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Do recent order inflows in Capital Goods give hope?

(Jul 10, 2013)

Equitymaster discusses order inflow scenario in engineering sector

Can you really be a stock market genius-III?

(Jul 8, 2013)

Equitymaster discusses few excerpts from the book 'You can be a stock market genius'

Larsen & Toubro: An engineering behemoth

(May 22, 2012)

Equitymaster discusses about the prospects of L&T from a long term perspective.

Engineering: A year full of challenges

(Jun 11, 2009)

India's engineering and capital goods companies have dealt with various obstacles over the past year four quarters of FY09. In the early part of the year, concerns regarding rising commodity prices hit companies' directly and indirectly. Directly, as their margins were impacted (higher input costs). Indirectly, as their clients lowered or delayed their investments on account of rising input costs.

Capital goods: Preferring volumes or margins?

(Mar 31, 2009)

The launch of Tata Nano has been well received by all. The vehicle has created a big hype and as a result of such, bookings are expected to fly off the charts. However, a few days back a leading business daily reported that dealers of Tata Motors' small vehicle have been offered margins of only 2% to 2.5% as compared to the typical dealer margins of 3% to 3.5% on the value of the bill.

Capital goods: December quarter review

(Feb 12, 2009)

The third quarter of FY09 did not bring about any stark difference in the performance of Indian engineering companies when compared to their performance in the previous quarter (2QFY09). In 3QFY09, while revenue growth remained good, profits were under pressure for most of the companies.

Poll: Should L&T take over Satyam?

(Jan 29, 2009)

India's largest engineering company by sales, L&T, is making its intentions clear with respect to its investment in the fraud-hit Satyam Computers.

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.

Capital goods: June quarter review

(Aug 12, 2008)

Rising commodity prices and continuous news flows of a worldwide economic slowdown had brought a sense of caution and pessimism amongst investors in the past few months. As such, the capital goods sector, being highly dependent on the investment cycle, was at the receiving end.

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.

L&T vs Punj Lloyd: A comparison

(Jun 27, 2008)

There is no doubt that Larsen & Toubro (L&T) is the emperor in the offshore, process and infrastructure E&C segments. Punj Lloyd (PUNL) on the other hand, is one of the largest and experienced players in the pipeline and storage tanks terminal business.

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

Construction: Revenue recognition methods

(Nov 13, 2007)

The past few years have seen tremendous buoyancy in the Indian construction sector, with activity being witnessed in housing, real estate, road, airport and port construction. This has benefited construction companies in terms of strong revenue growth and better visibility into the future (by way of them building up large order backlogs).

FDI in infrastructure: What's hot, what's not!

(Apr 13, 2006)

Since the beginning of the previous decade, foreign direct investment (FDI) has become one of the most important sources of capital for emerging market economies (EMEs). The increasing reliance of EMEs on FDI is often seen as an extremely welcome department. Even the Indian government had allowed FDI in different industries so as to promote greater economic growth. One area where the presence of FDI is really needed is the infrastructure sector. This is because the role of infrastructure in econ

Construction: Building India!

(Mar 27, 2006)

World-class infrastructure has emerged as a fuel to power long-term and sustainable growth of economies, especially emerging economies, which are witnessing faster growth in demand for infrastructure and construction services. As far as the Indian economy is concerned, while the populace have been deprived of even a decent infrastructure setup (due to government’s slackness), what we are witnessing now is a kind of a revolution as far as the changes taking place in the industry are concerned.

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

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

“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.


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