Thursday, 22 January 2015

VALUE PICK - RICHA INDUSTRIES LTD



About The Company
  Richa Industries Ltd. established in 1993 is a reputed manufacturer and supplier in the segment of dyeing, processing and finishing of knitted fabric and now it has shifted its focus to Pre-Engineered Building (PEB) business.

 The company is headed by Shri Sushil Gupta an engineer by profession holding B Tech, M Tech qualifications from IIT- Delhi, Mr Gupta has been conferred with Udyog Patra and Udyog Vibhushan awards by The Govt. of India.

 The company's textile clients include multi-national brands such as "Adidas, American Eagle Outfitters, Calvin Klein, BIBA, Classic Polo, Coldwater Creek, GAP, H&M, Kenneth Cole, Marks & Spencers, Macy's Inc, Matalan, Next, Puma, Reebok, United Colors of Benetton, SuperDry.

The PEB division of the company serves industries such as Warehousing, Industrial Manufacturing, FMCG, Automobiles, Cold Storage, Agriculture, Factories, Showrooms, Dairy & Pharma, Power Plants, Multi-storey Buildings, Heavy Engineering and Paper Industry. The PEB business has been flourishing and list of clients include "L&T, Asahi Glass, Various food processing companies and warehouses, Usher Agro, NRB Bearing, WIPRO, Bedmutha Industries, Crompton Greaves, Indiabulls and BHEL.

Richa Industries in July 2014 completed an iconic construction for Madhu Silica Pvt Ltd.
The constructed project is a silica processing plant for the company in Bhavnagar, Gujarat. Spread over 204514 sqft. the plant consists of 7 buildings with the tallest being 36 meters, it is one of the tallest PEBs in the country. The project was started in September 2013 and finished in just 10 months which helped Richa create a great image for itself in PEB division.
 
The Ace Investor - Value Pick
(BSE:532766) RICHA INDUSTRIES LTD.
Company listed on BSE has now changed its industry from Textiles to Engineering and Construction, Currently trading around 33 with a P/E of under 7, Market Cap is about 70 crores, Promoter holding is at 57.38%, Debt/Equity Ratio is at 1.71. Brickwork Ratings has recently assigned BB+ rating for Richa's bank borrowing.

  Richa Industries Ltd. is engaged in textile and pre-engineered buildings business.
  Even though the textile business of the company has been doing well and has a lot of multinational brands as clients, the company as reported by the media is in talks to sell-off their textile unit as they want to focus on the high-margin business of PEBs, The probable sale of the textile unit to a Kolkata based company at valuations of Rs.200 crore+ was recently in the news and the textile unit sale will make the company fully debt-free, which is currently around 180 crores.

Richa Industries Ltd has recently further diversified into turnkey solutions for PEBs.
Which means 'from planning to final delivery' customers can award projects to Richa Industries Ltd with a deadline for delivery. Richa with its brand value can now attract more orders by diversifying into turnkey solutions.  

The MODI Govt. has ambitious "Make In India" plans and in all probabilities the plans are going to be successful, success of Make In India means huge boom in demands of warehousing, plants,manufacturing facilities which directly leads to a boom in demand of Pre-Engineered Buildings where Richa Industries Ltd is the only company certified with OHSAH 18001:2007 by IRQS.

It is a known fact that India ranked 66 among 105 countries in the Global Hunger Index 2012.
Due to the shortage of warehouses, unfortunately the hungry have remained hungry as grains and food is allowed to rot because of the warehouse and cold storage shortage crisis. If the MODI govt. wants to make any sense of the promises it made to the people, the hungry must get food and the wastage must stop. New finance minister Mr Jaitley has admitted that the current warehouse capacity is not sufficient and his govt. plans to strengthen the warehousing significantly in the upcoming budget with innovative ideas and plans. Richa perfectly fits the bill to get a lot of orders as it has already been working with a lot of private food processing companies for cold-storage and warehousing. Recently, PSU orders in the industrial space have started flowing to Richa then why not govt. orders for food warehousing?

As already written above, Richa's plan to sell textile unit already came into the mainstream media after which the stock rallied from 52wk Low of 19.20 to 52wk High of 44.70 in just two months giving us an idea on how positive a textile sell-off will be for the stock. However, even if we forget the sale of textile unit for the time-being, the debt of 180 crores is not such a huge number anyway.

Coming to the financials, Richa Industries has shown great growth over the years especially after FY07 as it started its PEB operations, You can see the annual results table below.


Particulars
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
Sales
24.97
40.92
63.49
99.32
147.76
174.56
228.58
301.41
269.60
276.50
Operating Profit
3.39
7.89
9.20
17.09
24.73
25.04
34.01
37.77
51.98
46.19
OPM
13.58%
19.28%
14.49%
17.21%
16.74%
14.34%
14.88%
12.53%
19.28%
16.71%
Other Income
0.04
0.07
0.13
0.35
0.77
0.76
0.32
0.76
1.82
1.04
EBIDT
3.43
7.96
9.33
17.44
25.50
25.80
34.33
38.53
53.80
47.23
Interest
0.98
1.59
2.30
5.34
10.55
9.59
16.22
19.70
23.35
22.56
Depreciation
1.03
0.93
1.29
2.94
3.93
4.78
5.50
6.90
7.50
6.09
Profit before tax
1.39
5.27
5.19
9.13
10.98
11.40
12.61
11.93
22.94
18.57
Tax
0.52
1.14
1.84
2.30
3.14
1.69
4.13
4.90
1.47
-0.29
Net profit
0.88
5.44
3.07
7.23
8.09
5.66
8.45
6.09
13.36
9.41
Adjusted EPS in
4.00
6.72
1.81
4.27
4.78
3.35
5.00
3.60
7.89
4.22
Cash EPS
N/A
N/A
N/A
6.01
7.10
6.17
8.24
7.67
12.33
6.95
Dividend Payout
0.00%
0.00%
0.00%
0.00%
0.00%
12.37%
8.28%
11.66%
5.31%
0.00%

As seen above the cash EPS of the company has been great and the company has paid dividend 4 times in the last 5 years.

With debt in check, good growth, strong order book, strong promoter holding and wonderful business prospects 'Richa Industries Ltd' is a multibagger gem trading at P/E of under 7, Richa can grow multifolds from here and it is not only a value pick it also is a Multibagger Pick, Which means target can be anything for this scrip above 150.
 
Recommend a strong multibagger buy on Richa Industries Ltd at current price of 33 with price target of minimum Rs 150 per share in long-term.

Note: Do not wait for correction to enter, Buy at CMP, Only genuine investors should enter our picks and short-term traders can stay away.

150 comments:

  1. another excellent pick ace.. PEB business has been making some noise in the industry for some time now. Richa is a direct beneficiary for such business and is set to benefit hugly

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  2. I missed it today, might have to buy at 20% higher tommorow

    ReplyDelete
    Replies
    1. not a problem, it has multibagger probabilities so one should look at the larger picture instead of 20-40% moves.

      Delete
  3. Ace
    The promoter is with pledged shares of 39.66% of it's promoter holding. What is your advice

    ReplyDelete
  4. http://www.bseindia.com/xml-data/corpfiling/AttachLive/Richa_Industries_Ltd_SHP_D14.pdf
    Promoter pledging is more. It is a concern
    Harish

    ReplyDelete
    Replies
    1. 39% of total promoter holding is pledged, don't worry brother its a non issue :)

      Delete
  5. Ace i m long term investor was holding richa from 20 odd levels... today sold my all holding 10000 shares@39.2... looking to buy back below 35.. if it crosses 40-45 with good volumes.. it will be a technical breakout... so i will buy back below 35 or above 45.. please advice on short term.. in long term this will rock.. i know

    ReplyDelete
    Replies
    1. But ace please advice... do u think... there is any chance that i can get them back below 39.2... not necessarily tomorrow... on any day within this month... when it cools down.. bcoz tomorrow i dont think.. i will able to get below 39.2... please help... and thanks for instant helping...please advice... what u would do.. if u were at my place

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    2. Can't advice like that, If you want to be part of the larger play of 150-200 levels don't worry about 20-40% fluctuations.

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    3. Ok i have decided will buy tomorrow... even if it goes above 39.2... may be ur right... i m long term investor... so i should think small... thanks a lot..

      Delete
  6. Thanks for the wonderful pick. I could get only 150 shares today.

    ReplyDelete
  7. yupieeeeeeeee ....... able to buy gd qty @ 36

    gaining 2.8 instantly ,,,, wait for 100+ in this year as i going to hold delivery

    especially till budget coz thr shd b sm big announcement reagrding storage of commodity goods

    very much thanx to U ACE for sharing this extreme dirt cheal stk in mkt hrs by that all \ many get it in right time , in future will buy more if able to arrange sm gd cash

    sacpk

    ReplyDelete
  8. Dear Ace

    This Company is doing business in such a sector (PEB ) having great demand in coming year.. It is surely a monopoly types of business as company targeting in rural area and in Make in India plan, this company will be benifited. Your earlier Pick SKM was also doing monopoly Business having great potential..
    My Question is about its promoter quality and debt concern (pleading of shares) which is not a gud sign? What is your research on these two issue( Promoter Quality and pleadging of Shares (debt concern More than 180 CR)...Please provides your views...Thanx In advance

    ReplyDelete
    Replies
    1. only 39% of total promoter holding is pledged and it is not a concern, Promoters are really good, well experienced and qualified in this field.

      Delete
  9. Thanx Ace for Prompt Reply and sharing your valuable views

    ReplyDelete
  10. Hi Mr.Ace, at what price is this expected to open tomorrow ....

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  11. Thank you Ace for giving and showing this opportunity to buy. Very Nice and detailed report by you on RICHA Industries. I am a long term Investor and will definitely make my dreams come true with this Value pick. Best Regards,
    adshirali.

    ReplyDelete
  12. Thanks a lot Ace ji for all your efforts and dedication and finding this real GEM for all of us....God Bless U and your Family!!!!

    ReplyDelete
  13. Hi Mr.Ace, at what price do you think is this going to open tomorrow ...

    ReplyDelete
  14. wonder full call ace ji this company is meeting all :,

    roti - cold storage,grain storage,food warehousing.
    kapda - textile supplier
    makaan - peb in the west is often used for mass low-cost housing for rural population which is huge in india.
    naukri - make in india is created to give jobs and it will increase peb demand for factory,warehouse etc. so

    growth of roti kapda makaan naukri means growth of richa industries

    ReplyDelete
  15. Thanks aceinvestor for bringing one more gem in to knowledge of a small investors like me. God bless you and i am sure this stock will rock now after your recommendation like SKM Eggs. All the best.

    ReplyDelete
  16. Ace investor blog .. i was very keen to know your new value pick as i am regularly following your blog and benefited with your picks

    i am a long term investor and have some resolution, every month i invest in share market from my 20% salary. you have proved always that your calls are very genuine bet and very helpful

    thanks aceinvestor

    ReplyDelete
  17. Another very good value pick after the mind-boggling success of SKM and GujAuto

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  18. sir can is still in enter in shilp, mindteck, dynemic?....

    ReplyDelete
  19. Got few today ... Will buy more 2mrw . Thanx for the new gem

    ReplyDelete
  20. Hello Ace ji...Thanks for the GEM.....your view on Prakash Constrowell and Gennex Lab please!!!!!!!!

    ReplyDelete
    Replies
    1. Hello Ace ji...I know u r a busy man(u do a lot of analysis on stock and find the GEM for all of us)....but please let me know ur view on Prakash Constrowell and Gennex Lab....what is the future prospects of both...Thanks in advance!!!! God Bless U!!!!!!!

      Delete
    2. don't track both the stocks....

      Delete
  21. Can I buy at this level

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  22. Can I buy at this level

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  23. awesome pick ace as always just love the way u have put the stats of last 10 years .... good going waiting for many more :) god bless you

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  24. i got 540 share at average price of 36 and will sell off at 142 and remaining 800

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  25. Hi Ace sir,

    Kindly let us know what financial checks should be done to identify potential of multibaggers.

    ReplyDelete
  26. What should the basic check include in identifying prospects for a multibagger?

    ReplyDelete
    Replies
    1. difficult to explain, you can use google and start practicing.

      Delete
  27. The revenues of PEB division have increased at very good rate from 120 Cr in 2013 to ~145 Cr in 2014. But at the same the profit dropped from 27Cr to ~20Cr. Since the valuation and potential is based on the PEB division, the drop in profit seems to be worrying. Ace, please share your inputs on this drop in profit.

    ReplyDelete
    Replies
    1. The actual growth has not even started vikram....Let things like Make In India pick up and you will see the difference, Also the sale of textile units will mean total focus of the management on PEB.

      Delete
  28. 2mrw it will.locked at UC fr sure then how to buy ?

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  29. SKM is falling today without any reason. What's short and long term targets for SKM @ ace. I am following it just from yesterday and late entering in SKM at 150 aprrox

    ReplyDelete
    Replies
    1. It is falling as weak hands want to run away before results, They might have to buy at higher levels after the nos. are announced.

      Delete
  30. Good performance between yesterday 3.15 pm and today on Richa...Very good call for long term investment. Thank you

    ReplyDelete
  31. Hi ur view on Bajaj electricals and Omax Auto?

    ReplyDelete
    Replies
    1. omax is loss making, bajaj not tracking

      Delete
  32. Sir what a volatility seen for SKM today. Now it is very much clear that results will be bumper. thanks for best gem. One more thing whether NGL Fine chem earlier reco by you is still a buy at present level or wait for results.

    ReplyDelete
    Replies
    1. volatility is obvious, weak hands prefer to exit before an event.

      Delete
  33. exellent call by Ace. hats off to you. keep up the good work. good luck

    ReplyDelete
  34. Sir can I buy Richa Inds at current price pls advice. Also I am new to market any other stocks you would recommend to buy
    Regards
    Anurag

    ReplyDelete
    Replies
    1. Sir can you share your comments on Richa Ind if I can buy at current levels

      Delete
  35. dear sir,

    As u mentioned above about 180cr debt. but there is 48.25cr long term debt mentioned in balance sheet available at bse site. pls guide which figure is right?

    in case of vidhi the debt is 42cr as mentioned in moneycontrol but it is actually 2cr as mentioned in balance sheet bse site.

    which debt to be considered??

    ReplyDelete
  36. Sir, richa industries opened higher y day and close lower circuit. will it buy at cmp pls advice

    Thanks

    Amudhan

    ReplyDelete
  37. Hi, ur view on Trilogic digital media and TV today?

    ReplyDelete
  38. Sir, Highly impressed by your work. Can you please advise if I can enter Commex Technology at current levels of Rs. 1:80?

    ReplyDelete
    Replies
    1. Commex Technology is good for gambling only and not for investors

      Delete
  39. Sir, ur view on Bharat seats after December quarterly results?

    ReplyDelete
  40. Hello Ace ji,
    Your view on Rathi Graphic Technology please.....looks like a future multi bagger with current P/E of only 2....and also ur view on Superhouse...Thx in advance ..God Bless U!!!!

    ReplyDelete
  41. Sir, wanted your valuable opinion on Karuturi Global and Birla Power solutions. Thank you in advance.

    ReplyDelete
    Replies
    1. karuturi is all hype no substance, strongly dislike yash birla group companies.

      Delete
    2. Thank you for your opinion. Really appreciate your effort in answering each one of us. Keep up the good work.

      Delete
  42. Hi Ace,

    I have bought Guj Auto for long term...
    What are your views on FIEM industries ?

    Thanks

    ReplyDelete
  43. What's ur views on finolex,ultracab India & birla Erickson? What you feel is better among these?

    ReplyDelete
    Replies
    1. NONE.
      don't like finolex and birla erickson.
      ultracab have to see.

      Delete
  44. What's ur take on flex food and cupid?

    ReplyDelete
    Replies
    1. flex foods is good but the promoters.. not sure.
      cupid looks operationally good, maybe entry can be taken after next results.

      Delete
  45. Any idea about brawn Pharma sir?

    ReplyDelete
  46. Hi Ace.. what will you recommend now at the cmp Dynemic or Vidhi Dyes ?

    Thanks.

    ReplyDelete
    Replies
    1. no change in my view, both are good to buy.

      Delete
  47. Hi, ur view on Pochiraju industries and Titan Biotech?

    ReplyDelete
    Replies
    1. not tracking pochiraju, titan looks decent.

      Delete
  48. What ur view on sarda ply? Also among all ur recent picks which one do u feel has maximum upside in it?

    ReplyDelete
    Replies
    1. sarda ply will study, can't pick one for you.. do that yourself!

      Delete
  49. Sir,your view on SALZER ELECTRONICS LTD

    ReplyDelete
    Replies
    1. good stock available at decent valuations

      Delete
    2. thank u sir..

      Delete
  50. dear sir
    i heavily invested in punjab alkalies and chemical ltd. due to its news of disinvestment
    but still nothing happend like that..........

    sir please help me about this stok future

    ReplyDelete
  51. Ace sir good afternoon. Today i came across a interesting scipt. It is VEDAVAAG systems. Fundamentals seems ok. Zero dept, consistant increasing growth , good cash flows and a 18 cr cash reserve as well. But i wonder why it is trading@ 15. Promoto holding is only 20 % . I think it s concern but it may increase in coming days. I hope your views abt it will be helpful. Waiting for ur reply.
    Regards nd Thank u....

    ReplyDelete
    Replies
    1. definitely something to research!

      Delete
    2. Vedavaag and Tera Software can be considered. E-governance is the future of India.

      Delete
  52. Sir, ur view on SKM dec quarter result?

    ReplyDelete
    Replies
    1. good results, will have a detailed post soon.

      Delete
  53. Good investment tips.. this is helpful for business peoplesinvestments

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  54. Hi Ace,

    I am new to this blog and gone thru your picks... I am pretty much impressed with the analysis you are giving on the stocks and the predictions. so immediately I have bought Richa Ind at 40.81 on 1/27. But unfortunately the stock price came down drastically to 35.2 in just 2 sessions. I am not worried here much as I know it could be a temporary blizzard. Just want to know that can I accumulate more at this stage or want me to wait until it comes more down? Also, I have invested huge money in HFCL (Himachal Futuristics Communication Limited) in 2008 at Rs.41+ price and still the stock trading at 16 level by giving me huge chunk of loss. Could you share your opinion on this stock, so that incase if it is not advisable to hold, then I can transfer that amount into Richa... wating for your reply...

    ReplyDelete
    Replies
    1. Richa is good at current levels, Not tracking HFCL so can't suggest

      Delete
    2. Thanks for the reply Ace... I know you are busy with your analysis, but could you make yourself little bit free and analyze HFCL and let me know the future of it.. That would be a great help to me... Hope you understand my situation and do the needful.... If your prediction works out, I would be the best follower for you :)

      Delete
    3. Also you have mentioned the target for Richa is 150+ in long term. what span of years you mean here.?

      Delete
    4. Long-Term can be even within a year, or even within 3 years.

      Once we have posted here we will update after every quarterly results, updating the target and horizon.

      Delete
    5. Thank you Ace.... could you share your thought on S Kumars Nation please?

      Delete
    6. Hi Ace, you are an awesome guy.. Your prediction and analysis about stocks really giving make flourishing cheers on many of the investors faces..and giving goosebumps at the time of reading the analysis the way you have researched... Really .. really.. god bless you and your family for lightening brightness in others life.. Your picks Vidhi, Waterbase clicked well and zooming like rockets towards new highs. thank you again.. Richa and Dynamic are still struggling to take off.. I know they will for sure... Need your advice on averaging Richa and Dynamic (current value 31.9 & 59 resp'ly). Also I need advice on Parnax Lab. Can I enter at this level(~39). As I told you earlier, I am glued with one bad stock (HFCL) with huge loss (~7L). If you advice on the above three stocks, I will exit from that junk and enter into these.. Please reply.. waiting for your words... Appreciate your sincere efforts and time.. You are WONDERFUL.

      Delete
  55. Hi Ace
    can you pls share your thoughts on Ashok leyland , Gabriel India , claris life, and Tourism finance

    ReplyDelete
    Replies
    1. had all 3 in portfolio, already booked profits and not tracking tourism finance.

      Delete
    2. should i hold those or book profit
      becoz gabriel and ashok leyland are having results today
      and any view on claris ??
      and RIL ??

      Delete
    3. sorry friend, i do not track these companies any more and don't have a clear view

      Delete
  56. Pls share your View on RIL
    My father Bought RPL which got converted into RIL in 2008
    now i m having loss of 900/share what to do in RIL

    ReplyDelete
    Replies
    1. Reliance is good for long-term investors but stock is almost a defensive now.

      Delete
  57. Hi Ace

    R u Sure about Mnaagement quality of Richa Industries Limited as they are investor friendly or LALA TYPE....And how u see its future prospectus as many players are in PEB industries like Pennar Ind. Bearshel (Nse Listed) how you rate Richa Industries as heavy debt burden is a key concern

    ReplyDelete
    Replies
    1. The management is friendly enough, The transparency on orders won and pictures of completed and on going projects on their blog tells a lot about it... They got nothing to hide!

      Debt is there, but i don't call it huge debt since the textile business which supplies to good companies and is reporting profits is up for sale and there should not be any difficultly in hiving it off within next 1 year, and if it is hived off the company can have zero to little debt after the deal.

      Delete
  58. Why Richard falling so badly..any reason

    ReplyDelete
  59. Hi Ace,

    is it good to enter VIDHI DYESTUFFS MANUFACTURING LTD at this current level 20.60???

    ReplyDelete
    Replies
    1. Thanks Ace.. I have bought 2k shares of vidhi(~20.7), 2.5k of Richa(~39 avg price).. will buy dynemic on Monday.. Hope your recommendations work ...:) thanks again... can you share your thought on Antarctica, Rohit Ferro???

      Delete
    2. Hi Ace,

      Bought Dynemic and few more vidhi and Richa too.... gone thru the latest pick info.. pretty impressive... but in dilemma that do I need to go for a new pick (narmada) or buy more of vidhi,richa and dynamic to average them??? (As all of the 3 share prices are down .. avg... vidhi 20.56, richa 38.4, dynamic 67.4)... please advise.. Shall I wait few more days to average the price of 3 shares?

      Delete
    3. you have purchased at higher levels, there is no problem in averaging.

      Delete
  60. What's ur view on dish TV,PTC finan. & kesar terminal?

    ReplyDelete
  61. When are the Q3 results coming out for Richa ....

    ReplyDelete
  62. Hi
    bought richa industries at 39, what do you suggest i do? can i accumulate more at this price and average??
    Thanks!

    ReplyDelete
  63. Hello Sir, plz give ur valuable advice on shre of 'Usher Agro' and 'Kwality'. Thank you sir..

    ReplyDelete
  64. Hi Ace, The price of Richa ind is still at rs33, What is the target price for 3months time frame? Not much of the movement seen in it?

    ReplyDelete
    Replies
    1. Its a long-term pick, cannot give target for 3 months.

      Delete
  65. What is the support price of richa as it is falling daily...

    ReplyDelete
    Replies
    1. Richa Industries is a strong buy and hold in the long-term, I cannot comment on daily price action and you must understand that fundamental potential of the company is extremely good.

      Richa industries is going to announce its quarterly results tomorrow, We will post a detailed review after results hopefully along-with some discussions with the management.

      Delete
  66. Sir, I am into 35% loss after following your call on Richa...what to do now?

    ReplyDelete
    Replies
    1. Ravi see the last paragraph :-
      Note: Do not wait for correction to enter, Buy at CMP, Only genuine investors should enter our picks and short-term traders can stay away.

      Isn't it clear that this stock is for long-term investors? How will a long-term investor make a loss without exiting in less than 2 months? is this long-term investment?

      Delete
  67. When we say long term its for min 1 year. so wht is your time-frame of longterm?

    ReplyDelete
  68. Hi Ace, Richa industries involved in insider trading for second time.it is a clear sell please see the sebi outcome against richa industries.Earlier also MD found for Insider trading and having profit by buying and selling shares in short term,I can provide both copy of Sebi where they are found guilty.

    ReplyDelete
  69. Hi Ace,

    What are view of Richa Industries now, after the recent quater results and at the CMP of 26. Can this stock every deliver results of 100 to 300 % in the near future. ???

    Your views are appreciated.

    NG

    ReplyDelete
    Replies
    1. I am positive on Richa but could not understand your 100-300% theory.

      Delete
  70. what are the current views on richa industries

    ReplyDelete
    Replies
    1. Richa is doing well as for the results, the rating however has not been improved by the market maybe because the DEBT and the PLEDGE is a big overhang on the stock.. I hope with good business these things too should be improved by Richa management and then it can trigger a wealth creation for shareholders.

      Delete
  71. Prem Bai.
    We have seen that last quarter result of Richa was not upto mark and went little down from the expectations..Hope the next quarter will be better than the last quarter. could you please throw some lights on the below matters, how its impact in share price
    1. Preferential allotment of equity to promoters.....
    2. Issue of NCD
    3. Short term borrowings has got increased in March 2016 than 2015.......do they have failed to pay the loan instalments or do they have fresh loans injected....
    I am holding the shares and want to know whether I can add more at these levels for investment of 2-3 years time horizon
    Thank you

    ReplyDelete