Thanks Hemant & LarryWink for valuable inputs.
I do Respect your views.
Whether a stock is overvalued or undervalued is subjective- views vary – it is the way in which you look at it.
Adani green for example carries a 12 months trailing P/E of 185. Fully debt ridden with 8 debt to equity ratio. No cash balance is possible after servicing the debts for next 1 decade or so. But for every trade , there is a buyer and there is a seller. only time can say who makes money!

Similarly Energy PSU’s like Oil India and ONGC trades at a P/ E of 7 to 8 with a debt equity ratio of 0.5. So , i am comfortable to buy at this price , though it is trading a higher than its historical average P/ E of 3-4. But when I compare with PVt players , I find there is a further scope of re-rating in PSU with down ward risk remaining limited.

Yes, PSU’s past was not so good and I guess history remains as history.This govt is trying to do something to build the economy as we can see from the results…whether it is railway, defence , or energy basket – Govt’s heavy capex plans and under Atma Nirbhar Bharat theme. PSU’s seem to be showing a good turn around and so also Mr market has given s thumbs up … energy transition being planned all over the world in a big way and in India it is the cash rich PSU’s who are leading the charge.

Having said that , i would keenly watch the election results and policy continuance and take a further call on buy sell or add to positions… For now I am comfortable holding my positions, though I have pruned my % position to reduce overall portfolio holdings.

Regarding the views on crude …I agree … it has been the integral part of our daily life …primary source of energy , Pharma, petro chemicals , fertilisers and the uses are endless.

But when the world has decided to do away with it …substitutes are already there. For example Hydrogen from electrolysis of water by solar wind is not only the primary sources of feed stock for power plants , but it is going to be the primary source of energy for transport sector – Automobiles ,trains and aeroplanes.

Starting from hydrogen and with help of carbon , all chemicals can be manufactured- Hydrogen can be an input in processes to produce chemicals such as methanol, ammonia, ethanol hydrogen peroxide, hydrogen chloride, aniline, cyclohexane, TDI and oxo-alcohols.
And TDI (Toluene diisocyanate) is commonly used as a chemical intermediate in the production of polyurethane foams, elastomers, and coatings; paints; varnishes; wire enamels; sealants; adhesives; and binders. It is also used as a cross-linking agent in the manufacture of nylon polymers.

And starting from Ammonia , you can produce a series of fertilisers such as ures, DAP, Ammonium nitrate, Ammonium sulphate , SSP. etc.

I am sure science is working to make it possible to produce everything you need from Hydrogen. And I guess the science was always there …but now these are being rediscovered and pursued rigorously – the only target is to tacke climate change , reduce carbon foot print

And as per latest development , synthetic e diesel / e-fuel can be manufactured out of hydrogen.

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Raid at their warehouses in UP

Crisil rating report
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/KnowledgeMarineAndEngineeringWorksLimited_April%2004_%202024_RR_338066.html

JTL has announced acquisition of 67% stake in in Nabha Steels and
Metals for Rs 70 Crore

One thing which looks little bit weird here is that the company is just 3 years old & doing turnover of Rs 225 cr.