Four s monthly cleantech track february 2012

February 2012

CLEANTECH TRACK
Monthly Update on Indian Cleantech Industry

News of the Month Content
Delay in solar projects: NTPC trading arm encashes bank guarantees of
14 developers Content
NTPC Vidyut Vyapar Nigam (NVVN) has come down heavily upon 14 Private Equity 2
project developers, including three in which Lanco Infratech Ltd holds
stakes, for failing to meet the commissioning deadline. The projects to
these 14 companies, totalling 70 MW, were awarded under the first CER Price Chart 2
phase of India’s Jawaharlal Nehru National Solar Mission by NVVN

An NVVN official said that in terms of strict compliance of the guidelines,
bank guarantees of these developers have been encashed for not News Update 3
commissioning the projects by January 9, which was the deadline. Official
sources said the amount encashed would be close to Rs 280mn. The
penalty for each project averages approximately Rs 20mn.
Events Calendar 5
This is the first warning. After this, the developers are given two months'
time to finish the project, and if they still don't, this would entail further
loss of bank guarantee — thereafter, three months time is provided with Stock Market Update 6
penalties to complete the project, failing which the project would stand
removed from the Mission. The total extension in this manner is up to six
months beyond the scheduled date.
Results Update 6
Under the first batch, 35 new projects were expected to generate 610
MW of solar power (140 MW of photovoltaic and 470 MW thermal) and
grid connectivity was expected by January 2012. Generation from new
Peer Benchmarking 7
photovoltaic projects was to commence from this January, and from
thermal sources by May 2013. These projects are spread across the
country — Rajasthan, Orissa, Andhra Pradesh, Karnataka and Tamil Nadu.
About Four-S Services 8
The three companies with equity participation from Lanco are DDE
Renewable Energy Ltd, Electromech Maritech Pvt. Ltd and Finehope
Allied Energy Pvt. Ltd. Lanco also holds the engineering, procurement
and construction (EPC) contract for their projects. Lanco, apart from
having 105MW, is doing EPC in seven projects and also holds some
equity in them. NVVN has encashed the bank guarantees at a time when
allegations have been made that Lanco Infratech contravened rules and
got solar projects in excess of its entitlement through a network of shell
companies.

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FOUR-S Cleantech Track
Investment Activity

Clean-tech Private Equity deals – Last 6 months of 2011 and Jan-Feb 2012
Date Investor(s) Target Amount Business Stage
($Mn)
2011
18-July FE Clean Energy Group NSL Renewable Power 40 Renewable Growth
21-July IFCI Venture Amrit Jal Venture Ltd 6.7 Renewable-hydel Growth
04-Aug IDFC PE Green Infra 18.2 Renewable-wind Growth
08-Aug IFC Shalivahana Green Energy 15 Renewable-biomass Growth
12-Aug IDFC India Infrastructure Fund Caparo Energy India Ltd 33 Renewable-wind Growth
07-Sept India Infrastructure Plc Shree Maheshwar Hydel 26.4 Renewable-hydel SPV
27-Sept Goldman Sachs ReNew Wind Power 200 Renewable-wind Growth
10-Oct GE Energy Financial Services Greenko 50 Renewable-wind Project
21-Oct GE Energy Financial Services Moser Baer Clean Energy 58 Renewable-solar Project
07-Nov SBI-Macquarie Infra Fund Soham Renewable Energy 25.1 Renewable-hydel Late
2012
02-Jan JP Morgan Asset Management Leap Green Energy 18.1 Renewable-wind Growth
25-Jan Zephyr Peacock Gadhia Solar 9.8 Renewable-solar Growth
Green India Building Systems and Energy efficient
24-Feb Hyderabad Angels 0.4 Early
Services Pvt Ltd products
Source: Four-S Research

The month of February saw 1 investment in cleantech space:
- Hyderabad Angels, a network of Angel investors focused on early stage businesses announced a strategic Series A investment of
Rs 20mn in Green India Building Systems and Services Private Limited (GIBSS). This investment in green energy leader GIBSS was
led by serial entrepreneur Sashi Reddi. GIBSS addresses the demand & supply gap with energy efficient Geothermal, Hot water
cogeneration and Lighting systems that help buildings reduce operational costs by 60-80%.

Movement of Carbon Credit (Spot Price)
29-Feb’12 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change)
CER (Spot Price in €) 4.61 -7.2% 14.4% -19.1% -51.2% -61.3%
CER Price Chart (€) - Movement during the last month

5.9
5.6
5.3
5
4.7
4.4
4.1
3.8
3.5
3.2
2.9
2.6
2.3
2 Source: BlueNext
1-Feb 5-Feb 9-Feb 13-Feb 17-Feb 21-Feb 25-Feb 29-Feb

Research Desk
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Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

News Update

Rajasthan lowers solar tariffs ahead of bid deadline India's frst solar desalination plant in Surat, Gujarat
The Rajasthan Electricity Regulatory Commission has lowered Perry Mehta, founder of FutureNet, IT service provider and
the tariffs for the purchase of electricity from solar power environment technology firm, is setting up the country's first
plants in the State by the state utility. A solar power producer solar plant to desalinate sea water in Surat. In a joint venture,
in the State who completes his project by March 31, 2014, will his firm, along with Sardar Vallabhbhai National Institute of
get Rs 10.12 a unit if he does not claim ‘accelerated Technology’s (SVNIT) research and technological aid, is setting
depreciation' and Rs 8.85 a unit, if he also claims accelerated up country's first salt water desalination plant in Surat which
depreciation. Earlier, these figures were Rs 15.32 and Rs 13.19 would be operational by June this year. It will be set up at an
a unit. The revised tariffs demonstrate the falling trend in investment of Rs 35mn. This small-size plant would desalinate
prices. Rajasthan has a fairly large programme, of 200 MW, one lakh litres of sea water daily and turn it into drinking
equally divided between photo voltaic and thermal. water using solar energy.

Gujarat Solar Program cuts power rates by up to 33% Trishe Energy scouting for Private Equity infusion
Gujarat’s solar program has cut the preferential rate it pays to Chennai-based Trishe Energy, a wind power developer, which
utilities for sun power by as much as 33% as global prices of bagged an order from Indian Energy, an independent power
panels declined by more than half. Photovoltaic plants producer (IPP), for the setting up of 1,000-MW of wind farms,
commissioned after the Jan. 28 deadline will be paid a rate of is looking for private equity infusion. With the Indian Energy
Rs 9.98 per kilowatt-hour for the first 12 years, compared with deal, Trishe has orders worth close to 2,000 MW in India. The
Rs 15 for those finished on time, the Gujarat Electricity “Framework Agreement” that was signed by Indian Energy
Regulatory Commission said in a tariff order on its website. and Trishe Energy envisages that approximately 300 MW of
The rate will be reduced to Rs 7 per kilowatt-hour for the next projects will be commissioned during 2013, a further 350 MW
13 years. India joins governments in Europe that are cutting by 2014 and the remaining 350 MW by 2016. The projects will
clean- energy subsidies as equipment costs plunge. Panel be implemented across a number of States in India, including
prices fell 51% last year after the 10 largest manufacturers Tamil Nadu, Karnataka and Maharashtra.
doubled production capacity, according to data compiled by
Bloomberg. Wipro expects to build 100 MW of solar projects next year
Wipro’s clean-tech business has just completed building 40
Kerela Govt to set up waste management plants in all MW of solar photovoltaic power plants for its customers. 5
districts MW more is sure to come by March and expects to do 100
Kerala Cabinet has decided to set up waste treatment plants MW by 2012-13. Wipro EcoEnergy is building its ‘energy
in all 14 districts. The treatment plants would be set up with practice' on two pillars – solar energy, comprising both large,
new technology which minimised the land requirement to a utility-scale solar plants and roof-tops, as well as ‘energy
great extent compared to existing ones. Under the new management. At present, Wipro EcoEnergy provides remote
technology, there would be separate treatment unit to deal monitoring services to its EPC clients. Soon, it intends to take
with plastics. Arrangements also would be made to segregate this business to its non-clients and then to customers abroad.
the solid waste from plastic waste at the originating place
would also be made. Welspun bags Rs 9.5bn solar power project from AP
Private power firm Welspun Energy today said it has bagged a
India clean-energy investments reach $10.3bn in 2011: BNEF contract worth Rs 9.5bn from the Andhra Pradesh
Investment in clean-energy projects grew faster in India than government to set up a 100 MW solar power plant in
in any other major economy last year, rising 52% to $10.3bn, Anantpur. The company will construct, operate and maintain
according to Bloomberg New Energy Finance. The largest the power plant and will complete the project by 2013. The
increase came from the solar industry with $4.2bn of funding company plans to develop 250 MW solar power projects in
for sun-powered plants connected to the grid, a seven-fold 2012-13 and to be among the top three producers of solar
increase from 2010 and about par with the $4.6bn that went power in the country in the next two-three years by producing
to wind projects. Asset financing accounted for $9.5bn of the at least 500 MW of solar power by 2014. Welspun has already
total, while private equity and venture capital firms invested commissioned a 30 MW solar energy project and is working
$425mn, New Energy Finance said. In 2011, India added 2,827 on various projects totaling another 80 MW which are in
MW of new wind capacity, making it the third-biggest market various stages of completion.
after China and the U.S. Its solar capacity rose to an estimated
277 MW from 18 MW in 2010

Research Desk


Green Infra ready to invest in solar powered towers concentrate on its core business. The company official said
IDFC PE funded-Green Infra Ltd, a solar power developer, is that the utilities are not making timely payment for the power
ready to invest to put up mini solar plants that could power produced and there are two to three months of outstanding
telecom towers. Green Infra made news recently when it won dues always. The company has an outstanding payment of Rs
two projects worth 25 MW in the second round of bidding of 780mn from the Hubli Electricity Supply Company (Hescom)
the National Solar Mission. Green Infra's quote of Rs 9.44 a and an overdue interest payment is to the order of Rs 30mn.
unit (averaged for the two projects) was the highest among The company has entered into a power purchase agreement
the 20-odd winners. The company also has a 10 MW solar with Hescom and sells power at Rs 3.50 per unit. In 2007, the
plant operating in Gujarat. It also has 165 MW of wind power company had forayed into wind power business and presently
capacity and expects to add another 135 MW in the next two operates an installed capacity of 51 MW. The company had
months. been looking at exiting the business since 2009 and has
received two to three proposal.
Sun Edison, Azure win rooftop contracts
Two US-headquartered companies, Sun Edison and Azure Tata Power commissions 25-MW solar project in Gujarat
Power, have won the mandate for setting up rooftop solar Tata Power has commissioned a 25 MW solar photovoltaic
power plant projects in Gandhinagar, Gujarat. Implemented (PV) power project in Gujarat. Spread over 100 acres of land,
by Gujarat Energy Research Management Institute (GERMI), the Rs 3.65bn solar plant is based on crystalline silicon PV
this rent-a-roof programme is the first-of-its-kind in India. Sun technology. The company had signed a power purchase
Edison and Azure Power will each put up 2.5 MW of solar agreement for the project with Gujarat Urja Vikas Nigam Ltd.
plants on the roofs of houses or office complexes that are The Mithapur plant is one of the largest of its kind in the
willing to rent their roof for the purpose. The roof owner will country and is now feeding power into the grid. The
get a part of the revenue generated by the power plant. The company’s subsidiary, Tata Power Renewable Energy Ltd, had
owner will not get to use the electricity to run his home or recently tied up the entire debt requirement through a
office, as has been the case in all the rooftop solar consortium of domestic lenders, namely State Bank of India
developments so far in the country. and Export Import Bank of India. Tata Power plans to set up
300-MW of solar power capacity by 2017.
Numeric Power eyes solar EPC, storage
Numeric Power Systems, which has just got richer by Rs 830 French betting big on India's solar potential
crore after divesting its core business UPS systems, says its Indian subsidiary of French major, Solairedirect plans to invest
immediate engagement will be with solar energy. While not Rs 40bn to become 400 MW company in next 5 years. The
wishing to give out details, the company's Managing Director, company provides end-to-end solar energy solutions for
Mr R Chellappan, said that the company is looking at presence turnkey projects, including project development and
in two areas – EPC jobs and storage systems (batteries). Apart engineering, construction and installation, financing,
from building two 1 MW plants, Numeric has done close to operation and maintenance. Solairedirect has already won a 5
1,000 rooftop solar plants across the country. For one of the 1 MW project in Rajasthan, under the Jawaharlal Nehru
MW plants, Numeric is its own EPC contractor. The plant, near National Solar Mission (JNNSM). The company bagged the
Coimbatore, would be put under the “REC scheme”. The other order with an offered tariff of as low as Rs 7.49/ unit. The
plant, near Sivaganga, is just a few days from commissioning. Rajasthan project will be operational by December 2012.
The electricity it generates will fetch Rs 18.45 a unit.
Adani Power to invest Rs 30bn in solar power
Lanco to exit wind energy business Adani Power plans to invest Rs 30bn ($600mn) in two years to
In an indication of the coming consolidation in India’s wind add 160 MW solar power to its existing capacity. The
energy sector, Lanco Infratech Ltd has decided to exit the company, set to commission its first 40-MW solar power plant
segment and has given the mandate for selling the business to in Bitta village of Kutch district, Gujarat, has plans to expand it
audit and consulting firm Ernst and Young (E&Y). Lanco has to 100 MW. The company is planning to set up another 100
5,000 MW of wind power licences and had acquired land for MW plant near Jaisalmer. This project could be commissioned
600MW of capacity through Lanco Wind Power Pvt. Ltd. by 2013-14.
Lanco’s decision comes at a time when the company is laden
with a debt burden of Rs. 297bn as of 30 September. RRECL invites bids for 50 solar projects in India
Rajasthan Renewable Energy Corp (RREC) has invited request
VRL Logistics set to exit wind power for selection for the construction of 50 solar power projects in
Hubli-based transport major VRL Logistics Ltd (VRL) has firmed the Indian state of Rajasthan. The 50 solar photovoltaic (PV)
up plans to sell its wind power and cement business units and plants will each have a capacity of 1MW (AC). RRECL will

Research Desk


connect each small solar PV plant on 11kV level at 33/11kV controlling stakes in two companies – Alex Astral Power Ltd
Discom's substation in Rajasthan, under Rajasthan Solar and Alex Spectrum Radiation Ltd. The Kolkata-based Sureka
Energy Policy, 2011. The bidding process will close on 19 Group is the co-promoter in both the companies. Alex Astral
March 2012. Power has already commissioned a 25-MW solar power plant
in Gujarat and Alex Spectrum is slated to commission a 5-MW
Sunair develops solar-wind hybrid power generator for solar project in Rajasthan in a week's time. SGJHL has invested
rooftops approximately Rs 1bn for acquiring 55% equity stake in each
Sunair Power Private Ltd has revisited the technology of of these solar PV (photovoltaic) companies.
vertical shaft windmills and has developed a machine for
rooftop applications in the country. The Bangalore-based Vikram Solar commissions solar plant in Gujarat and Orissa
company is offering solar-wind hybrid power systems that can Vikram Solar, a Kolkata based solar module manufacturer, has
generate about 8 units of green power a day, with 60% announced the commissioning of two new power plants - one
coming from wind sources. While the windmills are in Gujarat and one in Rourkela, Orissa. The Gujarat power
completely manufactured by the company, the solar panels plant is a 5MW power plant and the second plant in Orissa is
are sourced from module manufacturers. The advantage is capable of producing 1 MW power. Both these projects have
that the vertical shaft machines rotate even at low wind been built under the policy guidance from Indian Renewable
speeds of 1.5 m/s and generate power at 3 m/sec compared Energy Development Agency (IREDA).
with conventional windmills that start spinning only at speeds
of 3 m/s. Financial services firm Blue Circle acquires Enelek Solar
Power
Greenko to add 165 MW wind energy in Maharashtra Blue Circle Services Ltd, a Mumbai-based public-listed
Greenko Group is set to commission 165 MW wind farm in financial services company, has acquired renewable energy
Maharashtra by May, taking its installed capacity of wind firm Enelek Power for an undisclosed sum. Co-founded by
turbines generation from about 220 MW now to about 385 Nachiket Gandhi (who is also the CEO), Enelek Power designs
MW. Under the phase one of expansion plan of the company and manufactures solar thermal heating and power systems.
for wind power generation, Greenko plans to set up projects
with a total capacity of 500 MW by 2014-15. Of this, wind Maharishi Solar offers low cost solar thermal solutions
farms with a total generation capacity of over 350 MW are at Maharishi Solar Technology has launched a Parabolic Trough –
various stages of execution. The company has a strategic a low cost solar solution for the industries to reduce fuel cost
venture with the US-based major GE (General Electric) for the for electricity and fossil fuel for generating heat. The
implementation of wind farms in the country. A venture has technology is a result of the strategic tie-up with US-based
been set up by Greenko wherein GE financial services arm had Abengoa Solar Inc, (ASI), which is into delivering solar
teamed up in October last to invest up to $50mn. technology solutions. Company has set up a manufacturing
facility to manufacture Parabolic Troughs in Noida, Uttar
Shree Ganesh Jewellery acquires 2 solar PV firms Pradesh. It has invested around Rs 3.5bn for this business and
The Rs 58bn Shree Ganesh Jewellery House Ltd (SGJHL) has is setting up new facilities in Gujarat and Tamil Nadu.
entered into solar power generation business by acquiring

Upcoming Events Calendar

Renergy 2012 HydroVision India
Date: March 12-13, 2012 Date: April 19-21, 2012
Place: Chennai Place: New Delhi
Organizer: TamilNadu Energy Development Agency Organizer: PennWell and Inter Ads
Web: www.renergy2012.com Web: www.hydropowerindia.com

India Wind Energy Summit 2012 Renewable Energy World India 2012
Date: April 19-20, 2012 Date: May 5-7, 2012
Place: Chennai Place: New Delhi
Organizer: Noppen Organizer: PennWell and Inter Ads
Web: www.indiawindenergysummit.com Web: www.renewableenergyworldindia.com

Research Desk

Stock Market Update

Companies Mcap (29-Feb-12) Rs Mn Price (29-Feb-12) 1 week (% change) 1M (% change) 3M (% change) 6M (% change) 12M (% change)
NHPC 260,776 21.2 -2.5% 2.9% -6.0% -12.9% -10.7%
Jaiprakash Power Venture 116,149 44.0 -2.4% -0.2% 30.0% 33.0% 7.5%
Suzlon 47,278 26.6 -6.2% -5.0% 14.2% -28.0% -46.8%
Praj Industries Ltd. 14,967 81.0 -4.3% -8.0% 5.7% 14.6% 21.3%
Ramky Infra 13,370 233.8 -1.6% -0.1% 13.5% 1.6% -21.8%
VA Tech Wabag 11,310 427.8 -2.8% 18.2% 25.1% 15.5% -17.6%
Orient Green Power 6,225 13.3 0.4% -5.7% 24.3% 0.4% -44.1%
Shriram EPC 3,867 87.3 -6.7% -13.4% -15.3% -33.1% -42.3%
Moserbear 3,095 18.4 -8.5% 3.7% 1.4% -21.2% -54.8%
Entegra 2,260 12.4 -2.7% -7.1% -14.5% -17.3% -34.7%
Indosolar 1,944 5.8 -5.7% -34.5% -14.1% -34.5% -69.1%
Ion Exchange 1,529 113.0 -5.1% 2.8% 17.1% -14.6% -17.0%
IndoWind Energy 610 6.8 -7.5% 7.9% -12.8% -47.7% -65.8%
Asian Electronics 291 8.2 1.2% 16.3% 35.5% 0.6% -41.4%
Nifty - 5,385.2 -2.2% 3.6% 11.4% 7.7% -2.5%
Sensex - 17,752.7 -2.2% 2.6% 10.1% 6.5% -3.8%

Latest Quarterly Results – 9MFY’12 In Rs Millions
Companies Revenue EBITDA PAT Margins H1FY’12
9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12 YoY 9M FY’11 9M FY’12
Suzlon 107,181 145,440 35.7% (2,158) 11,999 NM (15,350) (1,783) NM 8.3% NM
NHPC* 30,872 42,110 36.4% 24,157 26,281 8.8% 15,282 19,697 28.9% 62.4% 46.8%
Moser-Baer* 14,139 16,337 15.5% 1,372 1,953 42.3% (2,752) (2,502) NM 12.0% NM
Ramky Infrastructure 18,528 24,502 32.2% 2,198 3,211 46.1% 1,147 1,422 24.0% 13.1% 5.8%
Shriram EPC* 8,374 7,804 -6.8% 1,071 871 -18.7% 548 210 -61.7% 11.2% 2.7%
VA Tech Wabag 7,342 7,727 5.2% 376 393 4.5% 66 134 103.0% 5.1% 1.7%
Jaiprakash Power Venture* 6,717 13,725 104.3% 5,795 12,627 117.9% 1,482 4,097 176.5% 92.0% 29.9%
Praj Industries* 3,507 6,128 74.7% 286 556 94.4% 329 557 69.3% 9.1% 9.1%
Orient Green Power 1,665 1,787 7.3% 761 672 -11.7% 91 (232) NM 37.6% -13.0%
Ion Exchange* 3,882 4,466 15.0% 171 206 20.5% 90 95 5.6% 4.6% 2.1%
Asian Electronics* 1,131 691 -38.9% (237) (276) NM (469) (483) NM NM NM
Indosolar* 4,989 854 -82.9% 223 (1,016) NM (628) (1,886) NM NM NM
IndoWind Energy* 395 269 -31.9% 108 131 21.3% 43 36 -16.3% 48.7% 13.4%
Entegra 6 1 -87.0% (55) (74) NM (328) (349) NM NM NM
Note 1: *Standalone results
Note2: Since Indowind Energy is June ending, the results are for H1FY’12

Annual Results – FY’11
In Rs Millions
Companies Revenue EBITDA PAT Margins FY’11
FY’10 FY’11 YoY FY’10 FY’11 YoY FY’10 FY’11 YoY EBITDA NPM
Suzlon 207,792 180,902 -12.9% 9,431 8,081 -14.3% (9,826) (13,238) NA 4.5% NA
NHPC 51,616 51,437 -0.3% 41,289 42,876 3.8% 21,756 23,162 6.5% 83.4% 45.0%
Moser-Baer 27,322 26,829 -1.8% 3,729 107 -97.1% (3,936) (8,486) NA 0.4% NA
Ramky Infrastructure 20,416 31,470 54.1% 2,417 3,718 53.8% 1,274 2,061 61.8% 11.8% 6.5%
Shriram EPC 13,704 16,748 22.2% 1,329 1,836 38.1% 468 742 58.7% 11.0% 4.4%
VA Tech Wabag 12,295 12,418 1.0% 1,171 1,210 3.3% 448 526 17.5% 9.7% 4.2%
Jaiprakash Power Venture* 7,178 8,407 17.1% 6,327 7,236 14.4% 2,516 1,651 -34.4% 86.1% 19.6%
Praj Industries 7,344 6,649 -9.5% 1,391 769 -44.7% 1,198 569 -52.5% 11.6% 8.6%
Orient Green Power 563 2,093 271.7% (4) 898 NA (166) 108 NA 42.9% 5.1%
Ion Exchange 5,250 6,102 16.2% 241 232 -3.8% 41 84 103.2% 3.8% 1.4%
Asian Electronics* 2,278 1,473 -35.3% 378 (421) NA 29 (793) NA NA NA
Indosolar* 1,313 5,820 343.3% (206) 203 NA (664) (583) NA 3.5% NA
IndoWind Energy* 631 453 -28.2% 223 119 -46.6% 146 47 -67.8% 26.3% 10.4%
Entegra 16 9 -44.2% (72) (72) NA (155) (423) NA NA NA
Note 1: *Standalone results

Research Desk

Valuation Benchmarking In Rs Millions
` Mkt Cap (Rs mn) EV (Rs mn) Revenues TTM EBITDA TTM PAT TTM EV/Revenue EV/EBITDA P/E
Dec'11 Dec'11 Dec'11
NHPC 260,776 369,254 62,675 45,000 27,577 5.9 8.2 9.5
Jaiprakash Power Venture 116,149 236,584 15,415 14,068 4,266 15.3 16.8 27.2
Suzlon 47,278 158,280 219,161 22,238 329 0.7 7.1 NM
Praj Industries 14,967 13,682 9,270 1,039 797 1.5 13.2 18.8
Ramky Infra 13,370 28,041 37,444 4,731 2,336 0.7 5.9 5.7
VA Tech Wabag 11,310 9,763 12,803 1,227 594 0.8 8.0 19.1
Orient Green Power 6,225 12,815 2,215 809 (215) 5.8 15.8 NM
Shriram EPC 3,867 16,343 16,178 1,636 404 1.0 10.0 9.6
Moserbear 3,095 24,610 29,027 688 (8,236) 0.8 35.8 NM
Entegra 2,260 32,454 4 (91) (444) NM NM NM
Indosolar 1,944 6,502 1,685 (1,036) (1,841) 3.9 NM NM
Ion Exchange 1,529 2,059 6,686 267 89 0.3 7.7 17.2
IndoWind Energy 610 2,255 327 142 40 6.9 15.9 15.3
Asian Electronics 291 1,786 1,033 (460) (807) 1.7 NM NM

Research Desk


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Four s monthly cleantech track february 2012

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Four s monthly cleantech track february 2012