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Capital goods to get cheaper in 2011?

Dec 30, 2010

Equitymaster studies the performance of capital goods stocks in 2010

What is a 'strong balance sheet'?

Jan 12, 2009

As a stock investor, you may have frequently heard the term 'strong balance sheet'. Investing in companies having a strong balance sheet may be a wise decision, but nonetheless, it is a vague proposition.

Capital goods: September quarter review

Nov 7, 2008

The BSE Capital Goods index has been at the receiving end the year till date. The index is down by nearly 64% from its 52-week high as compared to the BSE Sensex, which is down by 54%. In this article, let us have a look at how few of the sector companies have performed during the quarter ended September 2008 on an aggregate basis

Capital goods: Raking in big orders

Sep 25, 2008

In a growing economy like India, companies across sectors are bound to invest for their future growth. The fact that India lacks basic infrastructure still persists. As such, companies from across the sectors are willing to exploit the opportunities based on the same.

Power Equipment: Sunny days ahead

Sep 19, 2008

It is a well-known fact that there is a high amount of power shortage in India. To counter the same, the government’s ambitious target of supplying power to all by 2012 was initiated. As such, the Planning Commission of India had estimated that nearly 80,000 megawatts (MW) of capacity addition should be targeted by the end of the eleventh plan (2007-2012) in order to narrow down the demand-supply gap.

Capital goods: Do rising material costs hurt?

Jul 9, 2008

Commodity prices have been on a steady increase over the past few years, fueled by strong demand from China and other developing nations (including India). Not only steel, but also other materials such as zinc, copper, aluminium and nickel have seen their prices rise incessantly. In India''s case, there has been a strong demand for these commodities not only in the infrastructure space but also in the manufacturing sector as companies have gone on expansion spree.

Power equipments: Some hope at last?

Jun 5, 2008

As was reported recently, engineering and construction major, L&T has outbid power equipment heavyweight BHEL for Andhra Pradesh Generation Company's (APGenco) Krishnapatnam power project. The company has put in a bid of around Rs 15 bn for supplying turbine generator set to the 1,600 MW plant (2 units of 800 MW each) whereas BHEL's bid was around Rs 20 bn. The total cost of the project is Rs 84 bn (Rs 53 m per MW). The tender is for supply of turbine and generator set for the supercritical ther

Capital goods and PEG!

Jun 27, 2006

The taste of apprehension in light of the US Federal Reserve's impending meeting on June 29 was experienced yesterday, as Indian equity markets declined by over 3% with stocks from the capital goods sector witnessing significantly sharper declines. Engineering and construction stocks have been rallying, as they were proclaimed to be the darling of the street based on the strong growth story, which was magnified by their burgeoning order books. 'Attractive PEG ratio' was also used as a reasoning

Infrastructure: 'Hard' facts!

Feb 27, 2006

India is on the verge of witnessing a sustained investment phase in infrastructure buildup. With a slew of announcements in the power sector, road, port and airport development and hydrocarbons, we are seemingly on a path of sustained higher economic growth on the back of improvement in infrastructure in the country. The government, in its mid-term appraisal of the tenth five-year plan (2002-07), has revised upwards its infrastructure investment target from Rs 10,890 bn to around 11,100 bn.

Engineering: King in good times!

Dec 30, 2005

Investors in engineering stocks could not have wished for a better year than 2005, which saw stocks from across the sector breach into stratospheric territories. Against Sensex gains of 44% the BSE capital goods index rose by a whopping 92% during the year. While companies recorded strong order book positions, margins also improved, though marginally, on the back of cuttings on staff costs and decline in global commodity prices. The year marked intense competition for orders and talent, the latt

BHEL: 'Power' packed performance!

Apr 7, 2005

In a recently held press conference, PSU engineering major, BHEL's management had released provisional numbers for the company's performance in FY05. As per the reported numbers, while sales have grown by around 21% YoY, net profits are up a strong 52%.

L&T, Dubal venture: There it goes!

Apr 5, 2005

As per a latest announcement, engineering major, L&T, has entered into a joint venture (JV) with Dubai Aluminium Company Limited (Dubal) for setting up integrated bauxite mining cum alumina refinery project in Orissa. The project involves setting up a 1.4 million tonnes per annum (MTPA) alumina refinery, bauxite mine and related infrastructure (including a captive power plant, port facility, township and other utilities). The total project cost is estimated at around Rs 50 bn and L&T will hold a

ABB: Got the power?

Mar 3, 2005

In the past few months, ABB has been one engineering company that has generated tremendous enthusiasm on the Indian stocks markets. Apart from the superb financial performance of the company in FY04 (December ending), the fact that the parent has reinforced its thrust in considering the Indian arm as one of the major global outsourcing hubs seem to have led to this optimism for the stock. In this article, we will take a peep into the company’s performance over the past few years and see where it

“I will rate the budget as 3 on a scale of 1 to 5…”

Feb 28, 2005

In an interview with Equitymaster.com Mr. Deosthalee spoke at length about the impact of the budget on the economy, the infrastructure sector and on L&T.

Thermax: Buoyant environment but...

Dec 3, 2004

Pune based engineering major, Thermax India, has had a good run on the stock markets over the past couple of months (up 34% since August 2004). On the back of a good performance of both its business segments - energy and environment, the topline of the company recorded a significant 56% growth during the first half of FY05. However, pressure on the operating margins, as well as a decline in other income has seen the company's profits declining by over 22% during 1HFY05.

Siemens: FY05 performance review

Dec 2, 2004

Engineering major, Siemens reported buoyant results during its year ended September 2004 (FY05), reporting nearly 23% topline growth. However, bottomline growth was a sedate 8.6%. The company's expenses rose at a faster clip, as compared to revenues, thereby putting a downward pressure on operating margins. On a consolidated basis (including Siemens Ltd. and Siemens Information Systems Ltd.), the company finished with nearly 28% topline and a none too enthusing 2% bottomline growth during FY05.

Voltas: 'Cool' show

Nov 5, 2004

Diversified Tata group major, Voltas, posted mixed results for the second quarter ended September 2004. While revenue growth was slower at 1.9% as compared to the past, there has been a notable improvement in operating margins during the quarter. However, the company's businesses are seasonal in nature and bulk of the electro-mechanical division's (EMD) turnover is accounted for in the second half of the fiscal.

BHEL: Buoyancy continues

Oct 29, 2004

Engineering major, BHEL, has declared good results for 2QFY05. The company has posted a 12% YoY increase in topline while bottomline of the company has grown by 56%. The operating margins have improved marginally, while the net profit margin grew by over 2% owing to lower extraordinary expenses.

L&T: Strong momentum

Oct 25, 2004

Engineering major, L&T, continued its buoyant performance in September quarter. The company reported 44% revenue and 358% bottomline growth during the quarter. However, bottomline growth was propped up by significant extraordinary income. Operating margins continue to improve as compared to corresponding period last year.

ABB: Continues to meet expectations

Oct 19, 2004

Transmission and distribution (T&D) major, ABB, has continued its strong showing in the September quarter. The company has reported a strong 66% revenue growth during the quarter. Resultantly, ABB's revenue growth during the nine month period ended September quarter stands at nearly 60%, indicating the overall buoyancy in the power and engineering sector. The company has grown its profits by nearly 73% during the quarter, despite a dip in operating margins.


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