Good investing reading – 15 March 2013

Good investing reading

 

Insider trading is rampant in India

The head of the NSE says what all of us know. Namely that insider trading is common-place.

Chillar insiders and a needle in a million haystacks – Business Standard

 

Tata Motors – in bad shape

Tata Motors is ready to give new buyers a buy-back assurance on their Manza sedan. Did you know? They have to be pretty desperate to do that. This and more facts about Tata Motors weak domestic business are written well in these two articles.

Tata Motors to buyback Manza cars to boost sales – Moneylife

Is it time to give up on Tata Motors? – Firstpost

PI Industries – profile

PI Industries is an interesting company. They have 2 sources of revenue.

  1. Sale of Agri-inputs like pesticides
  2. Outsourced contract research for agriculture majors (similar to what many pharma players in India do for global pharma majors)

PI Industries profile – Business Outlook

The stock has run up significantly. It looks expensive compared to valuations that it has fetched in recent years. It has low trading volumes. Might be interesting at lower valuations.

 

Ajay Bijli – PVR

This is a good profile of PVR and the story of how they have grown. You would have read about their acquisition of Cinemax. This and much more is captured well in this article.

How PVR’s Ajay Bijli became the king of multiplexes – Firstpost

Incidentally, it is a low return on equity business. FY12 RoE was around 9% which is hardly attractive.

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