced. Price of the stock has kept rising from Rs. 120 to 600 though there has not been any spurt in topline and bottomline (from 2006 to 2010). Can buy when price is Rs. 300 or less (approx dividend income 5% - assuming Rs. 15 per year)
Sector	Pharma
Sub-sector	Ayurveda, balms, cold-relief
Website	http://www.amrutanjan.com/ news - http://www.reuters.com/finance/stocks/keyDevelopments?symbol=AJAN.BO
Positives	High Dividend Paying company, mostly loan free company (not paying any interest), Almost consistently showing 3-4 Cr profit every quarter (no growth though). OPM 20-25%, NPM around 10% (consistent). Consistent 25 Cr topline (per Qtr).
Negatives	No growth in topline or bottomline over the years. No new products (not sure if any are in pipeline).
Peers