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T I M E S
A TIME COMMUNICATIONS PUBLICATION
Vol. XXXI No.01 Monday, 01-07 Nov 2021 Pgs.27
By Share Surya
Now follow us on Instagram, Facebook &
Samvat 2078 has much in store for Twitter at moneytimes_1991 on a daily basis
investors to be happy to get a view of the stock market and the
happenings which many may not be aware of.
Best wishes to the readers of Money Times for a Happy Diwali 2021 festive days & Prosperous Samvat 2078
“Samvat 2076 ends with big gains, shrugging off the pandemic” was the relief expressed before last Diwali in 2020. Now,
with just three trading days to go to Diwali 2021, Samvat 2077 has recorded far more impressive gains than the previous
year. Still, that good feeling is missing today given the deep correction in the market last week.
So, what is in store for us in the new Samvat 2078? A repeat year of prosperity or a shocking year of contraction? In spite
of the recently evolved bear-feed factors, the bull-feed factors have only got eclipsed by this correction and the best is yet
to come in Samvat 2078. Is it a mere wishful thinking or a reasoned hope near to reality? Read on.
Before looking ahead, let us
better look through the
rear view mirror also. The
Sensex recorded returns in
the last 10 years are given
below:
A Time Communications Publication 1

First let us look at negatives/Bear-feed factors:
 Rising concerns of a likely 3rd wave of the
Covid pandemic
 Rising fears on the US Fed tapering in the
air for the last several months
 Alarming rise of crude oil prices and rising
energy costs
 High valuation level of Indian stocks
which attract profit booking
 Probability of a fearful loss year after six
successive prosperous years
 Liquidity sucking by liberal and abusive
IPO pricing & IPO sizes.
Now let us look at positives/Bull-feed factors:
 India’s success at record levels of
vaccination
 Even if Fed tapering happens, the growth
potential of Indian stocks appeals far
better than that of US Bonds and/or equity
returns
 Past history points to bull conditions in
emerging markets when crude oil price is
higher
 Regressive Chinese policies may inflict
losses on global investors but they will
add more glitter to the progressive Indian
economy barring a few supply constraints
 Evolving periodical profit booking spells
will return to the lure of performing
Indian stocks
 Indian economy has the strength to
overcome the evolving supply constraints
fast
 Indian economy can witness 10 successive
prosperous years as enjoyed by the US
earlier.

We need not find fault with global investors’ public strategies of changing the weightage of Indian stocks (Overweight to
Equalweight now or even Underweight in coming months) to scout for more investment opportunities here. They may
book profits here to make good their inescapable losses in China but investment fundamentals will prevent them from
shifting investments from India to China.
This analyst likes to believe what Christopher Woods of Jefferies expressed in his newsletter ‘Greed & Fear’ released on
Friday, 29th October2021 “...if GREED & fear had to own one stock market globally for the next ten years, and not be
able to sell it during that period, that market would be India,”. “Any sell-off in Indian equities triggered by
tapering/tightening scares on Wall Street will provide opportunities to add to Indian equities, most particularly if this
coincides with a further likely rise in the oil price on an accelerating re-opening of the global economy,” Woods said.
However, I like to appeal to the regulators to save the market from the deluge of overpriced IPOs. Analysts and investors
too have the responsibility to insulate themselves from the clever manipulations of the greedy promoters and conniving
merchant bankers.
Whatever be the movements of the market indices, disciplined investors can generate superior returns in the coming
Samvat with the help of responsible analysts and unbiased publications like Money Times.
Generally front view visualisation cannot be as clear as the rear view review for the markets. In view of the unpredictable
and dynamic evolving conditions surrounding us now, this analyst likes to prepare for negative movements of upto 40%
in the indices and hoping for 60 to 65% growth in the indices in the new Samvat. Stock specific investments with more
weightage to the investment comfort they possess is a must in the current market conditions.
Picking good quality growth stocks in Banking & Finance, Defence, Tea, Power & Energy, Infrastructure and Sugar sectors
at the right levels will be richly rewarding in the coming year. Tea sector prospects are reviewed in this issue in a separate
article. Investors should be vigilant about their investments and booking profits at reasonable levels is equally important
in this context.
Once again, before closing, I wish you “Prosperous investment moves in Samvat 2078”
LEAD STORY
By Sanjay R. Bhatia
Correction continues……
The previous week’s correction continued on the bourses on the back of weak domestic cues. Rich valuations and
downgrade by foreign broking institutions triggered a further fall. The earnings season has largely been on expected lines
with no positive surprises, which also aided profit booking. The breadth of the market remained weak amid lower volumes
indicating lack of interest and participation at higher levels.
The FIIs remained net sellers in the cash and derivative segments. However, the DIIs turned net buyers and were seen
supporting the markets at lower levels. The US markets moved higher with the benchmark indices touching historic highs.
Crude oil prices remained range bound on the back of high US inventory.
Technically, the prevailing negative technicals weighed on the market sentiment. The Stochastic, KST and RSI are all placed
below their respective averages on the daily and weekly charts. Further, The MACD is placed below its average on the
daily charts. These negative technical conditions will lead to regular bouts of profit booking and selling pressure especially
at higher levels.
However, the prevailing positive technical conditions still hold good. The MACD is placed above its averages on the weekly
charts. Further, the Nifty continues to remain above its 50-day SMA, 100-day SMA and 200-day SMA. The Nifty’s 50-day
SMA is placed above Nifty’s 200-day SMA, indicating a Golden Cross breakout. These positive technical conditions would
lead to regular bouts of buying support especially at lower levels.
The -DI line is placed above the +DI line and is placed above 29, indicating that the sellers are gaining strength. The ADX
line is placed above 32. The market sentiment remains weak as long unwinding is witnessed. It needs to be seen if the ‘buy
on dips’ strategy is witnessed or a further fall continues. It would be ideal if the markets consolidate and remains range
bound for few trading days before a decisive trend is formed.

Meanwhile, the markets would take cues from the earnings season,
news flow on Covid-19 infections and its variants, global markets,
Rupee-Dollar Exchange and crude prices. The resistance levels for
the Nifty are placed at 18268, 18311, 18477 and 18605 levels. The
Nifty's support is placed at 17565, 17452, 17326, 17250, 17059 and
16750, 16565, 16375, 16162, 16000. The resistance levels for the
BSE Sensex are 61351, 61577, 61766, 62246, 62800 and 63150. The
support levels for the BSE Sensex are 59189, 59089, 58927, 58551,
58157, 57924 and 57338.
TRADING ON TECHNICALS
Expect profit booking/Selling at resistances
Sensex Daily Trend DRV Weekly Trend WRV Monthly Trend MRV
Last Close 59306 Down 60145 Up 57601 Up 50725
Start Date - 28-10-2021 - 19-06-2020 - 31-07-2020 -
Start Level - 59984 - 34731 - 37607 -
Gain/Loss (-) - 678 - 24575 - 21699 -
% Gain on Trend - 1.13 - 70.76 - 57.70 -
Last week, the Sensex opened at 61398, attained a high at 61576 and fell to a low of 59089 and closed the week at 59306
and thereby showed a fall of 1515 points on a week-to-week basis.
A bearish candle was formed along with a swing top on the weekly chart as a lower high and a lower low was witnessed.
Daily Chart
On the daily chart, support of 60400 was violated which confirmed the negative divergence effect of RSI and MACD.
Expect the support cluster of 58890-58551-57924 to be tested.
In the event of a further fall and close below 57924, a retracement of the rise from 47204 to 62245 is likely.
The retracement levels are placed at 56499-54724-52950.
Resistance will be at 60132-60449-61576.
Getting past the resistance can mark the end of the current correction and subsequently may test back the peak and move
ahead.
On the immediate front, expect a slide to retracement and support before moving higher above the retracement.
Weekly Chart:

RSI exited the overbought zone on the weekly charts with a bearish candle along with a swing top formation. Support of
58551-57924 is critical.
On a fall and close below 57924, a deeper correction can happen of the rise from March’20 low of 25638 to 62245.
Retracement will be at 48261-43942-39622.
Support of 58551-57924 must be respected for recovery or for consolidation to subsequently make an attempt to cross
the peak of 62245.
Resistance will be at 59991-60892.
Objective remains to exit long on the rise till
62245 is not crossed on closing.
BSE 400 MID- CAP SMALL CAPS (BSE 400
MDSM)
Support cluster will be at 6384-5932.
Expect BSE 400 MDSM to find support
around the cluster.
A breakdown below the cluster will lead to
a deeper retracement of the rise from
March’20 low of 2277 to 7200. Retracement
will be at 5320-4739-4158. Resistance will
be at 6883-7201. Objective remains to book
profits and till new high is not registered
with a bullish candle.
Strategy for the Week:
Exit long and book profits or sell at resistance levels of 59991-60892 with a stop loss of 62250.
Expect the lower range of 58405-57503 and towards retracement of 48261 or below.
WEEKLY UP TREND STOCKS

Let the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy with whatever low
registered below Center Point or Level 2 as the stop loss. After buying if the price moves to Level 3 or above then look to book profits as the
opportunity arises. If the close is below Weekly Reversal Value then the trend will change from Up Trend to Down Trend. Check on Friday
after 3.pm to confirm weekly reversal of the Up Trend.
Note: R1-(Resistance), R2- (Resistance), R3- Resistance, S1- Support & S2- Support
Weekly Up
Scrip Last Relative
S1 S2 - R1- R2- Reversal Trend
Close Strength
Value Date
Weak Demand Demand Supply Supply
below point point point point
HOME FIRST FINANCE 705.25 505.8 629.1 676.2 752.3 875.6 77.25 656.36 3.09
ALLSEC TECHNOLOG 532.20 367.2 470.7 512.6 574.1 677.6 71.02 468.20 14.10
ASAHI INDIA GLAS 429.20 275.0 369.7 404.8 464.4 559.1 70.64 380.34 29.10
ESCORTS LTD 1569.40 1318.9 1472.9 1530.5 1626.9 1780.9 70.34 1513.54 29.10
ALLIED DIGITAL 91.05 73.9 84.5 88.6 95.1 105.7 70.07 87.26 1.10
ASTRA MICROWAVE 220.20 148.9 195.3 216.8 241.7 288.1 68.43 203.10 29.10
These can sample of PROFITRAK PREMIUM TREND AND RS product. Get more information about 400 stock. Get Your Daily,
Weekly, Monthly, Quarterly and Yearly Trend and RS in the below format.
*Note: Up Trend and Down Trend are based on a set of moving averages as reference point to define a trend.
Close below averages is defined as down trend. Close above averages is defined as up trend. Volatility
(Up/Down) within Down Trend can happen/ Volatility (Up/Down) within Up Trend can happen. Relative
Strength (RS) is a statistical indicator. Weekly Reversal is the value of the average.

WEEKLY DOWN TREND STOCKS
Let the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell with whatever high registered
above Center Point or Level 3 as the stop loss. After selling if the prices moves to Level 2 or below then look to cover short positions as the
opportunity arises. If the close is above Weekly Reversal Value then the trend will change from Down Trend to Up Trend. Check on Friday after
3.pm to confirm weekly reversal of the Down Trend.
Note: R1-(Resistance), R2- (Resistance), R3- Resistance, S1- Support & S2- Support
Weekly Down
Scrip Last Relative
S1 S2 - R1- R2- Reversal Trend
Close Strength
Value Date
Demand Demand Supply Strong
Supply point
point point point above
SOLARA ACTIVE
PHARMA 1245.10 1020.7 1182.0 1280.1 1343.2 1504.5 11.04 1367.36 24.09
HDFC ASSET
MANAGEMENT 2647.20 2361.6 2564.0 2683.3 2766.5 2968.9 14.08 2818.13 24.09
REPCO HOME FINANCE 267.25 216.6 253.3 276.1 290.1 326.8 14.82 300.51 22.10
SHALBY LTD 147.50 108.7 137.2 155.3 165.7 194.2 15.53 164.13 17.09
GODAWARI POWER 350.50 -1093.3 -13.3 702.8 1066.7 2146.7 16.29 1093.26 29.10
VAIBHAV GLOBAL 574.65 386.2 526.6 619.0 667.1 807.5 17.05 682.01 22.10
NCC LTD 71.15 59.0 67.7 73.0 76.4 85.1 18.71 78.23 14.10
These can sample of PROFITRAK PREMIUM TREND AND RS product. Get more information about 400 stock. Get Your Daily,
Weekly, Monthly, Quarterly and Yearly Trend and RS in the below format.
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close
below averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down)
within Down Trend can happen/ Volatility (Up/Down) within Up Trend can happen.
BUY LIST
Note: R1-(Resistance), R2- (Resistance), R3- Resistance, S1- Support & WB- Weak Below
Scrip Last Close S3 S2 S1 WB R1 Monthly RS
NETWORK18 MEDIA 77.20 75.14 70.55 65.96 51.10 114.04 77.78
TRANSPORT CORPORATION 629.40 589.54 556.35 523.16 415.70 870.84 75.97
TATA MOTORS 483.70 451.96 427.85 403.74 325.70 656.26 74.76
INDOWIND ENERGY 10.35 9.77 9.10 8.43 6.25 15.47 74.41
DOLLAR INDUSTRIES 436.80 427.98 417.13 406.27 371.15 519.93 73.93
This is sample of Medium Term Gains file available under PROFITRAK products. Can mail on moneytimes.support@gmail.com
to avail the subscription of Medium Term Gains. As long as WB is not violated can hold on to take profits at R1
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close
below averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down)
within Down Trend can happen/ Volatility (Up/Down) within Up Trend can happen.
EXIT LIST
Note: R1- (Resistance), R2- (Resistance), R3- Resistance, S1- Support & SA- Strong Above
Scrip Last Close R1 R2 R3 SA S1 Monthly RS
SOLARA ACTIVE PHARMA 1245.10 1475.63 1426.25 1376.87 1635.50 958.37 32.23
DABUR INDIA 585.85 610.02 603.23 596.43 632.00 538.88 32.52
CIPLA LTD 905.05 954.28 941.10 927.92 996.95 816.22 35.21
JUST DIAL 797.55 948.62 917.00 885.38 1051.00 617.38 35.47
POWER GRID CORPO 185.05 199.01 195.63 192.24 209.95 163.59 40.86
TCS LTD 3397.75 3759.19 3687.92 3616.66 3989.90 3012.71 41.11
This is sample of Medium Term Gains file available under PROFITRAK products. Can mail on moneytimes.support@gmail.com
to avail the subscription of Medium Term Gains. As long as SA is not crossed, look for rise to take profits.

PUNTER PICKS
Note: Positional trade and exit at stop loss or target whichever is earlier. Not an intra-day trade. A delivery based trade
for a possible time frame of 1-7 trading days. Exit at first target or above.
Note: SA-Strong Above, DP-Demand Point, SP- Supply Point, SA- Strong Above, RS- Strength
Weak Supply Supply RS-

Scrip Last Close Demand Point Trigger point Strength
below point
UJJIVAN FINANCIAL 179.95 157.30 183.00 151.65 202.37 233.72 85.87
BHARAT BIJLEE 1489.25 1364.35 1549.00 1320.00 1690.52 1919.52 84.29
PIONEER DISTILLERIES 194.90 171.45 197.65 167.10 216.53 247.08 81.25
KUANTUM PAPERS 85.70 76.75 87.80 74.80 95.83 108.83 78.18
REALITY CHECK
By Rakesh Reja
‘Tughlaq Abhi Jinda hai!’
Muhammad bin Tughlaq was a scholar of Persian and Arabic languages. Not only this, he was well versed in mathematics,
astronomy, futurology and logic as well. He also did charity. He was the first Sultan who participated in the festivals of Holi
and Diwali of the Hindus. And most importantly, he was also a skilled warrior. But such a good and caring ruler took some
decisions without giving a serious thought that left everyone wondering as they had to bear the consequences. Tughlaq was
known for his quirks.
He once ordered the issuance of copper and brass coins, which could be easily be moulded at home and the people started doing
it. Then he had to reverse the decision. He later decided to shift his capital from Delhi to Devagiri and ordered all citizens to
move to Devagiri. Many died on the way and due to lack of water in Devgiri it became impossible to live there. So he returned
back to Delhi.
Why am I telling you this today? Because not much has changed as government bodies follow suit in 2021. Tughlaq is still
alive in this government! When the government order comes on 28 October that IRCTC will have to share 50% of its
convenience fee income with the Railways, almost everywhere there was opposition to this decision. And the next day, this
decision was reversed! Meanwhile, the share price of IRCTC crashed by 30% on the first day and rebounded back to the same
level with the reversal of the decision. So, was this a planned move to benefit someone? Was there insider trading? This should
be investigated.
Even though the decision has been withdrawn, can we trust IRCTC as a company? I have been advising investors to invest in
IRCTC for the past several months as I considered it as the best stock for long term investment. But my trust is shaken by such
quirky decisions.
One such Tughlaqi decree came about demonetisation by the current leadership at the Centre in 2016, which was implemented
without deep thinking and hurt millions. The benefit of IRCTC is only for the government, which can give some part of the
dividend received to the railways. But when it issues a direct order to give 50% share to the railways, then it not only affects the
credibility of IRCTC but also betrays the intention of the government. Some such decisions were also taken during the UPA
government like the retrospective tax for which we are still suffering.
Such Tughlaqi decrees shake the confidence of investors, especially foreign investors, in the Government of India. Since the
government is planning big disinvestments, so such whimsicalities can have a devastating effect. Investors worldwide like to
invest in stable political and economic environments and turn shaky at such episodes. Look how FIIs & FPIs want to exit China
after investing so heavily out there for the past 20 years. They are worried about their investments failing in the revised policies
of the Chinese government over the past one year. They have been jolted to say the least. Surely, we don’t want that as we
attempt to attract investments
Was the decision taken unanimously or by some officer? Was there any trick behind this? This should be a deeply investigated
so that such decisions do not ruin the government’s efforts and its credibility.
Now let's talk about the market. Nifty has fallen by 1000 points since the last 8 sessions. Which is about 5.5% and it seems that
from hereon we may see a pull-back rally and by Diwali we may see it back at 18200-18500.
Diwali Picks

My favourite stocks this Diwali for long term are: IEX, Deepak Nitrite, Tatva Chintan Pharma Chem, Dixon Technologies and
Arvind Fashions.
My picks from the IT sector are Mindtree and TCS. I also like Rain Industries and Borosil Renewables.
Disclaimer: Some of these shares may be held by me or my clients.
MONEY TIMES TALK
 Yes Bank’s Q2 NP has risen 74% to Rs. 225 cr. on lower provisioning for bad loans. The bank is on a comeback trail
and the present beaten down share price provides an opportunity to enter into this stock.
 A top mutual fund has bought 336,000 shares of Ajooni Biotech, a small agri-foods company for animals, at Rs. 61
per share. This company has a tie-up with Patanjali and deserves a buy.
 IDBI Bank Q2 Net is up 75% to Rs. 324 cr. on higher income and NII income was up 32 bps to 3.02%. The bank is on
a comeback trail and can be added with a long term perspective.
 For good return in Vikram Samvat 2078 a veteran marketman recommends to buy Andhra Petro, Aries Agro, Aro
Granite, Agarwal Industrial Corporation, Easy Trip Planners, GNFC, Gujarat Alkalies Chemicals, Greenply
Industris, Indian Toners Developers, Kewal Kiran Clothing, KPT Industries, Ludlow Jute, Lahoti Overseas, MK
Exim(india), Nath Industries, Praveg Communications, Rubfila International, Steel Strips Infrastructures,
Steel City Securities(only on NSE), Timex Group India & Vipul Organics
 Mid-tier software exporter, Mastek, has declined 25% since its weak Q2. But its robust order book and the fast
momentum in US markets will accelerate its business prospects. Use the downward momentum to add this stock.
 Bank of Maharashtra’s Q2 NP doubled to Rs. 264 cr. boosted by interest income and some recovery from its DHFL
exposure. It plans to raise bonds of about Rs. 1000 cr. and may also raise equity to reduce govt. stake from 91%. Add.
 Aided by higher premia and investment income ICICI Lombard posted 7% growth in NP to Rs. 447 cr. in spite of
higher claims. A good long-term story. Accumulate.
 The demand for Asian Paints’ products continues to be strong and the pricing play will help retain its market
leadership. It is also revamping its retail network to strengthen its position. Use the temporary fall in its share price
to buy.
 Macrotech Developers (Lodha group) plans to raise about Rs. 4000 cr. for expansion. It posted Q2 profit of Rs. 222
cr. The company had raised Rs. 2500 cr. last April via its IPO. Add.
 Rajratan Global Wires reported fantastic results for Q2FY22 with an EPS of Rs. 32.11 v/s Rs. 13.33 in Q2FY21. Add.
 JSW Steel reported its highest ever quarterly revenue of Rs. 32503 cr. and EBITDA of Rs. 10,417 cr. Exports are also
on the rise. Buy on every decline.
 L&T to spend Rs. 5000 cr. to go green by 2040. Big vision and long-term plans make this engineering giant excellent
share to add.
 Three FIIs, Vanguard, Quant Mutual Fund and Norges have collectively acquired 2.64% in telecom giant HFCL Ltd.,
which is eligible for the PLI scheme for telecom products. The co. plans to raise Rs. 750 cr. to finance its soaring
business. A screaming buy.
 Packaging companies can now blend recyclable plastic waste to make packaging films. A big boost for Polyplex Corpn.
The Company already has huge expansion plans and new capacities will soon start commercial production. Buy
immediately.
 L&T has won the prestigious order to construct Common Central Secretariat Integrated Buildings 1, 2 and 3 in Delhi
comprising 48,11,000 sq.ft. A good long term hold by all accounts.
 Adani Green’s Q2 PAT soared 488.23 % to Rs. 100 cr. on a 96.5% surge in revenue to Rs. 834 cr. The share looks
poised for further gains. Add.
 FMCG major, Marico, recorded 8% rise in PAT to Rs. 309 cr. on 22% higher revenue of Rs. 2419 cr. The Company has
guided for a better performance in the coming quarters. Add.
 CSB Bank’s Q2 NP soared 72% on higher interest income and write-backs in provisions. Fresh slippages were also
under control. Add this small bank in small quantities.
 Tech Mahindra posted strong Q2 EPS of Rs. 15.25 v/s Rs. 12.11 in Q2FY21. Half yearly EPS also stood strong at Rs.
30.44. The share price seems poised for further growth. Add.

 Dwarikesh Sugar shows signs of rising profitability in all the four trailing quarters. The Company could double its
profits this year. Add in small quantities.
 Healthy fee income and lower provisions helped Axis Bank post all-time high Q2 earnings of Rs. 3133 cr. The co.
expects the next half will see better disbursement and growth leading to higher profitability. Add at every decline.
 With affordable construction housing on the rise, CERA Sanitaryware posted a big jump in Q2 EPS to Rs. 33.10 v/s
Rs. 18.93 in Q2FY21. A good buy.
 Mahanagar Gas has notched 42% higher Q2 EPS of Rs 21 and 115% higher H1FY22 EPS of Rs 41.3, which may lead
to FY22 EPS of Rs 90+ against Rs 63 in FY21. A reasonable P/E of 15x can take its share price to Rs 1350. Buy.
 Modern Insulators, the
leading insulator
manufacturer with 30%
The new ratnas at Panchratna!
exports has notched 155%
higher Q1 EPS of Rs 2.6, After the sad demise of Mr. G. S. Roongta, we were at a loss to replace our
which could take FY22 EPS to crown jewel. But so good is our team of analysts that their
Rs 12 against FY21 EPS of Rs recommendations in Panchratna have already clocked in results.
7.5. A reasonable P/E of 8x Here’s a performance review of the last four issues
can take its share price to Rs and we are sure this team will improve as we go along.
96. Buy.
 Meghmani Organics has Sr. Date Scrip Name Recom. Highest % Gain
garnered Q2 EPS of Rs 2.6 No. Rate (Rs.) since (Rs.)
and H1FY22 EPS of Rs 5.3. 1. April 2019 Stock A 66.30 67.90 2
This could lead to FY22 EPS Stock B 55.20 56.90 3
of Rs 12. Buy for 30% gain. Stock C 85.85 124 44
 Anup Engineering Stock D 53.70 60.10 12
has notched 34% higher Q2 Stock E 63 64.45 2
2. July 2019 Stock F 23.8 24.9 5
EPS of Rs 16 and 40% higher
Stock G 27.8 29.3 5
H1 EPS of Rs 24, which could
Stock H 86.3 92 7
take FY22 EPS to Rs 68 as Stock I 104.95 112 7
against FY21 EPS of Rs 52.5. Stock J 48.1 54.05 12
Buy for 35% gain. 3. October 2019 Stock K 84.25 102.7 22
 GNFC, leading manufacturer Stock L 32 76.65 140
of fertilizers (32%) and Stock M 24.4 31.9 31
chemicals (68%), has posted Stock N 73.7 101.75 38
1000%+ higher Q1EPS of Rs Stock O 72.55 99.35 37
15.6, which could lead to 4. January 2020 Stock P 37.9 48.3 27
FY22 EPS of Rs 60 against Stock Q 102.7 115.3 12
FY21 EPS of Rs 44.9. The Stock R 41.8 52.5 26
share, which made a lifetime Stock S 41.05 48.65 19
Stock T 90 119 32
high of Rs 548 on 24 Oct
2017, has the potential to
The next edition of ‘Panchratna’ will be released shortly.
touch the Rs 550 mark. Buy.
 OIL India the second-largest
hydrocarbon exploration and So hurry up and book your copy now!
production PSU has notched Subscription Rate: Rs.2500 per quarter, Rs.4000 for two quarters & Rs.7000 per annum.
274% higher Q1 EPS of Rs You can contact us on 022-22616970, 22654805 or moneytimes.support@gmail.com.
9.7, which could take FY22
EPS to Rs 45 against FY21 EPS of Rs 37.5. The share can gain a decent 40%. Buy.
 Reliance Industries, Aditya Birla Asset Reconstruction Co., a Welspun Group entity and foreign fund CarVal Investors
and others are eyeing bankrupt Sintex Industries, which caters to global fashion brands such as Armani, Hugo Boss,
Diesel and Burberry etc. Stay invested for hefty gains.

 25-year old Scan Steels with plants in Odisha and Karnataka for steel making-sponge iron, billets and TMT rods
used in construction has notched Q1 EPS of Rs 4.2, which can take FY22 EPS to over Rs 16 as against Rs 5.9 in FY21.
The book value of the share is Rs 57. Buy for 100% gain.
 Amarjothi Spinning, producer of Fibre\cotton and viscose polyester yarn with 17.6 MW windpower has posted Q2
EPS of Rs 7.8 and H1FY21 Rs 14.2. This could take FY22 EPS to Rs 25 against Rs 23 in FY21 on small equity capital of
Rs 6.8 cr. Accumulate.
 Indian Bank, which made a lifetime high of Rs 428 on 17 Nov 2017 and amalgamated Allahabad Bank into itself, has
notched Q1 EPS of Rs 9 and H1FY22 EPS of Rs 20, which could take FY22 EPS to Rs 35. A reasonable P\E of 10x can
take the share price to Rs 350 in the medium term. Add.
 Jindal Steel Power has notched Q1 EPS of Rs 25 against Rs 47 in FY21 is expected to notch an EPS of Rs 65 in FY22
on equity of Rs 102 cr. A reasonable P\E of 10x could take the share price to Rs 650.
 Indian Metals & Ferro Alloys has notched 228% higher Q2 EPS of Rs 53.2 and 255% higher H1FY22 EPS of Rs 89.9
as against Rs 61.7 in FY21. Strong operational performance and sustained healthy market conditions have helped
boost profitability. Its FY22 EPS could rise to Rs 160. Accumulate for 30% gain.
 Tyroon Tea Company, manufacturer of quality CTC and Orthodox teas, has notched 999% higher Q1 FY22 EPS of Rs
3.6 and FY21 EPS of Rs 18.4.Given its seasonal tea business, Tyroon is likely to notch FY22 EPS of Rs 25 on its small
equity of Rs 3.5 cr. Buy for 40% gain in the medium term.
 Maral Overseas from the Bhilwara group trades cheap at a P/E multiple of 5x whereas Gokuldas Exports and Kitex
trade at over 10x multiples. Maral has been doing exceptionally well since the China +1 factor began. Buy for a quick
50% gain.
 Krebs Bio from the IPCA group surged 50% on news of the IPCA’s API head heading Krebs a few months back. The
stock has now corrected from Rs 200 odd levels to Rs155 and seems ripe again for an up-move. It trades cheap at a
mktcap of Rs 300cr. while IPCA’s mktcap is close to 30k cr. IPCA holds close to 50% stake in Krebs.
 IRB Infra has issued preferential allotment to marquee global investors around Rs.212. After making a high of Rs
350 odd levels last week, it is again available at Rs.225 and can be a good bet for the medium to long term investors.
 Alphageo has corrected sharply from Rs.500 to Rs.370 due to poor quarterly results. However, Q2 is always a
seasonally poor quarter due to low drilling and seismic activities in the rainy season. The co. has bagged many
orders recently and is expected to bounce back sharply.
 Rubfila International, the only Indian manufacturer of talcum coated and silicon coated rubber threads, has
declared 26% dividend for FY21 with 142% higher Q1 net profit of Rs.11.53 cr. v/s Rs.4.76 cr. in Q1FY21. The share
has corrected to Rs.99 from Rs.124 and looks attractive now. Technically if it crosses Rs.124, it can rise to Rs.150+.
 Dividend paying Aries Agro has huge reserves of Rs.198 cr. against its small equity of Rs.13 cr. Reputed market
veteran, Dolly Khanna, holds 1.38% stake. Against a book value of Rs.162, the share is available at an attractive price
of Rs.136 at PE of only 10. Buy for very good return in the short term. Technically if it crosses its 52-week high of
Rs.194, it can rise to Rs.225+.
 Agarwal Industrial Corpn., the largest bitumen company with 7 bulk storage facilities of 30000 MT, 5 specialized
vessels to carry bitumen & black oil, 350 bitumen tankers & 300 LPG tankers, is booming. Its Q1 net profit shot up
277% to Rs.15.07 cr. v/s Rs.3.99 cr. in Q1FY21. Given the thrust on infrastructure, sales and profit likely to grow in
coming qtrs. Buy for multi-bagger returns in the medium to long term.
 Ludlow Jute announced robust Q1 net profit of Rs.2.95 cr. v/s loss of Rs.3.10 cr. in Q1FY21. Other jute shares like
Cheviot trade at Rs.1131 and Gloster at Rs.1136. Buy Ludlow for very good return in the short to medium term.
Technically if it crosses its 52 week high of Rs.105, it can rise to Rs.125+.
 Nath Industries is in the booming fields of paper and chemicals. The stock has a book value of Rs.121 and paid 20%
dividend for FY21. With mind blowing Q1 net profit of Rs.6.12 cr. against loss of Rs.29 lakh in Q1FY21, its prospects
are bright. The promoters hold 73.74%. Available at PE of just 8.5x, buy it for very good returns in the medium to
long term. Technically if it crosses its 52 week high of Rs.125, it can rise to Rs.160+.
 Praveg Communications, in which the promoters hold 74%, is a 40% dividend paying co. that posted 333% higher
Q1 net profit and looks good for the short term. Technically if it crosses its 52 week high of Rs.141, it can rise to
Rs.160+.
 Timex announced record Q1 sales of Rs.88 cr. against Rs.32 cr. in Q1FY21 and beat market expectations of Rs.62 cr.
Its share price target is Rs.100+ against the current price Rs.66. In the long run, it can be a mini Titan in the making.

Recently, renowned fund Baupost bought the controlling stake in Timex USA. Timex listed only on BSE is a multi-
bagger in the wearable segment.
 Dividend paying Lahoti Overseas in the booming field of textiles and yarn. This share with a book value of Rs.47 is
available at PE multiple of only 8x. Technically if it crosses its 52 week high of Rs.33 with volumes, it can go up to Rs.
36+.
 Andhra Petro has been posting excellent results for the last 3 quarters and is likely to improve going forward as the
demand for its products is very high. Co. will benefit more from the anti-dumping duty imposed on imports for 5
years. Its Q1 net profit skyrocketed to Rs.62.74 cr. from a loss of Rs.1.94 cr. in Q1FY21. Technically, if it crosses its 52
week high Rs.197, it can rise to Rs.205+.
 Rajapalayam Mills has come out with fabulous results. It’s unmissable for every investor.
 Vardhman Textiles has displayed the quality of its management and balance sheet strength. A worthy investment.
 Many good stocks have fallen. Great opportunity to enter Globus Spirits.
 As stated here last week, Karnataka Bank posted Q2 record net profit of about Rs 125 cr. With a quarterly
EPS above Rs 4 and book value of Rs 214, the stock offers valuation comfort in the banking sector below Rs 70. Its
re-rating pace in the coming weeks should not be a big surprise.
 Kewal Kiran Clothing, manufacturer of ‘Killer’ jeans and ‘Integriti’ brand mens’ wear has surprised the market with
its generous bonus issue. What is strange is the absence of full page colour ads as in the past. Marketmen aver that
this silence helped smart persons pick up the stock before the breakout that is sure to follow.
 APM Finvest, a Rajasthan based NBFC is likely post FY22 EPS of Rs.10. The share trades at attractive valuations of a
PE multiple of 3x and below its book value. Hold this debt-free company for excellent returns.
 Summit Securities, the holding company of CEAT, ZENSAR, KEC is trading at a deep discount of 89% to its NAV of
around Rs.6000. Hold this debt-free company for moderate returns for short term and as well as long term.
MUHURAT PICKS
Dildar Singh Makani
1. Power Finance Corporation: (Rs. 132) This PSU has recently been awarded the Maharatna status. Its FY21 EPS
was Rs. 47+ and it paid a dividend of Rs. 12.50. The future is exciting. It is also a bonus candidate.
2. Tata Power has launched over 1000 EV battery recharging stations. More are to come. The Company is also
reducing its debt. A good long term buy.
3. The 5G Story is about to begin. HFCL (Rs. 70) will be one of the biggest beneficiaries. The share can more than
double in a years’ time. A big buy.
4. Aluminum prices over the world are going up. NALCO is one of the lowest cost producers. It has big expansion
plans. This PSU is also a good dividend play. Buy right sit tight. A multi-bagger in the offing.
5. Of all the loans, housing finance loans are most secured. Indiabulls Housing (Rs. 214) has big expansion plans.
Institutional Investors are its biggest shareholders. The share is a very good dividend play too.
6. Ajooni Biotech (Rs. 60) This dark horse is into animal feeds and has tie-ups with reputed brands including
Patanjali. Big expansion plans and a rights issue makes this share a good pick.
7. India is on the cusp of launching 6 MACH speed nuclear capable missiles with capability of hitting targets 5000
km with amazing accuracy. Bharat Dynamics must be added at every decline.
8. This little-known dark horse, Wardwizard (Rs.74) makes E-scooters (Joy) and has been of late reporting fantastic
results. There are big expansion programs in the wings and the Company is a likely multi-bagger. Investors with
an appetite for risk may enter.
9. The Union Govt has decided to bring down crude imports. Big incentives are being offered to enhance blending of
ethanol. Praj Industries will be a big beneficiary. Add.
10.The govt has declared that it will divest stakes in certain PSU Banks. IDBI Bank and Bank of Maharashtra are good
investment
Vikas Khandelwal
Phillips Carbon Black: A steady performer quarter on quarter is on an expansion spree and the largest carbon black
manufacturer and a strong global player with customers in 45+ countries. Revenue at Rs1071cr. vs Rs 665cr, PBT

Rs153cr vs Rs72cr up 107% YOY. Q1 PBT at Rs131cr.,PAT at Rs122cr. vs Rs 58cr, Q2 EPS at Rs 7.1 vs Rs 3.36, H1 EPS at
Rs13.1. Buy at Rs 220 for a target of Rs 360.
Kewal Kiran Clothing Ltd.: The retail market is coming back to the pre-Covid level and beyond. ‘Killer’ a well-known
brand of qualtiy jeans has started acquiring companies and turning aggressive. Young blood has entered the co.as
executive director with fire in the belly. Market cap wise, it is a small company and can be a multi-bagger if all goes as
per plan. Revenue of Rs 181cr vs Rs 95cr QoQ, PAT at Rs27cr vs Rs 8.5cr QoQ, EPS at Rs 21.9 vs Rs 6.9 QoQ and were
announced with bonus of 4:! and dividend of Rs10. The numbers say it all. Buy at CMP Rs1200 with a target of Rs1950.
STOCK BUZZ
By Subramanian Mahadevan
Kesoram Industries Ltd: A low risk bet!
(Code: 502937) (FV: Rs.10) (CMP: Rs.63)
Kesoram Industries (Kesoram) is a Kolkata based company and a part of the B K Birla Group engaged in the manufacture
of tyres, cement, rayon with three major divisions – Birla Tyres (already demerged and got listed on the bourses in Feb
2020), Birla Shakti Cement and Kesoram Rayon.
Cement Division - Its cement division is located near the limestone deposits of Sedam and Basantnagar. Birla Shakti’s
two cement plants have a combined capacity of 7.25 MMTPA making it one of the leading cement manufacturers in the
region. In 2015, Kesoram sold one of its loss-making tyre plants at Laksar (Haridwar) for Rs 2200 crore to JK Tyre to
reduce its huge debt pile and conclude the deal. Thus, debt came down to Rs.3620 crore at the end of 31 March 2020. Post
this sale, Kesoram set the house in order throughout FY21 by bringing in efficiency, raising funds by inviting global PE
giants etc. which has started yielding results from Q1FY22.
Food packaging - Kesoram Rayon, an unit of Cygnet Industries is a wholly-owned subsidiary of Kesoram Industries. The
company produces transparent paper primarily for use in the industrial segment since 1961. Kesoram Rayon has
relaunched an environment-friendly food packaging solution ‘Kesophane’ aimed at the retail segment.
Cygnet Industries, which has three business divisions including rayon, chemicals and transparent paper, expects to clock
a turnover of Rs.250 crore by the end of this fiscal. With its Kesophane biodegradable cellulose transparent films, it hopes
to cross Rs.400 crore revenue by next fiscal. Rayon contributes about 60% to its annual turnover while transparent paper
has a share of 30% with the remaining 10% coming from chemicals.
Conclusion - After incurring losses for multiple quarters due to the tyre business, Kesoram roped in global giants,
Goldman Sachs and Cerberus, by accepting Rs.1600 crore through a rupee-bond sale in March 2021 to replace the existing
legacy debt and expanded its geographical footprint. Post this fund infusion, the Rs.2,400 crore Kesoram on a consolidated
basis, registered 100% revenue growth of Rs.855 crore with a PAT of Rs.13 crore for Q1FY22. The rise in net profit came
on the back of a jump in volume sales by around 88% to 1.69 MMT during the quarter as against 0.9 MMT in Q1FY21.
Again, to deleverage its balance sheet, Kesoram recently concluded fund raising to the tune of Rs.400 crore on a rights
basis, which was oversubscribed with good response due to the market sentiment and buoyant cement sector. Currently,
Kesoram’s net debt stands at around Rs.1,890 crore and it plans to pare it down to less than Rs.1000 crore over the next
12 months.
Investment in the Kesoram Industries stock is a low risk bet at the current level considering the huge underlying asset of
7.25 MMTPA capacity cement business available at a market cap of just Rs.1351 crore after the demerger. Kesoram may
eventually be taken over by Ultratech cement, which is a cement behemoth belonging to the same branch of the Birla
family in the near future. The stock has the potential to deliver 100% return over two years given the impending boom in
Cement.
STOCK WATCH
By Amit Kumar Gupta

Kajaria Ceramics Ltd.
(Code: 500233) (FV: Re.1) (CMP: Rs.1219)
Incorporated in 1985 and headquartered in New Delhi, Kajaria Ceramics Ltd. (KCL) manufactures and sells ceramic and
vitrified tiles under the Kajaria, Kerovit and Eternity brands. Its products include ceramic wall and floor tiles, polished
vitrified tiles, glazed vitrified tiles,
sanitary ware and faucets and
plywood and laminates, as well as tile
adhesives, epoxy and unsanded grout
and tiles cleaner. KCL also exports its
products to about 35 countries.
The company reported higher-than-
expected revenues, OPM and net
earnings for Q2FY22. Its consolidated
revenues grew 36.6% Y-o-Y (+73.3%
Q-o-Q) at Rs.974 crore, led by a
strong rise in tile volumes (up 25% Y-
o-Y and 62.5% Q-o-Q),
sanitaryware/faucet revenue (up
40.6% Y-o-Y to Rs.74 crore) and
plywood revenue (up 92.4% Y-o-Y to
Rs.17 crore). Consolidated OPM at
18.5% (-163 bps Y-o-Y, +422 bps Q-o-
Q) was higher than its estimate on
account of lower-than-expected
power and fuel costs (as the company
benefitted from lower gas prices in
northern region compared to the
Morbi cluster). Hence, KCL’s
consolidated operating profit was up
25.6% Y-o-Y at Rs.180.5 crore (up
124% Q-o-Q), which was higher than
estimated. Strong operational
performance led to consolidated net
profit of Rs.116 crore.
KCL witnessed almost full capacity
utilisation in Q2FY22 led by a strong
demand environment, which is
expected to get even better during
H2FY22. Consequently, the
management has guided for a 15% Y-
o-Y volume growth and 20% Y-o-Y
revenue growth in tiles for H2FY22.
For Bathware, it expects revenues to
grow over Rs.500 crore in two years.
Kajaria expects to gain market share
leading to optimism on volume
growth for FY22. On the capacity
expansion front, the management
maintained its brownfield capacity
expansions at three locations

aggregating to 12.4msm at a capex of Rs.275 crore, which is expected to be completed by FY22 end and can potentially
generate over Rs.500 crore of revenues.
The management expects 15% Y-o-Y volume growth and 20% Y-o-Y revenue growth for H2FY22. Similarly, it expects to
clock an OPM of over 18% for FY22.
The company took three price hikes in April, July and August. Overall, it has taken 4% average price hike in tiles. The
bathware segment would see 20-25% price hike in this fiscal. In sanitaryware, gas price rise of 8-10% has been passed
through. The gas prices are passed to end-consumers with a lag of 15-30 days. The company’s northern plant’s gas prices
are at Rs.38/scm while Morbi’s gas price is currently at Rs.50/scm and Southern region gas prices are at Rs.60/scm. The
Morbi region is likely to see Rs.15/ scm gas price hike by the month end. The company is in a beneficial position with
respect to gas prices compared to the Morbi region as Morbi and the South accounts for only 18% and 10% of sales while
the North accounts for the balance 72%.
The company’s exports account for 2-3% of total sales, which it targets to raise to 5-8% over the medium term. Europe
witnessed a cost increase of 1.5 euros per square metre, which makes exports from India competitive excluding the high
ocean freight rates.
The company is undertaking Rs.275 crore capex at three locations, which will be completed in this fiscal.
Technical Outlook: The Kajaria Ceramic stock looks good for medium term investment as it is forming a strong uptrend
channel pattern on the daily chart and trading above the breakout level with volumes, which will trigger the rally for much
higher price with support at Rs.1150. Currently, the stock trades above all important moving average like the 200 DMA
on the daily chart.
Start accumulating at Rs.1250 and on dips to Rs.1100 will be a good start for medium to long term investment and a
possible target of Rs.1400++ in the next 12 months.
******
Torrent Pharmaceuticals Ltd.
(Code: 500420) (FV: Rs.5) (CMP: Rs.2786)
Incorporated in 1959 and based in Ahmedabad, Torrent Pharmaceuticals Ltd. (TPL) is into research, development,
manufacturing and marketing of generic pharmaceutical formulations in India, the United States, Germany, Brazil and
other countries. It offers products in various therapeutic areas, including cardiovascular, central nervous system,
gastrointestinal, women healthcare, diabetology, pain management, gynaecology, oncology and anti-infectives as well as
vitamins, minerals and nutrients. The company also offers contract manufacturing services. It has collaboration
agreements with Cipla Ltd., Dr. Reddy's Laboratories Ltd., Emcure Pharmaceuticals Ltd. and Sun Pharmaceutical
Industries Ltd. for the clinical trial of the investigational oral anti-viral drug Molnupiravir for the treatment of mild COVID-
19 in an outpatient setting. The company was formerly known as Trinity Laboratories and changed its name to Torrent
Pharmaceuticals Ltd in 1971. Torrent Pharmaceuticals Ltd. is a subsidiary of Torrent Investments Pvt. Ltd.
TPL reported steady growth for Q2FY22 although PAT missed the estimates due to a higher tax rate. Revenue for the
quarter grew by 5.9% Y-o-Y and stood at Rs.2,137 crore backed by 13% and 21% revenue growth in India and Brazil while
the US sales declined by 13%, impacted by price erosion and absence of new launches. Operating profit margin (OPM)
stood at 30.9% and dipped by 60 bps Y-o-Y. Due to a high tax rate, PAT was up by a meagre 1.9% Y-o-Y and stood at Rs.316
crore.
TPL’s India business largely comprises the domestic formulations business, which has staged healthy growth of 13% Y-o-
Y to Rs.1,087 crore in Q2FY22. Adjusting for delayed dispatches in Q2FY21, the growth stood at 16%. Growth can be
attributed to strong performance of top brands and new launches as the company outpaced the average pharma sector
growth. Going ahead, a slew of growth triggers are expected to drive the performance of the India business. TPL launched
its generic trade division in India in the previous quarter and has since received good response with revenue accounting
for 1.5% to 2% of the total revenue. This largely comprises acute therapy products and some of the prescription brands
that would be shifted to the generics trade division. TPL is eyeing 4-5% share of the India business from the trade generics
segment, which is substantial. In addition, a strong traction is expected to sustain in the branded generics business, which
would also add to revenue growth. The current field force productivity stands at Rs.9.9 lakh/representative for the

quarter, which is strong. Overall, the focus on growing trade generics business, strong growth in branded generics and
improvement in field-force productivity could be the key growth drivers for India business.
TPL’s US business has been under severe stress as two of its key plants catering to the US markets – Dahej and Indrad –
have been under the scrutiny of the USFDA. This affected the base business as well as new product launches as the new
launch momentum was hit severely. US sales for the quarter stood at Rs.284 crore, which is a decline of 13% Y-o-Y.
Constant currency sales for the quarter stood at $35 million. Going ahead, the management sees the US business to be
under stress in the near term due to intense competition leading to double-digit price erosion, which could sustain ahead
as well. Moreover, as the company’s plants are under USFDA scrutiny, the new product launch momentum has been slow
and will improve only with the regulatory approvals flowing in. TPL has a strong product pipeline comprising 53 ANDAs
pending approval and seven tentative approvals. Collectively, based on the above, performance in the US markets could
be under stress and USFDA clearances for both Dahej and Indrad plants is awaited and is critical for the US revenue growth.
Revenue from Brazil rose impressively by 21% Y-o-Y to Rs.156 crore, making it the fastest growing region in the quarter.
Strong growth can be attributed to momentum in large brands and two sizeable new product launches. TPL has
outperformed the industry’s growth in Brazil markets and expects to continue outperforming the industry. Further, the
company plans to launch three molecules in Brazil markets by FY22, which could add to growth.
Technical Outlook: The Torrent stock looks good for medium term investment as it is forming a strong uptrend channel
pattern on the daily chart and is trading above the breakout level with volumes, which will trigger the rally for much
higher price with support at Rs.2700. Currently, the stock trades above all important moving averages like the 200 DMA
on the daily chart.
STOCK ANALYSIS
By Rahul Sharma
HIL Ltd.: Highly bullish!
(Code: 509675) (FV: Rs.10) (CMP: 4470)
HIL Ltd. (HIL) is a part of the C.K. Birla Group headquartered in Hyderabad. It is one of the leading companies in building
materials and construction industry with a robust product pipeline and wide range. HIL manufactures asbestos fibre
corrugated sheets, coloured steel sheets, non-asbestos corrugated roofing sheets, new generation building products like
autoclaved aerated concrete (AAC) blocks (light bricks) that are used for walls in building constructions and aerocon
panels and boards that are used as partition in residential and commercial buildings. Analysts are highly bullish on this
counter due to the following reasons:
Market Leadership
HIL’s ‘Charminar’ brand is a market leader in roofing solutions. It commands 20% market share in the domestic fibre
cement category. Its ‘Birla HIL’ is also a major player in the Polymer segment for Pipes and Wall Putty. In FY19, the
company acquired Parador GmBH in Germany, which gave a boost to its flooring business. It derives 90% of its sales from
its markets in Germany, Austria and other European countries. It manufactures engineered wood flooring, laminate
flooring and vinyl flooring in its factories in Germany and Austria. It is present across 80+ countries and has over 4,500
retail partners globally.
Significant improvement in credit profile
The consolidated financial profile improved significantly in FY21, owing to higher profitability and cash flows that enabled
the prepayment of a large part of its debt. The consolidated net leverage improved to 0.6x in FY21 from 2.7x in FY20 as its
EBITDA grew 72% Y-o-Y to Rs.4,09.2 crore. The improved all-round profitability led to higher consolidated EBITDA
margins of 13.4% in FY21 as against 9.3% in FY20, with a further improvement in the margin to 16.5% in Q1FY22. The
higher profitability and divestment of the non-core thermal insulation business for Rs.77.64 crore resulted in a reduction
in the net debt to Rs.253.4 crore in FY21 from Rs.638.8 crore in FY20; the interest coverage increased to 14.7x from 6.2x

on lower interest expense. Furthermore, on 30 June 2021, HIL had no interest-bearing debt outstanding in the Indian
operations.
Financials:
Balance sheet: (Rs. in

crore)
Particulars FY18 FY19 FY20 FY21
Share 7 8 8 8
Capital
Reserves 559 630 735 988
Borrowings 67 669 741 410
Other Liabilities
386 669 671 708
Total 1,019 1,975 2,154 2,113
Fixed Assets 492 1,081 1,120 1,156
CWIP 49 32 35 14
Investments 121 1 18 33
Other Assets 357 861 982 911
Total 1,019 1,975 2,154 2,113
Financials: (Rs. in
crore)
Particular FY18 FY19 FY20 FY21
s
Revenue 1,280 2,169 2,555 3,044
EBITDA 171 256 270 474
PAT 81 101 106 260
Fundamentals:
The company has ROCE of 25.3% and ROE of 30%. It has reduced its debt consistently and has debt:equity ratio of 0.30x.
HIL’s PAT has grown at CAGR 43.86% over the last 5 years. The company has been consistently generating positive
operating cash flows and for FY21 its operating cash flow increased over 3x from Rs.130 crore to Rs.466 crore. Promoters
hold 40.83% stake in the equity, DIIs hold 3.31% & FIIs hold 5.05%. Considering the sound fundamentals and leading
market position we initiate a BUY call on this counter with a target price of Rs.10000.
EXPERT EYE
By Vihari
The Anup Engineering: Gainful proposition!
(Code: 542460) (FV: Rs.10) (CMP: Rs.1003)
The Anup Engineering Ltd. (AEL) caters to wide range of process industries like Oil & Gas, Petrochemicals, LNG, Fertilizers,
Chemicals/ Pharmaceuticals, Power, Water, Paper & Pulp and Aerospace with its extensive product range of Heat

Exchangers, Reactors, Pressure Vessels, Dished Ends & Expansion Bellows, Columns & Towers, Industrial Centrifuges and
Formed Components. It manufactures critical process equipment for several core industries.
The demerged entity of Arvind Ltd, Anup Engineering (formerly Anveshan Heavy Engineering), was listed on the exchange
in February 2019. Few years ago, Arvind Ltd. (Sanjay Lalbhai Group) had demerged its branded retail and small
engineering businesses into three different entities — Arvind Ltd, Arvind Fashions Ltd. and Anup Engineering Ltd.
The shareholders of Arvind Ltd. were allotted one equity share of Anup Engineering (formerly Anveshan Heavy
Engineering) for every 27 shares. Anther Lalbhai Group listed company is Atul Ltd. having a market cap of about Rs.25,000
crore.
With decades of experience in fabrication, AEL acquired a high level of skill in the core process of welding. AEL possess
over 1800 qualified welding procedures and high degree of expertise in various materials and welding processes.
AEL’s manufacturing facility in Ahmedabad is spread across an area of 45,000 sq. mtrs. with 6 heavy and 4 light fabrication
bays. The high-end as well as versatile nature of its facility is testified by the fact that it can manufacture equipment
ranging from 20 MT to 450 MT with equal ease.
The plant is conveniently located close to some major national highways, ensuring smooth logistic operations by road. It
also has easy access to all the major sea ports.
AEL’s clients include L & T Heavy Engineering, Technip, Indian Oil, Linde, Thai Oil, Toyo, Valmet, Korling, Technimont,
GNFC, Air Products, KNPC, Reliance Industries, Tata Group, GE Power, Kinetics Technology, ISRA, HMEL, Petrofac, Mycom,
BASF, Andritz and Sasol etc. The company also exports its products to the Middle East, South East Asia, CIS Countries, USA,
South Africa, Nigeria and Algeria etc.
From detailed engineering requirements to thermal design, FEA (Finite element analysis) analysis and beyond – AEL has
the in-house capability to provide engineering solutions that meet various international codes and quality standards from
across the globe.
Finite element analysis (FEA) is a computerised method for predicting how a product reacts to real-world forces, vibration,
heat, fluid flow and other physical effects. Finite element analysis shows whether a product will break, wear out or work
the way it was designed.
Quality forms the core of AEL’s business philosophy. The equipment designed and manufactured in AEL’s facility matches
the most stringent quality standards. Its facility is certified ISO 9001:2008, ISO 14001:2004 and BS OHSAS (Occupational
Health and Safety) 18001:2007 and ASME U, U2, S as well as NB & R stamps certified.
During Q2FY22, AEL’s net profit rose 34% to Rs.15.7 crore on 2.2% higher sales of Rs.89 crore fetching an EPS of Rs.16.
During FY21, its net profit rose 26% to Rs.53.5 crore on 14% higher sales of Rs.279 crore with an EPS of Rs.52.5 and a
dividend of 70% was paid. Exports contributed 11% of sales in H1FY22. The export order book is improving at 30% of the
total order book.

With an equity capital of Rs.9.8 crore and reserves of Rs.327.3 crore, the book value of the AEL share works out to Rs.343.
The value of its net block stands at Rs.188 crore.
There are no debts in the books. Cash in hand as on Are you passionate about stocks?
H1FY22 is Rs.58 crore. The order book as well as
enquiry pipeline continues to remain strong and Can you spot a winner?
encouraging. The company has orders on hand of Are you keen to write?
Rs.299 crore.
During FY20-21, AEL completed the buyback of If your answer is YES to all the three questions, MONEY
shares worth Rs.25 crore. TIMES, launched by the pioneers of investment
Promoters hold 43.3% in the equity capital. Foreign journalism, invites you to join its team of contributors.
funds hold 5.8%, HDFC Trustees hold 2.6%, New Each and every analyst on our panel is passionate about
India Assurance hold 2.6%, FPIs hold 1.7%, HNIs hold stock investments and is an expert in his field. What is,
5.4%, NRIs hold 1.4% and PCBs hold 4.4%, which however, more significant is that most of them were our
leaves 32.8% with the investing public. subscribers first and have been writing for over 20 years
On the capex front, AEL commissioned a new heavy now.
bay in January 2020, which helped it to execute larger
and more complex equipment orders at Odhav.
So if you want to join this eminent group, write to
moneytimes.support@gmail.com and send us a sample of
Looking at the heavy demand for its products, AEL
has reinitiated the Kheda work. It has started the
your article written or published.
construction work at Kheda in the wholly owned
subsidiary (Anup Heavy Engineering Ltd) from Sept.21.
On the market front though, with the recent upgradation of infrastructure there are interesting opportunities available to
AEL to enhance the product mix, enter new markets and industry sectors both in the domestic as well as export markets.
With the largest growing user sectors such as Oil & Gas, Petrochemicals, LNG, Fertilizers, Chemicals, Pharmaceuticals,
Power, Water, Paper & Pulp, Water treatment and Aerospace, the prospects of AEL is waiting to tap huge opportunities.
With bright prospects ahead, AEL is aiming to become Rs.1,000 crore top-line business over the next 4-5 years. This will
enhance its profitability substantially going forward. As AEL derives major revenue of over 70% from the refinery sector,
the second half is always better.
AEL posted an EPS of Rs.52.5 in FY21 and is expected to notch an EPS of Rs.68 in FY22, which could move up to Rs.80 in
FY23 after the capex.
At the CMP of Rs.1003, the share trades at a forward P/E of 14.76x on FY22E and 12.55x on FY23E. A reasonable P/E of
20x could take its share price to Rs.1360 in the medium term and Rs.1600 thereafter. The 52-week high/low of the share
has been Rs.1113/536.
SECTOR REVIEW
By Share Surya
Tea: The aroma of Samvat 2078!
Most prosperous Samvat 2077 is passing on the baton to Samvat 2078 in a few days. Prospects of the Tea sector appears
promising in the new Samvat 2078 and hence a review of the same is presented to the readers of Money Times, wishing
the ardent readers a Happy Diwali and a prosperous new Samvat 2078.
Tea is a beverage made by pouring hot water over cured tea leaves. It is the second most consumed drink in the world
only after water. Although consumption habits are changing and follow new and diversified patterns, from hot to cold,
from black to green tea, from brewed to RTD, tea has positioned itself as a drink that is good for the mind and body, with
a rich cultural background. Also, the strong increase in blended tea with herbals supplement the functionality of the
world’s most popular beverage.

Regarding the production of tea, the top four countries are China, India, Kenya and Sri Lanka and together comprise 75%
of the global tea production. Although India is the 2nd largest producer, it consumes 3/4th of its production locally, leaving
only 1/4th for export. Hence, it is the fourth largest exporter of Tea after China, Sri Lanka and Kenya.
Position as at the end of 2020:

China produces over 2 million tons of tea, which makes it the world's largest producer of tea. India comes second with tea
production of 1.2 million tons. India’s climate is perfect for cultivating the plants and boasts of tea quality at par with
China's. The British had the intent of overthrowing China's monopoly over tea production by cultivating it in India - their
prized colony. The tea market in India is huge with thousands of tea gardens spread across the nation including such
popular varieties as Darjeeling and Assam. More than half the tea produced in India remains in the country for
consumption effectively making India a country of billion tea drinkers. Indian tea is among the finest in the world owing
to strong geographical indications, heavy investment in tea processing units, continuous innovation, augmented product
mix and strategic market expansion.
Kenya is the 3rd country to grace the list, with total tea production of 432,400 tons. It is world's largest exporter of black
tea and there are over 500,000 small-scale Kenyan farmers growing tea in the country.
Sri Lanka is the 4th largest tea producing country, making its mark with the 340,230 tons of the plant. It is one of the
world's largest exporters of orthodox teas and is particularly well known for its Ceylon teas, named as such because the
country was called Ceylon by colonizers in the past. While the country originally produced much more coffee, it switched
over to tea after a blight wiped out their crops. Now, tea is the country's main foreign exchange with other countries and
its production accounts for 2% of the country's gross domestic product (GDP).
Rounding out the top five is Vietnam with a total of 214,300 tons of tea produced. Tea is deeply engrained in its culture.
Vietnamese people see tea as a contemplative activity and as something to be drunk while pursuing scholarly activities.
Tea Prices Trend:
Tea sector is known for its cyclical nature with alternating cycles of uptrend (boom) followed by downtrend (bust). Global
tea prices recorded declining spell from the beginning of 2017 till mid-2020 as seen in the chart 1. Tea prices took an
uptrend from the 2nd half of 2020 and in the current year the uptrend is consolidated and a meaningful uptrend is
witnessed since the last three months, as visible in the 2nd chart. Tea prices are expected to trade at USD 3.30 per kg by
the end of the current quarter. Trading Economics global macro models estimate Tea prices to be at USD 4.10 per kg in

the next 12 months as shown in chart No 3 below. Hence, from an investor’s point of view, the Tea sector offers good
potential and ample opportunities to invest in the coming Samvat 2078.
Now, look at the Tea companies in India. Tata Consumer Products Ltd. (TCPL) is the second largest Tea company in the
world after JDE PEETS N.V of Netherlands, by market capitalisation. Bombay Burma Trading Corporation Ltd. (BBTCL) is
one of the top 5 tea companies of the globe.
Analysts believe that picking quality Tea stocks for investment in the new Samvat will offer better valuation comfort and
growth potential as well. Let us look into the valuation data points of the top ten Indian tea companies by market cap to
assess the investment opportunities available in the present market conditions.

Looking at these valuation data points as on 29-10-2021, Tata Consumer Products Ltd, Dhunseri Tea & Industries Ltd. and
B & A Ltd look the most appealing. If any single scrip is to be selected, Dhunseri Tea & Industries Ltd. is the right choice. It
is the only Tea stock, which gifted a bonus issue in Samvat 2077. Gifting 1:2 bonus issue after 5 years slide in Tea prices
signals the confidence level of its management about the prospects of the company in coming years.
BULLS EYE
By Pratit Nayan Patel
Uttam Sugar Mills Ltd.: Back in the buying zone!
(Code: 532729) (FV: Rs.10) (CMP: Rs.170)
We had recommended this stock on 8th May 2021 at Rs.143. It zoomed to Rs.308.35 on 30th June and recorded
triple digit returns in less than 2 months. Now the stock has again come into the buying zone having posted
turnaround Q2FY22 numbers. So we once again recommend this stock.
Company Background: Uttam Sugar Mills Ltd. (USML), a part of the Uttam Group, is a leading integrated sugarcane
processing company with its corporate office in Noida (U.P.). The group’s continuous efforts in harnessing the full potential
of sugarcane has enabled it to develop the most modern sugar complexes in India with facilities to produce refined
sulphurless sugar, white plantation sugar, ethanol and power. The company operates in three segments: Sugar, Co-
generation and Distillery. USML has four sugar units. Of these four units, three sugar units produce 100% Sulphurless
Sugar using the Defecomelt process instead of the conventional Double Sulphitation process. It produces Ethanol at its
Barkatpur plant.
It has successfully set up and implemented the Incineration Boiler at the distillery unit at Barkatpur. This will enhance the
distillery capacity from 450 Lakh Bulk Litres p.a. to 540 Lakh BL p.a.
Equity capital, reserves & promoter holding: With an equity capital of Rs.38.14 crore, the company has huge reserves
of Rs.330 crore. The promoters hold 75%, Anil Kumar Goel holds 4.75%, Seema Goel holds 2.31% of the equity capital,
which leaves 17.94% stake with the investing public.
Performance: Usually, this company has posted losses during Q2. But this time, it has reported turn around numbers in
Q2FY22 with PAT of Rs.0.44 crore on higher sales of Rs.476.40 crore fetching an EPS of Rs.0.12. During H1FY22, it reported
71.18% higher PAT of Rs.34.63 crore on higher sales of Rs.926.32 crore fetching an EPS of Rs.9.08.
Conclusion: At the CMP, the Uttam Sugar Mills stock trades at PE multiple of just 9x. Based on the above financials and
valuations, the share looks quite attractive at the current level and investors can accumulate this share between Rs.175-
160 with a stop loss of Rs.145 for an upper target of Rs.300-325 in the next 12 to 15 months.
Stock Info:
CMP (Rs.) 175
BSE Code 532729

NSE Symbol UTTAMSUGAR
Sector Sugar
52-week H/L (Rs.) 307.25/79.50
Face Value (Rs.) 10
Market-Cap 667
(Rs./Cr.)
Shareholding Pattern: (In %)

Particulars Sep-21 Jun-21 Mar-21
Promoter 75 75 75
Public 25 25 25
Financials: (Rs. in crore)

Particulars Q2FY22 Q1FY22 Q2FY21 H1FY22 H1FY21 FY21
Total Income 476.40 449.92 422.51 926.32 831.97 1818.59
PBT 0.36 46.46 -11.61 46.82 33.40 109.99
Tax -0.08 12.27 -3.15 12.19 13.17 50.23
PAT 0.44 34.19 -8.46 34.63 20.23 59.76
EPS (Rs.) 0.12 8.96 -2.22 9.08 5.30 15.67
TECHNO FUNDA
By Nayan Patel
Aries Agro Ltd.
(Code: 532935) (FV: Rs.10) (CMP: Rs.136)
Incorporated in 1969, Mumbai based Aries Agro Ltd. (AAL), together with its subsidiaries, manufactures and supplies
micronutrients and other customized nutritional products for plants and animals. The company’s products include EDTA
chelates, amino acid chelates, soluble and sulphur-based fertilizers, pesticides, fisheries and animal nutrition, crop
management products, other plant nutrients, and secondary plant nutrients. It also deals in veterinary products. The
Company has a wide distribution network across the country. Its reach extends to most of the major fertilizer consuming
districts of the country. Its retail outlets are spread over 27 states in India.
AAL has an equity base of just Rs.13 crore supported by reserves of around Rs.197.56 crore. The promoters hold 52.66%
while the investing public holds 47.34% stake. Dolly Khanna holds 1.38% stake in this company. Its share book value
works out to Rs.162 and the price to book value ratio stands at just 0.85x.

Particulars Q1FY22 Q1FY21 FY21
Sales 101.77 86.67 381.74
PBT 8.93 7.68 24.61
Tax 3.05 2.28 7.44

PAT 5.82 5.67 17.96
EPS (Rs. ) 4.48 4.36 13.81
During Q1FY22, it reported higher PAT of Rs.5.82 crore on higher sales of Rs.101.77 crore fetching an EPS of Rs.4.48.
Currently, the stock trades at a P/E of just 10x. The stock trades at almost 52% lower from its recent high of Rs.290.15,
which was formed on 24th October 2018. Based on its performance parameters, the AAL stock looks quite attractive at the
current level. Investors can buy this stock with a stop loss of Rs.118. On the upper side, it could zoom to Rs.190-215 levels
in the medium to long term.
******
Rubfila International Ltd.
(Code: 500367) (FV: Rs.5) (CMP: Rs.99)
Incorporated in 1993, Rubfila International Ltd. (RIL) is the only Indian company that manufactures both Talcum Coated
and Silicon Coated Rubber threads. The company has adopted international quality standards and its products are well
received among customers in India and abroad. RIL also produces premium products catering to highly niche’ areas like
toys, fishing, catherers, meat packing, medical webbing, bungee jumping cords etc. RIL produces threads with sizes
ranging from 2.1mm diameter to 0.28 mm diameter.
The company has an equity of Rs.27.13 crore backed by huge reserves of around Rs.170.06 crore. The promoters hold
62.39% while the investing public holds 37.61% stake in the company.

Particulars Q1FY22 Q1FY21 FY21
Sales 97.79 42.64 322.94
PBT 16.65 2.36 45.05
Tax 4.50 1.10 11.62
PAT 12.15 1.25 33.43
EPS (Rs. ) 2.24 0.25 6.38
RIL posted superb Q1FY22 numbers as its net profit skyrocketed 872% to Rs.12.15 crore from Rs.1.25 crore in Q1FY21
on 129.34% higher sales of Rs.97.79 crore fetching an EPS of Rs.2.24. It paid 26% dividend for FY21.
At the CMP, Rubfila International stock trades at a PE ratio of just 12.9x. Based on the above financials and performance
parameters, the this share looks quite attractive at the current level. Investors can buy it stock with a stop loss of Rs.80.
On the upper side, it could zoom to Rs.140-150 levels in the medium to long term.
BEST BET
By Amit Kumar Gupta
Tata Elxsi Ltd.: Profiting by strong support services
(Code: 500408) (FV: Rs.10) (CMP: Rs.5871)
Tata Elxsi Ltd. (TEL) provides product design & engineering, system integration and support services in India, the USA,
Europe and other countries. It operates via two segments: Software Development & Services and Systems Integration &
Support. TEL offers technology consulting, new product design, development and testing services; consumer insights and
strategy, visual design and branding, product and packaging design, user experience design, service experience design and
transportation design as well as content and 3D animation services. It also provides engineering services for connected,
autonomous and electric vehicles; consumer research, prototyping and automotive exteriors and interiors styling
services; body and chassis systems, driveline and powertrain systems; automotive software engineering services;
validation as a service; and AI-enabled smart annotation platform for automotive industry.

TEL has again reported strong all-round performance led by strong recovery in the automotive sub-segment, continued
steady growth in media and communications and healthcare and medical devices verticals and significant margin
expansion despite the wage revision. The company reported constant currency (CC) revenue growth of 7.4% Q-o-Q and
37.2% Y-o-Y, broadly in-line with its estimates, led entirely by volumes. EBITDA margin improved by 398 bps Q-o-Q to
30.8% despite the wage revision (impact of 0.5%) and supply-side constraints, exceeding its estimates, led by operating
leverage from strong growth, higher utilisation, increasing offshore revenue and absence of one-time bonus payment.
Strong deal wins, healthy pipeline and recovery in Japan, South Korea and China markets are expected to drive the growth
of its transportation vertical (second largest contributor to revenue).
TEL reported broad-based growth across the verticals and geographies during the quarter. The company’s CC revenue
growth stood at 7.4% Q-o-Q and 37.2% Y-o-Y. Revenue in rupee terms grew 6.6% Q-o-Q and 38.4% Y-o-Y. The company’s
growth was driven by the Embedded Product Design (EPD) business, which is the largest contributor to its total revenue
(86.3% of total revenue), which grew 10.6% Q-o-Q and 34.4% Y-o-Y on CC terms. Integrated Design & Visualization (IDV)
revenue growth declined 13.9% Q-o-Q (but was up 61.8% Y-o-Y on CC basis) due to shift in the program timelines for a
large ongoing design-led innovation project. System Integration & Support (SIS) CC revenue grew 23.1% Q-o-Q and 46.1%
Y-o-Y.
TEL reported strong revenue growth across the key verticals Q-o-Q under the EPD business. The transportation vertical
reported revenue growth of 14.1% Q-o-Q on CC basis, led by strong demand for electric and autonomous technologies.
The broadcast and communications vertical continued its revenue growth momentum with CC revenue growth of 8.6%
Q-o-Q. The healthcare and medical devices vertical’s revenue growth declined to 6.9% Q-o-Q and 72.7% Y-o-Y.
Revenue growth in the US moderated to 1.1% Q-o-Q (versus 15.9% Q-o-Q in Q1FY22), while Europe reported revenue
growth of 6.2% Q-o-Q (versus 3.9% in Q1FY22). Strong growth in Europe was led by the company’s higher exposure to
automobiles. India reported strong revenue growth of 25.3% Q-o-Q versus 1.9% Q-o-Q growth in Q1FY22.
This business segment has remained volatile in the past few quarters owing to management change, restructuring of sales
team and sharp focus on design projects. IDV business continued to outpace EPD business for the fourth consecutive
quarter between Q2FY21 to Q1FY22. However, it declined 13.9% Q-o-Q on CC basis due to a shift in the program timelines
for a large ongoing design-led innovation project in the US and closure of projects. On a Y-o-Y basis, IDV business reported
a revenue growth of 61.8% on CC basis. The management expects new project to resume over the next 1-2 quarters. As
the management has been focusing on long duration deals in this segment, it expects sustainable growth momentum in
the IDV business after few quarters.
Growth momentum would continue in Q3FY22 on the back of strong order book and robust deal pipeline across the
markets and verticals, and demand tailwinds across its verticals. The company’s differentiated capabilities in product
engineering, design and digital has helped strengthen its market position. The company has been investing in front-end
sales, consultants and industry experts to drive its organic growth momentum by winning new logos, new accounts and
large deals and retain large accounts by providing value-added services. The company’s investments in adjacencies such
as rail, digital health and off-road vehicles are expected to drive its growth going ahead. Aggregate net addition in
employees over the past two quarters remained at 1,803 (26% of Q3FY21 employee base), which indicates that the
company’s preparedness to address the ramp-up of large deals and deal pipeline.
Technical Outlook: The Tata Elxsi stock looks good for medium term investment as it is forming a strong uptrend channel
pattern on the daily chart and trading above the breakout level with volumes, which will trigger the rally for a much higher
price with support at Rs.5600. Currently, the stock trades above all important moving averages like the 200 DMA on the
daily chart.

Early Bird Gains – A Performance Review
Early Bird Gains (EBG), our newsletter specializing in multi-baggers, has performed well for
the last 15 years. Here’s the performance review of the 52 stocks featured between 1st
October 2019 and 30th July 2020.
Highest
Recomm. Gain
Scrip Name Date of Recomm. since
Price (Rs.) %
(Rs.)
NCL Industries Ltd 1 October 19 102 305 199
Ruchira Papers Ltd 8 October 19 85 106 25
Kirloskar Oil Engines Ltd 15 October 19 172 278 62
Lincoln Pharmaceuticals Ltd 22 October 19 160 403 152
Sasken Technologies Ltd 29 October 19 596 1429 140
Agarwal Industrial Corporation Ltd 5 November 19 116 385 232
Kriti Nutrients Ltd 11 November 19 20 53 165
GNA Axles Ltd 19 November 19 273 830 204
Mangalam Organics Ltd 26 November 19 294. 875 198
Sarda Energy Minerals Ltd 3 December 19 179 859 380
Pitti Engineering 10 December 19 44 215 389
DCM Shriram Industries Ltd 17 December 19 148 495 234
PNB Housing Finance Ltd 24 December 19 429 924 115
Elnet Technologies Ltd 31 December 19 111 233 110
Chemfab Alkalies Ltd 7 January 20 177 195 10
Permanent Magnets Ltd 14 January 20 114 445 290
Deccan Cements Ltd 21 January 20 345 846 145
Gujarat Heavy Chemicals Ltd 28 January 20 193 402 108
Honeywell Automation India Ltd 4 February 20 32756 49805 52
Technocraft Industries (India) Ltd 11 February 20 333 866 160
Patels Airtemp (India) Ltd 18 February 20 122 252 107
Rajratan Global Wire Ltd 25 February 20 310 2738 783
NR Agarwal Industries Ltd 3 March 20 218 361 66
Saksoft Ltd 10 March 20 206 948 360
Gujarat Intrux Ltd 17 March 20 81 144 78
Aluflouride Ltd 24 March 20 82 445 442
Expleo Solutions Ltd 31 March 20 133 1384 941
Andhra Sugars Ltd 7 April 20 187 638 241
Srikalahasti Pipes Ltd 14 April 20 129 248 92
GRM Overseas Ltd Ex-Bonus (2:1) 21 April 20 54 1035 1816
Voith Paper Fabrics India Ltd 28 April 20 1110 1314 18
Andhra Paper Ltd 5 May 20 180 299 66
Goodluck India Ltd 12 May 20 29 331 1041
MaanAluminium Ltd 19 May 20 37 230 522
Avantel Ltd 26 May 20 206 876 325
L &T Technologies Ltd 3 June 20 1204 4865 304
Zensar Technologies Ltd 9 June 20 113 434 284

Cochin Shipyard 17 June 20 270 434 61
Jindal Stainless (Hisar) 23 June 20 66 308 367
Shri Jagdamaba Polymers 8 July 20 210 1762 739
Triveni Engineering Industries 14 July 20 56 209 273
Garware Hi-Tech Films 22 July 20 226 1224 243
West Coast Paper Mills 28 July 20 172 288 67
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