Clariant chemicals ran up decently to 440 from 275 when it was advised last time in Nov-2019 (Click here for old post). At that time it was expected to sell its Masterbatches and Pigments business to focus more on high margin specialty chemicals business. I was expecting to sell the same at anywhere around 1500 cr to 2000 cr valuation excluding land bank which was around 15 times its last year EBITDA and around 1.5 times to 2 times of the turnover of 1000 cr while it was available at just .6 times of turnover. So the valuation discount was…

(This is the first article on GST in this Blog and it may not be that relevant for a non GST professional. So I have divided the article in two parts- first part is general discussion about taxes which I think is relevant for everybody and second part is specific to the GST issue but even in this part the views about immovable property are relevant even for a non GST professional) PART-1-General discussion about Taxation Tax laws should be simple If we keep ourselves aside then objectively, on its own, life does not seem to have any higher purpose….except…

(Earlier I started this series to try to contemplate death from the data and phenomenon we encounter in our real life free from the burden of religion and scriptures. I posted last post (4th part) in 2015 but ever since regularly receiving requests to continue the same. So I am trying to bring some more perspectives. But please bear in mind that I am nothing and these are just my views…(phantasm) (Click here for earlier posts) Whether life is really as complex as it seems or whether it should have been as complex as we have made it? One of…

Narayana Hrudayalaya Ltd-Narayana has given great set of numbers…even surpassing all the expectations: Fig in Cr. Description Sep-19 Sep-18 Growth % Turnover 822 713 13.26% EBITDA 128 76 68.42% EBITDA margin 15.57% 10.66% NP 45 13.5 233.33% As we can see, against top line growth of 13% the growth in NP is staggering 2.3 times so operating leverage is getting into action now and this will only increase from here on. NH still has 11% of its total bed capacity as new centers and these have negative EBITDA of around 14 cr this quarter and as the same will get…

Narayana Hrudayalaya: This is one stock in which I have invested quite a big part of my portfolio and advised everybody to invest big in this one. I am continuously advising this one at this blog- All the way from 250 in 2016 to 200 recently. Its stock price has increased quite a bit after that and now it is at 275. Healthcare is the next big thing going to happen in Indian economy. Healthcare is a stunning option for Indian economy and this is where we have unmatchable technical expertise and we can create an affordable global hub for…

Dear All, Max India has run up quite well after our recent entry at 56 in Aug-19 (click here for previous post on Max group).It is trading around 80 so good 50% growth in last 2 months but if you ask me it is just the start. Healthcare Business: As shared in the last post on Max India, I am a great admirer of this man Abhay Soi the current chairman of Max Healthcare and I have very high expectations from him. And by looking at this quarter results he has just proved his mettle. They have given stunning set…

Dear All MSTC Ltd is my recent entry and I think market may have made a grave mistake in valuing this one as some trading entity with high debtors issue and concluded at worrying levels of working capital but they could not realize that this is the thing of the past and valuation in stock market is derived from the future. MSTC in its new avatar is scaling down its working capital intensive trading business and is focusing on new age businesses- B2B ecommerce and scrapping of old vehicles and both these businesses are stunning. People run after the likes…

Clariant chemicals- When i entered in it around 600 in 2016 it was in restructuring mode as it had divested many of its units and bought businesses comprising masterbatch and carbon black. It always takes time to fit in new acquisitions to current organizational setup and derive synergy and this may affect the business temporarily. So when a company is getting most of its value from the future business performance then it is always better to do staged buying- buying in small at every significant event whether it is growth in sales or some new product launches. So when market…

MCX has given great set of numbers for Sep-19 quarter results. Turnover 100 cr vs 71 cr last year (excluding other income), PBT excluding other income is 43 cr vs 19 cr and NP at 72 cr vs 36 cr. QOQ turnover is at 100 cr vs 79 cr and PBT excluding other income is at 43 cr vs 23 cr. There is big jump in daily average volumes traded at 34500 cr vs 25648 cr last year vs 27473 cr in June-19 quarter. The average daily volumes crossed 30000 cr first time since the imposition of CTT in 2013.…

These days Thomas cook India Ltd (TCI) is very active in countering the bad press after the demise of global travelling giant Thomas cook PLC UK. I do not track this one regularly and have not done the in depth analysis but after the recent fall I have started making my notes and so here i am just sharing those notes. I am yet to do my detailed study of the future potential and risks to its current business. Hence reviews are most welcome. Thomas cook PLC UK has no relation to Indian arm operating under the same name as…