I was reading this thread. Just after you had exited this counter(mid of June) this stock has rallied by a good 25-50% in the next 10-15 days. Next time if you are exiting some stock please write a note(on the lighter note) 
What are your views on this stock now? Their Q1 is excellent, but they have had a sub-par 2015. Was their poor performance on operations front only due to fall in Skimmed Milk Powder prices?
Thanks,
Ravi S
Disc - No positions.
Persistent Systems - An innovation led Company is 25 yrs old run and managed by Anand Deshpande - a smart and a visionary leader. Its engaged in SMAC and enterprise digital transformation basically riding on value migration in IT industry. IT industry and especially the niche area it expertise in is a big scale opportunity. If you go through company 25 yr history you will find that many terms in IT industry like outsourced product development, cloud, analytics , social and mobility are coined by persistent systems much before Gartner did it and now enterprise digital transformation is the term they have come up with. Its ROE, ROCE, Profit margins, Debt free status are all decent over 10 yr period. Regular dividend paying company. Go through CLSA report or company's website to understand more about it. I bought it at 404 cum bonus means 202 after bonus almost 2.5 yrs back.
Rallis India - Food security is a big theme - Value migration towards hybrid seed business, tata group company and RJ confidence, consistent ROE above 20% even in bad quarters and years, recently launched new varieties of hybrid corn and paddy, acquisition of Metahlix and turning it around, Market leader in many products in pesticides, herbicides etc after Bayer and Syngenta.
Facing corrections -
I am now in the markets for last 3.5 yrs and faced severe corrections at least twice / thrice. It has made me a much better investor as every time when the downturn is over I come out stronger from it when the markets turns. I take this as an opportunity to churn the portfolio a little by adding up high conviction stocks where you were always waiting as market was rising and rising and at the same time getting out of certain stocks if the story is not as compelling as the new additions. Mostly I feel I end up adding the stocks rather than selling.
In the first market correction I ended up buying Vguard, NRB Bearings, Bayer crop Science and Marico while getting out of Tata Global beverages and ICICI bank which have worked out very well and till now I hold all these stocks.
In the second market correction I bought Tata Elxsi, Agro tech foods, United Spirits.
In the ongoing correction I am adding Supreme Industries, Axis bank, Care Ratings and Aarti Drugs. Got out of Syngene.
Mentally if one adjusts to see correction as an opportunity to make one's portfolio top notch then it really works wonder. It also teaches us to have some cash reserves always ready no matter what.
On RM, let me clarify. I meant utilization, but used scale. Since Pokarna has significantly lower utilization than Caesarstone their fixed cost would form a larger proportion of cost, crowding out RM on a % basis.
On assets, while standalone financials (granite) mentions Quarry buildings, PES financials don't. So this almost confirms that they don't have own Quarries. My notes from last read of AR don't mention Environmental/pollution clearances. Will post if I find it.
It will be quite valuable to know the sold and processed square footage of granite and quartz for the last year. @sambath could you try to get this as well.
YES Bank advance tax outgo up 30% in Q2 -
http://www.thehindubusinessline.com/money-and-banking/yes-bank-advance-tax-outgo-up-30-in-q2/article7655987.ece
find out about
thanks
Could you share your investment thesis for Rallis India and Persistent Systems?
Will be meeting management, let me know if you guys have any questions
India is one of the few places where demand scenario looks good, supply scenario is also favorable (thanks to closure of Kingfisher, cutdown by SpiceJet and JetKonnect).... That explains the enthusiasm for new airlines in India...
Dont think it can be extrapolated to the rest of the world....
they make Rs. 50-100 per ticket sold - irrespective of the cost. its not a function of ticket value but number of transactions.
Infact, I can use the same data points to argue that this is the best time to buy - broad trends in nigeria are up - oil is not going to remain at this forever - in a 2-3 year time frame it will get back to normal (reversion to mean). As for china, as economies mature, their tendency to do foreign/domestic flying holidays ("wealth effect") remains quite robust and that compensates to some extent on the trade issues. Case in point, the stereotyped japanese tourist couple who you see everywhere - who are wealthy even though Japan as an economy is hardly growing.
Just my thoughts -