I attended the AGM and came out highly unimpressed.The management's lethargy was clearly indicated by statements such as "This business is in maintenance mode". Further they harped upon their current state of affairs being an outcome of government policies totally discounting success of their competitors The real estate opportunity that I thought will play out looks delayed (Yelahanka/ Hyderabad land sale) and the explosive division might do better this year due to a strong order book. Further Hinduja Properties owns marketing/development right for Yelahanka project and also for other land banks with a no penalty clause (very much like a family affair). The attitude of Mr. Hinduja present in the AGM was also that of wishing awayinvestor concerns with motherhood statements like "We create wealth in long term and we move slowly.". No clarity was provided on the investment in Houghton.
Disclosure: Not invested.