Update for entry on 19th August 2024 (look back dates: 18/08/2023 and 16/02/2024)

50EMA (23327) > 200EMA (20371); hence, we can continue without any change.

Based on ranking:

1. STAR
2. WOCKPHARMA
3. PURVA
4. GRAVITA
5. TECHNOE
6. BASF
7. CHOICEIN
8. TVSHLTD
9. ANANTRAJ
10. VMART
11. SHARDAMOTR
12. IFCI
13. ZENTEC
14. TIMETECHNO
15. WABAG
16. NAVA
17. NEULANDLAB
18. GRWRHITECH
19. VOLTAMP
20. DHANUKA
21. NETWEB
22. KPIGREEN
23. KIRLOSBROS
24. SUDARSCHEM
25. KESORAMIND

Based on A → Z for easy tracking:

• ANANTRAJ
• BASF
• CHOICEIN
• DHANUKA
• GRAVITA
• GRWRHITECH
• IFCI
• KESORAMIND*
• KIRLOSBROS*
• KPIGREEN
• NAVA
• NETWEB
• NEULANDLAB
• PURVA
• SHARDAMOTR
• STAR
• SUDARSCHEM
• TECHNOE
• TIMETECHNO
• TVSHLTD
• VMART*
• VOLTAMP*
• WABAG
• WOCKPHARMA
• ZENTEC

Exits:
SHILPAMED makes an exit.
JYOTICNC, KIRLOSENG and RTNPOWER remain within the top 30 and hence stay.

Entries:
VMART makes an entry.
KESORAMIND, KIRLOSBROS and VOLTAMP cannot enter as there is no vacancy.

What would be the material impact of this order on CIL is it contestable or final any senior member please share your views

Dear @harsh.beria93 Sir

Why this business not able to generate high ROE apart from showing great results. Waiting for your reply

Electrolyser Scheme: Adani, Avaada, and Waaree among 13 winners of green hydrogen incentive boost – The Economic Times (indiatimes.com)

Up and down is relevant for all companies across sector … That is why I took 10 year period which covers both boom and bust period … Globally chemical is mature industry growing at low single digit CAGR … expecting significant outperformance for long duration in a export oriented chemical co is futile … Scale becomes enemy of growth …

Each good chemical companies is trying to get into each other domain that also limits significant outperformance unless it has new patent , or low cost RM adv … Indian chemical companies are handicapped on both front …

Now on PE is good metric for sustainable B2B business or stable B2C business and for cyclical business P/S is good metric … (as Sales fluctuation is far less than profit fluctuation across cycles)

In case Aarti is cyclical ( as per your post) then Aarti has traded between 0.3 price to sales to 7 P/S … At current price to sale of 3.5 it is.not cheap , That was my point …

Is Aarti (high) cyclical business … My view is No … Look at OPM … it is stable between 16%-18% for long period of time … That shows it has stable client / product profile … like good sustainable B2B business … As it get into new products and sets up capacity in advance profitability will fall like it did for ITC when it got into FMCG … but then people paid far lower price multiple when that happened for ITC … which has not happened in case of AARTI