3M India, the Indian subsidiary of 3M worldwide, is a manufacturer of innovative products across diverse business segments such as industrial products, infrastructure, health care and consumables. The B2B company has seen a marked improvement in its revenues and operating margins over the last several quarters. Recovery in the automotive sector, increased industrial production, sustained investment in infrastructure and health care has helped the company to perform well. Its traffic and safety, display and graphic business segments enjoy the highest segment profitability. The company is in an expansion mode. In its 'In India, For India' policy, it is now looking at customised innovation for the Indian market and is now investing in a new R&D centre in Bangalore.
The company's stock has doubled since the start of 2010. It is trading at 40 times its last twelve months earnings and is valued at over four times its annual revenues. These valuations are fair - discounting the company's growth promise.
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