Outlook for Low Power AC Drives in India

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Outlook for Low Power AC

Drives in India

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AC Drives

Traditionally used in process focused industries

As technology developed, AC drives replaced DC drives in industriesrequiring high precision of speed control and good dynamicperformance

Derived demand is dependent on performance of industries such as Machine Manufacturing Pulp, Paper & Packaging Food Construction engineering Materials handling Energy production Water management Vehicle & Transportation Oil and gas production

Future applications include use in hybrid vehicles, residential heatingpumps & consumer durables

Major markets include Japan, BRICs & USA




Industries & Applications

Industries Applications

Mining Machine building Power stations Electrical industry Marine and offshore Pulp and paper Food and beverage Motor Industry Rubber and plastics Building industry Water and waste water Chemical industry Oil and gas industry Robotics

Cranes Mixers Textile machines Conveyors Packaging machines Compressors Metal working machinery Fans Paper machines Winders Heaters and dryers Test equipment Lifts/elevators Pumps

Source: Trends in AC Drive Applications, Victor Stefanovic




Why AC Drives?

AC Drives

MiniaturizationLower Costs

Improved Functionality

Reduced Hardware & machine set up

time

Precise & Accurate

Speed Control

Flexibility & Ease of Use

Source: Trends in AC Drive Applications, Victor Stefanovic






Global Overview

Global AC drives market grew by approximately 8% in 2010 Total value of the market was approximately USD 9 B Worldwide market expected to reach USD 11.8 B by 2014 Moderate growth in 2010 did not compensate for 16% market decline in 2009

APAC43%

USA23%

Europe25%

Rest of the World

9%

Market Segmentation in terms of Revenues, 2010

Strongest growth is forecast in the BRIC countries and in China & India in particular

Order volume increased by 19% in APAC, 4% in Europe, and 4.5% in North America

Government legislature like European Union directive 2005/32/EC promotes use of AC drives

Germany has best growth potential among European countries

Shaky & uncertain macroeconomic situation in the EU may lead to muted growth in Europe

Growth Prospects

Source: AC drives in Asia Pacific, Data monitor, September 2011




AC Drives Market in Asia Pacific

5.9

6.5

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2006 2007 2008 2009 2010

USD B

% growth

Asia-Pacific Overview

High End32%

Middle Range19%

Low End25%

Micro Devices

24%

Asia-Pacific AC drives market segmentation: % share, by

value, 2010

Major growth region over the last decade have been the developing countries and APAC

Asia Pacific region witnessed 4.3% CAGR during 2006-2010

Source: AC drives in Asia Pacific, Data monitor, September 2011






India Economy – An Overview

Key Data Indicators

Area 3,287,263 km2

Population 1,210,193,422

GDP $1.843 T

GDP Growth 8.5%

GDP Per capita $1,527

Top Companies ABB, Siemens AG, Hitachi, Schneider Electric

Regulatory Environment

100% FDI allowed India- Signatory of International Technology Agreement, WTO




Located in South Asia, India is the world’s 2nd largest country (bypopulation) and 7th largest (by area). India consists of 28 states and 585approved SEZs

The industrial sector contributes 26.3% of the GDP. The electronicsindustry estimated be valued at $150 B by CCI

India is a net exporter of display technologies, storage devices andelectrochemical components. However, relative to softwareindustry, growth in hardware manufacturing industry has been sluggish

India accounted for 12.3% share of the global market in 2010. Asia Pacificis the biggest market in the world, with a share 60.9% share of the globalmarket

Since 2005-2006, India has showed a GDP CAGR of 8.2%. India is amongthe youngest nations, with more than 50% of the population under 25years of age

India Economy – An Overview






The Indian market markets offer an immense potential for growth in the AC drives market owing to:

High Electricity consumption

Demand for local production

Infrastructure development

Energy efficient mechanisms

Sustainable practices

Trends in AC Drive Industry in India




High Electricity consumption

The high growth in electricity consumption is expected to drive thegrowth of low power AC drives in India. The future growth in theelectricity production and consumption is another factor that would aidthe growth of AC drives in India.


Source: Indian low-power AC drive market explodes, controlglobal.com, Finnish AC drive company expanding India operations, hindsutantimes.com, tradingeconomies.com



http://www.controlglobal.com/industrynews/2008/013.html




http://www.hindustantimes.com/News-Feed/Business/Finnish-AC-drive-company-expanding-India-operations/Article1-218180.aspx

http://www.hindustantimes.com/News-Feed/Business/Finnish-AC-drive-company-expanding-India-operations/Article1-218180.aspx

http://www.tradingeconomics.com/india/electric-power-consumption-kwh-per-capita-wb-data.html


Demand for local production

The high growth in the domestic market has also necessitated the localproduction of AC drives in India. Many new companies are keen onsetting up their production facilities in India. Manufacturers around theworld are exploring the opportunity to set up manufacturing facilities inIndia.

"Local presence in India's growing markets is essential for us, and many ofour customers and cooperation partners find it necessary. India'selectricity consumption is one of the highest in the world, andtherefore, the country offers a lot of market potential for us,“ – VesaLaisi, President and CEO, Vacon Finland based manufacturer of AC drives


Source: Energy savings, sustainability to propel low-power AC drives market growth, reliableplant.com, Indian low-power AC drive market explodes, controlglobal.com



http://www.reliableplant.com/Read/26474/AC-drives-market-growth








Infrastructure Development

The emerging economies are witnessing a period of high growth. A large

amount of expenditure is being made on developing infrastructural

facilities that includes rapid metros, airports, and other services. This has

facilitated the demand for low power AC drives in large quantities.

Investments for AC drives in such industries as electric power generation

and water and wastewater has also increased at a high rate

As the emerging economies grow faster than the rest of the world, the

demand for AC drives in these economies will certainly be very high in the

next decade


Source: Robust Investments Boost Low-Power AC Drives Market, powerelectronics.com



http://powerelectronics.com/mag/power_data_points_83/






Massive spending in power & infrastructure facilities are a positive sign for the continued growth of the AC Drive industry

Significant Spending of Indian Government in Infrastructure (INR B)

Source: Logistics in India, September 2010

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Energy Efficient MechanismsWhile the demand for electricity is rising, there is a parallel demand for

energy saving mechanisms and low energy consumption devices

Low power AC drives can be very helpful in these mechanisms andconsequently there demand is expected to increase owing to thedemand for energy saving mechanisms

The growing pressure on industries recovering from the economicrecession is to increase their productivity and reduce operating costs

As more and more countries look towards low energy mechanisms theirexpenditure on low power AC drives would grow that would benefit theAC drive manufacturers.

“The XII Five Year plan is likely to lay special focus on energy efficiency targeting reduction of 12,000 mw”, Dr. Ajay Mathur, Director General of Bureau of Energy Efficiency, India.


Source: Energy savings, sustainability to propel low-power AC drives market growth, reliableplant.com, Energy efficiency and infrastructure boom low-power variable frequency drives (VFDs, AC

drives) market, inverter-china.com






http://www.inverter-china.com/blog/articles/the-market-of-ac-drive-frequency-converter/Energy-efficiency-infrastructure-boom-low-power-vfd-market-1.html








Sustainable Practices Industries around the world are adopting sustainable practices to

reduce energy consumption and make more of their processesautomated.

Enhancing operational excellence of manufacturing plants is crucial forsurvival and funding expansion plans. As a natural progression, plantand factory automation is increasing.

The expanding economies of emerging countries are also creating agreater need for automated buildings, while the need for moreelectricity is driving huge investments in the power sector which is amajor demand driver for AC drives.

The high amount of investment in renewable energy will also aid theexpansion of AC drives industry.


Source: Energy savings, sustainability to propel low-power AC drives market growth, reliableplant.com, Energy efficiency and infrastructure boom low-power variable frequency drives (VFDs, AC

drives) market, inverter-china.com
















Source: Company filings, Team ARC research, Company Filings, Call Transcripts, Generic Web Search , Inputs from companies website, Bloomberg

Founded in 1883, ABB (www.abb.com) is headquartered in Zurich, Switzerland, and among theprominent players in power and automation technologies that enable utility and industrycustomers to improve performance while lowering environmental impact

The ABB Group of companies operates in around 100 countries and employs about 130,000people

Their businesses involve the following divisions1. Power Products – This division incorporates ABB's manufacturing network for

transformers, switchgear, circuit breakers, cables and associated equipment2. Power Systems – Power Systems offers turnkey systems and services for power

transmission and distribution grids, and for power plants3. Discrete Automation and Motion – This division provides products, solutions and

related services such as motors, generators, drives, programmable logic controllers(PLCs) and power electronics for a wide range of automation applications.

4. Low Voltage Products – Manufactures low-voltage circuit breakers, switches, controlproducts, wiring accessories, enclosures and cable systems to protectpeople, installations and electronic equipment from electrical overload.

5. Process Automation – Provides customers with products and solutions forinstrumentation, automation and optimization of industrial processes

Valuation Metrics (as on 31st December, 2010) Multiples (USD)

Market Cap: USD 50.573 B

Stock Price (as on 27th Dec ’11) USD 18.62

P/E 14.01

Revenues USD 6.8 B

Net Income USD 2,561 M

Total Assets USD 36295 M

Stock Price Performance over the Last Year

Additional Notes

ABB Stock is listed on Swiss Stock Exchange Conversion Rate (as on 27th Dec ‘11)

1CHF = 1.06 USD

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ABB Stock Price (USD)

ABB Stock Prices





Crompton Greaves (CG) a part of the Acanthi Group was established in the year 1937 as aprivate sector under the name of Crompton Parkinson Works Ltd

The wide range of products that the company offers is canalized through its four businessunits- These are Power Systems, Industrial Systems and Consumer Products with headquartersin Worli, Mumbai

In 2002, the Company divested its shareholding of 38% in CG Newage Electrical Ltd toCummins India Ltd with the consideration of Rs 220.50 per share

In May 2005, Crompton Greaves acquired the Belgium-based Pauwels Group, a companyinternationally known for its transformer manufacturing and service capabilities, withmanufacturing facilities in Belgium, Ireland, Canada, USA and Indonesia, and together, the twoentities effectively cover all key global geographies

The acquisition of Ganz Transelektro Villamossagi Zrt during the 2006-07 led to the company inan enterprise value of approximately $35 M

In 2006-07, Crompton Greaves' Indian Power Systems business succeeded in opening 9 newInternational markets for its products

CG is a public listed company, amongst the "A" (premier) category of listings on the Bombayand National Stock Exchanges of India and its GDRs are listed on the London StockExchange, with over 70,000 shareholders

Valuation Metrics (as on 31st March, 2011) Multiples (USD)



P/E 12.73

Revenues USD 993.23 M

Net Income USD 160.84 M

Total Assets USD 653.21 M


Additional Notes

Crompton Greaves Stock is listed on National Stock Exchange of India

Conversion Rate (as on 27th Dec ‘11)1INR = 0.0187 USD

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CG Stock Price (USD)

Crompton Greaves Stock Price





In 1933 Mads Clausen establishes the company, Dansk Køleautomatik- og Apparat-FabrikThe first ARV and TRV valves were soon supplemented with automatic AV and AVS valves

Privately held global company, with approximately 24,000 employees and 79 factories in 22countries

110 sales companies and more than 400 agents and distributors all over the world Business Areas include Refrigeration and Air Conditioning, Heating, VLT Drives, Industrial

Automation, High-Pressure Pumps, Solar Energy and Silicon Power Modules Danfoss has been honored with the Excellence Award for managerial excellence and

contribution to Indian economy at the Institute of Economic Studies in New Delhi, India in2007

Danfoss introduced new drive technologies to bridge gap between flexible decentral drivesolutions and central monitoring and control, in 2008

The VLT® drives series VLT® HVAC Drive, AQUA Drive and Automation Drive were designed up to 1.4 MW in normal overload at 690 V., with efficiency greater than 98%, in 2009

In 2010, Danfoss Won the "Top 50 Green Companies" Award in China On Nov 4, 2011 Danfoss launched ‘India 2015’, wherein it will try to invest 500 M DKK over

the next 5 years in India




P/E 7.262

Revenues USD 1,640.583 M


Total Assets USD 1,130 M

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Sauer-Danfoss Stock Price






Delta Group is the world's largest provider of switching power supplies and DC brushlessfans, as well as a major source for power management solutions, components, visualdisplays, industrial automation, networking products, and renewable energy solutions

Delta Group has sales offices worldwide and manufacturing plants inTaiwan, China, Thailand, Mexico, India and Europe

Delta India Electronics is a 100% subsidiary of Delta Electronics (Thailand) PLC, a groupcompany of Delta Group. Operating in India since 1992, Delta India Electronics India is theleading provider of Telecom Power Solutions and a major source of Industrial Automation

8 Regional Offices, 3 manufacturing facilities at Rudrapur, Puducherry and Gurgaon and 2 R &D centers in Gurgaon and Bangalore

The $6.6-B, Taiwan-based Delta Electronics is investing $15 M to set up a manufacturing facility for solar inverters in Chennai

In 2011, CNBC European Business magazine listed Delta Electronics as a "Global Top 100 Low-Carbon Pioneer“




P/E 14.025

Revenues USD 5.643 B


Total Assets USD 3.861 B


Additional Notes

Delta Electronics Stock is listed on Taiwanese Stock Exchange

Conversion Rate (as on 27th Dec ‘11)1TWD = 0.033 USD

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Delta E. Stock Price (USD)

Delta Electronics Stock Price





Emerson is a global company that brings together technology and engineering to provideinnovative solutions for customers in a wide range of industrial, commercial and consumermarkets

Control Techniques India started it's operation in 1993 as joint venture companyconcentrating mainly on sectional paper mills drives, steel processing, winder - unwinders &tension control applications

It became 100% subsidiary of Emerson / Control Techniques in 2005 The Product range includes AC Drives, DC Drives, Servo Motors, Servo Drives, Servo Motors

and Soft Starters, as well as Industry Solutions for Automotive Test Stands, Cranes andHoists, Metals, OEM Machine Manufacturing, Packaging Machinery and Photovoltaic EnergySystem

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Emerson Stock Price (USD)

Emerson Stock Price




P/E 13.2


Net Income USD 2.164 B







Fuji Electric Holdings Co., Ltd, operating under the brand name FE, is a Japanese holdingcompany that retains manufacturing companies of pressure transmitters, flowmeters, gasanalyzers, controllers, inverters, pumps, generators, ICs, motors, and power equipments

Fuji Electric was established in 1923 as a capital and technology tie-up between FurukawaElectric, a break-away venture from Furukawa zaibatsu company, and Siemens AG

The 4 basic Divisions and Products into which Fuji Electric is divided are as follow1. Fuji Electric Systems - Power, Public sector demand, Transportation, Plant systems

and services for social infrastructure in industry, Drive control devices, Power supplydevices

2. Fuji Electric FA Components & Systems - Control devices, Distribution devices, Gas-related devices. Joint venture with Schneider Electric

3. Fuji Electric Device Technology - Semiconductor devices, Magnetic disks, Photo-conductive drums and peripheral imaging devices

4. Fuji Electric Retail Systems - Vending machines, Freezing and refrigeratedshowcases, currency handling devices, Non-contact IC card systems, and relatedservices




P/E 19.094





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Fuji Elec. Stock Price

Additional Notes

Fuji Electric Stock is listed on Japanese Stock Exchange

Conversion Rate (as on 27th Dec ‘11)1JPY = 0.012 USD





Hitachi was established in 1907, with the original name ‘Tokyo Tukudajima’, while theIndustrial Components and Equipment Group was established in 1999

Hitachi Group is headquartered in Tokyo, and its 5 chief manufacturing plants are spreadacross China, Japan, and Thailand

Additionally, it has Sales Offices spread across all inhabited continents Hitachi has been a diversified company that has 11 business segments: Information and

Telecommunication System, Electricity System, Social and Industrial System, Electronic Deviceand System, Construction, Automotive System, Component and Device and Financial service

Hitachi Products for the Industrial Equipments Systems are Motors, Inverters, ACServos, PLCs, Switches & Breakers, Transformers, Rope Hoists & Chain Hoists, AirCompressors, Pumps, Blowers and Continuous Ink Jet Printers

Due to a demand for supervising moving objects or measuring positioning , Hitachi Solutionsdepartment has been focusing on greater use of GPS(Global Positioning Systems) to meetthem




P/E 13.813





Additional Notes

Hitachi Ltd. Stock is listed on Japanese Stock Exchange


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Hitachi Ltd. Stock Price





Mitsubishi Electric Started in 1921, and began Operations in India in mid-1950’s Offer a wide range of innovative and high-quality products for the Indian market, including air

conditioners, visual information systems, power devices, photovoltaic (solar) solutions, powersystems, elevators and escalators, transportation systems, automotive equipment andindustrial automation machinery

Globally, the company is divided into the following 5 Profiles1. Energy and Electric Systems - Turbine generators, hydraulic turbine

generators, nuclear power, gas insulated switches, switch control devices, etc.2. Industrial Automation Systems – Programmable logic controllers, inverters,

servomotors, short-circuit breakers, transformers for electricity distribution, time and power meters, etc.

3. Information and Communication Systems - Wireless and wired communications systems, surveillance cameras, satellite communications equipment, satellites, radar equipment, antennas, missile systems, etc.

4. Electronic Devices - Power modules, high-frequency devices, optical devices, LCD devices, etc.

5. Home Appliances - LCD televisions, projection TVs, display monitors, projectors, DVD players and recorders, room air conditioners, etc.




P/E 12.428





Mitsubishi Electric Stock is listed on Japanese Stock Exchange


Additional Notes

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ME Stock Price





Parker Hannifin Corporation Ltd., with annual sales exceeding USD 10 B, is one of the world'sleading diversified manufacturer of motion and control technologies and systems, providingprecision engineered solutions for a wide variety of mobile, industrial and aerospace markets

Parker Hannifin Corporation had acquired SSD Drives worldwide in August 2005 and the Indianoperations in early 2007

Parker SSD Drives is an industry leading manufacturer of industrial AC variable speeddrives, DC drives, servo drives and servo motors and provided coordinated automation systemsolutions for industries such as converting and web handling, wire andcable, plastics, paper, textiles, metals, machine tools, power generation etc.

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Parker Hannifin Stock Price




P/E 10.73









Rockwell Automation was initially founded in 1903, and is headquartered in Milwaukee, USA Rockwell Automation is a global provider of industrial automation, power, control and

information solutions. Brands in industrial automation include Allen-Bradley and RockwellSoftware

Presently, it has recorded $6 B Sales annually, and employs approx. 20000 people to servecustomers in over 80 countries

Rockwell Automation spun off from Rockwell International in 2001 From there, Rockwell Automation went through a series of acquisitions, particularly Propack

Data (now Rockwell Automation Solutions GmbH) in 2002, DataSweep in 2005, GEPA in2006, ICS Triplex, ProsCon and Pavilion Technologies in 2007, and Incuity in 2008 and LektronixLtd in 2011

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Rockwell Stock Price

Valuation Metrics (as on 30st September 2011) Multiples (USD)



P/E 15.52









Schneider Electric was founded in 1836, and has developed from products, to providingcomplete energy solutions, by 2010

Schneider Electric strengthened its lead in the development of the Smart Grid, with theacquisition of the distribution activities of Areva T&D, in 2010

Opened businesses in new market segments: UPS (uninterruptible power supply), movement control, building automation and security through acquisitions of APC, Clipsal, TAC, Pelco, Xantrex

In 2010, Schneider Electric recorded 19.6 B Euros of Sales, with 37% contribution from new economies, and an employee base of more than 110,00o

In the Energy & Infrastructure market, our products and services solutions cover:1. Processes control and supervision2. Power supply & distribution3. Energy monitoring and control4. Utility management (lighting, ventilation, elevators, intruder alert, etc.)5. Smart electrical networks management6. Single site or multi-site production data management7. Critical power8. Offer prepayment systems that bring electricity to disadvantaged customers



Stock Price (as on 27th Dec ‘11) USD 50.98

P/E 11.764





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S E Stock Price (USD)

Schneider Elec. Stock Price

Additional Notes

Schneider Electric Stock is listed on French Stock Exchange

Conversion Rate (as on 27th Dec ‘11)1 Euro = 1.29 USD





Siemens AG is a German multinational conglomerate company founded in 1847, presentlyheadquartered in Munich, Germany. It is the largest Europe-based electronics and electricalengineering company

Siemens is an integrated technology company with activities in the fields of industry, energyand healthcare. It is organized into six main divisions: Industry, Energy, Healthcare, EquityInvestments, Siemens IT Solutions and Services and Siemens Financial Services (SFS)

Siemens and its subsidiaries employ approximately 420,800 people across nearly 190countries and reported global revenue of 76.651 B Euros for the year of 2009

Siemens AG is listed on the Frankfurt Stock Exchange, and has been listed on the New YorkStock Exchange since March 12, 2001

Feeling insecure, in September 2011, Siemens transferred more than half-a-B Euros in cashdeposits from large French bank to the European Central Bank (ECB). In all, Siemens hasdeposited between 4 to 6 B Euros ($5.4 to $8.1 B) mainly in one-week deposits. Onlyprominent companies can deposit directly with the ECB

Valuation Metrics (as on 30th September, 2011) Multiples (USD)



P/E 9.518





Additional Notes

Siemens Stock is listed on German Stock Exchange


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Siemens Stock Price





The history of Vacon dates back to 1993 when a group of 13 employees at the Vaasa Factoriesof ABB Industry founded Vaasa Control, presently employing about 1400 people globally

TB Wood's had been operating in the electronics business for more than 40 years when theirAC drives business in the United States, India, Germany and Italy was incorporated into theVacon Group in January 2008

Vacon’s shares are listed on the NASDAQ OMX Helsinki Oy. On 31 December 2009, Vacon had5,114 shareholders, of which 71.1% were institutions or private investors operating in Finlandand 28.9% were foreign owners

Vacon’s AC drives are utilized in a large number of industries and sectors around theworld., such as machine building, mining, renewable energy generation, constructionengineering, marine & offshore industry and water treatment

Vacon has sales companies and representatives in 27 countries, and Production and R&DCentres in Europe and Asia


Market Cap: USD 621.509 M


P/E 17.96

Revenues USD 436.02 M


Total Assets USD 262.257 M


Additional Notes

Vacon PLC Stock is listed on Finland Stock Exchange


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Vacon Stock Price





Yaskawa was founded in 1915, it mainly produced basic three-phase induction motors andlow-voltage magnetic contactors

Yaskawa America, Inc. - Drives & Motion Division is a U.S. corporation, created to provideAutomation Solutions and Support to our customers in North America, Central America, andSouth America

It is the world's largest manufacturer of AC Inverter Drives, Servo and Motion Control, andRobotics Automation Systems

Products are marketed through direct sales, partners, representatives, dealers, anddistributors. Yaskawa America, Inc. - Drives & Motion Division is a wholly-owned corporationof Yaskawa Electric Corporation of Japan

On October 5, 2011, Yaskawa managed to cross sales of 1 M units of its Inverters

Valuation Metrics (as on 20th March, 2011) Multiples (USD)



P/E 14.475





Additional Notes

Yaskawa Stock is listed on Japanese Stock Exchange

Conversion Rate (as on 27th Dec ‘11)1 JPY = 0.012 USD

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Yaskawa Stock Price (USD)

Yaskawa Stock Price




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Outlook for Low Power AC Drives in India