We met with the management of Ador Welding Ltd (Ador) to take stock of capex recovery and sustenance of growth trend shown in past 6 quarters. While the management indicated strong demand scenario for Welding Consumable and Equipments, it also guided a volume growth of 10-15% for FY20 based on rising demand from Oil & Gas sector (especially from refinery upgradation program to comply with euro VI norms), Heavy Engineering, Power, Railways (large wagon orders), Defense, Gas Cylinders (Ujjwala Yojana) etc. The company was at par with its competitors in-terms of new...