You are here » Home » Companies » Company Overview » Stone India Ltd

Stone India Ltd.

BSE: 522085 Sector: Engineering
NSE: N.A. ISIN Code: INE290C01015
BSE LIVE 15:54 | 19 Sep 56.55 -2.65
(-4.48%)
OPEN

58.95

HIGH

58.95

LOW

56.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 58.95
PREVIOUS CLOSE 59.20
VOLUME 87872
52-Week high 84.85
52-Week low 48.10
P/E
Mkt Cap.(Rs cr) 54
Buy Price 0.00
Buy Qty 0.00
Sell Price 56.55
Sell Qty 1250.00
OPEN 58.95
CLOSE 59.20
VOLUME 87872
52-Week high 84.85
52-Week low 48.10
P/E
Mkt Cap.(Rs cr) 54
Buy Price 0.00
Buy Qty 0.00
Sell Price 56.55
Sell Qty 1250.00

Stone India Ltd. (STONEINDIA) - Chairman Speech

Company chairman speech

STONE INDIA LIMITED ANNUAL REPORT 2005-2006 CHAIRMAN'S REPORT From the Chairman's Desk Dear Shareholders, I write to share with you the path-breaking performance of Stone India across most operating and financial indicators while we celebrate the Platinum Jubilee Year. The pre-eminent position that your company enjoyed in the past has been regained. Stone India, today, is clearly on a leadership track; while consolidating its position in the domestic market it is also foraying into the international market and is going from strength to strength. I am pleased to let you know that we have successfully met all the objectives that we set out to achieve during the past couple of years and am confident that we will continue to raise the bar even higher in the years to come. Of course, we are fortunate to be aided by the economy growing at a healthy rate of 8.1%. This is particularly impressive since we have seen growth rates of 8.5% in 2003-04 and 7.5% in 2004-05. It is indeed encouraging that all the principal sectors of the economy have contributed to this growth. Current growth rates in excess of 2% for the agriculture sector, 9% for industry and the manufacturing sectors resulting in the service sector growing by around 10% augurs well for our country. I strongly feel that if the reforms are continued, the economy is well on the path to record a sustainable 9% plus growth rate in future. However, to achieve this, the manufacturing sector must grow by about 12%. High growth of manufacturing will take the share of Indian manufacturing in GDP from the current level of around 17% to 34% in due course, as is the case with many fast developing south East Asian economies. It is also satisfying that despite the Indian economy growing at such a high rate, inflation has been contained at around 5%. India continues its commitment to remain an open economy which guarantees freedom of enterprise, respects individual creativity, and mobilizes public investment for growth and stability. In this backdrop, I do welcome and emphasize the need for continued vigilance on the macroeconomic front and look forward to robust growth across most sectors, particularly the manufacturing sector, to which your company belongs. Following from the strong economic position, the Indian Railways, who are the principal customers of your Company, are also in very good shape. Building on a record breaking performance in the year 2005-06 with growth in freight loading and revenues at 10% and over 18% respectively, gross traffic revenues are expected to be 16% higher in the current fiscal. The Indian Railways is now looking forward to, amongst others, major technological up-gradation in the rolling stock, a renewed focus on safety, design and manufacture of new high capacity wagons made of aluminium and stainless steel. Transfer of technology and use of IT & ITES is being encouraged and consequently Public partnership & Public-Private partnership is likely to get a major thrust. Installed capacities in Railway workshops and production units are being enhanced. These measures have resulted in the largest ever plan outlay of Rs. 23,475 crores for the 2006-07 fiscal. In the above scenario, we do visualize very good growth prospects for your Company. Hence we have aimed to increase the intrinsic worth of Stone India by ushering in higher productivity levels supported by enhanced production levels to cater to the expected increase in domestic requirement of the Indian Railways. We are therefore investing in a new production facility in Himachal Pradesh as announced earlier. We have also entered into a number of foreign technological collaborations for introducing a number of hi-tech products in the country for the first time. A number of these new products are import substitution products as well and should save precious foreign exchange for our country. The Company strongly believes in Leadership through Passion, Innovation and Teamwork. Our mission is to maximize value creation for all the stake- holders of the company through supply of cost effective products, services and innovative solutions through integration of people, technology, processes, and business systems. Behind today's success of Stone India is the saga of teamwork. I would like to acknowledge the role played by the Indian Railways, our overseas technology partners, all our business associates, bankers and external financiers, shareholders and last but not the least, our employees working in perfect harmony. I thank you for your continued confidence in Stone India. Most of you have supported and encouraged us through difficult periods of transformation. While this process of transformation continues and the dream of leadership yet to be realised, all the essential elements of our vision, mission and objectives are in place to meet future challenges; I eagerly look forward to an extraordinary 2006-07. With best wishes, Sincerely, G. P. Goenka Chairman of the Board Kolkata, 11th May, 2006