NEW YORK, NY / ACCESSWIRE / December 22, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a company note on India Globalization Capital, Inc. (NYSE MKT: IGC).

The note is available here: IGC Company Note. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack's. The report will also be available on these platforms. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.

Highlights from the note are as follows:

- IGC reported revenues of $2.1mn in F2Q15, up 86.8% compared to F2Q14.

- IGC reported a net loss of ($887k), or ($0.07) per share for F2Q15, compared to a net loss of ($615k), or ($0.09) per share in F2Q14.

- On December 18, 2014, IGC announced the acquisition of Midtown Partners & Co, LLC ("Midtown") a New York based licensed broker dealer, as part of its strategy to diversify and expand into the legal cannabis industry.

Additional highlights from the note:

Midtown Partners acquisition advances legal cannabis strategy

In Midtown, IGC has ambitious plans to create the first broker-dealer to focus its equity research, capital markets and investment banking on the emerging legal cannabis industry and to augment this platform by combining it with a crowdfunding site. Midtown was founded in 2004 and the firm has generated $33 million in revenue and $11 million in earnings cumulatively and has acted as a placement agent in more than 100 transactions. The legal cannabis business is expected to be quite lucrative, and there is a growing wave of companies hoping to create meaningful first mover advantages in the space. Midtown hopes to position itself as the "preeminent broker-dealer in this industry and the first call for quality legal-cannabis companies seeking capital and in need of financial advisory services," according to John Clarke, Managing Director of Midtown Partners, who will also become IGC's interim CFO. IGC entered the legal cannabis space earlier in calendar 2014 by acquiring interests in four indoor vertical farming projects that may be converted from growing leafy green vegetables to growing legal cannabis. The Midtown acquisition is another piece to the expanding business unit.

Diversification plans taking shape

IGC reported revenues of $2.1mn in F2Q15, up 86.8% compared to F2Q14. The growth came from an increase in the volume of trading commodities and electronics and leasing heavy equipment in India. IGC plans to keep expanding these business segments, as well as its vertical farming businesses, to which the company has devoted significant investment resources. IGC expects this segment to contribute revenues and margins beginning in early calendar 2015. IGC has its hands in many diverse businesses, and has reduced the concentration risk of being overly dependent on iron ore prices and the Chinese construction market.

Maintain price target of $3.05

We view the Midtown acquisition as another positive for IGC as it continues to develop a comprehensive strategy for the emerging legal cannabis market. We maintain our price target of $3.05 for IGC. This represents 291% upside potential from the recent market price of $0.78.

Please review important disclosures on our website at www.seethruequity.com.

About IGC:

Based in Bethesda, Maryland, India Globalization Capital, Inc. ("IGC") has articulated a strategy to become a company with diverse operating businesses including medical marijuana, specialty pharmaceuticals and solar energy. We are currently engaged in trading, vertical farming and rental of heavy equipment in India, China and the United States. IGC's website is at http://www.igcinc.us

About SeeThruEquity:

SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.

For more information visit www.seethruequity.com.

Contact:
Ajay Tandon
SeeThruEquity
info@seethruequity.com

SOURCE: SeeThruEquity