Smart Investment E Copy Vol 17 Issue No 1 11th February 2024

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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

VOL : 17 • Issue No: 1 RNI No : GUJENG / 2008 / 24320 11th Feb 2024 to 17th Feb 24
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
05-02-2024 14276.22 13757.34 518.88
06-02-2024 16944.43 16851.91 92.52
07-02-2024 14534.64 16225.66 -1691.02
08-02-2024 16248.71 21182.49 -4933.78
09-02-2024 13946.46 13804.51 141.95
TOTAL 75950.46 81821.91 -5871.45
DATE BUY VALUE SELL VALUE NET VALUE
05-02-2024 11869.08 13057.76 -1188.68
06-02-2024 13822.11 12725.85 1096.26
07-02-2024 12012.32 11684.59 327.73
08-02-2024 17291.78 11779.46 5512.32
09-02-2024 12090.82 12512.69 -421.87
TOTAL 67086.11 61760.35 5325.76
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Financial Weekly TM
D(en)O(f)W(ealth)
Superb Performance of our latest Recommendations
Date Stocks Recom. Remark
11th January 23 NCC Buy at 94 with stop loss of 83 Book 50% profit on 25 April at 115 and full profit on 3rd May at 125.5
8th March 23 NCC Buy at 95 with stop loss of 85 Book 50% profit on 25th April at 115 and full profit on 3rd May at 125.5
3rd April 23 VA TECH WABAG Buy at 363 with stop loss of 330 Book 50% profit on 25th April at 397 and full profit on 11th May at 421
5th April 23 DENIS CHEM LAB Buy at 72 with stop loss of 61 Book 50% profit on 10th April at 80 Then made a high of 141.3
26th April 23 Gulshan Poly Buy at 253 with stop loss of 225 Book 50% profit on 3rd May at 273 later stop loss of cost clicked
2nd May 23 Star Cement Buy at 121 with stop loss of 105 Book full profit on 25th May at 135-136
21st June 23 HUDCO Buy at 61.5 with stop loss of 53 Book 50% profit on 25th July at 64.5 and rest 50% on 8th August at 69
27th June 23 GPPL Buy at 119 with stop loss of 110 Book 50% profit on 25th July at 124 and rest 50% on 8th August at 123
27th June 23 BDH IND Buy at 152 with stop loss of 142 Book 50% profit on 28th June at 160 and rest 50% on 4th July at 161
20th July 23 SATIN CREDITCARE Buy at 184 with stop loss of 165 Book 50% profit on 25th July at 206 and rest 50% on 8th August at 224
27th July 23 GRANULES Buy at 317.5 with stop loss of 300 Book loss on 11th August at 300
2nd August 23 GODREJ AGRO Buy at 482 with stop loss of 435 Book full profit at 492 on 12th September
10th August 23 JAIN IRRIGATION Buy at 52 with stop loss of 45 Book 50% profit on 21st August at 57 and rest 50% on 22nd August at 59
16th August 23 UFO MOVIES Buy at 108 with stop loss of 95 Exit at 106.5 level due to shifted in ESM 1
18th August 23 RUCHIRA Paper Buy at 127 with stop loss of 115 Book 50% profit on 21st August at 130 and rest 50% on 22nd August at 137
18th August 23 SHILP GRAUER Buy at 127.5 with stop loss of 115 Book full profit on 21st August at 137
28th August 23 IOLCP Buy at 390 with stop loss of 360 Book 50% profit on 29th August at 410 and rest 50% on 30th August at 430
29th August 23 HFCL Buy at 72 with stop loss of 64 Book 50% profit on 5th September at 80
4th September 23 STAR CEMENT Buy at 166 with stop loss of 155 Book 50% profit at 175 on 16th October and rest 50% at 178 on 17th October
15th September 23 TGVSL Buy at 108.5 with stop loss of 108.5 Book full profit at 115.5 on 18th September
29th September 23 INTEGRA ENG Buy at 226 with stop loss of 201 Book full profit at 234 on 29th September
5th October 23 ANANTRAJ Buy at 235 with stop loss of 215 Book full profit at 253 on 21st November
12th October 23 TGVSL Buy at 117 with stop loss of 106 Exit cost to cost at 117 on 16th October
13th October 23 HIND TIN Buy at 129 with stop loss of 115 Book full profit at 137 on 16th October
19th October 23 NIACL Buy at 145 with stop loss of 130 Book full profit at 160 on 21st November
26th October 23 COSMIC CRF Buy at 246 with stop loss of 205 Book full profit at 265 on 27th October
26th October 23 SHETRON Buy at 117 with stop loss of 108 Book full profit at 117 on 27th October
1st November 23 SATIN CREDITCARE Buy at 249 with stop loss of 225 Book full profit at 275 on 20th December
2nd November 23 COSMIC CRF Buy at 260 with stop loss of 223 Book full profit at 270 on 2nd November
8th November 23 VIJAYA DIAGNO Buy at 592 with stop loss of 550 Book full profit at 621 on 10th November
10th November 23 MOREPEN LAB Buy at 37.5 with stop loss of 30 Book full profit at 40.3 on 21st November
15th November 23 MAFATLAL IND Buy at 147.5 with stop loss of 133 Book full profit at 149.7 on 15th November
23rd November 23 TREL Buy at 51 with stop loss of 45 Book full profit at 57 on 8th January 24
24th November 23 SUPRIYA LIFE Buy at 265 with stop loss of 235 Book full profit at 284 on 28th November
24th November 23 Competent Auto Buy at 397 with stop loss of 340 Book full profit at 410 on 28th November
24th November 23 SHEMAROO Buy at 144 with stop loss of 130 Book full profit at 167 on 28th November
5th December 23 ALPA LABS Buy at 96.25 with stop loss of 88 Book 50% profit at 98 on 5th December & rest 50% at 103 on 11th Dec
8th December 23 IND SWIFT LABS Buy at 91 with stop loss of 81 Book full profit at 94 on 11th December
11th December 23 ASHOKA BUILDCON Buy at 151 with stop loss of 135 Book full profit at 163 on 9th January 24
15th December 23 SIMRAN FARM Buy at 165 with stop loss of 150 Book full profit at 182 on 18th December
18th December 23 LAXMI ORGANICS Buy at 290 with stop loss of 275 Book loss on 18th January 24 at 274
21st December 23 TYCHE IND Buy at 174 with stop loss of 151 Book full profit 185 on 21st December
29th December 23 HERANBA IND Buy at 398 with stop loss of 365 Book full profit at 422 on 5th January 24
29th December 23 MAFATLAL IND Buy at 137.5 with stop loss of 122 Book full profit at 141.5 on 1st January 24
9th January 24 SURYODAY SMALL Buy at 168 with stop loss of 150 Book full profit at 177.5 on 10th January 24
10th January 24 UFO MOVIES Buy at 138 with stop loss of 120
10th January 24 ENIL Buy at 224 with stop loss of 205 Book full profit at 253 on 17th January 24
10th January 24 AXTEL Buy at 550 with stop loss of 502 Book full profit at 585 on 15th January 24
11th January 24 APTUS VALUE Buy at 348 with stop loss of 320 Book full profit at 365 on 18th January 24
16th January 24 RALLIS INDIA Buy at 268 with stop loss of 245
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Financial Weekly TM

Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
[email protected]
OSCILLATING BETWEEN 21600 - 22000

PSUs CORRECT AFTER LONG :- All stocks belonging to the PSU universe had witnessed rocket like
upward movement and were extremely overbought. Thursday and Friday saw a much desired and required
corrective dip in the PSU universe. As a result of which the Small-Cap & Mid-Cap Indices were impacted
the most as compared to the frontline Large-Cap Indices. The week saw the Nifty gyrating in a range with
lower boundary coming in at 21600 and upper boundary at 22000. Thursday and Friday saw the Nifty
correcting and finding Support at the Short Term Average of 20dma. As a result, the Short Term Trend is still
Upwards and the Market remains a 'Buy on Decline'.
BULLISH HARAMI :- Friday saw the Nifty forming a small white body candle. In conjunction with the
previous day's big black body candle, Nifty forms a Bullish Harami pattern. It is a Bullish Reversal Pattern
which requires confirmation. Thus a Real White body candle on Monday will confirm the pattern. On the
Weekly timeframe, Nifty has formed a smaller black body candle which is more like neutral formation and
hence indicates continuation of Bullishness.
22053-22126 : R-ZONE :- Bulls will have an upper hand as long as the Nifty remains above the Short
Term Average of 20dma. Nifty is now challenging the previous life-high level at every opportunity. Nifty
will have to overcome Resistance Zone at 22053-22126 which is a confluence zone formed by the
confluence of Life-High and minor top.
Once this R-Zone is crossed, there
will be a failure of Bearish Island Re-
versal pattern and will pave a move
towards 22734.
21698-21630 : S-ZONE :- This
week, Nifty has continuously taken
Support at the 20dma (21698) before
recovering. Thus Nifty S-Zone is at
21698-21630 which is due to
confluence of 20dma and current inter-
mediate bottom. A break of this S-Zone
will lead the Nifty down to second S-
This Week Recommendations Zone of 21448-21440 which is due to
Stocks CMP SL Tgt-1 Tgt-2 confluence of couple of Intermediate
bottoms and the 50dma. Below this, the
Buy OFSS 7525 7357 7781 8039 Nifty can test another S-Zone at
Buy Apollo H. 6437 6305 6636 6843 21137-20950 which is due to combi-
Buy BharatForge 1314 1285 1359 1407 nation of Bullish Gap (21074-20950)
Buy NALCO 157 153 164 172 and intermediate bottoms.
Buy BajajHind 37 35 41 45 ***
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 21285 21448 21629 21782 21963 22126 22289
SENSEX 70057 70602 71110 71595 72026 72561 73089
Financial Weekly TM

SMALL BUT BEAUTIFUL IDEAS
Brijesh Barot, Surat (9723108999) [email protected]
JTL Industries (Rs 262.00) (Code : 534600)

JTL Infra Ltd is an integrated manufacturer and DEC. 2023 DEC. 2022
supplier of steel tubes, pipes and allied products with Sales 567 CR Sales 280 CR
manufacturing facilities in India.
Net Profit 30 CR Net Profit 20 Cr
Product Portfolio
The company's product offerings include Electric Resistance Welding (ERW) pipes, galvanized
pipes, solar structures, etc.
Industrial Applications
Its products have applications in various industries, including water transportation, agriculture,
infrastructure, solar power, heavy vehicles, energy & engineering, etc.
Client Profile
The company's key clients include Tata Power, Avaada, Har Ghar Jal, IGL, Ashok Leyland,
Essar, Mahanagar Gas, HPCL, Suzlon, Siemens, Elecon, Thyssenkrupp, and others.
" Company has reduced debt.
" Company is expected to give good quarter
" Company has delivered good profit growth of 62.5% CAGR over last 5 years
" Company has a good return on equity (ROE) track record: 3 Years ROE 33.5%
" Debtor days have improved from 47.4 to 32.9 days.
" Company's median sales growth is 19.0% of last 10 years
" Promoters Holding:56% (Increased from 43.71 to 56 in last 1 year)
" FII Holding :1.62%
" Technical Speaking : Currently companies share price quoting at 263.Investor can buy at
current market price, for immediate target of 315 and medium-term target of 365and long-term tar-
get of420 +.
Cont...
Financial Weekly TM

Vibhor Steel Tubes Limited
Comes out with IPO
Vibhor Steel Tubes is coming out with an IPO. It will raise Rs. 72.17
crore through this IPO. Price Band is Rs. 141-151 per share. The
issue opens on February 13, 2024 to February 15, 2024
Objects of the Issue Corporate

1. Funding of working capital requirements of the company; and
2. General corporate purposes. Feature
Vibhor Steel Tubes IPO Details
IPO Date : Feb. 13, 2024 to February 15, 2024
Face Value : Rs 10 per share
Price Band : Rs 141 to Rs 151 per share
Lot Size : 99 Shares
Total Issue Size : aggregating up to Rs 72.17 Cr
Fresh Issue : aggregating up to Rs 72.17 Cr
Issue Type : Book Built Issue IPO
Listing At : BSE, NSE
Vibhor Steel Tubes Limited manufactures, exports and sup- Share holding pre issue : 14,183,000
plies steel pipes and tubes to various heavy engineering indus-
Lead Manager : Khambatta Securities Limited
tries in India. The company's product portfolio includes ERW
pipes for application in water transport, oil, gas and other non- Registrar : Kfin Technologies Limited
toxic supplies, Hot-dipped galvanized pipes for application in
agriculture and infrastructure, Hollow section pipes in square
and rectangular forms, Primer painted pipes, Crash barriers for
application in railways, highways, and roads. The company has
two manufacturing facilities in Raigad, Maharashtra and
Mahabubnagar (Dist.), Telangana and a warehouse in Hisar,
Haryana. As of January 24, 2024 the company had a total of 640
permanent employees.
Vibhor Steel Tubes is coming out with an IPO. It will raise Rs.
72.17 crore through this IPO. Price Band is Rs. 141-151 per
share. The issue opens on February 13, 2024 to February 15,
2024. The minimum application to be made is for 99 shares and
in multiples thereon, thereafter. Post allotment, shares will be
listed on BSE and NSE. Khambatta Securities Limited is the the
Financial Information
Book Running Lead Manager (BRLM) of this issue and Kfin Tech- Period Ended 30 Sep. 31 March 31 March 31 March
nologies Limited is the registrar of the issue.
2023 2023 2022 2021
Vibhor Steel Tubes Limited is manufacturers and exporters
of Mild Steel/Carbon Steel ERW Black and Galvanized Pipes, Assets 376.48 293.63 248.54 172.93
Hallow Steel Pipe, Cold rolled Steel (CR) Strips/ Coils. It is 2 Revenue 531.24 1,114.38 818.48 511.51
decades old manufacturer, exporter and supplier of steel pipes
and tubes to various heavy engineering industries. Steel pipes Profit After Tax 8.52 21.07 11.33 0.69
and tubes can be used for many purposes such as steel pipes Net Worth 101.76 93.20 71.97 60.49
for frames and shafts, steel pipes for bicycle frames, steel pipes
Total Borrowing 160.27 126.83 106.07 58.74
for furniture, CDW pipes for shockers, steel pipes for various
structural purposes, steel pipes for various engineering pur- Amount in Rs Crore
poses etc. The company has a very wide range of steel pipes
and tubes products. The lengths of the steel pipes & tubes in different ranges unless otherwise specified by the customers. It manufactures
steel pipes and tubes in various shapes and size such square, round, rectangular and elliptical or any special shape.
Cont...
Vibhor Steel Tubes Limited manufactures, exports and supplies steel pipes and tubes to various heavy
engineering industries in India. The company's product portfolio includes ERW pipes for application in
water transport, oil, gas and other non-toxic supplies, Hot-dipped galvanized pipes for application in
agriculture and infrastructure, Hollow section pipes in square and rectangular forms, Primer painted
pipes, Crash barriers for application in railways, highways, and roads
Financial Weekly TM

Promoters of Vibhor Steel Tubes
Mr. Vijay Kaushik
Aged 70 years is the Promoter and is currently desig-
nated as Chairman and Director of the company. Born in
Hisar, Haryana on November 18, 1953 he did his schooling in
Hisar and a full-time graduation from Government College
Vibhor Steel is working with Jindal Pipes Limited since 2003. Hisar in 1972 and subsequently he did LLB from Delhi Uni-
It manufactures & supplies the finished goods for “Jindal Pipes versity in 1975. His Father was a renowned criminal lawyer of
Limited” (“Jindal”) vide the renewed agreement dated April 01, Haryana, Pune and Rajasthan. He started business as manufacturer in 1978
2023 under the brand name “Jindal Star” . Under the agreement in manufacturing of Harrow Disc Agriculture, coal rolling of stainless-steel coils
Jindal will provide orders with a minimum quantity of 1,00,000 MT and steel pipes and he has more than 40 years of experience in manufacturing
per annum to fill majority capacity of Unit I & Unit II of the Com- business. He has the experience of more than 20 years in the Line of ERW
pany. Pipes and tubes. He is also a director in Jindal Drilling and Industries Ltd, (A
The company has an in-house quality team comprising of flagship company of DP Jindal Group), is a world renowned and illustrious
630 dedicated personnel working under the overall supervision company in the field of oil drilling. In last 20 years he has developed well
of its board of directors in different locations. Its quality control established network and contact in this field. He has in depth knowledge of the
team ensures that raw materials as well as end products are product, Demand & supply, market and industry dynamics. He handles sourc-
tested on all quality parameters to ensure that it is compliant with ing, finance function for the company.
the international product standards. Mr. Vibhor Kaushik
Vibhor Steel Tubes has expanded into new product line & Aged 40 years is the Promoter and is currently desig-
launched a new product i.e. Crass Barriers under its own brand nated as Managing Director of the company. Born in Hisar,
& started the manufacturing & selling the product. It has started Haryana, India on February 04, 1983 he did his schooling in
selling products under its own brand that will reflect in upcoming Hisar and he is qualified electrical engineering from the uni-
financials for the next financial years. versity of Arizona State University (USA) in 2006. He has
been managing the factory from the last 17 years as a man-
Promoters, Mr. Vijay Kaushik, Mr. Vibhor Kaushik and Mrs.
aging director. The factory performance and capacity has increased multiple
Vijay Laxmi Kaushik are first generation entrepreneurs, and have
folds after his presence in the factory. At the time of his joining to the factory
an average experience of approximately thirty years in mild steel
the capacity was 12,000 MT per annum. He has taken the capacity to over
and stainless steel welded pipes and tubes industry in addition to 2,21,000 MT per annum. After Increasing the production capacity by nearly
expertise in marketing, procurement, finance, accounting and 19-fold in just 17 years, he his ambition is to take company global. Being
customer relationship management. Managing Director, he has been very successfully managing all Company
The company has a big opportunity as a manufactures of Plant’s operations, staff and ventures in order to maintain and grow the Busi-
steel Pipes & Tubes products in the domestic market as well as ness. After having technical expertise required in Production and domestic
in export market. There is huge demand in the market. The pro- sales, he is now looking to develop to explore export market. He has commis-
duction of steel tubes and pipes grew at a CAGR of about 10% in sioned Telangana project in record time successfully.
the past 5 years from FY19-FY23. Of these years, the industry Ms. Vijay Laxmi Kaushik
has witnessed a decline only in FY21 due to the outbreak of Aged 67 years and is currently designated as Whole
Covid-19. During FY23, the production increased by 27.3% y-o- Time Director of the company. Born in Gurgaon, Haryana,
y backed by healthy domestic demand. During YTD FY24, the India on March 05, 1956 she did her schooling in Gurgaon
production of steel tubes and pipes increased by 16.2% on a y- and a full-time graduation from Government college
o-y. Gurgaon in 1976. She has more than 25 years of experi-
The consumption of steel tubes and pipes in India has grown ence. She is a Whole time Director of the company. She
steadily at a CAGR of 8.5% from 5,253 thousand tonne in FY19 has goods interpersonal skill and also helps in the admin-
to 7,282 thousand tonne in FY23. After witnessing an uptrend till istration of the company.
FY20, the industry observed a de-growth of 14.7% in consump-
tion during FY21 due to the pandemic. During FY23, the industry
Vibhor Steel is working with Jindal Pipes Limited since
witnessed a strong growth of around 29.3% y-o-y in consump- 2003. It manufactures & supplies the finished goods for
tion on account of the factors such as improvement in construc- “Jindal Pipes Limited” (“Jindal”) vide the renewed agree-
tion and real estate activities, continuous investment in infra-
structure and policy support by the government. The industry ment dated April 01, 2023 under the brand name “Jindal
has observed a growth rate of 18.9% in YTD FY24 in corre- Star” . It has a long-term agreement with the Jindal
sponding to the same period last year.
***
Financial Weekly TM

Rapid Fire Stocks
Kalpna J (Email- [email protected])

(Ring : 97690 37711) Twitter : @Kj_TechTrades
REPRO INDIA
Buy at CMP 794 for the targets of 1050 to 1250,
Time frame 2-6 months (Add in parts)
Repro India Ltd. is engaged in providing print solutions which includes value engineering,
creative designing, pre-press, printing, knitting and assembly and other services across the
printing value chain.
Company provides integrated print solutions to publishers and corporations. Its standalone
business segments include traditional offset printing (education books/materials), PoD busi-
ness and Repro Applied Learning Solutions (RAPPLES
The Co. has a presence in 22 countries across Africa, where they produce educational
books for the Government as well as schools in large numbers. RIL’s key export markets
include Kenya, Sierra Leone, Nigeria, South Africa, the UK and the USA
The Co’s facilities at Haryana and Maharashtra have a capacity to print and bind 24,000
books per day and 12,000 books per day respectively. The facility in Haryana has a capacity
to print and bind 24,000 books per day
Rapid Fire Stocks

To Join My Elite Membership for Short Term Positional
Trades in Cash / Equity Segment
Whatsapp @ 9769037711
Telegram - @Kjtech79
Cont...
Financial Weekly TM

FSN ECOMMERCE
Buy at CMP 150 (and in Dips till 130)
Targets of 190 to 250 , time frame 2-6 months
FSN E-Commerce Ventures is engaged in the business of manufacturing, selling & distri-
bution of beauty, wellness, fitness, personal care, health care, skin care, hair care products
on the online platforms or websites such as e-commerce, m-commerce, internet, intranet as
well as through physical stores, stalls, general trade and modern trade etc.
Nykaa is India’s leading omnichannel beauty destination that commenced operations in

2012. The company is headquartered in Mumbai. Nykaa is preferred since it is exclusively
focused on beauty, fashion and wellness products. The company offers a wide range of
products across various categories such as makeup, skincare, fragrance, haircare, per-
sonal care, bath and body, grooming appliances, health and wellness. Nykaa is essentially a
one-stop shop for all beauty, grooming and wellness needs.
It offers users a wide variety of brands to choose from. It includes local brands, premium
brands, luxury and prestige brands, international brands, and niche and cult brands. The
company currently has more than 2,400 brands on its platform. Users also gain in terms of
advice from experts and a range of informative videos.
Buy... Buy... Buy on Dips Hold Sell on High

Tata Steel 141.00 Adani Power 568.00 UPL 457.00
Chalet Hotel 819.00
Vodafone 15.00 M&M 1646.00 Vinati Org 1636.00
Ambuja Cement 576.00
KPI Green 2122.00 ITC Ltd 415.00 Sharda Crop 377.00
PFC 428.00
Suzlon 47.00 UBL 1770.00 Escorts 2808.00
Zee Enter 203.00
Suryoday SFB 173.00 Birla Corp 1694.00 Navin Fluorine 3028.00
Balaji Tele 129.00 DB Realty 275.00
Coal India 455.00 Tatva Chintan 1274.00
IREDA 179.00 Gabriel 370.00
Laurus Lab 392.00 TCI Exp 1318.00
Fabino Life 34.00 Apollo Pipes 782.00
Zydus Life 805.00 Sun TV 622.00
Orient Press 109.00 IGL 439.00
Tata Power 392.00 Rajratan Global 615.00
NDA Securi 44.00 Globus Spirits 860.00
Welspun India 39.00 Alkem Lab 5326.00 Chola Fin 1122.00
Jai Corp 346.00
Promax Power 94.00 Orchid Pharma 1015.00 Orient Bell 361.00
Welspun Enet 360.00
Genus Prime 24.00 Sun Pharma 1534.00 Automotive Axles 1967.00
Jindal Steel 761.00
HMA Agro 76.00 ICICI Bank 1010.00 Astrazen 5717.00
Financial Weekly TM

UR Sugar Industries Ltd • CMP - 14.9 • BSE: 539097
UR Sugar Ltd. Aims to Capitalize on Government's
Decision to Allow Cane Juice and B-Heavy Molasses Usage
UR Sugar Ltd., a leading entity in the sugar
industry, aims to capitalize on the recent gov- Corporate
ernment decision permitting sugar mills to utilize
both cane juice and B-heavy molasses for etha- SCAN
nol production. The government's announcement, which includes a cap of
17 lakh tonnes for sugar diversion for ethanol purposes during the ongoing
2023-24 supply year (November-October), re-opens avenues for UR Sugar
Ltd.'s operations.
Following discussions within a ministerial committee, authorities conveyed,
"The flexibility has been given to sugar mills for using both sugarcane juice
and B-heavy within an overall cap of 17 lakh tonnes of diversion of sugar for
making ethanol in the ongoing 2023-24 supply year." UR Sugar Ltd. views
this decision as a pivotal opportunity to enhance its capabilities while main-
taining compliance with the stipulated regulations.
An official from the food ministry indicated that approximately 6 lakh tonnes
of ethanol had been produced using cane juice before the government's di-
rective on December 7. Given the anticipated decline in sugar production to an estimated 32.3-33 million
tonnes in the 2023-24 season. UR Sugar Ltd. remains agile in responding to market fluctuations caused by
various factors such as weather conditions affecting production.
UR Sugar Ltd. remains dedicated to innovation and sustainability within the sugar industry, embracing
this government decision as an opportunity to further contribute to the ethanol sector while navigating chal-
lenges posed by regional agricultural conditions.
Utilizing cutting-edge sugar production technology, UR Sugar Industries Ltd. is committed to delivering
superior quality plantation white cane sugar in various grades, which has gained wide acceptance in the
market. The company specializes in the production of Refined Sugar (Sulphurless) and Double Sulphitation
Sugars, which are meticulously graded based on size and color. Among its offerings, the M-grade of sugar,
highly sought-after in northern states, is manufactured across all its sugar units. The company strives to
achieve sustainable sugar production while creating value for farmers, consumers, and business partners
alike. The company's mission revolves around the goal of fostering long-term growth and prosperity within the
industry.
At the helm of UR Sugar Industries Ltd. is Mr. Lava Ramesh Katti, a dynamic and experienced young
entrepreneur. With his extensive expertise in the functioning of distilleries and co-generation units in the
sugar industry, Mr. Katti plays a pivotal role in the management and success of the company. The company
continues to build upon its reputation as a trailblazer in the Indian sugar industry. With a focus on innovation,
quality, and sustainable practices, the company is poised for further growth and a bright future.
In the years to come, the company has strategic plans to diversify its operations by actively engaging in
the procurement, sale, export, and trade of a wide spectrum of raw materials, intermediaries, and deriva-
tives within the realm of sugar and its various by-products. This multifaceted approach not only reflects the
company's commitment to expanding its market presence but also underscores its dedication to fostering a
robust and dynamic ecosystem within the sugar industry.
***
Financial Weekly TM

Research Report Het Zaveri
- Ahmedabad
BHARAT FORGE
Bharat Forge a preferred Technology & Engineering CMP Rs. 1314
52 - week high Rs.1321
driven development partner and global leader in metal 52 - week low Rs.744
Dividend % (consolidated) 0.53%
forming and it serves several sectors including Auto-
ROE 7.87%
motive, Railways, Aerospace, Marine, Oil & Gas, BVPS (Rs.) 144.78
Sales (Rs.) (Q2FY24) 3,774cr.
Power, E-Mobility, Construction and Mining. It is the Debt to Equity 1.02
P/E ratio 67.88
world's largest forging company and amongst one of
EPS (consolidated) 11.35
the best aerospace forging companies and automotive P/B ratio 5.35
Market Cap 61,180Cr.
forging company. It is also a leading supplier of various Face value Rs.2.00
components for the aviation sector.
Considering various business segment wise Bharat Forge is a leading railway engine parts
manufacturer of wheel sets, truck frames and rail components in India its manufacturing portfolio
includes Engine components such as crankshafts, connecting rods, pistons, deck ends, retainer
cylinder heads; Turbochargers like Machined Compressor Impeller, Turbine Wheel Impeller Bal-
ance Assembly and Turbine Disc Bucket Assembly; various bogie components and Power Elec-
tronics. In Automotive Segment Company is the largest exporter of Auto Components from India
and one of the leading Chassis Components manufacturers in the world. In POWER segment
company manufactures critical components for thermal, wind, hydro and nuclear applications.In
Oil and Gas segment, company is a leading gas forgings supplier with a wide spread supply chain
capability of handling multiple primary and secondary processes including Open Die Press, Ring
Rolling, Close Die Hammer, Finish Machining and Cladding which helps it to deliver turnkey ser-
vices. In Marine Segment company supplies various products to global ship builders which in-
cludes products like including key products like crankshafts, connecting rods and propeller shafts.
It is one of the most reliable connecting rod manufacturers in India and rank amongst the best
crankshaft manufacturers in India. Company also manufactures other marine products for the shafts
- propeller, marine motor and stem tube and products for the rudder - stock, trunk and pintel. In
Aerospace segment company is a leading supplier of various components - airframe, structural
and engine parts for the aviation sector. Also known to be one of the best aircraft compressor
Cont...
Financial Weekly TM

manufacturers in India. Company's E-Mobility portfolio includes a whole span of solutions for the
2W, 3W, 4W, Bus and Truck electrification, ranging from providing selected sub-systems to com-
plete electric powertrain kits under it's wholly owned subsidiary Kalyani Power trains Limited.
Company's casting arm JS Auto Cast is amongst the most reliable castings suppliers to leading
OEMs with a capacity for producing 120000 LMT of ductile iron (DI) castings annually catering to
the foundry processing offerings for applications in various industries such as Wind Energy, Hy-
draulics, Agricultural, Off-Highway, Automotive, Oil and Gas sectors.
It has 15 manufacturing plants spread across 5 countries which includes India, Germany, Swe-
den, France, and North America. It has the largest repository of metallurgical know-how, design &
engineering expertise, and manufacturing prowess in the region backed by more than 50 years of
experience in manufacturing a wide range of high performance, critical and safety components. It
has 30+ Years of Exporting experience with 750,126 TPA Global Forging Capacity through which
it caters 60+ Global Customers and 40+ Domestic Customers.
Cont...
Financial Weekly TM
Financial Results:
Company's Net Sales was at Rs 3,774.19 crore in September 2023 up by 22.68%, Quarterly Net Profit
was at Rs. 227.23 crore in September 2023 up by 55.72%andEBITDA stands at Rs. 673.91 crore in Sep-
tember 2023 up by 41.02% as compared to September2022.Company'sEPS has increased to Rs. 4.88 in
September 2023 from Rs. 3.13 in September 2022.
Key Updates:
Bharat Forge recently announced a partnership with the Tamil Nadu government to invest up to Rs 1,000
crore over the next five years for expanding its manufacturing operations in the state.
Kalyani Rafael Advanced Systems Private Limited, a joint venture company between KalyaniStrategic
Systems Limited (a wholly owned Defence subsidiary of Bharat Forge Limited) andRafael Advanced Sys-
tems Limited of Israel, has bagged an order amounting to Rs. 2875.1million inclusive of taxes from the
Indian Ministry of Defence for the supply of Missile Systems.
Cont...
Financial Weekly TM

Kalyani Strategic Systems Limited, a wholly-owned Defence subsidiary of Bharat Forge, hasbagged two
export orders aggregating to EURO 93.87 million (~Rs 850 Crores) from friendlycountries for supply of
components and Armored vehicle chassis to be executed over a18months' timeframe.
Recently, Hindustan Aeronautics Limited (HAL), Foundry & Forge Division,Saarloha Advanced Materi-
als Pvt Ltd (Saarloha) & Bharat ForgeLimited (BFL) signed MOU for Collaboration in Development and
Production of Aerospace grade steel alloys.
Bharat Forge Ltd & global aerospace and technology company, ParamountGroup signed a Memoran-
dum of Understanding (MoU) for the development and production of CompositeRotor Blades, Mission Sys-
tems and Stores Management systems for Medium Lift Helicopters.
Rolls-Royce Marine North America Inc and Kalyani Strategic Service Limited(KSSL), a 100% subsidiary
of Bharat Forge, have signed a MoU to explore the opportunity for KSSL to become an in-country provider
for propulsor sales within the Indian market.
J S Auto Cast Foundry India Private Limited("JS Auto"), its step-down subsidiary has entered into Busi-
ness TransferAgreement with Indo Shell Mould Limited ("ISML") for acquiring their SEZ Unitin SIPCOT,
Erode.
Saarloha Advanced Materials Private Limited (Saarloha),a Kalyani group company recently launched
first of its kind in India, green steel under thebrand "KALYANI FeRRESTA". KALYANI FeRRESTA steel
products are manufactured in an Electric Arc Furnace usingelectricity from 100% of renewable energy
sources and more than 70% recycled scrap material with zero GHG footprint. KALYANI FeRRESTA PLUS
has Net Zero GHG emissions perton of Crude steel whereas KALYANI Forrest has very low GHG emis-
sion of <0.19 tCO2eper MT of Crude Steel.
Kalyani Rafael Advanced Systems Pvt Ltd (KRAS) recently rolled out the 100th Medium Range Surface
to Air Missile Kit for delivery to the Indian Armed Forces. The kit is part of the MRSAM Air Defence Missile
jointly developed by Rafael Advanced Defense Systems Ltd & DRDO and manufactured in collaboration
with Indian industry comprising of both private and public sector players including MSMEs.
Kalyani Strategic Systems Limited, a wholly owned subsidiary of the Company, recently bagged another
export order for a 155mm Artillery Gun platform to be executed over a 3-year timeframe at the total value of
the order is USD 155.50 Mn.
Company also signed a MOU with General Atomics, US, a global leader in the research, design, and
manufacture of a diverse portfolio of electromagnetic and advanced power and energy technologies. Under
the terms of the MOU, Bharat Forge and General Atomics' Electromagnetic Systems Group (GA-EMS) will
collaborate for Lithium-Ion Battery System for naval platforms/submarines to address the requirements of
Indian Navy.
Bharat Forge Limited has recently dispatched 16 world-class and Made-InIndia Kalyani M4 vehicles to
the Indian Army for United Nations Peacekeeping deployment. The Kalyani M4 is a state-of-the-art Ar-
Cont...
Financial Weekly TM

mored Personnel Carrier that provides unprecedented levels of protection to the occupants against high
Kinetic Energy threats including severe mine blasts and grenades.
Kalyani Power train Limited and Harbinger Motors Inc. Announce Joint Venture named Electro Forge, to
Develop Electrified Drive trains for the Commercial TruckingIndustryat Kalyani Powertrain Limited's Pune,
India facility with expansion anticipated worldwide.
Year ago in East Tech 2022, company showcased a glimpse of Artillery Gun Systems, Protected Ve-
hicles, Armored Vehicles, Ammunition, Missiles and Air Defence Solutions, Small Arms, and Defence Elec-
tronics developed by the Kalyani Group.
BF Infrastructure Ltd., a wholly-owned subsidiary of Bharat ForgeLimited and Talgo India Pvt Ltd., a
wholly-owned subsidiary of Patents Talgo S.L. have collaborated together to set-up a joint venture which
will engage into manufacturing high speed passenger trains. The alliance will also address in future large
business opportunities in the Indian Railways sector and tap the upcoming domestic requirements in the
field.
Kalyani Strategic Systems Limited (KSSL), the defense arm of Kalyani Group had recently unveiled the
unique drone BHARAT 150, a multi-payload, variable mission drone indigenously developed by the group.
The X-8 configuration drone is already under testing bythe Indian Army in high altitude areas in Leh-Ladakh
and performed 8.5 KM with 20 kg payload.
Company has also successfully started commercial production of new Electric 2-wheelerat Chakan
which has capacity of 60,000 vehiclesper annum, expandable to 100,000 vehicles.
In last3 Years the stock gave a return of 103.63%as compared to the rise of Sensex and Nifty in the
same period.
Company has a well-diversified business across various industries and catering to various OEMs across
the globe. Its foray into Aerospace, Defense and E-mobility business through acquisitions and JVs may
work as a key driver for its growth in upcoming years. Considering company's world-wide presence, proven
financial track record, foray into futuristic business segments, good order book positions due to orders from
Private as well as PSU entities and backed by GOI's focus on strengthening India's position in world
economy, investors may invest in this company for long term period.
HET ZAVERI : [email protected]

(Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions
in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make
purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources
believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take
their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or
responsible for any legal or financial losses made by anybody. Investors must take advice from their financial advisors
before investing in any stocks.)
Financial Weekly TM
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Rudra Gas Enterprises Limited
comes out with an SME IPO
Rudra Gas Enterprises Ltd. (RGEL) is mainly engaged in gas
distribution network projects, fiber cable network, renting of
construction machinery and vehicles. It provides end-to-end
solutions for the city gas distribution sector
Corporate Feature Rudra Gas Enterprise IPO Details

IPO Date : February 8, 2024 to February 12, 2024
Objects of the Issue Face Value : Rs. 10 per share
1. To Meet Working Capital Requirements Price : Rs. 63 per share
2. General Corporate Purposes Lot Size : 2000 Shares
Total Issue Size : 2,248,000 shares
Rudra Gas Enterprises Ltd. (RGEL) is engaged in (aggregating up to Rs. 14.16 Cr)
various facets of the infrastructure sector. It is mainly
Fresh Issue : 2,248,000 shares
engaged in gas distribution network projects, fiber cable
(aggregating up to Rs.14.16 Cr)
network, renting of construction machinery and vehicles.
It provides end-to-end solutions for the city gas distri- Issue Type : Fixed Price Issue IPO
bution sector. Its services ensure the safe and effi- Listing At : BSE SME
cient transportation of vital resources such as Com- Share holding pre issue : 6,090,000
pressed Natural Gas ("CNG") and Piped Natural Gas Share holding post issue : 8,338,000
("PNG"). In Fiber cable network sector, the company Market Maker portion : 116,000 shares
offers services of installations of optical Fiber cable Spread X Securities
and maintenance thereof. Its main focus is on deliver-
Registrar : Link Intime India Pvt. Ltd.
ing projects in a timely manner while upholding the high-
est standards of safety. Lead Manager :
Rudra Gas Enterprises Ltd. (RGEL) is coming out Beeline Capital Advisors Pvt. Ltd.
with an SME IPO. The company will issue 2248000
equity shares of Rs. 10 each. Issue price is Rs. 63 per Rudra Gas Enterprises Ltd. (RGEL) is coming out with an
share. It will raise Rs. 14.16 crore through this IPO. SME IPO. The company will issue 2248000 equity shares
The Issue opens on February 08, 2024, and will close of Rs. 10 each. Issue price is Rs. 63 per share. It will raise
on February 12, 2024. The minimum application to be
Rs. 14.16 crore through this IPO. The Issue opens on
made is for 2000 shares and in multiples thereon, there-
February 08, 2024, and will close on February 12, 2024
after. Post allotment, shares will be listed on BSE SME.
The issue constitutes 26.96% of the post-IPO paid-up capital of the company. The company is spending Rs. 1.42 cr. for
this IPO process, and from the net proceeds, it will utilize Rs. 9.50 cr. for working capital, and Rs. 3.24 cr. for general
corporate purposes. The issue is solely lead managed by Beeline Capital Advisors Pvt. Ltd., and Link Intime India Pvt.
Ltd. is the registrar of the issue. Beeline Group's Spread X Securities Pvt. Ltd. the market maker for the company.
Cont...
Green Future - RUDRA GAS
GREENSTAT HYDROGEN
The Company has entered into a Joint Venture Agreement Dated 14th
December 2023 with Greenstat Hydrogen India Private Limited in a name
“Rudra Gas Greenstat Hydrogen Private Limited” for Providing Business
of Generating, Storing, Transmitting, Distributing, Trading, and Supplying
Energy Using Non-Conventional and Renewable Sources.
RGGHPL is currently engaged in the business of encompassing the
purchase, import, storage, distribution, and trading of gas appliances, fit-
tings, and related goods. RUDRA GAS GREENSTAT HYDROGEN PRI-
VATE LIMITED operates in the capacity of constructional engineers, me-
chanical engineers, and general contractors, engaging in the construction
of various projects, including those related to gas supplies and distribution.
Financial Weekly TM

As of October 31, 2023, the com-
pany has an order book of Rs.
327.83 out of which income is
booked for Rs. 75.71 crore
Key Highlights
• Joint Venture with Greenstat Hydrogen India Pvt.
Ltd. For hydrogen related projects.
• Expertise is in pipeline construction, civil works
and operation & maintenance, for pipeline net-
works in city gas distribution.
• Successfully executed more than 50 Projects.
Key Strength
• Experienced Promoter and Management Team
On the financial performance front, for the last • Robust infrastructure and effective project execution
three fiscals, the company has (on a standalone ba- • Establishing long-term client relationships and driving repeat business
sis) posted a total revenue/net profit of Rs. 28.17 cr. • Strong Partnerships
/ Rs. 1.27 cr. (FY21), Rs. 43.96 cr. / Rs. 1.79 cr.
• Expanding Operational Capabilities
(FY22), and Rs. 49.57 cr. / Rs. 3.52 cr. (FY23). For
• Compliance and Safety Culture
H1 of FY24 ended on September 30, 2023, it earns a
• Optimal Utilization of Resources
net profit of Rs. 2.47 cr. on a total income of Rs.
34.47 cr. For the 7 months' period of FY24 ended on • Customer Focus
October 31, 2023, the company has (on a consoli-
dated basis) posted a total revenue of Rs. 34.47 cr. Promotors of Rudra Gas Limited
with a net profit of Rs. 2.47.
Mr. Kush Sureshbhai Patel, aged 34
For the last three fiscals, it has reported an aver-
years, is the Chairman and Managing Direc-
age EPS of Rs. 4.89, and an average RONW of tor and Promoter of the company. He holds
43.37%. The issue is priced at a P/BV of 3.34 based degree of Bachelor of Technology from Pandit
on its NAV of Rs. 18.87 as of October 31, 2023, and Deendayal Petroleum University,
at a P/BV of 2.05 based on its post-IPO NAV of Rs. Gandhinagar, Gujarat He is having an experi-
30.77 per share. If we attribute annualized FY24 earn- ence of more than 10 years in the field of Oil
ings to its post-IPO fully diluted paid-up capital, then and Gas Industry. He manages finance, accounting, design and
the asking price is at a P/E of 12.38. development of gas distribution network, optical fiber cable net-
For the reported periods, the company has posted work and overall management of the company.
net profit margins of 4.52% (FY21), 4.09% (FY22), Mr. Kashyap Sureshbhai Patel, aged 34
7.12% (FY23), 7.20% (7M-FY24), and RoCE of years, is the Executive Director and Promoter of
the company. He holds degree of Bachelor of
20.48%, 21.60% 25.26%, 14.86% respectively for
Technology from Pandit Deendayal Petroleum
the referred periods. RGEL's client base comprises University, Gandhinagar, Gujarat. He is having an
of established players in the city gas distribution in- experience of more than 11 years in the field of Oil and Gas
dustry and telecommunication industry, both in pub- Industry. He manages Tendering Department, Project construc-
lic and private sector. Over the years, it has suc- tion activities and overall operations of the company.
cessfully executed more than 50 projects and its major Mrs. Manjulaben Sureshbhai Patel, aged 56
completed projects quantify to approximately Rs. years, is the Non-Executive Director and Pro-
127.08 cr. The company derive its revenue from gas moter of the company. She is having an experi-
pipeline projects, fiber cable projects and Renting of ence of more than 7 years as a Director in Rudra
construction machineries and vehicles. As of Octo- Gas Enterprise Limited.
ber 31, 2023, it has

an order book of Rudra Gas Enterprise Limited Financial Information
Rs. 327.83 out of
which income is Period Ended 31 Oct 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
booked for Rs. Assets 4,345.39 3,380.56 2,804.92 1,960.50
75.71 cr. As of Revenue 3,446.81 4,957.02 4,395.95 2,816.96
October 31, 2023, Profit After Tax 247.41 352.02 179.41 127.05
it had 512 employ- Net Worth 1,149.10 798.50 446.48 267.07
ees on its payroll.
Reserves and Surplus 540.10 773.50 421.48 242.07
*** Total Borrowing 1,990.15 1,738.34 1,379.98 1,008.22
Amount in Rs. Lakhs
Financial Weekly TM
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Financial Weekly TM
Performance Report - Mid-term / Long-term

Stock Name Advise Target Stop Holding Return Advice End
Price Price Loss Period % Date Date
JK paper 370 490 2-12 weeks 32% 13/02/2023 19/01/2024
Hdfc Life 495 645 474 2-4 weeks 30% 08/03/2023 03/01/2024
Restaurant Brand Asia 105 110 90 2-4 months 5% 25/10/2023 11/01/2024
SHAREINDIA 1520 1830 1420 4-6 weeks 20% 01/11/2023 18/01/2024
Quick Heal 381 440 311 4-6 weeks 15% 15/10/2023 17/01/2024
Ashoka Buildcon 145 160 123 4-6 weeks 10% 16/10/2023 18/01/2024
Fusion Micro 540 669 520 4-6 weeks 24% 01/12/2023 31/01/2024
RALLIS INDIA 250 264 215 6-8 weeks 6% 05/12/2023 18/01/2024
Honasa Consumer 387 485 350 12-16 weeks 25% 11/11/2023 08/01/2024
Engineer India 160 204 150 4-6 weeks 28% 14/12/2023 02/01/2024
Asahi Glass 555 578 530 4-6 weeks 4% 15/12/2023 05/01/2024
Graphite India 540 574 470 5-6 weeks 6% 15/12/2023 17/01/2024
PDSL 545 588 525 4-6 weeks 8% 21/12/2023 15/01/2024
IEX 160 140 145 4-6 weeks -13% 29/12/2023 17/01/2024
Sula Vineyards 475 622 450 12-16 weeks 31% 29/12/2023 08/01/2024
Sasta Sundar Ventures 410 473 386 4-6 weeks 15% 01/01/2024 02/01/2024
Vascon Engg 71 77.5 65 4-6 weeks 9% 01/01/2024 05/01/2024
IMFA 512 582 494 4-6 weeks 14% 01/01/2024 30/01/2024
NFL 90 115 80 2-4 weeks 28% 02/01/2024 18/01/2024
MUNJAL SHOWA 160 190 142 4-6 weeks 19% 10/01/2024 11/01/2024
NAM_India - Nippon 495 525 6% 11/01/2024 30/01/2024
MADRAS FER 94 116 78 4-6 weeks 23% 03/12/2023 02/02/2024
Infosys 1564 1700 1460 2-3 weeks 9% 15/12/2023 02/02/2024
SWAN ENERGY 505 645 480 6-8 weeks 28% 29/12/2023 01/02/2024
NATIONAL ALUMINIUM 135 157 120 4-6 months 16% 16/01/2024 02/02/2024
Inox India 884 1029 855 2-3 months 16% 30/01/2024 03/02/2024
Delta Corp 143 153 131 3-4 weeks 7% 04/02/2024 04/02/2024
Average Return 16%
Subscriber will receive recommendation through Telegram

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E : [email protected] / www.smartinvestment.in
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Financial Weekly TM

Equichain Wealth Advisors
Global Markets Nikunj Vithlani
[email protected]
Key events for 5th to 9th February 2024

This week we will focus on China's economy, how Powell 's interview to "60 Minutes" and also discuss
BOJ shift in policy change from negative interest rate. This week has been relatively quite and focus has
been on corporate earnings.
China's Consumer Prices Drop at Fastest Pace Since 2009

China's consumer prices fell last month at the fastest pace since the global financial crisis as the world's
second-largest economy struggles to shake off persistent deflation pressures.
The consumer price index dropped 0.8% in January from a year ago, the National Bureau of Statistics
said Thursday, worse than economists' expectations for a 0.5% decline. The producer price index fell 2.5%,
compared with projections for a 2.6% decline. Factory-gate costs have been stuck in deflation for 16 con-
secutive months.
Germany's Industrial Downturn Stretches into A Seventh Month

German industrial output extended its slump to a seventh month in December, underlining the struggles
gripping Europe's largest economy.
Production fell 1.6% from November, led by chemicals and construction, the statistics office said Wednes-
day. The drop was far worse than the 0.5% decline predicted by analysts in a Bloomberg survey.
China Tightens Some Trading Restrictions for Domestic and Offshore Investors
China is tightening trading restrictions on domestic institutional investors as well as some offshore units
as authorities fight to stem a deepening stock rout, according to people familiar with the matter.
Officials this week-imposed caps on some brokerages' cross-border total return swaps with clients,
limiting a channel that can be used by China-based investors to short Hong Kong stocks, said the people,
asking not to be identified discussing a private matter. At the same time, some Chinese brokers that use the
channel to buy mainland shares for their offshore units were told not to reduce their positions, the people
said.
Powell Tells '60 Minutes' Fed Is Wary of Cutting Rates Too Soon
Federal Reserve Chair Jerome Powell said Americans may have to wait beyond March for the central
bank to cut interest rates as officials look for more economic data to confirm that inflation is headed down to
2%.
The "danger of moving too soon is that the job's not quite done, and that the really good readings we've
Cont...
Financial Weekly TM

had for the last six months somehow turn out not to be a true indicator of where inflation's heading," Powell
said in the interview with CBS's Scott Pelley, according to a transcript provided by the network.
Trillions Of Yen Pile Up at Negative Rates in Bets on BOJ Shift

Japan's biggest commercial banks are letting money accumulate in negative interest-rate accounts at
the central bank - another sign that the world's last sub-zero rate policy is coming close to the end.
When the Bank of Japan started charging -0.1% interest on certain accounts where lenders parked
excess funds eight years ago, policymakers got the result they wanted: cash flowed elsewhere, to more
productive parts of the financial system, supporting the BOJ's campaign to revive the economy and spur
inflation.
Equichain Wealth Advisors: Market View & Opinion

In last few weeks in our coverage of global market, we have been focusing mainly on three countries and
their central banks. U.S., Japan & China. US Fed has signaled that interest rate has peaked and now the
focus shift to when will US Fed cut rates? Bank of Japan has signaled that negative interest rate could end
as soon as March 2024 meeting. China is facing its own problem, despite interest rate in China is at low and
Chinese government is providing support to spur economic growth is failing to bring desired result.
We would like to highlight that market is optimistic and currently trading near its high as interest rate
going down in US could be positive for risk-on sentiment, China's effort to boost economy is also positive
but the real concern in BOJ moving away from negative interest rate policy. We remain cautious as BOJ
change in policy could trigger some surprising move in global financial market in coming two months.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472

Telegram channel: https://t.me/Equichain
Nikunj Vithlani
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly TM

Sakuma Exports Ltd
CMP - Rs. 25.00 • BSE: 532713 NSE : SAKUMA
Sakuma Exports Ltd. Ventures into Maize Procurement & Ethanol
Production, Targets Rs 500 Crore Turnover
Corporate SCAN
Sakuma Exports Ltd. (BSE: 532713, NSE:
SAKUMA), a renowned player in the agro-com-
modities sector, has made a momentous an-
Sakuma Exports' consistent dividend payouts to its shareholders
nouncement, indicating its entry into the maize since 2012 underscore the company's robust financial foundation
procurement and trading domain. This strate- and commitment to shareholder value.
gic step underscores the company's commit-
ment to diversifying and expanding its opera-
tional horizons, with a specific focus on seiz-
ing emerging market potentials in Eastern In-
dia.
With an initial capital infusion of Rs 50 Crore,
Sakuma Exports is set to commence direct pro-
curement from farmers in the region, slated to
kickstart during the forthcoming April-May 2024
procurement season. By venturing into maize procurement, the company aims to tap into various indus-
tries, including ethanol and ethanol-based products production, thereby contributing significantly to sus-
tainable development and economic prosperity.
This strategic move resonates seamlessly with Sakuma Exports' long-term vision and dedication to
delivering value to its shareholders. Projections reveal a targeted business turnover of approximately Rs
500 crores for the upcoming season, underscoring the company's ambitious growth trajectory and con-
fidence in the success of this new venture.
Expressing enthusiasm about the company's entry into the maize procurement sector, Sakuma Ex-
ports Ltd.'s management stated, "This strategic initiative marks a significant milestone for Sakuma Ex-
ports Ltd. Our objective extends beyond capitalizing on the vast potential of the maize market; we aim to
make positive contributions to the agricultural sector and broader economic advancement."
Sakuma Exports remains steadfast in its commitment to prudent financial management, operational
excellence, and fostering robust relationships with its stakeholders. This foray into maize procurement
exemplifies the company's agility and adaptability in seizing new opportunities while upholding its core
values of integrity, innovation, and sustainability. Earlier, in January, the company announced that it had
signed an agreement with Raigaon Sugar and Power Ltd. for entire production of 3 Crore Litres annually
for Ethanol and its related products, for a period of 3 years.
The management extends heartfelt gratitude for the continued trust and support from shareholders
and stakeholders, reaffirming its dedication to creating enduring value for all involved parties.
For FY23, Sakuma Exports disclosed a noteworthy surge in annual revenue, marking an exceptional
11.19% growth to reach a significant figure of Rs 3,180 Crores. The company reported a remarkable
9.59% year-over-year increase in quarterly revenue, reaching Rs 364.33 Crores (Q2FY24), significantly
surpassing the sector's average revenue growth for the quarter. Additionally, Sakuma Exports show-
cased a robust annual net profit growth of 3.65% to achieve Rs 28.45 Crores (FY23), demonstrating its
ability to maintain profitability amidst market challenges.
Sakuma Exports Ltd.'s recent announcement and performance highlights its resilience and strategic
foresight in navigating market dynamics.
***
Financial Weekly TM

Chart Check
Your Stock Our Recommendation
SMS Pharma:
Buy above 147 with sl of 131 target 164…197
Buy NSIL:
Buy at cmp with sl of 3350 target 4849
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Bank of baroda:
Buy at cmp with sl of 225 target 300…350…425
This are some stocks we received from our subscribers,

You can also send your to get featured in next week
For any query email us on
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Financial Weekly TM

Future Options Diary
Nilesh Kotak (Ph. : 9227204076, 8866004076)
E :[email protected] / W : www.dhanvarshaindia.com
Next week Nifty range should go between 21600 to 22000.
BUY SELL
MOMENTUM CASH ESCORT(2807) MOMENTUM INDEX SELL
BUY RANGE :2725 -2750
BANKNIFTY 45900
STOPLOSS : 2630
7 TO 12 TRADING SESSIONS 29.02.2024 EXPIRY
TARGET 1: 2900BOOK 50% SELLRANGE :46100 - 46200
TARGET 2 :2950 BALANCE 50 %
TECHNICAL CASH MARKET BUY STOPLOSS : 46700
INDIABULL REAL ESTATE (125) 7 TO 12 TRADING SESSIONS
BUY RANGE :117-118
TARGET 1 :45100 BOOK 50%
STOPLOSS : 105
7 TO 12 TRADING SESSIONS TARGET 2 :44800 BALANCE 50 %
TARGET ONE :135 BOOK 50% TECHNICAL FUTURE SELL
TARGET TWO :142 BALANCE 50 %
MOMENTUM INDEX BUY
ULTRATECH CEMENT. (4993)
MIDCAP NIFTY (10755) 29.02.2024 EXPIRY
BUY RANGE :10650 - 10675 SELLRANGE :10200 - 10300
STOPLOSS : 10450
7 TO 12 TRADING SESSIONS STOPLOSS : 10800
TARGET 1 :10850 BOOK 50% 7 TO 12 TRADING SESSIONS
TARGET 2 :10950 BALANCE 50 %
TARGET ONE :9500 BOOK 50%
MOMENTUM FUTURE BUY
NESTLE (2447) 29.02.2024 EXPIRY TARGET TWO :9400 BALANCE 50 %
BUY RANGE :2410-2420 MOMENTUM OPTION BUY
STOPLOSS : 2360
7 TO 12 TRADING SESSIONS INDIGO. (3120)
TARGET ONE :2500 BOOK 50% PUT OPTION PRICE CMP (91)
TARGET TWO :2525BALANCE 50 % PREMIUM 29.02.2024 EXPIRY
MOMENTUM OPTION BUY
HDFC BANK. (1410) CALL OPTION PREMIUM BUY RANGE :70 - 75
( 34 )29.02.2024 EXPIRY STOPLOSS : 40
BUY RANGE : 22 - 25
STOPLOSS : 12
7 TO 12 TRADING SESSIONS
7 TO 12 TRADING SESSIONS TARGET 1 :115 BOOK 50%
TARGET ONE :36 BOOK 50% TARGET 2 : 140 BALANCE 50 %
TARGET TWO :42 BALANCE 50 %
In all the recommendations made by us, the first target is achieved. And to a
great extent, the second target is achieved. Investors should take note.
Financial Weekly TM

Financial Weekly TM

SMART BANKING & FINANCIAL SERVICES
Tracking the pulse of Active & Passive Mutual Funds
By Dr. Vijaya Kittu M, https://vijaykittu.com
Tracking the pulse of the Indian and Global Banking and Financial Services - so that the typical Indian Investor can benefit from it.His Ph.D. in Finance
thesis topic specialized on Mutual funds. He is pursuing his second Ph.D. in Computer Science with a specialization in Blockchain.
IDFC FIRST BANK and Infibeam Avenues Ltd entered into a partnership, allowing the bank to offer
extensive credit card EMI solutions. Infibeamowns the popular technology payment brand CC Avenues.The
bank announced Guidance 2.0 in recent quarterly results, setting its targets for March 31, 2029. As a part of
this plan, the bank is targeting a deposit base of Rs. 5,85,000 crores, assets of Rs. 5,00,000 crores, GNPA
of 1.4% and NNPA of 0.4%, and an ROA of 2%.The bank expects a positive momentum cost-to-income
ratio definitely andan improvement in ROA and ROE for FY25 and FY26.
FIVE-STAR BUSINESS FINANCE LIMITED reported a 43.5% jump in Net Profit during Q3FY2 on a
YoY basis. NII rose 36% while NIM stood at 16.8% in Q3. Back in December, the Chairman and MD of the
company expressed optimism that the company is expecting a loan growth of 30% in the current and the
next financial year. Another key update from early December 2023 is the partial stakesale of three large
investors - Peak XV Partners (formerly known as Sequoia Capital), TPG Asia, and Matrix Partners. In its
recent transcripts, the management said Five Star's ERP moved from FinnOne to Salesforce. The lender
now has 480 branches, with 111 branches opening in the year's first nine months.
CAMS announced that MEITY has declared the company's computer resources relating to the Mutual
Fund System and its Database and the computer resources of associated dependencies to be protected
systems under the Information Technology Act, of 2000.
BITCOIN took a sweet rally during the week and might be heading towards $48,200. Since the $46k
levels are crossed, market experts believe the 'year of long' has started for the cryptocurrency. Thailand
decided to make bitcoin trading attractive and abolished VAT on its trades. Barely a few days after their
launch, Spot Bitcoin ETFs are gaining attention after experts said that they are 'superior' compared to Spot
Gold ETFs. Rival cryptocurrency Salona was down for about five hours, making it the 11th time the network
has been down in two years. Meanwhile, Bill Gates continued to be skeptical about Bitcoin and warned
investors to watch out if one has less money than Elon Musk.
Stock Market Online Training Program

Learn Personal Finance, MF, Retirement, and investing in Equity shares
Live Online Zoom Sessions with Printed Study Material and hand-holding support
To Register, WhatsApp +91 98495 19188
Financial Weekly TM

Polysil Irrigation Systems Limited enters
into the capial market through SME IPO
Polysil Irrigation Systems Limited, 35 Years Old
Company working in 9 major state of India, manufac-
tures and distributes HDPE pipes, fittings, and micro
irrigation systems, such as drip irrigation systems
and sprinkler irrigation systems as well as their
components, accessories, and related products under
the brand name Polysil
Corporate Feature Polysil Irrigation Systems IPO Details

IPO Date : February 8, 2024 to February 13, 2024
Objects of the Issue Face Value : Rs.10 per share
1. Funding our Working Capital Requirements; and Price : Rs. 54 per share
2. General Corporate Purpose. Lot Size : 2000 Shares
Polysil Irrigation Systems Limited manufactures and distrib- Total Issue Size : 3,229,000 shares
utes HDPE pipes, fittings, and micro irrigation systems, such as
(aggregating up to Rs.17.44 Cr)
drip irrigation systems and sprinkler irrigation systems as well as
their components, accessories, and related products under the Fresh Issue : 1,444,000 shares
brand name Polysil. The company's product range includes HDPE (aggregating up to Rs. 7.80 Cr)
pipes, pipe fittings, and irrigation equipment, including disc filters,
screen filters, hydrocyclone filters, sand filters (gravel), compres- Offer for Sale : 1,785,000 shares of Rs.10
sion fittings, valves (electrical and mechanical), fertilizer tanks, (aggregating up to Rs. 9.64 Cr)
digital controllers, pressure gages, etc. The company's manufac-
Issue Type : Fixed Price Issue IPO
turing unit is located in Vadodara, Gujarat, and covers an area of
100,000 square meters. As of March 31, 2023, the company had Listing At : NSE SME
82 people, including skilled and unskilled workers, administrative Share holding pre issue : 9,897,090
staff, and the management team.
Polysil Irrigation Systems is coming out with an SME IPO. The Share holding post issue : 11,341,090
company will issue 32,29,,000 equity shares of Rs. 10 each, out of Registrar : Bigshare Services Private Limited
which it will issue 1,444,000 fresh equity shares, while 1,785,000
shares will be through Offer For Sale (OFS) route. It will raise Rs. Lead Manager :
17.44 crore through this IPO. The issue price is Rs. 54 per share.
The issue opens on February 8, 2024 to February 13, 2024. The Fedex Securities Private Limited
minimum application to be made is for 2000 shares and in multiples thereon, thereafter. Post allotment, shares will be listed on NSE SME. Fedex
Securities Private Limited is the the Book Running Lead Manager (BRLM) of this issue and Bigshare Services Private Limited is the registrar of
the issue. On financial front, the company’s balance sheet is healthier. Polysil’s fourth quarter is the best quarter almost all the years. So, Q4
numbers (which will be announced post-IPO) will be much better. So, even after listing, Polysil’s stock (post lising) might be in limelight at least
for the next couple of months.
Cont...
Polysil’s fourth
quarter is the best
quarter almost all
the years. Q4 num-
bers (which will be
announced post-
IPO) will be much
better. even after
listing, Polysil’s
stock (post lising)
might be in lime-
light.
Financial Weekly TM

Polysil Irrigation Systems
Limited Financial Information
Period Ended 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 5,531.46 4,616.80 4,178.47
Revenue 4,392.49 3,767.21 5,471.58
Profit After Tax 113.53 33.75 64.81
Net Worth 1,535.71 1,372.06 1,338.31
Reserves and Surplus 546.00 1,326.56 1,292.82
Total Borrowing 1,547.25 1,494.96 1,104.83
Amount in Rs. Lakhs
Promoters of Polysil Irrigation

Incorporated in 1985 The Company is a fully integrated player Mr. BHARATKUMAR PATEL : He is the Man-
within the drip irrigation and sprinkler irrigation sectors, with a aging Director and Chief Executive Officer (CEO)
presence in micro irrigation industry. Their products are reck- of the board of the company. He is one of the
oned to meet high quality standards and their brand is associ- promoters of the company. He has been associ-
ated with providing value-based irrigation solutions to their end ated with company for more than 10 years. He
holds a diploma certificate in electronics and com-
customers and are subject to BIS standards. Polysil Irrigation
munication engineering from gomatesh polytech-
Systems sells its products through institutional markets and open nic belgaum. He has around 25 years of experi-
market sales. Under the open market sale, they sell their prod- ence in the field of micro irrigation sector.
ucts through distributors and dealers, who then resell the prod-
Mr. PRAFULBHAI RADADIA : He is a Whole-Time
ucts to customers i.e. farmers. As of July 31, 2023, they sold
Director of the company. He has been associated with
their products through 8 distributors and around 425 dealers in
the company for more than 10 years. He holds a degree
India. Their end customers are eligible to receive government of B. Tech. in agricultural engineering from Gujarat Ag-
subsidies, the process for disbursal of such subsidy is managed ricultural University. He has around 10 years of experi-
by their distributor/dealers and/or their customers. They operate ence in the field of micro irrigation sector.
in the states of Gujarat, Tamil Nadu, Maharashtra, Andhra
Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan Polysil Irrigation Systems is coming out with an SME
and Haryana. They operate in the States of Maharashtra, Madhya
Pradesh, and Rajasthan through their dealer/distributor network IPO. The company will issue 32,29,,000 equity shares of
and in the States of Andhra Pradesh, Gujarat, Tamil Nadu, Rs. 10 each. It will raise Rs. 17.44 crore through this
Haryana, and Uttar Pradesh under the institutional model.
The company’s existing manufacturing unit is spread around IPO. The issue price is Rs. 54 per share. The issue
100,000 sq. ft. area is situated at RS NO.340/1, Beside Hystuff opens on February 8, 2024 to February 13, 2024
Steel,Village Rania, Taluka. Savli, Dist.Vadodara Manjusar,
Vadodara, Gujarat is equipped with requisite plant and machineries and other facilities. It also has in-house testing laboratory for quality
control checks and testing our products. Manufacturing unit and its products are accredited with IS 4984:2016 for polyethylene pipes for
water supplies, IS 13487:2016 for irrigation equipment emitters, IS 13488: 2008 for irrigation equipment – emitting pipe systems, IS 14151:2008
for irrigation equipment – sprinkler pipes, polyethylene pipes and fitting for sprinkler irrigation systems and IS 12786:1989 for irrigation
equipment – polyethylene pipes for irrigation laterals. The company purchases the irrigation equipment’s and accessories such as, disc
filters, screen filters, hydro-cyclone filters, sand filters (gravel), compression fittings, valves (electrical and mechanicals), fertilizer tanks,
Digital Controllers, Pressure Gauges, etc from third-party manufacturers who also manufacture these products as per its specification and
also under the brand “Polysil”.
Its basic raw material includes HDPE, LLDPE and LDPE granules and it procures raw materials based on market availability, pricing and
quality from the domestic market and also from international market. The cost of materials consumed (including purchase of stock in trade)
by the company in its operations accounted for 46.45%, 37.29% and 34.55% of revenue from operations for the Fiscal 2023, Fiscal 2022 and
Fiscal 2021, respectively.
The company’s revenue from operations for the period ended on August 15, 2023 and for the Fiscal 2023, Fiscal 2022 and Fiscal 2021
was ? 1018.74 Lakhs, ? 4387.66 lakhs, ? 3762.08 lakhs and ? 5458.80 lakhs, respectively. Profit before tax for the period ended on August
15, 2023 and for the Fiscal 2023, Fiscal 2022 and Fiscal 2021 was ? 173.48 ? 265.04 lakhs, ? 68.30 lakhs and ? 103.85 lakhs, respectively.
Our profit after tax for the period ended August 15, 2023 and for the Fiscal 2023, Fiscal 2022 and Fiscal 2021 was ?110.31 Lakhs ?113.52
lakhs, ? 33.75 lakhs and ? 64.81 lakhs, respectively.
HDPE Pipes are made of either of three grades of High Density Poly Ethylene polymers. The LLDPE pipe coils are also known as Drip
Laterals. They are used as the end part of any Drip Irrigation system. PVC pipes are made of pure virgin Poly Vinyl Chloride. Sprinkler Irrigation
is a method of applying irrigation water which provides a rainfall-like effect. Water is distributed through a system of pipes usually by pumping.
It is then sprayed into the air and the entire soil surface is irrigated through spray heads so that it breaks up into small water droplets that fall on
the ground.
***
Financial Weekly TM
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Financial Weekly TM

SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
Black Rose Industries Ltd
BSE Code : 514183 514183 Rs.142.30 (Face Value Re.1)
Black Rose Industries Ltd. is operates India's first acrylamide manufacturing plant as well as a
polyacrylamide manufacturing plant. It has a wholly owned subsidiary in Japan, B.R. Chemicals
Co.,Ltd. Its portfolio encompasses specialty chemicals & performance chemicals catering to vari-
ous industries such as paints & coatings, water/wastewater treatment, ceramic binders, construc-
tion chemicals, surfactants and adhesives,oil & gas, textiles, paper, leather chemicals and other
industries.
Black Rose has an equity base of Rs.5.1 cr. that is supported by huge reserves of Rs.131.73
cr. The promoters hold 75%, two HNIs & one NRIs are hold 2.67%. For Q3FY24, Black Rose
has posted 1915% higher PAT of Rs.5.44 cr. as against only Rs.0.27 cr. & posted 154.59%
higher PAT of Rs.15.53 cr. as against Rs.6.10 cr. in 9MFY23.
SNIPPETS FROM THE PRESS RELEASE OF BLACK ROSE
Outlook - Acrylamide Liquid and Solid Overall demand for acrylamide has improved in the cur-
rent quarter and the company expects a significant increase in both sales volumes and profitability.
Due to our extensive and growing market presence, we expect export volumes to remain strong
despite the disruptions in international logistics and higher sea freight due to recent geopolitical
events.
N-Methylol Acrylamide : The company has started commercial supplies for the product to some
key domestic and international customers and this development is expected to result in a substan-
tial increase in sales volume from the current quarter.
In the distribution segments the company expects its sales to improve significantly in the cur-
rent quarter as it anticipates increased supplies from principals to cater to the domestic market and
higher demand from the US oil and gas segment for our merchant exports.
Projects and Expansions : The company has ramped up its efforts in advancing the develop-
ment of polyacrylamide solids, with the R&D team focusing solely on this project. The company is
actively seeking to acquire a new 20-acre land for future projects. Furthermore, the company is in
discussions to establish a specialty chemicals project in partnership with a Japanese company at
its current site in Jhagadia. Additionally, talks are underway with a U.S. and a European company
for the implementation of two toll manufacturing projects.
Investors can watch Black Rose with a stop loss of Rs.133.The stock can give good returns in
short to medium term.
On 12th November in Dipawali issue Morepen Lab was given at Rs.36 hit Rs.56.30, a re-
turn of 56%. On 24th December Electrosteel was given at Rs.113 hit Rs.204, a return of 81%
& Man Ind., given at Rs.251 hit Rs.459, mind blowing gain of 83%. Indian stock markets are
at life time high, it is better to book partial profits in 5-6 parts at every rise where you are
getting good profit in short time.
Cont...
Financial Weekly TM

Dark Horse-2
SHETRON LTD
ONLY AT BSE CODE- 526137
BSE SYMBOL - SHETR - Rs.127 FV Rs.10
Bangalore based dividend paying Shetron is a leading can making company in Asia with
wide product range of metal cans, can ends, lug caps, penny lever trf/rlt, conipails, decora-
tive cans for food, beverages & other fmcg. Its main clients including Asian Paints, Akzonoble,
ITC, Bicco, Maiyas, Tasty words, Nestle, Jolly rancher, Evexia, Sherwin williams, Eveready,
Tata Coffee, Africafe Coffee, Hindustan Unilever etc. etc.
In first 9 months Shetron's net profit is sharply improved to Rs.5.41 cr. on equity of Rs.9
cr. Promoters holding is 64.18% & 18 reputed HNIs hold 18.02% & general public hold 17.80%
stake. ROCE & ROE are 16.4% & 12.09 looks impressive. Shetron has delivered good profit
growth of 27.1% CAGR over last 5 years.
Investor can watch Shetron with strict stop loss of Rs.106.
On 12th November in Dipawali issue Morepen Lab was given at Rs.36 hit Rs.56.30, a re-
turn of 56% & at CMP also looks good for medium term. On 24th December Electrosteel was
given at Rs.113 hit Rs.204, a return of 81% & Man Ind., given at Rs.251 hit Rs.459, mind
blowing gain of 83%. Indian stock markets are at life time high, it is better to book partial
profits in 5-6 parts at every rise where you are getting good profit in short time.
Financial Weekly TM

- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 21842. Nifty is near resistance at 22000
levels. Above 22000, We may see Nifty at new levels. Till it does not cross 22000 levels, Nifty may
remain volatile and there may be swing trades.
Bank Nifty Overview : In Last Trading Session, Bank Nifty closed at 45899. Bank Nifty is near
resistance. Bank Nifty trend is not clear. Bank Nifty is range between 45200 and 46450 levels. Below
45200, Bank Nifty turns negative and if it cross above 46500 then it may go further up.
Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
Aarti Ind 524208 Buy 635 668 Target 1 Achieved
Delta Corp 532848 Buy 132 154 Near 2nd Target
PEL 500302 Buy 900 939 Target 1 Achieved
PFC 532810 Sell 474 409.50 Target achieved
REC 532955 Sell 525 464 Target Achieved
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
ATUL 500027 6379 6242/6300 6450 6700 6185
Delta Corp 532848 141 134/138 148 165 127
Idea 532822 15.60 14/15 18 22 12
IEX 540750 144 134/140 152 165 127
Laurus Labs 540222 394 385/390 405 424 373
PEL 500302 894 865/870 895 935 842
Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
BPCL 500547 615 647/654 635 615 667
Coal India 533278 452 457/464 448 435 472
Cummins 500480 2598 2650/2675 2605 2555 2705
IOC 530965 183 193/197 183 170 204
NTPC 532555 325 340/345 325 305 352
OFSS 532466 7530 7575/7600 7540 7490 7700
REC 532955 484 505/510 490 477 525
Note : All calls are momentum calls based on technical analysis and all levels as per future prices (If scrip not available
in futures then BSE Cash price). All these calls are given based on daily charts but intra-day signals are equally important
to enter the trade in a timely manner. Timing is very important and we at shareinfoline.com give you timely calls based on
intra-day charts. Read Disclaimer at ShareInfoline.com
Financial Weekly TM

Ishan International Ltd • CMP Rs. 5.85 • NSE - ISHAN
Ishan International Bags Rs. 150 crore Maharashtra Government Solar Project
Corporate SCAN
In a significant leap forward for sustain-
able development and renewable energy,
Ishan International Limited (NSE: ISHAN)
has announced a landmark subcontract
agreement for the supply, installation, and
maintenance of solar-powered agricultural
pumps in Maharashtra under the presti-
gious Kusum Yojana of the Government of
India. This pioneering initiative is poised to
revolutionize the agricultural landscape by
harnessing solar power, marking a monu-
mental stride towards environmental
sustainability and energy independence.
Founded in 1995, Ishan International has carved a niche for itself as a leader in the heavy
engineering sector, boasting a rich legacy of over 26 years in delivering cutting-edge solutions
across diverse industries including sugar and jaggery plants, pharmaceuticals, hydropower, and
pollution control systems. The company's unwavering commitment to quality and innovation is
evidenced by its ISO 9001: 2015 certification and status as a Government of India Certified Star
Export House.
The recent subcontract, valued at approximately Rs. 1.5 billion for 5,000 sets, is a testament to
Ishan International's expertise and trusted reputation in the industry. The company anticipates this
project to significantly enhance its turnover, contributing an additional Rs. 180 million annually,
thanks to strategic financial management and the potential for similar projects across other states.
Ishan International stands on solid ground with zero debt and no promoter pledge, showcasing
its robust financial health and low-risk profile. The company's strategic focus on international mar-
kets has yielded substantial returns, with exports contributing 72.5% of its revenue in FY22, a
significant increase from 55% in FY21. Earlier, the company approved allotment of bonus shares
to existing share holders in the ratio of 2:1, i.e. 2 Equity Shares of Rs 1/- each for every 1 Equity
Share of ? 1/- each held by the shareholders of the Company, in addition to the subdivision/ split in
the ratio of 1:10.
The company's ambitious foray into renewable energy, particularly solar and hydro projects, in
its traditional markets like Vietnam, the Philippines, and Indonesia, coupled with expansions into
America and East Africa, signals a bright future ahead. With an expected sales revenue of over Rs.
700 million for the financial year 2024-25, representing nearly 100% growth, Ishan International is
set to redefine industry standards and contribute positively towards global efforts in climate control
and environmental sustainability.
As Ishan International continues to innovate and expand its global footprint, the company re-
mains dedicated to its mission of driving sustainable growth and delivering unparalleled value to
its stakeholders, affirming its position as a beacon of excellence in the engineering sector.
***
Financial Weekly TM

Financial Weekly TM

BETWEEN THE LINES
RAVI B GUPTA (SEBI REGISTERD RESEARCH ANALYST)
[email protected]
From last weeks recommendation 4 out of 4 are able to provide profit.

After considering various observations, there are some options and stocks which may
provide benefits with good risk reward. Do work with the stoploss method, if SL has not been
provided then trade with your own risk rewarding method.
Please note that levels may affect any global uncertain event on which technical charts
are subject matter of re-study.
NIFTY : In last 2 days we have witnessed that range of nifty is synchronised. We may
move in small range in next 2 to 3 days. Sell near 21950-970 with stoploss of 22020. Targets
are 21860 21790 21730 and 21650. For any fresh buying we need to wait for 21480-460
levels on down side. Untill this levels we are considering sell on rise.
BANKNIFTY : Banknifty and nifty is having same scenario for this upcoming
week. Both are sell on rise mode. If any up move detected then 1st try to sell around 46430
and keep a stoploss of 46760 on closing bases. Down side targets are 46400 46100 and
45700. In any case if banknifty open on gap down, then more selling can be seen below
46000 for the targets of 45700 45300 and 44900 levels.
TCS : TCS is having a range of 100 to 130 points on both side. Looking at strong
bullishness in whole IT sector we can buy this stock around 4080 with a stoploss of 4048.
Targets to be considered are 4110 4140 4180. If it manage to close above 4200 on closing
basis then good upside can be possible considering 2% stoploss for overnight position.
BAJAJFINSV : This stock is showing major downside on higher time frame. But
looking at current market scenario we may buy it around 1550-55 with stoploss of 1540.
Targets are 1566 1578 1590 and 1615 in one week.
Financial Weekly TM

Anmol India Ltd • CMP - Rs. 59.00 • BSE: 542437 NSE : ANMOL
Anmol India Ltd. Reports Robust Earnings for 9MFY24, EBITDA Grows 29%YoY
Corporate SCAN
Ludhiana, 07 February 2024: Anmol IndiaLtd. (BSE:
542437, NSE: ANMOL), one of the leading players in
Supply chain management industry, Commodity Trading,
and Coal Import, in its board meeting held on February06,
2024 has approved the unaudited Financial Results of
the Company for the quarter and nine months ended on
31December 2023.
Commenting on the Q3FY24 Performance, Manage-
ment added,
"We are delighted to report the robust financial perfor-
mance of our company for the first nine months of fiscal
year 2024. Revenue from Operations increased by 5.60%
to Rs. 1098.36 Cr from Rs. 1040.10 Cr in the correspond-
ing period last year. This growth is a testament to our
resilient business model and effective execution of stra-
tegic initiatives. Further, our EBITDA increased by 29.28%
to Rs. 34.75 Cr from Rs. 26.88 Cr in the same period last
year. We are committed to operational excellence and
optimizing profitability across all of our businesses with
this significant enhancement.
Furthermore, our Profit After Tax (PAT) exhibited
healthy growth, rising by 19.40% to Rs. 16.99 Cr com-
pared to Rs. 14.23 Cr in the previous year's corresponding period. Our business fundamentals are strong and resilient, despite
the current market challenges. In alignment with our long-term growth strategy, we are pleased to announce the approval to
raise capital from Qualified Institutional Buyers (QIBs) for working capital needs and strategic acquisitions. In the next five
years, these initiatives will be integral to our organic and inorganic growth plans. In addition to strengthening our market
position, these strategic investments will drive sustainable value creation for our stakeholders.
We continue to execute our growth initiatives while navigating an evolving market landscape. We are grateful for the
continued support of our shareholders, customers, and employees, and we are committed to delivering sustained value and
excellence in all our endeavors."
Anmol India is led by Shri Vijay Goyal who has 37 years of experience in the Coal Industry and Mr. Chakshu Goyal, an ISB
Alumnus, who has recently joined the board of directors and since then launched various digital initiatives to steer the growth
of the company. Anmol has earned a reputable position in the Supply chain management industry, Commodity Trading, and
Coal Import with a remarkable growth trajectory since its inception. The company has garnered trust and loyalty from clients
across 100 diverse locations in India. The company has undergone a significant transformation, embracing an enhanced end-
to-end supply chain management approach for commodity trade. This comprehensive strategy encompasses a wide range of
services, bolstered by advanced research capabilities and an optimized global sourcing strategy. It has fortified its operations
by streamlining critical aspects, including the coordination of sea freights, meticulous cargo handling, robust insurance
arrangements, meticulous fund management, efficient inland logistics, and seamless last-mile delivery. These improvements
have been implemented as part of its ambitious expansion plan, ensuring a more robust and efficient system than ever before.
The company is aiming for strategic diversification, including portfolio and demographic diversification, to augment sales and
yield the strategic benefits of geographical diversification, flexibility, adaptability, and enhanced negotiating power. Anmol
India Ltd is listed on BSE & NSE. It is committed to delivering long-term value to its shareholders. The company believes in
transparent and ethical business practices and is dedicated to upholding the highest standards of corporate governance.
***
Financial Weekly TM

Terrific Shots - Dilip K. Shah
LIC (Rs. 1080.00) (Code: 543526) :- LIC is the country’s largest insurance company.
The company raised Rs. 20,557 crore by issuing shares at Rs. 949 per share in May 2022. The
shares traded below the issue price for a very long but have reached four digits following a dream
run in the last two months. The company’s market cap has touched Rs. 6.60 lakh crore, making it
the most valued PSU. The central government still holds 96.50% stake in LIC. LIC reported a 49%
jump in net profit at Rs. 9441 crore for the December quarter. Despite the run, the stock is trading at
a PE multiple of 17.3, significantly lower than its peers. Its share of new premium income is 66.2%.
Its RoI is 125% and RoCE is 143%. One can invest in the stock in tranches.
Linde India (Rs. 5612.00) (Code: 523457) :- The A group listed shares have a face
value of Rs. 10 and touched a 52-week high of Rs. 6886 and low of Rs. 3297. The company’s
market cap is Rs. 48,550 crore. Promoter holding is 75%. Its equity is Rs. 85.29 crore and its
reserves are Rs. 3161 crore. Its income in the December quarter increased from Rs. 697 crore to
Rs. 706 crore, and profit from Rs. 110 crore to Rs. 120 crore. Operating profit went up from Rs. 168
crore to Rs. 186 crore. EPS was Rs. 14.06. Linde Group operates in the industrial gases, engineer-
ing, and healthcare sectors. Linde is an MNC and was earlier known as BOC India. It is a big name
at the global level. Its monopoly business and MNC background are its key strengths. DIIs and FIIs
hold 7.22% and 2.25% stakes respectively. The company’s RoCE is 18.1% and RoE is 20.8%.
Macrotech Developers (Rs. 1088.00) (Code: 543287) :- The shares of this re-
nowned real estate company touched a 52-week high of Rs. 1227 and low of Rs. 355. It was earlier
known as Lodha Developers. Its sales have risen following the launch of new projects in south and
central Mumbai and Pune. The company increased prices by two per cent and is expected to
further hike prices by 5-6 per cent. It has reduced its debt to Rs. 8800 crore and is expected to bring
it down further to Rs. 6000 crore due to improved operational cash flows. Promoter holding is
74.99%. Its equity is Rs. 481 crore and reserves are Rs. 12,087 crore. Its income in the December
quarter surged from Rs. 1836 crore to Rs. 2865 crore, and profit from Rs. 313 crore to Rs. 380 crore.
Bajaj Finance (Rs. 6654.00) (Code: 500034) :- The company is a part of Nifty and
has delivered excellent returns over the years. It is a part of the Bajaj group and a subsidiary of
Bajaj Finserv. It has a presence in consumer durables finance, personal finance, home loans,
loans against shares, credit cards, gold loans, two-wheeler loans, business loans, and other seg-
ments. Promoter holding is 54.98%. The company’s market cap is Rs. 4,06,856 crore. Equity is Rs.
1200 crore and reserves are Rs. 53,695 crore. Bajaj Finance’s income in the December quarter
increased from Rs. 10,785 crore to Rs. 14,165 crore, and profit from Rs. 2972 crore to Rs. 3637
crore. It is the fastest-growing company in the NBFC space and has a high market share in the
consumer durable finance segment. Any dip should be seen as a buying opportunity.
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may
have investment in this stocks • I/My family have no financial interest or beneficial interest of more than 1% in the company whose stocks I am
recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable for any loss arising
out of investment based on tis advices • Past performance may or may not be substainedin future "
(Dilip K. Shah) Research Analyst SEBI Regn No. : INH000002152
Financial Weekly TM

Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Important support for Index at 71200 and
Nifty Future at 21663
BSE Index (71595.40) :- It is moving downward after reaching 73089.39. It shows an over-
bought to neutral position on a daily and weekly basis, while an overbought position on a monthly
basis. On the upward movement, beyond 72474 it may witness important resistance at 72559 and
73090. On the downward movement, below 71200 it may indicate weak position and may get
support at 70846. It may indicate further weakness below 70000.
Bank Nifty Future (45961.00) :- It is moving upward from the bottom of 44404. It shows an
oversold position on a daily and weekly basis, while a neutral position on a monthly basis. On the
upward movement, beyond 46476 it may go up to 46721 with an important position at 47146. On
the downward movement, below 45053 it may get important support at 44404.
Nifty Future (21849.90) :- It is moving downward after reaching 22198.85. It shows an over-
bought to a neutral position on a daily and weekly basis, while a neutral position on a monthly
basis. On the upward movement, beyond 22087 it may witness important level of 22110 and 22199.
On the downward movement, below 21663 it may go down to 21550, 21530 and 21330. Below
21141 indicates weak position.
Biocon (273.40) :- It is moving downward from the top of 256.40. It shows an overbought toward
a neutral position on a daily and weekly basis, while a neutral on a monthly basis. On the upward
movement, beyond 289 it may to up to 289, 295, 307, 310, 319, 328 and 337. On the downward
movement, it may get support at 266 and further downward level indicates weak position at 256.
HDFC Bank (1403.60) :- It is moving downward from the top of 1721.40. It shows an oversold
position on a daily and weekly basis, while towards an oversold position on a monthly basis. On
the upward movement, beyond 1454 it may witness resistance at 1454, 1472 and 1481. On the
downward movement, below 1380 it may go down to 1350, 1321, 1288 and 1257.
Indiabulls Real Estate (125.35) :- It is moving upward from the bottom of 92.60. It shows an
overbought position on a daily, weekly and monthly basis. On the upward movement, beyond 127
it may go up to 130, 139 and 150. On the downward movement, below 112 it may get support at
106 and 127.
ITC (415.50) :- It is moving downward from the top of 474.47. It shows an oversold position on a
daily and weekly basis, while towards an oversold on a monthly basis. On the upward movement,
beyond 435 it may witness resistance at 440. On the downward movement, below 408 it may go
down to 400, 398 and 378.
Wipro (390.45) :- It is moving upward from the bottom of 445.76. It shows an overbought position
on a daily basis, while an overbought to a neutral on a weekly basis and towards an overbought on
a monthly basis. On the upward movement, beyond 494 it may go up to 502, 506, 518, 528 and
further up to 541, 554, 565, 577, 585. On the downward movement, below 482 it may get support at
475 and 469.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
: Golden quotes :
We do not remember days, we remember moments
Financial Weekly TM

Dilip Davda
e-mail Expert’s Eye
[email protected]
Markets in a consolidation mode

Either side big movement is likely
The concluded week :- The week under report indicated range bound movement of indices and
express consolidation mode. According to punters, market is getting ready for big either side move-
ment in coming weeks amidst weak global trends. RBI maintained status-quo on expected lines
and failed to trigger any big move.
Unwinding of long position ahead of RBI policy meet kept market on an alert mode with volatile
trades. After range bound movements for the first three sessions, we witnessed big fall for Thurs-
day which was attributed to Heavy offloading in private banks and ITC etc. RBI's decision to main-
tain interest rates brought selling spree in interest rate sensitive counters. IT and Oil and Gas
counters surged and curtailed the losses. Volatile bond markets also kept a tab on general senti-
ment.
FIIs were the net buyers for the first and the last two sessions, while DIIs were the net sellers for
the first and the last session and net buyers for the middle three sessions.
The weekly movement of benchmarks was as per the table given below:
For the week, while BSE Sensex moved in the range of 72559.21 - 71200.31, NSE Nifty hov-
ered between 22053.30 - 21629.90.
Cont...
DIVIDEND ANNOUNCEMENTS
Archean Chemi (50%), Atam Valves (10%), Bajaj Consumer (300%), Banco Prod. (1000%), CCL
Prod (125%), Clean Science (200%), Gulf Oil (800%), KPR Mill (250%), Man Infra (27%), Orient Cement
(75%), Quess Corp (40%), Saven Techno (200%), SMC Global (60%), Styrenix Perform (480%),
Sundaram Fin. (140%), Tinna Rubber (30%), Triveni Turbine (130% + 100%), Varun Beverages (25%),
Akzo Nobel (500%), CAMS (120%), Disa India (1000%), IOL Chemi (50%), JB Chemi (550%), JK Tyres
(50%), NLC India (15%),P & G Health (2000%), Aarti Pharma (40%), Cantabil Retail (20%), Centum
Elect (30%), Cummins India (900%), Firstsource Solu (35%), Huhtamaki (250%),JK Paper (35%), John
Cockerill (70%), Manappuram Fin (45%), Nestle India (700%), Power Grid (45%), Shivalik Bimetal (35%),
UNO Minda (32.5%), Vidhi Special (60%), Apollo Hospital (120%), BEML (50%), Electrosteel Casting
(50%), Hikal (30%), IRCON (90%), JK Lakshmi Cement (40%), LIC (40%), Majestic Auto (150%), Mrs.
Bectors (1.5%), MSTC (50%), Page Ind. (1000%), Power Fin (35%), Precision Wires (30%), Refex Ind
(5%), Torrent Power (120%), Uniparts (60%), A K Capital (80%), Alkem Lab (1750%), Amrutanjan Health
(100%), Emami Ltd. (400%), Gretex Corp (3%), Hero MotoCorp (3750% + 1250%), MRF (30%), NCL
Ind. (15%), PI Ind. (600%), PlatianumOne (20%), Saregama (400%), Siyaram Silk (150%), SJVM
(11.499%), Sumitomo Chemi (50%), Sunshield Chemi (12%), United Drilling (6%), United Vander (10%),
Vesuvius India (127.5%), etc.
Financial Weekly TM

The week marked LOSS of - 490.14 points for BSE Sensex and - EX-BONUS
71.30 points for NSE Nifty. Maagh Adv (1 for 4),
Intellivate Capital (2 for 1),
The ensuing week :- Brent crude once again surged to close the week Akshar Spintex (1 for 5),
Shreeji Translogistics (1 for 3)
at 81.86$ per barrel, and Rupee also firmed up a bit by weekend to mark
Rs. 83.06 a dollar. For the ensuing week, we have over 1950 corporate BONUS MEET
Lorenzini Apparels (12.02.24 -Revised),
meets that will keep market on stock specific mode as usual. Domestic Kesar India (14.02.24), and
Promax Power (20.02.24)
and Global economic data will have bearing on the market sentiment.
BONUS ANNOUNCEMENT
Amidst such scenario the BSE Sensex may move in the range of
Tine Agro (1 for 1)
73000 - 70000 and NSE Nifty in the range of 23000- 20500 for the com-
ing week. EX-SPLIT
Maagh Adv (10 for 1).
DISCLAIMER : No financial information whatsoever published anywhere here
RIGHTS ISSUE
should be construed as an offer to buy or sell securities, or as advice to do so in Orient Tradelink (1 for 1),
any way whatsoever. All matter published here is purely for educational and in- Affordable Robot (46 for 439)
formation purposes only and under no circumstances should be used for making investment decisions. Read-
ers must consult a qualified financial advisor before making any actual investment decisions, based on the
information published here. Any reader taking decisions based on any information published here does so
entirely at its own risk. Investors should bear in mind that any investment in stock markets is subject to unpre-
dictable market-related risks. The above information is based on RHP and other documents available as of date
coupled with market perception. The author has no plans to invest in this offer. (SEBI registered Research
Analyst-Mumbai).
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
05-02-2024 72,269.12 72,385.93 71,602.14 71,731.42 -354.21
06-02-2024 71,970.82 72,261.40 71,625.18 72,186.09 454.67
07-02-2024 72,548.50 72,559.21 71,938.22 72,152.00 -34.09
08-02-2024 72,473.42 72,473.42 71,230.62 71,428.43 -723.57
09-02-2024 71,410.29 71,676.49 71,200.31 71,595.49 167.06
Net Weekly Loss -490.14
NSE Open High Low Close Diff
05-Feb-24 21,921.05 21,964.30 21,726.95 21,771.70 -82.10
06-Feb-24 21,825.20 21,951.40 21,737.55 21,929.40 157.70
07-Feb-24 22,045.05 22,053.30 21,860.15 21,930.50 1.10
08-Feb-24 22,009.65 22,011.05 21,665.30 21,717.95 -212.55
09-Feb-24 21,727.00 21,804.45 21,629.90 21,782.50 64.55
Net Weekly Loss -71.30
Financial Weekly TM

Dr. A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Psychology Behind Stock Buying and Selling

If you are buying stock, the person selling it thinks it is worth less than you do. If you are selling,
they think it is worth more than you do. Each time you are ready to buy or sell stock ask yourself
"What do I know that they don't?"
- Kevin Kelli
Unmasking the Psychology Behind Stock Transactions
The world of stock transactions is more than just numbers and financial indicators; it is a com-
plex interplay of human psychology and market dynamics. Whether buying or selling, investors are
driven by many emotions, perceptions, and beliefs that influence their decisions. Unraveling the
psychology behind these stock transactions provides a deeper understanding of market behavior
and empowers investors to make more informed decisions.
1. The Perception of Value:
When investors buy a stock, they inherently believe its value is greater than the price they pay.
Conversely, a seller parts with their shares, convinced that the market is overvaluing the stock.
Exploring this divergence in perception unveils the subjective nature of stock valuation and the
impact of individual perspectives on market trends.
2. Emotional Influences:
Fear, greed, optimism, and pessimism are potent forces guiding stock transactions. The fear of
missing out (FOMO) might drive a buyer to make impulsive decisions, while a seller might be
motivated by the fear of loss. Understanding these emotional triggers helps investors navigate the
volatile currents of the stock market with greater resilience and discipline.
3. Information Asymmetry:
Every investor should ask themselves before a transaction: "What do I know that they don't?"
Information asymmetry, where one party possesses more or better information than the other, plays
a pivotal role in stock transactions. Investors must continuously assess their unique insights and
information advantages to make strategic decisions.
4. Behavioral Biases:
Cognitive biases, such as confirmation bias, overconfidence, and herd mentality, significantly
Financial Weekly TM

impact stock transactions. Investors may seek information that confirms their beliefs, overestimate
their abilities, or follow the crowd without critical evaluation. Recognizing and mitigating these
biases is essential for making rational investment choices.
5. Market Trends and Sentiment:
The collective psychology of the market, reflected in trends and sentiment, can sway individual
investor decisions. Understanding whether the market is driven by optimism or caution provides
valuable context for predicting potential shifts in stock prices. Investors who read and interpret
these broader psychological trends gain a strategic advantage.
Conclusion:
Unmasking the psychology behind stock transactions is a continuous process of self-reflection,
awareness, and adaptability. Investors who delve into the intricate interplay of emotions, percep-
tions, and information dynamics position themselves to make more deliberate and informed deci-
sions. In the dynamic world of stocks, where psychology and finance intersect, knowledge is not
just power-it's the key to navigating the complexities of the market.
In the mid-90s, I was confident on a loss-making Majestic Auto (Hero group) stock for around Rs
110. The reason was strong volume growth in vehicle sales. I purchased up to 10% of my portfolio.
Then I happened to meet a veteran selling this stock whose purchase price was Rs 8!
My confidence was shaken for a moment, only to realize that he was looking at his gains from
the buy price, and I was looking at the future growth in earnings.Later, the share price crossed Rs
300.
So the next time you buy or sell a share, try to analyse why you want to sell and why the other
person is willing to buy. Is there something that you are not aware of?
Happy investing!
Dr. Anil Kumar Asnani

SEBI Reg. Research Analyst
Whatsapp: 9755920780
Mobile: 9131361959
Website: https://www.smartverc.com
Financial Weekly TM

Kishore Purswani
(Email: [email protected])
Interpretation of Financial Statements-XXXVI

Warren's Revolutionary Idea of The Equity Bond
Introduction
Mary Buffett in Chapter 53 of her book "Warren Buffett and Interpretation of Financial State-
ments" discussed Warren's idea of looking at pretax earnings (pretax profit) for buying an entire
business or buying a partial interest in a company via the stock market. Warren gave a talk in the
late 1980's at Columbia University about how companies with a durable competitive advantage
show great strength and predictability in earnings growth that growth turns their shares into a kind
of equity bond with an ever-increasing interest payment.
The Equity Bond
Warren Buffett's concept of an "equity bond" refers to his perspective on certain stocks as being
similar to bonds with an equity kicker. This idea is closely tied to his emphasis on the durability of
competitive advantages and the long-term earning power of a company. Buffett looks for compa-
nies that have consistent and predictable earnings, much like the interest payments from a bond.
The equity bond concept aligns with Buffett's long-term investment horizon. He seeks companies
with enduring strengths that can withstand economic downturns and market fluctuations. Buffett
prefers companies with predictable and stable earnings. This predictability is essential for assess-
ing the company's future cash flows, similar to the certainty of interest payments from a bond.
For Warren the shares of a company with durable competitive advantage are the equivalent of
equity/bonds and the company's pretax earnings are equivalent of a normal bond's interest pay-
ment. The per-share earnings continue to increase over years. With the rise in earnings Warren
gets a corresponding increase in the return.
The Coca-Cola Example
Warren started buying shares of Coca-Cola in 1980's for an average price of $6.50 a share
against a pre-tax earnings of $0.70 a share. He could argue that that he just bought a Coca-Cola
bond that is paying an initial pretax interest of 10.7% on an investment of $6.50. He could also
argue that yield will increase over time as pre-tax earnings of the company were growing at an
average rate of 15%. This would eventually get reflected in the stock prices. However, by 2007
Cont...
Financial Weekly TM

Coca-Cola's pretax earnings had grown at annual rate of approximately 9.35 % to $3.96 per share
on original investment of $6.5 per share. Warren could now argue that his pretax yield is 40 %.
During 2007 the markets valued Coca-Cola between $45 to $64 per share.
Warren has learned is that if he buys a company with a durable competitive advantage, the
stock market, over time, will price the company's equity shares at a level that reflects the value of its
earnings relative to the yield on long-term corporate bonds.
Conclusion
Warren Buffett is known for his value investing approach, which involves seeking out compa-
nies with durable competitive advantages, predictable earnings, and competent management. He
is known to favour businesses with predictable and consistent earnings. Companies with stable
earnings are more likely to withstand economic downturns and generate reliable cash flows.
Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: [email protected]
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
Yes Bank 532648 31.00 Reliance Ind. 500325 2922.00
HCC 500185 45.00 Kesar India 543542 2079.00
Infibeam Avenue 539807 35.00 Bharat Forge 500493 1314.00
BL Kashyap 532719 82.00 Hero Moto 500182 4908.00
Prism Johnson 500338 183.00
ACC 500410 2629.00
IOB 532388 71.00
AB Capital 540691 187.00 Grasim 500300 2168.00
Triveni Turbine 533655 466.00 JBM Auto 532605 2014.00
SIS Ltd 540673 467.00 Olectra Green 532439 2000.00
Schneider Ele 534139 589.00 Mastek Ltd 523704 2909.00
Astra Micro 532493 646.00 CAMS 543232 2904.00
Majestic Auto 500267 365.00 Neuland Lab 524558 6774.00
HBL Power 517271 592.00 Apollo Hospital 508869 6432.00
LIC Hou Fin 500253 650.00 TVS Holding 520056 8670.00
Ramco Cement 500260 901.00 Maruti 532500 10730.00
New India Ass 540769 290.00
Natco Pharma 524816 840.00 GSK Pharma 500660 2379.00
Sanghvi Movers 530073 1017.00 ZF Comm 533023 14588.00
Apollo Tyre 500877 509.00 Page Ind 532827 36308.00
PNC Infra 539150 427.00 Oracle Fin 532466 7500.00
Trent 500251 3758.00 MRF 500290 137047.00
Financial Weekly TM

Salasar Techno Engineering Ltd.
CMP - Rs. 30.00 • BSE: 540642 NSE : SALASAR
Salasar Techno Engineering Ltd.
Reports Robust Earnings for Q3FY24, PAT Jumps 57% YoY
Corporate SCAN
New Delhi: Salasar Techno Engineering Ltd.(STEL) (BSE:
540642, NSE: SALASAR), is a one stop solution provider in engi-
neering and infrastructure solutions. The Company is engaged in
providing turnkey EPC services for Railway and Power sectors
and is also engaged in designing and manufacturing of telecom
towers. The company announced its earnings for quarter and
nine months ended 31 December 2023.
The company's Revenue from Operations grew by 26.2%
from Rs. 2,408.0 Mn in Q3 FY23 to Rs. 3,038.8 Mn in Q3FY24 and
by 18.4% from Rs. 7,102.0 Mn in 9M FY23 to Rs. 8,411.0 Mn in
9M FY24.
Further, EBITDA increased remarkably by 55.7% from Rs.
240.6 Mn in Q3 FY23 to Rs. 374.6 Mn in Q3 FY24 and by 38.7%
from Rs. 619.6 in 9M FY23 to Rs. 859.6 Mn in 9M FY24 led by
increase in scale of operations. Notably, EBITDA margins exhib-
ited impressive growth of 230 bps from 10.0% in Q3 FY23 to
12.3% in Q3 FY24 and of 152 bps from 8.7% in 9M FY23 to 10.2% in 9M FY24.
PAT increased by 56.8% to Rs. 167.5 Mn in Q3 FY24 and by 41.0% to Rs. 359.6 Mn in 9M FY24.
PAT margins grew by 112 bps and 68 bps to 5.5% in Q3 FY24 and to 4.3% in 9M FY24 respectively.
Commenting on the performance of Q3 FY24, the management team of STEL said,
"Coming on to our business performance, in this quarter, we added a significant project in our
order book reflecting our growing presence in the infrastructure solutions and engineering sector. We
secured a significant EPC contract from Tamil Nadu Generation and Distribution Corporation Limited
(TANGEDCO) valued at Rs. 3,640 Mn. Our comprehensive scope of work includes providing end-
to-end EPC solution including supply, erection, and installation of Feder Segregation, High Voltage
Distribution System, Separation of Double Distribution Transformer and Augmentation of 33kv Lines.
Securing this order not only reflects our dedication to win integrated projects but also underscore our
ability to provide end-to-end solutions for complex electrical infrastructure initiatives. As a result, our proficiency has reinforced our order book
to Rs.23,259 Mn as at 31st December 2023.
As we look into the future, we anticipate that our strong performance will remain resilient, underpinned by robust government spending
towards nation building reinforced by private capex. The government's thrust towards electrification of entire rural and urban populace, extension
of railway network, and massive expansion towards setting up telecom towers driven by the deployment of 5G technology and the increasing
commitment to bolster the nationwide 4G infrastructure will provide an excellent opportunity for our business growth.
India is also the third-largest producer and consumer of electricity globally, and as per the Central Electricity Authority's (CEA) estimates
India's power requirement will reach 340 GW by 2030, driving the need for modernization & upgradation of the existing power transmission and
distribution system. Moreover, India's infrastructure sector is poised for significant growth with Governments initiative towards augmenting the
renewable energy capacity in solar space by 200 GW by 2030, is expected to play a pivotal role in boosting the country's economic development.
Our presence in these diverse sectors will create a conducive environment for us facilitating business growth.
In order to actively contribute towards the India's growth journey, we are in process of raising Rs. 8,060.4 Mn via preferential allotment of
equity shares and warrants to promoter and non-promoter, public category. These funds will be mainly utilised towards financing of acquisition,
capex, working capital requirements, and general corporate purposes.
Lastly, we remain focused on our core mission of delivering exceptional engineering and infrastructure solutions to our customers while
driving sustainable growth for our stakeholders. We will continue to invest in our capacity and capability, to provide key infrastructure elements
for supporting India's global competitiveness, be it in power transmission, railways electrification, telecom, smart cities, bridges, heavy struc-
tures, and other infrastructure.
Incorporated in 2006, Salasar Techno Engineering Limited is a provider of customized steel fabrication & infrastructure solutions in India. It
provides 360-degree solutions by carrying out engineering, designing, fabrication, galvanization and deployment. STEL's product portfolio
includes telecommunication towers, power transmission line towers, smart lighting poles, utility poles, high mast poles, stadium lighting poles,
monopoles, substation structures, solar module mounting structures, railway electrification (OHE), Road & Railway Over-Bridges (ROB) and
customised galvanized & non-galvanized steel structures. STEL's services include providing complete Engineering, Procurement & Control
(EPC) for projects such as rural electrification, power transmission lines and solar power plants. STEL is among the leading manufacturers with
the current installed capacity of 2,11,000 MTPA having supplied, 50,000+ Telecom Towers, ~746 km of Power Transmission Lines, ~629 km
Railway Track, to 600+ clients in 25+ Countries. As of 31st December 2023, STEL has a strong diversified order book worth Rs. 23,259 Mn
providing strong revenue visibility.
***
Financial Weekly TM

Scrip Watch - Siddharth Shah
Tata Communications (Rs 1761.00) : Tata Communications reported its fastest quar-
terly growth in nine years. The company reported a 24.4 percent year-on-year growth in revenue of
Rs 5,633 crore. EBITDA for the reporting period also grew 5.3 percent on-year. Net profit for the
period declined 88.6 percent to Rs 45 crore as against Rs 394 crore last year. For the reporting
period, Data revenue grew 28.5 percent YoY to Rs 4,618 crore, while digital portfolio revenue
surged 78.2 percent and India Enterprise revenue 10.4 percent. Data revenue crossed the Rs
4,000-crore mark with digital services contributing 45 percent. CLSA has an 'outperform' call on
the stock with a target price of Rs 2,045 per share. According to the brokerage, the company which
reported a 29 percent increase in the data revenue segment in-line estimates. The reported EBITDA
for the period was also above estimates. Buy.
PI Industries (Rs 3487.00) (Code : 523642) : PI Industries' net profit in the quarter
ended December 31, 2023, jumped 27.5% to Rs 448.6 crore. The agrochemical major had posted
a net profit of ?351.8 crore in the same quarter a year ago. PI Industries' revenue jumped to Rs
1,897.5 crore in the third quarter of the current financial year, rising 17.6% on a year-on-year basis
from Rs 1,613.2 crore in Q3FY23. PI Industries EBITDA rose sharply by 33.4% to Rs 553.6 crore in
Q3FY24, from ?415.1 crore it had posted a year ago in the same quarter. The company's margin
also rose from 25.7% to 29.2% in this quarter. PI Industries also announced an interim dividend of
600%, i.e., Rs 6 per equity share of Re. 1 each, for the financial year 2023-24. The company has
fixed February 21 as the record date and it will be credited to eligible shareholders on or before
March 5.
UNO Mindia (Rs 640.00) (Code : 532539) : The company reported a strong rev-
enue growth with revenue of Rs 3,523 crore for Q3 FY2024, up 21 percent YoY, as against Rs
2,915 crore last year. The EBITDA came at RS 380 crore, versus Rs 338 crore last year, net profit
came at Rs 193 crore, up 19 percent, as against Rs 162 crore last year. The company said it's
growth was higher than industryvolumes, across all product segments, encompassing both estab-
lished lines such as lighting, switches, and alloy wheels, as well as emerging areas like EV Tech-
nology, controllers, and sensors. For 9-months of FY2024, the revenue came at Rs 10,237 crore,
up 23 percent on YoY. EBIDTA came at Rs 1,111 crore, up 20 percent YoY, and net profit of Rs
591 crore, up 26 percent, as against Rs 471 crore last year. Looking ahead, the commencement
and ramp-up of multiple new expansions, coupled with positive industry volume guidance and
rising consumer demand for advanced features, bolster our confidence in maintaining this strong
momentum. Buy.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

Market Tips - Het Zaveri
Schneider Electric (Rs 589.00) (Code : 534139) : Net profit of Schneider Electric
Infrastructure rose 109.03% to Rs 90.97 crore in the quarter ended December 2023 as against Rs
43.52 crore during the previous quarter ended December 2022. Sales rose 29.51% to Rs 743.87
crore in the quarter ended December 2023 as against Rs 574.38 crore during the previous quarter
ended December 2022. manufactures electrical equipment and supplies. The Company focuses
on building automation and security, installation systems and control, power monitoring and con-
trol, critical power, and cooling services for electrical energy water, mariner, oil and gas, mine
mineral and metal, construction sector. The stock jumped more than 6 per cent on Friday and
closed at Rs.589.65. The stock is poised to cross its 52-week high of Rs.641.60 in near future. Buy.
TVS Holdings Ltd (Rs 8670.00) (Code : 520056) : TVS Holdings Ltd., (formerly
known as Sundaram-Clayton Ltd) consolidated net profit for the December quarter posted 84%
growth to Rs 532 crore over the year earlier period on improved sales. Revenue from operations
grew 18% to Rs 10,021 crore. Costs of materials consumed increased from Rs 5,119 crore to Rs
5,754 crore. The results included a share of loss of associates Rs 13 crore against Rs 10 crore and
an exceptional gain of Rs 20.6 crore registered. The automotive vehicles and parts segment regis-
tered revenue of Rs 8,355 crore (Rs 6,863 crore) and financial services Rs 1,527 crore (Rs 1,094
crore). Automotive components segment revenue dipped to Rs 178 crore from Rs 675 crore. The
stock is worth accumulation.
DLF Ltd (Rs 834.00) (Code : 532868) : Buoyed by a robust demand for its properties
in the ongoing fiscal year, real estate developer DLF Ltd has raised the pre-sales bar higher for
FY25. It has already surpassed its pre-sales (bookings) target of Rs 13,000 crore for FY24 within
nine months of the year by clocking Rs 13,316 crore, helped by new launches.Thus, HDFC Secu-
rities now expects FY24 pre-sales at Rs 15,000-16,000 crore. "Post this performance, concerns
may emerge on FY25 pre-sales, which may be mitigated by a strong FY25 launch pipeline of Rs
32,000 crore, of which Rs 24,200 crore is earmarked for the luxury segment," said the brokerage in
a report. In FY25, DLF plans to launch 10 million square feet (msf) projects. These will include a
super-luxury project in DLF Phase V and the Privana South Phase 2 project in Gurugram; luxury
projects in Chennai and Goa; Phase I of the Mumbai project; and projects in Panchkula. Mean-
while, DLFhas entered into an agreement to acquire a 29-acre land parcel in Gurugram for Rs 825
crore. The land parcel has a development potential of 7.5 mn sq ft. 29 acres having estimated
development potential of up to 7.5 million square feet. Buy.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

SMART TIPS Smita N. Zaveri
AB Capital (Rs. 187.00) (Code: 540691) :- The shares are listed in the A group and
have a face value of Rs. 10. The shares touched a 52-week high of Rs. 196 and a low of Rs. 137.
Its market cap is Rs. 48,601 crore. Promoter holding is 71.06% and public shareholding is 28.94%.
Aditya Birla Capital came into existence following a restructuring of Aditya Birla Group’s busi-
nesses and provides life insurance, health insurance, broking, asset management, and other fi-
nancial services. Its equity is Rs. 2417 crore and its reserves are Rs. 17,658 crore. Its loan book
grew by 26% on an annual basis. It is showing strong momentum in the affordable housing seg-
ment with disbursals growing at 170%. Its insurance business AUM touched Rs. 2.82 lakh crore in
the last quarter. Its consolidated profit in the December quarter increased from Rs. 530 crore to Rs.
736 crore and revenue from Rs. 7743 crore to Rs. 9997 crore. Motilal Oswal has a buy call with a
target price of Rs. 220.
Suzlon (Rs. 47.00) (Code: 532667) :- The stock price has more than quadrupled in the
past 6-8 months. The A group listed shares touched a 52-week high of Rs. 50 and low of Rs. 7. The
company’s market cap is Rs. 36,445 core. Suzlon is a leader in renewable energy space and has
installed over 20GW wind energy projects globally, including 13.9 GW in India. The Pune-headquar-
tered company has research and manufacturing facilities in India, Germany, Netherlands and Den-
mark. Its equity is Rs. 2254 crore. Promoter holding is 13.28%. FIIs and DIIs hold more than 10%
each. Suzlon’s income in the December quarter increased from Rs. 1458 crore to Rs. 1560 crore and
profit from Rs. 78.36 crore to Rs. 203 crore. The large opportunities in the wind energy sector make
Suzlon a must-buy. A good run has been seen in the stock and it can be bought on dips.
Skipper (Rs. 304.00) (Code: 538562) :- Established in 1981, Skipper Limited is a
leading manufacturer of T&D structures and a leading brand in the polymer sector. Skipper’s mar-
ket footprint spans across 55+ countries in Latin America, Europe, Africa and other geographies. It
makes pipes and fittings, which are used in plumbing, sewage, agriculture and borewell sectors.
Promoter stake is 71.89%. MS Dhoni is the brand ambassador. Its order book was Rs. 6074 crore
in the September quarter, of which 17% are overseas orders. International orders of Rs. 8020 crore
and domestic orders of Rs. 4600 crore are in the pipeline. Skipper registered income of Rs. 772.37
crore and net profit of Rs. 19.78 crore in the September quarter. Income and profit have grown at a
CAGR of 12 and 29% respectively in the last three years. The stock can be brought with a target
price of Rs. 365 in 9-12 months with a stop-loss of Rs. 250.
Gail (Rs. 173.00) (Code: 532155) :- The shares of this gas transmission/marketing
PSU company are listed in the A group. The shares touched a 52-week high of Rs. 186 and low of
Rs. 93. India aims to emerge as a gas-based economy by increasing the use of natural gas. The
company has been given Maharatna status. In addition to gas transmission, Gail is also present in
gas processing and petrochemicals segments. It has also established a presence in Singapore,
the US, Egypt and China through its subsidiaries. Its market cap is Rs. 1,18,121 crore. The share’s
book value is Rs. 98. Gail’s equity is Rs. 6575 crore and its reserves are Rs. 58,352 crore. Pro-
moter holding is 51.90%. Its income in the September quarter dipped from Rs. 38,680 crore to Rs.
32,986 crore, while profit jumped from Rs. 1305 crore to Rs. 2442 crore. The stock has also risen
sharply as a result of the sharp rally in PSU stocks but is still attractively valued. FIIs and DIIs hold
14.24% and 27.29% shares respectively. The RoE is 8.69% and RoCE is 9.76%.
SEBI Registered Research Analyst)
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on 9th February, 2024 unless
specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though, every care has been taken,
we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

Smart super duper - Het Zaveri
LIC Housing Finance (Rs. 650.00) (Code: 500253) :- LIC Housing Finance is a
subsidiary of LIC and is engaged in housing loan distribution, especially for middle-class buyers.
The company’s income in the latest quarter went up from Rs. 5890 crore to Rs. 6804 crore, while
profit surged from Rs. 462 crore to Rs. 1167 crore. Its equity is Rs. 110 crore and reserves are Rs.
29,115 crore. Promoter holding is 45.24%. FIIs and DIIs hold 21.91% and 21.76% shares respec-
tively. The A group listed shares touched a 52-week high of Rs. 669 and low of Rs. 315. Its market
cap is Rs. 35,558 crore. The company paid 425% dividend in each of the three previous fiscal
years. The stock is trading at a PE multiple of 7.5. The stock’s book value is Rs. 531 and it is
quoting at a price-to-book ratio of 1.54.
Action Construction (Rs. 1103.00) (Code: 532762) :- The company is engaged
with infrastructure and is a leading construction equipment manufacturer. It also makes tractors
and agri machinery. Its portfolio has 60+ products. The A group listed shares touched a 52-week
high of Rs. 1169 and low of Rs. 337. The company’s market cap is Rs. 13,301 crore. Promoter
holding in the company is 66.76%, while FIIs hold 8.81%. Action Construction is benefiting from
the large-scale investments taking place in real estate and infrastructure segments. Its equity is Rs.
24 crore and reserves are Rs. 1021 crore. Its income in the December quarter rose from Rs. 556
crore to Rs. 753 crore, and profit from Rs. 47 crore to Rs. 88 crore. On a TTM basis, income was Rs.
2692 crore, operating profit Rs. 347 crore and net profit Rs. 277 crore, its best-ever performance.
The stock is touching new highs and can be considered on dips.
Samvardhana Motherson Sumi (Rs. 121.00) (Code: 517334) :- The company
is India’s largest auto ancillary player and makes components, modules, and systems. Its portfolio
includes electrical distribution systems, polymer products, and complete module systems. It is the
largest supplier of EDS to the automotive segment with clients including Volkswagen, Hyundai,
Renault, Maruti Suzuki, BMW, Mercedes Benz, Nissan, GM, and Tata. The company is investor-
friendly with a consistent track record of paying attractive dividends. It has issued bonus shares 11
times since 1997. It de-merged its wiring business and listed it as an independent entity recently.
Promoter holding is 64.79%. FIIs and DIIs own 10.78% and 15.33% stake respectively. It reported
income of Rs. 23,474 crore and profit of Rs. 294 crore in the September quarter. Its market cap is
Rs. 82,840 crore. The shares touched a 52-week high of Rs. 122.7 and low of Rs. 61.8. Its RoI is
7.16% and RoCE is 8.76%.
Zensar Techno (Rs. 564.00) (Code: 504067) z:- Zensar is a part of the RPG group
and is present in the IT sector. The A group listed shares touched a 52-week high of Rs. 644 and
low of Rs. 233. The company is focused on international markets and derives a large chunk of its
business from the US. Promoter holding is 49.2%. Its market cap is Rs. 13,403 crore. Income in the
December quarter rose marginally from Rs. 1198 crore to Rs. 1202 crore, while profit surged from
Rs. 76 crore to Rs. 162 crore. In the first nine months, income increased from Rs. 3635 crore to Rs.
3672 crore, and profit from Rs. 208 crore to Rs. 492 crore. The stock is trading at a PE multiple of
21.9, much lower than its peers. The company is also fundamentally strong. The company has
given good guidance following a strong December quarter. Declines can be treated as buying
opportunity.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of
his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up
or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived
from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses
made by anybody.
Financial Weekly TM

A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : [email protected]
It is necessary to close Nifty above 22000!

Nifty currently fluctuates a lot. Goes above 22000 but does not stop there. To win full confidence
of the investors, two consecutive days should be closed above 22000.
Nifty's close of 21,960 may bring more harm. It can go as low as 21500. Foreign funds buy some
days and sell some days. Last Thursday Nifty closed around 21700. 21500 breaking down to
21200 is indicated by experts.
Zomato: Can go from 180 to 200. A slow but steady recovery in this stock can be seen from this
level. Each reduces the eligible share to be collected. Government needs to disinvest for money.
HPCL - BPCL can raise good money. LIC: - The government has put this share in the throat of the
people at a high price, now it has been taken up as the elections are approaching. When this stock
increases, it is imperative to sell it in small lots. Bank stocks:- At present, consolidation is taking
place in the bank stocks. Any surge in SBI and HDFC Bank seems to sell. RBI governor can
reduce liquidity of money to reduce inflation. Interest rates were expected to fall as inflation stabi-
lized in India. RBI kept silent and did not even say that they will consider it in the upcoming meet-
ing. The banking index was reduced by 700 points. 46181 went up and closed around 45000.
Reliance survived above 2900 in a bad market. Showing courage to go up. Continue investing in
Suzlon. Taking home profits around 58.

Financial Weekly TM

Primary Market - Dilip K. Shah
Rush for IPO in primary market: 66 cos to raise Rs. 72000 crore: 22 cos obtained SEBI nod for Rs. 27190 crore
A host of IPOs including OYO, Ebix Cash, NSDL, First Cry and Digit Insurance in pipeline
15-20 unicorns to go public in the next 12-24 months and India to have 10-plus internet decacorns by the end of 2025
This week total 14 issues including 2 Mainboard, 4 SME, 3 NCDs and 5 rights in the market
Entero HC mainboard IPO lacks fancy: Got only 0.09x subscription on the first day
Vibhor Steel attracts investors even before launch on Feb 13
NSE SME AlpexSloar and Poly Irrigation opened on Feb 8
Rudra Gas Enterprise BSE SME IPO opened on Feb 8 and closed on Feb 12
Wise Travel NSE IPO to open on Feb 12: may get fancy
Mainboard IPO Subscription :Alpex Solar 83x, Rudra Gas 71x on last day and Polysil 2.40x on second day
Capital SFB closed with 4.17x subscription on Feb 9
Main - line IPO (Non SME)
Sr Company Issue Open Dt. Issue size Offer price Lead Manager Rating & Remark
Issue Close Dt. (Rs. Cr.) (Rs.) (Out of 50%)
1. Entero 9-2-2024 Fresh Issue Rs 1000 Cr 1195 to 1258 ICICI Sec., DAM Cap., 26% May Apply
Healthcare 13-2-2024 OFS : Rs 47,69,475 Shares FV Rs 10 Jefferies India, JM Fin. (Risky Bet)
Total : Rs 1600 Cr SBI Capital
2. V ibhor 13-2-2024 72.17 Cr 141 to 151 Khambatta Sec. 35% ; Apply for Short Term
Steel Tubes 15-2-2024 FV Rs 10 (Listing Gain)
NSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Alpex 8-2-2024 64,80,000 Shares 109 to 115 1200 Shares Corporate 33% ; Apply for
Solar 12-2-2024 Rs 74.52 Cr. (FV Rs. 10) Rs. 1,38,000 Capital Short Term (Listing Gain)
2. Polysil 8-2-2024 Fresh : 14,44,000 Sh. 54 2000 Shares Fedex 30%
Irrigation 13-2-2024 OFS : 17,85,000 Sh. (FV Rs. 10) Rs. 1,08,000 Securities Apply for Long Term
Total : 32,29,000 Share
Rs 17.44 Cr
3. Wise Travel 12-2-2024 64,41,000 Shares 140 to 147 1000 Shares Share India 34% Apply for Short Term
(WTi Cabs) 14-2-2024 Rs 94.68 Cr. (FV Rs. 10) Rs. 1,47,000 Capital (Listing Gain)
BSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Rudra Gas 8-2-2024 22,48,000 Shares 63 2000 Shares Beeline 32% ; Apply for
Enterprise 12-2-2024 Rs 14.16 Cr. (FV Rs. 10) Rs. 1,26,000 Capital Short to Mid Term
Grey Market Movement

Though IPO rush in the primary market can be seen, the same enthusiasm is lacking in the grey market. Majority of the issues have got
lukewarm response and premiums have crumbled by 20-30%. Only Vibhor Steel Tubes IPO premiums are soaring high swiftly.
Currently, five SME IPOs are in the market and the premiums in the segment are either stable or going up.
Mainboard IPOs:-
- ApeejaySurrendraPark :- premiums have come down from Rs 38/40 to Rs. 30/33.
- RashiPeripherals :- Premiums have gone down from Rs. 85 to Rs. 60-62.
- Jana SFB :- Premiums have come down from Rs. 60 to Rs. 40/42.
- Capital SFB :- premiums have dome down from Rs. 40 to Rs. 30.
- Entero Healthcare Solutions :- premiums have come down from Rs. 115/120 to Rs. 60/65.
- Vibhor Steel IPO is yet to be launched but the premiums have skyrocketed to Rs. 122/125 as against offer price of Rs. 141/151.
SME IPOs :-
- SME IPO Italian Edibles is witnessing premium of Rs16-18.
- Alpex Solar premiums have gone up from 160/170 to Rs. 185-190
- Rudra Gas :- premium have skyrocketed from Rs. 14/15 to Rs. 44/45.
- PolysilIrrigation :- premiums have gone up from Rs. 8/10 to Rs. 12/14.
- Wise Travel India Limited NSE SME IPOis opening on Feb 12 but premiums are around Rs. 135 with huge deals.
Cont...
Financial Weekly TM

Grey Market Premium / Kostak / Subject to Prices
IPOs Name Lot Size Offer Price Premium Kostak Price Subject to
Name (Shares) (Rs.) (Rs.) *Min. Appl. Sauda
Main Line IPOs

Apeejay Sur Main Line IPO 96 147 to 155 33 to 35 2,500
Small HNI 40,000
Big HNI -- 40,000
Rashi Per Main Line IPO 48 295 to 311 62 to 64 350 2,500
Small HNI 38,000
Big HNI 3000 3,000 38,000
Jana Small Fin. Main Line IPO 36 393 to 414 40 to 42 250 1,000
Small HNI 16,000
Big HNI 3,100 16,000
Capital Small Main Line IPO 32 445 to 468 28 to 30 200 700
Small HNI 5,000
Big HNI 5,000
Entero Health Main Line IPO 11 1195 to 1258 60 to 65 350 1,000
Small HNI 15,000
Big HNI 15,000
Vibhor Steel TuesMain Line IPO 99 141 to 151 122 to 125 450 to 500 9,000
Small HNI 1,25,000
Big HNI 1,25,000
SME IPOs
Italian Edibles NSE SME 2000 68 16 to 18 25,000
Alpex Solar NSE SME 1200 109 to 115 185 to 190 1,75,000
Rudra Gas Enterprise BSE SME 2000 63.00 44 to 45 70,000
Polysil Irrigation NSE SME 2000 54 12 to 14 20,000
Wise Travel India NSE SME 1000 140 to 147 132 to 135 1,10,000
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Rights Issue
Sr Company Issue Open Dt. Issue size Offer price Ratio & Listing Lead Manager/ Recomm.
Issue Close Dt. (Rs. Cr.) (Rs.) Record Dt. Registrar
1. Shree 30-1-2024 35,71,133 80 2 Shares for every BSE Vivro Fin. Apply
Ajit Pulp to Shares (F.V. Rs.10) 3 Shares held on Registrar
and Paper 15-2-2024 28.57 Cr 18-1-2024 Link Intime
2. Quest 2-2-2024 1,60,00,000 30 8 Shares for every BSE -- Avoid
Softech to Shares (F.V. Rs.10) 5 Shares held on NSE Registrar
15-2-2024 (Rs 48 Cr.) 8-1-2024 Purva Sharegistry
3. Yarn 6-2-2024 1,80,00,000 27 24 Shares for every BSE -- Avoid
Syndicate to Shares (F.V. Rs.10) 5 Shares held on NSE Registrar
21-2-2024 (Rs 48.60 Cr.) 24-1-2024 Cameo Corporate
4. Indian 6-2-2024 -- 1.60 13 Shares for every BSE -- Avoid
Infotech to Shares (F.V. Rs.2) 50 Shares held on NSE Registrar
and Soft 13-2-2024 (Rs -- Cr.) 29-1-2024 --
5. Indiabulls 7-2-2024 24,62,26,515 150 1 Shares for every BSE -- Apply for
Housing to Shares (F.V. Rs.2) 2 Shares held on NSE Registrar Long Term
Finance 13-2-2024 (Rs. 3693.40 Cr.) 1-2-2024 --
Cont...
Financial Weekly TM

Non Convertible Debenture (NCD) Issues at a Glance
Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
1. Indel 30-1-2024 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE CRISIL Apply for
Money 12-2-2024 Shelf : -- Cr. (Rs.10,000) BBB+/Stable
Medium
Lead manager : Vivro Financial by CRISIL
Term
Registrar : Link Intime India Pvt. Ltd.
2. Sakthi 8-2-2024 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE ICRA BBB (Stable) NEXT
Finance 21-2-2024 Total Size Rs. 200 Cr (Rs.10,000) By ICRA WEEK
Lead manager : Bonanza Portfolio
Registrar : Link Intime
3. UGRO 8-2-2024 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE IND A/Stable NEXT
Capital 21-2-2024 Total Size Rs. 200 Cr (Rs.10,000) NSE By India Rating WEEK
Lead manager : JM Financial
Registrar : Link Intime
Tentative Timetable for SME & Main Line IPOs

IPOs Name Issue Basis Refund/ Credit of Listing
Closes of Unblock Shares Date
Date Allotment Amount to Demat
Main Line IPOs
Apeejay Surrendra Main Line IPO 7-2-2024 8-2-2024 9-2-2024 9-2-2024 12-2-2024
Rashi Peripherals Main Line IPO 9-2-2024 12-2-2024 13-2-2024 13-2-2024 14-2-2024
Jana Small Fin. Main Line IPO 9-2-2024 12-2-2024 13-2-2024 13-2-2024 14-2-2024
Capital Small Main Line IPO 9-2-2024 12-2-2024 13-2-2024 13-2-2024 14-2-2024
Entero Healthcare Main Line IPO 13-2-2024 14-2-2024 15-2-2024 15-2-2024 16-2-2024
Vibhor Steel Main Line IPO 15-2-2024 16-2-2024 19-2-2024 19-2-2024 20-2-2024
SME IPOs
Italian Edibles NSE SME 7-2-24 8-2-24 9-2-24 9-2-24 12-2-24
Alpex Solar NSE SME 12-2-24 13-2-24 14-2-24 14-2-24 15-2-24
Rudra Gas Enterprise BSE SME 12-2-24 13-2-24 14-2-24 14-2-24 15-2-24
Polysil Irrigation NSE SME 13-2-24 14-2-24 15-2-24 15-2-24 16-2-24
Wise Travel India NSE SME 14-2-24 15-2-24 16-2-24 16-2-24 19-2-24
Listing Information of SME & Main Line IPOs

Co. Name Listing Code Offer Listing Listing Listing Listing CMP
Date Price Price Day Day Day 9th
(Rs.) (Rs.) High Low Close Feb.
Megatherm (NSE SME) 5-2-2024 MEGATHERM 108.00 198.00 207.00 195.00 207.90 252.60
Harshdeep H (BSE SME) 5-2-2024 544105 45.00 70.00 70.00 66.50 45.00 54.18
Mayank Cattle (BSE SME) 5-2-2024 544106 108.00 116.00 121.80 116.00 119.95 114.65
Beweja St (NSE SME) 6-2-2024 BAWEJA 180.00 183.00 183.00 173.85 173.85 149.05
BLS E-Ser. (Main Line IPO) 6-2-2024 544107 135.00 309.00 370.75 302.75 370.75 343.90
Gabriel Pet (BSE SME) 7-2-2024 544108 101 120.75 120.75 111.20 120.75 123.30
Cont...
Financial Weekly TM

Subscription Figure of Subscription Figure of
Apeejay Surrendra Park Rashi Peripherals
No. Shares Issue Subscribed No. Shares Issue Subscribed
Offered/ 5-2-24 6-2-24 7-2-24 Offered/ 7-2-24 8-2-24 9-2-24
Reserved Reserved
QIB 1,76,12,903 1.23x 1.33x 79.23x QIB 38,58,521 0.01x 0.75x 151.45x
N II 88,06,452 3.44x 10.93x 55.26x N II 28,93,891 1.98x 6.23x 66.15x
R eta il 58,70,968 6.16x 13.97x 32.00x Subscription Figure of R eta il 67,52,411 1.47x 3.70x 11.01x
Empl. 6,75,675 0.80x 2.25x 5.73x Entero Healthcare Total 1,92,92,603 1.16x 3.40x 62.95x
Total 5,93,85,352 2.69x 6.17x 62.91x
No. Shares Issue
Offered/ Sub.
Subscription Figure of
Subscription Figure of Capital Small Finance Bank
Reserved 9-2-24
Jana Small Finance Bank QIB 37,96,502 0.00x No. Shares Issue Subscribed
No. Shares Issue Subscribed N II 18,98,251 0.04x Offered/ 7-2-24 8-2-24 9-2-24
Offered/ 7-2-24 8-2-24 9-2-24 R eta il 18,98,251 0.32x Reserved
Reserved Empl. 70,625 0.36x
QIB 22,35,343 0.30x 1.10x 6.86x
QIB 26,88,392 0.14x 0.19x 39.81x Total 1,33,58,382 0.09x
N II 16,76,507 0.39x 1.08x 4.23x
N II 20,16,294 1.28x 3.18x 26.13x R eta il 39,11,850 0.72x 1.41x 2.60x
R eta il 47,04,487 1.27x 2.42x 5.70x Total 1,11,76,713 0.53x 1.25x 4.17x
Total 1,34,41,961 0.96x 1.98x 19.89x
Subscription figure of Subscription figure of

Sakthi Finance
Indel Money NCDs Issue
Category No. of Bond Issue
Category No. of Bond Issue Offered/ Subscribed
Offered/ Subscribed Subscription figure of Reserved 9-2-2024
Reserved 9-2-2024 UGRO Capital Institutional 50,000 0.00x
Institutional 1,00,000 0.00x Category No. of Bond Issue Non Inst. 1,50,000 0.02x
Non Inst. 4,00,000 0.81x HNI 4,00,000 0.34x
Offered/ Subscribed
Retail 5,00,000 0.94x Retail 4,00,000 0.61x
Total 10,00,000 0.80x Reserved 9-2-2024
Total 10,00,000 0.38x
Institutional 1,00,000 0.00x
Non Inst. 1,00,000 0.15x
Entero Health HNI 4,00,000 0.82x Vibhor Steel Tubes
Application Shares Amount Retail 5,00,000 0.40x Application Shares Amount
(Rs) Total 10,00,000 0.50x (Rs)
Retail (Min) 11 13,838 Retail (Min) 99 14,949
Retail (Max) 154 1,93,732 Retail (Max) 1287 1,94,337
S-HNI (Min) 165 2,07,570 S-HNI (Min) 1,386 2,09,286
S-HNI (Max) 792 9,96,336 S-HNI (Max) 6,534 9,86,634
B-HNI (Min) 803 10,10,174 B-HNI (Min) 6,633 10,01,583
Subscription Figures of SME IPO (Dt.9-2-2024)

IPO Listing Day Subscribed
Italian Edibles NSE SME Issue Closed on 7-2-2024 154.43x
Alpex Solar NSE SME 2nd Day Subscribed 82.88x
Rudra Gas Enterprise BSE SME 2nd Day Subscribed 71.51x
Polysil Irrigation NSE SME 2nd Day Subscribed 2.40x
Wise Travel India NSE SME Issue Opens on 12-2-2024 --
Cont...
Financial Weekly TM

The major trigger for both primary and secondary markets this year is the general elec-
tions, which are likely during April-May 2024. The IPO pipeline is expected to remain robust
for the rest of the current financial year and in the next one as well, with more than Rs 72,000
crore worth of securities heading for the primary market, analysts have said. As many as 25
companies have received the approval of the Securities and Exchange of Board of India
(SEBI) to raise approximately Rs 27,190 crore and another 41 companies are waiting for nod
to raise a total of Rs 45,576 crore. The major trigger for both primary and secondary markets
this year is the general elections, which are due by May. The average IPO size is likely to be
bigger in calendar year 2024 as more large firms are coming with public issues compared to
the previous year.
The biggest IPOs in the pipeline are OYO (about Rs 8,430 crore), Ebix Cash (Rs 6,000
crore), NSDL (Rs 4,500 crore), First Cry (Rs 4,000 crore) and Digit Insurance (Rs 3,500
crore). Around seven so-called new-age technology companies - Ola Electric, Awfis, MobiKwik,
Protea, Oravel Stays, Go Digit General Insurance and Brainbees Solutions - are expected to
go public in calendar 2024. It is expected that 15-20 unicorns to go public in the next 12-24
months and India to have 10-plus internet decacorns by the end of 2025.
* Last week's mainboard and SME IPOs:
Mainboard:
ApeejaySurrendraPark: - Rs. 920 crore issue closed on February 7 with total 62.91x
subscription, including : 79.23x, HNI : 55.26x, bHNI : 61.55x, SHNI 42.68x, retail: 32.00x and
employees: 5.73x. Due to 32x subscription in retail category, out of every55 applicants two
may get 96 shares. Listing on Feb 12 could be at around Rs 185-190 and prices may cross
Rs. 200 level in a good market. Allotment ratio in SHNI could be 41.22 and BHNI 12.17.
Rashi Peripherals Ltd :- Rs. 600 crore issue closed on Feb 9 with 62.95x subscription
including QIB : 151.45x, HNI : 66.15x, bHNI : 74.51x, SHNI 50.38x and retail: 11.01x. Out of
every nine applicants one may be allotted 48 shares. Allotment ratio could be 47.10 in SHNI
and 15.23 in BHNI. It may list at around Rs. 360-370 on February 14. Book 50% profit once
the prices cross Rs. 400 level.
Jana SFB Ltd :- Rs. 570 crore issue close don Feb 9 with total 19.89x subscription
including QIB : 39.81x, HNI : 26.13x, bHNI : 28.73x, SHNI 20.94x and retail: 5.70x. Ratio
could be 5.08 in SHNI and 0.67 in BHNI. Out of every 2 applicants one may be allotted 36
shares. Issue may list on Feb 14 at around Rs. 440-450.
Cont...
Financial Weekly TM

Capital SFB Ltd :- Rs. 523.07 crore issue closed on Feb 9 with total 4.17x subscription
including QIB : 6.86x, HNI : 4.23x, bHNI : 3.63x, SHNI 5.43x and retail:2.60x. allottement
ration could be 5.6 in SHNI and 0.67 in BHNI. Out of every two applicants one may be
allotted 32 shares.
* NSE SME IPOs:-
Italian Edible :- Issue of Rs. 26.66 crore closed on Feb 7 with total 154.43x and in retail
120.62x subscription. Listing on Feb 12 could be at around Rs. 80 - 85.
AlpexSolar :- Rs. 74.52 crore issue will close on Feb 12. It has got 82.75x and in retail
133.64x subscription on the second day. It may list at 150% price.
* Listing:-
BLS E-Services (544107) :- Issue with an offer price of Rs. 135 listed at 309, i.e. 128.89%
premium.
Megatherm Induction (NSE SME) :- Issue with an offer price of Rs. 108 listed on Feb 5
with 83.33% premium at Rs. 198.
KarshdeepHortico (544105) :- issue with an offer price of Rs. 45 listed on Feb 5 with
55.56% premium at Rs. 70.
Mayank Cattle Food (544106) :- Issue with an offer price of Rs. 108 listed on Feb 5 with
Baweja Studios (NSE SME) :- Issue with an offer price of Rs. 180 listed on Feb 6 with
Gabriel Pet (544108) :-Issue with an offer price of Rs. 101 listed on Feb 7 at Rs. 120.75
and went down to Rs. 111.20.
* This week's mainboard and SME IPOs:-
• Entero Healthcare (Mainline) :- Rs. 1900 crore issue with a price band of Rs. 1195-
1258 opened on Feb 6 and close on Feb 13.
Subscription :- On the first day it got total 0.09x subscription including , QIB : 00, HNI :
0.04x, bHNI : 0.03x, SHNI 0.08x, retail: 0.32x and employee: 0.36x. As it lacks fancy, the
investors have kept distance. If it get fancy, it may get 1 to 1.5x subscription. It may get
good response in QIB.
Refund/Allotment : Allotment could be on Feb 14, refund on Feb 15 and share credit on
Feb 15.
Listing :- Issue may list around Rs. 1300 on Feb 16. If market doesn't support it may slip
Cont...
Financial Weekly TM

in discount.
• Vibhor Steel Tubes Ltd. (Mainline) :- Rs. 72.17 crore issue will open on Feb 13 and
close on Feb. 15.
Subscripiton : due to small size it has witnessed a huge attraction and it may get good
response in retail and HNI. It may get 20-25x subscription in retail and 40x in HNI.
Refund/Allotment : Allotment could be on Feb 16, Refund on Feb 19 and share credit on
Feb 19.
Listing :- Issue may list on Feb 20. It may list with 70-80% premium at Rs. 270-275 and
may cross rs. 300 level in a good market.
* SME IPOs:-
• Rudra Gas Enterprise (BSE SME) :- Rs. 14.16 crore issue with a fixed price of Rs. 63
opened on Feb 8 and will close on Feb12. It has received total 71.51x and in retail 116.54x
subscription. It may list on Feb 15 at around Rs. 100-110 and may touch Rs. 120-125 level.
• Polysil Irrigation (NSE SME) :- Rs. 17.44 crore issue with a fixed price of Rs. 54
opened on Feb 8 and will close on Feb 13. It received total 2.40x and in retail 4.39x subscrip-
tion. It may list on Feb 16 at around Rs. 62-65.
• Wise Travel India Ltd. (NSE SME):- Issue with a price band of Rs. 140-147 and total size
of Rs. 94.68 crore will open on Feb 12 and close on Feb 14. It may list on Feb 19 around Rs.
270-275 and may touch Rs. 300 in a good market.
• NCDs issues:-
Indel Money : Rs. 200 crore issue will close on Feb 12. It has got 0.80x subscription of its
base price on Feb. 9.
Sakhti Finance Ltd :- Issue with bas price of Rs. 100 crore and overall Rs. 200 crore will
close on Feb 21. It has obtained Stable rating from ICRA. Coupon rate are 9-10.25.
UGRO Capital Ltd :- Issue with a base price of Rs. 100 crore and overall Rs. 200 crore
will close on Feb 21. It has obtained A/Stable rating from IND. Coupon rates are 10.25 to
11%.
* Rights Issue:-
Last week three Rights Issues were present in the market of which Sharanam Infra and
Ind Renewable closed on Feb 2 and Skipper Ltd on Feb 8.
Currently five rights issues are in the market of which Shree Ajit Pulp will close on Jan 39,
Quert Softech on Feb 2, Yarn Syndicate on Feb 6, Indian Infotech on Feb 6 and IB Hou.Fin on
Feb 12. Cont...
Financial Weekly TM

Entero Healthcare Solutions Limited Main Line IPO
Opened on 9th Feb & Closes on 13th Feb, 2024
Price Band Rs. 1195 to 1258 ; Listing on BSE & NSE
Company has posted growth in top line in the last 3 years while showing loss in bottom-line
In 2024, the company is in a turnaround position: Net Cash flow, ROE, RONW are negative
Considering all parameters on valuation front Issue Offer price is Aggressive
Retail investors may keep away and other may apply for very long term
Incorporated in 2018, Entero Healthcare Solutions Limited is a distributor of healthcare products in India.
The company's technology-driven platform provides healthcare product distribution services to pharmacies,
hospitals, and clinics throughout India. Entero Healthcare Solutions has relationships with over 1,900 healthcare
product manufacturers, giving them access to over 64,500 product stock-keeping units as of March 31, 2023.
Issue Details
• Issue Opens on 9th Feb. & Closes on 13th Feb. 2024
• Object of the issue : Repayment/prepayment, in full or part, of certain borrowings availed of by the company
and our Subsidiaries, Funding the long term working capital requirements. Pursuing inorganic growth initia-
tives through acquisitions. and General corporate purposes.
• Fresh Issue : 79,49,125 Shares ; Rs 1000 Cr, OFS : 47,69,475 Shares ; Rs 600 Cr • Total Issue Size :
1,27,18,600 Shares ; Rs 1600 Cr Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 1195 to 1258 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Minumum Lot Size : 11 Share • Listing on : BSE & NSE Total Revenue 1783.67 2526.55 3305.72 1898.98
• BRLM : ICICI Sec, Dam Capital, Jefferies, Jm Fin., SBI Cap. Profit After Tax -(15.35) -(29.44) -(11.10) 11.64
• Registrar : Link Intime India Private Ltd EPS -(5.29) -(9.22) -(3.10) 2.95
• Company Management : Prabhat Agrawal, Prem Sethi, and RONW (%) -(3.15) -(5.23) -(1.86) 1.76
OrbiMed Asia III Mauritius Limited.
• Market Cap : Rs. 5471.34 Cr. • Pre Issue Promoter Holding : 77.11 %
• Issue Constitutes 29.24% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. -(5.50) & RONW : -(3.20)%
• Pre IPO P/BV Ratio : 7.54 (NAV : 16.90)
• Post Issue : P/BV Ratio : 3.29 (NAV : 381.80)
• Post IPO asking P/E of fully diluted equity : 235.14
• Industry Peer Group PE Ratio : 177.21
• BRLM’s Performance : This is 98th Issue from BRLM in last 3 years. In last 97 Listing : 71 Issued opened
with premium & 26 Issue Discount.
OTHER SIDE OF THE COIN
• The average cost of acquisition of equity shares by the promoters / selling shareholders of the company is
Rs. 12.05 to 249.90 per share while the offer price is Rs. 1195 to 1258 per share.
• Apart from initial equity capital at par, the company has further allocated equity capital through private
placement at Rs. 10 between August 2018 to April 2020 and offer price band is Rs. 1195 to Rs. 1258
• Company has experienced negative cash flows in all three fiscals including H1FY24.
• The company has pledged 100 percent equity shares of its 10 subsidiaries to obtain loans from certain
lenders.
• average monthly sales per customer of the company decreased from 32801 in FY21 to 30143 in FY23.
• Revenue growth also declined from 41.71 percent in FY22 to 30.85 percent in FY23.
• The debt of the company is continuously increasing during the year.
• The company faces intense competition from domestic distributors.
• Only 10% allocation of net offer to retail investors.
Recommendation : - In the last 3 financial years, the company has registered growth in topline
but has shown loss in bottom-line. However, the company has come into a turnaround position in
H1FY24. On the valuation front all the parameters P/BV 3.29 and PE 381.80 and PE are not available.
Considering the issue price seems aggressive. Retail investors can stay away from this issue while
others can apply for very long term period.
Financial Weekly TM

Vibhor Steel Tubes Limited Main Line IPO
Opens on 13th Feb & Closes on 15th Feb, 2024
Price Band Rs. 141 to 151; Listing on BSE & NSE
Constant growth in Top and Bottom lines in all three fiscals
On valuation front issue looks fairly priced
Considering the growth in demand for steel and related products
Investors may apply for listing gains or Short term rewards
Founded in 2003, Vibhor Steel Tubes Limited manufactures, exports and supplies steel pipes and tubes to various
heavy engineering industries in India. The company's product portfolio includes: ERW pipes for application in water
transport, oil, gas and other non-toxic supplies. Hot-dipped galvanized pipes for application in agriculture and infrastruc-
ture. Hollow section pipes in square and rectangular forms. Primer painted pipes. Crash barriers for application in
railways, highways, and roads.
Issue Details Financial Performance : Consolidated Basis
th th Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Issue Opens on 13 Feb. & Closes on 15 Feb. 2024
Total Revenue 511.51 818.48 1114.38 531.24
• Object of the issue : Funding of working capital requirements of
Profit After Tax 0.69 11.33 21.07 8.52
the company; General purposes.
EPS 0.49 7.99 14.85 6.01
• Total Issue Size : Rs 72.17 Cr
RONW (%) 1.14 15.74 22.60 8.37
• Face Value Rs. 10 • Offer price Rs. 141 to 151
• Minumum Lot Size : 99 Share • Listing on : BSE & NSE
• BRLM : Khambatta Securities Limited
• Registrar : Kfin Technologies Limited
• Company Management : The Promoters of the Company are Mr. Vijay Kaushik, Mr. Vibhor Kaushik, Mrs. Vijay
Laxmi Kaushik and M/s. Vijay Kaushik HUF.
• Pre Issue Promoter Holding : 98.24%
• Average of last 3 Yrs. EPS Rs. 10.17 & RONW : 16.73%
• Pre IPO P/E Ratio : 10.17
• Industry Peer Group PE Ratio : 45.39
• Average cost of acquisition by Promoters is in the range of Rs.9.65 to 57.48 per share and issue price band is Rs. 141
to 151 per share.
• Apart from issuing equity at par company has further allocated equity capital at the price of Rs. 10 between April, 2003
to January 2018 and the offer price band is Rs. 141 to 151.
• Company is over dependent on Jindal Pipes Limited and over 90% of the revenue is derived from them.
• Company has reported certain negative cash flows from its operating activities, investing activities and financing
activities Q2FY24, FY21 and FY20.
• Company requires high working capital to carry out day to day operations.
• Company depends on 2 locations to carry out businesses. It derived 57.59% and 38.60% of total revenue from
Maharashtra and Telangana respectively in Q2FY24.
• IPO size is below 250 crores so it will list in T2T means 'trade to trade' category and stock can only be traded on a
delivery basis with 5% Upper and Lower limits.
Recommendation :- Company has posted good growth in Revenue and almost jumping
figures in PAT in all three fiscals. But if we annualize the earnings of H1Fy24 then it may
remain below the figures of FY23. On valuation front P/Bv comes to 2.3 and PE is 10.17
against peers PE average of 45.39 issue appears priced. Company operates in capital inten-
sive business. Considering the infrastructural growth of India, demand for steel and related
products is going to increase in upcoming years and due to that company may experience
a good revenue flow in upcoming years. Investors may apply for listing gain or short-term
rewards.
Financial Weekly TM

Rudra Gas Enterprise Limited BSE SME IPO
Opened on 8th Feb & Closes on 12th Feb, 2024 ; Offer price Rs. 63
Company has posted consistent growth in its financial performance for the reported periods
It will take longer gestation period for migration to main board due to small equity
Considering all valuation parameters issue appears fairly priced
Looking to Rs. 250 Cr order booking and government focus on infra sector
Apply for short to mid term
Rudra Gas Enterprise Limited was founded in 2015 and is active in gas distribution network projects,
fiber cable networks, construction equipment, and vehicle rental. The company provides services in the
fields of pipeline construction, civil works, and operation and maintenance of pipeline networks in city gas
distribution. The company also provides services for the installation of fiber optic cables and their mainte-
nance. The company has three business verticals: Gas pipeline projects, Fiber optic cable projects,
Rental of construction machinery and vehicles. The company's customers include companies in the city
gas distribution and telecommunications sectors, both in the public and private sectors.
• Issue Opens on 8th February & Closes on 12th Feb 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 7MFY24
• Object of the Issue : To Meet Working Capital Requirements, Total Revenue 28.17 43.96 49.57 34.47
General Corporate Purposes Profit After Tax 1.27 1.79 3.52 2.47
• Issue Size : 22,48,000 Shares ; Rs 14.16 Cr. EPS 2.42 3.42 6.71 4.06
RONW (%) 47.57 40.18 44.09 21.53
• Face Value Rs. 10 • Offer price Rs. 63
• Minumum Lot Size : 2000 Share
• Listing on : BSE SME • Market Cap Rs. 52.53 Cr
• BRLM : Beeline Capital Advisors Pvt Ltd • Registrar : Link Intime India Private Ltd
• Promoter : Mrs. Manjulaben Sureshbhai Patel, Mr. Kush Sureshbhai Patel and Mr. Kashyap Sureshbhai
Patel.
• Pre Issue Promoter Holding : 99.99% • Post Issue Promoter Holding : 73.03%
• Issue constitutes 26.96% of the post issue paid up capital
• Pre IPO Eq. Capital Rs. : 6.09 Cr. • Post IPO Eq. Capital Rs. 8.34 Cr.
• Pre IPO : P/BV Ratio 3.34 (NAV : 18.87) • Post Issue : P/BV Ratio : 2.05 (NAV : 30.77)
• Pre IPO P/E Ratio : 15.07 • Post IPO asking P/E on fully diluted equity : 12.38
• Industry peer Group PE Ratio : 15.43
with premium.
• The average cost of acquisition of equity share by the promoter is Rs 2.10 and 2.11 per share.
• It has also issued bonus shares in the ratio of 2:1 in July 2023 before filing DRHP.
• Apart from initial equity capital at par, the company issued further equity shares at a fixed price of Rs 250
per share in July 2023.
• Post IPO Rs 8.34 cr. equity capital indicates it will take long gestation period for migration to main board.
• Its total borrowing has been almost doubled during the last 31 Months.
Recommendation : The company was founded in 2015 due is active in Gas distribution
network project, fiber cable networks construction equipment and vehicle rental. It has
posted consistent growth in its financial performance for the last three fiscals & 7MFY24. On
valuation front considering P/BV of 2.05 and PE of 12.38, issue appears reasonably priced
compared to peers. Looking to the order booking of Rs 250 Cr approximate and govern-
ment focus on Infar sectors, Investors may considering to apply for short to midterm re-
wards.
Financial Weekly TM

Polysil Irrigation Systems Limited NSE SME IPO
Opened on 8th Feb & Closes on 13th Feb, 2024 ; Offer price Rs. 54
The company posted setback in FY22 Due to the Covid-19 pandemic
However its revenue increased by 16.6% & PAT rose by 236% in FY23
On the valuation front, the issue appears to be fully priced considering all the parameters
Investors may consider to apply for long term rewards
Polysil Irrigation Systems Limited was established in 1985 and manufactures and distributes HDPE pipes,
fittings, and micro irrigation systems, such as drip irrigation systems and sprinkler irrigation systems as well as
their components, accessories, and related products under the brand name Polysil. Polysil Irrigation Systems
operates in Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh,
Rajasthan and Haryana. The company sells its products through institutional markets and the open market.
As of August 15, 2023, the company sold its products through 9 distributors and around 425 dealers in India.
• Issue Opens on 8th February & Closes on 13th February 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 4.5MFY24
• Object of the Issue : Funding our Working Capital Total Revenue 54.72 37.67 43.92 10.20
Requirements; and General Corporate Purpose. Profit After Tax 0.65 0.34 1.14 1.10
• Fresh Issue : 14,44,000 Shares ; Rs 7.80 Cr, EPS 0.66 0.34 1.15 0.25
OFS : 17,85,000 Shares ; Rs 9.64 Cr. RONW (%) 4.84 2.46 7.39 6.70
Total : 32,29,000 Shares ; Rs 17.44 Cr
• Face Value Rs. 10 • Offer price Rs. 54
• Minumum Lot Size : 2000 Share • Listing on : NSE SME • Market Cap Rs. 61.24 Cr
• BRLM : Fedex Securities Pvt Ltd • Registrar : Bigshare Services Pvt Ltd
• Promoter : Bharatkumar Patel and Prafulbhai Radadia are the promoters
• Pre IPO : P/BV Ratio 3.24 (NAV : 16.65) • Post Issue : P/BV Ratio : 2.53 (NAV : 21.32)
• BRLM’s Performance : This is 27th Issue from BRLM in last 4 years. In last 10 Listing : 8 Issued opened with
premium and 2 Issue with at par.
• The average cost of acquisition by the of promoters / selling shareholders of the company is Rs. 13.92 and
Rs. 14.51 per share while the offer price is Rs. 54 has been fixed.
• The company has issued bonus shares in February 2023 in the ratio of 20:1.
• Apart from Initial equity capital at par the company issued further equity shares in the price range of Rs.
307.50 to Rs 317.40 per share (Face Value Rs. 10) between March 2021 and October 2022
• Pre-IPO promoters' holding is 33.3 percent which decreases to 29.49 percent post IPO.
• The promoters, directors and the company itself are involved in certain litigations which are currently pend-
ing at various stages.
• Company recorded negative cash flow in the year 2023 and the period till August 15, 2023.
• Micro Irrigation Ind. It depends on the subsidy policy by the central and state governments.
• The demand for the company's product is seasonal and largely depends on the produce and subsidy
policy.
• A company requires very high working capital for its day-to-day operations.
Recommendation : - The Company showed a setback in 2022 due to the epidemic of tuberculosis. The
sudden jump of 236 percent in the bottom line of FY23 is surprising. On the valuation front, the issue appears
to be fully priced considering the P/BV of 2.53 and PE of 20.85. Investors may apply for long-term rewards in
this Issue.
Financial Weekly TM

Wise Travel India Limited NSE SME IPO
Opens on 12th Feb & Closes on 14th Feb, 2024 ; Offer price Rs. 140 to 147
The company has registered consistent top-bottom line growth in the last 3 financial years and in H1FY24
Considering all the parameters on the valuation front, the offer price of the issue seems reasonable
Investors may consider to apply for listing gain or short term rewards
Incorporated in 2009, Wise Travel India Limited is a transport company that offers car rentals and trans-
portation services. The company offer services across 130 cities in India.
The company offers a range of services including car rental, employee transportation, end-to-end em-
ployee transport solutions (MSP), flexible fixed/monthly rental plans, airport counters, fleet management,
mobility services for MICE, cutting-edge mobility tech solutions, sustainable mobility, project mobility solu-
tions, strategic consulting and advisory on mobility, and community commute. WTI offers a variety of rental
cars, including executive cars, luxury cars, coaches, SUVs, and sedans.
Issue Details
• Issue Opens on 12th February & Closes on 14th February 2024
• Object of the Issue : To Meet Working Capital Requirement, General Corporate Purpose, To Meet the
Issue Expenses • Issue Size : 64,41,000 Shares ; Rs 94.68 Cr.
• FV Rs. 10 • Offer price Rs. 140 to 147 Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Minumum Lot Size : 1000 Share • Listing on : NSE SME
Total Revenue 44.06 89.70 249.97 190.17
• Market Cap Rs. 350.03 Cr Profit After Tax 1.73 3.78 10.29 11.33
• BRLM : Share India Capital Services Private Limited EPS 1.09 2.31 5.91 6.54
• Registrar : Beetal Financial RONW (%) 7.23 13.25 25.28 43.77
• Promoter : Mr. Ashok Vashist, Ms. Hema Bisht, and Mr. Vivek Laroia.
• Market Cap Rs. 350.05 Cr.
• Pre IPO : P/BV Ratio 4.92 (NAV : 29.89) • Post Issue : P/BV Ratio : NIL (NAV : NIL)
with premium and 1 Issue Discount & 1 Issue with at par.
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 2.73, Rs. 2.69
and 4.30 and offer price Rs. 140 to 147 per share.
• The company had issued bonus shares in the ratio of 9:2 in September 2023 before filing the dividend.
• Apart from initial equity capital at par, the company issued further equity capital by the company during
March 2010 to March 2023 Rs. 10 to Rs. Additional equity was issued in the price range of 86.
• The past cash flow of the company has been negative.
• Company's registered office, branch office and parking place are on lease.
• The Company does not own the WTI trademark.
Recommendation : - The Company has posted consistent growth in top-bottom lines in
the last 3 financial years and in H1FY24. On the valuation front, the offer price of the issue
appears to be reasonable with a P/BV of 4.92 and a PE of 15.45 compared to its peer group
average PE of 33.31. Investors may apply for listing gain or short term rewards.
Financial Weekly TM

Indiabulls Housing Finance Limited Rights Issue
Openes on 7th Feb. & Closes on 13th Feb ; Offer price Rs. 150
BSE Code : 535789 (FV Rs 2) • CMP 185.65 • 52WKH : 209.58 / Low : 81.89
The company has shown poor financial performance during the period indicated
Dividend distribution has shown a downward trend: the offer is very expensive
Risk taking shareholders may apply even though offer is 24% discount to CMP
Founded in 1982, Indian Infotech And Software Ltd. is a non-banking financial company
that provides loans to individuals and companies at a reasonable interest rate. In addition,
IISL also invests in shares of companies with high growth potential. The company supports
start-ups as well as established companies that are committed to the "Make in India" move-
ment. Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY 21 FY 22 FY 23 H1F Y 24
Issue Details
Total Revenue 10030.12 8993.90 8725.79 4157.92
• Issue Opened on 7th Feb. & Profit After Tax 1201.59 1177.74 1127.68 5294.17
Closes on 13th Feb. 2024

• Object of the Issue : Augmenting the capital base of the Co.
• Issue Size : 24,62,26,515 Shares ; Rs 3693.40 • Face Value Rs. 2
• Issue Price : Rs. 150 per Share • Market Lot : 1 per Share • Listing on BSE & NSE
• Terms of payment : Issue Price of Rs.150/- to be paid as Rs.50/- per share on Application
and Rs.100/- per share in one or more calls as may be determined by the Board at its sole
discretion from time to time.
• Entitlement : 1 Rights Equity Share(s) for every 2 fully paid-up Equity Shares held on
Record Date : 1-2-2024 • Deemed Date of Allotment : 22-2-2024;
• Lead Manager : Nuvama Wealth Management, InCred Capital Wealth Portfolio Managers
• Registrar : Kfin Technologies Limited
• Pre IPO Equity Capital Rs. 98.49 Cr. • Post IPO Capital Rs. 167.51 Cr.
• Cum Right basis at Rs. 221.95 (31-1-2024) ; • ex Right basis at Rs. 198.85 (1-2-2024)
• Since then, It has marked a high/low of Rs. 200.90/ Rs.184.65;
• It last closed at Rs. 189.45 (2-2-2024)
• 52 Weeks high / Low of Rs. 209.58/ Rs. 81.89
Recommendation : - India bulls Housing Finance, a company of India bulls Group, was
established in May 2005. The company has shown de-growth in the top-bottom line in FY2022,
FY2023 and H1FY24. It dividend distribut9on posted declining trends. The company is offer-
ing this rights offer at a discount of 23.76 percent from its current Market Price. On valuation
front considering all parameters, the issue appears expensive, Risk taking shareholders
may apply for long term.
Financial Weekly TM

Smart Best Buy S. N. Zaveri
CAMS : Profit up, stock will turn ex-dividend this week
UBL : Strong double digit growth in premium segment
JBM Auto : More E-Buses, more revenue for the company
Persistent Systems : Momentum to continue
Bharti Airtel : Consistent expansion in ARPU
CAMS (Rs 2904.00) (Code : 543232) : Registrar and transfer agent for mutual funds
Computer Age Management Services Ltd (CAMS) on Tuesday recorded a 21% increase in profit
after tax (PAT) to ?89 crore for the quarter ended December 2023. The company had posted a PAT
of Rs 74 crore in the same quarter of the preceding fiscal. Its revenue rose by 19% to ?290 crore in
the quarter under review from ?244 crore in the October-December quarter of 2023. EBITDA wit-
nessed an increase of 18% to ?129 crore in the quarter, compared to ?109 crore in the year-ago
period. This led to an improvement in EBITDA margin to 44.5%. Besides, the Board has also
approved the payment of an interim dividend of ?12 per equity share. The said dividend will be
paid to those shareholders as on February 16, 2024, which has been fixed as the 'record date' for
determining the members eligible to receive the dividend. Accumulate.
UBL (Rs 1770.00) (Code : 532478) : United Breweries Limited reported consolidated
net profit at Rs 85.34 crore for the December quarter of FY24 against a loss of Rs 1.97 crore in the
same quarter of the previous financial year. Total revenue is Rs 4,154.98 crore, increasing 12.28
percent from Rs 3,700.49 crore. Volume in Q3 grew 8 percent predominantly driven by South and
East regions and was partially offset by North. The premium segment grew by 14 percent. Within
the premium segment, it saw strong double digit growth for Kingfisher Ultra Max. Gross profit mar-
gin of the company on a year-to-date basis was lower as compared to previous year (-142 basis
points) albeit in Q3 an improvement of 215 basis points was seen. Buy this growth stock.
JBM Auto (Rs 2014.00) (Code : 532605) : JBM Auto, one of India’s leading automo-
tive and electric vehicle company has announced its consolidated results for the Q3 FY2024. The
company reported revenue of Rs 1,346 crore, up 41 percent YoY and net profit of Rs 48.63 crore,
up 46 percent, compared to Rs 33.17 crore a year ago. During this Quarter, JBM Auto says it
achieved its highest turnover and also highest turnover in OEM division at segment level of Rs 545
crore. Operations of 30 e-buses was inaugurated by the Prime Minister, Narendra Modi on October
31, in Gujarat. It has a strong order book in OEM Division and Toolroom Division which it says will
Cont...
Financial Weekly TM

contribute in continuing the impetus growth of the company in FY2024. The National e-Bus
Programme (NEBP) that aims to deploy 50,000 electric buses pan India and the FAME-III policy
framework expected in FY24, will propel green public transportation and will aid the development
and expansion of an EV ecosystem across the country, the company said. The government’s push
to electrify fleets and the efforts of leading OEM players like JBM Group to develop integrated
electric vehicle (EV) ecosystems have been major drivers of this growth.
Persistent Systems (Rs 8635.00) (Code : 533179) : Persistent Systems stock

seen some profit taking after hitting 52-week high of Rs.8828 on 30th January. However, the stock
will have continuous momentum as always. The stock recently turned ex-split in the ratio of 1:2,
meaning shareholders got two equity shares with a face value of Rs 5 each for every equity share
with a face value of Rs 10 each.The IT firm reported an 8.7 per cent sequential increase in consoli-
dated net profit to Rs 286.1 crore for the quarter ended December 31, driven by a strong order
book. Its quarterly revenue grew 3.6 per cent on a quarter-on-quarter basis to Rs 2,498.2 crore. The
company's margin, a key measure of profitability, improved by 80 basis points sequentially to 14.5
per cent. As the stock split is now effective, there will be more liquidity and further momentum in the
stock. Buy.
Bharti Airtel (Rs 1121.00) (Code : 532454) : Telecom major Airtel’s Q3-FY24
revenue grew at a moderate pace of 5.9 per cent y-o-y/2.3 per cent q-o-q to ?37,900 crore, mainly
driven by the Indian businesses. Mobile Service India grew by 11.8 per cent y-o-y accounting for
57.1 per cent of its overall revenue; Mobile Services Africa revenue declined by 7.1 per cent y-o-y
and accounted for 27.2 per cent of its consolidated revenue while the remaining 15.7 per cent was
from non-mobile business. It’s Adj. PAT after minority interest grew by 53.8 per cent y-o-y to ?2,442
crore. Despite the moderation in customer addition, it has consistently been able to expand its
ARPUs in the Indian business by targeting quality customers and maintaining its active user base.
It has been gradually implementing its 5G infrastructure across the country while it is also targeting
more than 60k villages which shall aid in customer addition and ARPUs expansion. Buy.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
9th February, 2024 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

Hazoor Multi Projects Ltd • CMP - Rs. 405.00 • BSE: 532467
Hazoor Multi Projects Ltd. Approves Allotment of Equity Shares to FIIs
Hazoor Multi Projects Ltd. (HMPL) (BSE: 532467), a leader in Engi-
neering, Procurement, and Construction (EPC) contracting services, has
announced that it has approved the allotment of 35,00,000 equity shares
to FIIs/FPIs, amongst other non-promoter group entities. The company
will allot shares to FIIs - Vespera Fund Ltd., Aries Opportunities Fund
Ltd., Elara India Opportunities Fund, Kiftar IN LLC, amongst other indi-
viduals and body corporates. The company had obtained members'
approval at the EGM on January 02, 2024, in addition to an in-principle
approval being obtained from the stock exchange. Corporate
Hazoor Multi Projects Ltd. (HMPL) (BSE: 532467) stands at the fore-
front of India's rapidly evolving infrastructure landscape, having strate-
SCAN
gically ventured into the development of a business vertical dedicated to providing high-quality
and reliable Engineering, Procurement, and Construction (EPC) contracting services. Respond-
ing to the escalating demand in the nation-building process, HMPL has swiftly emerged as a key
player in the industry.
Over the past few years, HMPL has achieved remarkable milestones by successfully undertak-
ing leading projects for the Maharashtra State Road Development Corporation (MSRDC), utilizing
both EPC and Hybrid Annuity Model (HAM) execution methods. Notably, the successful comple-
tion of the Wakan Pali highway in 2019, despite the challenges posed by the Covid-19 pandemic,
marked a pivotal moment for HMPL. The company further solidified its presence by taking on Pack-
age 11 of the prestigious Samruddhi Expressway and contributing to the NH 48 highway project,
demonstrating a commitment to excellence in project execution.
The journey thus far has been characterized by HMPL's ability to forge successful partnerships,
essential for the triumph of the projects undertaken. A robust management team, proficient in both
technical and commercial aspects, has been instrumental in steering the company toward consis-
tent growth and success. The foundation of HMPL was built on a commitment to meeting timely
schedules, maintaining high-quality standards, and prioritizing safety - principles that have guided
every endeavor.
Recognizing the importance of collaboration, HMPL has successfully synergized commercial
and technical capabilities to deliver the best value services to key clients, including MSRDC and
the National Highway Authority (NHA). In just four years, HMPL has cultivated a highly satisfied
client base within the country's highway building program.
Looking ahead, HMPL is poised for further expansion. The company envisions diversifying into
other verticals of Infrastructure EPC Contracts, aligning with the ongoing infrastructure boom in
India. Additionally, HMPL aims to explore opportunities in overseas contracts, providing profes-
sional services in infrastructure develop-
ment. The journey ahead promises to be as
dynamic and successful as the path tra-
versed thus far, solidifying HMPL's position
as a pioneering force in the infrastructure
sector.
***
Financial Weekly TM

Dalal Street Whispers Dilip K. Shah
Life Insurance Corporation of India (Rs 1080.00) :- Life Insurance Corporation
of India, the state-owned life insurance company has recorded standalone profit of Rs 9,444.4
crore in the quarter ended December FY23, growing sharply by 49.1 percent over a year-ago pe-
riod. Net premium income for the quarter was Rs 1,17,017 crore, increasing 4.7 percent compared
to the corresponding period of the last fiscal, and net commission grew by 3.2 percent YoY to Rs
6,520 crore for the quarter. LIC has declared an interim dividend of Rs. 4 per share.
One 97 Communications (Rs 419.00) :- One 97 Communications, the fintech major

is putting the finishing touches on a deal to acquire Bitsila, an interoperable e-commerce startup,
sources said. Bengaluru-based Bitsila is currently the third-largest seller-side platform by transac-
tions on the Open Network for Digital Commerce (ONDC).
Biocon (Rs 273.00) :- Bitcoin, the biopharmaceutical firm recorded consolidated net profit
of Rs 660 crore for the October-December period of FY24, against a loss of Rs 41.8 crore in the
corresponding period of the last fiscal. This was partly due to a low base, as there was an excep-
tional loss of Rs 271.4 crore in Q3 FY23. Revenue from operations for the quarter at Rs 3,953.7
crore increased by 34.4 percent over a year-ago period.
Bharat Heavy Electricals (BHEL) (Rs 277.00) :- Bharat Heavy Electricals, the
state-owned power equipment manufacturer has received an order from HPGCL (Haryana Power
Generation Corporation) for setting up the 1x800 MW ultra-critical expansion unit at DCRTPP
Yamuna Nagar. The contract value is more than Rs 5,500 crore. BHEL will provide equipment
(including a boiler, turbine, generator, and associated auxiliaries), erection and commissioning,
and civil works.
Patanjali Foods (Rs 1602.00) :- Patanjali Foods, the FMCG company has reported
net profit at Rs 216.5 crore for the third quarter of FY24, falling 19.6 percent compared to the corre-
sponding period of last fiscal year, impacted by subdued topline and operating numbers.
IRCTC (Rs 939.00) :- IRCTC, the state-owned entity has signed a MoU with the Govern-
ment of Uttarakhand through the Uttarakhand Tourism Development Board (UTDB) for taking dedi-
cated Bharat Gaurav tourist trains through IRCTC and operating the trains originating from differ-
ent cities and stations of the country to Uttarakhand. The MoU has been signed initially for a period
of two years, which would be further extended for additional years.
Aster DM Healthcare (Rs 436.00) :- Aster DM Healthcare has reported consolidated
Cont.....
Financial Weekly TM

profit at Rs 179.2 crore for the third quarter of FY24, growing 28.6 percent over a year-ago period,
backed by topline and EBITDA performance. Revenue from operations grew by 16.2 percent YoY
to Rs 3,710.6 crore for the quarter, while operating EBITDA increased by 28 percent to Rs 583
crore.
Ramco Cements (Rs 901.00) :- Ramco Cements company has reported a 38.6 per-
cent on-year growth in standalone net profit at Rs 93.4 crore for the quarter ended December FY24,
backed by healthy operating numbers. Revenue from operations grew by 5 percent YoY to Rs
2,106.1 crore for the quarter. During Q3FY24, the sale volume was 4 million metric tons, compared
to 3.64 million metric tons in Q3FY23, with a growth of 10 percent. Blended EBIDTA per ton for Q3
FY24 was Rs 1,007 as against Rs 808 during Q3 FY23.
Rail Vikas Nigam (Rs 259.00) :- Rail Vikas Nigam, the state-owned entity has re-
corded consolidated profit at Rs 358.6 crore for the October-December period of FY24.
Grasim Industries (Rs 2168.00) :- Grasim Industries, the Aditya Birla Group com-
pany has reported standalone profit at Rs 236.31 crore for the third quarter of FY24, falling 8.2
percent compared to the year-ago period as tax cost at Rs 2.8 crore in Q3 FY24 against a tax write-
back of Rs 42.36 crore in Q3 FY23. Revenue from operations grew by 3.3 percent to Rs 6,400.25
crore compared to the year-ago period.
JK Lakshmi Cement (Rs 934.00) :- JK Lakshmi Cement company has recorded an

88 percent year-on-year increase in consolidated net profit at Rs 143.67 crore for the quarter ended
December FY24, backed by healthy operating numbers with lower power and fuel costs. Revenue
from operations rose 9 percent YoY to Rs 1,703 crore for the quarter.
Torrent Power (Rs 1172.00) :- Torrent Power, the Gujarat-based power company
recorded consolidated net profit at Rs 359.8 crore for the quarter ended December FY24, declining
sharply by 47.4 percent compared to the year-ago period, impacted by lower topline and dismal
operating numbers with higher fuel costs.
United Breweries (Rs 1770.00) :- United Breweries, the Kingfisher beer maker has
reported standalone net profit of Rs 84.85 crore for the third quarter of FY24, against a loss of Rs
2.14 crore in the corresponding period of the last fiscal year, backed by healthy operating numbers
and higher other income.
Suryoday Small Finance Bank (Rs 173.00) :- Suryoday Small Finance Bank has
registered a 217 percent on-year increase in net profit at Rs 57.22 crore for the October-December
Financial Weekly TM

period of FY24, with other income rising 102.3 percent YoY to Rs 51.9 crore and pre-provision
operating profit increasing 80.5 percent to Rs 114.2 crore for the quarter. Net interest income dur-
ing the quarter jumped 33.9 percent to Rs 245.7 crore compared to the same period last year. On
the asset quality front, gross NPA rose by 16 bps sequentially to 3.06 percent and net NPA fell 4
bps QoQ to 1.42 percent for the quarter.
Avalon Technologies (Rs 480.00) :- HDFC Mutual Fund has bought 14,31,000 eq-
uity shares, which is equivalent to 2.18 percent of paid-up equity, in the electronics manufacturing
service provider via open market transactions at an average price of Rs 474 per share. HDFC
Mutual Fund held more than a 2.5 percent stake in the company as of December 2023. However,
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio sold 14,93,822 (2.27 percent stake)
equity shares in the company at an average price of Rs 474.01 per share.
Global Health (Rs 1268.00) :- Global Health, the multi-specialty tertiary care provider
clocked 53.4 percent on-year growth in consolidated net profit at Rs 123.6 crore for the quarter
ended December FY24, backed by strong operating margins and healthy topline growth. Revenue
from operations grew by 20 percent YoY to Rs 832.6 crore for the quarter, with matured and devel-
oping units delivering robust revenue growth of 17 percent and 33 percent YoY, respectively. This
growth was primarily driven by increased in-patient volume and improved realization.
EPIC Energy (Rs 13.00) :- EPIC Energy, the company has received a Letter of Award
(LOA) for the supply, installation, and commissioning of a 54.6 KW grid-connected solar PV sys-
tem with 3-phase inverters.
Zomato (Rs 149.00) :- Zomato, the food delivery aggregator reported a consolidated net
profit of Rs 138 crore for Q3FY24, beating analysts' estimate of Rs Rs 90.98 crore, as per LSEG
data.
Biocon (Rs 273.00) :- Bitcoin, it has reported a net profit of Rs 660 crore for Q3FY24, with
revenue from operations increasing 34.4 per cent to Rs 3,953.7 crore.
Bharti Airtel (Rs 1121.00), Vodafone Idea (Rs 15.00) :- Union Cabinet an-
nounced its approval for a 10,523 MHz spectrum auction in CFY, with a reserve price of Rs 96,317
crore. The auction will be held for spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz,
2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz frequency bands, with a validity period of 20
years.
TVS Supply Chain Solution (Rs 185.00) :- TVS Supply Chain Solution, the com-
Financial Weekly TM

pany has signed a settlement agreement in relation to certain disputes. TVS Australia will make
aggregate payments amounting to $6 million.
Signatureglobal (India) (Rs 1317.00) :- Signatureglobal (India), it has entered into

a joint development agreement for 20.32 acres located in Gurugram. The land has an overall po-
tential developable area of approximately 2.84 million square feet.
Motisons Jeweller (Rs 184.00) :- Motisons Jeweller net profit at Rs 10.7 crore versus
Rs 0.9 crore, Revenue at Rs 123.2 crore versus Rs 119.5 crore (YoY)
Schneider Electric (Rs 589.00) :- Schneider Electric, net profit at Rs 9 crore versus Rs
4 crore , Revenue at Rs 74.5 crore versus Rs 57.7 crore (YoY)
NCC (Rs 225.00) :- NCC, net profit at Rs 230.96 crore versus Rs 168.3 crore, Revenue at
Rs 5287.0 crore versus Rs 3963.0 crore (YoY)
Honeywell Automation (Rs 38433) :- Honeywell Automation, net profit at Rs 127.9

crore versus Rs 106.1 crore, Revenue at Rs 1071.0 crore versus Rs 1017.5 crore (YoY)
ITD Cementation (Rs 337.00) :- ITD Cementation, net profit at Rs 78.6 crore versus
Rs 36.9 crore, Revenue at Rs 2017 crore versus Rs 1327 crore (YoY)
Rupa (Rs 286.00) :- Rupa, net profit at Rs 20.8 crore versus Rs 5.5 crore, Revenue at Rs
317.0 crore versus Rs 235.0 crore (YoY)
HCC (Rs 45.00) :- HCC, net profit at Rs 182 crore versus loss Rs 260 crore, Revenue at Rs
1470 crore versus Rs 2035 crore (YoY)
UBL (Rs 1770.00) :- UBL, net profit at Rs 86 crore versus loss Rs 1.8 crore, Revenue at Rs
1824 crore versus Rs 1613 crore (YoY)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
9th February, 2024 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

HMA Agro Industries Ltd • CMP - Rs. 77.00
BSE: 543929 NSE : HMAAGRO
HMA Agro Industries Ltd.
Reports Stellar Earnings for Q3FY24, PAT Jumps 772% QoQ
Corporate SCAN
HMA Agro Industries Ltd. (BSE: 543929, NSE: HMAAGRO),
a leader in handled foods and agro products, in its board meeting
held on February 08, 2024 has approved the unaudited Financial
Results of the Company for the quarter and nine months ended
on 31 December 2023.
For the quarter ended 31 December 2023, the Revenue from
Operations stood at Rs. 12517.23 Mn, recording a growth of 63%
YoY and 4% QoQ. The EBITDA was reported at Rs. 759.50 Mn,
showing a growth of 84% YoY, and 173% YoY. PAT stood at Rs.
491.01 Mn, growing 75% YoY and 772% QoQ.
Commenting on the Q3 & 9M FY24 performance, Mr. Gulzeb
Ahmed, Chief Financial Officer - HMA Agro Industries said, "We
witnessed an exceptional quarter amidst the backdrop of the
robust Indian economy. Accomplishing the highest quarterly rev-
enue at INR 12,517.23 million is a testament to our resilience and
strategic foresight. Surpassing the figures of FY23 in both rev-
enue and PAT metrics reflects our progression towards our 5x
vision."
The management has seen the improvement in the domestic
as well as export markets which help to achieve the targeted sales revenue from domestic and export markets. The management is confident
of continuing the increase in EBITDA margin for the third quarter of the year due to focus on more value-added products, increase in the exports
and diversification in different segments such as rice and fish.
Earlier, the company executed a stock split in the ratio of 1:10, i.e. sub-division /split of each equity share having face value of Rs. 10/- each,
fully paid-up into ten equity shares having face value of Rs. 1/- each fully paid-up. The record date for the said split was December 29, 2023.
HMA Agro Industries Ltd. operates as a food trade organization. The Company offers handled food and agro products including frozen fresh
buffalo meat, prepared and frozen natural products, fruits,vegetables, and cereals. HMA Agro Industries serves customers worldwide. The
company has a production capacity of 1472 MT per day. The company's State-of-manufacturing facility is spread across 6 City in Agra, Unnao,
Punjab, Aligarh, Mewat & Prabhani. It has a fully integrated infrastructure for manufacturing & retailing with complete automation. The company
is strategically reducing sales to low margin countries and gradually shifting towards higher margin markets.
HMA GROUP is one of the largest food trade organization for handled food and agro products including frozen fresh deglanded buffalo meat,
prepared/frozen natural products, vegetables and cereals in India and has an experience of 63 years altogether. Today HMA can be found in
various nations and we have our sights on expanding substantially more, we are serving in around 60 nations worldwide and has transformed
into the world's driving food chain organisation. HMA GROUP has a total strength of around 25000 employees and works in excess of 10
workplaces and 5 working environments in India.
HMA has Accomplished beneficial advancement in its passages, all through the last 2 decades. HMA's responsibilities to India's charge effort
has been seen by the public authority of India. APEDA (Ministry of Commerce). Offices are insisted for quality and thing security structures under
FSSAI, OHSAS, HACCP, ISO 9001, ISO 14001, ISO 22000, FSSC 22000 v5.1, ISO 45001, GMP, GHP and ISO 37001. Since the time of its
establishment, it has been laying crucial importance towards the idea of their things. As a leading exporter of animal-based food products, HMA
Agro Industries Ltd. is committed to delivering shareholder wealth by achieving exponential growth. With a clear vision and an impactful growth
strategy, it is determined to make a sustainable business over medium and long-term.
***
Financial Weekly TM

Keep eyes on sugar and pharmacy stocks
Col Ajayastromoneyguru
Mobile 9414056705
six week of calendar year 2024 is represented by planet known as Venus and year 2024
represented by planet known as Saturn.
This week Mars, Venus and Mercury are making conjunction in Saturn house. SATURN
and sun will be making conjunction. In Saturn house.
As per Astro Economics this combination may lead mixed result in global stock market
.we are expecting more pain in banking stocks. Previous week we have given pre alert in
private banks. And positive move in power grid, 4%, ONGC 7%, SAIL 15% up movement
was seen as per person our unparalleled advance predictions.
Hope readers must have Enjoyed big profit on financial astrology base recommendation.
We happy to inform that we are conducting online financial astrology course, interested
person can talk to us.
As per Astro Economics this is time for patience and profit booking expected.
Sugar, pharmacy, stocks should be in focus for investment.
The above recommendation are purely for research purpose, take advise for your finan-
cial advisor for taking any financial decision.
Ajayastromoneyguru
Mob 9414056705
Financial Weekly TM

Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : [email protected]
FINQUEST - Series No: 7

1. What is interest rate floor?
An interest rate floor is a series of put options in interest rate or a portfolio of puts. It
protects a lender against fall in interest rate on rate reset dates of a floating rate asset.
2. What is intrest rate collar?

An interest rate collar is a combination of a cap and a floor
3. What is the future contract?

A futures contract requires the delivery of an agreed quantity of an asset (or in some
cases, its cash value), at a specified future delivery or maturity date, for an agreed upon
price, called the futures price to be paid at contract maturity. One can be buying futures or
selling futures. The former is called long position in futures and the latter is short position in
futures.
4. What are index futures?

Index futures are futures with stock index as the underlying asset. The underlying value
base for the Index futures is BSE Index, NSE Fifty, S&P 500, Nikkei 225, etc.
5. What is contract multiplier?

Any contract must have its value stated in monetary units. In the case of index derivatives
the value units traded are index numbers. To make them translated into monetary units a
monetary multiplier for the contract is needed.
Financial Weekly TM

Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : [email protected]
Nifty Predictions ; 12-2-2024 to 16-2-2024

" Please consider 10 minutes plus and minus in each prediction, and act accordingly. " Ganesha
advises you to compare every prediction with the prediction of the previous time slot.
12-02-2024 Monday :- " After every 6 trading days you can see the pattern that the trend
will change and it is a budget month so it will be good if you play a little calculative. " Dt. After 12-
02-2024, the major planets will come into alliance with each other, due to which there is a possibil-
ity of great turmoil. " Divide the month of February into 3 parts - which has been given to you in
advance in the book. " Part - 1 = Dated 01-02-2024 to 09-02-2024 overall will be positive. === This
is what you have seen. " Part - 2 = From 12-02-2024 to 22-02-2024 mix can be called time pass or
near to surface. " Part - 3 = Overall mix to be positive. " Now let's talk about today- " 9.15 to 11.15
Jobbing around the surface in Nifty. " 11.15 to 14.40 Nifty is not getting stable anywhere, so change
the soft side position frequently. " Nifty may bounce from 14.40 to 15.30.
13-02-2024 Tuesday :- " Today only 2 trades look a little clear. " Trade - 1 = Short Nifty
around 11.00 and exit around 11.50. " Trade - 2 = buy around 12.00, exit around 13.15.
14-02-2024 Wednesday :- " 9.15 to 10.00 Nifty remains around slight up side surface. "
10.00 to 12.50 Nifty overall view is down. " 12.50 to 13.30 Nifty up. " 13.30 to 14.40 Nifty remains
down. 14.40 to 15.30 Nifty light up but how many points it is difficult to say a week in advance.
15-02-2024 Thursday :- " 9.15 to 11.30 Nifty mix to remain positive. " Nifty remained
down from 11.30 to 12.40. " 12.40 to 15.30 Today's highest volatility will be seen where the trend
will change every 15 minutes, so act fast accordingly.
16-02-2024 Friday :- Nifty remains reasonably up from 9.15 to 9.50. " 9.50 to 10.30 Nifty
has a time pass, so it can be called "No Position Zone". Nifty can be said to trade flat between
10.30 to 12.30 volatility. " Starting from 12.30 to 14.30 30 minutes up and then the slot ends with
mix to negative. " Nifty remains up from 14.30 to 15.30 but selling pressure may come in the last 15
minutes.
Financial Weekly TM

News Track
Lincoln Pharmaceuticals Ltd reports Standalone Net

Profit of Rs. 28.04 crore in Q3 FY24, 29.75% rise Y-o-Y
Company achieved Profit Before Tax of Rs. 100.02 crores for 9M FY24
ended December 2023, close to the figure of Profit Before Tax of Rs.
100.45 Crores achieved for the full 12 months of FY 23
Ahmedabad (Gujarat) February 08, 2024: Lincoln Pharmaceuticals Lim-

ited, one of India's leading healthcare companies has reported net profit of
Rs. 28.04 crore for the Q3 FY24 ended December 2023 as against net
profit of Rs. 21.61 crore in the corresponding period last year, growth of
29.75%. Total Income from operations for the Q3 FY24 was reported at Rs.
157.47 crore, higher by 12.38 % over previous fiscal's same period Total
Income of Rs. 140.12 crore. Company reported EBITDA of Rs. 40.67 crore
in Q3 FY24, rise of 22.91 % as compared to Rs. 33.09 crore in the corre-
sponding period last year. EPS for Q3FY24 was at Rs. 14.00 per share as
compared to Rs. 10.79 in the corresponding period last year. Company
achieved Profit Before Tax (PBT) of Rs. 100.02 crores for 9M FY24 ended
December 2023, close to the figure of PBT of Rs. 100.45 Crores achieved
for the full 12 months of FY 23.
The company's emphasis on innovation and expansion is evident with impressive portfolio of
over 1,700 registered products and an additional 700 in various stages of development. In FY24,
the company aims to strengthen its portfolio in lifestyle, chronic, women's healthcare, and derma-
tology segments, complementing its established presence in acute care. In FY23, it introduced 18
products domestically and submitted 130+ export dossiers.
Mr. Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited, said, "We are pleased
to announce that the company has sustained strong growth across all business segments in Q3
and nine months of FY24, maintaining a net debt-free status. We anticipate even stronger growth
in the future through upcoming product launches in domestic and export markets, improved opera-
tional efficiency, and the introduction of higher-margin products. With our steadfast growth strate-
gies, expansion plans for products and markets, and focus on operational efficiency, we are target-
ing revenue of Rs. 750 crore in FY26."
Financial Weekly TM

Performance of “SMART PLUS NEWS LETTER”
Amazing 22% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
5-2-24 Recomm. (%) 5-2-24 Recomm. (%)

Concor 920 950 3.26 IOC 163 192 17.79
Maruti Suzuki 10650 10749 0.93 Vedanta 272 278 2.21
Olectra 1785 1879 5.27 Gail 178 179 0.56
Voltas 1058 1064 0.57 ONGC 253 273 7.91
Info Edge 5177 5497 6.18 Siemens 4161 4220 1.42
IndiGo Aviation 3127 3130 0.1 Canara Bank 514.4 569 10.61
Havells 1340 1349 0.67 Munjal Showa 192 198 3.13
Ratnamani Metal 3328 3460 3.97 BLAL 312 316 1.28
Cummins India 2309.25 2585 11.94 Gensol Engg. 953 1162 21.93
Sail 128 139 8.59 Lumax Auto 393 415 5.6
SJVN 142 150 5.63 REC 496 509 2.62
REC 496 509 2.62 Suzlon 48 49 2.08
Tata Motors 878 984 12.07 NHPC 100 101 1
HPCL 488 525 7.58 SJVN 142 150 5.63
Dodla Dairy 991 998 0.71 UCO Bank 50 63 26
BPCL 558 620 11.11 NHPC 100 101 1
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Company Reccom. High after Ch. Company Reccom. High after Ch.
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Shree Rama 21 31 47.62 Torrent Power 1162 1202 3.44
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Only Financial Weekly Published in

Editor : Dilip K. Shah

Phone : 079 - 2657 66 39

11th February 2024 to 17th February 2024 2

GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

FII ACTIVITY (Rs. in Cr.)

Most Popular Webstie for the Stock Market Investors

Click on our website : www.smartinvestment.in

11th February 2024 to 17th February 2024 4

Subscriber will receive recommendation through Telegram

GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

According to the Indian Newspaper Society,

11th February 2024 to 17th February 2024 6

OSCILLATING BETWEEN 21600 - 22000

:::: INDEX LEVELS ::::

11th February 2024 to 17th February 2024 7

JTL Industries (Rs 262.00) (Code : 534600)

11th February 2024 to 17th February 2024 8

Objects of the Issue Corporate

11th February 2024 to 17th February 2024 9

11th February 2024 to 17th February 2024 10

Kalpna J (Email- [email protected])

Rapid Fire Stocks

11th February 2024 to 17th February 2024 11

Nykaa is India’s leading omnichannel beauty destination that commenced operations in

Buy... Buy... Buy on Dips Hold Sell on High

11th February 2024 to 17th February 2024 12

11th February 2024 to 17th February 2024 13

11th February 2024 to 17th February 2024 14

11th February 2024 to 17th February 2024 15

11th February 2024 to 17th February 2024 16

11th February 2024 to 17th February 2024 17

HET ZAVERI : [email protected]

11th February 2024 to 17th February 2024 18

Download our app

11th February 2024 to 17th February 2024 19

Corporate Feature Rudra Gas Enterprise IPO Details

11th February 2024 to 17th February 2024 20

ber 31, 2023, it has

11th February 2024 to 17th February 2024 21

11th February 2024 to 17th February 2024 22

Performance Report - Mid-term / Long-term

Subscriber will receive recommendation through Telegram

11th February 2024 to 17th February 2024 23

Key events for 5th to 9th February 2024

China's Consumer Prices Drop at Fastest Pace Since 2009

Germany's Industrial Downturn Stretches into A Seventh Month

11th February 2024 to 17th February 2024 24

Trillions Of Yen Pile Up at Negative Rates in Bets on BOJ Shift

Equichain Wealth Advisors: Market View & Opinion

Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472

English & Gujarati Edition Gujarati Edition

11th February 2024 to 17th February 2024 25

11th February 2024 to 17th February 2024 26

11th February 2024 to 17th February 2024 27

This are some stocks we received from our subscribers,

11th February 2024 to 17th February 2024 28

Next week Nifty range should go between 21600 to 22000.

11th February 2024 to 17th February 2024 29