Financials
The average ROCE of the company over the last ten years is more than 20%. The number has been lower in recent years near 17% while it was much higher near 30% in the years between 2000-2003. The tide seem to have turned in the last two quarters and it looks like the good days are going to be back from this year.
Promoters
The promoters hold 59.91% in the company at the end of September 2013. The promoters are buying shares from the open market since last one year and increased their stake by more than 2% since last September when they held 56.84%.
Mutual Fund Holding
Some mutual funds were holding shares till last quarter but nobody holds it right now.
Valuations
The company's book value at the end of FY2013 was INR 90 so at the current market price of INR 88, it is trading below book value. Company has net current assets - debt worth INR 50 Crore while the market cap of the company is INR 115 Crore. The promoters are buying shares heavily from the market and so do I. I would recommend a buy on the company at this price.
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