Yes Vivek, that cannot be ruled out as @kkarunakar has pointed out…but if you see the Fund holding i posted earlier..Mirea asset has added good qty last month while HSBC continues to hold similar qty as they were holding in Mar’15 AR….both funds now holds close to 1% each…but not getting reported as it has been parked in two or more funds…
i also checked FCCB conversion thing…they raised USD 5mn from IFC in 2011 which got fully converted last year…issued sm 22l shares to IFC at conversion price of Rs 100/sh in Sep’14..and in subsequent qtrs dec-mar..ifc exited fully making 4-5x of conversion price…
now only concern and question is rampup of ATBS – as pointed out by @gagandeep_nanda – crude price correction impacted ATBS sales and its impact on topline growth….margins were held up nicely in 1st half which is smwhat heartening….with crude price likely to remain subdued…rampup of ATBS gets delayed impacting topline growth in medium term…
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