My Bad! I’d missed out that Kirloskar Ferrous is already in process of merger with ISMT. 17 shares of KFIL for every 100 shares of ISMT. Came to know this post reading Dec ppt of Kirloskar Ferrous.
No arbitrage at current price.

Thanks for your insights.
What is your view on Valuations?
Currently trading at high PE compared to historic valuations.

Do you feel that will it will sustain current valuations?

Disclaimer: Not invested but tracking

Q3 FY24 earnings call summary for Elecon –
Gears division – Steel, cement, sugar industry continues to do good.
Signed 4 OEM’s (from packaging, steel and plastic sector) this qtr. Expected 6M Euros potential business opportunity from total 10 OEM’s to start with that have been signed so far. Commercial production for these OEM’s will start from Q3’25.
MHE division – Won orders for 173Cr from steel and cement industry. Seeing uptick in profitability.
Management is reasonably confident of meeting 2000Cr top line revenue for FY’24 inspite of challenges currently facing related to steel price reduction, geo political issues and inflation.
Majority of the revenue comes in Q4 for engineering companies as said by the management. Also cycles are pretty short for their products.
EBITDA guidance for full year to be 24% +.
FY’25 guidance will be given during Q4 FY’24 call.
Total Open orders 791Cr till Dec 31st.
Capex on target. 100Cr done this year. Expecting to do 100Cr each in next 2 years.

Please add if I have missed or interpreted incorrectly from the call.

Yes … this is a valid concern

There r no easy answers. The only answer is increasing focus on unsecured loan book. Once it gets into double digits, NIMs can improve structurally. Management is at it

Till then, the overhang should remain

With Tata Motors market cap coming close to Maruti, your holding has paid off so far…
Request experts in this field @GourabPaul to kindly help understand if Tata motors EV edge over Maruti be sustained? Heard Maruti’s first EV would be launched by 2025 only, so almost 1 more year!
Also JLR sales seem to be doing well; with retail sales up 29% as compared to last year.

NB: Valuation wise, on P/B perspective Maruti is now trading at a discount to Tata Motors