I’m not comparing them per se rather trying to figure out how much of their tech solution business overlaps with the large and midcaps listed IT giants.

For eg: CMS provides ATM software solutions, from what I (being a non-tech guy) understand this includes the algo on which the software of ATM machine works now TCS also has a similar service which they provide to the international clients as of now, but can very well be done for the domestic banks/fintechs at a cost effective rate.

Like for eg this 2013 agreement with federal bank

Federal Bank ties up with TCS for setting up of ATMs

I understand that this may be a far fetched idea but can anyone here point out if this can potentially emerge as a threat to CMS’s tech expansion?

SEBI fined AGI for failure to disclose to shareholders key details of the modifications to the HNG deal required by CCI. The order is discussed in detail in this article –
https://businessworld.in/article/sebi-fines-agi-greenpac-for-inadequate-disclosures-to-shareholders-519391

A week back, following the SEBI imposed penalty, AGI has made a voluntary disclosure of all litigations pending with Supreme Court and NCLT regarding the HNG deal. Total 12 challenges, 7 with Supreme Court and 5 with NCLT. Of these 4 have been filed by Independent Sugar, 2 by UP Glass Manufacturers’ Syndicate and the rest by various labour Unions of HNG.

UP Glass Manufacturers’ Syndicate has 4 Directors, all of whom own glass making companies. One of the directors is Mr. Sanjay Agarwal of Kwality Glass Works. There is a Sanjay Agarwal who is the sitting President of the All India Glass Manufacturers’ Association – The All India Glass Manufacturers’ Federation. Not sure if its the same person. The Sr. Vice President of AIGMA belongs to AGI Glasspac.

Disc: Not invested. Tracking the HNG acquisition.

Yes, it is true the assets of the company were showed at book value and not at fair value but going forward the asset will be of close to 500 crores as per scuttlebut the company has a good land bank for expansion from past many years and now buildings and construction is going on, in the past the they used to manufacture the pipes through their sister concerns and now they are being full Integrated players with merging all those entities into the listed company like we saw recently and also modernization work is going with DFT technology which will help them ensure better quality pipes.

This website – Stocks held by Mutual Funds | RupeeVest

V-mart still looks unispiring at current valuations (In mns)
|FY26 Ebitda| 4,388(12% margins after 16% growth on FY24 numbers) |
|Rent payment | 2,481(2050 for current year, 10% growth for two years) |
|Capex| 600 ( stable state) |
|FCF| 1,307 |
|Market cap| 42,570 |
|P/FCF| 33 times |