One of the earliest Indo-US joint ventures, Ingersoll-Rand (India) is a diversified company which focusses on products linked to industrial development, particularly roads, mining and drilling alongside air-compressors.
With industrial production booming, Ingersoll-Rand (India)'s net profit surged 176 per cent in the July-September 2006 quarter from Rs 5.34 crore (Rs 53.4 million) to Rs 14.740 crore (Rs 147.4 million). Sales for the quarter rose nearly 61 per cent to Rs 160.49 crore (Rs 1.604 billion) from a year earlier.
The Ingersoll-Rand (India) Limited stock has seen a volatile but steady upward rally. The stock then peaked at Rs 435.90 during the week ended March 24, 2006 only to collapse from then on. After the stock slipped nearly 40 per cent from Rs 365 in mid-May to Rs 225 in mid-July, it exhausted its sharp downturn. This resulted in stagnation for some months, but now it seems to have commenced rising.
Mechanical indicators for the company look distinctly strong, indicating the possibility of a further rise from current levels of Rs 365.
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