Smart Investment 2-8 MAY 2021

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VOL : 14 • Issue No: 12 RNI No : GUJENG / 2008 / 24320 2nd May 2021 to 8th May 2021
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
26-04-21 7660.72 8772.61 -1111.89
27-04-21 5527.78 6982.53 -1454.75
28-04-21 7822.55 7056.53 766.02
29-04-21 6399.32 5589.95 809.37
30-04-21 7951.05 11416.12 -3465.07
TOTAL 35361.42 39817.74 -4456.32
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
26-04-21 6518.02 5495.45 1022.57
27-04-21 6484.69 5021.25 1463.44
28-04-21 6349.17 5912.97 436.2
29-04-21 4222.29 5164.64 -942.35
30-04-21 5761.78 4342.47 1419.31
TOTAL 29335.95 25936.78 3399.17
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Financial Weekly
SMART 2nd May 2021 to 8 th

May 2021 4
INVESTMENT
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Performance of our last Recommendation
Date Co. Remark
1st March 21 VIVI BIO Recommended at 52.5 on 23rd Feb. Booked 50% profit at 57
now book full profit at 61
2nd March 21 SAMRAT PHARMA Buy at 150Made a high of 204.85 on 23rd April
3rd March 21 HARIANA SHIP Recommended at 44 on 25th Feb.
Now book profit at 56
4th March 21 RANA SUGARS Buy at 9.75Made a high of 11.4 on 16th April
5th March 21 MULTIBASE INDIA Buy at 200 stop loss 185 Booked prpfit at 225
8th March 21 ITL IND Recommended at 115 on 26th Feb.
Now book profit at 129
8th March 21 HP COTTON Buy at 41.8 stop loss 36
Made a high of 51.2 on 8th April
17th March 21 PIONEER Emb. Buy at 39 stop loss 33
Made a high of 47.7 on 23rd April
18th March 21 HALDYN GLASS Buy at 33 stop loss 30 Booked 50% at 35 and then revised
stop loss of 31 clicked
18th March 21 ARO GRANITE Buy at 46 for target of 48-49-50
Booked profit at 48
18th March 21 FLEX FOOD Buy at 77 stop loss 72 Booked profit at 81
19th March 21 RAJOO ENG Buy at 20 stop loss 18 Remain range bound
19th March 21 RAMA PHOS Buy at 119 stop loss 106 Booked 50% at 124.8 & then made
a high of 149.9 on 6th April
23rd March 21 FAZE THREE Book profit at 82 call given at 64 on 15th Feb.
23rd March 21 TOTAL TRANSPORT Buy at 46 stop loss 41 Remain range bound
24th March 21 SHILP GRAVURES Buy at 89 stop loss 84 Made a high of 94.95 on 30th March
25th March 21 ANDHRA PETRO Buy at 58.5 stop loss 52 Made a high of 66 on 5th April
25th March 21 HIND TIN Buy at 63 stop loss 57 Made a high of 69.5 on 9th April
25th March 21 VIKRAM THERMO Buy at 163 stop loss 151
Made a high of 198.55 on 23rd April
26th March 21 GEE LTD Buy at 38.65 stop loss 36 Made a high of 40
1st April 21 CAPRIHANS Buy at 83 stop loss 76 Made a high of 100.75
12th April 21 SAMRAT PHARMA Buy at 145 stop loss 124 Made a high of 204.85 on 23rd April
Contact : (M) 9825006980 & 9979330348

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Financial Weekly

May 2021 5
INVESTMENT
BUMPER STOCK ; Research Report

Keerti Knowledge & Skills Limited
A large young and aspirant population
presents robust growth potential : BUY
Company Profile :- An educational solutions provider, Keerti Knowledge & Skills Limited
(Keerti) is an ISO 9001:2015 certified organization offering educational training to students. Keerti's
training delivery, processes, pedagogies and systems look to provide seamless and affordable
education and training that can be benchmarked across its services and solutions. Keerti has suc-
cessfully trained more than 5 lakh students in classroom and instructor-led programmes, central
and state government programmes, and under CSR projects over the last 2 decades, thereby con-
tributing to the Skill India programme. Keerti operates through two wholly-owned subsidiaries.
Keerti Institute India Private Limited (KIIPL) provides training in various domains of information
and communication technology (ICT) through its established brand Keerti Computer Institute.
Investment Thesis :- The demand-supply gap in the Indian education sector offers strong
growth potential for training services. India has a large young population with close to 50 crore
individuals in the 5-24 years age group, constituting 41% of the population, and over 25 crore
children attending school, a number which is higher than any other country. The demand-supply
gap within the Indian education sector represents an additional requirement of 2,00,000 schools,
35,000 colleges, 700 universities and 4 crore seats in vocational training. Further, a large popula-
tion with English intelligibility and English as an important language of instruction in school and
tertiary education make the delivery of educational products relatively easy. India ranked 28 out of
88 countries in the English Proficiency In-
Stock ratings dex 2018. By 2030, 24% of India's popula-
• Buy recommendations are expected to im- tion will be in the age group of 5 to 19 years
prove, based on consideration of the funda- Cont....
mental view and the currency impact (where
Price Performance
applicable) by at least 15%.
• Hold recommendations are expected to im-
prove, based on consideration of the funda-
mental view and the currency impact (where
applicable) between 5% and 15%.
• Sell recommendations are expected to improve
up to 5% or deteriorate, based on consider-
ation of the fundamental view and the currency
impact (where applicable).
Financial Weekly

May 2021 6
INVESTMENT
Sector : IT Education
Shareholding Pattern Target Price : 40 .00
Current Market Price : 24.15
Market Cap : 24.3 crore
52-week High/Low : 81.60/22.55
Daily Avg Vol (12M) : 47,752
Face Value : 10
Beta : 0.53
Pledged Shares : 0%
Year End : March
BSE Scrip Code : N/A
NSE Scrip Code : KEERTI
Bloomberg Code : KEERTI IN
Nifty : 14,296
BSE Sensex : 47,706
THE ROBUST , presenting an addressable population of

SHAREHOLDING OF over 35 crore for K-12 education students
and 20% UG students attending coaching
PROMOTERS FURTHER
classes.
MAKES SCRIP AN Valuation :- At 30.0x FY23E EPS, we
ATTRACTIVE BET rate Keerti a BUY with a target price of 31
and an upside of 28%. FY21 has been a
Investment Summary very difficult year for coaching/training pro-
" Keerti Knowledge & Skills Limited (Keerti) is an viders as the covid-19 pandemic forced
ISO 9001:2015 certified company offering IT train- classroom teaching/training to remain sus-
ing and coaching to school students and pended for a major part of the year. The
Maharashtra CET aspirants. on go in g va ccin at io n dr ive an d th e
" India's population comprises close to 50 crore in- universalisation of vaccination for everyone
dividuals in the 5-24 years age group and over above the age of 18 years will enable sub-
25 crore children attending school. Further, an duing the second wave by the end of 1Q
existing demand-supply gap in the market pre- FY22 with physical educational classes ex-
sents a robust opportunity for professional and pected to resume from 2Q FY22 onwards.
academic training institutions like Keerti. In FY22, we expect Keerti to clock 80% of
" The demand for private coaching will continue to FY20 revenues. Thereafter the company is
rise in India with school enrolment and dispos- expected to resume growth over and above
able income on an upward trajectory. FY20 topline levels coupled with robust
" An increasing number of students going for higher profitability gains. At current levels, the
education bodes well for coaching institutions Keerti stock trades at 24.15x FY23E EPS.
specialising in entrance examinations. Assigning a target P/E multiple of 30.0x
" IT training institutes like Keerti play a critical role FY23E EPS, we value Keerti at Rs. 40.00,
in India's tertiary education by offering training in informing a BUY rating with an upside of
various domains of IT outside the university sys- 28%.
tem of higher education.
Financial Weekly

May 2021 7
INVESTMENT
Rapid Fire Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
Reliance Ind. (Rs. 1994.00)

Targets - 2390 to 2777, Time Frame - 2-12 Months,
(Add in All Dips)
RIL Q4 profit more than doubles to Rs 13,227 crore, firm posts record annual profit of Rs 53,739
crore
Consolidated revenue from operations stood at Rs 1,54,896 crore, up 11 percent YoY while the
sequential increase in topline was at 24.9 percent.
Reliance Industries on April 30 reported consolidated net profit of Rs 13,227 crore for the quar-
ter ended March 2021 (Q4FY21), up 108.4 percent YoY amid significant growth in Jio and recov-
ery in Retail segments. This profit was attributable to owners of the company, while profit for the
period stood at Rs 14,995 crore, thus witnessing a growth of 129.1 percent YoY and 0.7 percent
QoQ.
The total market capitalisation of Rs9 lakh cr and is now the most valued Indian company in
terms of market cap (m-cap).
Reliance Industries Limited is an Indian multinational conglomerate company headquartered in
Mumbai, Maharashtra, India. Reliance owns businesses across India engaged in energy, petro-
chemicals, textiles, natural resources, retail, and telecommunications
• Increase in revenue was majorly driven by higher price realizations of petrochemical and refin-
ery products led by increase in Brent crude price. Increased revenues also reflected higher vol-
umes with the commissioning of new petrochemical facilities.
• Refining & Marketing segment EBIT declined by 19.6% yoy to Rs5,322cr impacted by signifi-
cantly higher crude price, tighter light-heavy differential and adverse movement in light distillate
cracks on yoy basis and shutdown of Fluid Catalytic Cracking Unit (FCC). RIL's Jamnagar refiner-
ies processed 17.7 MMT of crude.
• GRM for Q2FY19 stood at $9.5/bbl against $12/bbl in Q2FY18, missing the estimate of $10.4/
bbl.
Cont....
Financial Weekly

May 2021 8
INVESTMENT
• Retail revenue grew by 121.5% yoy to Rs32,436cr, driven by store expansion, strong value
proposition and focus on customer experience across all consumption baskets. Retail now has
9,146 stores.
• Jio has accelerated its pace of subscriber additions with net addition during the quarter of
37million. ARPU during the quarter stood at Rs131.7 per subscriber per month, in-line with our
estimate of Rs131
Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation
in India.
As Reliance sets sights on even more ambitious goals, inspired and guided by the story and
philosophy of our founder chairman Dhirubhai Ambani. Hailing from modest means, he followed
his dream to create India's largest company. Reliance as an organisation has adopted this ethos of
converting adversity into opportunity and making the impossible possible by challenging conven-
tional wisdom.
1) March 16, 2018: Recognized for their innovation and bringing transformational change to
India, Reliance Industries Limited (RIL), a leading provider of energy, petrochemicals, textiles,
retail, telecommunications and digital services, was presented with the ‘Drivers of Change’ award
at the Financial Times ArcelorMittal Boldness in Business Awards
2) Barcelona, Spain, 28th February 2018: Reliance Jio Infocomm Ltd. (Jio) announced today
that the JioTV app has won the “Best Mobile Video Content” award at the prestigious Global Mo-
bile (GLOMO) Awards 2018 at the Mobile World Congress (MWC). The other nominees for this
award included Airtel TV, Migu Hot Video & Bioscope Live TV.
3) Mumbai, 9th March 2018: India’s popular Live TV App JioTV announced that it has intro-
duced India’s FIRST interactive sports experience for consumers watching the ongoing tri-nation
Nidahas trophy which is being shown exclusively on JioTV in India. With this, JioTV consumers
can interact with the game while watching it - A revolution in the Live TV space.
Reliance Industries Ltd., incorporated in the year 1973, is a Large Cap company (having a mar-
ket cap of Rs 577878.54 Crore) operating in Miscellaneous sector.
Cont....
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Financial Weekly

May 2021 9
INVESTMENT
TCS (Buy at CMP)

Targets - 3333 to 3750 ,
Time Frame - 5 to 12 Months (Add in All Dips)
TCS Positioned as a Leader and Star Performer in Finance and Accounting Outsourcing
by Everest Group
Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT ser-
vices, consulting, and business solutions organization, has been positioned as a Leader and
Star Performer in Everest Group’s PEAK Matrix™ for Finance and Accounting Outsourcing
(FAO) Services
TCS received the highest overall buyer satisfaction score among all the providers listed in
the report. Cited as a key strength was its Machine First™ Delivery Model (MFDM™), a
framework coupled with digital levers such as automation, analytics, and Al that enhance
business outcomes. The report also highlighted TCS’ strong ecosystem of digital solutions
that leverage both in-house tools (such as ignio™ for Al and TAP™ for accounts payable) as
well as third-party RPA providers.
TCS Doubles Down on Japan Investment: Hikes Stake in JV with Mitsubishi Corporation
Tata Consultancy Services Reiterates Commitment to Japanese Market by Increasing
Equity Stake in TCS Japan to 66 per cent; Current Governance of JV Operations and Man-
agement to Stay Unchanged
TCS announced that it is increasing its holding in TCS Japan Ltd, its joint venture with
Mitsubishi Corporation (MC), one of Japan’s largest integrated business enterprises.
Following the stake hike, TCS will hold 66 per cent equity in TCS Japan – up from 51 per
cent, when the joint venture was established in July 2014 – and MC will hold 34 per cent.
Both partners reiterated their commitment to the market, and to the success of the joint
venture. Current governance of operations and management will remain unchanged by the
share acquisition.
The increased equity is the latest in a series of investments that TCS has made in recent
years to cater to the specific needs of Japanese corporations. To augment the local workforce
Financial Weekly

May 2021 10
INVESTMENT
and gain scale, a Japan-centric Delivery Center (JDC), with enhanced language support and
heavy localization of global business practices, was set up in 2015 within TCS Sahyadri
Park in Pune, India. More recently, TCS chose Tokyo to set up its inaugural Pace Port™, a
creative hub to catalyze technology-led business innovation for Japanese customers.
Leveraging a unique hybrid model combining deep domain knowledge, technology exper-
tise, and strong global and local execution, TCS Japan has achieved double-digit revenue
growth in constant currency terms in each of the last two years, making it one of the fastest
growing IT services firms in its class in Japan.
Tata Consultancy Services is an IT services, consulting and business solutions organiza-
tion that has been partnering with many of the world’s largest businesses in their transforma-
tion journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, inte-
grated portfolio of business, technology and engineering services and solutions. This is
delivered through its unique Location Independent Agile delivery model, recognized as a
benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 424,000
of the world’s best-trained consultants in 46 countries. The company generated consolidated
revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the
BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.
TCS' proactive stance on climate change and award winning work with communities across
the world have earned it a place in leading sustainability indices such as the Dow Jones
Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging
Index.
Buy... Buy... Buy on Dips Hold Sell on High

Ugar Sugar 23.00 Ajanta Pharma 1841.00 HDFC 2420.00
Panacea Bio 332.00
BHEL 48.00 Cipla 911.00 AU Small Bank 1003.00
Adani Ports 729.00
Ashok Leyland 112.00 Chola Invest 572.00 Tata Steel 1033.00 Ambuja Cement 309.00
Cinevista 11.00 HPCL 234.00 Hindalco 364.00 Hero Moto 2820.00
NMDC 155.00 Vedanta 257.00 Bajaj Holdings 3421.00 L&T Fin. 1340.00
IDFC First Bank 54.00 Nureca 1209.00 Matrimony.Com 946.00 HUL 2353.00
Uttam Sugar 133.00 HDFC Bank 1412.00
Laurus Lab. 453.00 Sun Pharma 654.00
Reliance Infra 42.00 Shakthi Sugar 10.89 RBL Bank 185.00
M&M 65400
Usha Martin 48.00 ICICI Sec. 453.00 ICICI Bank 600.00
Thermax 1479.00
IIFL Sec. 52.00 Tata Coffee 130.00 QuickHeal 185.00
Siemens 1881.00 National Perxoide 2482.00
IDFC Ltd. 53.00 Hind. Zinc 305.00
Eicher Motors 2421.00 Unichem Lab. 320.00
Nalco 64.00 ICICI Prud. 522.00
Financial Weekly

May 2021 11
INVESTMENT
RESEARCH REPORT
PRATIT PATEL
Sebi registered
research analyst
CNBC BAJAR, GS TV
Federal-Mogul Goetze (India)

(505744 & NSE) (292)(Face Value Rs.10)
(Symbol: FMGOETZE)
Federal-Mogul Goetze (India) Limited was established in 1954 as a joint venture with Goetze-
Werke of Germany. Goetze-Werke of Germany is now owned by Federal-Mogul Corporation, a
$6.3 billion global company and one of the leading manufacturers of automotive components in
the world. Federal-Mogul Goetze (India) Limited is the largest manufacturer of pistons and piston
rings in India. It is Manufacturer of world-class pistons, piston rings, sintered parts and cylinder
liners covering a wide range of applications including two/three-wheelers, cars, SUVs, tractors,
light commercial vehicles, heavy commercial vehicles, stationary engines and high output loco-
motive diesel engines. It has the most modern production facilities at Bengaluru, Patiala and Bhiwadi
are certified TS 16949, ISO14001 and OHSAS 18001. Company is market leaders both in OEM
and aftermarket.
With an equity capital of Rs.55.63 crore and reserves of Rs.733 crore, FMGL's share book value
works out to around Rs.142. After OFS now the promoters hold 75% of the equity capital, which
leaves 25% stake with the investing public.
For Q3FY21, FMGL reported 329.35% higher PAT of Rs.34.82 crore on 27.79% higher sales of
Rs.356.78 crore and an EPS of Rs.6.26. We are expecting strong numbers in Q4FY21 from this
company.
On account of strong fundamentals and robust technical, it is likely to achieve a price target of
Rs.410---450 in 12-15 months. Keep stop loss of Rs.260 for your buying.
Some successful recommendations of

SMART Research Report…
Recomm. Date Stocks Recomm. High Price Appreciation
Rate After (%)
Recomm.
22nd February 21 GALLANTT METAL 46.8 57.7 23%
1st March 21 RDB RASAYAN 53.45 72.1 35%
8th March 21 MOREPEN LABS 29.3 66 125%
15th March 21 VIPUL ORGANICS 151 204.85 36%
22nd March 21 RAJOO ENGINEERS 20.45 25.75 26%
29th March 21 GEE LTD 38.55 46.3 20%
5th April 21 CAPRIHANS 84 100.75 20%
12th April 21 ISFT 72 96.6 34%
19th April 21 SHIVALIK BIMETAL 83.8 94 12%
26th April 21 GEE LTD 38.6 46.3 20%
Financial Weekly

May 2021 12
INVESTMENT
SPECIAL REPORT
PTL ENTERPRISES LTD

(509220 & NSE) (36.1) (Face Value Rs.2)
PTL Enterprises Ltd. (PTL), was incorporated as a company in 1959. It be-
came an associate company of Apollo Tyres Ltd (ATL) in 1995, when Premier
Tyres' tyres and tubes manufacturing facility in Kalamassery, Kerala, was ac-
quired by Apollo. This facility began commercial production in September 1962
and currently the plant is leased to Apollo tyres on long term basis. All production
is done by Apollo Tyres.
With an equity capital of Rs.13.24 crore and reserves of Rs.496 crore, it's share
book value works out to Rs.76.9. The promoters hold 69.82% of the equity capi-
tal, which leaves 30.18% stake with the investing public.
For Q3FY21, it reported PAT of Rs.8.81 crore on income of Rs.15.81 crore and
an EPS of Rs.1.33. During 9MFY21, it reported 86.83% higher PAT of Rs.61
crore on income of Rs.47.43 crore and an EPS of Rs.9.22.
At CMP, it trades at P/E ratio of 3.3x and is available at 55.5% discount to its
recent high of Rs.81.3.
On account of strong fundamentals, it is likely to achieve decent levels in 9-12
months. Keep stop loss of Rs.30 for your buying.
Financial Weekly

May 2021 13
INVESTMENT
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Financial Weekly

May 2021 14
INVESTMENT
SMALL BUT BEAUTIFUL IDEAS

Brijesh Barot, Surat (9723108999) brijesh_3011@yahoo.com
Bumper gains for Smart Readers in short term

Date Script Name suggested price High after call Gain in %
21/03/2021 Tata Steel BSL Ltd. 47 74.95 59%
11/04/2021 CAMLIN FINE 146.6 161.7 10%
Jindal Saw Ltd. (500378 &NSE) (85.50) (FV 2)

Jindal Saw Ltd. was incorporated on 31st October 1984 at Mathura (U.P.) and obtained the
Certificate of Commencement of Business on 28th November. It was promoted by Jindal Organi-
zation in association with Dilip Bhargava, a Non-Resident Indian and Director of Stigmatic Inc.,
U.S.A. The company is manufacturing Sub-merged Arc Welded steel pipes of large diameters. -
The company undertook to set up a project for the manufacture of 75,000 TPA of large submerged
and welded steel pipes of 18" to 36" diameter. - The Company has entered into a Technical col-
laboration agreement with USS Engineers and Consultants Inc (UEC), U.S.A., a subsidiary of
United States steel corporation for transfer of know how & technical assistance. The Collaborators
agreed to provide services relating to engineering, installation and training of personnel. - In addi-
tion to advice regarding the latest technology from time to time, they also were to assist the Com-
pany for securing American Petroleum Institutes Monogram rights for the product. - The submerged
arc welded pipes were to be manufactured by the UOE process confirming to American Petroleum
Institute's (API) specifications. These pipes were specially meant for cross country transportation
of oil, natural gas, water and other slurries.
One of the major international hubs of Jindal SAW operations has been the USA. It was only
smart to set up a coating facility in Texas to cater to the demands of the North American market. To
cater to the North American market Jindal SAW Limited has set up a double jointing and coating
facility located at Baytown, Texas in the name of Jindal SAW USA, LLC which is 100% step down
subsidiary. Jindal SAW USA LLC, an ISO 9001: 2015 company, was incorporated in United States
in the year 2007. This facility has shipping capabilities by Rail, Road and Barges within the North
American market. The plant has the manufacturing capacity of 5 million sq. mts. per annum.
The plant also offers various coating facilities:
External Coating (Total 3 Units) - 3 LPE, FBE/ DFBE - ARO/ Power Crete
Internal Coating (Total 2 Units) - Epoxy Coating & Internal FBE Coating
Infrastructure Track record
" Facility spread over 250 Acres.

" Coated Approx. 23000 Kms of Pipes
" Drill Pipe welded Approx. 56,000 Joints
PROMOTOR HOLDING 63.02%

FII HOLDING 9.54%
DII HOLDING 1.17%
Technical Speaking: Currently company's share price quoting 85.55 on Friday close. Stock is in
buy mode on MACD, ADX, SUPER TREND on Daily, Weekly basis. Investor can accumulate
between 77 to 85 for target of 105/125/150 with stop loss of 62 on closing basis.
Financial Weekly

May 2021 15
INVESTMENT
Tail end correction

spills water on bulls’ comeback
Mr. Sameet Chavan
(Chief Analyst-Technical and Derivatives, Angel Broking)
“Trading for the week started on a positive note on Monday and as the week progressed,
the recovery mode started picking up some pace. Before anyone could realize, Nifty and
BANKNIFTY were back to 15000 and 34000, respectively. Everything looked hunky dory and
appeared as if we are headed higher now. But market participants became a bit tentative
around these psychological levels which eventually resulted in a sharp decline on Friday.
Despite this, the week ended with more than 2% gains for the Nifty.
The market seems to be in a deceptive mode as it first caught bears on the wrong foot
after surpassing 14750 and now with the tail end correction, the bulls are completely clueless
and unsure of the next move. Such market is literally a nightmare for the swing traders as
market is unable to see any kind of follow up move. Hence looking at all this, it is quite clear
that the benchmark is trapped in a wider range of 1000 points i.e. 15000 – 14150 and till the
time we do not see sustainable breakout on either side, we would like to remain neutral on
market and would like to consider each day as a new day. Within this consolidation, the
inclination would slightly be on the positive side as we are seeing a strong support zone of
14550 – 14450. Here the banking index holds some significance as long as 32000 remain
intact. For Nifty, the immediate resistances are to be seen at 14730 – 14860.
Let see how the action unfolds as we step into the May month. There is a famous old
saying in market ‘Sell in May and Go away’. In the recent years, the market has proved it
incorrect and participants would certainly be hoping for the same. The only critical observa-
tion here is the overall placement of the ‘NIFTY MIDCAP50’ index. Recently, we had men-
tioned about the breakdown from the ‘Head and Shoulder’ pattern on daily chart and despite
the recent recovery, we can see it facing resistance around the confluence point of the
neckline and the ‘Falling trend Line’ levels of 6850 – 6900. Till the time these levels are not
surpassed, avoid aggressive bets and focus only on individual themes in the market.”
Financial Weekly

May 2021 16
INVESTMENT
Smart Education : Ankit Gala : buzzpublishing@gmail.com

DCF Valuation Method
Article by Ankit Gala (9819664831)
Last week we tried to understand different valuation methods used for valuation
of stocks. This week we shall try to understand Discounted Cash Flow (DCF)
Valuation Method and how it is carried out.
Discounted Cash Flow (DCF) Valuation Method -
Discounted Cash Flow (DCF) is one of the most widely used methods to
calculate the intrinsic value of a company, to estimate the attractiveness of an
investment opportunity.
DCF analysis is used to estimate the value of an investment based on its future
cash flows. It finds the present value of expected future cash flows using a discount
rate. A present value estimate is then used to evaluate a potential investment.
If the value arrived at, through DCF analysis is higher than the current market
price of the company, and then investing in the company may be good decision.
Steps to Perform DCF Valuation:
The following steps are required to arrive at a DCF valuation:
1. Calculate Average Cash Flow for Current Period.
2. Identify Growth Rate.
3. Estimate Future Free Cash Flow Values.
4. Estimate Terminal Growth Rate & Calculate Terminal Value.
5. Calculate Net Present Value of Future Cash Flows & Terminal Value.
6. Calculate Intrinsic Enterprise Value & Intrinsic Equity Value.
7. Calculate Intrinsic Value of Share.
8. Assume Modeling Error & Calculate

Intrinsic Value Band.
To learn how to carry out DCF Valuation
of a stock in detail with help of an example,
you can read my Book titled Fundamental
Analysis of Shares co-authored by
Khushboo Gala. Book is available in
English, Hindi, Gujarati and Marathi.
Financial Weekly

May 2021 17
INVESTMENT
SMARTFINANCIAL SERVICES
By Vijaya Kittu M, GetPaidIndia.com
The author feels investors should constantly track their invested stocks and sectors to
have an edge over the market.
1.HDFC AMC reported a bit disappointing results despite YoY total and net profit going up. An
Rs. 200 crores other income boosted the YoY numbers. Operating Cash Flow, too, has come
down a bit. ROE is falling over the years and is currently at 30%. Market share in the higher
revenue fetching equity funds has come a bit down while that of debt funds moved up. The
continued fall in equity AUM which contributes close to 70% of profits for the company, is definitely
a risk factor. Inline with the industry, SIP inflows of HDFC AMC improved from the December
2020 quarter. SIP book stands at Rs. 1,040 crores which are lower than Rs. 1,130 crores reported
in March 2020. The COVID-19 second wave will impact AUM in the shortterm. However, its
strong brand image and pan-India network will be a factor that investors in HDFC AMC stock
will love for the longterm.
2.SBI CARDS & PAYMENT SERVICES reported lower provisions that led to its net PAT
doubling to Rs. 175 crores in Q4FY21. It created additional management overlay on expected
credit loss owing to COVID Wave 2. Overall, credit card spends were down during the pandemic
times. Market share improved to 19% and spends to 19.5%. It added 7,91,000 accounts during
the quarter. NNPA increased from 0.67% earlier to 1.15%, which is not good. It has a diversified
borrowing mix and adequate banking limits. It was able to reduce its finance cost by 27% during
the quarter. SBI Cards ranks second in terms of cards-in-force and spends. Normalization was
observed in spends of both retail and corporate segments. SBI holds 69% shareholding, and
CA Rover Holdings holds 12% in SBI Cards and hence has a rich and strong promoter pedigree.
SBI Cards launched contactless and SBI Card Mobile App advertising campaigns during the
quarter. A new "By invitation only" AURUM card was launched for the super affluent segment.
India is a country with a shallow credit card penetration. Only 4 in 100 own a credit card. SBI
Cards has a good network and can leverage SBI's customer base to increase its penetration.
Besides SBI Cards, ICICI Bank and Axis Bank are the other two biggest card acquirers during
the quarter amidst RBI suspension of HDFC Bank to acquire new customers.
Both the stocks have strong business leadership in their respective segments. However,
due to the segment's risks, the two stocks are suitable for high-risk taking long-term
investors in SIP accumulation only.
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Financial Weekly

May 2021 18
INVESTMENT
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Financial Weekly

May 2021 19
INVESTMENT
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
AGARWAL INDUSTRIAL CORPORATION LTD
(531921 & NSE) (152) (Face Value Rs.10)
(NSE Symbol: "AGARIND")
Last time on 3rd August 2020, we had
recommended this stock as DARK RECENT HIGH OF STOCK PRICE
HORSE at 81. After our recommendation Month of Latest High May 2017
it zoomed to Rs.166.90 levels and re- High price 791
corded almost 106% appreciation. Due CMP 152
to strong performance and attractive Discount from high 81%
valuation we are again recommending
this stock. Particulars 3 Months Ended
The Company is a leading manufacturer and Q3FY21 Q3FY20 % Var.
importers of Bitumen & Bituminous products and Sales 207.99 162.33 28.13
its plants are located at Belgaum, Hyderabad,
Op. Profit 18.86 9.22 104.56
Taloja, Baroda and Cochin (Company's WOS).
Company manufactures and trade quality products PAT 10.65 4.86 119.14
like Paving grade Bitumen. Industrial Grade Bitu-
men, Bitumen Emulsions, Modified Bitumen, Bitumen Coat, Bitumen Paints, Bitumen Insulation material etc
which are known for their quality and standard. Its profound background of being in the logistics business
(transportation of Bitumen & LPG) has been a key factor to foray into this segment. Company has excellent
professional relations with all major road contractors in India due to Company's ethical, transparent and
good governance policies. Company has excellent Bulk Bitumen Storage facilities to effectively handle and
market bitumen imports at Karwar, Belgaum, Hyderabad, Haldia, West Bengal Dighi, Maharashtra, Hazira
Gujarat and Kakinada. Company is the pioneers of logistics in Bitumen, which is predominantly used in road
construction business.
It has an equity base of just Rs.10.26 crore that is supported by reserves of around Rs.152 crore. The
promoters hold 63.55% while the investing public holds 36.45% stake in the company.
During Q3FY21, its PAT zoomed 119.14% to Rs.10.65 crore as against Rs.4.86 crore on 28.13% higher
sales of Rs.207.99 crore fetching an EPS of Rs.10.38. During 9MFY21, its PAT recorded PAT of Rs.16.82
crore on sales of Rs.450.57 crore fetching an EPS of Rs.16.40.
Currently, the stock trades at a P/E of 5.75x. It has recommended 15% dividend for FY20.
Its recent high rate was Rs.791 which was formed on May 2018. Stock almost corrected 81% from
recent high.
Investors can accumulate this stock with a stop loss of Rs.135. It may give very
good returns in medium to long term.
Cont...
Financial Weekly

May 2021 20
INVESTMENT
Dark Horse-2
FIBERWEB (INDIA) LTD
(507910) (29) (Face Value Rs.10)
Fiberweb (India) Ltd. established in 1985,
Particulars 3 Months Ended
though it started as a plastics company it ven-
Q3FY21 Q3FY20 % Var.
tured into garbage and carrier bags, and
Sales 23.3 27.17 -11.92 gradually ventured into spun bond nonwoven
Op. Profit 5.93 4.21 40.86 fabrics, first of its kind in India. Since commis-
PAT 4.50 3.06 47.06 sioning of its plant in 1996, it is a 100% EOU,
exporting to countries like USA, UK, Europe, UAE, South Africa & Australia. The company has
inhouse facility for manufacturing stitched garments like medical & Industrial gowns and over-
hauls, crop cover, aprons, car covers and other made-ups as per clients specifications. It has also
set-up a new product line of Melt-Blown Nonwoven fabrics used in filtration and absorption in the
market. The company today has become debt-free, and is exploring new opportunities & product
segments for growth, it also has plans for expansions in their field of technical textiles.
With an equity capital of Rs.28.79 crore and reserves of Rs.125 crore, it's share book value
works out to Rs.53.40. The promoters hold 46.33% of the equity capital, insurance companies hold
1.18% which leaves 52.31% stake with the investing public.
For Q3FY21, it reported 47% higher PAT of Rs.4.50 crore on sales of Rs.23.93 crore and an
EPS of Rs.1.56. During 9MFY21, it reported 43.76% higher PAT of Rs.12.68 crore on sales of
Rs.73.12 crore and an EPS of Rs.4.40.
At CMP, it trades at P/E ratio of 5.95x and is available at 85% discount to its recent high of
Rs.191.80.
Investors can accumulate this stock with a stop loss of Rs.24. It may give very good re-
turns in medium to long term.
Some recommendations of SMART BUY OF WEEK

(SMART DARK HORSE) made a new high during last week…
Rate After (%)
Recomm.
28th December 20 MANALI PETRO 35.4 84.7 139%
4th January 21 TPL PLAST 165 248 50%
11th January 21 HALDYN GLASS 36 50.95 42%
18th January 21 EVEREST ORGANIC 270 394 46%
8th February 21 MOREPEN LAB 29.4 66 124%
22nd February 21 MAAN ALU 159 198.3 25%
29th March 21 SHILP GRAVURES 93 118.7 28%
5th April 21 RUBFILA INTER 59.35 71 20%
12th April 21 SAMRAT PHARMA 144 262.6 82%
26th April 21 MADHAV MARBLES 46.35 52.4 13%
Financial Weekly

May 2021 21
INVESTMENT
Smart Investment Website Index
14,444 hits only 1 Week
Total number of Hits
1,53,57,777
Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
Financial Weekly
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Financial Weekly

May 2021 22
INVESTMENT
Stock Buzz
Subramanian Mahadevan
dolphincapital@gmail.com
Shanthi Gears Limited (Rs.136):

Gear'ing Free Cash Flow!
Shanthi Gears Limited (Shanthi) - is a Coimbatore based company which is into the design and manu-
facture of gears and gear boxes for industrial applications and a leading manufacturer of industrial power
transmission founded by Mr. P Subramanian, four decades ago. Listed company Tube Investments of India
(TII) part of Chennai based Murugappa group acquired Shanti for 464 crore in July 2012 around INR 82/
share. Reason behind buying was attributed to superior operating profit margin of around 25% far better
than Elecon Engineering, in-house foundry for better quality and efficiency and excellent customer base
within and outside India. Its product includes Worm Gear Boxes, Helical Gear Boxes, Geared Motors,
Cooing Towers Geared Boxes, Extruder Gear Boxes, Rolling Mill Gear Boxes and Textile Gears & Gear
Assemblies catering to various industries like Steel, Cement, Mining, Sugar and Paper among others. Shanti's
reported good set of numbers for FY20 with a revenue of 242.3 crore and profit before tax of 32.7 Crores
with continues focus on four key priorities of Revenue growth, Profitability, ROCE and Free Cash Flow
(FCF). Profitability and lower capital employed enabled the Return on average Capital Employed (ROCE) to
19% from 21% of the previous year. The Company generated cumulative operating free cash flow of Rs. 62
Crores during the year. Cumulative Free cash flow to PAT is 254%. During the year the Company had
booked orders for Rs. 254 Crores (against Rs. 288 Crores for the previous year). This is on account of
sluggish demand from almost all major user industries due to continued industrial slow down and lockdown
on account of COVID-19 with a pending order book as on 31st March 2020 was Rs. 155 Crores against Rs.
168 Crores in the previous year. Sometime in 2019, company completed share buy-back, acquiring up to
50 lac shares at 140 per piece including a special dividend of Rs.5/share signals investor friendly nature of
the Murugappa group. It typically adds around 60 crores of new orders every quarter and executes roughly
around 150 crore of order (backlog) mostly repeated orders from existing customers in a given financial
year. In Q3FY21, company posted revenue of ? 64.8 Crores with a 12% growth over Q3 of previous year
and a PBT of ? 10.2 Crores as against ? 7.7 Crores in Q3 of previous year. During the quarter, Shanthi has
registered highest ever order book of ? 104 Crores (96% growth over previous year) and the pending order
book as on 31st December 2020 is ? 220 Crores against ? 127 Crores in the previous year.Small equity
(7.67 crore shares), reserves worth 220 crore, healthy dividend payout, excellent ROE & ROCE, debt-free,
promoter holding of more than 70% and good orders on defence too instills enough confidence. Shanti is
better prepared to garner a larger chunk of 2500+ crore worth of domestic gear box opportunity once the
overall economy improves. TII took over another listed company once owned by Thapar Group which is 10
times larger than Shanthi offering nice synergy with global reach namely CG Power and Industrial Solutions
- a global pioneering leader in the management and application of electrical energy with offerings include
electrical products, systems and services for utilities, power generation and industries for approximately
800 crore under banks initiated insolvency proceedings. Sooner or later Shanthi will get merged with CG
Power to become undisputed global engineering company from India with size, scale and reach. Buy on
every decline for superb returns.
Financial Weekly

May 2021 23
INVESTMENT
- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 14660. Last week Nifty seemed to
be in range but it broke the range and made a drastic move from 14200 to 15100 levels and now
the range is quiet wide. Nifty range for now is 14400 to 14900. Close above 14900 can take
Nifty further up again. Close below 14300 makes Nifty weak.
Bank Nifty Overview : In Last Trading Session, Bank Nifty closed at 32824. Bank Nifty
support is at 32300 levels while resistance is at 33700 levels. Above 33700, it may move
further up. Bank Nifty range for now is from 31700 to 33700 levels.
Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
Canara Bank 532483 Buy 132.5 145.65 Target Achieved
Coal India 533278 Buy 127.2 135.30 Did High
Lupin 500257 Buy 1054 1089 Target Achieved
Sun Pharma 524715 Buy 634 670 Target Achieved
Wipro 507685 Sell 512 494 Target Achieved
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
BHEL 500103 48 44/45 49 54 42
Canara Bank 532483 139 130/135 142 150 125
Coal India 533278 133.35 125/130 145 160 118
HDFC AMC 541729 2787 2760/2775 2845 2900 2725
HPCL 500104 235 227/232 240 250 222
Lupin 500257 1074 1050/1060 1090 1125 1030
ONGC 500312 108 103/105 112 120 99
Pidilite Ind 500331 1823 1780/1790 1820 1850 1760
Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Adani 512599 1152 1220/1230 1205 1150 1280
Grasim 500300 1407 1500/1510 1470 1440 1525
JSW Steel 500228 717 740/745 735 720 755
Wipro 507685 493 520/525 505 475 535
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

May 2021 24
INVESTMENT
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections Are Temporary, Growth is Permanent

FRY DAY !
Sell in May and go away ?
"An investment in knowledge pays the best interest." — Benjamin Franklin
* After rallying by about 4 percent in the April series, the Indian market saw heavy selling on the
first day of the May series, weighed down by weak global cues, likely delays in vaccination drive
and exit polls giving the edge to the Trinamool Congress in West Bengal assembly elections. The
S&P BSE Sensex plunged 983 points on April 30 to close at 48,782, while the Nifty broke below
the 50-day simple moving average to close at 14,631.
Along with smallcap stocks, pharma, metal, and oil & gas were the sectoral gainers, while profit-
booking was seen in banking stocks
Nifty formed a bearish candle on the daily chart but a bullish candle on the weekly frame with a
long upper shadow.
* India VIX fell by 1.17 percent from 23.30 to 23.02 levels.

* On the options front, maximum Put open interest was seen at 14,000 followed by 13,500 strike
while maximum Call open interest was seen at 15,000 followed by 15,500 strike. Options data
indicated that Nifty50 could see a wider trading range of 14,000 to 15,200 levels in coming ses-
sions.
* Gold prices fell by Rs 139 to Rs 46,791 per 10 gram in the Mumbai retail market on firm Trea-
sury yields, dollar and subdued global trend. The precious metal declined Rs 1,015 or 2.12 per-
cent during the week in the domestic market on sharp appreciation in the rupee.
* The country's foreign exchange reserves increased by $1.701 billion to $584.107 billion in the
week ended April 23, 2021, RBI data showed. In the previous week ended April 16, 2021, the
reserves had risen by $1.193 billion to $582.406 billion. The reserves had touched a lifetime high
of $590.185 billion in the week ended January 29, 2021.
* Led by a low base effect, the combined output of the eight core sector industries rose by a 32-
month high pace of 6.8 percent in March, as compared to a year ago. In the previous month of
February, output had fallen at the fastest pace in six months, contracting 3.8 percent. However,
despite the return to the growth charts in the end of the year, the cumulative core sector output in
Cont...
Financial Weekly

May 2021 25
INVESTMENT
FY21 fell to -7 percent. This was due to core sector output contracting in as manay as 8-months of
the financial year. Annually, the core sector output had witnessed a marginal 0.4 percent rise in
FY20 and a 4.4 percent rise in FY19. The data released by the commerce and industry ministry on
April 30 showed production declined in four out of the eight core sector industries. While cement
production rose the highest, rising 32.5 percent, the output of the coal sector witnessed the steep-
est fall, reducing 21.9 percent.
* The US economy's recovery from the Covid-19 pandemic disruptions accelerated in the first
quarter of the year, posting annualized growth of 6.4 percent, the government reported Thursday.
But business reopenings and increased spending also pushed prices higher, with a key inflation
measure jumping 3.5 percent in the January-March period, compared to a rise of just 1.5 percent in
the prior quarter, the Commerce Department reported.
Even excluding more volatile food and energy prices, the price index for personal consumption
expenditures (PCE) rose 2.3 percent -- surpassing the Federal Reserve's 2.0 percent target.
* Oil-telecom-to-retail major Reliance Industries on April 30 reported consolidated profit of Rs
13,227 crore for the quarter ended March 2021, increasing 108.4 percent YoY.
Profit in the March 2020 quarter stood at Rs 6,348 crore hit by lockdown announced to curb
COVID-19 pandemic. The company had provided for non-cash inventory holding losses for the
quarter.
The sequential growth in profit was 1 percent. Profit in December quarter was at Rs 13,101
crore.
Consolidated revenue from operations at Rs 1,54,896 crore in Q4FY21 increased by 11 percent
compared to year-ago quarter, and the sequential increase in topline was at 24.9 percent.
"We have registered robust recovery in O2C and retail segment, and resilient growth in Digital
Services business. Sustained high utilization rates across sites and improvement in downstream
product deltas as well as transportation fuel margins aided O2C earnings growth," said Mukesh
Dhirubhai Ambani, Chairman and Managing Director.
RELIANCE INDUSTRIES : Q4 CONS NET PROFIT 132.27B RUPEES VS

63.48B (YOY); EST 137B | 131B (QOQ) || Q4 REVENUE 1.55T RUPEES VS 1.39T (YOY) Divi-
dend of Rs 7 /share
* CAN FIN HOMES:

Q4 CONS NET PROFIT 1.03B RUPEES VS 909.1M (YOY); EST 1.12B | 1.32B (QOQ)
Q4 REVENUE 4.61B RUPEES VS 5.25B (YOY)
CO RECOMMENDED DIVIDEND OF 2 RUPEES PER SHARE
* YESBANK reports Q4 results!

- Loss of Rs 3,788 cr vs Rs 3,668 cr (YoY)
Cont...
Financial Weekly

May 2021 26
INVESTMENT
- NII at Rs 987 cr vs Rs 1,274 cr (YoY)
- Gross NPA at 15.41% vs 15.36% (QoQ)
- Net NPA at 5.88% vs 4.04% (QoQ)
- Provision at Rs 5,240 cr vs Rs 2,199 cr (QoQ)
* IndusInd Bank on April 30 reported a 190.2 percent year-on-year (YoY) spike in

its standalone net profit at Rs 875.95 crore for the quarter ended March 2021 as provisions de-
clined during the period. Profit in the year-ago quarter stood at Rs 301.84 crore.
Net interest income (NII) grew by 9.4 percent to Rs 3,534.61 crore for the quarter against Rs
3,231.19 crore reported in the corresponding quarter of the previous fiscal.
Provisions and contingencies came in at Rs 1,865.69 crore, down 23.5 percent YoY though the
same increased by 0.7 percent on a sequential basis .
Asset quality deteriorated further with gross non-performing assets (GNPAs), as a percentage
of gross advances, climbed 93 bps quarter-on-quarter to 2.67 percent, and the net NPA increased
47 bps QoQ to 0.69 percent.
Tax expenses for the period, at Rs 319.89 crore, has seen a significant increase of 240.3 per-
cent over Rs 94.01 crore in March quarter of FY20.
Non-interest income during the quarter grew only by half a percent year-on-year (YoY) to Rs
1,780.12 crore, while the pre-provision operating profit increased 7.9 percent to Rs 3,061.53 crore
during the same period.
* Life Insurance Corp. of India (LIC) booked a record ?37,000 crore

profit from share sales in 2020-21, the highest in its 65-year history, as the stock market reached
record highs. The latest profit is a 44.4% jump against its ?25,625 crore profit from stock sales in
fiscal 2020.
* Prov Cash Figs as on 30-Apr-'21 (in Crs)
FII/FPI : - 3465.07 : (7951.05 - 11416.12)
DII : +1419.31 : (5761.78 - 4342.47)
MTD April Cash (CES) : FII / FPI : (- 12692.94) : DII : 11088.62
* LAST 5 MONTH CLOSING NIFTY
DECEMBER.. 13634
JAN............... 14634
February....... 14529
March............ 14690
April................14631
Cont...
Financial Weekly

May 2021 27
INVESTMENT
# Shakti Pumps (Last close Rs 540) : Shakti Pumps (India) is

engaged in manufacturing of Pumps, Motors & their spare parts. The core products of the Com-
pany are Engineered Pumps, Industrial Pumps, and Solar Pumps etc.
SKYMET PREDICTS NORMAL MONSOON IN 2021. It would be 3rd consecutive good mon-
soon year. This is encouraging news for this company as well.
Market Cap Rs. 992 Cr.
Face Value Rs 10.0
52 Week High / Low
Rs 594 / 137
Stock P/E 25.5
Book Value Rs. 154
Dividend Yield 0.00 %
ROCE -0.19 %
ROE -5.07 %
Technicals : Bullish flag breakout on weekly chart. Momentum is strong as price is above short,
medium and long term moving averages. One can buy and hold for a price target of Rs 740. Stop-
loss is Rs 490 on weekly closing basis. Time frame is 9 weeks.
# Happiest Minds Technologies (Last close Rs 724 )

: It is engaged in digital Transformation for enterprises and technology providers by delivering
seamless customer experiences, business efficiency and actionable insights.
Market Cap Rs. 10,652 Cr.
52 Week High / Low
Rs. 810 / 286
Stock P/E 74.5
Book Value Rs. 31.6
Dividend Yield 0.00 %
ROCE 42.8 %
ROE 83.0 %
Face Value Rs. 2.00
* Company has reduced debt.
* Company is showing high growth rate.
Technicals : Bullish flag breakout on daily chart. One can buy in the range of Rs 720 - 700 and
hold for a price target of Rs 840 . Stop-loss is Rs 675 on daily closing basis. Time frame is 14 days
Financial Weekly

May 2021 28
INVESTMENT
Terrific Shots - Dilip K. Shah
Ultratech Cement (Rs. 6271.00) (Code: 532538) :- Shares of this A Group listed
company touched a 52-week high of Rs. 7050 and low of Rs. 3225. It is the flagship company of
Aditya Birla Group, and the largest producer of grey cement, ready mix concrete, and white cement
in the country. UltraTech has a consolidated capacity of 116.8 MTPA of grey cement. It has 22
integrated manufacturing units, 27 grinding units, one Clinkerisation unit and 7 Bulk Packaging
Terminals. It has over 100 ready mix concrete plants in 41 cities. For the December quarter, Ultratech
reported income of Rs. 11,831 crore, net profit of Rs. 1550 crore, and EPS of Rs. 53.75. Operating
profit margin rose to 24.56%, and net profit margin to 13.10%. The company is adding 19.5 MTPA
capacity in the coming quarter. The share can be seen crossing the 52-week high in the short to
medium term, and touching Rs. 8,000 in the long term.
Apcotex Industries (Rs. 232.00) (Code: 523694) :- The company has been pro-
moted by the promoters of Asian Paints, and operates in the chemical sector. The B Group listed
shares have face value of Rs. 2. The shares touched a 52-week high of Rs. 235 and low of Rs. 94.
For the December quarter, its income increased from Rs. 110 crore to Rs. 165 crore. It reported a
profit of Rs. 17 crore for the quarter as against loss of Rs. 1 crore last year. Promoter holding is
58.17%. The company had paid 150% dividend last year in spite of weak performance, and has
paid 75% dividend so far this year. The company's equity is Rs. 10 crore, and it has reserves of Rs.
241 crore. Demand for its products is improving. The prices of its products are also on the move.
The company's management is investor-friendly. The levy of anti-dumping duty on certain prod-
ucts also made by the company can help it report strong performance in the first two quarters of
FY22. One can invest in tranches for a target of Rs. 275.
Galaxy Surfactants (Rs. 2916.00) (Code: 540935) :- Shares of this B Group
listed company touched a 52-week high of Rs. 2975 and low of Rs. 1201. The company's market
cap is Rs. 10,358 crore. Promoter holding in the company is 70.93%. Mutual Funds hold 13.19%
stake, and FIIs 3.42%. Established in 1986, the company makes surfactants and other specialty
ingredients that are used in personal care and home care. The company had come out with its IPO
in February 2018 and issued shares at Rs. 1480 apiece. The shares gave good returns post-
listing, but traded in a narrow range due to weak market conditions. The company reported very
good numbers in the December quarter with sales rising from Rs. 626 crore to Rs. 675 crore, and
profit from Rs. 48 crore to Rs. 85 crore. Quarterly EPS was Rs. 24.04. Its equity is Rs. 35.45 crore,
while it has reserves of Rs. 1158 crore. SBI Mutual Fund holds 6.80% stake in the company. Look-
ing at the value-buying being seen in chemical stocks, one can invest in this stock on declines.
The stock can deliver very good returns in the long term.
Sudarshan Chemical (Rs. 659.00) (Code: 506655) :- Shares of specialty chemi-
cal companies have shown a strong rally. Sudarshan Chemical has also given very good returns
in the last 5-7 years. The A Group listed shares have face value of Rs. 2. The shares touched a 52-
week high of Rs. 729 and low of Rs. 354. The company's market cap is Rs. 4562 crore. Promoters
hold 40.03% stake in the company, FIIs 9.36%, and mutual funds 7.31%. In the December quarter,
its sales jumped from Rs. 424 crore to Rs. 506 crore, and profit from Rs. 28 crore to Rs. 39 crore.
For the first nine months of the year, income went up from Rs. 1239 crore to Rs. 1271 crore, while
profit fell from Rs. 117.2 crore to Rs. 87.69 crore. Investors can consider this stock with a long-term
view. The stock is trading near all-time highs, and any dip will make it an attractive buying opportu-
nity.
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

May 2021 29
INVESTMENT
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Important Support for Index at 48400 and

Nifty Future at 14476
BSE Index (48782.36) :- It shows improvement from bottom of 47204.50. It shows overbought
position on daily basis, neutral on weekly basis and towards neutral from overbought on monthly basis. May
7 to 11 will be gain turning days. On upward movement, beyond 49065 it may go up to 49400, 49730, 50050,
50400. On downward movement, below 48400 it may go down to 48250, 47860, 47530 and 47204.
Bank Nifty Future (32824.90) :- It shows improvement from bottom of 30451.60. It shows
overbought position on daily basis, neutral on weekly basis and towards neutral from overbought on monthly
basis. On upward movement, beyond 33599 it may go up to 34300. On downward movement, below 32812
it may go down to 32150 and 32072.
Nifty Future (14660.35) :- It shows improvement from bottom of 14155. It shows overbought
position on daily basis, neutral on weekly basis and towards neutral from overbought on monthly basis. On
upward movement, beyond 14760 it may go up to 14850, 14925 and 15035. On downward movement,
below 14660 it may go down to 14583, 14476, 14410, 14320, 14240 and 14155.
Bharat Forge (610.45) :- It shows improvement from bottom of 555.75. It shows overbought
position on daily basis, neutral on weekly basis and towards neutral from overbought on monthly basis. On
upward movement, beyond 616 it may go up to 624, 631 and 640. On downward movement, 593 could be
the closing support.
BHEL (48.10) :- It shows improvement from bottom of 43. It shows overbought position on daily
basis, oversold on weekly basis and overbought on monthly basis. On upward movement, beyond 53 it
may go up to 56.50, 61, 64 and 67. On downward movement, below 45 it may get support at 43.
Godrej Prop.(1368.35) :- It shows improvement from bottom of 1245.55. It shows overbought
position on daily basis, neutral on weekly basis and towards overbought on monthly basis. On upward
movement, beyond 1397 it may go up to 1409, 1430 and 1450. On downward movement, below 1357 it may
get support at 1347.
Indian Bank (110.00) :- It shows improvement from bottom of 96.50. It shows overbought
position on daily basis, towards neutral on weekly basis and overbought to neutral weekly basis. On up-
ward movement, beyond 115 it may go up to 123, 127, 135, 144, 157, 167, 183 and 197. On downward
movement, below 109 it may get support at 105.
SUN TV (543.35) :- It shows improvement from bottom of 450. It shows overbought position on
daily basis, neutral on weekly basis and towards neutral from overbought on weekly basis. On upward
movement, beyond 547 it may go up to 555, 563 and 570. On downward movement, below 527 it may get
support at 510.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
A smile is the universal welcome
Financial Weekly

May 2021 30
INVESTMENT
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
The week snapped falling trends

Liquidity driven rally likely to continue
With a positive start of the week, we marked snapping of last three week's falling trends. In
fact for the week under review we marked hat-trick of positive closing with good gains fol-
lowed by a volatile session that marked flat but positive closing on F&O expiry day and then
perhaps gave up. Friday we witnessed mega slide, but first four sessions gain saved the
week that finally closed in green. In fact, few major corporate results were to be announced
post closure of the markets on Friday eve and impact of the same will be mirrored in ensuing
week's opening trades. However, despite F&O expiry, week marked good gains with volatile
trades. Surprisingly for mid-week we marked FIIs and DIIs turning net buyers while for most
part of the week, FIIs remained net sellers and DIIs net buyers.
For the week, benchmarks posted range bound movesin the range of 50375.77 - 48152.24
for BSE Sensex and 15044.35 - 14421.30 for NSE Nifty.
The derivatives expiry week markedGAINsof903.91 points for BSE Sensex and289.75
points for NSE Nifty.
With a gap up openings on Monday,we marked trades in green for the session that finally
GRM OVERSEAS HAS CON- ended with good gains. BSE Sensex
Bonus Announced
Jay Bharat Maruti (1 for 1). VENED BOARD MEETING ON scored 508.06 points to close at 48386.51
12.05.21 TO CONSIDER
and NSE Nifty gained 143.65 points to end
BONUS SHARE ISSUE
the day at 14485.00.Metal, Banking, FMCG
DIVIDEND ANNOUNCEMENT counters lead the rally and got support
Avantel (40%), Delta Corp (100%), HDFC Life (20.2%), ICICI
Bank (100%), Rajratan Global (80%), Tech Mahindra (300% + from Consumer Durables, select Mid and
300%), Bajaj Finance (500%), Gateway Distri (50%), HDFC AMC
((680%), JTL Infra (20%), LKP Secur (10%), Nippon Life (50%),
Small cap counters. However, Pharma
Sky Ind (10%), Symphony (200%), Tata Invest (240%), United counters marked profit booking. Though
Brew. (50%), VST Ind (1140%), Bajaj Finserv (60%), Carborundum
Univ (150%), GHCL (55%), KPR Mill (15%), KPIT Techno (15%), Mid and Small cap indices
Maharashtra Scooter (500%), Nelco (12%), Shree Digvijay Ce-
ment (25%), Tata Commun (140%), Allsec Techno (150%), Aptech
underperformed benchmarks, market
(22.5%), Bajaj Auto (1400%), Bajaj Holdings (400%), Cigniti breadth remained positive. FIIs were net
Techno (25%), Coromandel Intl (600%), Hind Uniliv (1700%),
IndiaMart (150%), Jay Bharat Maruti (25%), Kirloskar Pneumatic sellers while DIIs were net buyers for the
(175%), Laurus Lab (40%), Mahindra Logi (25%), Mastek (180%),
Motilal Oswal (500%), Persistent (60%), Shriram Transport (60%),
day.
Sterlite Techno (100%), Tata Coffee (150%), Titan Co. (400%), OnTuesdaymarkets witnessed cautious
UTI AMC (170%), VTM Ltd (60%), Zensar Techno (120%), Agro
Tech Foods (30%), Astec Life (15%), Atul Ltd (200%), Can Fin positive opening and maintained tempo of
Homes (100%), Dalmia Bharat (66.5%), Indian Hotels (40%),
IndusInd Bank (50%), Raghav Prod (5%), Reliance Ind (70%),
rise for the second session in a row. BSE
RPG Life (90%), Shriram City (130%), Supreme Petro (125%),
Trent Ltd (60%) etc. Cont....
Financial Weekly

May 2021 31
INVESTMENT
Sensex gained 557.63 points to end the day at 48944.14 and NSE Nifty scored 168.05 to
close at 14653.05.While Banking counters continued to lead the rally, it got support from
Power, Pharma, Auto counters. Even Mid and Small cap met with buying spree on select
fancy counters. Mid cap indices underperformed but Small cap indices outperformed bench-
marks and helped market breadth to be in green. FIIs remained net sellers while DIIs were
the net buyers for the session. Rally ahead of F&O expiry surprised one and all.
OnWednesday,too we witnessed positive opening and third green session in a raw that
helped posting hat trick of gains for the week. BSE Sensex scored 789.70 points to close at
49733.84 and NSE Nifty gained 211.50 points to end the day at 14864.55.All major global
countries rushing to help India overcome the second wave scare, it prompted buying across
the counters and this we witnessed hat trick of green closing for the week. Banking counters
lead the rally and got support from Auto, Consumer Durables. Despite Mid and Small cap
indices underperformed, market breadth remained positive. Thus on this count too we wit-
nessed hat trick for the week. DIIs and FIIs were the net buyers.
With a positiveopening onThursday, after moving both ways, markets finally closed flat but
in green. In fact, Sensex regained 50K mark in the opening, but failed to close above it. NSE
Nifty marked 15K+ in intraday trades, but finally ended with narrow gain. BSE Sensex gained
mere 32.10 points to end the day at 49765.94 and NSE Nifty scored just 30.35 points to close
at 14894.90.Metal counters lead the rally on positive global reports for the sector and got
support from Banking, Oil and Gas counters. However, Power, Consumer Durables, Auto
counters met with profit booking and kept a tab on general sentiment. Mid cap indices
Cont....
Nifty & Sensex Movement during the last week

BSE-Sensex Open High Low Close Diff
26-04-2021 48,197.37 48,667.98 48,152.24 48,386.51 508.06
27-04-2021 48,424.08 49,009.26 48,399.53 48,944.14 557.63
28-04-2021 49,066.64 49,801.48 49,066.64 49,733.84 789.70
29-04-2021 50,093.86 50,375.77 49,535.98 49,765.94 32.10
30-04-2021 49,360.89 49,569.42 48,698.08 48,782.36 -983.58
Net Weekly Gain 903.91
NSE - Nifty Open High Low Close Diff
26-Apr-21 14449.45 14557.5 14421.3 14485 143.65
27-Apr-21 14493.8 14667.55 14484.85 14653.05 168.05
28-Apr-21 14710.5 14890.25 14694.95 14864.55 211.5
29-Apr-21 14979 15044.35 14814.45 14894.9 30.35
30-Apr-21 14747.35 14855.45 14601.7 14631.1 -263.8
Net Weekly Gain 289.75
Financial Weekly

May 2021 32
INVESTMENT
underperformed, but Small cap indices outperformed, however, market breadth remained
negative for the day. FIIs remained net buyers while DIIs turned net sellers for the day.
OnFriday, we witnessed negative opening as fears mounted over hike in petroleum prod-
ucts following boiling crude oil prices and rising cases of pandemic in second wave that
might derail the economic reforms that just started raising head. While Banking counters lead
the doom, surge in Pharma counters tried to arrest the slide. BSE Sensex lost 983.58 points
to close at 48782.36 and NSE Nifty marked deficit of 263.80 points to end the day at 14631.10.
The only sigh of relief was their closing levels above 48.5K and 14.5K respectively. Oil and
Gas counters surged on reports of boiling crude oil prices while private sector banks, con-
sumer durable counters eased on profit bookings. Mid and Small cap indices outperformed
benchmarks, but market breadth remained negative. FIIs turned net sellers while DIIs were
net buyers for the day.
Amidst such conditions with ongoing trends, benchmarks movement is likely in the range
of 50300-46500 for BSE Sensexand 15200-13800 for NSE Nifty forthe coming week.
Dollar hovered around Rs.74.05 a dollarby the weekend. But Brent Crude oil prices started
boiling to mark around $67.30 a barrelfor the weekend and raised scope for hike in petroleum
product prices on domestic front in near term.
For the ensuing week too we have around 150+ corporate results that will keep market in
stock specific mode as usual. Market men will have on radar cement and auto dispatch data
for the month of April 2021 coupled with macro and micro economic data globally. As we
have four states election results on Sunday, final outcome will have its impact for the ensuing
week's trades. Rising cases of second wave of Corona raises fear of slowing down of the
economy that just started raising its head and likely to derail the hope of speedy recovery.
DISCLAIMER : No financial information whatsoever published anywhere here should be con-

strued as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter
published here is purely for educational and information purposes only and under no circumstances
should be used for making investment decisions. Readers must consult a qualified financial advi-
sor prior to making any actual investment decisions, based on information published here. Any
reader taking decisions based on any information published here does so entirely at own risk.
Above information is based on the details available as on the date along with market perceptions.
Investors should bear in mind that any investments in stock markets are subject to unpredictable
market related risks. (THE AUTHOUR IS SEBI REGISTERED RESEARCH ANALYST)
Financial Weekly

May 2021 33
INVESTMENT
A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Smart Advice: Mindtree Limited

Mindtree is a technology consulting and services company. Starting in 1999 and now a Larsen
& Toubro Group Company, Mindtree serves primarily four industry groups - RCM (Retail, Con-
sumer Products & Manufacturing) 20.3%, BFSI (Banking, Financial Services & Insurance)20.4%,
TTH (Travel, Transport, Logistics, & Hospitality) 16.2%, and CMT (Communication, Media & Tech-
nology) 43.1%.
Service lines include Cloud, Enterprise IT, Data & Intelligence, and Customer Success.
It derives Revenues from USA (~77%), Europe (~15%) and RoW (~8%).
Operating in 24 countries across the world, the company is regarded as one of the best places to
work. As on 31 Mar 2021 it had23,814 employees. Trailing 12 months attrition was 12.1%.
Bonus in 1:1 ratio was paid in Mar 2016 and buyback was implemented in July 2017. With a
very strong book value of Rs 264 and good future prospects the stock is ripe for another liberal
bonus.
The company has reported vastly improved results for the year ended 31 Mar 2021. Though
total Income grew marginally from Rs 7,839 crores to Rs 8,119 crores but Net Profit jumped and
consequently EPS skyrocketed from Rs 38.35 to 67.43 crores, a big jump of 76%.
Considering the strong order book and vastly improved profit margins we are targeting an in-
crease of about 25% in EPS to Rs 84 for the current year. Applying a moderate PEG ratio of 1.25
we arrive at a price of about Rs 2625 in a year. Thus, there are potential gains of about 25% in a
year's time
"We are proud to deliver another strong quarter, driven by significant traction in our client portfo-
lio globally, leading to revenue growth of 5.2%, EBITDA of 21.9%, and an order book of $375 M at
the end of Q4.…. For the year, we delivered revenues of $1,076.5 M and margin expansion of 680
bps, while increasing our order book by 12.3%. As we enter FY22, we are confident that continued
client demand for our transformative services, a strong order book, and our strategic investments
positions us well to deliver double digit growth and sustain EBITDA above 20%….." (Edited ex-
cerpts)
- Mr. Debashis Chatterjee, CEO and Managing Director
Happy Investing. A. K. Asnani Author | Advisor | Coach | Mentor | Speaker +919893512098
smartasn@gmail.com (investors are advised to act as per their own conviction. Above are only the views of the Author.
Indicated returns may or may not be achieved.)
Financial Weekly

May 2021 34
INVESTMENT
COVID cases are raising everyday and

market is becoming volatile,
In this volatile market which sectors
and stocks will outperform the market?
Which strategy will help you during this market
To know more join our telegram channel
http://t.me/equity99
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
MRPL 500109 43.00 Tata Chemical 500770 793.00
Rana Sugar 507490 14.00 Rossari Bio 543213 1242.00
Morepen Lab. 500288 65.00 Tata Steel Long 513010 895.00
Arvee Lab. NSE 139.00 Divis Lab. 532488 4063.00
Bal Pharma 524824 106.00 Dr. Reddy 500124 5161.00
ONGC 500312 108.00 Tata Metaliks 513434 1053.00
Sail 500113 119.00 Polyplex 524051 958.00
Sequent Sci. 512529 291.00 Coforge 532541 2868.00
Apollo Tyres 500877 216.00 Aarti Ind. 524208 1602.00
Dalmia Sugar 500097 253.00 Persistetn Sys. 533179 2038.00
Motherson Sumi 517334 214.00
Info Edge 532777 4920.00
Wipro 507685 492.00
Alkali Amines 506767 8471.00
Tata Motors 500570 292.00
Bajaj Finserv 532978 11039.00
Apcotex 523494 234.00
ABB 500002 1382.00
Cadila HC 532321 571.00
Cummins India 500480 837.00 MRF 500290 80721.00
Reliance Ind. 500325 1994.00 ICICI Lomb. 540716 1413.00
Financial Weekly

May 2021 35
INVESTMENT
Scrip Watch - Siddharth Shah
Shriram Transport Finance (Rs. 1342.00) (Code :

511218) :- Net profit of Shriram Transport Finance Company rose 237.29% to Rs 756.70
crore in the quarter ended March 2021 as against Rs 224.35 crore during the previous quarter
ended March 2020. Sales rose 7.81% to Rs 4493.97 crore in the quarter ended March 2021 as
against Rs 4168.42 crore during the previous quarter ended March 2020. For the full year,net profit
declined 0.53% to Rs 2498.83 crore in the year ended March 2021 as against Rs 2512.27 crore
during the previous year ended March 2020. Sales rose 5.18% to Rs 17420.45 crore in the year
ended March 2021 as against Rs 16562.36 crore during the previous year. Meanwhile, the com-
pany has announced that the company will consider raising of funds by way of issue of redeem-
able non-convertible debt securities in onshore/offshore market by private placement basis and/or
public issue. Buy.
Aarti Industries (Rs. 1602.00) (Code : 524208) :- Aarti

Industries is a leading speciality chemicals company in Benzene-based derivatives with integrated
operations and high-level of cost optimization. The company’s plants located in western India with
proximity to ports: 13 for speciality chemicals; 5 for pharma (2 USFDA and 3 WHO/GMP). The
company has a diversified product portfolio with end users in pharma, agrochemicals, specialty
polymers, paints & pigments. In the October-December quarter (Q3FY21), the company’s revenue
grew by 10 per cent year on year (YoY), led by strong off-take from pharma segment, which grew
by around 32 per cent YoY. Earnings before interest, taxes, depreciation, and amortization (Ebitda)
margins improved by 50 basis points YoY to 24 per cent. Q4 results are expected to be much
better. The stock has already rallied but still there is scope for further upmove. Buy.
UPL Ltd (Rs. 608.00) (Code : 512070) :- In this calendar year,

UPL stock has jumped 27 percent to Rs 591.55 as on April 20 from Rs 466.45 as on December 31.
Promoter stake in December quarter was 27.85 percent and in March quarter it increased to 27.96
percent. Whereas FIIs holding increased from 35.35 percent to 37.82 percent during the same
period. It is the only crop protection company which has been included in S&P Global Sustainability
Yearbook 2021 for its strong performance in environmental, social and governance risk manage-
ment. UPL Ltd is one of the 633 companies globally and 21 in India to have featured in the year-
book. As IMD has already made forecast that the Monsoon will be normal, there will be demand for
UPL’s products in months to come. The stock is worth buying.
Pidilite Industries (Rs. 1818.00) (Code : 500331) :-

Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals,
craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India. Meanwhile,
Pidilite Industries has hiked its stake in subsidiary, Cipy Poly Urethanes (CIPY), to 100% from 70%
earlier. The stake was increased pursuant to the acquisition of the balance 28,249 equity shares
from certain other shareholders, in accordance with the provisions of the shareholders agreement
dated 5 January 2018. The consideration of Rs 60.49 crore (excluding certain contingent payment)
has been paid in cash. The stock is worth buying in phased manner. Stick to it like Fevicol.
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

May 2021 36
INVESTMENT
Market Tips - Het Zaveri
D-Mart (Rs. 2858.00) (Code : 540376) :- Morgan Stanley has

turned 'overweight' on Avenue Supermarts with a target price of Rs 3,128. The brokerage believes that
peak of COVID cases in Maharashtra, accelerated vaccination program from May 1 and the fact that the
stock has corrected almost 10 percent from the mid-March levels give a good entry point for long-term
investors. The underperformance of Avenue Supermarts is likely to reverse in days to come largely on the
back of Peak in Maharashtra's COVID cases, the company's better position in terms of online delivery, and
delay in industry consolidation. Earlier, Brokerage firm Macquarie had given an 'outperform' rating for Av-
enue Supermarts, stating that its sales figures for the fourth quarter of FY21 was along expected lines.
Macquarie has set a price target of Rs 3,500 for the stock. Buy in phased manner.
Rossari Biotech (Rs. 1242.00) (Code : 543213) :- Rossari

Biotech is among the largest manufacturers of textile specialty chemicals in India. It also manufactures
acrylic polymers. The company offers three main product categories namely home, personal care and
performance chemicals; textile specialty chemicals and animal health & nutrition products. The Allotment
Committee of the Board of Directors of Rossari Biotech Limited on Wednesday has approved the allotment
of 30,12,046 equity shares at a price of Rs996/- per equity share aggregating to ~Rs300cr on a preferential
basis. The equity shares have been allotted to eight investors including SBI Mutual Fund through its Scheme
- SBI Flexicap Fund, SBI Mutual Fund through its Scheme - SBI Small Cap Fund, Ramesh Siyani, Arpit
Khandelwal, Malabar Select Fund, Malabar India Fund Limited, Malabar Value Fund and India Acorn Fund
Ltd.. Join them and buy for longer term perspective.
Indoco Remedies (Rs. 328.00) (Code : 532612) :- Indoco

Remedies Limited is a Mumbai-based pharmaceutical company that researches and develops, manufac-
tures, markets, and distributes pharmaceuticals. The Company's products include Analgesics/Antipyretics,
Antacids and Antiamoebics. The fundamentals of this company are very strong. The return on capital em-
ployed (ROCE) and the dividend yield of this company is good. The company has also reduced its debt
recently.The last three quarterly results were good. The net profit of the company in 2019 December was
Rs 9 crores and in 2020 December, the profit was Rs 25 crores and in September 2020 the net profit was
Rs 26 crores. Both FIIs and DIIs have stakes in the company. In fact, DIIs have increased 20 per cent
stakes in the Indoco Remedies. Buy.
ABB India (Rs. 1382.00) (Code : 500002) :- ABB India has

reported more than two-fold jump in net profit to Rs 151 crore for the January-March quarter compared to
the year-ago period mainly on the back of higher revenues.Total revenue rose to Rs 1,629.15 crore in the
quarter from Rs 1,522.24 crore year ago. Ebitda came at Rs 130 crore. Consequently, operating margins
for the quarter stood at 8.1%, as compared to 1% in the same quarter last year. Ebitda came in 29% with
margin rising 210 bps q-o-q (quarter-on-quarter) and highest since 4QCY18. The beat primarily came from
other expenses and was 15.8% of revenue, lowest in last few quarters. The company's cash position
continues to remain robust at Rs 2,528 crore at the end of Q1 2021 (January-March) vis-a-vis Rs 1,464
crore in Q1 2020 (January-March). Invest in phased manner.
Tata Chemicals (Rs. 793.00) (Code : 500770) :- Tata

Chemicals is a global company with interests in businesses that focus on basic chemistry products and
specialty chemistry products. The company’s focus on growing chemical business, after having demerged
the consumer vertical, has kept investor expectations high. The Street remains optimistic on the lithium
battery business plan of Tata Chemicals that can add to earnings, starting FY23, even though concrete
business plans are awaited. Soda ash, sodium bicarbonate and edible salts volumes continued to improve
steadily. The stock, after hitting 52-week high of Rs.834 earlier in this month, has corrected. Buy in two
phase. Buy more at decline.
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

May 2021 37
INVESTMENT
SMART TIPS Smita N. Zaveri

Jamna Auto (Rs. 68.00) (Code: 520051) :- Shares of this A Group listed auto parts
company have face value of Re. 1. The shares touched a high of Rs. 76 and low of Rs. 22 in the
last 52 weeks. The company has maintained its dominance in the domestic OEM segment with a
68% market share. Ashok Leyland and Bharat Benz are among its key clients. Its facilities are
located near plants of OEMs, allowing it to lower logistics costs. It has launched stabilizer bars,
spring, trailers, and suspensors for commercial vehicles after signing an agreement with UK's Tinsley
Bridge for transfer of its extralite spring and special steel technologies. For the December quarter,
consolidated income grew 50% to Rs. 343.26 crore from Rs. 228.5 crore, while profit zoomed
196% to Rs. 30.06 crore from Rs. 10.14 crore. EBITDA jumped 105% to Rs. 52.39 crore, while
EPS was Rs. 0.76. The scrappage policy to scrap vehicles older than 15 years will be imple-
mented from April next year, which should benefit auto and auto ancillary companies. The stock
can be seen at a new high in the short to medium term, and crossing Rs. 90 in the long term.
Gokaldas Exports (Rs. 91.00) (Code: 532630) :- Shares of this B group listed
company have face value of Rs. 5, and touched a 52-week high of Rs. 99 and low of Rs. 28. The
Bengaluru-based company has established itself as one of the largest manufacturers and export-
ers of apparels in India with an annual turnover of $200 million. It has over 15,000 machines across
20+ manufacturing units. It can produce up to 21 million apparels in a year. It has kept pace with the
times and enhanced its fashion designing and styling capabilities through modernization. The
company was a part of the Hinduja group once upon a time. For the December quarter, its consoli-
dated income fell nearly 18% from Rs. 322 crore to Rs. 265 crore, while net profit more than halved
from Rs. 13.37 crore to Rs. 6.05 crore. The stock can be seen trading in three digits in the coming
days.
Rain Industries (Rs. 179.00) (Code: 500339) :- Shares of A group listed Rain
Industries have a face value of Rs. 2. The shares touched a 52-week high of Rs. 190 and low of Rs.
61. It is one of the world's leading producers of calcined petroleum coke, coal tar pitch, basic and
specialty chemicals. It also manufactures cement at its two plants in Andhra Pradesh, and sells
them under the Priya brand. Promoter holding is 41.14%. The company has a market cap of Rs.
6239 crore. The book value of the shares is Rs. 169.62. For the December quarter, Rain Industries'
consolidated income rose to Rs. 3044 crore from Rs. 2923 crore, while profit zoomed to Rs. 321
crore from Rs. 121 crore. Its equity is Rs. 67 crore, and it has reserves of Rs. 5466 crore. The stock
is trading at a PE multiple of just 11, and is attractively priced.
Bodal Chemicals (Rs. 96.00) (Code: 524370) :- Shares of this dyes, pigments, and
specialty chemicals company are listed in the A group, and have a face value of Rs. 2. The shares
touched a high of Rs. 109 and low of Rs. 42 in the last 52 weeks. The company's subsidiaries
make dyes, dyes intermediates, and basic chemicals. Promoter holding is 53.02%. The company's
market cap is Rs. 1075 crore. Its equity is Rs. 24 crore, and has reserves of Rs. 863 crore. For the
December quarter, consolidated income grew 12.19% to Rs. 366.15 crore, while profit soared 81%
to Rs. 26.51 crore. The company and all its subsidiaries are performing very well. It is also con-
stantly expanding and diversifying through acquisitions, and can further improve its performance
going ahead. The stock can be seen touching new 52-week highs in the short to medium term.
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 30th April, 2021 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

May 2021 38
INVESTMENT
Smart super duper - Het Zaveri
Tata Coffee (Rs.130.00) (Code:532301) :- It is a subsidiary of Tata Global, which

is going to acquire consumer business of Tata Chemical. It is one of the leading companies
in field of Coffee plantation. It owns 19 coffee estates in Karnataka and Tamil Nadu, which
are spread across 8037 hectares. It produces 10,000 metric ton coffee and tea. It also owns
seven tea estates which are spread 4755 hectares. As against equity of Rs18.68 crore, the
company has reserves of Rs. 1351 crore. In March quarter, the company's income increased
from Rs. 517 crore to Rs. 591 crore and profit increased from Rs. 10 crore to Rs. 43 crore.
The Tea and Coffee stocks are witnessing good movement. This stock has nearly reached
the 52 week high price. It has come out of consolidation zone.
Laxmi Organic (Rs. 208.00) (Code: 543277) :- It came up with IPO recently.
Following the IPO, the company's market cap has reached Rs. 5484 crore. The company is
present in acetyl intermediates and specialty intermediates and it is the biggest producer of
India in both the segments. It exports its products to 30 countries. It raised Rs. 600 crore by
offering shares at Rs. 130 in March. The IPO got 106.81 times subscription. However, the
stock prices came down after listing but now it has regained the momentum. Funds were
buying the stocks after listing and the people close to the developments are bullish about it.
The fundamentals are strong so it can be purchased at any correction in the price.
Greenply Industries (Rs. 200.00) (Code: 526797) :- It is the biggest interior

infrastructure company of the country. It has presence in more than 300 cities and towns in
21 states. It accounts for 30% market share in both organised plywood market and organised
laminate market. It exports its products to 100 countries. As against equity of Rs. 12.26
crore, the company has reserves of Rs. 370 crore. Before three years, Greenlam Industries
got demerged from it and then after Green Panel Industries got demerged creating wealth for
the investors. In December quarter, the company's income decreased from Rs. 346 crore to
Rs. 340 crore, but the profit increased from Rs. 21 crore to Rs. 25 crore. It can be purchased
in phase manner as it can give handsome returns.
TVS Motor (Rs. 630.00) (Code: 532343) :- It is number four two wheeler company
in the country. As against equity of Rs. 47.51 crore, the company has reserves of Rs. 3779
crore. In FY2021, the company's income has increased from Rs. 18849 crore to Rs. 19421
crore, while operating profit decreased from Rs. 2262 crore to Rs. 2230 crore and net profit
decreased from Rs. 625 crore to Rs. 594 crore. In March quarter, FIIs have increased their
stake by 1.19%. The stock is available at lower price then its all time high at Rs. 796. It
provides long term investment opportunity. It paid 350% interim dividend for FY2021.
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

May 2021 39
INVESTMENT
Di wan-E-Khas A.J. Diwan (Mumbai)

E-mail : divanconsultancy@rediffmail.com
Effective vaccine for markets

Corona is spreading fast in India but markets are not affected as It should good reliable
vaccine is provided for market. Nifty has support at 14880 and Resistance at 15180/250.
Index has support at 49500.
Vedanta : - Bull operators have not given up yet. Upside may continue. The game is to
keep share price around closing and lift after two hours.
ICICI Prudential : - Last week one day share surged Rs 58. Now share is not moving
above 537/538. This should be stop loss for short position. Last support is Rs. 516
Power Grid : - Good future but technically week. Rs 225 is resistance. Sale with SL of
226 or buy around 218, SL 215.
Biocon : - Technically weak counter high risk short around Rs.400 Steel shares Tata
Steel and JSW has potential to go up still. Sail around Rs. 110 looks good Investment.
IDFC First Bank Accumulate slowly future is bright.
South India bank buy around Rs.7
Reliance has gone up on expectations good results. After results price should maintain
above Rs.2000.
Hindalco and DLF are in opposite directions. Hindalco up and DLF down DLF SL Rs.255.
Financial Weekly

May 2021 40
INVESTMENT
Investment Ideas telegram.me/rupeegains7
NIFTY :- For next week NIFTY has strong support around 14500 levels. Break will take
it to 14420---14300 levels. On the upper side NIFTY will face strong hurdle at 14750 levels, cross
over with volume and close above will create short covering at take NIFTY up to 14855---14940
levels…
BANK NIFTY :- For next week BANK NIFTY has strong support around 32150
levels. Break will take it to 31500 levels. On the upper side BANK NIFTY will face strong hurdle at
33150 levels, cross over with volume and close above will create short covering at take BANK
NIFTY up to 33500----33700 levels…
INVESTMENT IDEAS…
RDB RASAYANS LTD
(533608) (66.50) (Face Value Rs.10) (BSE Symbol: RDBRL)
RDB Rasayans Ltd. is one of the most competitive manufacturer of polymer-based woven bags
& FIBC (Jumbo bags) manufactured globally by leveraging size, product quality, core competence
and customer selection. The Company started operations in 2003 with a modest capacity of 1800
MTPA at its plant in Haldia, West Bengal. Its manufacturing facility is vertically integrated as the
manufacturing from base material to final product is under the same roof. Its robust infrastructure
optimizes manufacturing and operational sophistication that ensures the supply of quality products
and services to its customers. RDB Rasayan has specialisation in carbon coated FIBC bags that
too of 500 to 2000 kg size. Anti dumping duty was first introduced in 2009 and revised in 2016 and
the same was hugely benefiting big co's like RIL, Haldia, GAIL-ONGC, HPCL-Mittal and IOC etc.
The anti dumping duty levied in 2009 was 81 USD per ton which was raised to 145 USD in 2016.
With the scrapping of anti dumping duty on polypropylene in Budget 2019 the cost of imports fell
substantially. Polypropylene is used for manufacture of woven sacks for cement, foodgrains, sugar,
fertilizer, bags for fruits and vegetables as also film packaging. Besides various consumer items, it
also finds application in auto parts, appliances, furniture and houseware.
The Company has an equity of Rs.17.71 crore backed by huge reserves of around Rs.90 crore,
which leads to a share book value of Rs.60.6. The stock is available at a P/BV ratio of just 0.88x.
The promoters hold 72.73% while the investing public holds 27.27% stake in the company.
It posted superb Q3FY21 numbers as net profit grew 99.6% to Rs.5.19 crore from Rs.2.60 crore
in Q3FY20 on 24.75% higher sales of Rs.25.65 crore fetching an EPS of Rs.2.93. For 9MFY21, it
reported 96.99% higher PAT of Rs.15.72 crore on sales of Rs.65.05 crore and an EPS of Rs.8.87.
Its recent high was Rs.109.50 formed in September 2018. The stock has almost corrected 39%
from this high. Currently, the RDB stock trades at a P/E of 6.15x.
Everyone, whose financial advisor is allowing to trade in this stock for medium to long term can
watch with stop loss of 58.
UMANG DAIRIES LTD
(500231 & NSE) (58.50) (Face Value Rs.5)
Incorporated in 1992, Delhi based Umang Dairies Limited provides various dairy products in
India. It offers skimmed milk powder, whole milk powder, dairy creamers and whiteners, tea and
coffee premixes, ghee, fresh cream, and butter under the White Magik, Milk Star, Umang, and
Dairy Top brand names. It has a state-of-the-art plant with a combined capacity of processing 11.5
Cont....
Financial Weekly

May 2021 41
INVESTMENT
Some recommendations of Rupee Gains made

new highs during last week…
Rate After (%)
Recomm.
7th December 20 UTTAM SUGAR 95.5 135.95 42%
14th December 20 T N PETRO 41.45 78.4 89%
28th December 20 KCP LTD 68.4 103.6 51%
18th January 21 MOREPEN LAB 30 66 120%
18th January 21 MANGALAM ORGANICS 432.5 624.4 44%
15th March 21 Samrat Pharma 143 262.8 84%
15th March 21 Rana Sugars 9.3 14.15 52%
22nd March 21 Haldyn Glass 32.35 50.95 57%
29th March 21 Rubfila Inter 57 71 25%
29th March 21 Vikram Thermo 164.65 204 24%
19th April 21 CENLUB IND 52.65 67.95 29%
19th April 21 EKC 76.9 154.6 101%
Last Week IND SWIFT LAB 80.55 92.35 15%
Last Week INDIAN TONER 133.35 141.9 6%
Last Week SHILP GRAVURES 90.85 118.7 31%
Last Week GALLANTT METAL 49.65 58.7 18%
Last Week TINPLATE COMPANY 170.35 206.7 21%
lac litres of milk per day. The plant is located in the heart of the milk bowl - Gajraula (U.P.). Umang
Dairies Limited is a part of J.K. Organisation, a much respected and diversified conglomerate with
a rich legacy of over 125 years. J K Corporation has listed companies like J K PAPER, J K TYRE
and J K LAKSHMI CEMENT.
Company has posted superb numbers for Q3FY21. During Q3FY21, its PAT zoomed 461.76%
to Rs.1.91 crore from Rs.0.34 crore on sales of Rs.65.69 crore. During 9MFY21, its PAT grew
309.6% to Rs.5.12 crore on sales of Rs.182.51 crore fetching an EPS of Rs.2.33. Currently, the
RDB stock trades at a P/E of 19x.
Everyone, whose financial advisor is allowing to trade in this stock for medium to long term can
watch with stop loss of 50.
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 & au-
thenticated sources believed to be true & correct, and also is technical analysis based on & con-
ceived 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 finan-
cial losses made by anybody.
Financial Weekly

May 2021 42
INVESTMENT
Primary Market - Dilip K. Shah
Statement of Financial Year 2021: Out of 17 IPOs 08 IPOs were in discount: Only 07 IPOs gave more than 10% returns
As Morales are down in Secondary Market, the public issues with higher valuations are on backfoot
As Morales were down in April and May is poor historically, there will be draught of IPO in primary market
Power Grid InvIT's issue with price band of Rs. 99-00 will open on April 29 and close on May 3
India Grid Trust's NCDs issue gets unprecedented response of 25 times in just three days
Zomato files documents with SEBI for mega combo IPO of Rs. 8250 crore
Power Grid InvIT is a good opportunity to be grabbed due to strong fundamentals, rating and yield
KuberanGlobal's BSE SME IPO got 3.3 times subscription on the last day: Listing on May 5
KDDL's Rights Issue of Rs. 25 crore got extended once again due to poor response
Muthoot Fin Corp's NCDs issue missed the target as it got only 1.53 times subscription on the last day
Power Grid InvIT's IPO got 0.61 times subscription on 2nd day: huge response expected on the last day
South-based Dodla Dairy gets SEBI approval for Rs.50 crore fresh equity and OFS of 1.01 crore shares
Arohan Fin. Services gets SEBI approval for Rs. 1800 crore IPO
Zomato's Combo IPO includes fresh issue of Rs. 5000 crore and OFS of Rs.75 crore from Info Edge
Out of total IPOs got listed in FY2021 45% IPOs are in discount :- It is apprehended
that economic growth may curtail due to increasing cases of COVID-19 in the country, as a
result the primary market movement has slowed down. Amid the unfavourable conditions in
the market, around 45% IPOs are in discount than their offer price. Only time will tell whether,
the prices will recover in future.
Reason for flop IPOs :- According to head of LKP Securities, the merchant bankers, who
are responsible for organizing the IPOs work smartly as they come up with IPO when the
market is bullish or the company announces good results. In such situation, another picture
emerges of the company and many retail investors participate in the issue. Some investors
subscribe to IPOs by taking loans so the issue gets many times subscription. However,
once the excitement subsides, the stock can sustain the premiums.
The Indian Stock Markets have been witnessing bearish trend since beginning of April
because people fear that economic activities will slow down curtailing economic growth as
lockdown may be imposed. Amid the high volatility in the market during April, Nifty wit-
nessed crash of 200 points and Sensex witnessed 1100 points crash. Historically, month of
May has been negative for the market.
In such situation, out of 20 companies that got permission for IPO hardly any one will dare
to enter the market.
There were a number of issues were in the market last week, of which only Power Grid
InvIt is open for subscription this week.
Cont...
Financial Weekly

May 2021 43
INVESTMENT
* This week's issues:-
• Power Grid InvIT :- The issue is sponsored by Navratna PSU Power Grid Corporation.
The company's cash flow is stable and fundamentals are strong. The power transmission
company's Rs. 7724.99 crore issue has opned on April 29 and it gives 10-12% returns
annually. The offer price is Rs. 99-100. On the valuation front, the offer price is higher, but
ROE is more than 20%. Currently, other InvITs that got listed are giving 9-10% yield and if
converted in units then it is 120-130. The IPO has been given AAA/Stable rating by CRISIL
and IND. It is good option for long term return as coupon rates are better than bank and
corporate FD rates. IPO allotment will be on May 10, Refund and unit deposit on May 17.
• Subscription :- It has got 0.38 times subscription in QIB, 0.83 times in NII and overall
0.61 time as on April 30.
* Last week's issues:-
• Kuberan Global Edu.Solutions :- The issue with fixed price of Rs. 20 to raise Rs. 1.16
crore opened on April 20 and closed on April 27 with 3.30 times subscription. Allotment will
be on April 30, refund on May 3, Share deposit on May 4. And listing on May 5.
KDDL's Rights issue got extended once more :- Re. 25 crore Rights Issue opened on
April 9 but got poor response as a result it has been extended till May 7 instead of original
closing date of April 23. Cont...
Zomoto Files DRHP

Delhi-based internet service provider company Info Edge
had invested Rs.60 lakh in Zomato in 2010. Now the
valuation stands at Rs. 144.31 crore.
Info Edge's currently holds 1244 billion shares in Zomato and valuation per share is Rs. 1.16.
The company invested in Zomato between August 2010 and February 2015 and bonus and
preference shares received till now have been converted into shares. Zomato plans to raise Rs.
7500 crore and due to Info Edge's OFS and fresh issue the equity will go down by 12.5%. Pre
IPO, Info Edge holds 18.55% holding in Zomato, which is valued at 11130 crore. It will sell 1.25%
shares worth Rs. 750 crore in the IPO. IPO valuation is Rs. 60,000 crore and Info Edge's stake
valuation is Rs. 9084 crore.
China's Clean Energy Company

China's Three George Renewable Group's company to
enter capital market with 8.57 billion dollar issue
China's Three George Renewable Group's company is planning to enter capital market with 8.57
billion dollar issue. It has submitted papers to the market regulators. It plans to sell 8.57 billion shares on
Shanghai stock exchange. China Securities and Regulatory Commission told last week that the Chinese
Government owned PSU has obtained written approvals from China Securities Regulators.
Financial Weekly

May 2021 44
INVESTMENT
Main - line IPO Ãkh yuf Lksh (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Min. Listing Lead Rating
Issue Close Dt. (Rs. Cr.) (Rs.) App. Manager Recomm.
(out of 50%)
1 Power 29-4-2021 Fresh Issue : Rs. 4993.48 Cr. 99 to 100 1100 BSE Axis Capital, 40%
Grid 3-5-2021 OFS : Rs. 2741.51 Cr. Rs. 1,10,000 NSE HSBC Sec., Apply for
Infra Trust Total Size : ICICI Sec., Long Term
InvIT Rs. 7734.99 Cr. Edelweiss,
* NCDs issues:-
Subscription Figures of SME IPO (Dt. 30-4-2021)
• Muthoot Fin. Corp :- The issue with IPO Listing Day Subscribed
Kuberan Global Edu. BSE SME Closed on 27-4-2021 3.30x
base price of Rs. 200 crore and shelf
limit of Rs. 200 crore opened on April 7 and closed with Subscription figure of
1.57 times subscription. It got 0.43 times less amount. Power Grid InfraTrust InvIT
• India Grid Trust :- Rs. 1000 crore issue including Category No.f of No. of time Subscribed
Shares 29-4-21 30-4-21
base price of Rs. 100 crore and green shoe option of Rs.
Offer/Reserved
900 crore got 10 times subscription within a few hours of QIB 23,20,49,400 0.03x 0.38x
NII 19,33,75,600 0.17x 0.83x
opening. It got 965.04% bids against 10 lakh NCDs. It Total 42,54,25,000 0.10x 0.61x
was supposed to close on May 5 but got closed on April
30 with 25.19 times subscription. Subscription figure of
* Insight into upcoming issues:- Muthoot Fincorp. NCDs
• DodlaDairy :- It has got approval from SEBI for fresh Category No. of Bond Issue
(Issue Closed on Offered/ Subscribed
equity worth Rs. 50 crore and OFS of 10,085,444 equity 29th April, 2021) Reserved 29-4-2021
shares. Category 1 1,00,000 0.02x
Category 2 8,00,000 0.67x
• Arohan Financial Services :- NBFC has got approval Category 3 11,00,000 2.38x
from SEBI for Rs. 1750-1800 crore IPO. Total 20,00,000 1.57x
• Zomato :- Food delivery platform has filed documents Subscription figure of

with SEBI for Rs. 8250 crore IPO including Rs.5000 crore India Grid Trust NCDs
fresh equity and OFS of 750 crore from Info Edge. The Category No. of Bond Issue
(Issue Closed on Offered/ Subscribed
fund will be used for organic and inorganic growth. In 30th April, 2021) Reserved 30-4-2021
FY2020, the company's income increased double fold to Category 1 (QIB) 1,00,000 10.00x
Category 2 (NII) 1,00,000 24.52x
Rs. 2960 crore. It witnessed loss of Rs.200 crore in Category 3 4,00,000 43.76x
Category 4 4,00,000 10.59x
EBITDA. It raised Rs. 1800 crore from Tiger Global, Cora Total 10,00,000 25.19x
and others in February. The issue operators are Kotak
Mahindra, Morgan Stanley, Credit Suisse. Merchant bank-
Tentative Timetable for Various IPOs
ers are Bofa Se and City Group. It will get listed on NSE Particulars Kuberan Power Grid
Global InvIT
and BSE. The issue will boost consumption sector. Issue Close Date 27-4-21 3-5-21
Basis of Allotment 30-4-21 10-5-21
Refund 3-5-21 11-5-21
Credit of Shares 4-5-21 11-5-21
Listing 5-5-21 17-5-21
Financial Weekly

May 2021 45
INVESTMENT
Powergrid Infrastructure Investment Trust (InvIT)

Issue Openes on 29th April & Closes on 3rd May, 2021
Offer price Rs. 99 to 100; Listing on BSE & NSE Platform
It's Income has grown at CAGR of 96% & NP jumped 82% through FY18-20
The IPO value at 3.5 times to its book value but it is justified
It offers low risk annuity and 11-12% dividend yield
Investors may subscribe to the issue from a long term prospective
Powergrid InvIT (Infrastructure Investment Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY18 FY 19 FY 20 31-12-20
Trust) owns, construct, operate, maintain and 9M2020
Total Revenue 1009.08 1334.09 984.12 345.60
invest in power transmission assets in India. Profit After Tax 337.14 378.83 248.06 114.13
Powergrid InvIT registered with SEBI as an InvIT on Financial Performance

Particulars as of Dec’20 FY 20
January 7, 2021. (9 Mth FY21)
Net Worth 1488 1534
Net Debt 4945 5137
Powergrid InvIT has been given a credit rating of Pro-
Cash Flow from Operations 901 1052
visional [ICRA] AAA (Stable), CARE AAA (Is); Stable Revenue from Operation 992 1324
Profit before Tax 548 487
and Provisional CCR AAA/Stable by ICRA Limited, Profit for the period 337 379
CARE Ratings Limited, and CRISIL Ratings Limited, PAT as % to revenue 33.98 28.61
Long Term Debt to Equity (x) 3.36 3.38
Net Debt / EBITDA (x) 3.9 4
respectively.
Powergrid InvIT's sponsor is Power Grid Corporation of India Limited (PGCIL). PGCIL is the
largest power transmission company in India. PGCIL is engaged in project planning, designing,
financing, constructing, operating, and maintaining power transmission projects across India.
Powergrid InvIT's Investment Manager, POWERGRID Unchahar Transmission Limited, a wholly-

owned subsidiary of PGCIL. They are responsible for managing the InvIT, the Initial Portfolio As-
sets as well as undertaking investment decisions relating to its assets.
Powergrid InvIT's Trustee, IDBI Trusteeship Services Limited is SEBI registered debenture
trustee. They are responsible for ensuring that its business activities and investment policies com-
ply with the provisions of the InvIT Regulations, and monitoring the activities of our Investment
Manager and the Project Manager.
Financial Weekly

May 2021 46
INVESTMENT
Issue Details
• Issue Opened on 29th April & Closes on 3e May, 2021
• Issue Size : 77,34,99,100 Units (Rs. 7,734.99 Cr.), Fresh Units : 49,93,48,300 (Rs. 4,993.48 Cr.),
OFS : 27,41,50,800 Units : Rs. 2,741.51 Cr.
• Face Value Rs. 100, • Total Rs. 7734.99 Cr. • Offer price Rs. 99 to 100 per Share
• Minimum lot Size : 1100 Shares ; Listing BSE NSE Platform
• BRLM : Axis Capital, Edelweiss, HSBC, ICICI Securities,
• Trustee : IDBI Trusteeship Services Ltd. • Registar : KFintech Pvt. Ltd.
Financial Performance :- The trust's income has grown at a CAGR of 96% through FY 18 to 20
and its net profit jumped at a CAGR 82% over the same period.
Note : This is first InvIT from PSU and highest one in history & the sponsors are mega players in
the sector. It's a combo offer of primary & Secondary of InvIT offer. It will start one as a debt free,
providing more growth from the future acquisition. It has a portfolio of 21000 cr. Prospects are
currently under construction.
Dividend : Given expected cash flow by the company, 90% of net distributable cash flow to be
distributed among the unit holders & dividend yield comes at 11-12%
Competitive strength : the other listed InvIT India Grid have been given return 14% annulay
since its listing of June 17
Listed companies such as sterlite power sponsored IndiaGrid is trading at 9% yield. Which power
Grid InvIT is available at 11% yield
Concern : The IPO value at 3.5 times to its book value, which looks to be a higher premium
compare to its spongers other listed peers.
Recommendation : It has higher valuation but it can be justified because power Grid InvIT has
a return on equity of 25% in FY20 against 17% of Power grid Corp. and IndiaGrids 10%. Investors
looking for low risk security that could offer better return than traditional fixed incomes hence one
can subscribe to the issue from a long term prospective.
Financial Weekly

May 2021 47
INVESTMENT
Smart Best Buy S. N. Zaveri
RIL stock will get momentum next week on strong Q4 numbers

Kaveri Seed : Normal monsoon and price hike to benefit
Bajaj FinServ: Profit up 4- fold
JSW Steel : More price hike will follow
BKT : Strong demand will increase sales
RIL (Rs. 1994.00) (Code : 500325) :- Mukesh Ambani-led RIL’s fourth quarter
(January-March) net profit rose 108.36 per cent on-year to Rs 13,277 crore, which is below
estimates. Oil-to-telecom major had reported a consolidated net profit of Rs 6,348 crore in
the year-ago quarter. Earlier in the previous quarter (October-December 2020), Reliance
Industries Ltd had posted a net profit of Rs 13,101 crore. RIL’s consolidated revenue from
operations came in at Rs 1.54 lakh crore in the fourth quarter, against Rs 1.39 lakh crore in
the corresponding quarter last year and Rs 1.23 lakh crore in the October-December quar-
ter. Segment-wise, the revenues in the dominant oil-to-chemicals (O2C) business rose 4.4
per cent to Rs 1.01 lakh crore in the January-March quarter of FY21 from Rs 96,732 crore in
the same period last year. The revenues from the oil and gas segment came in at Rs 848
crore, as against Rs 625 crore in the corresponding quarter of the previous year. While the
revenues from digital services stood at Rs 22,628 crore as compared to Rs 19,153 crore in
the same quarter last year. The stock will get momentum next week. Buy.
Kaveri Seeds (Rs. 604.00) (Code : 532899) :- Kaveri Seed is a debt-free com-
pany engaged in research, production, processing and marketing of various high-quality
hybrid seeds. A good monsoon will increase the demand of hybrid seeds, which will benefit
the company.The Union Government, for the first time since it issued the Cotton Seed Price
(Control) Order in 2015, has increased the maximum sale price (MSP) of cottonseed by five
per cent to ?767 for a packet of 450 gm of Bollgard-II seed. The price of Bollgard-I is put at
?635/ packetThe industry sells about 5-5.5 crore packets (of 450 gm each) of cottonseed
every year. Kaveri will be direct beneficiary.Buy.
Bajaj Finserv (Rs. 11039.00) (Code : 532978) :- Shares of Bajaj Finserv Ltd
(BFL) after the company reported over four-fold jump in its consolidated net profit for the
fourth quarter ended in March 2021. Bajaj Finserv Ltd (BFL) reported an over four-fold jump
in its consolidated net profit to ?979 crore for the fourth quarter ended in March 2021, driven
by its insurance business. The total consolidated income during the March 2021 quarter
Cont...
Financial Weekly

May 2021 48
INVESTMENT
increased to?15,387 crore as against ?13,294 crore in the corresponding period of the previ-
ous financial year. The board has recommended a dividend of 3 per share or 60 per cent on
the face value of ?5 per unit. Buy.
JSW Steel (Rs. 717.00) (Code : 500228) :- Steel stocks are on fire for quite some
time. JSW Steel is not an exception. JSW Steel has increased rates by Rs 4,000-4,500 per
tonne for April‘21 delivery. The current price stands at around Rs 57,500-58,000 per tonne
for hot rolled coil (HRC) and Rs 68,500 - 69,000 per tonne for cold rolled coil (CRC). This is
the first price hike in FY22 but an expected one as prices in global markets have rallied on
demand outstripping supply. Steel mills have been battling with orders which they have been
unable to fulfill. So, steel will still the story in the current year also. Buy.
Balkrishna Industries (Rs. 1768.00) (Code : 502355) :- Strong growth in
agricultural tyre exports and expected recovery in off-the-road (OTR) tyres could help
Balkrishna Industries sustain its sales growth trajectory. The company is the main benefi-
ciary of strong demand for agricultural tyres. The segment accounted for 64 per cent of its
revenues in the first half of FY21. The European Union is its single largest market, followed
by the US. They also expect OTR tyre demand to bounce back as commodity prices remain
elevated. Besides meeting its own requirement, BKT sells Carbon Black to the market also.
The company is expecting pick up in industrial construction and mining, a sector which the
government is pushing to open up. Buy.
(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
30th April, 2021 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 o All disputes are subject to Ahmedabad jurisdictioner
Financial Weekly

May 2021 49
INVESTMENT
Dalal Street Whispers Dilip K. Shah
Reliance Industries (Rs. 1994.00) (Code: 500325) :- The company has resumed talks for
sale of 20% stake in refining and petrochemicals business to Saudi Aramco. This is seen
having a positive impact on the stock price. The company's consolidated profit more than
doubled in the March quarter.
Shriram City Union (Rs. 1409.00) (Code: 532498) :- The trading volume in the counter
surged to 2 lakh shares, which was 270 times the average volumes.
Wipro (Rs. 492.00) (Code: 507685) :- This leading IT company has raised the IT services
revenue growth guidance for the June quarter to 8-10% sequentially.
Tata Coffee (Rs. 130.00) (Code: 532301) :- The company reported 139% jump in quar-
terly net profit at Rs. 57 crore, while income grew 14.4% to Rs. 591 crore. Rising coffee
demand and prices augur well for the company.
Exide Industries (Rs. 177.00) (Code: 500086) :- This battery manufacturer's net profit in
the fourth quarter rose 36% to Rs. 320 crore, and income was up by 31.3% to Rs. 4563
crore.
Sun TV (Rs. 543.00) (Code: 532733) :- The exit polls suggest the DMK is expected to
return to power in Tamil Nadu with a huge majority. The promoter Maran family is related to
the DMK chief and likely CM Stalin, and could benefit from the change in guard.
Jay Bharat Maruti (Rs. 307.00) (Code: 520066) :- The company makes auto ancillary
products largely for Maruti Suzuki. The company's consolidated profit jumped 105% to Rs.
20 crore, while income was up 35% to Rs. 541 crore. The company has announced a 25%
dividend, and also a bonus issue in the ratio of 5:1.
Steel Strips Wheels (Rs. 714.00) (Code: 513262):- The company has received orders for
1.70 lakh wheels amounting to Rs. 25 crore from the US and Europe.
KSB Pump (Rs. 889.00) (Code: 500249) :- The company has reported bumper numbers
for the fourth quarter. Net profit jumped four times to Rs. 44 crore, even though income was
flat.
Morepen Labs (Rs. 65.00) (Code: 500288) :- The company's board has approved invest-
ment of $32.50 million from Switzerland's Corinth group as a part of its planned $100 million
investment in Morepen Group. The board also approved the proposal to allot 5 crore fresh
equity shares to the promoter group.
Sundaram Clayton (Rs. 3131.00) (Code: 520056) :- The company's net profit for the
fourth quarter surged over eight times to Rs. 167.16 crore. Sales grew 48% to Rs. 6440
crore.
LT Foods (Rs. 72.55) (Code: 532783) :- This specialty rise and rice products company
has partnered with Humankind group of US for a commercial scale biomass plant.
Info Edge (Rs. 4920.00) (Code: 532777) :- The shares have surged after food aggregator
Cont.....
Financial Weekly

May 2021 50
INVESTMENT
Zomato filed the DRHP for its IPO. Info Edge holds 19% stake in Zomato. The company aims
to offload Rs. 750 crore shares in the IPO, and unlock significant value in the process.
Divis Labs (Rs. 4063.00) (Code: 532488) :- Shares of this leading bulk drugs manufac-
turer are at a new high. The shares closed 4% higher at Rs. 4063 on Friday. The company's
market cap is now Rs. 1.07 lakh crore, making it only the second pharma company after Sun
Pharma to achieve the landmark of Rs. 1 trillion market cap.
Bajaj Finserv (Rs. 11039.00) (Code: 532978) :- Bajaj Finserv's net profit for the March
quarter jumped four times to Rs. 979 crore. It had posted profit of Rs. 194 crore in the same
quarter last year. Consolidated income for the quarter increased to Rs. 15,387 crore from
Rs. 13,294 crore. The company has declared a dividend of Rs. 3 per share.
Axis Bank (Rs. 714.00) (Code: 532215) :- This leading private sector bank has reported a
net profit of Rs. 2677 crore for the March quarter, compared to a loss of Rs. 1388 crore last
year. The bank's interest income was up by 11% to Rs. 7555 crore.
IDFC (Rs. 53.00) (Code: 532659) :- Plutus Wealth Management has bought a crore shares
in the company through bulk deals at an average price of Rs. 50.46.
Puravankara (Rs. 66.00) (Code: 532891) :- Rating agency ICRA has assigned a long-
term rating for the firm's bank facilities and improved the outlook to positive from stable. It
has also maintained the previous short-term rating of A2 on the credit facilities.
Motilal Oswal (Rs. 638.00) (Code: 532892) :- The company has achieved turnaround
position in the fourth quarter. It has reported a consolidated profit of Rs. 461.38 crore this
year as against loss of Rs. 237 crore last year. Income surged 90% to Rs. 1140 crore.
Equitas SFB (Rs. 81.00) (Code: 539844) :- The bank's Q4 net profit surged 2.5 times to
Rs. 11s.87 crore, while income was up marginally to Rs. 448 crore.
Aptech (Rs. 203.00) (Code: 532475) :- This IT training services company has achieved a
turnaround position in the latest quarter with a net profit of Rs. 9.71 crore compared to a loss
of Rs. 7.28 crore last year.
Disclosures as per SECURITIES AND EXCHANGE BOARD OF INDIA (Research Analysts) Regula-
tion, 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

May 2021 51
INVESTMENT
Investor’s Third Eye

Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(FROM 3RD MAY TO 9TH MAY 2021)
In this week, Jupiter had taken its position in the house of Saturn- Aquarius, the specualive
planet Rahu and Mercury in Taurus, Venus and Sun in Aries, Mars in Gemini, saturn in Capricorn
and Ketu in Scorpio. The moon occupies Capricorn, Aquarius and pisces houses. On 3rd and 4th
may 2021, moon along with saturn in capricorn where the mercury and Rahu occupies the 5th
position from capricornhouse favours the steel, coal and iron ore business On 5th may 2021 venus
transit happens from aries to taurus house. The conjunction of mercury, venus and Rahu in Taurus
where ketu takes seventh position in Scorpio may bring volatility in stock market. On 6th may 2021,
the conjunction of moon and jupiter in Aquarius taking fifth position towards mars in gemini may
favourpharmaceuticals sector , chemicals and fertilizers sector. On 7th May 2021 sun in aries taking
eleventh position towards jupiter in Aquarius favour the government sector.
Railways, iron and steel, coal, natural gas, solar power, renewable energy, Electrical and
electronic items, automobile spare parts, battery producing sector, power transmission, Information
technology based firms, transformer producing firms, consumer durables, Banking sector, health,
pharmaceuticals sector may show good movement stock prices.subex systems, borosilrenewables,
Tejas Network, Rail tel corporation, IRCTC, goldiem International, GAIL India Limited, Gujarat
Gas, Indraprastha Gas, RITES, unique organics, Olelectra green tech, Talbros automotive may
outperform
Astrological planetary predictions for

GOLD PRICE MOVEMENTS
(3RD MAY TO 9TH MAY 2021)
On 3rd may and 4th may 2021 : jupiter in Aquarius taking 12th position towards
moon along with saturn in capricorn brings volatility in gold prices
5th and 6th May 2021 : the conjunction of Rahu, mercury and venusin Taurus taking
10th position towards moon and jupiter in Aquarius brings volatility in the market
7th May 2021 : moon in the Pisces house taking seventh position towards ketu in
scropio brings volatility in stock market
Financial Weekly

May 2021 52
INVESTMENT
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816
E-mail :
stockmarket@ganeshaspeaks.com
Sensex Predictions ; Dt : 3rd May 2021 to 8th May 2021

" 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.
03-05-2021 Monday :-
" Once read slot number 2 in the Stock Market Book 2021-22. " Do also read the Monthly May
2021 prediction. " As today is zero weightage day, don't do anything. But if you have to do some-
thing, then risk level may be higher. But the market go on any side, this possibility is written in the
book in advance. " From 9.15 to 11.21, Nifty can't be trusted, which you can see in the weightage.
Any form of uneven pattern may be formed. " From 11:21 to 14:14, the bigger view in Nifty is posi-
tive. " From 14:14 to 15:30, Nifty will be mixed to soft side.
04-05-2021 Tuesday :-
" Today, it seems to be a normal day now. " Moon-Saturn/Venus-Sun/Mercury-Rahu, like these
all the planets are with their reverse planets. Thus, Ganesha is seeing a very slow and confusing
pattern." From 9.15 to 9.35, let Nifty settle. " From 9:35 to 10:10, there will be a ray of hope in Nifty."
From 10:10 to 11:21, Nifty will be down." From 11:21 to 12:45, Nifty will be up. " From 12:45 to
13:13, there will be a correction. " From 13:13 to 15:30, divide it into two parts " Part - 1 = UP " Part
- 2 = Down
06-05-2021 Wednesday :-
" Today and in the coming two days, there is no strength in the market. Now, let us see what
Ganesha does. " From opening till 11:00, you won't get to know where the market is moving. " So,
whatever you are doing, do as per your capacity, there is no clear view. " Buy around 11:05 and
exit around 11:40. " Buy Nifty around 12:50 and exit around 13:50. " Sell around 13:55 and exit
around 14:30.
07-05-2021 Thursday :-
" Ganesha declares this to be a jobbing day." If you completely play 20-20, only then it is of use.
The same price too won't come. " From 9:15 to 11:15, the situation of Nifty will be like football, it will
move from here to there. " From 11:15 to 14:00, there will be more buying in 'A' group stocks than
Nifty. This will also impact Nifty. " From 14;00 till the next one-and-half hours will be boring and
without profits, if you don't play during this phase it will be better.
08-05-2021 Friday :-
" Trend will change every 14 minutes and now you will only have to decide what strategy should
you adapt. " From opening down, it may go up suddenly. This may be till 9:57. " From 9:57 to 13:41,
a W-shaped graph will be formed, so you only have to decide what to do. " From 13:41 to 15:30, V-
shaped graph will be formed.
Financial Weekly

May 2021 53
INVESTMENT
REVIEW OF “SMART PLUS NEWS LETTER”

Amazing 11% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. Weekly Ch. Company Reccom. Weekly Ch.
12-4-2021 High (%) 12-4-2021 High (%)
Stock Picks Mid Cap Stocks
Dr. Lal Path 3139 3338 6.34 Camlin Fine 143 146 2.1
Fundamental Stocks JSPL 412 415 0.73
Sobha Ltd. 516 528 2.33 Morpen Labs. 38.75 40 3.23
Motherson Sum 212 216 1.89

Guj. Alkalies 413 442 7.02
Small Cap Stocks
KNR Const. 213 218 2.35
Andrew Yule 23.1 24 3.9
JSW Steel 621 630 1.45
Subex Ltd. 45.05 46 2.11
Laurus Lab. 421.75 440 4.33
Stock Watch
Balrampur Chini 234 260 11.11
Tata Steel 898 917 2.12
Technical Shares
COFORGE 3168 3180 0.38
HPCL 235 238 1.28
L&T 1404 1419 1.07
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May 2021 54
INVESTMENT
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purposes only and derived from source that are deemed to be reliable but their accuracy and
completeness are not guaranteed. Smart Investment or the analyst / writer do not accept any
liability for the use of this column for the buying or selling of securities. Readers of this column who
buy or sell securities based on the information in this column are soley responsible for their ac-
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RELIANCE INDUSTRIES : Q4 CONS NET PROFIT 132.27B RUPEES VS