Consumer Durables Industry_Cygnus 1 June 09

8/8/2019 Consumer Durables Industry_Cygnus 1 June 09

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Cygnus Business Consulting & Research Pvt. Ltd. 2009 1

Vol.906

CONTENTS

INDUSTRY AT A GLANCE ....................................................................................................2KEY DEVELOPMENTS ..........................................................................................................3

MARKETING .......................................................................................................................3INVESTMENT......................................................................................................................4OPERATIONS ......................................................................................................................5MERGERS & ACQUISITIONS ............................................................................................6

INDUSTRY STATISTICS .........................................................................................................7PRODUCT FOCUS ...................................................................................................................8

LCD TV.................................................................................................................................8LCD TV Advantages:..........................................................................................................8Indian Scenario ...................................................................................................................8Global Scenario...................................................................................................................9Outlook..............................................................................................................................9

COMPANY SCAN...................................................................................................................10IFB Industries .......................................................................................................................10

Business Strategies ............................................................................................................10Performance Analysis........................................................................................................11Common Size Comparison ...............................................................................................12Cost Structure Analysis .....................................................................................................12Stock Market Performance................................................................................................12Outlook............................................................................................................................13

STOCK SCAN .........................................................................................................................14UPCOMING EVENTS ...........................................................................................................16

Industry Monitor

Consumer Durables


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Industry Monitor Consumer Durables June 2009


INDUSTRY AT A GLANCE

MARKETING

Philips confirms margin targets for businesses, Netherlands Air conditioner and refrigerators sales spike 30-35%, India LG Electronics India revises upwards revenue targets AC makers eye govt projects to beat the heat, India Nikon plans to increase its market share to 45%, India Colour TVs brighten up big picture; sales grow 2%, India Microwave sales to pick up steam on product upgrades, innovations, India Sony India targets 30% share in LCD TV market, India 22% air conditioners in false ads, Taipei LG targets aircon growth in downturn, South Korea

INVESTMENT

Durables trio line up funds for expansion, India Videocon to invest up to Rs2bn on marketing, India Whirlpool to invest Rs1bn for development of products, India Samsung to invest US$5m in India Lincoln Electric invests US$20m on India unit Samsung to build LCM plant in Shenzhen, China

OPERATIONS

Sony to halve parts suppliers to cut costs, USA Royal Philips plans to make India its manufacturing hub

MERGERS & ACQUISITIONS

Philips acquires Italian espresso maker Saeco, Italy Crompton Greaves eyes overseas acquisition, India Eveready to acquire Uniross from CG Holding, India


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KEY DEVELOPMENTS

MARKETING

EuropeNetherlands: Philips confirms margin targets for businessesNetherlands-based Philips Electronics reiterated margin targets for its businesses as it was on track withcost cuts in a difficult market environment. Europe's biggest consumer electronics maker would targetearnings before interest, taxes and amortisation (EBITA) of 15 to 17% for its healthcare unit. For Philips'consumer lifestyle business, the company is targeting an EBITA margin of 8 to 10% and for lighting 12 to14%. The targets were detailed in presentation materials for a conference in Florida.

Asia PacificIndia: Air conditioner and refrigerators sales spike 30-35%Air conditioner (AC) and refrigerators sales spiked 30-35% in April compared to same month last year onthe back of rising mercury levels in the country. Consumer durable firms said demand was particularly

strong in the northern and southern parts of the country. The growth in AC sales was largely driven bythe split models which has over the years been selling more compared to the cheaper window ACs. In thecase of refrigerators, growth was led by the mass direct cool segment. All top brands including LG,Samsung, Whirlpool, Voltas, Carrier and Godrej have switched to star-rated products on a scale of 1-5depending on their energy consumption. Higher energy efficiency, gives a product higher star rating.

India: LG Electronics India revises upwards revenue targetsUnfazed by the slowdown, LG Electronics India has revised upwards its revenue and recruitment targetsfor 2009. The Korean consumer electronics firm expects revenue to grow by 20-25% against the originaltarget of 15%. It also plans to ramp up its recruitment and create 3,500 jobs this year compared to itsearlier estimate of 2,200 jobs. LG India is the countrys largest consumer electronics firm by way ofrevenue. The companys latest projections come on the heels of LG India achieving sales growth upwardsof 22% since January. In April and May 2009, the company saw a near 50% sales growth.

India: AC makers eye govt projects to beat the heatThe economic slowdown is prompting air conditioner manufacturers to bank on resilient segments suchas government-funded infrastructure projects, hospitality and healthcare to prop up the declininginstitutional sales. The rising sales of residential air conditioners split and window ACs this summerhas come as a relief to AC manufacturers who are sweating it out in the B2B segment. According toindustry players, the size of the domestic AC-equipment market is estimated at around US$1 billion in2008, growing at a CAGR of 20%. The institutional segment including commercial ACs used in retailstores, airports and corporate buildings accounts for an estimated 15-20% of this.

India: Nikon plans to increase its market share to 45%Imaging products maker Nikon plans to increase its market share in the Indian digital SLR camerasmarket to 45% by 2010 with new product launches. The company claimed to have garnered 37% marketshare in the digital SLR segment last year. Besides, the sales points will be scaled up to 1,000 this yearfrom 550 last year. Indias SLR cameras market is expected to grow 25% to 15,000 units this year from12,000 units last year. In the compact cameras category, the company is eyeing 10% market share by 2010from 7% at present.

India: Colour TVs brighten up big picture; sales grow 2%Television makers seem to have been spared the gloom of slowdown. Thanks to consumer spends, bothin urban and rural markets, colour televisions have seen an uptick in sales, growing 2% to 2.8m units inthe January-March period. The high-priced LCD TV segment grew 86% to 0.2m units, followed by


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plasma at 54% to 0.1m units; flat TVs showed a marginal growth of 1% at 1.83m units. ConventionalTVs took the maximum hit, where the sales declined 8.4% to 0.76m units. Colour TVs account for overhalf of the consumer durable market.

India: Microwave sales to pick up steam on product upgrades, innovationsIndia's microwave market its growth had slowed down last year is expected to pick up steam as theyear progresses, with consumer durable majors, including LG Electronics, Samsung and Godrej Appliances, all targeting growth of anywhere between 22% and 50%. Companies are driving sales byintroducing newer models, focusing on product innovation and a series of below-the-line (BTL) activities. According to Consumer Electronics and Appliances Manufacturers Association (CEAMA) secretarygeneral Suresh Khanna, the microwave segment is anticipated to grow at 20% this year.

India: Sony India targets 30% share in LCD TV marketSony India is targeting 30% of LCD TV market in the country this year with LCD TVs expected toaccount for 50% of the total CTV industry. Sony is planning to sell 0.45m units compared with 0.28munits last year. It is investing Rs600m to strengthen the brand image. In Kerala, Sony India is planning toraise its share in the LCD TV market to 45% from the current 38%. According to Sunil Nayyar, GM,

sales of Sony India, LCD TV market size is predicted to increase by 50% from 1m to 1.5m units this year.The company is looking at 30% share, up from 28% in last year.

Taipei: 22% air conditioners in false ads22% of the air conditioners have been marketed using false or exaggerating advertisements. TheConsumers' Foundation studied the advertising materials of 32 air conditioners available in the countryand found that seven of them were being advertised falsely. Brochures handed out by stores describingfour air conditioners did not correspond to the descriptions on labels displayed in the stores. One of theproducts was a 2-in-1 air conditioner and heater system from a famous Japanese brand sold at ElifeMall's. 44% of the air conditioners were found to have incomplete descriptions in shop leaflets.

South Korea: LG targets aircon growth in downturnSouth Korea's LG Electronics Inc aims to increase its air conditioner sales this year even as the globalmarket is expected to contract by up to 30%. LG, the world leader in residential air conditioners, is alsoseeking a 15 to 20% annual revenue growth in commercial air conditioners until 2012, according to LeeJeong-seok, head of marketing strategy department at LG's air conditioning business.In January, LG saidit was aiming for a 10% increase in this year's air conditioner sales, after posting a 4% growth in 2008 toUA$5 billion.

INVESTMENT

Asia PacificIndia: Durables trio line up funds for expansionHopes of a healthy rise in demand have spurred consumer durables firms such as LG, Samsung andGodrej to infuse fresh capital into the Indian market. Each of these companies are investing betweenRs800m and Rs1 billion. LG said it was investing in customising products for India, which would help

them tap various segments and ensure better profitability. Samsung, too, has planned an investment ofRs1 billion to increase the capacity of its Noida facility. Homegrown Godrej Appliances has earmarked aninvestment of Rs1 billion in the current fiscal to expand the capacity of its five manufacturing plants.

India: Videocon to invest up to Rs2bn on marketingConsumer durables firm Videocon would invest up to Rs2 billion on marketing this fiscal, with specialfocus on reaching rural markets and expanding product portfolio across categories. Videocon has lined upnew products in LCD TVs, frost-free refrigerators and automatic washing machines, besides plans to


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increase the number of exclusive stores 11-fold to around 100. Stores would be set up at the regional levelaimed at reaching rural markets.

India: Whirlpool to invest Rs1bn for development of products

Home appliances maker Whirlpool will invest up to Rs1 billion in the next two-three years on productdevelopment and diversification into new segments such water purifier and modular kitchen products. The investments would be made in upgrading technology, adding features to existing models and inmaking changes in the production line. Besides, expanding the product portfolio of its non-core segmentssuch as water purifier, Whirlpool will also focus on in-built appliances. The company has around 22%share in the total 4.6m units per annum refrigerators market in the country and around 15% share in 2munits washing machine market.

Samsung to invest US$5m in IndiaSamsung Electronics will invest US$5m at its India manufacturing facility this calendar. This is over andabove US$24m has already been invested at the Noida facility. According to Sunil Dutt, the country headfor Samsungs mobile division, bulk of the investment will go into mobile moulds required for cellphonesof different sizes. The company expects to release nearly two dozen models in 2009, he said adding that

Aamir Khan will continue to be the brands envoy.

Lincoln Electric invests US$20m on India unitUS-based welding equipment manufacturing company Lincoln Electric inaugurated its manufacturing unitfor the Indian market at Chennai. The NASDAQ listed company has invested US$20m on the plant,located inside the Mahindra World City special economic zone at Maramalainagar near Chennai. Thecompany, which has been selling premium segment welding equipment imported from its plant atCleveland, USA, in India, will manufacture mid-segment welding consumables in this plant for sellinglocally. Consumables are raw material like electrodes, rod, wires and fluxes which are consumed duringthe welding process.

Samsung to build LCM plant in Shenzhen, ChinaSamsung Electronics will cooperate with players in southern China to build a new LCD module (LCM)plant in Shenzhen. Samsung will also concentrate on promoting LED-backlit TV, and in terms of size the40-inch-and-larger LCD TV segment in the China market starting in the second half of 2009. SamsungLCD will remain the mainstream technology, and shipments of 40- to 50-inch LCD TVs will account for30% of its total LCD TV shipments in 2010, and shipments of 60-inch-and-above models are estimatedto reach one million worldwide in 2012.

OPERATIONS

AmericasUSA: Sony to halve parts suppliers to cut costsSony Corporation is planning to cut number of parts suppliers in half next year. It's part of the company'soverall plan to turn around the recent financial losses from the poor economy. The company will cutfrom 2,500 suppliers this year to 1,200 next year. The remaining suppliers will get more business, which

Sony plans to leverage for better prices on parts. This is certainly bad news for certain suppliers whorelied on Sony contracts, but should help Sony's health as a whole. In the long run, it's this kind of movethat might lead to cheaper manufacturing costs and price drops.

Asia PacificRoyal Philips plans to make India its manufacturing hubRoyal Philips Electronics, Europes biggest consumer electronics group, plans to make India a hub fordeveloping and manufacturing products for global markets and sourcing components across its core areas


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INDUSTRY STATISTICS

Index of Industrial Production Use based

MonthConsumer

goodsConsumerdurables

2007-08 2008-09 2007-08 2008-09

Apr 290.90 315.60 341.80 352.90May 288.80 310.30 380.30 391.00Jun 266.90 293.20 357.90 374.40Jul 274.50 290.80 351.50 400.50Aug 266.80 283.90 379.70 394.50Sep 273.40 293.70 388.90 445.90Oct 280.60 278.10 431.90 424.80Nov 273.50 299.20 368.40 369.50Dec

320.80 326.10 353.70 338.90Jan 335.20 346.40 383.40 390.80Feb 327.60 320.40 389.60 412.30Mar 324.00 321.50 408.40 442.50Source: CSO, Cygnus Research

Consumer Durables Index of Industrial

Production - 2008-06

300

350

400

450

500

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Ind

ex

Source: CSO, Cygnus Research


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PRODUCT FOCUS

LCD TV

Liquid-crystal display televisions (LCD TV) are television sets that use LCDtechnology to produce images. Benefits of LCD technology include lower weightand reduced power requirements when compared to other display types. Often,LCD television screens can also be used as computer monitors. Moving pictures ona CRT TV do not exhibit any sort of "ghosting" because the CRT's phosphor,charged by the strike of electrons, emits most of the light in a very short time, under1ms, compared with the refresh period of e.g. 20ms (for 50fps video). In LCDs,each pixel emits light of set intensity for a full period of 20ms (in this example), plusthe time it takes for it to switch to the next state, typically 12 to 25ms. The second time (called the"response time") can be shortened by the panel design (for black-to-white transitions), and by using thetechnique called overdriving (for black-to-gray and gray-to-gray transitions); however this only can godown to as short as the refresh period.

LCD TV Advantages:

Screen life - Some industry claims that LCD can last twice as long as plasma (around 40 years at4hrs a day versus 20 years at 4hrs of use a day). Even though we suspect that such claims show adistinct LCD bias on the part of the source, it does seem that LCD can last a bit longer thanplasma.

No screenburn - Plasma screens are suspectible to something called screenburn, which occurswhen a bright image, like the sky news logo, is displayed on screen for an extended period oftime. The constant saturation 'tires' plasma's phosphors, leaving a permanent shadow of thebright image behind. LCD technology is pretty much immune to this problem.

Slimness - Because there is no need for gas filled or heavy glass fronts in a LCD screen, LCDstend to be slimmer and lighter than plasmas.

Brightness - LCD technology can generally deliver brighter pictures than a plasma - though morebrightness isn't automatically better if it is used to disguise a lack of

contrast. Power consumption - LCDs generally use less power than plasma TVsbecause they dont need to power hundreds of electrodes to stimulatephosphors.

Indian ScenarioWith a global trend of dumping the CRT TVs, India is of no exception to the trend with the market ofLCD TVs growing nearly at a rate of100% per year. According to DisplaySearch analysis the LCD TV market ofIndia will surpass the CRT TV market by2012. This growth is mainly driven by theintroduction of digital broadcast likeDTH, IPTV, STB cable etc. There are

some major brands in Indian Market likeSamsung, Sony, LG and Philips and somelocal Indian Brands like Videocon andOnida. The leader in LCD TV market inIndia is Samsung with 30% market share. The main competitor is Sony with 19%market share, followed by LG with 16%.

Major Players

Samsung Sony LG

Market Shares-2008-09

Others

35%Samsung

30%

LG

16%

Sony

19%

Source: Web Sources; Cygnus Research


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Global ScenarioCurrently, the Korean LCD TV makers (Samsung, LG) are expanding in terms of market share based ontheir brand power and competitive power in price. In China, local makers use regional channels to focusin small and medium TV sales and expand their market shares. On the other hand, Japanese and

European TV makers expect results that are equal to 2008 or of negative growth. The LCD industry mayradically change upon aggressivepromotions by TV makers. It is because aradical TV price reduction by one or twomakers had led to price reductions byother TV makers and LCD makers in thepast. The 2009 LCD TV market expects10 to 25% growth upon sales. The TVmarket may infinitely change uponstrategies by maker (price, region, sizemix, product mix, and inventory). TheLCD industry will definitely changeaccordingly. Due to global recession

continuing to place pressure ondiscretionary spending, global TVshipments declined 6% Y/Y in Q1'09 to43.3M units. This was a decline of 25%from Q4'08 on seasonal trends. Revenuesfell even more, down 12% Y/Y to US$22.1 billion.

Strategies during recessionRecently, there are rumors upon Japanese makers' line buy outs and Taiwanese makers' M&A. Though,they are unrealistic in terms of synergy and economic aspect that they have minor effects in the market.On the other hand, careful considerations upon large line investments that makers are currently preparingmay have positive effect in the market. In reality, makers delay investments and reduce investmentcapacity. They may have positive effect in the LCD industry in the second half of 2009 and 2010.

Outlook Worldwide LCD TV revenues are expected to fall year-on-year for the first time since LCD TV waslaunched in 2000, because the ongoing economic turmoil is unlikely to improve in 2009. In 2009, theLCD TV market is forecast to reach 119.9 million units, for 17% YoY growthand a reduction of 11.5million units from the Q3 08 forecast for 2009. Unit growth in developed regions such as Japan, NorthAmerica, and Western Europe will be just 2% YoY, largely due to the impact of the economic crisis. LCDTV growth in emerging regions will be 45% YoY in 2009, lower than the 68% YoY growth in 2008.

Global Market Shares-2008

Others

35%

Samsung

20%

Sony

16%LG

10%

Sharp

10%

Philips

9%

Source: TV Maker; Cygnus Research


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COMPANY SCAN

IFB Industries

IFB Industries (IFBINDUS) produces fine blanking tools, press tools and fine blankedcomponents that are needed by precision engineering industries. In addition, thecompany has installed or acquired facilities for producing several other products likeFHP motors and microwave ovens. The company also produces fully automatic washingmachines. Its plants are located at different locations in West Bengal, Bangalore, Goa andBhopal. The companys facilities in Kolkata and Bangalore have been certified under ISO9001 and ISO 9002 respectively and also under QS9000.

Business Strategies

The company has service network in almost all states of India, whichcaters to the basic needs of the customers all over India.

IFB is one of the market leaders of the home appliances brand in Indiaand puts all efforts and hard work to become the first choice when itcomes to being an integral part of household.

Companys Performance at a Glance

Key Financial ratios

Performance at a Glance

Item (Rs m) 2003-04 2004-05 2005-06 2006-07 2007-08

Net Sales 1895.30 2531.80 2553.10 3247.50 4226.20

OPM (%) -1.93 -0.24 2.55 1.00 5.57

NPM (%) -45.19 -13.59 -5.41 10.86 8.84

Depreciation 217.50 208.10 183.20 128.20 84.50

Interest 599.40 610.60 120.40 0.00 0.00

PAT -853.50 -824.80 -245.30 -106.00 139.70Source: BSE India; Cygnus Research

Key Ratios at a Glance

2003-04 2004-05 2005-06 2006-07 2007-08

Debt-Equity Ratio 0.00 0.00 0.00 0.00 0.00

Long Term Debt-Equity Ratio 0.00 0.00 0.00 0.00 0.00

Current Ratio 0.46 0.51 0.53 0.51 0.46

OPM (%) -1.93 -0.24 2.55 1.00 5.57NPM (%) -45.19 -13.59 -5.41 10.86 8.84

ROCE (%) 0.00 0.00 0.00 -2.47 2.73

RONW (%) 0.00 0.00 0.00 11.58 7.34

Source: BSE India; Cygnus Research

Product Profile

Washing MachinesMicrowave OwensDish WasherDryer


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Performance Analysis

During 2007-08, the net sales of the company have registered an increase of 30% to reach Rs4226.2mfrom Rs3247.5m in 2006-07. The operating profit of the company has shown a major increase fromRs32.5m in 2006-07 to Rs235.4m. the profit before tax during 2007-08 was Rs235.4m which was negativein 2006-07 at Rs95.7. The profit after tax was negative in 2006-07 at Rs106m and has reached toRs139.7m in 2007-08.

During OND08, the net sales of the company have increased by 10% to reach Rs1451.9m from Rs1322min OND07. The operating profit has shown an increase of 191% at Rs137.3m from Rs47.2m in OND07.The profit after tax for the quarter has increased to Rs116m from Rs21.1m in OND07.

Performance Analysis

Quarterly Performance Financial Year Performance

OND08 OND07 Var (%) 2007-08 2006-07 Var (%)

Sales 1451.90 1322.00 9.83 4226.20 3247.50 30.14

Other Income 9.50 26.90 -64.68 138.70 113.90 21.77

PBIDT 137.30 47.20 190.89 235.40 32.50 624.31

Interest 0.00 0.00 0.00 0.00 0.00 0.00

PBDT 137.30 47.20 190.89 235.40 32.50 624.31

Depreciation 18.00 21.80 -17.43 84.50 128.20 -34.09

PBT 119.30 25.40 369.69 150.90 -95.70 -257.68

Tax 3.30 4.30 -23.26 11.20 10.30 8.74

PAT 116.00 21.10 449.76 139.70 -106.00 -231.79


Net Sales

1500

3000

4500

2003-04 2004-05 2005-06 2006-07 2007-08

Rsm

Product Mix 2007-08

Fine

Blanked

Compo-

nents

18%Home

Applian-

ces

78% Services

4%



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Common Size Comparison The raw materials consumption of thecompany stood at 51.7% as a

percentage of sales during 2007-08, while it is 42.82% and 60.84% for Whirlpool and Value Industriesrespectively. The other expenses of thecompany stood at 16.06%, which ishigher than that of Value Industries at8.12% and lower than that of Whirlpoolat 22.92%. The staff cost of thecompany stood at 6.77% while it is7.48% and 1.39% for Whirlpool andValue Industries respectively.

The profit before tax for the company

stood at 1.6% while it is 3.57% and0.96% for Whirlpool and ValueIndustries respectively. The profit aftertax for the company stood at 1.8% while it is 8.84% and 0.62% for Whirlpool and Value Industriesrespectively.

Cost Structure Analysis

The raw materials consumption cost of the company has declined by 683 basis points during the year2007-08. The other expenditure of the company has declined sharply by 2534 basis points. The staff cost

of the company has increased by 103 basis points. The advertising expenditure of the company stood at5.79% as a percentage of sales for 2007-08. The finished goods purchases of the company stood at9.08%. The tax paid by the company has declined slightly by 5 basis points.

Stock Market PerformanceThe stock market has started recovering. There are positive changes in the index of industrial productionand the inflation has also declined. All these factors have contributed to the upward movement of theSensex during the quarter JFM09. The BSE Sensex has registered a decline of 30% during the period May

Common Size Comparison for 2007-08 (% of sales)

IFB Whirlpool Value Ind.

Other Income 0.44 3.28 0.13

Raw Material Consumed 51.70 42.82 60.84

Other Expenses 16.06 22.92 8.12

Staff Expenses 6.77 7.48 1.39

Advertising Expenses 0.00 5.79 0.00

Discounts 13.79 12.92 0.00

Interest 1.17 10.13 4.27

Depreciation 2.07 2.00 6.12

PBT 1.60 3.57 0.96

Tax 0.19 0.27 0.33

PAT 1.80 8.84 0.62Source: BSE India; Cygnus research

Cost Structure as Percentage of Net Sales

2003-04 2004-05 2005-06 2006-07 2007-08

Raw Material Consumed 47.43 50.45 44.46 49.65 42.82

Other Expenses 53.08 52.36 47.90 48.26 22.92

Staff Expenses 6.94 5.94 6.92 6.45 7.48Advertising Expenses 0.00 0.00 0.00 0.00 5.79

Purchase of Finished Goods 0.00 0.00 0.00 0.00 9.08

Trade Scheme & Discounts 0.00 0.00 0.00 0.00 12.92

Interest 11.48 8.22 7.18 3.95 2.00

Depreciation 31.63 24.12 4.72 0.00 0.00

Tax Charges 0.00 0.00 0.27 0.32 0.27



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2008 to April 2009. The share prices of the company have declined by 26% for the same period. Thehighest price registered during the period was Rs40.5 and the lowest was Rs20.05.

OutlookThe net sale of the company is expected to increase by 12-15% during the year 2008-09 and is expected tomaintain same growth rate for the year 2009-10. The companys main revenue is from the homeappliances segment, which has contributed 78% to the revenues. In India the home appliances segment isgrowing at a double digit rate. Hit by the global meltdown, the domestic home appliances market isestimated to grow at 10% this year against 15% last year. Moreover, the refrigerators and air-conditionersmarket had been heavily impacted due to short summer and early monsoon this year. Thus, the homeappliances segment is expected to lead the growth of the company.

Relative Market Cap

Performance

30

45

60

75

90

105

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

IFB

BSE Sensex

BSE CD

Share Holding Pattern

Insti-

tutions

3%Public

28%

Pro-

moters

69%



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STOCK SCAN

16 Apr 25 Apr 26 Apr 02 May 03 May 09 May 10 May 15 May

SENSEX Sensex gainedduring this periodunder considerationdue to strong cuesin Europeanmarkets.

The Sensex posted sharpgains during this weekaided by sustainedbuying support fromforeign institutionalinvestors (FIIs).

The Sensex postedsharp gains duringthis week aided bypositive cues fromthe overseasmarkets.

The Sensex postedgains during thisperiod due to risein FIIs.

BSE CD During this week,the bench markindex for consumer

durables (CD) haddeclined by 34points.

During this week, theCD had further declinedby 5 points.

During this week,the CD index hadincreased by 117

points.

The benchmarkindex for CD hadfurther increased

by 109 points

Blue Star During this weekthe share prices ofthe company haveincreased by 7.38%.

During this week, theshare prices of thecompany have increasedby 1%.

The share priceshave furtherincreased by 9%during this week.

The share priceshave increased by17% during thisweek.

Relative Market Cap Performance

90

100

110

120

130

140

16-Apr

17-Apr

18-Apr

19-Apr

20-Apr

21-Apr

22-Apr

23-Apr

24-Apr

25-Apr

26-Apr

27-Apr

28-Apr

29-Apr

30-Apr

1-May

2-May

3-May

4-May

5-May

6-May

7-May

8-May

9-May

10-May

11-May

12-May

13-May

14-May

15-May

Sensex Blue Star

Voltas BSE CD

Relative Market Cap Performance

90

100

110

120

130

140

150

16-Apr

17-Apr

18-Apr

19-Apr

20-Apr

21-Apr

22-Apr

23-Apr

24-Apr

25-Apr

26-Apr

27-Apr

28-Apr

29-Apr

30-Apr

1-May

2-May

3-May

4-May

5-May

6-May

7-May

8-May

9-May

10-May

11-May

12-May

13-May

14-May

15-May

Sensex MIRC

BPL BSE CD



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Voltas

The share priceshave increased by10.3% during this

week.

The share prices of thecompany have declinedby 3.5% during this

week.

Share prices havefurther declined by0.8% during this

week.

The share priceshave increased by2.6% during this

week.

MIRC

The share priceshave increased by17% during thisweek.

Share prices havedeclined by 9% duringthis week.

Share prices havefurther declined by2.3% during thisweek.

The share priceshave declined by1.5% during thisweek.

BPLShare prices havedeclined by 3.75%during this week.

The share prices havefurther declined by 4.5%during this week.

Share prices haveincreased by 17%during this week.

Share prices havefurther increasedby 2.1% duringthis week.


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UPCOMING EVENTS

1. Event Elektro Internatonal Exhibition 2009

Date Jun 08-11, 2009Venue Expocentr Krasnaya Presnya Fairgrounds, Moscow, Moskva

HighlightsElektro Internatonal Exhibition 2009 is Russia's leading trade fair forelectronics & electricals industry. Elektro International Exhibition 2009 willtake place at Expocenter Krasnaya Presnya Fairgrounds.

Contact DetailsZAO Expocentr, 14 Krasnopresnenskaya, Moscow, RussiaTel: +(7)-(095)-2553799; Fax: +(7)-(095)-2057210E-mail: [email protected]; Web: www.expocentr.ru

2. Event China International Consumer Electronics Show (SINOCES

Date Jul 09-12, 2009Venue Qingdao International Convention & Exhibition Center, Qingdao, Shandong

Highlights

China International Consumer Electronics Show (SINOCES) is China's mostprominent consumer electronics exhibition. As an influential, annual CE event,

SINOCES serves as a good platform for consumer electronics companies to gainglobal exposure for their new products, new technologies, brand and vision.

Contact DetailsConsumer Electronics Association, 2500 Wilson Blvd., Arlington, UnitedStates Of America. Tel: +(1)-(703)-9077600; Fax: +(1)-(703)-9077675E-mail: [email protected]; Web: www.ce.org

3. Event Systems Integration Philippines

Date Aug 20-22, 2009Venue SMX Convention Center, Seashell Drive, Mall of Asia Complex, Philippines

Highlights

Systems Integration Philippines is the only trade show in the country whichcovers today's shift toward business integration and convergence in its entirety. This is the place where ideas are turned into deals. System IntegrationPhilippines will be the breeding ground for innovations.

Contact Details

Global-Link Marketing & Management Services, Inc.Unit 1003, Antel 2000

Corporate Center, 121 Valero Street, s Alcedo Village, Makati City, PhilippinesTel: +(63)-(2)-7508588; Fax: +(63)-(2)-7508585, Web: www.globallinkph.com4. Event Fan Expo Canada

Date Aug 28-30, 2009Venue Metro Toronto Convention Centre, 255 Front Street West , Toronto

Highlights

Fan Expo Canada is Canada's leading trade fair for Electronics & ElectricalGoods industry. Fan Expo Canada will be held at Metro Toronto ConventionCentre in month of august this year asked for a vote of suggestion from theparticipants, asking for the suitable venue for holding the Fan Expo.

Contact DetailsA. C. F. Organisation. Av. Chateau De Walzin 10A- 1180, Bruxelles, Brussels,Belgium. Tel: +(32)-()-24130383; Fax: +(32)-()-24101994

5. Event Bathroom + Kitchen

Date Sept 15-18, 2009

Venue Belexpo-14, Pobediteley ave.14, Pobediteley Avenue, Minsk, Belarus.

Highlights

Bathroom + Kitchen is the largest Household exhibition in Minsk. It providethe ultimate choice for all procurement needs like -Bathroom Fittings,Bathroom Furniture, Cabinets & Joinery, Ceramics & Tiles, Design Bathroomswill be targeting Kitchen, Bathroom & Interior Designers, Architects, Kitchen& Bathroom Planners/Specifiers, Design Consultants.

Contact DetailsExpoforum Exhibition Company, 15, Chelyuskintsev Street, Minsk, Belarus.Tel: +(375)-(17)-2912326


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6. Event Houseware Central Asia

Date Sept 25-27, 2009

VenueAtakent International Exhibition Centre, 42, Timiryasev Str., Almaty,Almaty [City], Kazakhstan.

HighlightsHouseware Central Asia gives manufacturers the ability to do business withindependent retailers in a focussed, one of a kind, environment. The showalso gives exposure to the new hardware or home improvement retailchannel, because of its co-location with the National Hardware Show.

Contact DetailsCentral Asia International ExhibitionsDostyk Avenue, 105, Business Center, Alatau, Office, Almaty, Kazakhstan.Tel: +(7)-(3272)-584022; Fax: +(7)-(3272)-581668

7. Event RF & Hyper

Date Oct 06-08, 2009Venue Paris Nord Villepinte, Paris, Ile-De-France , France

Highlights

RF & Hyper is the largest exhibition in France specialised in radiofrequencies, microwaves, wireless, optical fiber and their applications. RF &Hyper gathers all optical communication systems, equipment and devices -

each exposing its maximum technological advancement and latest trends inthe industry.

Contact DetailsExposium. 38/40 avenue de New York, Paris, France.Tel: +(33)-(1)-49685100; Fax: +(33)-(1)-49685232

8. Event Bangkok Refrigeration Heating Ventilation & Air Condition

Date Oct 07-11, 2009Venue Impact Exhibition & Convention Centre, Bangkok, Krung Thep, Thailand

Highlights

Bangkok Refrigeration, Heating, Ventilation & Air Condition (BangkokRHVAC) with its countless brand and designer products is a major visitorattraction. But innovations in the fields of ceramic, piping, sewerage systemsand concealed installation make Bangkok Refrigeration, Heating, Ventilation& Air Condition Thailand's trade fair highlight.

Contact Details

Ministry Of Commerce. 22/77, Rachadapisek Road, Chatuchak, Thailand.

Tel: +(66)-(2)-5116020 to 30; Fax: +(66)-(2)-5116008 to 109. Event China Shunde Household Electrical Appliances Exhibition

Date Oct 19-22, 2009Venue Shunde Exhibition Centre, Shunde, China.

Highlights

China Shunde Household Electrical Appliances Exhibition is a goldenopportunity for buyers to come face-to-face with household electricalappliances manufacturers, dealers, purchasers and suppliers from mainlandChina and overseas.

Contact DetailsKoelnmesse GmbH. Messeplatz 1 Koeln, Deutschland, Germany.Tel:+(49)-(221)-8212313; Fax:+(49)-(221)-8212105

10. Event Du Und Deine Welt-The Great Consumer Exhibition

Date Nov 14-22, 2009Venue Hamburg Messe und Congress, Hamburg, Germany.

Highlights

DU UND DEINE WELT, one of Germany's biggest and most profitableconsumer exhibitions, has offered exhibitors and visitors an attractive forum.It is a sales and information exhibition with event character mainly forconsumers from Hamburg, Schleswig-Holstein and Lower Saxony.

Contact DetailsHamburg Messe und Congress GmbH. St. Hamburg, Germany.Tel:+(49)-()-+(49)-(40)-3569-0; Fax:+(49)-(40)-3569-2180

Consumer Durables Industry_Cygnus 1 June 09

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