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BHEL: Are the negatives fully priced in?

Jul 16, 2013

Equitymaster discusses whether all the negatives are fully priced into the current stock price of BHEL

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.

Stocks which were the top performers of 2009

Dec 31, 2009

Equitymaster's highlights the top performing stocks of 2009 from the Sensex and gives a view on the reason for their performance and future outlook

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.

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.

Jyoti Structures Vs KEC Int. - II

Sep 12, 2008

In the previous article, we had given a brief overview of the two companies in terms of which markets they cater to and how their order books have grown over the past few years. In this article, we will take a look at their income statements over the past few years.

Jyoti Structures Vs KEC Int. - I

Sep 11, 2008

The transmission line segment plays a significant role in power transmission and distribution. In India, the transmission line segment is dominated by four players - Jyoti Structures, KEC International, Kalpataru Power Transmission and L&T.

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.

Opportunities in power transmission

Jul 3, 2008

Power transmission plays an equal if not a bigger part in a nation's power sector growth as compared to the generation and distribution segments. The transmission segment involves companies that are involved in transmitting power generated at the plant to the distribution company (for the latter to ultimately distribute it to final consumers of power) along with engineering companies that set up transmission projects and manufacture equipments such as transmission lines, power cables, transforme

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).


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