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Market watch

“Acquisition of the UK-based J.L. French will add Ford, Land Rover, and Peugeot to its client base. With 32% compounded EPS growth between 2005-6 and 2008-9E, the stock trades at a P/E of 10 times on 2007-8 and 8.6 times on 2008-9 E earnings. We maintain our ‘Buy’ recommendation.”

Print Edition: July 15, 2007

“It recently expanded its plywood capacity and is also expanding its laminates production. The full effect of this expansion will be evident in 2007-8.

Its latest results have been excellent, with 2006-7 revenue up by 40% and net profit up 60% YoY. The current price discounts 2006-7 EPS of Rs 13.8 by 9.7 times.”

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