India experiences both high inflation and high interest rates. Immediate effect of both, on companies finance is negative.
High interest rates clearly affect companies operating costs & profit margins.
Companies which remain isolated from effects of high interest rates are debt free companies.
The companies which are more dependent on debt to manage their working capital, face the burnt of high interest rates.
Interest rates of debt is fluctuating. When interest rates goes up, it will eventually increase the expense of company. This will automatically translate into lower profits.
Zero debt companies in India are ones which are more self reliant. Such companies are best suited for long term investing.
Profitability of zero debt companies are generally more than high debt companies. Debt is a liability which has also a big cost attached to it. Debt gives immediate relief, but its also an expense for the future.
Hence companies which may be earning lesser profits, but carry zero debt, are more preferable by value investors.
In India we have several zero debt companies.
It will not be wrong for us to start identifying good companies using zero debt (or low debt) as one of our first screening criteria.
High interest rates negatively effects the profitability of high debt companies. In periods of soaring interest rates, low debt and debt free companies emerge as clear winners.
In India, interest rates remain very unpredictable. One never know when rising trend will start again. This mainly happens due to wavering inflation.
In India inflation can stabilize for few year. But even with minor changes on political front, inflation cuts deep again.
For investors it is important to keep a note of debt free companies in India. Keeping track of price valuation of zero debt (or low debt) companies is a very good idea. Timing purchase of such stocks is recommended.
I personally like companies carrying zero or very low debt.
Study of debt levels of companies certainly helps. How dependent is company on debt over long periods of time, speaks a lot about its fundamentals.
Only single year study will not be enough. Hence it is advisable to keep last 5 years financial reports of companies handy.
In this age of fast internet we can keep soft copies of financial statements. Internet enables access to information related to companies with click of a button.
Notes on Debt Free Companies:
1) Debt free companies are profitable stocks.
2) High interest rates reduces profitability of debt companies.
3) Zero debt companies have strong business fundamentals.
4) Debt free companies stocks must be preferred for investing.
5) Keeping ready-list of debt free companies is a good idea.
Interest Expense & Net Profit
Even small increase in interest rates can create a big hole in companies profits.
A company, whose turnover is Rs.34,000 crore, and incurs Rs.1,300 crore of interest expense. It means, its interest expense is 3.8% of the total turnover of company.
Generally speaking, 3.8% expense load on any one item, can be considerd very high.
Even marginal increase in interest expense can effect profitability. To negate high interest costs, companies must avoid maintaining high debt levels
In case debt levels cannot be reduced, companies profits reduces. This is one compromise high debt companies makes all the time.
Debt free companies are completely free of such compromises.
Companies which are debt free generates their liquid cash comparatively easily. This cash is used to manage current liabilities.
When there is no debt (immediate interest expense), companies liquidity level remains good. This makes day-to-day cash flow management relatively simpler.
Debt Free Companies are Ideal
Debt free companies are low risk companies for investors. Not only investors but even bankers love such companies. When need comes and such companies need debt, banks can lend them debt at low interest rates.
For investors, debt free companies are investment heavens. Debt free companies are like ‘financially independent’ business.
Such companies have enough cash generating source of their own. They do not need market debt to run their business.
This situation may sound simple, but it take decades for companies to reach this stage. But more than time factor (age of company), zero or low debt levels speaks volumes about how good is the companies management.
Running a big business, without being dependent on debt is worth a thousand praises. It is not an easy milestone to achieve.
This level of self-reliance can be achieved only due to perseverant management.
It has also been observed that, generally debt free companies share higher dividends with its shareholders.
If company is focusing on long term growth, they may not distribute high dividends. But big, debt free companies share reasonably high dividends and also manage fast growth.
Zero Debt & Business Fundamentals
In order to understand this correlation, lets take an example. Look into NMDC’s balance sheet. In last 10 years NMDC had zero debt. During the same period, company was able to increase its reserves at staggering rate of 28% per annum.
Zero debt and fast increasing reserves is an excellent indicator of strong business fundamentals.
NMDC’s is good example of debt free company. Looking at companies Profit & loss accounts, NMDC’s ‘Total Income’ has increased at rate of 19% per annum. While NMDC’s ‘Total expense’ has increased at rate of only 15% per annum. This differential between income and expense enhances companies profit and profitability. NMDC’s profit and profitability both has improved in last 10 years.
All debt free companies are Good?
Generally debt free companies are good bet for investment. But all debt free companies may not be good.
A scrutiny of business fundamentals is a must before one goes ahead and buy their stocks.
It will be good idea to check companies ‘Total Income growth (sales turnover)’. Though company is maintaining zero debt but; if it is not able to increase turnover, it will not be considered good.
To get more idea, compare sales turnover of company with its nearest competitors.
Concept says, it’s a good practice to keep debt levels as low as possible. But this should not be done at cost of ‘business growth’.
Companies which are compromising its growth are either complacent or does not have skillful & dynamic top managers.
A combination of high sales growth and low debt is ideal. Investors must keep track of such companies. Also, companies maintaining high profit margins automatically becomes most preferred by investors.
Debt Free Companies in India 2017
This time I am introducing a new concept of “Enterprise Value” to identify debt free companies.
To understand this lets take a small hypothetical example.
Suppose there are two companies ABC & XYZ. ABC has a debt of Rs.80 Crore and B has a debt of Rs.120 Crore. Which company looks better here? If we have to look only at debt levels, Company ABC looks less risky.
Now suppose, Networth of ABC is Rs.80 Crore and Net worth of XYZ is Rs.120 Crore. Means, the debt equity ratio (D/E) of ABC is 1 (80/80) and that of XYZ is also 1 (120/120).
So which company is better? Debt/Equity ratio being a very reliable debt burden indicator is not able to differentiate between ABC & XYZ. What to do?
There is a way out.
Suppose Company ABC and XYZ has a cash/cash equivalent reserves of Rs.75 Crore and Rs.132 Crore respectively.
Debt -(minus) Cash for Company ABC is = Rs.5 Crore (80-75).
Debt –(minus) Cash for Company XYZ is = Rs.-12 Crore (120-132).
A negative value for Company XYZ indicates that company is having enough cash to pay-off all its debt.
Hence, even if companies like XYZ is carrying high debt (Rs.120 Crore), it still as good as zero debt. This is because XYZ also has enough cash reserves (Rs.132 Crore) to negate its debt burden.
Such companies (like XYZ), whose Debt minus Cash value is negative, can be included in our list of debt free companies.
In stock metric terms, we will use the Enterprise Value and Market Cap to understand how big is the cash reserves of a company compared to its debt.
Enterprise Value minus Market Capitalisation = Debt – Cash
Example: In the below list of companies, you will note that Rajesh Exports & Interglobe Aviation having a debt/equity ratio of 0.94 and 0.7 respectively has been included. This is only because they have a high negative “Enterprise Value minus Market Cap” component.
[Note: If you want to know more about Enterprise value, check this link….]
(Updated on December’2017)
|SL||Company||Sector||Size of Company (M.Cap)||Market Cap (Cr)||Debt Equity Ratio||Enterprise value Minus Market Cap (Negative is better)|
|1||Tata Consultancy Services Ltd.||Technology - Computer Software||Very Large||504,271.21||0.00||-45,496.00|
|2||Infosys Ltd.||Technology - Computer Software||Very Large||223,945.36||0.00||-32,595.00|
|3||Coal India Ltd.||Energy - Coal & Lignite||Very Large||171,448.64||0.12||-28,728.78|
|4||Hindustan Zinc Ltd.||Metals - Other Non-Ferrous Metal||Very Large||126,611.68||0.26||-24,255.00|
|5||Wipro Ltd.||Technology - Computer Software||Very Large||142,010.04||0.28||-20,232.80|
|6||ITC Ltd.||FMCG - Tobacco Prod.||Very Large||311,591.55||0.00||-13,254.07|
|7||Bharat Heavy Electricals Ltd.||Engineering - Electrical Machinery||Large||33,740.17||0.00||-10,337.66|
|8||HCL Technologies Ltd.||Technology - Computer Software||Very Large||118,039.72||0.02||-9,600.82|
|9||Rajesh Exports Ltd.||Services - Trading||Medium||22,618.39||0.94||-9,287.96|
|10||Bajaj Auto Ltd||Automobile - Two & Three Wheelers||Very Large||95,829.68||0.01||-6,231.54|
|11||Interglobe Aviation Ltd.||Services - Air Transport||Large||43,225.61||0.70||-5,749.78|
|12||Sun Pharmaceutical Inds. Ltd.||Healthcare - Drugs & Pharma||Very Large||129,550.71||0.27||-5,539.95|
|13||Hindustan Unilever Ltd.||FMCG - Cosmetics & Toiletries||Very Large||275,700.46||0.04||-5,365.00|
|14||NMDC Ltd.||Metals - Minerals||Large||40,434.52||0.00||-5,322.41|
|15||Max Financial Services Ltd.||Financial - Misc. Fin.services||Medium||14,742.33||0.00||-5,039.19|
|16||Hero Motocorp Ltd.||Automobile - Two & Three Wheelers||Very Large||72,739.29||0.03||-4,478.84|
|17||Ambuja Cements Ltd.||Construction - Cement||Large||52,143.04||0.00||-4,323.42|
|18||Tech Mahindra Ltd.||Technology - Computer Software||Large||47,785.69||0.09||-4,017.10|
|19||Bharat Electronics Ltd.||Engineering - Electronic Equipts.||Large||45,749.17||0.01||-3,763.60|
|20||Siemens Ltd.||Engineering - Switching Equipment||Large||42,577.74||0.00||-3,485.00|
|21||Bharti Infratel Ltd.||Communication - Telecom.Services||Very Large||70,867.74||0.02||-3,470.30|
|22||National Aluminium Co. Ltd.||Metals - Aluminium||Medium||15,879.01||0.01||-3,457.27|
|23||Glaxosmithkline Consumer Healthcare Ltd.||FMCG - Dairy products||Medium||25,621.92||0.00||-3,079.02|
|24||Oracle Financial Services Software Ltd.||Technology - Computer Software||Large||31,573.81||0.00||-3,031.69|
|25||Engineers India Ltd.||Construction - Construction||Medium||11,851.50||0.00||-2,739.05|
|26||Mphasis Ltd.||Technology - Computer Software||Medium||14,102.99||0.04||-2,624.38|
|27||Nestle India Ltd.||FMCG - Dairy products||Large||73,758.02||0.01||-2,121.89|
|28||Moil Ltd.||Metals - Minerals||Medium||6,571.49||0.00||-2,092.03|
|29||Havells India Ltd.||Engineering - Switching Equipment||Large||31,907.58||0.06||-2,021.23|
|30||Bosch Ltd.||Automobile - Auto Ancillaries||Large||62,039.51||0.00||-1,985.80|
|31||SJVN Ltd.||Energy - Electricity Generation||Medium||13,837.02||0.21||-1,903.33|
|32||Zee Entertainment Enterprises Ltd.||Services - Media & Entertainment||Large||54,664.22||0.29||-1,890.50|
|33||ACC Ltd.||Construction - Cement||Large||31,294.75||0.00||-1,877.27|
|34||Cochin Shipyard Ltd.||Services - Shipping||Medium||7,743.59||0.06||-1,868.29|
|35||Bajaj Holdings & Investment Ltd.||Financial - Invest.Services||Large||31,740.35||0.00||-1,859.11|
|36||KIOCL Ltd||Metals - Minerals||Medium||25,938.92||0.00||-1,845.00|
|37||Exide Industries Ltd.||Engineering - Storage Batteries||Medium||17,454.75||0.04||-1,723.99|
|38||Maruti Suzuki India Ltd.||Automobile - Cars & Multi Utility Vehicles||Very Large||259,858.33||0.01||-1,718.70|
|39||Divi's Laboratories Ltd.||Healthcare - Drugs & Pharma||Medium||27,692.35||0.01||-1,673.68|
|40||NBCC India Ltd.||Construction - Real Estate||Medium||23,625.00||0.00||-1,640.04|
|41||Asian Paints Ltd.||Chemicals - Paints & Varnishes||Very Large||110,091.93||0.07||-1,592.21|
|42||Pfizer Ltd.||Healthcare - Drugs & Pharma||Medium||8,790.43||0.00||-1,520.59|
|43||Pidilite Industries Ltd.||Chemicals - Thermoplastics||Large||43,245.30||0.03||-1,392.24|
|44||Kothari Products Ltd.||FMCG - Tobacco Prod.||Small||582.10||0.30||-1,359.51|
|45||Sun TV Network Ltd.||Services - Media & Entertainment||Large||34,281.42||0.00||-1,333.87|
|46||Larsen & Toubro Infotech Ltd.||Technology - Computer Software||Medium||17,341.89||0.00||-1,320.10|
|47||Titan Company Ltd.||Cons Durable - Gems & Jewellery||Large||72,714.13||0.00||-1,195.75|
|48||Multi Commodity Exchange India||Financial - Misc. Fin.services||Medium||4,907.15||0.00||-1,151.62|
|49||Abbott India Ltd.||Healthcare - Drugs & Pharma||Medium||11,191.26||0.00||-1,090.92|
|50||AIA Engineering Ltd.||Metals - Castings & Forgings||Medium||13,890.56||0.05||-1,066.22|
|51||Whirlpool Of India Ltd.||Cons Durable - ACs & Refrigerators||Medium||19,680.36||0.00||-1,058.95|
|52||Indraprastha Gas Ltd.||Energy - Crude Oil & Natural Gas||Medium||22,869.03||0.00||-1,026.46|
|53||Kirloskar Oil Engines Ltd.||Automobile - Auto Ancillaries||Medium||5,028.95||0.01||-993.08|
|54||Kansai Nerolac Paints Ltd.||Chemicals - Paints & Varnishes||Large||26,919.04||0.01||-989.72|
|55||Glaxosmithkline Pharmaceuticals Ltd.||Healthcare - Drugs & Pharma||Medium||20,995.76||0.00||-931.14|
|56||Lakshmi Machine Works Ltd.||Engineering - Textile Machinery||Medium||6,355.51||0.00||-922.95|
|57||Welspun Projects Ltd.||Construction - Construction||Small||2,252.09||0.12||-905.99|
|58||Bayer CropScience Ltd.||Healthcare - Drugs & Pharma||Medium||13,842.27||0.00||-888.70|
|59||Thermax Ltd.||Engineering - Industrial Machinery||Medium||13,190.60||0.05||-884.33|
|60||Petronet LNG Ltd.||Energy - Crude Oil & Natural Gas||Large||37,650.00||0.27||-880.07|
|61||Eicher Motors Ltd.||Automobile - Commercial Vehicles||Very Large||81,591.18||0.01||-864.26|
|62||GE Power India Ltd.||Construction - Construction||Small||4,465.25||0.00||-850.20|
|63||TI Financial Holdings Ltd.||Financial - Misc. Fin.services||Medium||10,564.16||0.00||-833.58|
|64||Castrol India Ltd.||Energy - Lubricants, etc.||Medium||19,784.92||0.00||-821.88|
|65||Novartis India Ltd.||Healthcare - Drugs & Pharma||Small||1,815.36||0.00||-815.72|
|66||Orissa Minerals Development Company Ltd.||Metals - Minerals||Small||1,246.41||0.00||-799.12|
|67||Finolex Cables Ltd.||Engineering - Wires & cables||Medium||10,302.76||0.00||-794.36|
|68||Cyient Limited||Technology - Computer Software||Medium||6,487.38||0.10||-759.20|
|69||MindTree Ltd.||Technology - Computer Software||Medium||8,833.11||0.04||-738.10|
|70||3M India Ltd.||Services - Trading||Medium||17,426.16||0.01||-734.37|
|71||NIIT Technologies Ltd.||Technology - Computer Software||Small||3,925.54||0.01||-711.90|
|72||SKF India Ltd.||Engineering - Ball Bearings||Medium||8,588.33||0.02||-706.26|
|73||Ingersoll Rand India Ltd.||Engineering - Pumps & Compressors||Small||2,485.82||0.00||-673.02|
|74||Kaveri Seed Company Ltd.||FMCG - Other Agri.prod.||Small||3,599.71||0.00||-670.80|
|75||Honeywell Automation India Ltd.||Engineering - Electronic Equipts.||Medium||15,147.96||0.00||-661.22|
|76||Schaeffler India Ltd.||Engineering - Ball Bearings||Medium||8,640.90||0.00||-640.55|
|77||Mahanagar Gas Ltd.||Energy - Crude Oil & Natural Gas||Medium||10,956.43||0.00||-612.07|
|78||eClerx Services Ltd||Services - Misc.Other Services||Small||5,489.72||0.00||-605.99|
|79||Crisil Ltd.||Financial - Credit Ratings & Information||Medium||13,393.05||0.00||-601.41|
|80||Persistent Systems Ltd.||Technology - Computer Software||Medium||5,222.80||0.00||-596.23|
|81||ABB Ltd.||Engineering - Switching Equipment||Large||29,551.68||0.18||-589.20|
|82||Tata Sponge Iron Ltd.||Metals - Sponge Iron||Small||1,473.40||0.00||-569.31|
|83||Wabco India Ltd.||Automobile - Auto Ancillaries||Medium||13,684.83||0.00||-565.04|
|84||Sanofi India Ltd.||Healthcare - Drugs & Pharma||Medium||10,162.72||0.00||-558.50|
|85||Cummins India Ltd.||Engineering - Electrical Machinery||Medium||24,034.63||0.07||-540.40|
|86||Olympic Oil Inds. Ltd.||FMCG - Vegetable oils||Very Small||34.19||0.00||-535.08|
|87||Balmer Lawrie & Co. Ltd.||Diversified - Diversified||Small||3,184.66||0.00||-529.83|
|88||Polaris Consulting & Services Ltd.||Technology - Computer Software||Small||3,753.69||0.00||-525.27|
|89||Bata India Ltd.||FMCG - Footwear||Medium||9,440.99||0.00||-522.04|
|90||Marico Ltd.||FMCG - Vegetable oils||Large||39,458.88||0.10||-521.71|
|91||Info Edge (India) Ltd.||Services - E-Commerce||Medium||15,690.17||0.00||-518.47|
|92||ISGEC Heavy Engineering Ltd.||Engineering - Industrial Machinery||Medium||5,116.48||0.28||-474.59|
|93||FDC Ltd.||Healthcare - Drugs & Pharma||Small||3,786.07||0.00||-464.17|
|94||OCL India Ltd.||Construction - Cement||Medium||8,737.60||0.49||-461.02|
|95||Vakrangee Ltd.||Technology - Computer Software||Large||37,921.03||0.07||-459.74|
|96||Goodyear India Ltd.||Automobile - Tyres & Tubes||Small||1,981.99||0.00||-453.43|
|97||Zydus Wellness Ltd.||FMCG - Food Processing||Small||3,555.56||0.04||-445.17|
|98||Hexaware Technologies Ltd.||Technology - Computer Software||Medium||9,980.03||0.00||-431.49|
|99||PC Jeweller Ltd.||Cons Durable - Gems & Jewellery||Medium||15,608.58||0.23||-428.59|
|100||Container Corpn. Of India Ltd.||Services - Transport Support Services||Large||31,866.09||0.01||-414.81|
|101||Geojit Financial Services Ltd.||Financial - Invest.Services||Small||2,816.20||0.01||-408.89|
|102||Avenue Supermarts Ltd.||Services - Retailing||Large||69,691.51||0.39||-391.13|
|103||Quick Heal Technologies Ltd.||Technology - Computer Software||Small||1,585.56||0.00||-384.45|
|104||Credit Analysis & Research Ltd||Financial - Credit Ratings & Information||Small||4,044.73||0.00||-368.75|
|105||Voltas Ltd.||Cons Durable - ACs & Refrigerators||Medium||21,067.43||0.05||-360.02|
|106||ICRA Ltd.||Financial - Credit Ratings & Information||Small||3,921.70||0.00||-358.83|
|107||Monsanto India Ltd.||Chemicals - Pesticides||Small||4,283.32||0.00||-358.15|
|108||Graphite India Ltd.||Engineering - Welding machinery||Medium||11,658.06||0.14||-357.74|
|109||Gujarat Pipavav Port Ltd||Services - Shipping||Medium||6,973.62||0.00||-352.24|
|110||Avanti Feeds Ltd.||FMCG - Marine Foods||Medium||11,809.32||0.03||-351.32|
|111||Zensar Technologies Ltd.||Technology - Computer Hardware||Small||3,837.24||0.09||-344.70|
|112||Dr. Lal Pathlabs Ltd.||Healthcare - Health Services||Medium||7,415.36||0.00||-342.88|
|113||Bajaj Corp Ltd.||FMCG - Cosmetics & Toiletries||Medium||7,176.61||0.03||-335.97|
|114||Vardhman Holdings Ltd.||Textiles - Cotton & Blended Yarn||Small||1,187.40||0.00||-334.42|
|115||MRF Ltd.||Automobile - Tyres & Tubes||Large||29,105.40||0.27||-332.48|
|116||Sonata Software Ltd.||Technology - Computer Software||Small||2,543.80||0.09||-311.36|
|117||Merck Ltd.||Healthcare - Drugs & Pharma||Small||1,863.11||0.00||-307.05|
|118||OnMobile Global Ltd.||Technology - Computer Software||Small||600.54||0.00||-306.13|
|119||Akzo Nobel India Ltd.||Chemicals - Paints & Varnishes||Medium||8,339.13||0.00||-301.80|
|120||63 Moons Technologies Ltd.||Technology - Computer Software||Small||621.83||0.16||-296.17|
|121||Colgate-Palmolive (India) Ltd.||FMCG - Cosmetics & Toiletries||Large||28,204.91||0.00||-294.30|
|122||Swelect Energy Systems Ltd.||Engineering - Electronic Equipts.||Small||476.24||0.17||-293.51|
|123||Nucleus Software Exports Ltd.||Technology - Computer Software||Small||1,617.57||0.00||-293.40|
|124||Fortune Financial Services (India) Ltd.||Financial - Hire Purchase||Small||1,405.70||0.80||-287.00|
|125||SmartLink Network Systems Ltd.||Technology - Computer Hardware||Very Small||236.78||0.00||-271.72|
|126||India Tourism Devp. Corpn. Ltd.||Services - Tourism||Small||4,386.68||0.01||-264.24|
|127||Syngene International Ltd.||Healthcare - Drugs & Pharma||Medium||11,066.00||0.58||-261.30|
|128||Eris Lifesciences Ltd||Healthcare - Drugs & Pharma||Medium||10,928.50||0.00||-260.26|
|129||Tata Elxsi Ltd.||Technology - Computer Software||Medium||5,872.05||0.00||-251.53|
|130||Manpasand Beverages Ltd.||FMCG - Food Processing||Small||4,535.57||0.00||-240.83|
|131||Suven Life Sciences Ltd.||Healthcare - Drugs & Pharma||Small||2,496.65||0.11||-239.28|
|132||Precision Camshafts Ltd.||Engineering - Industrial Machinery||Small||1,143.78||0.20||-235.30|
|133||Grindwell Norton Ltd.||Metals - Abrasives||Medium||5,693.78||0.01||-234.76|
|134||Ajanta Pharma Ltd.||Healthcare - Drugs & Pharma||Medium||12,054.91||0.00||-230.79|
|135||TV Today Network Ltd.||Services - Media & Entertainment||Small||2,367.35||0.06||-228.29|
|136||Amara Raja Batteries Ltd.||Engineering - Storage Batteries||Medium||13,648.77||0.03||-226.23|
|137||MPS Ltd.||FMCG - Books & Newspapers||Small||1,103.98||0.00||-222.70|
|138||ICICI Prudential Life Insurance Company Ltd.||Financial - Insurance||Large||53,844.37||0.00||-213.73|
|139||Symphony Ltd.||Cons Durable - ACs & Refrigerators||Medium||11,382.70||0.04||-213.46|
|140||IL&FS Investment Managers Ltd.||Financial - Invest.Services||Small||896.56||0.00||-205.03|
|141||Praj Industries Ltd.||Engineering - Industrial Machinery||Small||2,034.17||0.01||-203.51|
|142||Kirloskar Pneumatic Co. Ltd.||Engineering - Pumps & Compressors||Small||1,128.63||0.00||-201.37|
|143||Vesuvius India Ltd.||Construction - Refractories||Small||2,400.01||0.00||-198.89|
|144||KSB Pumps Ltd.||Engineering - Pumps & Compressors||Small||3,018.88||0.01||-197.00|
|145||Claris Lifesciences Ltd.||Healthcare - Drugs & Pharma||Small||1,888.04||0.02||-196.78|
|146||Hindustan Oil Exploration Co. Ltd.||Energy - Crude Oil & Natural Gas||Small||1,635.73||0.00||-194.58|
|147||Rallis India Ltd.||Chemicals - Pesticides||Small||4,759.63||0.04||-191.43|
|148||VST Tillers Tractors Ltd.||Engineering - Other Machinery||Small||1,818.02||0.00||-190.16|
|149||VST Industries Ltd.||FMCG - Tobacco Prod.||Small||5,053.60||0.00||-189.94|
|150||JB Chemicals & Pharmaceuticals Ltd.||Healthcare - Drugs & Pharma||Small||2,421.02||0.04||-189.49|
|151||Techno Electric & Engg. Co. Ltd.||Construction - Construction||Small||4,560.26||0.27||-187.58|
|152||Esab India Ltd.||Engineering - Welding machinery||Small||1,276.77||0.00||-185.29|
|153||MMTC Ltd.||Services - Trading||Medium||7,490.00||0.37||-183.33|
|154||Balaji Telefilms Ltd.||Services - Media & Entertainment||Small||1,710.62||0.00||-172.63|
|155||Gujarat State Petronet Ltd.||Energy - Crude Oil & Natural Gas||Medium||11,865.35||0.14||-172.11|
|156||Sandesh Ltd.||FMCG - Books & Newspapers||Small||718.26||0.00||-172.08|
|157||Britannia Industries Ltd.||FMCG - Bakery & Milling Prod.||Large||57,421.29||0.05||-171.05|
|158||Infibeam Incorporation Ltd.||Services - E-Commerce||Medium||9,216.46||0.18||-170.48|
|159||Polyplex Corporation Ltd.||Chemicals - Plastic Films||Small||1,672.79||0.34||-170.30|
|160||Manaksia Ltd.||FMCG - Misc. Manuf.Articles||Small||540.00||0.25||-170.09|
|161||TD Power Systems Ltd.||Engineering - Electronic Equipts.||Small||627.36||0.10||-169.28|
|162||TeamLease Services Ltd.||Services - BPO Services||Small||3,782.57||0.00||-168.49|
|163||Sharda Cropchem Ltd.||Chemicals - Misc.Chem.||Small||4,359.91||0.00||-168.40|
|164||CL Educate Ltd.||Services - Education||Small||456.42||0.17||-163.64|
|165||Munjal Showa Ltd.||Automobile - Auto Ancillaries||Small||1,067.87||0.00||-160.61|
|166||L&T Technology Services Ltd.||Engineering - Other Projects||Medium||10,375.20||0.07||-160.10|
|167||Master Trust Ltd.||Financial - Hire Purchase||Very Small||74.78||0.42||-153.44|
|168||Xchanging Solutions Ltd.||Technology - Computer Software||Small||663.41||0.00||-152.53|
|169||Escorts Ltd.||Automobile - Auto Ancillaries||Medium||8,788.76||0.16||-152.02|
|170||Greaves Cotton Ltd.||Engineering - Industrial Machinery||Small||2,957.34||0.00||-151.84|
|171||Sheela Foam Ltd.||Textiles - Misc.Textiles||Medium||8,770.17||0.13||-150.01|
|172||Infinite Computer Solutions (India) Ltd.||Technology - Computer Software||Small||846.90||0.16||-145.14|
|173||Music Broadcast Pvt Ltd.||Services - Media & Entertainment||Small||2,155.81||0.27||-144.86|
|174||Clariant Chemicals (India) Ltd.||Chemicals - Dyes & Pigments||Small||1,344.51||0.00||-144.31|
|175||GeeCee Ventures Ltd.||Chemicals - Organic Chemicals||Small||333.18||0.00||-143.79|
|176||Honda Siel Power Products Ltd.||Engineering - Motors & generators||Small||1,359.58||0.00||-142.15|
|177||Ashiana Housing Ltd.||Construction - Real Estate||Small||1,784.51||0.12||-137.92|
|178||Sandur Manganese & Iron Ores Ltd.||Metals - Minerals||Small||955.72||0.00||-137.20|
|179||Pilani Investment & Inds. Corpn. Ltd.||Financial - Invest.Services||Small||2,293.54||0.00||-135.14|
|180||La Opala RG Ltd.||Construction - Glass & Glassware||Small||3,542.01||0.00||-134.75|
|181||Dabur India Ltd.||FMCG - Cosmetics & Toiletries||Large||61,089.53||0.19||-134.02|
|182||Tanla Solutions Ltd.||Communication - Telecom.Services||Small||404.16||0.00||-133.30|
|183||RS Software (India) Ltd.||Technology - Computer Software||Very Small||203.35||0.00||-132.93|
|184||Sasken Technologies Ltd.||Communication - Telecom.Services||Small||1,091.97||0.00||-131.23|
|185||Thomas Cook (India) Ltd.||Services - Tourism||Medium||8,795.54||0.93||-129.67|
|186||Igarashi Motors India Ltd.||Engineering - Motors & generators||Small||2,715.73||0.06||-129.65|
|187||Jubilant FoodWorks Ltd.||Services - Hotels & Restaurants||Medium||11,714.96||0.00||-128.96|
|188||Mayur Uniquoters Ltd.||Textiles - Misc.Textiles||Small||2,095.93||0.03||-128.63|
|189||Oswal Agro Mills Ltd.||Diversified - Diversified||Very Small||202.69||0.00||-128.37|
|190||Elantas Beck India Ltd||Chemicals - Misc.Chem.||Small||1,506.34||0.00||-126.50|
|191||Kitex Garments Ltd.||Textiles - Readymade Garments||Small||2,003.31||0.02||-126.10|
|192||India Nippon Electricals Ltd.||Automobile - Auto Ancillaries||Small||1,224.84||0.00||-125.43|
|193||Banco Products (India) Ltd.||Automobile - Auto Ancillaries||Small||1,810.85||0.05||-121.19|
|194||R Systems International Ltd||Technology - Computer Software||Small||626.58||0.01||-120.65|
|195||Tide Water Oil Co. (India) Ltd.||Energy - Lubricants, etc.||Small||2,321.26||0.04||-120.54|
|196||India Motor Parts & Accessories Ltd.||Automobile - Auto Ancillaries||Small||822.22||0.05||-119.05|
|197||Procter & Gamble Hygiene & Health Care Ltd.||FMCG - Cosmetics & Toiletries||Large||30,513.09||0.00||-116.83|
|198||Gillette India Ltd.||FMCG - Cosmetics & Toiletries||Medium||20,887.12||0.00||-115.65|
|199||Astrazeneca Pharma India Ltd.||Healthcare - Drugs & Pharma||Small||2,838.38||0.00||-114.97|
|200||Voith Paper Fabrics India Ltd.||Textiles - Misc.Textiles||Very Small||337.94||0.00||-113.25|
|201||Thyrocare Technologies Ltd.||Healthcare - Health Services||Small||3,557.30||0.00||-113.07|
|202||Orient Refractories Limited||Construction - Refractories||Small||1,971.48||0.00||-110.84|
|203||Gulf Oil Lubricants India Ltd.||Energy - Lubricants, etc.||Small||5,024.91||0.51||-110.61|
|204||Selan Exploration Technology Ltd.||Energy - Offshore Drilling||Small||361.87||0.00||-110.23|
|205||Trigyn Technologies Ltd.||Technology - Computer Software||Very Small||364.80||0.00||-109.13|
|206||Just Dial Ltd.||Services - E-Commerce||Small||3,565.60||0.00||-107.37|
|207||Alembic Ltd.||Healthcare - Drugs & Pharma||Small||1,138.89||0.00||-107.08|
|208||Oswal Greentech Ltd||Financial - Invest.Services||Small||946.34||0.00||-102.62|
|209||NOCIL Ltd.||Chemicals - Thermoplastics||Small||2,896.40||0.03||-102.32|
|210||Timken India Ltd.||Engineering - Industrial Machinery||Medium||5,886.76||0.01||-100.50|
[P.Note: Finance-Banking stocks necessarily has Enterprise value minus Market Capitalization in negative due to nature of their business and norms of RBI. Hence they have been intentionally excluded for our list.]
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