Finally got around reading about this stock.
a) Read through the AR of 2011-12. And 2010-11. And it seems like a copy-paste. I mean, global gyaan pe global gyaan. They speak in generic terms like 'HFCs face pressure...' etc. Arre bhaiyya..saara industry chodo..apni company ke baarein mein batao. Mighty disappointed reading the AR. I didn't glean even one extra insight that I hadn't gained reading the report.
b) Canara Bank hangover. That is, Canara Bank has got some bad assets on its books and any downturn/black swan on Canara Bank will lead to a de-rating of this stock (don't ask why - somehow the 'Can' in the title makes up for it I guess)
c) Personally, I'd like to wait out a quarter or two on this stock. There is no immediate trigger visible. We are betting on cheap valuations and nothing else. And I'd like to see how the 'mgmt has put more focus...' plays out (Between, how did you guys find out that mgmt has decided to put more focus? Just because results are better? If that is the case, isn't that the reversal of cause and effect and hence conclusion wrong?)
d) Is there any update on the current number of branches and where? I mean, 52 se 70 bolne ke liye theek hai. But kuch hua kya iss baarein mein? Any data here?
As I said, for now it is on my watchlist. Will wait for a quarter or two.