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We are still Reliance PP share spurt to 900:
oscillating May touch Rs 1000
in a range! Stock Split expected in RIL
Government Ready to make up by
LIC's Rs 90000 crore mega issue and stake sell in SCI
UTI AMC's Important Corrections
Rs3000 crore support for Are
IPO gets Index at 34794 Temporary,
SEBI node, Growth
and
will enter the Is
Nifty Future Permanent
market soon at 10235
This week High Volatility Continues
Bonlon Ind's
RIL will separate telecom and
BSE SME IPO
retail business with JIO's IPO
with fixed
rate of SME Segment will be vibrant following
Rs 28 to enter relief packages from State and Centre
along with reduction in interest rate
the market
on June 28 KLM Axiva and Muthoot Mini Fin's NCDs
issues get good response
Only Financial Weekly Published in English & Gujarati
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58
GAMC No. :1703/2018-20. Issued by SSP Ahd. Valid up to 31-12-2020

VOL : 13 • Issue No: 20 RNI No : GUJENG / 2008 / 24320 28th June 2020 to 4th July 2020
FII Activity (Rs. in Cr.)

Date Buy Value Sell Value Net Value
22-06-20 5467.93 5043.72 424.21
23-06-20 23234.73 23065.77 168.96
24-06-20 8721.09 6954.19 1766.9
25-06-20 5716.86 6767.47 -1050.61
26-06-20 4220.4 4973.58 -753.18
TOTAL 47361.01 46804.73 556.28
DII Activity (Rs. in Cr.)
Date Buy Value Sell Value Net Value
22-06-20 4781.76 6069.45 -1287.69
23-06-20 4753.26 4298.78 454.48
24-06-20 4527.64 6052.54 -1524.9
25-06-20 7786.25 8041.84 -255.59
26-06-20 4763.5 3459.32 1304.18
TOTAL 26612.41 27921.93 -1309.52
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Financial Weekly
SMART 28th June 2020 to 4 th

July 2020 6
INVESTMENT
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English), Smart Plus News Letter & Smart Bonanza (Gujarati Weekly), Smart Investment proudly announces launch of DOW
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Performance of our last Recommendation
Stocks Reco Date Reco Price Recomm. High After
APOLLO MICRO 4th May 20 70 85-95 120.9
(Booked profit around Rs.85)
NAVKAR CORP 8th May 20 23.25 27-30 32.8
(Booked profit around Rs.25.75-26)
EID PARRY 8th May 20 156 175 275

ZEE LEARN 11th May 20 14 17-19
Remain Range bound
ADVANCED ENZYMES 15th May 20 160 185-190 Stop loss
GRANULES 19th May 20 164.5 190-200 224
LAURUS LABS 19th May 20 438 490-525 542
TALBROS AUTO 29th May 20 92.5 105
Booked around Rs.100
PLASTIBLEND India 1st June 20 160 190-200 Target achieved
Moldtech Techno 3rd June 20 41 55-60 45.50
KALPATARU POWER 5th June 20 218 245 Exit at 215
MOIL 5th June 20 141 165
Book profit at 154
TALBROS AUTO 5th June 20 101 120-125 Exit at 100
ALBERT DAVID 5th June 20 525 600-625
First kissed 557 and stop loss click later
IBULLS HSG FIN 10th June 20 152.5 175 209.45
MAHESHWARI LOG 10th June 20 188 225 Stop loss
Rain Industries 18th June 20 76 85 82.35
MIDHANI 18th June 20 210 227-235 221
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Financial Weekly

July 2020 7
INVESTMENT
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
CATCHING UP WITH THE NIFTY

61.8% RETRACMENT STRIKES
The current Rally was not only huge but also very sharp and fast. It is so typical of a Bear Market
Rally which creates doubts in the minds of Market participants whether a Bull Market has resumed.
Even though the Nifty has managed to close above the 200 WeeklyMA, the Weekly candlestick
formation is a Neutral formation and raises doubts regarding the current Upward Rally. More im-
portantly, both the indices hit a roadblock in the form of 61.8% Retracement (Nifty 10551) by form-
ing a Bearish Engulfing on daily charts. This suggests a Short Term Reversal unless Nifty closes
above 10553. Hence in the near term, Nifty can consolidate between 10500-10000.
TECHNICALLY SPEAKING.
Sensex opened the week at 34892, made a high of 35706, low of 34499 and closed the week at
35171. Thus it closed the week with a gain of 440 points. At the same time the Nifty opened the
week at 10318, made a high of 10553, low of 10194 and closed the week at 10383. Thus the Nifty
closed the week with a gain of 139 points.
On the daily charts, both the indices have formed a Bearish Engulfing on Wednesday at the top
suggesting a short term reversal. On Friday, both Sensex and Nifty have formed a Doji like forma-
tion with negligible shadows. On the weekly timeframe, both the indices have formed a White Body
Spinning Top at the top which can have bearish connotations. Thus daily as well as weekly forma-
tion suggests a Bearish bias in the near term.
The WALL of RESISTANCES finally caught up with the Market as the strong Resistance of
61.8% (Sensex 35918 and Nifty 10551) halted the upward rally in the near term. In case this Resis-
This Weeks Recommendations

Rec. Name CMP SL TGT-1 TGT-2
Buy EicherMotors 18473 18123 18998 19531
Buy Escorts 1017 996 1049 1082
Buy IPCALab 1700 1662 1757 1817
Buy EngineersInd 79 76 84 89
Buy TataPower 46 44 49 53
:::: INDEX LEVELS ::::
S3 S2 S1 CLOSE R1 R2 R3
NIFTY 9731 9995 10194 10383 10553 10702 10827
SENSEX 33354 33887 34499 35171 35706 36443 37011
Cont...
Financial Weekly

July 2020 8
INVESTMENT
tance gets taken out, another very strong Resistance in the form of weekly Bearish Gap between
Sensex 36950-37011 and Nifty 10751-10827 will follow. On the higher side, the 200dma (Sensex
- 37010 and Nifty - 10901) will act as extremely strong hurdle to overcome.
Indices have immediate support in the form of Trendline Support which is at Sensex - 33702
and Nifty - 9900. Below this strong Support comes in the form of Bullish Gap on Weekly as well as
Daily timeframe i.e. between Sensex 32876-32480 and Nifty 9706-9598.
Bullish Island still holds, whose failure point is below the Low of Opening White Body Marubuzo
which is at Sensex 32348 and Nifty 9544. In case of a failure of Bullish Island, Market will go down
to test the higher bottoms at Sensex 29968 / Nifty 8806.
Both the indices are well above the Short term average of 20dma (Sensex - 34195 and Nifty -
10097) as well as Medium term average of 50dma (Sensex - 32556 and Nifty 9576). Both the
indices continue to remain below the Long term average of 200dma (Sensex - 37010 and Nifty -
10901). Thus the Trend in the Short term as well as Medium term Timeframe is Bullish, whereas
the Trend in the Long term Timeframe continues to remain Bearish.
MACD as well as Price ROC are both positive and continue in Buy mode. RSI (64) suggests
bullish momentum. Stochastic Oscillator %K (77) is below %D and hence in Sell mode. ADX (20)
suggests Trend yet to be developed. Directional Indicators continue in Buy mode as +DI continues
above -DI. MFI (46) suggests Negative Money Flow. OBV continues in Buy mode. Buy signal in
Bollinger Band continues. Thus majority of Oscillators are suggesting a Bullish bias.
Options data for June series indicate highest Call Open Interest at the strike of 10500. Highest
Put build-up is at the strike of 10000. Thus Options data suggest a trading range with Resistance at
10500 and Support at 10000.
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
IDBI Bank 500116 39.00 Indusind Bank 532187 492.00
Sakar HC NSE 53.00 Havells India 517304 585.00
Munjal Auto 520059 53.00 Infosys 500209 748.00
Birla Soft 532400 92.00 MindTree 532819 949.00
BEL 500049 85.00 Escorts 500495 1017.00
Engineers India 532178 79.00 Reliance Ind. 500325 1742.00
Gail 532155 105.00 L&T 500510 962.00
Jindal Steel 532286 153.00 TCS 532540 2115.00
GSPL 532702 215.00 HUL 500696 2154.00
Just Dial 535648 392.00 IPCA 524494 1699.00
Ujjivan 539874 237.00 Hero Moto 500182 2540.00
Glenmark 532296 466.00 Siemens 500550 1115.00
BPCL 500547 393.00 L&T Info 540005 1932.00
Cummins India 500480 410.00 Eicher Motors 505200 18464.00
ICICI Pru. 540133 423.00 Honeywell Auto 517174 31153.00
Financial Weekly

July 2020 9
INVESTMENT
Reveiw of SMART INVESTMENT Last Issue

Amazing 28% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. Weekly Ch. Company Reccom. Weekly Ch.
22-6-2020 High (%) 22-6-2020 High (%)
RAPID FIRE STOCKS Smart Super Duper
TCS 2043 2447 19.77 Adani Trasn. 221 268 21.27
Pidilite 1399 1408 0.64 Rallis India 261 271 3.83
Dark Horse Supreme Petro 169 177 4.73
Dollar Ind. 137 143 4.38 Laurus Labs. 536 576 7.46
Century Enka 180 182 1.11 Adani Gas 142 170 19.72
Stock Buzz Bhavi Chaal
NCL Ind. 74.7 76 1.74 Cords Cable 36.75 38 3.40
Sure Shot Goodluck India 39 42 7.69
Hisar Metal 77 78 1.30
UPL 437 463 5.95
Dynamatic Techno 623 633 1.61 Smart Best Buy
Relaxo Footwears 636 651 2.36 Supreme Ind. 1143 1188 3.94
Balkrishna Ind. 1218 1254 2.96 Berger Paints 500 541 8.20
Stock to Watch ICICI Lombard 1266 1292 2.05
Voltamp Trans. 1038 1202 15.80 Gupsup
Dhanuka Agri 718 779 8.50 Coal India 137 143 4.38
P&G Hygiene 9853 9999 1.48 Vindhya Telelink 727 770 5.91
Tata Comm. 582 598 2.75 Adani Green 420 463 10.24
Market Tips Bharti Airtel 571 580 1.58
Ashoka Buildcon 65 68 4.62
Dixon Techno 5687 5919 4.08
IRB Infra 71 91 28.17
IPCA Labs. 1617 1671 3.34
Lakshmi Vilas Bank 18 22 22.22
Aarti Drugs 1064 1205 13.25
Astra Micro 92 98 6.52
Escorts 985 1030 4.57
Sterlite Techno 109 118 8.26
Alkyl Amines 2084 2177 4.46
J K Tyre 63 66 4.76
Smart Tips BHEL 32 37 15.63
Garden Reach 197 211 7.11
Future Retail 111 135 21.62
Mirza Intl. 45 46 2.22
Tata Steel 320 331 3.44
Gujarat Pipavav 74 79 6.76
S H Kelkar 70 71 1.43
ITI Ltd. 106 108 1.89
Supreme Petro 169 177 4.73
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Financial Weekly

July 2020 10
INVESTMENT
BUZZING STOCKS WITH TRIGGERS

BPS RAJA (Mumbai)
With the first quarter under lock down stop expecting anyone announcing any good perfor-
mance due to which a stock can fly high. Hence fundamentals will not be of any consequence for
a trigger.
What is more one has to admire the resilience of the market. After the initial crash when the
Corona invaded the planet the markets are bold enough to hold on. It is not one factor but multiples
of them are hitting the economy. To make a list there are locusts invading the fields, tremors from
earth quakes, GDP quoting negative for the first time, GST collection slipping from Rs. one lakh
crore to just Rs..Forty five thousand crores. Chinese incursion and additional expense on arms
these are all coming together and still the markets are not giving up hopes.
They say Corona will change the way we lived. Perhaps the first sign is Diesel is costing higher
than petrol for the first time in India, Further when price of crude even touched the zero mark why
our prices have to be so high? Perhaps the Govt. collects more tax to pay for Corona
FLOW OF FOREIGN FUNDS : It keeps investors chasing for shares and they want o
pick them up before they go up. The huge funds similarly came to Reliance that shows the faith
foreigners keeping in the Indian stocks.
In this issue let us consider some shares having hidden triggers that may get pulled causing a
breakout in due course.
FROM RELIANCE TO JIO PLATFORM
Reliance has taken over NETWORK 18,TV !8 Broadcast, Hathway Cable and Den Net work.
Reliance is planning to merge all these companies into Net Work 18. Following is the formula for
the merger
For every 100 shares of TV 18 Broadcast 92 shares of Network 18
100 shares of Hathway cable 78 shares of Network 18
100 shares of Den network 191 shares of Network 18
With Network quoting around Rs 40 and TV 18 quoting around 36 it is a better option to buy TV
18 to get the Network 18 Shares. If you buy 1087 shares of TV 18 Broadcast at Rs.36 x 1087 you
will get 1000 Network 18 shares
Now the trigger that will push up Net Work 18 after the merger is exciting
Currently all these media network and entertainment cos are with Reliance. Very soon expect
this category to go with the JIO Platform before it gets listed. That will be a huge trigger worth
watching for.
Do you know which is the best performing sector is in Covid 19 era? It is none other than the
media specially the electronic media or TV. They have cornered not only the news but also the
advertisements in the lock down period as well as the unlock periods. Whatever the print media
has lost the TV media has gained.With JIO public issue around the corner expect Network 18 to
double from the current price of Rs.40 or much more
After the successful takeover of Alok Industry Reliance is also reported to be eying the Future
group shares. Keep a watch on Future Consumer Rs.18.35 and Future retail Rs.142.40,Future
Supply Chain Rs.Rs.170,Future market network Rs.31 most of these shares have risen over 75%
in the last one month. In another future group co Future Life style and fashion it has gone up only by
7% in the last one month and likely to move up further from the current levels of Rs.139
Financial Weekly

July 2020 11
INVESTMENT
IIFL TWINS ARE IN DEMAND : India infoline was trifurcated into three cos namely IIFL
Securities, IIFL Finance and IIFL Wealth.
IIFL Finance touched an all-time high of Rs.220 and in the market fall came down to as low as
Rs.58. Now suddenly the picture has turned rosier as the promoters have bought shares. IILF
Finance hit the upper circuit at Rs.82 as the promoter & director Nirmal Jain increased stake in the
company through open market purchases
It is reported that on Wednesday, Jain bought 454,000 equity shares of IIFL Finance for Rs 3.40
crore, Till 12:03 pm, a combined 1.4 million shares had changed hands on the counter and there
were pending buy orders for 407,277 shares on the NSE and BSE.
IIFL Securities zoomed 20 per cent to Rs 45.65 in intra-day trade on the BSE. At the stock was
trading 17 per cent higher at Rs 44.55 on the back of heavy volumes. A combined around 5 million
shares have changed hands on the BSE and NSE so far.
IIFL Securities had touched an all-time high of Rs62 few months back in Feb 2020. After that in
the market crash it had come down to as low as Rs. 32 and now it is on an uptrend.At that time the
big bull RakeshJhunjhunwala has bought 2.7 million shares of IIFL Securities for Rs 11.92 crore in
a bulk deal. Nirmaljain is one of the Dalal Street wizards when he increases his stake he means
much to us. Earlier even
Hence these twins should be watched. IIFL Securities looks cheap and a potential winner at
Rs.45
SEBI GIVES NOD FOR UTI AMC : SEBI has given the nod for the much expected initial
public offer of Rs 3000 Cr from Unit trust of India. There are very few listed Asset management
companies like HDFC and Nippon Life India Asset management. When the public issue will get
massive publicity. At that time it will be a huge trigger for Nippon Life India Asset management to
buzz. Earlier these shares were quoting around Rs.452 and now traded around Rs.305. hence you
can bet on Nippon as HDFC is too high priced.
Buy or Sell, Confused ?

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Financial Weekly

July 2020 12
INVESTMENT
ONE PAGER REPORT

Mr. Parthiv Shah
Director Tracom Stock Brokers Pvt. Ltd.
Mobile: 9727751649
Mr. Parthiv Shah, is a Director at Tracom Stock Brokers Pvt. Ltd. He has done his BE
and MS and is involved in stock research since last 10 years. He regularly appears on
CNBC English, Awaaz and Bajar to discuss his Fundamental views.
Anup Engineering
(CMP: Rs. 384; M.Cap: Rs. 382 Cr)
• Anup Engineering is a very established name from Lalbhai group in the field of Static
Process Equipment, Technology products, Dished ends, Engineering services, & In-
dustrial centrifuges.
• Since long it has catered many large companies in the field of Chemicals, Oil & Gas,
Fertilizers, Pharma etc. Some of very large EPC players procure equipment from Anup.
Also recently with changes in IMO regulations the refiners world over have ordered high
end heat exchangers.
• Currently it has strong order book provides growth visibility
• Order book grows 23% YoY (post adjusting for delay in order intake)
• Industry wise order book mix: 59% from refining, 15% from fertilizer and balance 26%
from from lng, power, paper and chemical.
• Order intake was also strong from exports. Share of exports in order book stands at
23%.
• CAPEX
• Anup has embarked on capital expenditure program of ~Rs. 170 Cr over the next 3
years.
• Heavy Bay Extension at its existing plant at Odhav is completed successfully in Janu-
ary strengthening Anup’s manufacturing capabilities. This will help the company ex-
ecute larger and more complex equipment orders.
• 85% of revenues are repeat orders. 15% of order size is received as advance.
• Co has entered into a technical tie-up with an Italian co for advanced Heat Exchangers.
• Board has recommended a dividend of Rs. 7/share.
• Based on today’s situation co has guided for double digit growth in FY21.
• Co continues to aspire to achieve revenue of Rs. 1,000 Cr in 5 years. Fixed Assets post
the completion of capex will be Rs. 350 Cr on which the co expects to attain a turnover
of 3x at full utilization resulting in revenue of Rs. 1000 Cr.
• EBITDA Margin is expected to be maintained at current levels of ~28%.
• Stock is trading at 8.6x P/E based on FY20 EPS. A good long term investment idea.
Financial Weekly

July 2020 13
INVESTMENT
Rapid Fire Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
Last Week Performance of Rapid Fire Stocks

TCS 2043 TO 2132, HUL 2092- 2189
COLPAL 1356 TO 1425
PIDILITE 1399 TO 1437 (HOLD FOR 1470+)
Watchlist Stock for the Fortnight
Axis Bank - 426 to 444
Bharti Airtel - 560 - 585
Metropolis Healthcare - 1400 to 1455
HDFC (Buy at CMP 1769)

Targets - 1845 to 1888 , Time Frame - 1 TO 3 Months (Add in Dips)
HDFC is a leading provider of Housing Finance in India. With our customised

solutions we have fulfilled over 7 million dreams since inception with Gross loans
stood atRs.4.6 trillion
Housing Development Finance Corporation Limited (HDFC) was incorporated
in October 17th, 1977 as the first specialized Mortgage Company in India. The
principal business is to provide finance to individuals, corporate and developers
for the purchase, construction, development and repair of houses, apartments
and commercial property in India.
Cont....
Financial Weekly

July 2020 14
INVESTMENT
The business is conducted through its branches in India and its overseas of-
fices in London, Singapore and Dubai supported by a network of agents for sourc-
ing loans as well as deposits and service associates in the Middle East region, to
provide housing loans and property advisory services to non-resident Indians
(NRIs) and persons of Indian origin (PIOs). HDFC is the holding company for
investments in its associates and subsidiary companies.HDFCs product range
includes loans for purchase and construction of a residential unit, purchase of
land, home improvement loans, home extension loans, non-residential premises
loans for professionals and loan against property, while its flexible repayment
options include Step Up Repayment Facility (SURF) and Flexible Loan Install-
ment Plan (FLIP).
The companys subsidiaries include HDFC Developers Ltd, HDFC Investments
Ltd, HDFC Holdings Ltd, HDFC Trustee Company Ltd, HDFC Realty Ltd, HDFC
Property Ventures Ltd, HDFC Sales Pvt Ltd, HDFC Ventures Trustee Company
Ltd, HDFC Venture Capital Ltd, HDFC Ergo General Insurance Company Ltd,
HDFC Standard Life Insurance Company Ltd, GRUH Finance Ltd, HDFC Asset
Management Company Ltd and HDFC Bank Ltd.
Cont....
Rapid Fire Stocks

Get Expert tips on Share Trading
With Personal Assistance for your Trades
and Capital Protection at a Very Nominal Cost
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Financial Weekly

July 2020 15
INVESTMENT
Siemens (Buy at CMP 1116)

Targets - 1148 to 1185,
Time Frame - 1 TO 3 Months (Add in Dips)
Siemens India stands for engineering excellence, innovation, and reliability.
As one of the world’s biggest producers of energy-efficient, resource-saving tech-
nologies, Siemens is a pioneer in infrastructure and energy solutions, automa-
tion and software for industry and is a leader in medical diagnosis. Siemens also
provides business-to-business financial solutions, rail automation and wind power
solutions.
Gas and Power
Headquartered in Houston, Texas, the Gas and Power Operating Company is
the only company in the world that can provide fully integrated products, solu-
tions and services across the energy value chain of oil and gas production, power
generation and transmission
Smart Infrastructure
Smart infrastructure from Siemens intelligently connects energy systems, build-
ings and industries to adapt and evolve the way we live and work. We work
together with customers and partners to create an ecosystem that intuitively re-
sponds to the needs of people and helps customers to better use resources. It
helps our customers to thrive, communities to progress and supports sustain-
able development.
Digital Industries
Siemens Digital Industries is an innovation and technology leader in industrial
automation and digitalization. In close cooperation with our partners and custom-
ers, we are the driving force for the digital transformation in the discrete and
process industries.
Financial Weekly

July 2020 16
INVESTMENT
Jignesh R Mehta
(SEBI Registered Research Analyst)
E-mail : support@kiranjadhav.com
Website : www.KiranJadhav.com
Phone: 9327 11 3344 / 9328 11 33 44
Twitter: @jigneshrmehta
We are still oscillating in a range!

Synopsys for the concluded week/month:
It was indeed a fourth weekly gains out of last five for the NIFTY. First and last 2 days of the
week clearly remained positive however Wednesday was the only day when a decline from the
higher levels was witnessed. On the Wednesday itself, Nifty gave up about 166 points from the top.
However, Thursday and Friday witnessed some sort of recovery by having green candles on both
the days and Friday was ended with a last hour surge as buying emerged across all sectors in final
few minutes. That puts us in in to a place where NIFTY and BANKNIFTY saw weekly positive
gains of +1.35% and 1.19% for the week. MIDCAP100 and SMALLCAP100 outperformed their
counterparts with +2.81% and +2.88% respectively. The sectors which outperformed the markets
benchmark were clearly PSUBANKS, FMCG and IT, as they posted +5.98%, 3.65% and 3.42%
gains for week.
Technical View on Nifty

NIFTY daily chart 1 is attached here with. The yellow colored up slanting line which has been
drawn by joining low of MAR & MAY, 2020 is the same line we illustrated last week. This line is
providing firm support to the present rally. Currently, the line value comes to around 9910 kind of
levels and we believe that bulls are having upper hand until this line is intact. This line is up slant-
ing and hence as the day passes by the current support level would rise to that of 9910 currently.
We have drawn 2 horizontal blue

line, these line is drawn from the
biggest gap down level of
COVID crash witnessed on 12th
Mar 2020. NIFTY has already
tried to fill the same gap earlier
this month and even in the re-
cently concluded week, our mar-
kets came off just after breaching
the line. Whatever happening in
the recent time between these 2
lines are nothing but a base for-
mation and nothing else. This
base formation if broken out will
make sure a clear cut upwelling
Chart 1: Nifty - Daily
Cont...
Financial Weekly

July 2020 17
INVESTMENT
in the spot is what we firmly believe. Even if it takes a little time for upside breakout, as and when it
happens it will quickly escalate to much higher levels. For now the upside resistance that NIFTY
has created, lies at 10500 kind of levels. As and when the new development to this scenario oc-
curs with the light of fresh data coming, we will update out "MARKET OUTLOOK DAILY" with fresh
view every day. Access to this write up is free for everyone and gets updated every day before 7 am
daily on our website.
Technical View on Bank Nifty

The dynamics of the BANK
NIFTY daily chart as attached
here with as Chart 2is little differ-
ent to that of NIFTY. The blue
horizontal line drawn is the most
evident resistance that
BANKNIFTY is facing currently.
Somehow, BANKNIFTY is un-
able to cross that hurdle on the
chart even after 4 different at-
tempts in recent times. The last
attempt that we saw was in last
week wherein on Tuesday we
saw clear breach of the horizon- Chart 2: Bank Nifty - Daily
tal line with low volumes but soon
after that day, we also saw a sharp decline. For now our resistance lies nearly at 22500 kind of
level for BANK NIFTY. If we get to see Bank Nifty going above 22500 with volumes, it is bringing
us a great breakout and whenever it happens, we shall mention the same in our market outlook
daily as we promised. In addition to the up slanting yellow line, we have also drawn a steeper
yellow line beneath the previous three lows and that also provides supports to bank Nifty. Cur-
rently the support for BANK NIFTY is coming from 20650 kind of levels.
Derivative Data:
May it be weekly or monthly expiries, the maximum CALL OI is seating on
10500 strikes. Thus, 10500 could act as an important resistance for now.
Highest number of PUT OI is seating at 10000, 10300 strikes respectively on
weekly as well as monthly data. But the number highest number of CALL OI is
quite high to highest number of PUT OI is evident for now. Hence, more than the
supports, this market is having a tougher resistance to face.
Nifty Support: 10300 / 10000
Nifty Resistance: 10500
Cont...
Financial Weekly

July 2020 18
INVESTMENT
Forex:
From last 2 week, we were upbeat for USDINR future's chart. We mentioned about the upside
surge to up to 77 kind of level and that is exactly what we witnessed on 23th June, although we
saw rise of only up to 76.75 Rupee against a USD that day. For now, we are seeing weakness in
USD and hence we can see rupee strengthening in coming few days if at all upside resistance 76
is not breached. If at all 75.75 is breached, we can see 75.50 kind of levels on down side.
Crude:
Crude oil WTI futures chart suggest that a consolidation is happening in recent time. Even after
positive and negative news flow coming each day the Crude oil price is taking no major moves and
that is indeed a good sign for us. We believe the support on Crude oil still remains at 2600 kind of
levels which we have been saying from last 2 weeks. On upside, as long as 3100 is not taken
away, we don't see any rally either. At max the oscillation of price between 2600 and 3100 should
continue for few more days is our belief.
Wishing you a profitable week ahead!

Author:
JIGNESH R MEHTA
SEBI Registered Research Analyst
www.kiranjadhav.com
info@kiranjadhav.com
Phone: 9327 11 33 44 / 9328 11 33 44
Twitter: @jigneshrmehta
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Financial Weekly

July 2020 19
INVESTMENT
Alternative Investment Returns Monitor

Price Price Return Return
18-6-2019 18-6-2020 1 Week 1 Yr.
Sensex 39046.34 34208.05 2.00% -12.39%
10Yr. Yield (%) 6.808 5.83 4.50 (bps) -98.20 (bps)
USD - INR 69.80 76.11 0.42% 9.04%
Value of Rs. 1 Lakh Invested in Various Asset

(As on 19-6-2020) Sensex Gold Silver FD (SBI) PPF*
1 Year 88799 144433 129427 106800 108000
1 Year
Post Tax Returns 88799* 131103 120599 104760 108000
5 Year 127141 176932 128596 146933 151757
5 Year
Post Tax Returns 127147* 169239 125737 131317 151757
* Notes : Cumulative equity gains up to Rs. 1,00,000 in a financial year are tax free.
All post - tax returns are calculated for an individual in the 30% tax braket, without considering the indexation benefit
Top 5 SIPs Top 5 MIPs

Top 5 Equity Schemes based on Top 5 MIP Schemes based on 3
10 Yr. SIP Return yr. SWP returns
Scheme Name Return Scheme Name Return
Annualised Annualised
SBI Small Cap. 16.24 Indiabulls Saving Income 7.27
Canara Robeco Emergin 14.85 Baroda Conservative 7.06
Axis Long Term Equity 13.27 ICICI Prudential 5.79
Principal Emergin 12.74 Canara Robeco Conservative 5.64
Invesco India Mid Cap 12.40 LIC MF Debt Hybrid 4.96
Fast Growing Stocks Least Expensive Stocks Best PEGs Income Generators Least Risky
Higesht Expected Revenue The 5 Stocks with the Top 5 Stocks with the least Top 5 Stocks with the Top 5 Stocks With the
growth over the previous year lowest forward P/E price earning to growth ratio highest dividend yield lowest downside risk
Co. Name Revenue Co. Name Lowest Co. Name Earning Investor Earn as Div. for Co. Name Lowest
Growth(%) Forward PE (%) Grwoth Ratio Every Rs.100/- Invested Downside Risk
HG Infra Engg. 44 NTPC 6.40 Dilip Buildcon 0.09 Co. Name Hig.Div. Yield Dr. Reddy’s 1.21
Tata Consumer 41 Redington 8.94
Redington 6.79 HG Infra Engg. 0.14 Thermax 1.33
IPCA Labs. 40 Pfizer 8.34
CESC 6.92 Power Grid 0.31 HUL 1.33
Engineers India 5.86
Info Edge 34 Power Grid 7.14 Emami 0.34 CIPLA 1.36
Power Grid 4.98
HDFC 28 Tata Power 7.85 Tata Power 0.36 Alkem Labs. 1.38
Embassy Office 4.88
Financial Weekly

July 2020 20
INVESTMENT
Smart Education : Ankit Gala : buzzpublishing@gmail.com

Profit & Loss of a Company : Part 1
In last few weeks we had seen components of Balance Sheet of a Company. From this week
onwards we shall see details about Profit & Loss Account of a company.
Profit & Loss Account : - Profit and Loss Account is an important financial statement
which helps us to analyze the fundamentals of a company.
Also known as Income Statement or Statement of Earnings, this statement gives details of the
financial performance of an individual or organization over a particular period, which is normally a
accounting year, i.e., its revenues, its expenses, tax, depreciation and profits.
Profit Loss Account is like a moving video, which captures the profitability of a company for the
financial year under consideration.
It shows what the day to day operations of a business look like. It summarizes the money com-
ing in and going out of a business. It provides information about a company's ability or inability to
generate profit by increas-
ing revenue, reducing
costs or both.
Components of
Profit and Loss Ac-
count of a Com-
pany:
Currently, all companies
registered under Compa-
nies Acts have to prepare
their Profit & Loss Account
as per Schedule III of the
Companies Act 2013.
The basic components
of Profit and Loss Account
of a Company are tabu-
lated below.
I shall explain all these
components of Profit &
Loss Account of a com-
pany in coming weeks.
To learn Fundamental
Analysis you can read
the book Fundamental
Analysis of Shares by
Ankit Gala & Khushboo
Gala. Book is available in
English.
Financial Weekly

July 2020 21
INVESTMENT
SMART REIT
By Vijaya Kittu M, GetPaidIndia.com
The author feels that investors need to study sectoral trends from time to time. He is on
WhatsApp at +91 98495 19188
Real Estate Investment Trust or REIThave become an attractive investment avenue and a
proxy to the traditional form of real estate investing. While COVID-19 is beginning to show an
impact on REIT as well, it appears to be a promising alternative to real estate in the long-run.
REIT is to real estate, what mutual funds are to equity shares. REIT pools up investor money,
allocates units, invests the monies raised in diversified real estates such as malls, shopping com-
plexes, net lease properties, office spaces and residential apartments. The rental incomes from
these properties will be distributed to investors on a proportionate basis. Investor monies will be
invested in several properties in different geographies, and hence diversification is achieved. While
REIT culture was born in the US, it is now quickly spreading across the world. SEBI is the REIT
regulator in India.
EMBASSY OFFICE PARKS (NSE: EMBASSY / BSE: 542602)is India's first and only listed
REIT. Embassy REIT has a decent mix of completed and operational commercial properties across
India. It has on-campus development in the pipeline and across seven Grade A office parks and
four city-centre office buildings in Bengaluru, Mumbai, Pune and the National Capital Region (NCR).
Its portfolio also included 78 buildings with strategic amenities, including two completed hotels,
two under-construction hotels, and a 100MW(AC) solar park that supplies renewable energy to
park tenants.
CRISIL has reaffirmed 'CRISIL AAA / Stable' rating on the Embassy Parks Office REIT's INR
36.5 billion NCDs.
Mindspace Business Parks REIT : This REIT filed its draft IPO prospectus in December 2019.
An amended version of the updated projections report was submitted last week to make it active
and up-to-date because of dramatic changes in the market and economic situations. Accenture,
Qualcomm, Barclays are amongst its top tenants.
COVID-19 Impact: Much of REIT tenants are from the IT and Financial Services sector, and
these two sectors are amongst the top sectors that were pandemic hit. With the possibility that
remote working or work-from-home is going to become permanent, REIT would get severely im-
pacted. Embassy and Mindspace together get 50% rentals from the IT sector.For example, IBM is
a big-ticket tenant for Embassy Parks REIT, contributing 12% of rental income. News is that IBM
wants to terminate atleast 50% of its leases and hence Blackstone, who hold 55% stake in Em-
bassy Parks REIT have made a stake sale (8.7% holding) to the extent of $257 million in a blocktrade.
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Financial Weekly

July 2020 22
INVESTMENT
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
T D POWER SYSTEMS LTD
(533553 & NSE) (120) (Face Value Rs.10)
TDPS is one of the leading manufacturers of AC Particulars 12 Months Ended
Generators in the world with products in the output FY20 FY19 % Var.
range of 1 MW to 200 MW for prime movers, such as Sales 514.89 459.02 12.17
steam turbines, gas turbines, hydro turbines, diesel Operating
engines, gas and wind turbines. Company also manu- Profit 33.21 27.16 22.28
factures special application generators for Geo Ther- PAT 29.94 3.20 835.63
mal and Solar thermal applications. Company focuses EPS 9.76 0.98 895.91
on manufacturing custom-designed generators for its
customers who are based all over the world. Since in- Month of Latest High February 2018
High price 233
ception, company has manufactured 4,496 generators,
CMP 120
including generators exported to 73 countries, with
Discount from high 48.5%
aggregate output capacity of 32,632 MW. Company
has also completed 110 TG island projects & 14 BTG projects with aggregate output capacity of
3,243 MW. Company has three manufacturing facilities in Bangalore, backed by captive power/
water supplies and a well-developed ancillary vendor network. TDPS has its own technology for
generators up to 55 MW and is a licensee of Siemens AG for 2 Pole generators from 55 MW up to
200 MW.
With an equity capital of Rs.30.93 crore and reserves of Rs.394.07 crore, TDPS's share book
value works out to Rs.137.39. The promoters hold 58.55% of the equity capital, mutual funds hold
17.36% and FPIs hold 2.69% which leaves 21.40% stake with the investing public.
During FY20, it reported 835.63% higher PAT of Rs.29.94 crore on 12.17% higher sales of
Rs.514.89 crore and an EPS of Rs.9.76. At CMP, TDPS trades at PE ratio of just 12.3x earnings.
It paid 20% dividend for FY19, paid 15% interim dividend for FY20 and declares 7.5% final
dividend for FY20.
Last year company has completed buyback of Rs.30 crore at Rs.256 per share.
Its recent high rate was Rs.233 which was formed in February 2018. Stock almost corrected
48.5% from recent high.
Government to curb import of heavy electric equipment from China which is highly
beneficiary for heavy electric equipment companies like T D Power Systems.
Investors can accumulate this stock with a stop loss of Rs.100. It may give very
good returns in medium to long term.
Cont....
Financial Weekly

July 2020 23
INVESTMENT
Dark Horse-2
Monte Carlo Fashions Ltd
(538836 & NSE) (164.3) (Face Value Rs.10)
Monte Carlo Fashions Ltd was launched in 1984 by Oswal Particulars 12 Months Ended
Woolen Mills Ltd, the flagship company of Nahar group. The FY20 FY19 % Var.
products offered under brand Monte Carlo, apart from Sales 725.61 656.37 10.55
Woolen knitted garments, include T-Shirts, Shirts, Linen Operating
Shirts, Denim, Trousers, Dresses, Shorts, Tunics, Sports-
Profit 124.42 98.34 26.52
wear & much more for men, women and tweens (8-14 years
PAT 62.69 59.60 5.18
age group). The Company's products reach the end user
through different channels i.e. through Exclusive Brand EPS 30.23 28.75 5.14
Outlets, Multi Brand Outlets. Currently Monte Carlo is avail- Month of Latest High January 2018
able through more than 200 Exclusive Brand Outlets & over
High price 664
1300 Multi Brand Outlets.
It has an equity base of just Rs.20.73 crore that is sup-
CMP 164
ported by reserves of around Rs.524.44 crore. The promot- Discount from high 75%
ers hold 68.20% of the equity capital and FPIs hold 2.97% which leaves 28.83% stake with the investing
public. Promoters have increased their stake by 0.29% during January 2020 to March 2020.
During FY20, it reported 5.18% higher PAT of Rs.62.69 crore on 10.55% higher sales of Rs.725.61 crore
and an EPS of Rs.30.23. During FY20, its operating profit grew 26.52% to Rs.124.42 crore. At CMP, MFL
trades at PE ratio of just 5.4x earnings.
It declares 50% dividend for FY20. Last year company has completed buyback of Rs.55 crore at Rs.550
per share.
Its recent high rate was Rs.664 which was formed in January 2018. Stock almost corrected 75% from
recent high.
On 19th May, Monte Carlo Fashions Limited announces a new range of products in the Medical
Textile Range i.e. Face Masks (3 PLY Masks, KN9S Mask and N95 Mask) and Personal Protective
Equipment (PPE Kit), keeping in view the requirements of medical workers and demand of consum-
ers due to Novel Corona virus (COVID19).
Investors can accumulate this stock with a stop loss of Rs.145. It may give very good
returns in medium to long term.
Some successful recommendations of Smart Buy of the

Week (Smart Dark Horse) in last two months
Recommended Dt. Stocks Recomm. High after Gain
Price Recomm. (%)
4th May 20 APOLLO MICRO 71 120.9 70%
11th May 20 NAVKAR CORP 23.9 32.8 37%
11th May 20 RAMA PHOS 31.7 53.75 70%
18th May 20 ADVANCED ENZYME 157 192 22%
18th May 20 SREE RAYALASEEMA 98.4 126.6 29%
25th May 20 SINGER INDIA 24 28.35 18%
1st June 20 TALBROS AUTO 92.5 117.5 27%
1st June 20 WPIL LTD 348.3 426 22%
8th June 20 KRITI IND 17 22.4 32%
15th June 20 INDIAN SUCROSE 23.45 31.4 34%
15th June 20 CAPRIHANS 48 57.8 20%
22nd June 20 DOLLAR IND 137 148 8%
Financial Weekly

July 2020 24
INVESTMENT
Global markets turns volatile

&
Both side wild movement
will be seen in the month of July
To know which stock will outperform in the market?
Join our FREE telegram channel
http://t.me/equity99
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Financial Weekly

July 2020 25
INVESTMENT
Stock Buzz
Subramanian Mahadevan
dolphincapital@gmail.com
Vardhman Special Steels Limited (Rs.62)

Heavy - duty Steel !
Vardhman Special Steels Limited (VSSL) - is a Ludhiana, Punjab based leading Steel Bar
producer for automotive application, incorporated in May 2010 as independent identity under
Vardhman Group and caters to sectors such as engineering, automotive, tractor, bearing and al-
lied industries. Its product offering includes Steel Bars & Rods and Bright Bars of various catego-
ries of Special & Alloy Steels. VSSL state-of-the-art manufacturing facilities are equipped with
cutting-edge manufacturing technology with a manufacturing capacity of 2Lac MTPA Billets and
1.80 MTPA Lac Rolled Bars and counts most of the reputed auto giants like Toyota, Hero Motor
Corp, Caterpillar, Hino Motors, Maruti, Bajaj, Ford, Ashok Leyland, TATA, Volvo, John Deer, TAFE,
Mahindra and Hyundai as its customers besides serving more than 200+ clients. VSSL has strong
international customer base for forging applications across USA, Europe, Russia and South East
Asia. VSSL has warehouse facilities strategically located across India - one owned warehouse at
Haryana and five leased warehouses across South, West and East of India besides acquiring 8
acres of land for Rs.36 crore in 2017 to augment its capacity. Key strengths of the company are -
state of the art manufacturing facilities, advanced R&D capabilities, diversified product offerings,
rich management experience, quality standards &assurance, respected brand image and good
corporate governance. VSSL has significantly reduced its debt from 350 crore in 2015 to 228 crore
in 2018 with continuous focus on improving capital structure and also raised 118 crore through
Rights Issue and QIP to repay debt and fund ongoing capex for the next three years to increase
melting capacity to 2, 40,000 MT and rolling capacity to 2, 20, 000 MT by spending approximately
200 crore. Recently a well know Japanese steel giant named Aichi Steel Corporation who sup-
plies its products to Toyota Corp has acquired 11% stake at RS.108/share and we may soon ex-
pect big order from Toyota India for supply of automotive and specialty steel products from VSSL
through this deal. Promoter has more skin in the game and controls more than 65% equity and
current market cap is close to 0.25 times expected FY20 full year sales. Slowly and steadily vari-
ous domestic and foreign investors are evincing interest and the company management has hosted
multiple investors meet in the previous/current year than ever since inception despite sub-dued
demand steel industry. Investors are advised to buy VSSL at current market price and slowly on
every decline followed by broader market correction for double digit returns in years to come.
Financial Weekly

July 2020 26
INVESTMENT
- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview :- In Last Trading Session, Nifty closed at 10328. Nifty is currently near resis-
tance. Nifty near resistance is at 10500 levels and if sustains then can go further maximum till 10900 for
now. Nifty near support is at 10000 and next support at 9500 levels. For now, the major range is 8900 to
10900.
Bank Nifty Overview :- In Last Trading Session, Bank Nifty closed at 21530. Bank Nifty
should consolidate a bit for next up move. If it consolidates near 21000 for 2-3 days and keeps the support
of 20900 levels then can go up till 22500/23200 levels. Close below 20600 can be termed as weak
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Adani Ent 512599 163 150/155 165 180 145
BPCL 500547 394 378/384 395 410 370
Canara Bank 532483 104 90/95 105 115 88
Century Tex 500040 307 295/303 315 330 285
Coal India 533278 141 135/140 150 160 129
Cummins 500480 411 395/400 415 425 389
Equitas 539844 55 48/50 55 60 45
Exide 500086 149 135/140 150 160 129
GNFC 500670 161 150/155 165 180 145
M&M Fin 532720 176 165/170 180 190 154
SRTRANSFIN 511218 705 675/685 705 730 665
Tata Motors 500570 101 95/100 108 125 89
Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Auro Pharma 524804 782 800/805 785 765 815
Biocon 532523 401 435/440 425 415 445
Chola Fin 504973 197 235/240 225 210 245
MGL 539957 1074 1135/1145 1120 1100 1155
Reliance 500325 1746 1830/1840 1815 1780 1852
Torrent Pharma 500420 2477 2560/2575 2530 2480 2605
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

July 2020 27
INVESTMENT
TECHNICAL TALK Dhananjay Kadam

TECHNICAL ANALYST, M. 7588622374
Corrections Are Temporary, Growth Is Permanent

Green Weekend on D-Street!
* Instl. Investors EQUITY Trade Provisional*
FIIs : Sell (753.18) CR
(4220.40-4973.58)
DIIs : Buy 1304.18 CR
(4763.50-3459.32)
* India Vix close @ 28.73.
* Market Mood Index at 60.18 shows greed is the sentiment. And the activity in
small and midcap stocks confirms the same.
* Gold prices climbed Rs 97 to Rs 48,234 per 10 gram in the Mumbai bullion

market on weakness in dollar and firm global cues. The precious metal edged
higher on spike in coronavirus infections in the US and other parts of the world
supported by safe haven demand. The rate of 10 gram 18, 22 and 24-carat gold
in Mumbai was Rs 36,176, Rs 44,182 and Rs 48,234 plus 3 percent GST.
* The gold/silver ratio currently stands at 99.89 to 1, which means the amount of
silver required to buy one ounce of gold.
* India's foreign exchange reserves retreated from a life-time high to touch $505.566
billion in the week ended June 19, down by $2.078 billion from the previous
week, according to the RBI data. The forex reserves declined for the first time
since April 24 when the assets dropped by $113 million to $479.455 billion. Be-
tween April 24 and June 12, forex reserves had grown by $28.189 billion. In the
week ended June 12, the reserves had increased by $5.942 billion to touch a
record high of $507.644 billion.
* USDINR = 75.6791
* WTI Crude 38.12

Brent Crude 40.74
Natural Gas 1.467
OPEC Basket 39.85
Cont...
Financial Weekly

July 2020 28
INVESTMENT
# BPCL : (Last Close 393.65) : Bharat Petroleum Limited (BPCL) is an Indian govern-
ment controlled oil and gas company headquartered in Mumbai, Maharashtra. The Corporation
operates two large refineries of the country located in Kochi and Mumbai. The company was India's
2nd largest downstream oil company and was ranked 275th on the Fortune list of the world's big-
gest corporations as of 2019.
Face Value: 10.00
Market Cap: 85,392.63 Cr.
52 weeks High /Low
549.70 / 252.00
Book Value: 168.41
Stock P/E: 18.40
Dividend Yield: 5.13 %
ROCE: 18.47 %
ROE: 20.45 %
Sales Growth (3Yrs): 16.66 %
Technicals : Resistance breakout on daily chart.
One can buy and hold for a price target of Rs 440.
Stop-loss is Rs 379 on daily closing basis. Time frame is 19 days.
# BF Utilities Limited (Last close Rs 203.6) : BF Utilities is an India-based holding
company. It is engaged in the business of wind power generation and Infrastructure. The Company oper-
ates through two segments: Wind energy and Infrastructure. Its wind farm project is spread over an ex-
panse of over 300 acres at Thosegar site in Satara district of Maharashtra. Its wind farm project consists of
approximately 50 wind energy generators of over 230 kilowatts and approximately 10 WEGs of over 600
kilowatts. Its subsidiaries include Nandi Infrastructure Corridor Enterprise Limited, Nandi Highway Devel-
opers Limited and Avichal Resources Pvt. Ltd. NICE has interest in the Bangalore Mysore Infrastructure
Corridor Project, which is an infrastructure development project. NHDL has built and operates over 30
kilometers bypass road connecting the twin cities of Hubli and Dharwad in North Karnataka. BMIC Project
consists of over 40 kilometers Outer Peripheral Road and over 10 kilometers Expressway up to Bidadi. BF
Utilities Ltd. (BFUL) was setup to satiate the power requirements of the Kalyani Group companies. Power,
apart being a scarce commodity, is also a critical element in the Group's activities, which includes steel
making, forging, machining etc.
Face Value: 5.00
Market Cap: 748.87 Cr.
52 weeks High / Low
361.30 / 134.10
Stock P/E: 18.95
ROCE: 20.93 %
* Company has good consistent profit growth of 23.91% over 5 years.
Technicals : Trendline support taken on daily chart.
One can buy and hold for a price target of Rs 233 - 248. Start booking partial profit from Rs 222
or keep trailing stop-loss as per comfort. Stop-loss is Rs 191 on daily closing basis. Time frame is
11 days.
- Warren Buffett
"You pay a very high price for a cheery consensus. It won't be the economy that
will do in investors; it will be the investors themselves. Uncertainty is actually the
friend of the buyer of long-term values."
Financial Weekly

July 2020 29
INVESTMENT
TRADNICAL STRATEGY
Email: nimesh@nimeshthaker.com, M. 9228237373
NIMESH THAKER, BARODA
Sebi Registered NO. : INH000005874
Expect rangebound Trend for Next week

We all are passing through very challenging time which we no one has faced such situa-
tion. But this time will also pass and we will see a bright time coming.
Rating agency has downgrade India's growth forecast but I think that all negative news is
discounted in this price. When fitch had downgraded us last month, we seen strong rally on
Index from next day of the downgrade. I feel that now days liquidity is only fundamental of
economy and liquidity will drive the market will not react much on negative data of economy.
On technical point of view, Bear Engulfing pattern on daily chart has formed below 200
Daily exponential moving average which indicates caution to bulls. while Doji formation on
weekly chart indicates indecisiveness. I think Nifty has multiple support area in range of
11240-10050 levels and we could expect buying from that level. On upper-side nifty 10500-
10700 is strong resistance zone and we expect selling pressure from this level.
On option point of view, Nifty 10500 call option showing highest OI which indicates short
term traders not expecting Nifty could go above 10500 level.
With keep in mind all above data, I expect nifty likely to move in range of 10200-10500 for
next week where traders can adopt buy on dips and sell on rise trading strategy.
for your trade and investment related queries you can contact me on 9228237373.
Infosys : Buy
Buy Range: 750-730
Target: 798-830 Stop loss : 720
Allocation: 10% of trading capital
The stock has given break-out after consolidation with huge volume indicates strength. I
expect stock may test to 798-830 in short term hence recommend to buy with stop-loss
below 720 with on closing basis.
Financial Weekly

July 2020 30
INVESTMENT
Terrific Shots - Dilip K. Shah
Concor (Rs. 433.00) (Code: 531344)

Promoted by the central government, Concor makes and manages wagons. It also manages seven
ICD depots. The A Group listed shares touched a 52-week high of Rs. 666 and low of Rs. 263. The
company pays high dividend. It had paid 171% dividend in 2019, and has announced 72% dividend
for this year. Its equity is Rs. 304.65 crore, while it has reserves of Rs. 9,309 crore. The company has
been granted Navratna status. For FY2020, its income declined from Rs. 6,956 crore to Rs. 6,539
crore, and profit from Rs. 1,232 crore to Rs. 404 crore. However, this was because of a one-time loss
of Rs. 861 crore. Concor is among the companies in which the Centre plans to sell stake as a part of
its disinvestment programme. Entry of a private player can lead to re-rating of the stock. The govern-
ment may sell its stake in 3-4 months, and it is likely to be a premium to the current price.
Associated Alcohols (Rs. 258.00) (Code: 507526)
This B Group listed company operates in beverages and distillery segment. The shares touched
a 52-week high of Rs. 298 and low of Rs. 122. Promoter Kedia Group holds 58.45% stake. Known
as AABL in short, the company has presence in portable alcohol segment. The company produces
vodka, scotch, and whisky for foreign brands under franchise arrangements and license agree-
ments. It has presence in MP, Delhi, Chhattisgarh, Kerala, Pondicherry, and Maharashtra. The
lockdown because of Covid-19 is likely to have impacted the company's performance. However,
this will be restricted to the first quarter. For December quarter, it reported income of Rs. 145.44
crore and profit of Rs. 15.82 crore. For the whole year, revenue is projected at Rs. 597 crore and
profit of Rs. 62.10 crore. The stock is trading at a PE multiple of eight, and is attractively valued.
Vedanta (Rs. 109.00) (Code: 500295)
The shares of A Group listed aluminium producer Vedanta touched a 52-week high of Rs. 180
and low of Rs. 60. It was earlier known as Sesa Goa and later as Sesa Sterlite, before changing its
name to Vedanta in 2015. The Q4 consolidated EBIDTA declined 26% in Q4 due to strong opera-
tional performance of zinc and aluminium divisions. Its key strength is its diversified portfolio, which
also comprises oil & gas, bauxite, and coal apart from zinc and aluminium. Vedanta has a market
cap of Rs. 40,852 crore. The company had paid 390% dividend last year. Book value of the shares
is Rs. 188.03. The company reported massive loss of Rs. 12,083 crore in March 2020 as against
profit of Rs. 3,218 crore last year. However, this was on account of a one-time write-off of Rs.
17,132 crore. Analysts are bullish on the stock as they feel that most of the commodities have
touched the bottom, and are now on the way up. Its operational profit in the coming quarters should
improve.
Polycab India (Rs. 782.00) (Code: 542652):
Polycab is a producer of fast moving electric goods. The company had come with its IPO in
April last year and issued shares at Rs. 538 apiece. The IPO was subscribed nearly 52 times. The
shares have touched a 52-week high of Rs. 1,180 and low of Rs. 525. Its market cap is Rs. 11,646
crore. Promoter holding is 68.58%. FIIs hold 4.89%, while DIIs hold 10.41%. While its revenue in
March quarter declined from Rs. 2,464 crore to Rs. 2,129 crore, its profit zoomed from Rs. 140 crore
to Rs. 214 crore. For the whole year, it reported income of Rs. 8,830 crore, profit of Rs. 759 crore,
and EPS of Rs. 51.1. Any correction in the stock price due to a weak quarter or two is an opportu-
nity to buy. One can invest in the stock on declines in 4-5 tranches with a long term view.
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

July 2020 31
INVESTMENT
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Important support for
Index at 34794 and Nifty Future at 10235
BSE Index (35171.27) :- It is improving
from bottom of 32348.10. It shows overbought to
neutral position on daily basis, overbought on
weekly basis and neutral on monthly basis. On
upward movement, beyond 35255 it may go up to
35707 and 35920. On downward movement, be-
low 34910 it may get support at 34499.
Bank Nifty Future (21530.00) :- It
shows improvement from bottom of 19435.80. It
shows overbought to neutral position on daily ba-
sis, overbought on weekly basis and Oversold on
monthly basis. On upward movement, beyond
21718 it may go up to 21985, 22495 and 23350. On downward movement, below 20905 indicating weak
position.
Nifty Future (10332.00) :- It shows improvement from bottom of 9581.95. It shows neutral
position on daily basis, overbought on weekly basis and neutral on monthly basis. On upward movement,
beyond 10363 it may go up to 10415, 10536, 10550 and 10610. On downward movement, below 10235 it
may go down to 10181 indicating weak position.
ACC (1288.60) :- It shows improvement from bottom of 895.15. It shows overbought to neutral
position on daily and weekly basis, while neutral on monthly basis. On upward movement, beyond, 1281 it
may go up to 1293, 1320 and 1330. On downward movement, below 1240 it may go down to 1230, 1213,
1187 and 1160.
HCL Techno (562.40) :- It shows downward movement from top of 593.50. It shows oversold
position on daily basis, overbought to towards neutral on weekly basis and neutral on monthly basis. On
upward movement, beyond 567 it may witness resisting level at 585. On downward movement, below 544
it may go down to 537, 525 and 511.
HUL (2154.20) :- It shows improvement from bottom of 1955.20. It shows overbought position on
daily and weekly basis, while oversold on monthly basis. On upward movement, beyond 2190 it may go up
to 2214 and 2258. On downward movement, below 2124 it may get support at 2087.
M&M (176.10) :- It shows improvement from bottom of 125.40. It shows overbought to neutral position
on daily basis, overbought on weekly basis and oversold on monthly basis. On upward movement, beyond
190 it may go up to 194, 212 and 230. On downward movement, below 175 it may get support at 170.
TCS (2115.00) :- It shows improvement from bottom of 1506. It shows oversold position on daily
basis, overbought to neutral on weekly basis and neutral on monthly basis. On upward movement, beyond
2132 it may go up to 2171 and 2210. On downward movement, below 2050 it may get support at 2020.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
Be Kind whenever possible, It is always possible
Financial Weekly

July 2020 32
INVESTMENT
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
June derivatives end on green note

Relapsing pandemic kept a tab on general sentiment
Fourth week of June turned green and derivatives expiry too happened on a positive note. Al-
beit relapsing of pandemic world over raised concern and kept a tab on global market sentiment.
On domestic front, for a while, markets ignored escalation in COVID-19 positives. Market remained
stock specific amidst Q4 number announcement gathering momentum with over 600 companies
announcing their results. While un-lockdown process is on, more stimulus announcement expec-
tations gave boost to the market and bulls expanded their portfolio. Pharma, Metal, Auto, IT and
Banking sector witnessed mixed trends. Last week of June 2020 emerged as the second positive
week in a row.
For the week, benchmarks moved in the range of 10553.15 - 10194.50 for
NSE Nifty and 35706.55 - 34499.78 for BSE Sensex.
Cont....
During the week dividend announcement

Aegis Logi (120%), Akzo Nobel (140%), Avadh Sugar (40%), Balaji Amines (30%), Bharat Bhushan
(6%), BLS Intl (50%), Cochin Shipyard (150%), Ganesha Eco (20%), GE Power (20%), GPT Infra
(15%), Guj Intrux (30%), HBL Power (10%), HLE Glass (25%), JTEKT (35%), Khaitan Chem (20%),
OnMobile (15%), Patels Airtemp (25%), Power Grid (40.4%), Sarda Energy (50%), Sarthak Metals
(5%), Seamec (10%), Skipper (10%), Yash Pakka (10%), Alkyl Amines (200%), Asian Paints (150%),
Berger Paints (30%), Compuage Info (10%), Fairchem Spl (15%), GM Breweries (30%), GMDC (100%),
Hexaware (150%), Honda Siel (125%), Magadh Sugar (40%), Astra Micro (60%), Balmer Lawrie (75%),
Bannari Amman Sugar (100%), GP Petro (15%), IG Petro (20%), India Cements (6%), Indoco Rem-
edies (15%), Kakatiya Cement (30%), Monte Carlo (50%), Rajapalayam Mills (10%), Rane Holdings
(40%), Sangam India (10%), Somany Home (7.5%), Anup Engg (70%), Tide Water (2800%), Transpek
Ind (25%), United Brew. (250%), Apollo Hospital (55%), Bombay Burmah (60%), Captain Poly (2%),
Ceinsys Tech (25%),Container Corp (57%), Eimco Elecon (50%), Engineers India (31%), Everest
Org (10%), Goldiam Intl (15%), Hercules Hoist (180%), Ion Exch (15%), JB Chem (50%), KIOCL (7%),
Oriental Veneer (20%), Polyspin Expo (6%), Radix Ind (5%), S I Paper (15%), Surya Roshni (20%),
Suryalata Spg (10%), TTK Prestige (200%), Vidhi Spl (20%), Yug Décor (14%), Zuari Global (10%),
Apollo Micro (5%), Ashok Alco (5%), Bhageria Ind (60%), Black Rose (35%), Dolfin Rubbers (10%),
Thejo Engg (50%), Glenmark Pharma (250%), Hester Bio (66%), Hind Rectifiers (40%), HUDCO
(23.5%), Ind & Prud (250%), ITC (1015%), J Kumar Infra (25%), Jay Bharat Maruti (25%), Keltech
Energ (15%), Nahar Capital (10%), Nahar Poly (20%), Oil India (16%), Orient Paper (50%), RJ Shah
(100%), Reliance Chemo (10%), Rubfila Intl (24%), Rupa & Co (300%), Shree Ajit Pulp (7.5%), South-
ern Gas (40%), Sumedha Fiscal (6%),TPL Plast (35%) etc.
Financial Weekly

July 2020 33
INVESTMENT
• During the week Polyspin Expo turned ex-split (2 for 1).

• During the week bonus issue announced by Polyspin Exports
(1 for 4 - on ex-split basis) and Trident Texo (14 for 10).
• During the week Arvind Fashions announced rights issue in
the ratio of 62 shares for every 91 shares held and Aditya Birla
Fashion in the ratio of 9 shares for every 77 shares held.
• Board meeting for considering bonus issue convened by Jonjua
Overseas on 29.06.2020.
The week ended with GAINs of 138.60 points for NSE Nifty and of 439.54 points for BSE Sensex.
Markets opened on a positive note on Monday, and moved in green zone for the session. NSE
Nifty finally scored 66.80 points to close at 10311.20 and BSE Sensex gained 179.59 points to end
the day at 34911.32. Glenmark Pharma was the star performer of the day and lead the rally with
over Rs. 111 gain on reports of launch of COVID-19 remedy. It got support from other healthcare
sector counters. Reliance eased amidst profit booking at higher levels. Select Mid and Small cap
counters gain on informed buying. Mid and Small cap indices outperformed benchmarks and kept
market breadth positive. FIIs were net buyers while DIIs were net sellers for the day.
With flat but positive openings on Tuesday market moved both side to end the day in green with
good gains on short coverings ahead of derivatives expiry. NSE Nifty gained 159.80 points to end
the day at 10471.00 and BSE Sensex scored 519.11 points to close at 35430.43. Today's rally was
lead by Power and Finance sector counters and received support from IT, Auto, Pharma and FMCG
counters. However, Reliance Industry remained weak on continued profit bookings at higher lev-
els. Mid and Small cap indices outperformance kept market breadth positive. FIIs and DIIs were
the net buyers for the day.
Again we witnessed gap up openings on Wednesday that finally ended in red with major losses
for the day. NSE Nifty lost 165.70 points to close at 10305.30 and mirroring similar trends, BSE
Sensex marked deficit of 561.45 points to end the day at 34868.98. Surge in COVID-19 cases
world over raised fear and that propelled selling spree globally. We too felt tremors. Banking and
Pharma counters lead the doom and got support from fancy Mid and Small cap counters. Although
Mid and Small cap indices out performed benchmarks, profit booking at higher levels resulted in
negative market breadth. FIIs were net buyers while DIIs were net sellers for the day.
On Thursday markets opened flat but on a negative mood and after moving both ways, it finally
closed in red. While NSE Nifty lost mere 16.40 points to end the day at 10288.90, BSE Sensex
marked deficit of just 26.88 points to close at 34842.10. Thus though session closed in red, deriva-
tives expiry ended on a positive note for the month of June 2020. Surge in pandemic cases glo-
bally kept bulls in unwinding mode and that lead to negative trades for the day. IT counters lead the
doom while Banking and FMCG counters remained in limelight following fresh buying support.
Mid and Small cap indices out performed benchmarks and kept market positive. However, FIIs and
DIIs turned net sellers for the day.
On Friday, markets opened on a firm positive note and traded in green zone for the day to close
with a positive note. NSE Nifty gained 94.10 points to close at 10383.00 and BSE Sensex scored
329.17 points to end the day at 35171.27. Thus both benchmarks managed to close above senti-
mental barriers of 10.35K and 35.1K. Surprisingly IT counters took the lead for today's rally. Infosys
Cont....
Financial Weekly

July 2020 34
INVESTMENT
was up by 6.6% and TCS by 5.2%. Oil and Gas counters BPCL and IOC also marked similar gains
for the day. Select banking counters gained on improved performance. Healthcare segment marked
mixed trends. Even though Mid and Small cap indices underperformed, market breadth remained
positive for the day. FIIs were net sellers while DIIs were the net buyers for the day.
Dollar hovered around Rs. 75.65 a Dollar. Brent Crude Oil too moved in a range of 41$ +/- a
barrel. Fuel price hike continued and raised concern. For the ensuing week while we have more
than 1750+ quarterly numbers announcements from corporate, auto and cement sector dispatches
for the month of June and other macro economic data will be on radar. Thus market will remain in
high volatile mode with stock specific movements.
Amidst such a scenario, benchmarks movement is likely in the range of
10800-9800 for NSE Nifty and 36750-33250 for BSE Sensex for the coming
week.
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)
Nifty & Sensex Movement during the last week

Nifty Open High Low Close Diff
22-Jun-20 10318.75 10393.65 10277.6 10311.2 66.8
23-Jun-20 10347.95 10484.7 10301.75 10471 159.8
24-Jun-20 10529.25 10553.15 10281.95 10305.3 -165.7
25-Jun-20 10235.55 10361.8 10194.5 10288.9 -16.4
26-Jun-20 10378.9 10409.85 10311.25 10383 94.1
Net Weekly Gains 138.6
Sensex Open High Low Close Diff
22/06/2020 34,892.03 35,213.52 34,794.40 34,911.32 179.59
23/06/2020 35,015.73 35,482.16 34,843.69 35,430.43 519.11
24/06/2020 35,679.74 35,706.55 34,794.93 34,868.98 -561.45
25/06/2020 34,525.39 35,081.61 34,499.78 34,842.10 -26.88
26/06/2020 35,144.78 35,254.88 34,910.34 35,171.27 329.17
Net Weekly Gains 439.54
Financial Weekly

July 2020 35
INVESTMENT
Scrip Watch - Siddharth Shah
Hero Moto Corp. (Rs. 2540.00) (Code : 500182)

Hero MotoCorp : Shares of Hero MotoCorp (HMCL) rallied last week and hit an
over seven-month high of Rs 2585 on Thursday on expectation of demand re-
covery post the lifting of the lockdown. In the past three months, the stock has
outperformed the market by surging 56 per cent, as compared to 34 per cent rise
in the S&P BSE Sensex. The demand recovery would be led by rural markets
(superior cash flows via farm, MNREGA activities). Hence, the relative prefer-
ence for rural-facing auto segments, two-wheelers stays and HMCL’s high rural
exposure tilts near term beneficiary scales in its favour. Analysts at ICICI Securi-
ties believe HMCL has potential growth tailwinds in H2FY21 from rural recovery.
Buy in phased manner.
Muthoot Finance (Rs. 1089.00) (Code : 533398)
Muthoot Finance : Muthoot Finance is one stock that has been able to hold
out in terms of the upward rally of its stock performance. Currently trading near
lifetime high, the stock ever since its listing in 2011 has delivered 600% returns to
its shareholders with promise to continue with the upward momentum going for-
ward. The company has been witnessing high consumer demand for gold loans
particularly from traders, small shops & industries. MSME at such times requires
quick money to restart their business and a gold loan proves to be a solution to
meeting temporary working capital needs. All this was reflected in the strong
fourth quarterly performance reported by the company. Muthoot Finance wit-
nessed best loan growth in the last 4.5 years with loan growth at 22% YoY & 8%
QoQ. Most analysts tracking the stock hold a bullish view; almost 93% of them
have a BUY rating on the stock. Buy in phased manner.
ICICI Bank (Rs. 349.00) (Code : 532174)
ICICI Bank : ICICI Bank share price gained nearly 2 percent intraday on June
25 after a media report said the lender is looking to raise funds. Global brokerage
houses have retained positive view on the stock with 26-36 percent upside. Ac-
cording to Macquarie, $3 billion capital raise would further strengthen balance
sheet. CET-1 ratio will improve by 300 bps to 16.38 percent. Jefferies said the
capital raise could dilute near-term return on equities (RoEs), but beef-up capital
position of the bank. ICICI Bank has raised Rs 2,250 crore by selling 3.96 per-
cent stake in ICICI Lombard General Insurance Company on June 19 and Rs
840 crore via 1.5 percent stake sale in ICICI Prudential Life Insurance Company
on June 22. This private sector banking stock is a good one to buy at this market
stage.
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

July 2020 36
INVESTMENT
Market Tips - Het Zaveri
Berger Paints (Rs. 510.00) (Code : 509480)

Shares of Berger Paints India surged last week after the company reported its March quarter
earnings. The company reported 6.5 percent fall in net profit to Rs 103.2 crore in the fourth quarter
of fiscal 2020 as against Rs 110.4 crore in the year-ago quarter. Revenue declined 8 percent to Rs
1,354.8 crore from Rs 1,472.1 crore. The company saw strong decorative volume growth in Janu-
ary and February. But in the industrial and auto, it was negative, obviously, the industry was declin-
ing overall. The company expects to see decent volume growth in the decorative segment in June.
EBITDA fell 7.6 percent to Rs 208.4 crore from Rs 225.6 crore while EBITDA margin rose 5 bps to
15.38 percent from 15.33 percent led by lower material costs. For FY20, the company’s consoli-
dated net profit rose 32.8 percent to Rs 656. 1 crore while revenue increased 5 percent to Rs
6,365.8 crore. Buy this stock at every decline.
Apollo Hospital (Rs. 1387.00) (Code : 508869)
Health care major Apollo Hospitals Enterprise Ltd (AHEL) has reported a 168% growth in its net
profit to Rs 205.60 crore for the March quarter on the back of a strong services growth of 6% coupled
with 33% growth in pharmacy business. The Q4FY20 standalone revenue grew 19% to Rs 2,572.10
crore, against Rs 2,167.10 crore in Q4FY19. Standalone Ebitda during the quarter under review grew
8% to Rs 287.70 crore, against Rs 265.80 crore during the quarter a year ago. For the first time, the
company’s consolidated revenue for the fiscal crossed the Rs 10,000-crore mark to end at Rs 11,246.80
crore, against Rs 9,616.90 crore reported in the previous fiscal, a growth of 17%. As on March 31, 2020,
Apollo Hospitals had 7,491 operating beds across the network (excluding AHLL & managed beds), of
which 14 were new with 2,002 operating beds. In Q4FY20, it added 86 stores and closed 20 stores for
a net addition of 66 stores. The stock is trading at around Rs.1400. Buy on decline.
Voltamp Transformers (Rs. 1137.00) (Code : 532757)
Voltamp Transformers reported healthy set of numbers. However lower Other income (MTM loss)
dragged profitability. Its order inflow stood at Rs250 crore (up 33.5% yoy) as on 4QFY20, translating
order backlog to Rs470 crore, which is expected to be executed over next two-three quarters. The
management would be bidding cautiously for orders and believes that several industries like
Infrastructure, Steel, Cement, Oil & Gas, Renewables (especially Solar) and Chemicals etc. to have
huge opportunities in medium to long-term. Analysts are bullish on the stock due to its strong order
book, debt-free status, free cash flows and robust return ratios. Buy in phased manner.
HDFC Life Insurance (Rs. 541.00) (Code : 540777)
In this time of covid, the health awareness plus the awareness for life has gone up. People are
looking to take cover and that should be over a longer period of time. HDFC Life Insurance is one of
the best bet in this sector. Term policy is being phenomenal and people are willing to buy them
because they feel that they are underinsured and COVID has brought a negative sentiment at the
home. This is why people are thinking about protecting the family. So, the term is in demand and
HDFC Life is market leader in this segment. Sales through its digital channel grew 13% in March and
April, and did better than other channels. Besides 40% of its customers are HDFC Bank account
holders and they buy using Net banking. The company is in good shape. Buy and get insured.
Financial Weekly

July 2020 37
INVESTMENT
SMART TIPS Smita N. Zaveri
Adani Green Energy (Rs. 397.00) (Code: 541450)

Shares of this A Group listed Adani Group company touched a 52-week high of Rs. 486 and low
of Rs. 41. The shares have surged 165% since January. The company's market cap is Rs. 65,422
crore following the sharp rally. In fact, the market cap is now almost the same as that of Adani Ports
and SEZ. The company had earlier this month won the order from Solar Energy Corporation of
India to develop 8GW solar power projects, and to establish 2GW of additional solar cell and mod-
ule manufacturing capacity with an investment of Rs. 45,000 crore. Promoter holding in the com-
pany is 74.92%. Holdings of FIIs and DIIs are very small. The company has said that it will continue
to make significant investments in the renewable energy space to help the country achieve the
target of 175GW renewable energy by 2022. For March quarter, its turnover was almost flat at Rs.
718.67 crore. However, it reported profit of Rs. 64 crore as against loss of Rs. 89.75 crore last year.
The stock can be seen touching a new 52-week high in the short to medium term.
Manappuram Finance (Rs. 156.00) (Code: 531213)
Shares of this A Group listed NBFC have face value of Rs. 2. The shares touched a 52-week
high of Rs. 194 and low of Rs. 75. The company provides gold loan and also loans for housing and
commercial vehicles. Quality of its gold loan segment has improved. The gold loan AUM has gone
up by 67.3%. Promoter holding in the company is 35.05%. For the March quarter, Manappuram
Finance reported 48% rise in consolidated income at Rs. 1,605.32 crore, while profit increased
nearly 54% to Rs. 395 crore. EBIDTA was also up 54% to Rs. 1,159 crore. The shares surged 7%
after the company's board approved the proposal to raise funds through an NCD issue. While
shares of its peers are trading at a PE multiple of 27, shares of Manappuram are trading at just ten
times the earnings. The shares can be seen making fresh 52-week high in 8-10 months.
NCC (Rs. 31.10) (Code: 500294)
Shares of this A Group listed construction and engineering company have face value of Rs. 2.
The shares touched a 52-week high of Rs. 103 and low of Rs. 16. Promoter holding in the com-
pany is 19.57%. The company has a track record of four decades, and has completed a number of
landmark projects. It has three main divisions, viz. project management consultancy, real estate
development, and EPC contracts. The company also takes over government or private land and
develops projects on it. It also undertakes redevelopment projects. Book value of the shares is Rs.
83.72. Aditya Birla Sunlife has recently acquired 40 lakh shares at an average price of Rs. 25.92.
It has also bagged new orders of Rs. 1,136 crore. The company has a strong order book, and is
also seen benefiting from the Rs. 2,500 crore package for real estate. The company is totally debt-
free and has a bright future.
Munjal Auto (Rs. 53.00) (Code: 520059)
Shares of this auto parts company are listed in B Group, and have face value of Rs. 2. The
shares touched a 52-week high of Rs. 60 and low of Rs. 20. The company is a part of Munjal
Group. Promoter holding in the company is 74.81%. The company has a market cap of Rs. 568
crore, while the shares have a book value of Rs. 30.12. It had paid 50% dividend last year, and has
a strong track record of rewarding shareholders through attractive dividends. For December quar-
ter, it reported income of Rs. 248.34 crore and profit of Rs. 0.65 crore. Munjal Auto will declare
the March quarter results on June 30. The stock is trading near the 52-week high. It can be seen
touching Rs. 70-75 in the medium to long 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 26th June, 2020 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

July 2020 38
INVESTMENT
Smart super duper - Het Zaveri
Bajaj Electricals (Rs. 402.00) (Code: 500031)

The Bajaj Group's electrical segment company's financial performance has been strong
for last three-four quarters. However, in March quarter, the company's income decreased
from Rs1775.18 crore to Rs1300.66 crore, while it recorded losses of Rs1.14 crore as
against profit of Rs24.73 crore in the same period last year. As against equity of Rs23 crore,
the company has huge reserves of Rs1326 crore. The company's profitability may increase
as the E&P segment projects have been commenced. In lighting and consumer durable
businesses, the volume growth may improve. E&P segment contributes 60-65% in the
company's income. It declared 175% dividend for 2019. It can be invested in 2-3 phases as
there is limited possibility of correction in stock prices.
Ujjivan Financial (Rs. 237.00) (Code: 539874)
It is the promoter and holding company of Ujjivan Small Finance. FIIs hold 22.46%, Mutual
Funds hold 1.76%, other DIIs hold 24.19% stake in the company. In March quarter, the
company's income increased form Rs569 crore to Rs786 crore, while profit increased from
Rs43 crore to Rs64 crore. Currently, the stock has been quoted in single digit PE. The share
prices have corrected a lot. However, it witnessed recovery at lower level from Rs110. The
first half of FY2021 has been very bad for the banking and financial sector, but the govern-
ment is trying to provide some relief which may help the sector. The stock can be considered
for investment with small correction in the prices.
IRB Infra (Rs. 90.00) (Code: 532947)
The company along with its subsidiaries is engaged in road development and manage-
ment. It operates Mumbai-Pune and Ahmedabad-Baroda express ways. As against equity of
Rs351.45 crore, the company has reserves of Rs6331. The company's orderbook is very
strong. In FY2020, the company's increased from Rs6707 crore to Rs6852 crore, while profit
decreased from Rs850 crore to Rs721 crore. It has announced 50% dividend for FY2020.
Road and Highway sector is going to witness huge investment in future, so the company
may benefit from the same. The stock can be bought in phased manner.
Jamna Auto (Rs.34.00) (Code: 520051)
It is one of the leading manufacturers of Parabolic springs and Trafford Leaf for the com-
mercial vehicles. The promoters hold 48.91% and public hold 51.09% stake in the company.
In FY2020, the company's sales decreased from Rs2135 crore to Rs1129 crore, while profit
decreased from Rs137 crore to Rs48 crore. As against equity of Rs39.83 crore, the com-
pany has reserves of Rs477 crore. It paid 95% dividend for FY2019 and 40% for FY2020.
Last year, the auto sector witnessed bearish trend and now it is coming out of that period
slowly and gradually. Therefore, the auto ancillary sector is also witnessing signs of revival.
The promoters are encashing the opportunity to buy shares from open market at lower rates,
which is positive sign for the stock. The stock can be bought in phased manner.
Financial Weekly

July 2020 39
INVESTMENT
Di wan-E-Khas A.J. Diwan (Mumbai)

E-mail : divanconsultancy@rediffmail.com
High Volatility Continues

On the last day of FNO market took support at lower level and closed marginally down. Thus
market is taking support at lower levels. There is one lobby which is not allowing market to go
down. Last couple of days, FIIs are active in cash market. But if we go in depth, FIIs have not
supported whole heartedly in last series.
Bank stocks : Trend in this sector is now positive. SBI is buy with stop loss of Rs. 180 and
ICICI with stop loss of Rs. 341. BOB has not gone down much after bad result. CAN Bank also buy
with stop loss of Rs 97/98. Axis Bank is also taking support at lower level. Bandhan bank and RBL
are also in investors buy list.
Our railway division is changing decision very often whether to resume train services or not.
This may lead uncertainty for IRCTC. We feel that buying should be avoided. PVR: same thing is
happening in PVR also. Sale on rise is our advise.
Vedanta : The company has received share holder’s approval to extent of 93% for delisting.
Now delisting is certain. The share price should close above Rs 115. Buying can be made after
that with stop loss of Rs 112.
Tata Motors has resistance around Rs 107/108. This level is good for short traders with stop
loss of Rs 111. The target price for share is Rs 97/98 in short term.
Reliance has support at Rs 1710. The stop loss is Rs 1700. If able to cross Rs 1735 we may
see price of Rs 1750 or above.
Mahendra & Mahendra : This counter is in bear grip. On rise sale with stop loss at Rs
515. The target is Rs 395.
Nifty has support at 10,250 and resistance at 10,450/490.
Buy... Buy... Buy on Dips Hold Sell on High

SCI 58.00 BEML 645.00 Ashok Leyland 52.00
Castrol 128.00
UCO Bank 16.00 Kotak Bank 1340.00 Bharati Infra 220.00
HPCL 230.00
IOB 13.00 Cadila HC 363.00 Sunteck Realty 183.00
ITC 195.00
Nava Bharat Ven. 57.00 NIIT Techno 1484.00 IndiGo 1029.00
Deepak Fert. 117.00
Tanla Sol. 69.00 D-Mart 2295.00 UBL 1014.00
CYIENT 275.00
Oil India 94.00 Goster 441.00 LIC Hsg. 270.00
Kalyani Steel 216.00
Ludlow Jute 86.00 HDFC Life 541.00 Somany Cera. 125.00
Max Finance 515.00
Central Bank 19.00 Finolex Ind. 520.00 Exide Ind. 148.00
SBI 165.00
Nucleous Soft 268.00 Kajaria Cera. 400.00 Network 18 41.00
Ruchi Soya 1507.00
A.B. Money 36.00 Page Ind. 20117.00 Canara Bank 104.00
Sasken 506.00
Walchand Nagar 50.00 ICICI Bank 349.00 City Union Bank 124.00
Chambal Fert. 144.00
Financial Weekly

July 2020 40
INVESTMENT
Investment Ideas telegram.me/rupeegains7
NIFTY
For next week NIFTY has strong support around 10275 levels. Break will take it to 10190---
10140 levels. On the upper side NIFTY will face strong hurdle at 10485 levels, cross over with
volume and close above will create short covering at take NIFTY up to 10555---10600 levels…
BANK NIFTY
For next week BANK NIFTY has strong support around 21320 levels. Break will take it to 20925-
--20820 levels. On the upper side BANK NIFTY will face strong hurdle at 21785 levels, cross over
with volume and close above will create short covering at take BANK NIFTY up to 22000---22250
levels…
Some of our successful recommendations in last 2 Months

Recommended Dt. Stocks Recomm. High after Gain
Price Recomm. (%)
18th May 20 Sumitomo Chem 232 317 37%
Amines & Plast 27 36.1 34%
Laurus Labs 437.25 587.8 34%
Umang Dairy 38 60.9 60%
25th May 20 Aries Agro 56 79 41%
1st June 20 Alufluoride 98 129.9 33%
15th June 20 RACL Gear 72 88 22%
22nd June 20 Cords Cable 36.75 41.3 12%
Goodluck India 39.2 45.8 17%
INVESTMENT IDEAS…
AVT NATURAL PRODUCTS LTD
(519105 & NSE) (40) (Face Value Re.1)
AVT Natural is a leading manufacturer of plant-based extracts and natural ingredients solutions
for the food, beverage, animal nutrition and nutraceutical industries of the world. AVT Natural is
part of the A.V. Thomas Group, a diversified, family owned group of companies with interests in
Plantations, Spices, Natural Ingredients, Consumer products, Leather goods, Medical Devices
and Financial Services.
It has an equity base of just Rs.15.23 crore that is supported by reserves of around Rs.244 crore
which is 16 times higher than equity. The Promoters hold 74.96% while the investing public holds
25.04% stake in the company.
Cont....
Financial Weekly

July 2020 41
INVESTMENT
Company has posted robust numbers for Q3FY20 & 9MFY20. It PAT grew 202% to Rs.12.87
crore as against Rs.4.26 crore on 33.46% higher sales of Rs.117.42 crore fetching an EPS of
Rs.0.84. During 9MFY20, its PAT zoomed 90.33% to Rs.25.60 crore as against Rs.13.45 crore on
24.49% higher sales of Rs.299.75 crore fetching an EPS of Rs.1.68. It has recorded 22.84% higher
profit against FY19 in just first nine months of FY20. Currently, the stock trades at a P/E of 18.4x. It
paid 40% dividend for FY19 & paid 25% interim dividend for FY20. Everyone, whose financial
advisor is allowing to trade in this stock for medium to long term can watch with stop loss of 34.
GUJARAT AMBUJA EXPORTS LTD

(524226 & NSE) (117) (Face Value Rs.2)
Last time on 18th May, we had recommended this stock at Rs.117, after our recommendation it
zoomed to Rs.143.85 and now trading around Rs.135.
GUJARAT AMBUJA EXPORTS LIMITED is India's leading manufacturer of Starch Derivatives,
Soya Derivatives and Cotton Yarn. GAEL has Six Solvent Extraction Plants in various parts of
India with a combined crushing capacity of 4500 MTS per day, Edible Oil Refineries and Plants for
manufacturing Hydrogenated Vegetable Oil, Lecithin, Bakery Shortening as well as Wheat Milling
Division. Its Bio-Chemical Division is into Wet-Milling of Corn & has set up 4 sophisticated, State-
of-the-art Corn Processing Plants of INTERNATIONAL STANDARDS with a combined crushing
capacity of 3000 MTS per day, the largest corn processor in India. It's Soya Processing Plants
having 2nd highest crushing capacity in India. Company has a Ring Spinning cotton yarn unit with
65520 spindles & Gujarat Ambuja's Tree Brand is a well-established brand of international stan-
dard well known for its best quality yarn in most countries. It is also engaged in production of green
energy from wind turbines and solar. More than 60% of power generation is by using non-conven-
tional source of energy.
Company has an equity base of Rs.22.93 crore while company has huge reserves of Rs.1304
crore. On PAT front, it has reported 23.91% CAGR growth in last 10 years. Everyone, whose finan-
cial advisor is allowing to trade in this stock for medium to long term can watch with stop loss of
127.
HUDCO LTD
(540530 & NSE) (27.85) (Face Value Rs.10)
Housing and Urban Development Corporation Limited provides financial assistance for hous-
ing and urban infrastructure development projects. During FY20, its PAT zoomed 44.78% to
Rs.1708.20 crore as against Rs.1179.85 crore on 35.77% higher income of Rs.7532.12 crore fetching
an EPS of Rs.8.54. It paid 7.5% interim dividend and declares 23.5% final dividend for FY20. It is
looking safe investment idea at current level. Everyone, whose financial advisor is allowing to
trade in this stock for short term can watch with stop loss of 25.75.
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. Inves-
tors 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

July 2020 42
INVESTMENT
Primary Market - Dilip K. Shah
Corona Virus and Lockdown push the Government's

Rs.2.10 lakh crore disinvestment plans on shelves
Government mulls to make up by LIC's Rs 90000 crore mega issue
and stake sell in SCI
More than two dozen companies including NCDEX, Burger King,
CAMS, NSE, Bajaj Energy to come up with issue
UTI AMC's Rs3000 crore IPO gets SEBI node, will enter the market soon
Out of two quality issues, LIC IPO will be ahead of RIL Jio
SME Segment will be vibrant following relief packages from
State and Centre along with reduction in interest rate
Two SME IPOs - Billwin and Ksolves- sailed through
This week Bonlon Ind's BSE SME IPO with fixed rate of
Rs 28 to enter the market on June 28
KLM Axiva and Muthoot Mini Fin's NCDs issues get good response
The investors felt enthusiastic due to huge premiums in RIL's partly paid
share listing. It has opened new door for investment.
The government is all set to achieve disinvestment target of Rs2.10 lakh crore. However,
Corona Virus and Lockdown became huge hurdles in achieving the goal. Now, the govern-
ment is planning to make up with mega issue of LIC, for which it has invited bid for appoint-
ment of two advisors. It is believed that LIC may come up with the biggest IPO of Indian
markets with total size going up to Rs80,000 crore to Rs90,000 crore. In future, RIL Jio may
also come up with IPO. Both the IPOs are good in quality but LIC will come first.
Moreover, SEBI has given approval to UTI AMC's Rs3000 crore IPO, which may enter the
market soon. A number of unlisted companies are mentioned in the separate table, which
may prove to be goldmines for the investors.
UTI AMC
Rs3000 crore IPO will be the biggest IPO by an asset management company.
It will offer 3.90 crore shares through OFS. In this issue SBI, LIC and BoB each
Cont...
Financial Weekly

July 2020 43
INVESTMENT
BSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Bonlon 30-6-2020 37,56,000 Eq. 28 4000 Eq. Shares Sarthi APPLY FOR
34% LONG TERM
Industries 3-7-2020 (Rs. 10.52 Cr.) (Rs. 1,12,000) Capital
will offer 1.05 lakh equity shares. PNB and T Rowe Price
International each will offer 38.04 lakh shares. The lead Upcoming
managers are Kotak Mahindra, Axis Capital, City Bank, DSP IPOs
Merrill Lynch, ICICI Sec, SBI Capital and J.M.Fin. It will get
listed on BSE and NSE. NCDEX
EaseMyTrip
RIL will separate telecom and MonteCarlo
CAMS
retail business with JIO's IPO Policy Bazaar
Equitas
Reliance Industries Ltd has become debt-free. Now, it Lodha Building
may separate its retail and telecom businesses with IPO of Bajaj Energy
RIL JIO. It will unlock the value. Barbeque Nation
Nirmitee
RIL has made its financial position very strong by selling
Burger King
stake in Jio Platforms and Rights Issue. As a result, the net LIC
debt to equity will come down from 0.51 to 0.06 next year. Angel Broking
Moreover, it is also expected that the company will be able NSE
UTI Mututal Fund
Subscription figure of to seal $15 billion deal with Saudi Aramco. The free
KLM Axiva Finvest
Category No. of Bond Issue
cash flow outlook will also be positive for the com-
(Issue Closed on Offered/ Subscribed pany. If the deal with Saudi Aramco goes through,
26-6-2020) Reserved 26-6-2020
Cat. 1 QIB 1,00,000 0.00x
RIL will also expand its refining and petrochemical
Cat. 2 NII 4,00,000 1.35x business.
Cat. 3 HNI 5,00,000 1.76x
Total 10,00,000 1.42x In FY2021-22, RIL's EBITDA is expected to be
Rs86000 crore, which is doubled compared to past
Subscription figure of
Muthoottu Mini Fin. few years.
Category No. of Bond Issue
(Issue Closed on Offered/ Subscribed This week's SME IPOs:-
26-6-2020) Reserved 26-6-2020
Cat. 1 QIB 1,00,000 0.00x Billwin Industries :- Rs2.46 crore IPO closed on June
Cat. 2 NII 4,00,000 2.29x
22 with 1.37 times subscription.
Cat. 3 HNI 5,00,000 2.91x
Total 10,00,000 2.37x Cont...
Financial Weekly

July 2020 44
INVESTMENT
In UTI AMC IPO the shareholders will offer 3,89,87, 081 shares through OFS
RIL will separate Telecom and Retail businesses with Jio's IPO in future
KLM Axiva Fin's NCDs got 1.42 times and
Muthoot Mini Fin got 2.37 times subscription
IBM, TAFE, Toyota, Sony and other unlisted companies are planning for IPO
KSolves India :- Rs4.02 crore IPO closed on June 26 with 1.42 times subscription.
Bonlon Industries :- BSE SME IPO worth Rs10.52 crore with fixed price of Rs28 opened
on June 30 and will close on July 3. The company is active in manufacturing, trading and
marketing of copper rods and bars. The company's products are used in electrical, construc-
tion, transportation and automobile sector. Sarthi Capital Advisors is the lead manager.
This week's NCDs issues:-

KLM AxivaFinvest :- The issue with base price of Rs100 crore and shelf limit of
IBM Rs125 crore closed on June 26 with 1.42
Well Tafe Motors & Tractors times subscription.
Tractors & Farm Eq.
Known USV Pharma
Muthoottu Mini Fin :- The issue
with base price of Rs100 crore and shelf
Gujarat Urja Vikas NIgam
Unlisted Toyota Kirloskar Motor limit of Rs200 crore closed on June 26
Sony India with 2.37 times subscription.
Companies Cognizant Technologies
Cargill India
Companies
STAR India planning for IPO:-
Who Mahanadi Coafields
Numaligarh Ref. Patanjali Ayurved Ltd :- Yog Guru
planning Mother Dairy Baba Ramdev's company is giving tough
to Roy Blue India fight to Hindustan Unilever. It has raced
Pepsico India ahead of Jyothi Labs and Emami with
come Shapoorji Pallonji Rs25000 crore turnover. It will get listed
Hiranandani
on NYSE.
with IPO Nuclear Power
AMUL :- Gujarat Co-Operative Milk
Rashtriya Ispat Nigam
Marketing Federation's turnover may
Subscription Figures of SME IPO (Dt. 19-6-20) cross 38550 crore this year. Its topline
IPO Listing Day Subscribed
witnessed 15% growth due to COVID-19
Billwin Industries BSE SME Issue Closed on 22-6-2020 1.37x
Ksolves India NSE SME Issue Closed on 26-6-2020 1.42x pandemic. Cont...
Financial Weekly

July 2020 45
INVESTMENT
AB Fashion's Rs 995 crore Rights Issue

got board approval
AB Fashion Rights Issue :- Aditya Birla Fashion has got approval for
Rights Issue from board of directors. It will issue 9.04 crore partly paid equity
shares with face value of Rs10. It plans to raise Rs995 crore. The share price
for fully paid up equity share is fixed at Rs110. Rights entitlement ration is 9
partly paid shares against 77 fully paid shares.
SEBI has relaxed norms for

preferential share issue
SEBI Relaxed norms for preferential share issue :- SEBI has given
exemption from pricing framework for raising funds through preferential share
allotment. Moreover, preferential allottee has been given exemption from
open offer obligation. It becomes difficult for the companies to raise fund
through traditional sources due to high debt and low share price. So SEBI
has relaxed pricing methodology for preferential share allotment.
Parle Products :- $1.5 million company has left behind collective sales of McDonalds,
Dominos and Pizza Hut.
Bennet Coleman & Company :- The company owning top media brands like Times
of India, Economic Times, Times Now, ET Now, Femina, Maharashtra Times, Navbharat
Times, etc has 11000 employees and income of $2.5 billion.
Tata Sons :- It owns 100% holding in Tata Group's listed and unlisted companies.
Airport Authority of India :- The PSU's value is around 80000 crore to One lakh
crore. It has 120 airports under its belt, of which 85 are operational.
***
Financial Weekly

July 2020 46
INVESTMENT
Reliance and Reliance Partly Paid (PP)

shareholders rack in mullahs
Reliance PP share spurt to 900: May touch 1000
After listing RIL PP shares has given 160% return in just 15 days
RIL's share touched 1804 level
May touch Rs 2000 level.
Reliance Partly Paid Shares:- Reliance Reliance Partly Paid Equity Shares
Partly Paid Shares (RIL PP) were priced at Issue Price Rs. 1257
(Rs. 314.25 paid on
Rs1257 and applicants had to pay Rs314.25.
application)
It got listed with spurt of 108% at price of Face Value Rs. 10 per share
Rs689 on June 15 and went up to Rs894.15 Paid-up Value Rs. 2.50 per share
and went down to Rs665 and it closed at Listing Date 15-Jun-2020
Listing Rs. 689.00
Rs833.95 on Friday. Thus it has come closer High after Listing Rs. 894.15
to Rs900. It has given more than 160% re- Low After Listing Rs. 665.00
turn as against offer price in just 15 days. CMP Rs. 826.95
In Future, Jio's Average Revenue Per Users (ARPU) will go up because the
company's income from advertising and application will go up. Next year, Jio's mar-
ket share will go up to 45%. Mobile users will go up to 53.8 crore and number of
broadband customers will go up to 2.5 crore and enterprise customers will be 1.1
crore. RIL PP share may touch Rs1000 next month.
RIL share prices touched top of 1804 but now it is being traded at Rs1740. It is
believed that there will be stock split once it touches Rs 2000 or Rs 2200 level. It
should be noted that RIL's market cap has crossed Rs11.20 lakh, which hi higher
than cumulative market capital of HDFC Bank, Kotak Bank and ICICI Bank.
RIL Jio and Retail will unlock huge value

Jio Platforms value will growth 66%
Stock Split expected in RIL
Financial Weekly

July 2020 47
INVESTMENT
Bonlon Industries BSE SME IPO

Opens on 30th July & Closes on 3rd June
Offer price Rs. 28; Listing on BSE SME Platform
After turnaround in FY 18, Bottom line growth remained good
Sudden jump in Net Profit in 9 month of FY20 & incompetency in Top line is a concern
Considering low P/BV & PE seems attractive
Investors may apply in this IPO for long term horizon
Delhi-based Bonlon Industries Ltd is engaged in manufacturing, trading, and marketing of copper rods
and bars. They manufacture products for various industries including electrical, construction, transport,
and automobile. The company manufactures products in different specifications and sizes as per the
client's requirement. With the amalgamation with three companies of the Bonlon group, the area of opera-
tions of Bonlon Industries is extended in the manufacturing of metal, hotel business, and civil construction.
The manufacturing unit of Bonlon Industries is located at Plot No. G-1-663, RIICO Industrial Area, Bhiwadi,
Alwar- 301019, Rajasthan. The hotel of the company is the 'Hotel Bonlon Inn' located in Karol Bagh.
Issue Details
• Issue Opens on 30th June & Closes on 3rd July, 2020
• Object of the issue : Working Capital requirment.
• Issue Size : 37,54,000 Equity Shares Financial Performance Consolidated Basis
Face Value Rs. 10, Total Rs. 10.52 Cr. Particulars (Rs. Cr.) FY 17 FY 18 FY19 FY 20
• Offer price Rs. 28 Per Share 31 Dec. 9 M
• Minimum Lot : 4000 Shares Shares
Total Revenue 238.89 243.13 217.44 186.99
• Listing : BSE SMSE Paltform.
Profit After Tax -1.23 0.28 2.82 13.88
• BRLM’s : Sarthi Capital Advisors
EPS 0.58 0.93 3.79 12.00
• Market Maker : Choice Equity Broking
• Registrar : Bigshare Services RONW (%) -10.82 2.39 6.01 22.80
• Company Management : Arun Kumar Jain
• Pre Issue Promoter Holding : 98.92% • Post Issue Promoter Holding : 72.44%
• Issue Constitutes : 26.48% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 1.52 & RONW 1.99% and
• Pre IPO Equity Capital Rs. : 10.43Cr.Post IPO Eq. Capital Rs. 14.18 Cr.
• Pre IPO P/BV Ratio : 0.62 (NAV : 45.05)
• Post Issue : P/BV Ratio : 0.69 (NAV : 40.54) • Pre IPO P/E Ratio : 7.39
• Post IPO asking P/E on Fully diluted equity : 2.15 • Industry Peer Group P/E Ratio : 7.02
• BRLM’s performance : Total 42 issue Handaled in Last 6 Years. In Last 10 Listing, 7 Issues opened with
premium & 1 Issue Opened with discount and 2 Issue with at Par.
Other side of Coins
• Company has converts equity shares in the price range of Rs. 40.94 to Rs. 50 per share during march
2001 to April 2018
• The average cost of acquisition of equity shares to the promoters is Rs. 23.08 and offer price is Rs. 28
per share.
• It has not registered Logo till now
• Company has made loss in FY17
• As on 31st Dec. 2019, its trade receivable are Rs. 13.93 Cr. While trade payables & Other liabilities are
Rs. 76.85 Cr. Its serious situation.
• Sudden jump in First 9 Months of FY 20 is surprising and unsustainable
• Its registered office is not own by the company.
• Company has reported negative cash flow during last 3 years.
Recommendation : Company has reported positive turnaround position in FY 18. Thereafter net
profit growth remained good but incompetency in Top lines raises concern. Consider P/BV of 0.69
and at a PE of 2.15 valuations appears attractive. Investors may apply for long term.
Financial Weekly

July 2020 48
INVESTMENT
Smart Best Buy S. N. Zaveri
SBI Cards (Rs. 651.00) (Code : 543066) (F. V. : 10.00)

SBI Cards and Payments stock jumps 28 per cent in a month
SBI Cards and Payments : SBI Card’s shares were trading at Rs.495 on 22nd May and
now trading at Rs.650 plus level. The stock has seen significant rally of around 28 per cent in
last one month. Card spends showed an uptick in May and new card issuances are also
looking up. In a business update early this month, the company said daily card spends had
reached 60-65% of the levels seen before the lockdown. In media interviews, managing
director and chief executive officer Hardayal Prasad said the company was witnessing pent-
up demand. Analysts at Nomura said some partnerships, such as the one with e-commerce
firm Amazon, meant SBI Card spends and even acquisition of new customers were better
than its peers. “Overall 70-75% of capacity is back for sourcing as the economy re-opens.
SBI Cards added 27,000 cards in May, compared with a 250,000-300,000 run-rate per month
normally, but this would still be the highest additions in the industry.
L&T (Rs. 962.00) (Code : 500510) (F. V. : 2.00)
Order book increases as usual
L&T : L&T has bagged large contracts worth more than Rs 2,500 crore. The construction
arm of L&T has secured orders from prestigious clients for its various businesses. Accord-
ing to its project classification, the value of a 'large' order ranges in the range of Rs 2,500 to
Rs 5,000 crore. It secured an EPC contract for its transportation infrastructure business, to
construct Packages 11 and 22 of the Delhi-Vadodara Expressway. Meanwhile, if Shanghai
Tunnel Engineering Company is unable to win the Delhi-Meerut Regional Rapid Transit Sys-
tem (RRTS) contract owing to the border conflict, then it could be L&T’s gain as the latter is
the second preferred bidder for the project. The stock is worth accumulation.
JK Cement (Rs. 256.00) (Code : 500380) (F. V. : 5.00)
Ebitda up 24 per cent inspite of fall in revenue
JK Cement : JK Cement has reported nearly 100 per cent decline in its net profit at Rs
0.23 crore as against Rs 150 crore in Q4 FY19. Revenue fell marginally by 1 per cent to Rs
1,477 crore compared to Rs 1,492 crore in the same period last fiscal. On higher realisations
and cost savings in Q4, J K Cements’ EBITDA rose 24 per cent year on year, though
revenue dipped 1 per cent year on year on lower volumes. The company said all capex would
begin with a delay of 3-4 months and it would focus on cost optimisation and conserving
Cont...
Financial Weekly

July 2020 49
INVESTMENT
cash. The brokerage expects the ongoing expansion to keep leverage high; however, the
ramp-up of the new capacities would help restrict volumes falling year on year in FY21.Cement
prices have remained intact and even risen a little.Promoters held 58.06 per cent stake in the
company as of March 31, 2020, while FIIs held 12.42 per cent, DIIs 23.77 per cent and public
and others 5.75 per cent. Buy in phased manner.
Page Industries (Rs. 20117.00) (Code : 532827) (F. V. : 10.00)
Demand picks up amid lockdown and work from home
Page Industries : Page Industries, which exclusively manufactures and sells the Jockey
brand of innerwear in India, has said there is a pick up in demand after the relaxation of
lockdown norms in various parts of the country. In an analyst call after the quarterly results,
the company’s management said that the work from home code amid the nationwide lockdown
that began on March 24, has resulted in a higher demand for leisure wear. Sales in some of
its stores have touched the pre-lockdown levels. The company expects the business to
normalise in the next two-three quarters. Its 680 out of the 750 exclusive brand outlets
(EBOs) were now operational. The share of e-commerce sales has reached double digits
from around 4% in FY20. The company’s revenue fell by 11% year-on-year to Rs 540 crore
while net profit dropped by 58% to Rs 31 crore in the March quarter. Sales volume fell by
19% though average realisation improved by 10%. Buy this stock is phased manner.
Kajaria Ceramics (Rs. 400.00) (Code : 500233) (F. V. : 1.00)
Margins maintained in challenging times
Kajaria Ceramics displayed another quarter of resilient operational performance in Q4
FY19. Double-digit volume growth in the tile business was noteworthy in a stagnant industry
environment. Tile volumes for the quarter stood at 22.5 million square metre (MSM), which
implies a growth of 11 percent year-on-year (YoY). For the full year, the company ended with
a volume and revenue growth of 12 percent and 9 percent, respectively. Despite the sharp
increase in gas prices, the management has been able to maintain its operating margin in the
broad range of 15-16 percent. Kajaria’s new business segments (sanitaryware, faucets and
plywood) continue to scale up at a healthy pace. In January-March, sanitaryware and fau-
cets grew 11 percent YoY and achieved sales of Rs 53 crore while the plywood business
contributed Rs 7 crore to top line. Overall share of this segment has gone up to 6.8 percent in
FY19, from 5.1 percent in FY18. Invest.
(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
26th June, 2020 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

July 2020 50
INVESTMENT
Dalal Street Whispers Dilip K. Shah

• Reliance Industries (Rs. 1742.00) (Code: 500325) :- The share is up 110%
from its bottom in the last three months. It has become the first Indian company to sur-
pass market capitalization of $ 150 billion. Reliance has raised Rs. 1.15 lakh crore by
selling stake in Jio Platforms, and another Rs. 53,000 crore through a rights issue to
become a net zero debt company. The market valuation of Jio Platforms is expected to
swell to $110 billion by 2021-22. Reliance is also planning to unlock value by listing Jio
and Reliance Retail. The stock can be bought with a target price of Rs. 2,100.
• PNC Infra (Rs. 139.00) (Code: 539150) :- PNC Infra has received Letter of Award
for four-laning of the 54-km Meerut-Nazibabad stretch on National Highway 119 and other
works for Rs. 1,412 crore.
• Ashok Leyland (Rs. 52.35) (Code: 500477) :- The share is on the rise despite a
fall in revenue and profit for the fourth quarter. The company's Board has approved the
proposal to raise Rs. 200 crore through allotment of NCDs on private placement basis.
• Camlin Fine Services (Rs. 53.00) (Code: 532834) :- This specialty chemicals
manufacturer has begun trial production at its unit in Dahej from June 25. There are
reports that Infinity Investment Management is investing Rs. 180 crore in this company.
• Vedanta (Rs. 109.00) (Code: 500295) :- Shareholders have approved the company's
plans to voluntarily delist its shares from BSE and NSE.
• I.B. Housing Finance (Rs. 227.00) (Code: 535789) :- Strong movement is
being seen in the counter in the past few days. Morgan Stanley has bought 45.22 lakh
shares of the company for Rs 83.56 crore at Rs. 184.76 per share in bulk deals.
• JMC Projects (Rs. 53.00) (Code: 522263) :- Shares of this construction and
engineering company have doubled in three months. The shares are hitting the upper
circuit after the company bagged a water supply project in UP and a building project in
south India. JMC Projects is a subsidiary of Kalpataru Power.
• Indo Star Capital (Rs. 280.00) (Code: 541336) :- Edelweiss Mutual Fund has
acquired 22.65 lakh shares or 2.45% stake in the company at Rs. 285 per share.
• Gail (Rs. 105.00) (Code: 532155) :- This PSU gas transmission company reported
169% jump in net profit in March quarter. The share is up 30% in three months.
• HDFC AMC (Rs. 2481.00) (Code: 541729) :- AMC shares have jumped after SEBI
approval to the Rs. 3,500 crore IPO of UTI AMC.
• Adani Green (Rs. 397.00) (Code: 541450) :- This Adani group share has surged
35% in 10 days. It has become the most valued company in Adani group overtaking Adani
Cont.....
Financial Weekly

July 2020 51
INVESTMENT
Ports and SEZ. The shares have been on the rise after the company bagged the world's
largest solar power development project on June 9.
• Bandhan Bank (Rs. 338.00) (Code: 541153) :- Shares of Bandhan Bank and
RBL Bank have risen sharply in the market rally in the past few days. Bandhan Bank has
re-entered the Top-50 most valued firms with a market cap of Rs. 56,528 crore.
• Bajaj Finance (Rs. 2904.00) (Code: 500034) :- The shares have risen by 65% in
the past one month. The stock can be seen touching Rs. 3,500 in the short to medium
term.
• Parag Milk (Rs.107.00) (Code: 539889) :- The government has announced a
package of Rs. 15,000 crore to support the dairy industry. Dairy players will be provided
loans at lower interest rates. Companies like Parag Milk and Umang Dairy are seen
gaining from this.
• Genus Power (Rs. 23.00) (Code: 530343) :- The company makes smart electric
metres. The anti-China sentiment and boycott of Chinese goods in the wake of killing of
Indian soldiers augurs well for this company.
• Quick Heal (Rs. 20.00) (Code: 539678) :- According to experts, cyber-attacks
have increased by five times in recent weeks. Demand for products of Quick Heal, which
provide protection against cyber-attacks, has gone up.
• Shalimar Paints (Rs. 67.00) (Code: 509874) :- Decline in crude oil prices in the
past few months has helped the performance of paint companies. It is also benefiting from
the government's focus on affordable segment. The company has also started production
of sanitizers. It is expected to report good numbers when it announces results on June 30.
• Kalyani Steel (Rs. 216.00) (Code: 500235) :- A part of Baba Kalyani Group,
Kalyani Steel is an investor-friendly company. The government has decided to levy anti-
dumping duty on flat steel imported from China and Malaysia. Moreover, it is also ex-
pected to benefit from revival in steel demand from auto companies.
• IDBI Bank (Rs. 40.00) (Code: 500116) :- Shares of IDBI Bank and Shipping Cor-
poration are expected to be in focus after the Cabinet approved stake sale as a part of
disinvestment programme.
Disclosures as per SECURITIES AND EXCHANGE 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

July 2020 52
INVESTMENT
Investor’s Third Eye

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

FOR STOCK MARKET INVESTMENTS
(JUNE 29TH TO JULY 5TH 2020)
In this week sun, mercury and Rahu takes its position in Gemini, ketu in Sagittarius. Jupiter and
Saturn in Capricorn, mars in Pisces, moon takes its position in the house of virgo, libra and Scor-
pio. On 30th june 2020, Jupiter retrogrades back to its own sign, Sagittarius . This retrograde mo-
tion of Jupiter will end on 20th November 2020, marking its transit from Sagittarius to Capricorn. On
29th june 2020 and 30 th june 2020, moon takes its position in Virgo where Venus takes its fifth
position towards moon in its own house Taurus favors the market to certain extend. On 1st july
2020 , Jupiter takes its own house - Sagittarius along with Ketu where moon taking eleventh posi-
tion in the libra house towards Jupiter favors the market. On 2nd july and 3rd July 2020, venus
takes its seventh position in its own house - Taurus towards moon in the house of Scorpio - house
of mars where moon takes its position in mars house - Scorpio and mars had taken its position in
the house of Jupiter - Pisces favors the market. Several sectors like health, public sector units,
Pharmaceuticals Information Technology, chemicals, paper firms, energy, fertilizers, seed pro-
ducing firms, sugar firms, Fast moving consumer goods may outperform. Investors of iron and steel,
infrastructure based firms, tyres, may need to wait to reap good returns in future. Adani Green,
Laurus Lab, Rallis India, JK Agri Genetics, Nath Bio Genes, Coal India, NALCO, Bharat Dynam-
ics, Hester Bio science, Globus Spirits, HAL, IPCA labs, Kiri Industries, EID Parry, Reliance Indus-
tries, Jubilant Life, IRB Infra, India Cement, Aurobindo Pharma, PI Industries, JK Papers, Kaveri
seeds, BEML, BHEL may show good movement in the stock prices.
Astrological planetary predictions for

GOLD PRICE MOVEMENTS
(MAY 29th JUNE TO 5th JULY 2020)
29th and 30th June 2020 : moon taking ninth position in Virgo towards Saturn and
Jupiter in Capricorn and venus has taken fifth position in its own house- Taurus towards moon
favors the market.
1st July 2020 : Jupiter again sets back to its own house - Sagittarius along with Ketu where
sun, rahu and mercury had taken its position in Gemini brings volatility in the bullion market.
2nd and 3rd July 2020 : moon in the house of Scorpio taking seventh position towards
venus in Taurus favors the bullion market.
Financial Weekly

July 2020 53
INVESTMENT
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816
E-mail :
stockmarket@ganeshaspeaks.com
Sensex Predictions : Dt. 29th June 2020 to 3rd July 2020

" 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.
29-06-2020 Monday
" From 9:15 to 9:43, Nifty will be soft side around the surface. " From 9:43 to 10:39, Nifty will be
on the upside. " From 10:39 to 12:45, again Nifty will do time pass around the soft side. " From
12:45 to 14:37, the market will move towards the upside. " From 14:37 to 15:30, there will be profit-
booking in Nifty.
30-06-2020 Tuesday
" Today, Nifty will form a pattern similar to yesterday. Only the opening and closing will be
different. Rest of the pattern will be the same. " It is the best pattern for intraday, but you may have
to be prepared 20-20. " Buy Nifty around 9:29 and exit around 10:25. " Buy Nifty around 12:22 and
exit as soon as you earn Rs two. " Sell Nifty around 14:14 and the money which you get, exit with
that amount. After this, the market will be unpredictable.
01-07-2020 Wednesday
" The openings of the coming three days will be risky. So, should not make hurry. Plan a strategy
and move forward. " In the first 15 minutes, the market will be soft and down. " From 9:30 to 10:40,
the ratio of the Call may increase. " There will be no profit from 10:40 to 12:40, it's a pointless and
boring time. " From 12:40 to 14:20, there will be strength in Nifty. " From 14:20 to 15:15, Nifty will be
down. " There will be slight buying in Nifty after 15:15.
02-07-2020 Thursday
" The point at which Nifty opens, it will take a jump from there. This will be there till 10:10. (0.07)
" From 10:10 to 14:09, Nifty will form a graph like a letter W. So keep reshuffling your position
accordingly. " From 14:09 to 15:30, V-shaped graph will be formed. If you make position fastly
accordingly, you will get good money.
03-07-2020 Friday
" Again Jupiter and Ketu will form an alliance. It is not auspicious for personal kundli (horo-
scope). " The monthly file which we have sent you has a remedy at the last, it will be very neces-
sary to do that remedy. (We hope you are already doing it). Today, the trade will change in 6 parts:
(1) From 9.15 to 9.29, Nifty will be a bit below the surface. (2) From 9:29 to 10:25, the market will be
up. (3) From 10:25 to 12:31, the index will make you play kabaddi. Only the figure will change, not
the prices of the stock. (4) From 12:31 to 14:23, there will be strength in Nifty. So you can do buying.
" (5) After 14:23, there will be selling. (6) In the last 15 minutes, you can take a "Tea Break".
With Ganesha's Grace

Shri Dharmeshh Joshi
9909941816
Financial Weekly

July 2020 54
INVESTMENT
News Track
Lancer Container Lines Ltd

FY20 RESULT UPDATES
Lancer Container Lines Ltd (CMP: Rs.35.45 ; CMcap: Rs.35.62 crores) pro-
vides logistic services including shipping, freight forwarding, provision of yards
for storage of empty containers, inland transport services. The company owns
containers and deployed around 9696 containers during FY20. The company
reported strong Revenue Growth and Stable Profits for FY20, Revenues at
Rs.265.3 Crores, were up 34% YoY. The EBIDTA for the year was Rs.22.3 crores
compared to Rs.20.5 crores in FY19 and PAT reported at Rs.8 crores. The bal-
ance sheet is healthy and ROCE 24%.
Commenting on the developments, Mr Abdul Khalid Chataiwala, Chairman &
Managing Director said “During the quarter, we are happy to share that the busi-
ness operations remained stable despite challenges of global trade slowdown,
the demand for containers during FY2019-20 remained robust and the company
was able to fully deploy its containers. Lancer has grown rapidly in the last couple
of years, we currently own and deploy over 9,500 containers. Our size enables
us to cater to customers with big loads hence enjoy better margins, customer
retention & increased efficiency.
Balance-sheet remains strong and we have sufficient liquidity to meet our busi-
ness requirements and did not need to avail of the moratorium offered by RBI. In
Q4FY20 we had already started measures to reduce debt, especially US$ de-
nominated credit. Hence, we have been able to improve our Debt/Equity ratio
has improved to 0.87x compared to 1.28x a year ago. We continue to take steps
to keep a tight control on operating expenses and capital expenditure, enabling
us to draw down credit facilities”
Financial Weekly

July 2020 55
INVESTMENT
News Track
R M Drip FY20 Results

R M Drip (CMP 26/6/2020 Close: Rs.49; MCap: Rs.32.8 crores) is ISI & ISO certified
engaged in manufacturing and sale of Micro Irrigation Systems (MIS) consisting of Drip
Irrigation and Sprinkler Irrigation Systems, HDPE Pipes, Components & irrigation accesso-
ries. It reported very good numbers for FY2020 and a turnaround to profits compared to loss
in FY19. FY20 sales at Rs.23.23 crores was up 4%. The turnaround has mainly come from
the management focus on higher margin products, leading to EBIDTA turnaround to Rs.3.86
crores in FY20, vs loss in FY19. PAT also improved substantially to Rs.2.8 crores & PAT
Margin a healthy 12%. The company’s product portfolio consists of some of the best in
class manufactured using state of the art technology, offering complete project solutions for
intelligent use of water for worldwide irrigation applications. Being BIS compliant enables it to
participate in the government projects & tenders. The company listed on the NSE Emerge
platform in Oct. 2017 with an IPO of 20.10 Lakhs shares at Rs.57 each, raising Rs.11.46
crores.
Commenting on the results Mr. Shyam Sundar Dash, Managing Director said “We are
pleased to return to profitability, we were able to bounce back from losses to strong profits
backed by a number of measures undertaken over the last year. We focused on improving
the product mix and marketing initiative to improve profitable product sales and expanding
markets.
www.smartinvestment.in
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Financial Weekly

July 2020 56
INVESTMENT
REVIEW OF “SMART PLUS NEWS LETTER”

Amazing 26% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. Weekly Ch. Company Reccom. Weekly Ch.
22-6-2020 High (%) 22-6-2020 High (%)
Associated Alcohols 246 251 2.03 Kotak Bank 1302 1389 6.68
Escorts 985 1030 4.57 BEML 642 658 2.49
Godrej Properties 895 911 1.79 Hero Moto 2372 2559 7.88
HUL 2089 2174 4.07 NMDC 82 87 6.1
SBI Life 775 795 2.58 M&M Fin. 164 179 9.15
Bajaj Finance 2698 3027 12.19 Biocon 381 404 6.04
Britannia 3438 3467 0.84 Manappurm Fin. 151 158 4.64
Laurus Labs. 536 576 7.46 Carborundum Uni. 264 268 1.52
Glenmark 409 519 26.89 Cummins India 392 403 2.81
HDFC Life 520 538 3.46 Rallis India 261 271 3.83
ICICI Lombard 1266 1292 2.05 Dollar Ind. 137 143 4.38
Kaveri Seeds 597 624 4.52 STAR Cement 79 87 10.13
Alkyl Amines 2084 2177 4.46 Adani Enter 152 161 5.92
Bajaj Finserv 5849 6317 8 orrent Power 320 326 1.88
United Breweries 1019 1051 3.14 Future Retail 111 135 21.62
Adani Transmission 221 268 21.27 JSW Energy 47 51 8.51
Adani Green 420 463 10.24 Menon Bearing 33 34 3.03
Chmabl Fert. 147 149 1.36 BEL 80 83 3.75
Polymedicare 297 308 3.7 Tata Power 43 44 2.33
Eid Parry 264 276 4.55 L&T Fin. 67 70 4.48
UPL 437 463 5.95 DCW 12 13 8.33
Chola Invest 196 206 5.1 Federal Bank 51 56 9.8
Century Tex. 299 324 8.36 IDFC First Bank 25 28 12
Nelco 197 203 3.05 Equitas 52 55 5.77
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Financial Weekly

July 2020 57
INVESTMENT
Editor : Dilip K. Shah
ARCHI PUBLICATIONS
311 to 313, Nalanda Enclave, Pritamnagar 1st Dhal, Ellisbridge, Ahmedabad-6. GUJARAT, INDIA
Phone : 079 - 2657 66 39, Fax : 079 - 2657 99 96 • Mob. : 0982500 6980
E-mail :
smartinvest25@yahoo.in / smartinvest25@gmail.com / info@smartinvestment.in
Disclaimer :- Investment recommendations made in Smart Investment are for information
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-
tions. The author, his company or his acquaintance may / may not have positions in the scrips
featured herein
Financial Weekly

July 2020 58
INVESTMENT
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EID PARRY 8th May 20 156 175 275

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CATCHING UP WITH THE NIFTY

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ONE PAGER REPORT

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Kalpna J (Email- Kjtech79@gmail.com)

Last Week Performance of Rapid Fire Stocks

HDFC (Buy at CMP 1769)

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We are still oscillating in a range!

Technical View on Nifty

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