Since Jhunjhunwala holds Ion Exchange & Rishi Laser, here are highlights of AGM procedings since there isnt seperate post for these two stocks:

AGM      
          Ion Exchange (India)
Given the strong order book, the outlook for FY'12 remains encouraging


The company held its AGM on 27th Sep'11 and was addressed by Chairman and Managing Director Mr. Rajesh Sharma

Key highlights
Ion Exchange (India) is one of the pioneer companies in water recycle and desalination business. In desalination, it is the market leader with total 8 large projects completed in India and 2 more in the pipeline.
For FY'11, the net sales of Ion Exchange (India) grew by about 15% and profits nearly doubled on y.o.y basis. According to the management, the company is fully booked in terms of orders for FY'12, and thus has optimistic outlook for FY'12.
Management is trying its best to improve the margins, but given the nature of the business, the margins are very competitive.
In FY'11, the Ion Exchange Infrastructure Company, the subsidiary of Ion Exchange (India) (76% stake), made profit of only Rs 14 lakh as against Rs 3.65 crore in FY'10, as there were costs overrun in few projects. However based on the current order book for FY'12, the management is more optimistic about the performance and profits in FY'12.
The company hived off its Turnkey Solution business into a new wholly owned subsidiary namely Ion Exchange Projects & Engineering so as to focus more on large industrial and municipal infrastructure water and waste water projects. This business constituted about 60% of total turnover for FY'11. The wholly owned subsidiary will have better access to large projects and it also opens up options for further leverage and fund raising etc.
Ion Exchange (India) has 100% wholly owned subsidiaries in Singapore, USA, Bangladesh, Thailand, and in USA. According to the management, one needs to have a base in respective country to tap the market, because the real income is into services business, which can only be handled if one has a base in that particular region. Ion Exchange (India) currently is concentrating more on the profits of its subsidiaries rather than the scale and then will plough back the profits to bring the scalability.
The water business is a high working capital business and generally in Q4 you have pile up of debtors, which is a normal course of business and that is why the year-end debtors numbers look large.
For FY'12, the company has capex plan of about Rs 19 crore to upgrade some water recycle capacities and to get its Ankleshwar plant US FDA approved for exports of chemicals business to USA.
The 12th 5-year plan has PPP plans on water and wastewater related projects, which will open up BOOT projects in this business. If that happens, then the scope of business will increase and so is the margins.



AGM      
          Rishi Laser
Given the current circumstances, the company is eyeing 18-20% growth in net sales in FY'12


The company held its AGM on 28th Sep'11 and was addressed by Chairman and Managing Director Mr. Harshad Patel

Key highlights
For the first 5 months of FY'12, the consolidated net sales stood at around Rs 81.72 crore as against Rs 76.59 crore. For the subsidiary Rishi Consfab, the net sales for first 5 months for FY'12 stood at around Rs 13.9 crore as against around Rs 13 crore.
July'11 and Aug'11 were very sluggish for the company as compared to last year, where the net sales are slightly lower on y.o.y basis. Power segment continued to disappoint as there are very few activities happening at the ground level. Together with that, there was some delay in orders from Volvo, as there were lot of internal restructuring activities happening within the company. However from Sep'11 onwards, the Volvo business has once again started.
InAuto segment, the work for Tata Motors is going as per the plan, but the job work for Asian Motor Works is showing early signs of moderation.
There was hardly any business from Bombardier in Q2 FY'12, as most of the job work has been completed. Nothing much is expected in Q3, but from Q4 onwards, the work on 76 wagons of orders that was received by Bombardier from Delhi Metro will begin. The order has to be completed by FY'13.
Company is looking for various other partners as well. It has started a small fabrication workshop near Rajkot. Capex of around Rs 1.5 crore is planned for the rest of the year.
The construction equipment segment, given the dismal base in FY'11, looks promising at this stage given the feedback from L&T and Caterpillar. Orders from JCB are in fact much better than expected on y.o.y basis.
Unlike the present turnover of around Rs 14.5 crore on monthly basis, the company has the capacity to go to around Rs 20 crore per month. Because of lower turnover due to demand constraint, management is not able to get the economies of scale advantage but is trying hard to maintain the margins.
Overall, from the initial expectation of sales growth of around 25% for FY'12, the management has reduced the guidance to around 18-20%.

This is his portfolio : source: http://www.rakeshjhunjhunwalaportfolio.com/rakesh-jhunjhunwala-portfolio-2011.htm

	Company Name	Rakesh's Stake (%)	Portfolio %	Mkt Value of Stake (in Cr)	Market Cap (in Cr)	P/E	52 Week Low (Rs)	52 Week High (Rs)	Current Price (Rs)
1	Titan Inds.	9.8	42.8	1,713	17,530	42.4	193	238	197
2	CRISIL	7.8	10.9	434	5,605	27.3	781	903	790
3	Lupin	1.7	9.1	362	20,943	26.3	363	520	469
4	A2Z Maintenance	19.1	7.2	286	1,495	15.9	165	350	202
5	Rallis India	6.5	5.5	219	3,383	26.4	144	1,597	174
6	Karur Vysya Bank	4.7	4.6	183	3,859	9.8	346	583	360
7	V I P Inds.	6.4	3.9	155	2,412	28.3	454	1,023	854
8	Praj Inds.	8.8	2.8	112	1,274	22.5	61	95	69
9	NCC	5.7	2.1	84	1,478	9.5	52	118	58
10	Agro Tech Foods.	7.7	1.8	70	907	29.2	288	484	372
11	Delta Corp	3.7	1.7	69	1,864	11.6	59	142	92
12	Aptech	10.6	1.4	57	535	100.7	81	180	110
13	Hind.Oil Explor.	4	1.3	52	1,312	16.4	99	293	101
14	Orchid Chemicals	3.5	0.9	37	1,056	6.8	143	344	150
15	Geojit BNP	7.9	0.8	33	425	9.5	18	40	19
16	Prime Focus	4.6	0.8	33	733	37.1	41	722	53
17	Geometric	7.7	0.5	20	262	10.3	35	87	42
18	Autoline Inds.	10.3	0.3	13	127	6.7	103	280	104
19	Reliance Broad.	2.2	0.3	11	484	eps -ve	59	121	61
20	Viceroy Hotels	11.2	0.3	11	101	eps -ve	22	51	24
21	ION Exchange	6.5	0.3	10	150	12.4	109	236	111
22	Zen Technologies	10.12	0.2	9	87	eps -ve	93	226	98
23	Bilcare	1.1	0.2	8	727	8.4	303	787	309
24	Provogue (India)	1.7	0.2	6	334	8.4	27	83	29
25	McNally Bharat	1.5	0.1	5	345	7.2	110	290	111
26	Subex	1.8	0.1	5	280	3.8	40	95	40
27	Agre Devel.	1.3	0.0	1	45	129	35	99	40
28	Alphageo (India)	2.4	0.0	1	43	eps -ve	81	214	83
29	Adinath Exim Res	4.6	0.0	0	9	48.5	12	26	17
30	Pantaloon DVR	1.3	0.0	0	0		148	405	152
		Total Value		4,000	CRORE

how rakesh selects stocks? is he a momentum player or value stock picker.

see this article for his latest portfolio

http://www.scribd.com/fullscreen/68148632




Edited by vijayM - 20/Oct/2011 at 11:27pm