Disa India Ltd.: Investment Thesis

Disa India Ltd. is a small cap industrial MNC based out of Bangalore. It is a manufacturer of foundry equipment catering to ferrous (iron based) casting industries, which are used in automotive, agriculture and engineering industry. Disa provides complete foundry machines and solutions – integrating its range of moulding machines and sand mixers with combination …

Oriental Carbon & Chemicals Ltd.: Investment Thesis

Oriental Carbon and Chemicals Ltd. (OCCL) is a rubber chemicals company engaged in the manufacture of insoluble sulphur (IS, main product) and sulphuric acid, oleum (by-product). Insoluble sulphur is used as a vulcanizing agent in the production of tyres to improve their elasticity, resilience and tensile strength. Manufacturing insoluble sulphur since 1994, OCCL currently has …

Ultramarine & Pigments Ltd.: Investment Thesis

Ultramarine Pigments Ltd. is a chemicals small cap based out of Tamil Nadu and manufactures surfactants (53%) and pigments (37%). The company claims to be world’s 3rd largest manufacturer of ultramarine (blue shaded) pigment. In surfactants, its end user segments are Personal care, construction and fire safety. It also launched its own range of detergents …

Virat Industries Ltd. – Investment Thesis

Realising that I have been spending considerable time and effort in understanding difficult businesses, figuring out Virat Industries (23 crore m-cap), a sock manufacturing company based out of Gujarat, was a welcome change. Especially since reporting of the company is rich in data – volume details for all years, lucid management disclosures and the inherent …

Natco Pharma Ltd. – Investment Thesis

Natco Pharma is a mid size pharma company based in Hyderabad. Company pre dominantly operates its formulations business in India (34%) and US (47%), along with API sold to third parties (13%). Further in India, Natco has carved out a niche in 2 therapies – it is the largest oncology drugmaker domestically (sells ¬30 products …

CDSL – Investment Thesis

07/03/2019 CMP - INR 233 Central Depository Services Limited (CDSL) is one of the 2 depositories operating in India. Depositories perform an important function for the stock exchange ecosystem whereby they provide services pertaining to deposit, transfer and withdrawal of securities, book-entry for trade settlement, along with facilitating IPO allotment of shares to investors, accounting …

Mahanagar Gas – Investment Thesis

Mahanagar Gas Ltd. (CMP - 773) MGL (Mahanagar Gas Limited) is a Bombay based CNG and PNG utility in operation since the last 23 years. Originally promoted by a JV of BG Group (now a part of Shell) and GAIL, company was listed on the bourses in 2016, post which the promoter holding slipped to …

Jagran Prakashan – Investment Thesis

iT – Jagran Prakashan Ltd. (CMP - 114 INR) Jagran Prakashan Ltd is the owner of the largest Hindi newspaper called ‘Dainik Jagran’ in the state of Uttar Pradesh in India. Existing pre independence (like all major print media companies), it has been a market leader in its home state since a very long time …