Smart Investment 19 - 25 March 2023

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Financial Weekly TM
19th March 2023 to 25 th

March 2023 2
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TM
GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

VOL : 16 • Issue No: 6 RNI No : GUJENG / 2008 / 24320 19th March to 25th March 2023
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
13-03-2023 10,135.27 11682.13 -1546.86
14-03-2023 6737.37 9824.33 -3086.96
15-03-2023 5769.42 7040.67 -1271.25
16-03-2023 7993.16 8275.22 -282.06
17-03-2023 18734.4 20500.93 -1766.53
TOTAL 49369.62 57323.28 -7953.66
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
13-03-2023 7476.55 6057.97 1418.58
14-03-2023 7024.22 4902.28 2121.94
15-03-2023 6343.8 4519.86 1823.94
16-03-2023 9226.46 7175.01 2051.45
17-03-2023 9693.46 7876.32 1817.14
TOTAL 39764.49 30531.44 9233.05
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March 2023 7
Rapid Fire Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
SHRIRAM TRANSPORT FINANCE

BUY AT CMP 1252 TARGETS - 1444 TO 1777 , TIME FRAME - 3 TO 9 MONTHS
Shriram Transport Finance Company Ltd., a flagship company of Shriram group, is Indias larg-
est player in commercial vehicle finance. The company is a leader in organized financing of pre-
owned trucks with strategic presence in 5-10 year old trucks.
It has a pan-India presence with a network of 1,230 branches, and employs 24,533 employees
including 15,356 field officers. It has a vertically integrated business model and offers a number of
products which include: Pre-owned CV financing, New CV financing and other loans like acciden-
tal repair loans, tyre loans and working capital finance, etc.Shriram Transport Finance Company
Ltd was incorporated on June 30, 1978 as a public limited company.
The company was formed with a view to provide hire purchase and lease finance for the me-
dium and heavy commercial vehicles. In the year 1993, the company launched lease portfolio
management scheme and managed more than 100 crore of business through this scheme.In March
1995, the company came out with a rights issue of 64.95 lakh equity shares aggregating Rs 6.49
crore.
The issue was to augment long-term resources and working capital and to enhance the lever-
age ability of the company. In the span of 20 years, the company had fortified their presence in the
market, on account of their focused business segment, a wide geographical coverage, an effective
credit monitoring and appraisal system, which has resulted in high growth in business and
profitability.During the year 2003-04, the company increased the windmills capacity from 4,450
kwh to 8,650 kwh for producing electricity.
Cont....
Financial Weekly TM

March 2023 8
HCL TECHNOLOGIES
TECHNICAL DISCOURSE: BUY AT CMP : 1111, TARGETS 1555,
TIME FRAME 1 TO 9 MONTHS ( ADD IN ALL DIPS AND SIP MODE)
Net profit of HCL Technologies rose 24.39% to Rs 3172.00 crore in the quarter ended March
2020 as against Rs 2550.00 crore during the previous quarter ended March 2019. Sales rose
16.24% to Rs 18587.00 crore in the quarter ended March 2020 as against Rs 15990.00 crore
during the previous quarter ended March 2019.
For the full year,net profit rose 9.26% to Rs 11057.00 crore in the year ended March 2020 as
against Rs 10120.00 crore during the previous year ended March 2019. Sales rose 16.96% to Rs
70676.00 crore in the year ended March 2020 as against Rs 60427.00 crore during the previous
year ended March 2019.
Rapid Fire Stocks

For My Personal Assistance with My
Elite Membership At a Nominal Cost
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Financial Weekly TM

March 2023 9
D(en)O(f)W(ealth)
Performance of our latest Recommendations
Date Stocks Recom. Remark
16th August 22 MIDHANI Buy at 179 with stop loss of 165 Booked 50% profit at 191 on 24th August and rest 50% booked on
16th September at 225
24th August 22 CAPACITE INFRA Buy at 157 with stop loss of 140 Booked 50% profit at 173 on 29th August and rest 50% booked on
6th September at 184
5th September 22 MIDHANI Buy at 210 with stop loss of 185 Booked 50% profit at 225 on 16th September and rest 50% booked
on 10th October at 250
14th September 22 H T MEDIA Buy at 24.75 with stop loss of 22 Stop loss clicked
15tth September 22 J M FINANCE Buy at 69 wth stop loss of 63 Booked full profit on 23rd September at 76.25
19th September 22 VARDHMAN ACRYLICS Buy at 59 wth stop loss of 54 Stop loss clicked
4th October 22 SKM EGG Buy at 103 with stop loss of 92 Book 50% profit on 9th December at 144
11th October 22 HCC Buy at 15.75 with stop loss of 13 Book full profit on 18th November at 18
12th October 22 BHARAT SEATS Buy at 83 with stop loss of 77 Book full profit on 13th October at 89
25th October 22 RVNL Buy at 39 with stop loss of 35 Book full profit on 4th November at 44
27th October 22 BBL Buy at 2160 with stop loss of 1850 Book full profit on 25th November at 2350
3rd November 22 REDINGTON Buy at 159 with stop loss of 140 Book full profit on 24th November at 175
7th November 22 NELCAST Buy at 93 with stop loss of 78 Book full profit on 5th December at 108
23rd November 22 RCF Buy at 109 with stop loss of 97 Book full profit on 24th November at 124
23rd November 22 WPIL Buy at 1215 with stop loss of 952 Book full profit on 13th Frbruary at 1631
25th November 22 FLEX FOOD Buy at 105 with stop loss of 95 Book full profit on 25th November at 109
25th November 22 IRB INFRA Buy at 255 with stop loss of 240 Book full profit on 29th November at 274
30th November 22 SIGACHI IND Buy at 290 with stop loss of 265 Book full profit on 9th January at 350
5th December 22 ARIES AGRO Buy at 150 with stop loss of 125 Book full profit on 28th December at 194
5th December 22 AMD IND Buy at 48 with stop loss of 41 Book full profit on 8th December at 57
9th December 22 DEEPAK SPINNERS Buy at 246 with stop loss of 225 Book full profit on 12th December at 261
12th December 22 COCHIN MINERALS Buy at 282 with stop loss of 245 Book full profit on 12th January at 316.55
13th December 22 MOREPEN LAB Buy at 32.3 with stop loss of 28 Book full profit on 22nd December at 36
22nd December 22 RDB RASAYAN Buy at 95 with stop loss of 75 Book full profit on 9th January at 104
28th December 22 CLSEL Buy at 135 with stop loss of 115 Book full profit on 6th February at 153
5th January 23 M&M Finance Buy at 237 with stop loss of 215 Book full profit on 6th February at 261
5th January 23 FLEX FOOD Buy at 99 with stop loss of 80 Book full profit on 9th January at 120
11th January 23 NCC Buy at 95 with stop loss of 83
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Financial Weekly TM

March 2023 10
Smart Report Het Zaveri
- Ahmedabad
Thermax
Thermaxis anA /T+1groupHeavy Electrical Equipmentcompany with
having Face value of Rs.2. Thermax Limited offers solutions to en-
ergy environment and chemical sectors. The Company's portfolio in-
cludes boilers and heaters absorption chillers/ heat pumps power
plants solar equipment air pollution control equipment/system water
and waste recycle plant ion exchange resins and performance chemi-
cals and related services. It operates glo-

bally through 34 international and 22 do-
mestic offices 14 manufacturing facilities
- 10 in India and 4 overseas spanning
Europe and South East Asia. The
company's international presence spans
90 countries across Asia South East
Asia Africa Europe Americas and the
Middle East. It has 10 wholly owned do-
Fundamentals (FY22-23) mestic subsidiaries and 22 wholly owned
CMP 2289 overseas subsidiaries.
52 - week high 2678.50 Financial Results :-
52 - week low 1830.35 Company's Net Saleswas at Rs
Dividend % (consolidated) 450.00 2,049.25 crore in December 2022 up by
ROCE 11.27 26.91%, Quarterly Net Profit at Rs.
BVPS 252.00 126.19 crore in December 2022 up by
Revenue 6128.33 58.83%andEBITDA stands at Rs. 203.40
Debt to Equity 0.10 crore in December 2022 up by 42.97%
P/E ratio 98.03 compared to December 2021.
EPS 23.35 List of recent updatesregarding the
P/B ratio 9.08 company:
Market Cap 27,273 1. Thermax Limited Fortescue Future
Face value Rs. 2 Cont...
Financial Weekly TM

March 2023 11
Industries (FFI), an Australia-based green energyand green technology company, have signed
a Memorandum ofUnderstanding (MoU) to explore green hydrogen projects - includingnew
manufacturing facilities - in India.The MoU between Thermax and FFI also contemplates the
potentialcollaboration of the parties in the development of new manufacturingfacilities to sup-
port green energy projects in India.
2. The company has recentlyhas concluded an order of Rs. 522 crores for utility boilers and
associated systems for agrass root refinery and petrochemical complex in Rajasthan, India.The
order includes two units of 260 TPH high pressure utility boilers along with allied auxiliaries
to bedesigned and manufactured by Thermax Babcock & Wilcox Energy Solutions (TBWES),
a wholly owned subsidiary of Thermax.
3. The company also bagged an order of Rs. 545.6 crore from an Indian power publicsector
company to set up flue gas desulphurization (FGD) systems for their two units of 500MW
capacity each in the state of Uttar Pradesh, India.The FGD systems will be installed at their
plant to cut down SOx emissions and comply withthe air quality standards set for the power
plants.
4. Thermax recently announced the expansion of its Solar business, transitioning from the
presentrooftop-based Capex model to the solution-based Opex model. The new business, to
be helmed by Thermax's subsidiary, First Energy Private Limited, willwork closely with cus-
tomers in the commercial and industrial space and support theirdecarbonising journey by
providing optimised renewable power. First Energy strives to set upopen access based solar
and solar hybrid farms, hybridising solar with storage and othersolutions and delivering ap-
propriate renewable power to customers.
5. Thermax Babcock and Wilcox Energy Solutions (TBWES), a wholly owned subsidiary
ofThermax recently bagged an order worth Rs. 293 crore order for a boiler package compris-
ing 3 x Oil & Gasfired boilers on EPC basis for a refinery and petrochemical complex in
western India.
6. Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES), a wholly
ownedsubsidiary of Thermax recently signed a know how transfer and license agreement
withSteinmüller Babcock Environment GmbH (SBE), Germany for Waste to Energy
technology.As a part of the agreement, TBWES will design, engineer, manufacture and sell
MunicipalSolid Waste (MSW) fired waste to energy solutions incorporating SBE's well estab-
lished grate and boiler technology.
7. Thermax, has concluded a Rs. 250 crore order for a claus package and an oxidiser package
in thesulphur recovery unit for a greenfield refinery in Latin America. The client company, is
Cont...
Financial Weekly TM

March 2023 12
setting up a new 340 MBPD (Million Barrels Per Day) crude oilrefining capacity to increase
the production of high value distillates.
8. Thermax Group has bagged an order to set up a captive Combined Heat and Power
(CHP)plant on an EPC basis for Assam Bio Refinery Private Limited (ABRPL), a joint ven-
ture ofNumaligarh Refinery Limited (NRL), Fortum and Chempolis. ABRPL is developing
India'sfirst biorefinery to produce cellulosic ethanol from bamboo biomass.
9. The company also launched 'atoM', acompletely modularised and ultra-compact sewage re-
cycle system to treat sewage waterefficiently in confined spaces. The product is suitable for
commercial and residentialsegments, given its contemporary aesthetics, sleek design and
easy installation, operation &maintenance features.
10. As on December 31, 2021, order booking for the quarter was 57 % higher at Rs. 2,462 crores
(Rs. 1,565crore) in the corresponding quarter, last year. Thermax Group had an order bal-
ance of Rs. 7,389 crores(Rs. 5,208 crore), up 42 %.
In last 3 years the stock gave a return of 195.01%as compared to Sensex which gave a return
of89.20%and 195.51%return compared to 90.36%rise in Nifty.
Thermax's new product aTom will also play an important role in driving sales for the company
considering the rise in real estate projects across the country.The Performance Linked Incen-
tive (PLI scheme), under India's NationalGreen Hydrogen Mission, could be leveraged to the
company for setting up any newmanufacturing capacity and it will help in meeting domestic
as well as international demands forelectrolyzerwhich will benefit to the company a lot in
upcoming years.Company's Solar business isprojected to grow to a GW scale based on its
Opex strategy. Company's foray into projects related to greener future of India is paving ways
for India's target of reaching minimum net emission of CO2in upcoming years. Company is
doing great with its healthy financial and long-term income generating projects along with
existing order book so investors looking for safe investments and healthy returns can add this
company's stock into their portfolios for long term period.
- HET ZAVERI
info@smartinvestment.in
(Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks
mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the
securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or
down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be
true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We
assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or
financial losses made by anybody. Investors must take advice from their financial advisors before investing in any stocks.)
Financial Weekly TM

March 2023 13
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Financial Weekly TM

March 2023 14
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Financial Weekly TM

March 2023 15
Performance Report - Mid-term / Long-term

Co. Name Recomm. Target SL Time Frame Return Recomm. Target Day
Date
Persistent Systems 4000 4085 3920 2-4 weeks 2% 09/01/2023 13/01/2023 4
S iem ens 2975 3056 2858 8-10 weeks 3% 12/01/2023 18/01/2023 6
Adani Enterprise 3623 3720 3510 2-3 weeks 3% 12/01/2023 19/01/2023 7
Schneider Electric 205 215 201 3-5 days 5% 16/01/2023 18/01/2023 2
Anand Rathi 790 854 815 4-6 WEEKS 8% 16/01/2023 20/01/2023 4
Abans holding 241 270 224 3-5 days 12% 16/01/2023 18/01/2023 2
CCL Product 516 544 460 2-12 weeks 5% 17/01/2023 23/01/2023 6
Kaynes 791 822.4 770 2-3 weeks 4% 18/01/2023 27/01/2023 9
MOLDTEK 164 179 140 2-3 weeks 9% 19/01/2023 20/01/2023 1
Coforge 4280 4512 3869 1-2 weeks 5% 23/01/2023 02/02/2023 10
Trent 1200 1252 1150 60 days 4% 25/01/2023 01/02/2023 7
Laurus Lab 332 347.8 12 weeks 5% 31/01/2023 01/02/2023 1
KPIT TECH 795 849 780 2-4 weeks 7% 02/02/2023 09/02/2023 7
ATUL AUTO 363 375 335 2-4 WEEKS 3% 09/02/2023 09/02/2023 0
Average Return 5% Averge Hold Period 4.71
Performance Report - Futures

Co. Name Recomm. Target SL Time Frame Return Recomm. Target Day
Date
Stock Name Advise PriceTarget PriceStop Loss Holding Period%Return Advice date End date Days
ICICIBANK Future 871 881 858 4-5 days 1% 20/01/2023 23/01/2023 3
Bank Nifty 43220 42930 43540 2-4 days 1% 24/01/2023 24/01/2023 0

CANARA BANK 328 319 336 2-4 days 3% 24/01/2023 25/01/2023 1
JINDAL STEEL 603 592 614 2-4 days 1% 24/01/2023 25/01/2023 1
Average Return 1.2% Averge Hold. Period 1
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Financial Weekly TM

March 2023 16
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Bear Grind Continues

100 WEEKLY MA COMES TO THE RESCUE :- Bears were in total command as they dominated the
proceedings of the past week. They pushed down the Nifty and in the process broke important supports. The
Long Term Support of 200dma was taken out on Monday itself and the Nifty even went below the 17000 mark
during the course of the week. Weekly Support for the Nifty comes in the form of 100 Weekly MA (17050) and
the good news is that it was respected on Weekly basis. This Support has been broken only once in the past
seven years and that too in March 2020 during the calamity brought in by COVID. So as long as Nifty contin-
ues to close above 100 Weekly MA on weekly basis, there is a strong probability of a rebound atleast upto the
200dma (17451).
S-ZONE : 16746-16653 :- The fall in Nifty on Thursday was scary and it went way below the 17000 mark.
Nifty rebounded from 16850 which is very near to strong Support Zone of 16746-16653. This S-Zone has
been defined by the presence of Bullish Gap, previous intermediate Bottom and the Bearish Target of Bearish
Cup & Handle. Hence this is a very critical Support Zone and it will continue to provide strong Support to the
indices. Also not to forget the 100 Weekly MA (17050), this is currently acting as a Support on the Weekly
Timeframe.
17451-17573 : R-ZONE :- Last week, both Sensex and Nifty fell sharply but importantly left behind a
Bearish Gap at Sensex 59262-59750
and Nifty 17451-17573. It is a critical
Resistance Zone as it not only houses
the above mentioned Bearish Gap but
also the 200dma and the 20dma. Thus
any Pull-back will find it difficult to cross
the above mentioned R-Zone. In case if
it is taken out, then the next Bearish Gap
at Sensex 60462-60583 and Nifty
17772-17800 will come into focus.
PATTERN TARGETS STILL IN-
TACT :- The Target for Bearish Round-
ing Top has already been achieved. The
Target of Bearish C&H (16650) has al-
This Week Recommendations most been done. Bullish Patterns still
remain intact. The Targets for Weekly
Stocks CMP SL Tgt-1 Tgt-2 C&H are placed at Sensex 66978
Buy TechMah 1127 1101 1167 1209 (161.8%) and 70769 (pattern) & Nifty
19925 - 21045. The Targets for Weekly
Buy GodrejCP 947 928 977 1009 RB are still intact and are placed at
Buy KPiTTech 869 850 899 931 69243-73569 for the Sensex and
20718-22025 for the Nifty. The above
Buy JBMAuto 627 612 651 677 Targets will be done as long as Sensex
remains above 56147 & Nifty above
Buy ZensarTech 277 271 287 299 16747.
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 16623 16793 16950 17100 17306 17529 17719
SENSEX 55853 56432 57158 57989 58699 59510 60245
Financial Weekly TM

March 2023 17
Financial Weekly TM

March 2023 18
VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 21

Blue Pills (Technical Analysis Part 9)
(SMA, EMA and Mother, Father & Small Kid Theory Part 4)
Through various hypothetical examples in the previous weeks we have seen how 50 EMA and
200 EMA support the stock price and are both very important supports. Very often stock bounces
from this level. Thus like a mother and father these 2 lines on a chart prove to be great supports
from where the prices can bounce. Just like a Father and Mother support a child to grow ahead and
go ahead 50 and 200 EMA can be the best supports for a stock price or an index. While talking
about supports the lines of 50 and 200 EMA act as best supports only till the price of the stock is
above both the lines. Once the stock price goes below the support lines these very support lines
become the biggest resistance just like over protective parents. The price of the stock behaves like
a 3-year-old child it is either too excited or too frightened and 50 and 200 EMA provide it supports
as well as obstructs it or provide resistance either like a supportive and over protective parents.
So the 50 and 200 EMA or Exponential moving average lines are the best supports and the
strongest resistance. Compared to Simple Moving Average, Exponential moving average gives
more weightage to recent prices compared to older prices. Simple moving average gives equal
weightage to current and the older price. It is up to you which one you use. A debate has waged for
a long time arguing which one is better using SMA or EMA. I personally use EMA more than SAM
but whichever you use you should make sure you stick to it and follow it with discipline. Don't jump
from one to another in confusion. As Harivansh Rai Bachhan ji has said in his poem Madhushala
and I quote him,
“y÷øk ÃkÚk Mkçk çkík÷kíku Ãkh {I Þu çkík÷kíkk nqt, hkn Ãkfz íkq yuf [÷k [÷ Ãkk òyuøkk {Äwþk÷k >>”
Which implies that people often confuse by telling you, showing you different methods. Stick to
your methods and you will definitely reach your destination. So EMA or SMA be true to what you
choose and stay true to it.
Next week onwards we will try and shift our focus to understand what a TREND. Importance of
a trend and how you can combine your understanding of trend along with understanding of sup-
ports, resistances and EMAs and put them into practice using the charts and trade with confidence
and to generate profits.
- Vishal Baliya (Co-Founder-Happy Candles Investment)

- Mobile Number: +91 7043469423
- Twitter Handle: @candles_happy
- Email: info@happycandlesinvestment.com
For courses related to Stock market analysis visit website

https://smartschool.smartinvestment.in/newApp/store/
Financial Weekly TM

March 2023 19
Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
Will US Fed signal pause on

22-Mar-23 – US Fed meeting
Last week we have discussed US Fed chair Jerome Powell testimony, Bank of Japan monitory
policy & SVB financial collapse and closed by regulator. We did highlight that SVB financial crisis
which is caused mainly due to MTM loss on bond portfolio and distress selling due to liquidity
requirement.
This week we will focus on US Fed meeting outcome on 22-Mar-23. Market participants will be
watching closely as crisis has impacted few US regional banks and European banks. ECB raised
rates by 50-bps on 16-Mar-23, but scrapped future guidance as situation is still evolving.
US Fed balance sheet increase by $300 billion to $8.69

trillion from $8.39 trillion
Recent crisis at Silicon Valley Bank, followed by closer of SVB, SIGNATURE BANK &
SILVERGATE BANK this week. Increase in size of balance sheet means QE – Quantitative Eas-
ing, but this is expansion is emergency in nature due to recent crisis in regional US Banks. SVB
financial group, parent company of SVB has filed for Chapter 11 bankruptcy in US on 17-Mar-23.
$152.85 billion – Discount borrowing window
$164.80 billion – Banks borrowing from US Fed.
US regional bank (FRC) First Republic Bank – Big

US banks deposit $30 billion deposit
US big banks such as led by Bank of America, CITIBANK, JP Morgan Chase, WELLS FARGO,
in total 11 banks came to rescue FIRST REPUBLIC bank by depositing unsecured deposit of $30
billion.
JPMORGAN, Citibank, Bank of America, Wells Fargo each making a $5b uninsured deposit
into FRC
Goldman Sachs and Morgan Stanley each depositing $2.5b
Cont..
Financial Weekly TM

March 2023 20
BNY-Mellon, PNC bank, state street, U.S. bank each deposit $1b
By every passing day, more and more banks are coming under pressure as bond yields remain
high and as per market expert there MTM loss could be huge and could trigger financial crisis.
ECB hikes rate by 50-bps on 16-Mar-23

ECB RAISES KEY INTEREST RATE BY 50 BASIS POINTS TO 3.50%, HIGHEST SINCE
OCTOBER 2008
ECB HIKES BY 50 BASIS POINTS, IS "READY TO RESPOND TO PRESERVE PRICE AND

FINANCIAL STABILITY"
ECB REFRAINS FROM SIGNALING FUTURE RATE MOVES IN STATEMENT
ECB monitoring current market situation closely and stands ready to respond as necessary to
preserve price stability and financial stability.
Equichain Wealth Advisors: Market View & Opinion

Last week, probability of 50-bps rate hike by US Fed on 22-Mar-23 was more than 75% after US
Fed chair Jerome Powell testimony, lots of things have changed in last 1 week. Before ECB
meeting there was expecting that ECB might go for 25-bps rate hike and US Fed could keep rate
unchanged. ECB raised rates by 50-bps on 16-Mar-23 and currently market is factoring in 25-bps
rate hike by US Fed.
Since last week financial crisis in US & Europe is evolving and now is fearing more negative
surprise from US & European banks. We continue to believe that US Fed meeting outcome on 22-
Mar-23 will be very important and crucial for market. After this week’s event we have turn cautious
as this financial crisis could trigger domino effect unless properly addressed by US Fed.
Equichain Wealth Advisors – SEBI registration number (RIA): INA000016472
Telegram channel: https://t.me/Equichain
Nikunj Vithlani
Financial Weekly TM

March 2023 21
EVEREST KANTO CYLINDER LIMITED (NSE Code-EKC)
(Face Value – 2.00, Book Value – 88.20, 52w High – 250, 52w Low – 66)
Corporate Feature
Industries :- Everest Kanto Cylinder Ltd
(EKC) is engaged in the manufacture of
highpressure seamless gas cylinders
along with other cylinders and equip-
ment used for containing and storage
CMP : Rs.83
of natural gas, liquids and air. V iew Prudent to Buy at cmp and add on declines
up to Rs.67/- with stop loss Rs.52/-
Everest Kanto Cylinder Ltd, established in 1978 is
Target Rs.155/285+, Sky is the limit above 285.
a leading manufacturer of seamless steel gas Cylin-
Time Frame 6-18 Months
ders with an annual group turnover exceeding Rs. 550
All Parameters on Consolidated Basis (As on 31.12.2022)
Crores. From pioneers in development & production
of gas cylinders, EKC today is a synonym of safety Game Changer : Hydrogen Storage
with well over 2.4 million industrial gas cylinders and
1.1 million CNG cylinders in service. The company is
having its corporate office at 204, Raheja Centre, Free
press Journal Marg, Nariman Point, Mumbai 400021
and three manufacturing plants Tarapur and Kandla
SEZ in India and JAFZA in Dubai. EKC also has a
wholly owned overseas subsidiary company CP In-
dustries Holdings, Inc. The USA. Thanks to a long
history in business and adherence to the highest quality
KEY FUNDAMENTALS standards, EKC en-

joys market leader-
VALUATIONS
Market Cap(at CMP) 938 Cr.
ship in the domestic This is the most important point in our whole study that there is
and favorable position a game changer benefit for this company which will be revealed in
Total DEBT on Books 152 Cr.
coming quarters or years. This benefit is the EVOLUTION OF HYDRO-
Fixed Assets (Net Block) 346 Cr. in international mar- GEN ENERGY. Now a days we listen and read in the newspapers and
Cash in Hand in Books 47 Cr.
kets. business reports/articles that this is the time for the evolution of the
Free Reserves 967 Cr. Hydrogen Energy for the transport system, after the moderate suc-
Inventories 556 Cr. As the name sug- cess or you can say non popularity of Electronic Vehicles in whole of
EPS (2022-23 TTM Basis) 9.31 the world. There are many big companies which are engaged in the
gests, Everest Kanto
P/E (2022-23 TTM Basis) 7.47 development of Hydrogen powered vehicles, and in fact many big
Industry P/E 14.00 Cylinder Ltd is en- companies have almost developed this technology vehicles for both
Book Value 88.20 gaged in the manu- personal use and commercial use as well. But the main point is that
Price / Book Value 0.95 where these hydrogen will be stored? So, every vehicle whether it is
Dividend 0.84%
facturing of different for personal use or commercial use vehicals, there would be need of
Operating Profit Margin % 14.10% type of industrial use the hydrogen cylinders to store the hydrogen as fuel.
ROCE 40.90% cylinders. CNG Cyl-
ROE
Current Ratio
33.90%
2.73 inders, Gas Cylin-
Promoters holding 67 per cent stake
Shareholding pattern of the company is very strong as Promoters hold
200/100/20 DMA 123/95/76 ders, Fire Extin-
more than 67.39% of the total shares. Promoters are very strong in this field
3 Year CAGR Revenue (in %) 34%
guisher, Hydrogen and have vast experience in this field. Besides this 0.84% shares are held
3 Year CAGR Profit (in %) 64%
Cylinders, Medical by HNI Investors and Domestic Institutional Investors. Rest of the equity,
(All Data Taken from Annual 31.77% is with the retail and other holders. None of the holding is pledge by
Report and Moneycontrol.com) any type of investors.
Cont...
Financial Weekly TM

March 2023 22
Application Cylinders, Breathing air Cylinders, Aluminium
Cylinders, Jumbo Cylinders, and Other Export Products.
These cylinders are useful in different type of industries,
so these products are diversified which is better for the
company. Game changer is the upcoming boom of Hydro-
gen evolution in India and the world.
Geographical presence is perfect for the company as it
has manufacturing facilities in India, Dubai, and USA also.
However, EKC’s market coverage is not limited to India &
the Middle East but all over the globe for which compliance
to all international standards like ISO, EN, IS, BS & D.O.T.
will adhere as required. EKC Tarapur has the capacity to
produce cylinders with water capacity range from 20 Ltrs
to 300 Ltrs, while at Kasez plant small cylinder line has the
capacity from 1 Ltrs to 15 Ltrs & a large line from 16 Ltrs to
300 Ltrs. A jumbo cylinder plant is also housed at Kasez
which has suitable infrastructure to produce JUMBO cylin-
ders of 3000 Ltrs capacity. EKC Dubai has the capacity to
produce cylinders from 1 to 280 Ltrs water capacity and
working pressure from 150 – 400 Bar (Test Pressure up to
650 Bar).
On financial front, the company is doing fairly good and
marking the higher revenues every year. On this progres-
sive expansion in the revenues, company is looking to in-
crease its presence in the online market as well as in the
Offline stores. It is not only growing in the terms of rev-
enues, but also in terms of EBIT and net Profits year on
year basis. EKC has grown its Revenues 34% CAGR in
last three years whereas its profits are grown 64% CAGR
in this period. Let the Hydrogen Cylinders start to make
their contribution in the revenue and profits front, these
figures will be huge in coming quarters and years. Com-
pany has very good profitability ratios on the books. Com-
pany has ROCE of 40.90% whereas ROE of the company
is 33.90% which is whopping for this sector. The company
is aggressively working for the growth. It has Rs 967 Crore
Free reserves on books against Rs 938 Crore market capi-
talization of the company, which is truly great.
Technically Stock is available at biggest support at
weekly charts. It has corrected from much higher prices,
but now it is on the way to the full recovery. There are only
one resistance on its way to all time high which is 155-60,
and yet this resistance is placed at 100% gains from cur-
rent price. Moreover, Stock has recovered and surpassed
its 20 DMA. But current price is less than its 100 DMA and
200 DMA, which is expected to touch and cross very soon.
Stock is offering very favourable returns at current price.
***
Financial Weekly TM

March 2023 23
Financial Weekly TM

March 2023 24
Chart Check
Your Stock Our Recommendation
AB capital:
It is in uptrend buy above 154 with sl of 140 target 163…180
AGI :
It is in consolidation phase buy above 381 with sl of 358 target 407
Financial Weekly TM

March 2023 25
AIA engineering:
It is in uptrend buy above 2805 with slof 2750 target 2900…2950…3160
This are some stocks we received from our subscribers,

You can also send your to get featured in next week
For any query email us on
Buy... Buy... Buy on Dips Hold Sell on High

Pennar Ind 73.00 BPCL 351.00 Oil India 256.00
Ujjivan Fin 261.00
ITC 375.00 Bayer Crop 3986.00
Man Infra 74.00 Kirloskar Oil 380.00
SBC Export 17.00 ICICI Bank 836.00 Network 18 52.00
Laxmi Org 252.00
Lotus Eye 61.00 HCL Techno 1108.00 Jindal Driling 250.00
Jubilant Pharmova 312.00
HDFC Ltd 2561.00 M&M Fin 235.00
Kalyan Jew. 119.00 Just Dial 578.00
Indokem Ltd 91.00 KPIT Tech 870.00 TCS 3178.00
Jindal Steel 575.00
Tata Steel 107.00 Ambuja Cement 378.00 GRM Overseas 211.00
HLE Glascoat 524.00
TCM Ltd 38.00 SBI 529.00 Chambal Ferti 274.00
Tata Motor 418.00
HBL Power 99.00 Bharti Air 757.00 Infosys 1420.00
Adani Port 680.00
National Oxygen 75.00 HDFC Bank 1572.00 SBI Cards 723.00
Caplin Point 610.00
Shukra Pharma 45.00 Bajaj Auto 3820.00 Avas 1660.00
Balrampur Chini 387.00
Brighton Group 17.00 Sun Pharma 957.00 Tube Investment 2545.00
Intellect Desing 416.00
Coffee Day 31.00 Narayana Hru. 807.00 Gillette India 4182.00
Delta Copr 198.00
Financial Weekly TM

March 2023 26
Financial Weekly TM

March 2023 27
SMART FUNDS
Tracking the pulse of Active & Passive Mutual Funds
By Vijaya Kittu M, GetPaidIndia.com
The author is a stock market trainer and helps investors realize their investment goals using ETFs and
Mutual Funds. He submitted his PhD in Management (Finance) thesis on Mutual Funds.
SMART FUNDS PICKS -THEMATICFUNDS- MNCCATEGORY
" UTI MNC Fund, " SBI Magnum Global Fund, " ICICI Prudential MNC Fund
IDFC MUTUAL FUND is now renamed as Bandhan Mutual Fund effective March 13, 2023 after Bandhan
Financial Holdings-led consortium acquired the fund house. Consequently all schemes of IDFC MF will be
renamed to Bandhan MF.
MUTUAL FUND NEW FUND OFFERS DURING THE WEEK

Scheme Name NFO Closing Date
JM Corporate Bond Fund March 20, 2023
HSBC CRISIL IBX Gilt June 2027 Index Fund March 20, 2023
HDFC FMP 1269D March 2023 March 20, 2023
Axis Fixed Term Plan - Series 113 (1228 Days) March 20, 2023
Axis NIFTY G- Sec September 2032 Index Fund March 20, 2023
DSP FMP Series - 271 - 1147 Days March 20, 2023
Nippon India Fixed Horizon Fund - XLV - Series 2 March 20, 2023
SBI Fixed Maturity Plan (FMP)-Series 80 (366 Days) March 20, 2023
Baroda BNP Paribas NIFTY SDL December 2028 Index Fund March 21, 2023
Axis S&P BSE Sensex ETF March 21, 2023
HDFC NIFTY SDL Plus G-Sec Jun 2027 40:60 Index Fund March 21, 2023
Mirae Asset Nifty 100 Low Volatility 30 ETF March 21, 2023
Kotak FMP Series 309 March 22, 2023
Axis Fixed Term Plan - Series 114 (83 Days) March 23, 2023
Kotak Nifty SDL Jul 2028 Index Fund March 23, 2023
IDFC US Treasury Bond 0-1 YEAR Fund of Fund March 23, 2023
Invesco India Nifty G-sec Sep 2032 Index Fund March 24, 2023
TrustMF Fixed Maturity Plan - Series II (1196 Days) March 24, 2023
Kotak FMP Series 308 March 27, 2023
Kotak Silver ETF Fund of Fund March 27, 2023
Kotak Nifty Smallcap 50 Index Fund March 16, 2023
NJ ELSS Tax Saver Scheme June 9, 2023
MUTUAL FUND DRAFT OFFER DOCUMENT FILINGS BEFORE SEBI

Scheme Name Date
Navi Gold ETF March 13, 2023
DSP Nifty PSU Bank ETF March 16, 2023
DSP Nifty Private Bank ETF March 16, 2023
Financial Weekly TM

March 2023 28
PHYSICAL SHARE
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• Succession Certificate
• I.E.P.F. • Name
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e-mail : sharephysical@gmail.com
whatsapp 9879930075
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Call Us : 91-9930011789 : www.shareinfoline.com
Financial Weekly TM

March 2023 29
Udayshivakumar Infra Limited
Great Opportunity in Fast growing Infrastructure Sector
Objects of the Issue
Corporate Feature 1. Funding incre-
mental working
Udayshivakumar Infra Limited is engaged in the busi-
ness of construction of roads including National Highways,
capital require-
State Highways, District Roads, Smart Roads under PM’s ments
Smart City Mission projects, Smart Roads under Munici- of Company;
pal Corporations, Bruhat Bengaluru Mahanagara Palike 2. General
(BBMP) and Local Area Roads in various Taluka Places corporate
etc., in the State of Karnataka, Constructions of Bridges
across Major and Minor Rivers, Railway Over Bridges
(ROB), construction of Major and Minor Irrigation and ca-
nal projects, Industrial Areas, based in the State of
Karnataka. The company bids for Roads, Bridges, Irriga-
tion & Canals, Industrial Area construction in the State of
Karnataka including Government Departments. Since Fis-
cal 2015, the company has completed 30 projects having
an aggregate contract value of Rs. 684.68 crore, which
includes 16 roads, 5 bridges, 6 irrigation and 3 civil con-
struction works. As on December 31, 2022, the company
is executing 30 ongoing projects which include 10 roads,
7 smart roads, 1 bridge, 8 irrigation projects, 3 civil con-
Udayshivakumar Infra IPO Details
struction works and 1 toll plaza with an aggregate order Issue Opens : March 20, 2023
book value of Rs. 853.88 crore. Issue Closes : March 23, 2023
As on December 31, 2022, It has also new work orders Face Value : Rs. 10 per share
allotted (work not yet started) comprising of 14 roads, 1 toll Price Band : Rs. 33 to Rs. 35 per Equity share
plaza and 1 irrigation works with an aggregate order book Minimum Lot Size : 428 Equity Shares
value of Rs. 436.51 crore. As on December 31, 2022 on an
Issue Size : 2,00,00,000 Fresh Equity shares of Rs. 10
aggregate basis, the company has 46 work order in hand
having aggregate order book value of Rs. 1,290.39 crore. (aggregating up to Rs. 66.00 Cr)
The Company has received another toll plaza work Issue Type : Book Built Issue IPO
order dated January 11, 2023 from NHAI to run and main- Listing At : BSE and NSE
tain Bankapur toll plaza on the National Highway no. 4 at BRLM : Saffron Capital Advisors Pvt. Ltd.
Haveri, Karnataka. From January 12, 2023, the Company Registrar : MAS Services Limited
has started acting as a facilitating agent for collection of
toll for and on behalf of NHAI.
Udayshivakumar Infra Limited is coming out with an IPO. Key Strengths
It will issue 2,00,00,000 Fresh Equity Shares of Face Value of - Focused on Construction of Roads, Flyovers and Bridges
- Strong Order Book of Roads, Bridges, Flyovers and Irri-
gation projects from Karnataka State Government
- Strong Execution capabilities with industry experience
- Experienced Management Team
Key Growth Strategy

- Maintain Focus on Roads, Bridges and Irrigation projects con-
struction
- Expansion of the geographical footprint
- Intend to enter into joint venture arrangements with other in-
frastructure companies to bid and execute large value projects
- Leverage core competencies with enhanced in-house integra-
tion
- Diversification of Business Activities
Cont...
Financial Weekly TM

March 2023 30
Promoter of Udayshivakumar Infra

Udayshivakumar is the Promoter, Chair-
man and Managing Director on the Board of the com-
pany. He holds a doctorate in social works empower-
ment and contractor development from International Glo-
bal Peace University. He founded the erstwhile sole
proprietorship ‘M/s Udayshivakumar’ in 2002 and has
over 24 years of experience in the civil construction
sector.
As on December 31, 2022, the company is executing 30 ongoing

projects which include 10 roads, 7 smart roads, 1 bridge, 8
irrigation projects, 3 civil construction works and 1 toll plaza with
an aggregate order book value of Rs 853.88 crore
Rs. 10/- each at the lower end of the Price Band. Issue Price
24
Year
Band is Rs. 33 to Rs. 35/- Per Equity Share. The company Experience
will raise upto Rs. 66.00 crore from this IPO. The issue
opens for subscription on 20th March, 2023, and will close
on 23rd March, 2023. The minimum application to be made
is for 428 equity shares and in multiples of 428 equity shares,
thereafter. The Equity Shares will be listed on BSE and
NSE.
Saffron Capital Advisors Private Limited is the sole Book
Running Lead Manager (BRLM) and MAS Services Lim-
ited is Registrar to the Issue.
Equipment base of the company comprises of 111 Udayshivakumar Infra Limited is engaged in the business of
construction equipments, 46 dumpers, 51 other construc- construction of roads including National Highways, State High-
tion vehicles and 7 Ready Mix Concrete (RMC) Plants. ways, District Roads, Smart Roads under PM’s Smart City Mission
Also, it has 1 stone quarry owned by M/s. projects, Bridges, Railway Overbridges, Irrigation, canal, etc.
Udayshivakumar Stone Crusher.
The company has already entered joint venture ar-
rangement between the Company and Kotarki Construc-
Udayshivakumar Infra Limited
tions Private Limited, agreed upon pursuant to the joint Financial Information (Restated)
bidding agreement for joint venture dated April 22, 2022. Period Ended Total Total PAT Net Total
i.e. M/s Udayshivakumar-Kotarki Joint Venture with 75% (Rs. in Cr. Assets Revenue Worth Borrowing
share in the JV held by the company and the balance
31-Mar-20 158.26 194.41 10.49 46.87 33.95
25% held by Kotarki Constructions Pvt. Ltd. The JV has
been awarded a project for widening of a two lane high-
31-Mar-21 146.82 211.11 9.32 56.18 30.60
way in the State of Karnataka on EPC mode. The contract 31-Mar-22 162.61 186.39 12.15 68.32 26.48
value of the said project is approx. Rs. 171 crore. Such 30-Sep-22 178.90 107.14 10.02 78.34 39.46
joint ventures will enable them to achieve prequalification with their joint venture partner at the time of the bid, both technical and
financially. The company has over the years developed an established road under BOQ and EPC business and have gradually
added facilities to support and supplement their road and irrigation construction business. As part of their in-house integrated
model, they have developed in house resources with key competencies to deliver a project from conceptualization to comple-
tion that includes their design and engineering team.
****
Financial Weekly TM

March 2023 31
Smart Banking & Financial Services
By Vijaya Kittu M, GetPaidIndia.com
Tacking the pulse of the Indian and Global Banking and Financial Services - so that the
typical Indian Investor can benefit from it
INDUSIND BANK received RBI approval for the reappointment of Sumant Kathpalia as MD and
CEO of the bank for two more years, effective March 24, 2023. This will make his second term in the
role. RBI typically gives one year or three years extension, but this time, it gave two years in an
unprecedented fashion. With this overhang cleared, the bank can now focus well on its core business
performance and earnings.
ICICI BANK got time from RBI till September 9, 2024, to reduce its stake in ICICI Lombard General
Insurance Company to 30%. As of December 2022, ICICI Bank has a 48.02% stake in the insurance
company. RBI is behind banks and asking them to reduce their stake in the insurance arm so that the
banks can focus on the core banking business.
AXIS BANK is getting a new Head of Research. Neelkanth Mishra has resigned from Credit Suisse
and will be joining Axis. Mishra has two decades of experience with the Swiss bank, has a good
reputation in the banking circle, and is part of Indian Prime Minister Narendra Modi’s Economic Advi-
sory Council.
YES BANK’s three-year lock-in ending was a big relief for investors who got stuck with the bank
shares as part of YES Bank Reconstruction Scheme 2020. Not just retail investors but EPFO and
other provident funds, pension funds, ETFs and Index funds could not sell their locked-in holding for
the past three years. RBI asked banks not to exit quickly but to do so slowly so as not to bring panic.
SILICON VALLEY BANK (SVB) grabbed news headlines for the entire week because of its sud-
den collapse. Its failure was preceded by the collapse of Silvergate and succeeded by the collapse of
Signature Bank. The collapse of the Signature Bank is the third largest bank failure in US history.
Fortunately, all bank deposits will be made whole, and no loss falls on the shoulders of taxpayers.
Then, fears of banking stock investors shifted to Credit Suisse (CS), which could not get sufficient
fund backing from Saudi National Bank. CS got relief after the Swiss National Bank decided to lend
$54 billion. Meanwhile, the European Central Bank decided to go ahead with its plan of raising interest
rates by half a percentage point, showing that central banks have to focus on inflation management
measures.
BITCOIN had a sudden, surprising move during the week after dipping to sub $20k levels and
turning bullish, making a fresh high in recent months and surpassing the $25k level.
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March 2023 32
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Financial Weekly TM

March 2023 33
BUY.... BUY....BUY TIPS OF THE WEEK
Co. Name Code Price Co. Name Code Price
NCC 500294 103.00 Olectra Green 532439 631.00
First Source 532809 112.00 JBM Auto 532605 628.00
Sail 500113 88.00 HG Infra 541019 774.00
GMR Airport 532754 42.00 Mahanagar gas 539957 984.00
IDFC 532659 78.00 God Consumert 532424 948.00
IEX 540750 151.00 HAL 541154 2799.00
Power Grid 532898 229.00 Astral Ltd 532830 1336.00
Mirza Intl 526642 278.00 Accelya 532268 1175.00
Nalco 532234 83.00 Maruti 532500 8310.00
Elecon Eng 505700 387.00 Sheela Faom 540203 1102.00
JKPaper 532162 385.00 Whirlpool 500238 1360.00
DLF 532868 375.00 Reliance iNd 500325 2223.00
Hariom Pipe 543517 459.00 Titan 500114 2455.00
Linc Ltd 531241 518.00 Persistent Sys 533179 4649.00
Century Plywood 532548 479.00 Ultratech Cement 532538 7288.00
AB Fashion 535755 214.00 Nestle 500790 18851.00
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Financial Weekly TM

March 2023 34
Dev Labtech Venture Limited
Growing and Shining with Lab Grown Diamonds
Dev Labtech Venture Limited is coming out with an SME IPO. It will issue
22,00,000 Equity Shares win an Issue Price of Rs 51/- Per Equity Share.
The issue opens on 17th March, 2023, and will close on 21st March, 2023
Dev Labtech Venture IPO Details
Corporate Feature Issue Open : 17th March, 2023
Issue closes : 21st March, 2023
Object of the Issue Issue size : Issue of 22,00,000 Equity Shares
- To Meet the Capital Expenditure Requirements having Face Value of Rs.10/- each
- To Meet Working Capital Requirement Issue Price : Rs. 51 per share
- To Meet the Issue Expenses
Lot size : 2000 equity shares
Application : Rs. 1,02,000\- per lot
HNI : 10,44,000 Equity shares
Retail : 10,44,000 Equity shares
Market Maker : 1,12,000 Equity shares
Listing : BSE SME Platform
Lead Manager : Beeline Capital Advisors
Registrar : Link Intime India Pvt. Ltd.
Application and
Use of Lab grown diamonds
Dev Labtech Venture Limited is a Gujarat based com- Lab grown diamonds are not only used for jewellery but there are many
pany engaged in Manufacturing and Marketing of Eco Friendly, uses of it. Within a few decades, lab-grown diamonds were being made pure
Lab Grown Diamonds having wide range of applications in enough and large enough that they could be used in a variety of high-tech
Semi-Conductors Plates (Electrical, Mechanical, Thermal and applications. Lab-grown diamonds were being used as heat sinks in ad-
Optical), cutting tools blades and lazer machines apart from vanced computers; wear-resistant coatings on tools and bearings; high-
durability windows; tiny anvils for high pressure experiments; specialized
jewellery industry. These Lab Grown diamonds are having
lenses; speaker domes; and much more. It is also used in number of sec-
same strength and utilities with better profit margin. With the
tors as followed:
background and experience in natural diamonds, Manage-
ment has developed in house R & D team with manufacturing Machining and cutting tools
facility at Surat and Bhavnagar for new and innovative lab Most industrial applications of Lab grown dia-
grown diamonds. The technology used known as – Micro- mond have long been associated with their hard-
wave Plasma Chemical Vapour Disposition ( MPCVD ) to ness
make lab grown Diamonds from Carbon Seed. This technol-
ogy well tested and used in large scale in China & Europe.
MPCVD is a pure and fast diamond deposition process, hence
best suited for commercial use. Thermal conductor
Dev Labtech Venture Limited is coming out with an SME Most materials with high thermal conduc-
IPO. It will issue 22,00,000 Equity Shares of Face Value of tivity are also electrically conductive, such
Rs10/- each. Issue Price is Rs 51/- Per Equity Share. The as metals. In contrast, pure Lab grown dia-
company will raise Rs1122.00 Lakh from this IPO. The issue mond has high thermal conductivity, but neg-
opens on 17th March, 2023, and will close on 21st March, ligible electrical conductivity.
2023. The minimum application to be made is for 2000 shares Optical material
IIT Madras will be provided a grant of Rs 242 Diamond is hard, chemically inert,
and has high thermal conductivity and
crore over a period of five years to undertake a low coefficient of thermal expansion.
Research on Lab Grown Diamonds (LGD) which
would be focused on driving indigenization of Electronics :- Synthetic diamond has potential uses as a
semiconductor, because it can be doped with impurities like boron and
the LGD manufacturing process phosphorus.
Cont...
Financial Weekly TM

March 2023 35
Government incentives
will boost the sector
• To encourage the production of eco friendly lab grown dia-
monds via R & D grant Rs. 242.96 crore.
The Finance Minister Nirmala Sitaraman, the • Reduction of Import duties on crystal Seeds and reduce GST to
5 per cent.
budget 2023-24, has proposed to reduce Import
• Permitted 100 per cent foreign direct investment (FDI) in the
duties on Crystal Seeds and reduce GST to 5 per sector under the automatic route.
cent. Also, it has been proposed 100 per cent FDI • Import classification code solely for lab-grown rough diamonds,
in the sector under automatic route which would enable the industry to better identify lab-grown
diamonds and keep track of the goods
and in multiples thereon, thereafter. Post allotment, shares
• R & D to develop lab grown diamonds having various applica-
will be listed on BSE SME. The Issue and the Net Issue will
constitute 26.60% and 25.24% respectively of the Post Issue tions in the defence, optics, jewellery, thermal, and medical
paid up Equity Share Capital of the company. Beeline Capi- industries.
tal Advisors Private Limited is the sole lead manager and
Link In Time India Private Limited is Registrar to the Issue. the Restated Financials
market maker for the company. Particulars For the for the Year Ended March 31
The Union Budget 2023 identified lab grown diamonds
(Rs. in Lakh) Stub Period 2022 2021 2020
as an emerging sector guided by R & D and technology. Lab
Ended on
grown diamonds industry has been given lots incentives and
promotion from Government under Make in India Mission. Sept. 30,2022
Union Commerce Minister Piyush Goyal has approved a pro- Share Capital 485.69 125.72 20.95 20.95
posal to award five-year research grant to encourage indig- Net Worth 717.86 192.07 148.45 144.8
enous production of lab-grown diamonds (LGD) machinery, Total Revenue 966.43 2698.01 1228.11 1178.85
seeds and recipe to Indian Institute of Technology with the Operating Profit- EBIDTA 102.91 68.21 32.05 37.76
estimated cost of Rs 242.96 crore over five years. The Fi- Profit after Tax 64.12 43.62 3.65 0.04
nance Minister Nirmala Sitaraman, the budget 2023-24, has Earnings Per Share- Rs. 1.42 3.47 1.74 0.02
proposed to reduce Import duties on Crystal Seeds and re- NAV (Rs) 14.78 15.28 70.85 69.11
duce GST to 5 per cent. Also, it has been proposed 100 per Total Borrowings 114.52 122.58 177.53 154.05
cent FDI in the sector under automatic route.
The company manufactures single crystal lab grown dia-
mond products, which are used for a wide range of applica-
Promoters of Dev Labtech
tions Semi-Conductors Plates (Electrical, Mechanical, Ther- Mr. Jerambhai Lavjibhai Donda,
mal and Optical), cutting tools blades and lazer machines. Chairman cum Managing Director (Age: 60 Years)
Lab grown diamonds has same purity, strength and applica- Mr. Jerambhai Lavjibhai Donda is the Chairman cum
tion like natural diamonds with almost 70/80 % lower cost. Managing Director and also the Promoter of the Com-
As part of ongoing business expansion, management has pany. He is having an experience of 41 years in dia-
purchase and installed Microwave Plasma CVD machines mond industry. He has been instrumental in taking
with complete set up to manufacture Lab grown diamonds. major policy decision of the Company. He is playing
MPCVD machine includes control unit (PLC + touch screen, vital role in formulating business strategies and effective implementation of
etc.), microwave unit (2450MHZ 6KW solid-state microwave the same.
generator, microwave transmission system, etc.), water cool- Mr. Jay Jerambhai Donda
ing unit, vacuum unit (vacuum pump, vacuum measuring in- Whole-Time Director, Age: 30 Years
strument). More will be purchased very soon. Mr Jay Jerambhai Donda is the Whole Time Director,
Lab-grown diamond emerges from the shadows of natu- CFO and also the Promoter of the company. He holds
ral diamonds. The global diamond industry has been facing degree in Bachelor of Commerce (Financial Markets).
headwinds lately while lab-grown diamonds seem to have He is having an experience of 9 years in Diamond
emerged from the shadows of natural diamonds and estab-
Industry. He has expertise in the field of Accounting, Finance, Banking,
lished itself a growing footprint in the gems and jewellery
Market research, Financial Market Strategies and Sales & Marketing strat-
industry, a report said. Globally, the market for lab-grown dia- egies in the Business Development of the Company. He looks after the
mond is expected to rapidly rise to $5 billion by 2025 and finance related matters of company.
exceed $15 billion by 2035, according to the ministry. Ac-
cording to the report, the Gemmological Institute of America Mrs. Dimple Jay Donda,
predicted the total annual sales of laboratory diamonds will Non-Executive Director, Age: 29 Years
be well over $100 billion in the not-too-distant future, from Mrs. Dimple Jay Donda is the Non-Executive Di-
about $20 billion today. This segment of the diamond is grow- rector of the company. She holds degree in Bachelor
ing at an annual growth rate of 15-20 per cent. of Science. She has an experience of 2 years in dia-
India alone witnessed a sharp rise in lab-grown diamond mond industry.
exports worth $443 million in year 2022 which rose 102 per cent year-on-year. The report said even at the start of 2023, lab-grown
diamond exports in India were up 60 per cent y-o-y, while natural diamond exports were down by 41 per cent y-o-y.
***
Financial Weekly TM

March 2023 36
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
Rashtriya Chemicals & Fertilizers Ltd

(524230 & NSE) (98.85) (Face Value Rs.10)
Rashtriya Chemicals and Fertilizers Ltd.
(RCF) is a leading fertilizers and chemicals
Particulars Nine Months Ended
manufacturing company. It has been accorded 9MFY23 9MFY22 % Var.
the coveted 'Miniratna' status in 1997. It has Sales 16767.60 8702.29 93%
two operating units, one at Trombay in Mumbai PAT 806.71 468.55 72%
and the other at Thal, Raigad district, about
100 KM from Mumbai. RCF manufactures Urea, Complex Fertilizers, Bio-fertilizers, Micro-nutri-
ents, 100% water-soluble fertilizers, soil conditioners and a wide range of industrial chemicals.
Besides fertilizer products, RCF also produces a large number of industrial chemicals that are
important for the manufacture of dyes, solvents, leather, pharmaceuticals and a host of other indus-
trial products.RCF is one of the leading manufacturers of Methanol and the government is working
on a plan to use methanol as a fuel for inland waterway transportation and in army trucks as part of
a strategy to cut dependence on imported fuel, which will be highly beneficial for companies like
RCF. It also has a robust land bank of around 800 acres in Mumbai, which is valued at around
Rs.10000 crore.
It has an equity base of Rs.551.69 crore supported by reserves of around Rs.3889 crore. The
promoters hold 75% while the investing public holds 25% stake in the company.
For Q3FY23, RCF posted 71.28% higher PAT of Rs.245.20 crore as against Rs.143.15 crore in
Q3FY22 on 69% higher sales of Rs.6235.14 crore fetching an EPS of Rs.4.44. During 9MFY23, it
posted 72.17% higher PAT of Rs.806.71 crore as against PAT of Rs.468.55 crore in 9MFY22 on
93% higher sales of Rs.16767.60 crore fetching an EPS of Rs.14.62. It paid 38.5% dividend for
FY22 and paid 16% interim dividend for FY23.At CMP, RCF trades at P/E ratio of 5.25x.
Investors can watch this stock with a stop loss of Rs.80. It may give very good returns in
medium to long term.
Cont...
Financial Weekly TM

March 2023 37
Dark Horse-2
NCC LTD
(500294& NSE) (103.60) (Face Value Rs.2)
Established in 1978 as a partnership firm Particulars Nine Months Ended
and converted into a limited company in 1990, 9MFY23 9MFY22 % Var.
NCC has progressed consistently and is now Sales 10544.38 7660.61 37.64
in its 44th year. Company is one of the lead- PAT 443.24 260.18 70.35
ing construction companies in terms of revenue. NCC is Shareholding Patterns

entrenched in its values of openness and trust, integrity Promoters 21.99%
and reliability, teamwork and collaboration, commitment FIIs 15.76%
and creativity. NCC undertakes construction in segments DIIs 12.35%

Rekha Jhunjhunwala 13.09%
such as: building & housing, water & environment, roads,
electrical, mining, irrigation, power, railways & metal etc.
It has an equity base of Rs.125.57 crore supported by reserves of around Rs.5696 crore. The
promoters hold 21.99% while the investing public holds 78.01% stake in the company.
For Q3FY23, NCC posted 106% higher PAT of Rs.125.57 crore as against Rs.76.42 crore in
Q3FY22 on 28% higher sales of Rs.3849.60 crore fetching an EPS of Rs.2.54. During 9MFY23, it
posted 70.35% higher PAT of Rs.443.24 crore as against PAT of Rs.260.18 crore in 9MFY22 on
37.64% higher sales of Rs.10544.38 crore fetching an EPS of Rs.6.73. It paid 100% dividend for
FY22. At CMP, NCC trades at P/E ratio of 12.8x.Company's orderbook stood at 41862 crore as at
31st December 2022.
Investors can watch this stock with a stop loss of Rs.85. It may give
very good returns in medium to long term.
Financial Weekly TM TM

March 2023 38
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Financial Weekly TM

March 2023 39
Stock Buzz
Subramanian Mahadevan
dolphincapital@gmail.com
Cochin Minerals & RutileLimited

(Rs.258) : Rich in Minerals!
Cochin Minerals & Rutile Limited (CMRL)- is a Kerala based chemical and minerals com-
pany, pioneer in manufacturing the best quality synthetic rutile across the world. CMRL is
India's largest manufacturer of Aqua Ferric Chloride which conforms to all major Interna-
tional Standards.CMRL Plant is ideally located at Edayar Industrial Development Area, hardly
15 Km. from Cochin Port and 100 Km. from the Ilmenite deposits. The Company started
production with a modest capacity of 10000 TPA of Synthetic Rutile and 12500 TPA of Ferric
Chloride. Subsequent through innovations and debottle-necking, it enhanced its production
capacity of Synthetic Rutile to 50,000 TPA, Ferric Chloride to 30,000 TPA, Ferrous Chloride
to 82,500 TPA and Cemox to 20,000 TPA. CMRL products include 1. Synthetic Rutile -used
as pigment, flux component, feed stock etc… 2. Ferric Chloride -used in various chemical
and pharmaceutical industries 3. Ferrous Chloride - used for treatment of effluent from bleach-
ing and leather tanneries 4. Cemox - finds applications in agriculture and municipal waste
management.Consistent Research and Development efforts helped CMRL to retain its lead-
ership in quality. The quality management system of CMRL is ISO 9001:2015 certified by M/
s. Bureau Veritas and accredited by UKAS (UK) and NABCB (India). The company posted
spectacular results for 9M of FY23 posting a topline of 337.29 crore versus 213.73 crore and
a bottom-line of 43.42 crore versus loss same period in FY22, resulting in an EPS of 55.47/
share.CMRL may close FY23 with a topline of 450+ crore and a bottom-line of 55+ crore. The
stock is trading at P/E multiple of 5Xbased on FY23E estimates. This niche, dividend paying
stock worth considering on every decline and has the potential to give double digit return in
the next 12 to 18months.
Financial Weekly TM

March 2023 40
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections are Temporary, Growth is Permanent

NIFTY (17100) :- To-
day the Nifty closed within the
downtrend channel with a big
gap up and with Dragonfly doji
Candle which is showing an
upside direction of price trend.
From 1st Dec 2022 Nifty
clearly trading in downtrend
channel and giving respect to
every price resistance and
support. Yesterday on 16th
March 2023 Nifty took a good support and made doji Candle which is indicating trend change or
trend reversal possible in coming days after this candle today on 17th March it made a big gap up
and closed on a good positive price. Nifty is trading between 15000 to 19000 from more than the
last 1.5 years. In the last weekend of November 2022 it crossed past all time high and made new
all time high but next week it made Bearish Piercing pattern on weekly chart and again came
down. On the daily Chart it was trading in the Falling Wedge Pattern. Last week it tested price
resistance and came down from that line and this week it took good support. Today On Friday it
closed within falling Wedge Pattern with a bullish candle. 17700 is its Upper resistance and 16750
is a good support on the daily price chart. Further direction will be upside and the next target is
17250--17500.
BANKNIFTY (39598) :- In the article of Last week I was clearly told that Bank NIFTY is
looking bearish as per charts it's came down. On the weekly chart BANKNIFTY was trading in a
Horizontal sideways zone from last one year . Banknifty gave a good breakout of the horizontal
zone and maintained the upside of the horizontal zone for 2.5 months but because of many bad
news it came down. Now on daily Chart BANKNIFTY trading in down trend channel and giving
respect to every resistance and support yesterday on 16th March it took good support on channel
support line and made doji

Candle which is indication
of reversal trend today it
opened gap up and closed
with good increased price.
Now BANKNIFTY is look-
ing bullish for next week.
Next price resistance is
41000 and 38400 will be a
good support
Financial Weekly TM

March 2023 41
Terrific Shots - Dilip K. Shah
IndiGo Paints (Rs. 1042.00) (Code: 543258) :- IndiGo paints was set up in 2000 as
a manufacturer of lower-grade cement. It expanded its business in base paint liquid mix, distem-
per, primers, waterproofing, and construction chemical products. Then it set up the first metallic
paint, floor coat paint, unique ceiling paint, and tile-coat plant in India. It has become the number 5
paint company in India. Its new plant in Tamil Nadu is likely to become operational by end of this
year. The debt-free company witnessed a net profit of Rs. 26.26 crore on income of Rs. 281.27
crore and other income of 3.78 crore. The reserves are 19 times its equity. It is estimated that its
EPS is likely to grow by 25%.
CEAT (Rs. 1404.00) (Code: 500878) :- Goenka Group tyre company manufactures
tyres for heavy trucks, buses, light commercial vehicles, earthmovers, motorcycles, cars, and scoot-
ers. The promoters hold 47.21% and the public holds 52.79% stake in the company. In the Decem-
ber quarter, the company’s income increased from Rs. 2413 crore to Rs. 2727 crore, while profit
was Rs. 35 crore as against losses of Rs. 20 crore in the corresponding period last year. The auto
sector is witnessing good growth so the company may benefit from the same. As against equity of
Rs. 40 crore, the company has reserves of Rs. 3232 crore.
GRASIM (Rs. 1584.00) (Code: 500300) :- It is a flagship company of the Aditya Birla
Group, which was set up in 1947. It is a leading manufacturer of viscose staple fiber, Cholor, and
insulators. It owns 57.28% stake in Ultratech cement and 54.19% stake in AB Capital. The com-
pany has pegged huge investments for entry into the paint business. Due to a strong balance
sheet, strong brand, and huge distribution network of Ultratech Cement, the paint business may
also become successful. In the December quarter, the company recorded a net profit of Rs. 4455
crore on an income of Rs. 24402 crore. The company may be benefitted from the higher demand in
the textile and cement sectors. It is a leading producer of caustic soda and also entering the paint
sector, so it can be considered on a downward trend in price.
Kaynes (Rs. 944.00) (Code: 543664) :- It came up with an IPO in November 2022 at
a price of Rs. 587 a share to raise Rs. 858 crore. It has given handsome returns after listing. In the
December quarter, the company’s income increased from Rs. 183 crore to Rs. 289 crore, while
operating profit increased from Rs. 22 crore to Rs. 41 crore and net profit increased from Rs. 11
crore to Rs. 23 crore. PE ratio is as high as 132. It is a manufacturer of end-to-end IoT solutions
enable integrated electronics. It owns 8 manufacturing plants and provides services to 229 cus-
tomers in 21 countries. The company’s future seems bright so the stock can be considered with a
correction in price.
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this stocks • I/My family have no financial
interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable
for any loss arising out of investment based on tis advices • Past performance may or may not be substainedin future "
(Dilip K. Shah) Research Analyst SEBI Regn No. : INH000002152
Financial Weekly TM

March 2023 42
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Share Market enters the decisive phase

Important gain turning from 21 to 23
BSE Index (57989.90) :- It shows a downward movement from the top of 60498.48. It shows an oversold
position on a daily and weekly basis, while towards an oversold position on a monthly basis. March 21 to 23
can be considered as gain-turning days. On upward movement, beyond 58179 it may go up to 58255,
58660, and 58860. On downward movement, below 57503 it may go down to 57158 with support at 57070,
56610, and 56147.
Bank Nifty (39834.35) :- It shows a downward trend from the top of 41799. It shows an oversold position
on a daily basis, while towards an oversold position on a weekly and monthly basis. On upward movement,
beyond 39930 it may witness resistance at 40056, 40200, and 40380. On downward movement, below
38831 it may get support at 38785, 38365, 37944, and 37525.
Nifty Future (17189.00) :- It shows a downward trend from the top of 17863.90. It shows an oversold
position on a daily and weekly basis, while towards an oversold position on a monthly basis. On upward
movement, beyond 17235 it may witness resistance at 17263, 17340, and 17390. On downward move-
ment, below 17020 it may go down to 16918 and further to 16903 and 16764.
HDFC (2564.15) :- It shows a downward trend from the top of 2696.80. It shows an oversold position on
a daily basis, towards an oversold position on a weekly basis, and towards neutral from an overbought
position on a monthly basis. On upward movement, beyond 2599 it may witness resistance at 2614. On
downward movement, below 2502 it may go down to 2491, 2455, and 2423.
HDFC Bank (1572.65) :- It shows a downward movement from the top of 1645.95. It shows an oversold
position on a daily and weekly basis while an overbought to a neutral position on a monthly basis. On
upward movement, beyond 1583 it may go up to 1583 and 1598. On downward movement, below 1532 it
may go down to 1513 and 1495.
HDFC Life (471.25) :- It shows a downward movement from the top of 620.60. It shows an oversold
position on a daily, weekly, and monthly basis. On upward movement, beyond 480 it may witness a resist-
ing level at 487. On downward movement, below 457 it may go down to 447 and 420.
LUPIN (657.00) :- It shows a side-wave movement after coming to 645.30. It shows a neutral position on
a daily basis, an oversold on a weekly basis, and towards an oversold on a monthly basis. On upward
movement, beyond 668 it may go up to 672, 680, and 689. On downward movement, below 653 it may get
support at 649.
Reliance (2223.90) :- It shows a downward trend from the top of 2755. It shows an oversold position on
a daily, weekly, and monthly basis. On upward movement, beyond 2269 the resisting level could be at
2285, 2305, and 2313. On downward movement, below 2202, it may go down to 2140, 2039, 2011, 1946,
1882, and 1818.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
Attitude is a little thing, that makes a big difference
Financial Weekly TM
Financial Weekly TM

March 2023 43
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Financial Weekly TM

March 2023 44
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
Global turmoil weighs large

Benchmarks in a search of new recent bottoms
(Concluded week report):
The week under report marked hat trick of red sessions and then gain for the last two session
following short coverings in an oversold market. However, as a whole, the week posted net losses
for the week. Sliding of the markets is attributed to global turmoil that kept a tab on general sentiment.
Weakening economy, rise in rates as inflation kept surging and weaker trends played a spoil sport.
This was the second negative week in a row. FIIs remained the net sellers and DIIs were the net
buyers for the entire week. Banking sector witnessing crisis at US kept a tab on general sentiment
in global markets.
For the week, while BSE Sensex moved in the range of 59510.92-57158.69, NSE Nifty hovered
between 17529.90-16850.15.
For the week, BSE Sensex marked a net weekly LOSS of - 1145.23 points and NSE Nifty reported
a net weekly LOSS of - 312.85 points.
Weekly Movements of benchmarks :- Monday-We witnessed divergent opening for the week
for the first session which ultimately turned the biggest looser one. After moving both ways, indices
lost heavily at the close. BSE Sensex marked a deficit of 897.28 points to close at 58237.85 and
NSE Nifty lost 258.60 points to end the day at 17154.30. Fall of SVB Bank at US kept a tab on
banking sector in domestic markets. While Banking counters lead the doom, it got support from
Auto, IT, Consumer Durables, Capital Goods. All out selling was witnessed for the day amidst
EX-SPLIT BONUS MEET

Medico Remedies (5 for 1), Achyut (18.03.23)
Shree Securities (10 for 1),
Hi-tech Pipes (10 for 1), Cont...
RO Jewel (5 for 1), EX-BONUS
Astral (1 for 3) RIGHTS ISSUE
Vivanta Ind. (10 for 1),
Shraddha Prime (365 for 100), A F
DIVIDEND ANNOUNCEMENTS Enterprises (8 for 5).
AGI Infra (10%), GAIL (40%), Kama Holdings (840%),

BONUS ANNOUNCEMENT
Nalco (50%), Sun TV (50%), HUDCO (7.5%), Magellanic Cloud (3 for 1), Sprayking
Poddar Pigments (35%), Midhani (16.8%), Agro (2 for 3),
ABSL AMC (100%), Glenmark Life (1050%), SAIL (10%), Global Capital (6 for 10),
Kenvi Jewels (1 for 4).
Styrenix Performance (800%), Bharat Electronics (60%),
Financial Weekly TM

March 2023 45
mounting fear of more US bank's falling. Market breadth remained negative as Mid and Small cap
indices underperformed and the side market too turned lacklustre. FIIs were the net sellers and
DIIs were the net buyers for the day.
Tuesday- For second session too we witnessed the similar pattern for the opening, but the session
close with some losses. BSE Sensex lost 337.66 points to end the day at 57900.19 and NSE Nifty
marked a deficit of 111.00 to close at 17043.30. Continued hammering on Banking, IT, Consumer
Durables, Auto counters kept our market on slide. Though Mid cap index outperformed benchmark,
poor trends in Small cap and the side market kept market breadth in red. FIIs continued to be the
net sellers and DIIs were the net buyers for the day.
Wednesday-Mid-week session marked a gap up opening, but as the day progressed, it lost the
grip and ended with some losses. BSE Sensex marked a deficit of 344.29 points to close at 57555.90
and NSE Nifty lost 71.15 points to end the day at 16972.15. Extension of banking sector crisis from
US to UK kept a tab and hammering continued for the third session in a row. Banking, Oil and Gas
counters lead the doom while surge in Auto, Consumer Durables and Metal counters amidst short
covering curtailed the slide. Though Mid and Small cap indices outperformed benchmarks, weak
side market kept market breadth negative. FIIs were the net sellers and DIIs were the net buyers for
the day.
Cont...
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
13-03-2023 59,033.77 59,510.92 58,094.55 58,237.85 -897.28
14-03-2023 58,168.75 58,490.98 57,721.16 57,900.19 -337.66
15-03-2023 58,268.54 58,473.63 57,455.67 57,555.90 -344.29
16-03-2023 57,510.80 57,887.46 57,158.69 57,634.84 78.94
17-03-2023 58,038.17 58,178.94 57,503.90 57,989.90 355.06
Net Weekly Loss -1,145.2
Date Open High Low Close Diff
13-Mar-23 17421.9 17529.9 17113.45 17154.3 -258.6
14-Mar-23 17160.55 17224.65 16987.1 17043.3 -111
15-Mar-23 17166.45 17211.35 16938.9 16972.15 -71.15
16-Mar-23 16994.65 17062.45 16850.15 16985.6 13.45
17-Mar-23 17111.8 17145.8 16958.15 17100.05 114.45
Net Weekly Loss -312.8
Financial Weekly TM

March 2023 46
Thursday - Markets opened with a divergent note and after moving both ways, it marked small
gains amidst short covering from weekly traders. BSE Sensex scored just 78.94 points to end the
day at 57634.84 and NSE Nifty gained mere 13.45 points to close at 16985.60. Global markets
witnessed roller-coaster rise as banking issue remained at the centre stage and Federal Banks
dropping their hats in the ring to support the ailing banks curtailed the fall and helped markets to
recover from the low of the session. Market breadth remained negative as Mid and Small cap
indices underperformed benchmarks and the side market too remained weak. FIIs continued the
role of net seller and DIIs as the net buyers for the day.
Friday - The last session marked gap up opening and after moving both ways, it finally closed
with some gains. BSE Sensex gained 355.06 points to close at 57989.90 and NSE Nifty scored
114.45 points to end the day at 17100.05. Thus while Nifty closed above 17.1K, Sensex failed to
close above 58K and raised a concern. Select counters in IT, Cement and Metal lift the sentiment
even when Auto, Power, Pharma and FMCG counters remained weak. Recovery in global markets
propelled bullish under current for our markets. Market breadth remained positive despite Mid cap
index underperformed. Outperforming Small cap index and the side market helped green pasture
for the market breadth. FIIs were the net sellers and DIIs were the net buyers for the day.
The week ahead :- Brent crude kept sliding to mark 75.65$ a barrel by the weekend, and the
Rupee moved in a narrow range to end the week atRs. 82.55 a dollar as FIIs continued to be the
net sellers.We have around 46 corporate meetings. Marketmen have on radar macro and micro
economical global data, FIIs trendsand year end adjustments. The final fortnight of fiscal is going
to be highly volatile with both side movements.
Amidst such a scenario, BSE Sensex may move in the range of 59500 - 55500, and NSE Nifty
between 17750-15750.
DISCLAIMER : No financial information whatsoever published anywhere here should be
construed 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 advisor before making any actual investment decisions, based on the information published
here. Any reader taking decisions based on any information published here does so entirely at its
own risk. Investors should bear in mind that any investment in stock markets is subject to
unpredictable market-related risks. The above information is based on RHP and other documents
available as of date coupled with market perception. The author has no plans to invest in this offer.
(SEBI registered Research Analyst-Mumbai).
Financial Weekly TM

March 2023 47
Dr. A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Are you feeling frustrated with

declining portfolio value?
The past one and a half years have seen a steady decline in portfolio value for many investors,
leading to feelings of weariness and frustration. Particularly, the investors who joined the market
after the COVID-19 pandemic are discouraged, having expected the stock market to be as smooth
as it was from April 2020 to October 2021. With the recent failures of a few banks in developed
countries, the future may seem bleak for many investors.
It's impossible to know for sure whether the market will continue to remain subdued or how low
it might go. Likewise, it's unclear when investors will be able to recover their losses or when happy
days will return. Despite this uncertainty, many investors still seek answers through various media
outlets.
However, Sensex's journey over the past three decades provides some insight. It has never
happened that the market has fallen and never revived. The Sensex has delivered about 14%
compound returns during the last 30 years, and even from just before the COVID-19 crash, it deliv-
ered 11.48% compound returns to date. Furthermore, the Sensex has given 31.71% compound
returns from the bottom formed post-COVID-19 crack.
Companies will continue to innovate and drive their sales and profits, regardless of external
circumstances, and their share prices will eventually follow suit. The key to success in stock in-
vesting is to be patient and disciplined, investing in around 15 diversified stocks with sound funda-
mentals, exciting stories, and attractive valuations using free money.
Happy investing!
Dr. A K Asnani
Whatsapp: 9755920780
Mobile: 9131361959
Website: https://www.smartverc.com
Financial Weekly TM

March 2023 48
Kishore Purswani
(Email: kishore.purswani@gmail.com)
Learn & Earn-XXI

The Economic Climate
Introduction
Companies live in a climate-the economic climate.They depend a lot on the external environ-
ment for survival. They need capital for keeping the business running, buyers to buy their products,
and suppliers to provide inputs. They also need Government which is industry-friendly and sup-
ports growth. In this article, we shall discuss the importance of economic climate based on the
learnings shared by Peter Lynch in chapter three of his book - "Learn to Earn" and recent develop-
ments too.
The Economic Climate-
At one time, when the majority of the population was dependent on agriculture, the economic
climate had a lot to do with the weather. However, now with a very small percentage of the
populationinvolved in agriculture,the weather has lost its influence and now the focus has shifted
to interest rates, consumer spending etc.
In the economic climate, there are three basic conditions: hot, cold and warm. A hot climate
makes investors nervous while a cold climate depresses them. What investors desire is a warm
climate also known as the Goldilocks climate. A Goldilocks economy is not too hot or too cold but
just right. The term describes an ideal state for an economic system. In this perfect state, there is
full employment, economic stability, and stable growth. However, it's hard to maintain Goldilocks'
climate. Most of the time economy moves towards one extreme or another.
In the case of a hot climate, the business booms and people are busy buying goods. It becomes
easier to find jobs as jobs are available everywhere. It sounds like a perfect situation as busi-
nesses of all kinds make profits and there is surplus money. However, in the world of finance hot
economy is considered a bad thing. The main worry is that a hot economy and prosperity generally
lead to inflation. Demand for good and services goes up which leads to a shortage of raw materials
and whenever there's a shortage the prices tends to go up. This has a spiralling effect and very
Cont...
Financial Weekly TM

March 2023 49
soon the inflation is out of control. The US experienced double-digit inflation from 1979 to 1981.
Soon the banks and the finance companies start charging higher rates of interest on loans. This
further adds to the cost of capital and the stock prices take a plunge as investors believe that the
earnings will not be sustained.
A hot economy can't stay hot forever. The high cost of money leads to a slump in demand and
the prices begin to fall as people start cutting spending which further leads to cutting down produc-
tion and ultimately it has an effect on jobs too. In fact, if things get further chillier it may lead to a
recession. An analysis has been presented by the author in his book of all the recessions since
World war II. It has been concluded that recessions last for anaverage of eleven months and on
average 1.62 million people lose their jobs.
However, the Central banks of many countries e.g Fed in the US and RBI in India etc are much
stronger now and have the clout to take necessary actions to cool down the heated economy or
boost the cold economy by taking appropriate steps.
In recent times we are seeing strong steps being taken by the governments world over to control
inflation rates and prevent economies from falling into the grip of recession.
Conclusion:
In the five decades after World War II the US had seen nine recessions. Each time investors
were warned by economists to exit from equities as the economy is likely to crumble. However, the
country survived all recessions and the economy became stronger each time. A seasoned investor
firmly believes that stock prices drop due to fear of inflation and/or anticipation of recession but
eventually the inflation cools down and the economy gets back on track. It's important for an inves-
tor to build aninflation-proof portfolio to the extent possible in a heated climate and remain invested
in the equities as it is not difficult but impossible to predict the markets.
Happy investing!
Kishore Purswani
M No 9425604104, Mail id: kishore.purswani@gmail.com
Financial Weekly TM

March 2023 50
Scrip Watch - Siddharth Shah
Bajaj Finserv (Rs. 1301.00) (Code : 532978) : Financial services company Bajaj
Finserv has received the final registration from the Securities and Exchange Board of India (Sebi)
to start its mutual fund business operations under Bajaj Finserv Mutual Fund. Bajaj Finserv Mutual
Fund, with Bajaj Finserv Asset Management Limited (BFAML) as the Investment Manager, will
soon offer a range of mutual fund products including equity, debt, and hybrid funds, both in the
active and passive segments, to investors. Nimesh Chandan, erstwhile head of equities at Canara
Robeco AMC will be heading the investment management function at BFAM. The Indian mutual
fund industry has assets worth Rs 39.62 lakh crore and has 42 asset management companies
working in the sector as on January 31, 2023. The Association of Mutual Funds in India (Amfi)
recently reported that retail investors' interest in the Indian mutual fund industry has seen a signifi-
cant surge with the value of assets held by them witnessing a rise of 9.3 per cent to Rs 23.4 lakh
crore in January. Invest.
HAL Ltd (Rs. 2799.00) (Code : 541154) : Defence Acquisition Council and Defence
Minister Rajnath Singh have approved proposals to procure Rs 70,000 crore worth of different
weapon systems for the Indian defence forces. The deal includes the purchase of 60 UH Marine
choppers from Hindustan Aeronautics Limited (HAL), worth Rs 32,000 crore. The council also
accorded AoN for the procurement of Advance Light Helicopters (ALH) MK-III from Hindustan Aero-
nautics Limited (HAL) for the Indian Coast Guard. Meanwhile, the Board of Directors of the Com-
pany has declared second interim dividend of Rs. 20 per equity share of Rs. 10/- each fully paid up
(200%) for the Financial Year 2022-23. Record date for the payment of second interim dividend
will be Monday, the 20th March, 2023. The stock is worth accumulation at every decline.
Varun Beverages (Rs. 1316.00) (Code : 540180) : Domestic brokerage house
Sharekhan by BNP Paribas has retained a positive stance on one of the largest franchisees of
PepsiCo, Varun Beverages (VBL), with an upside potential of 24 per cent for the next 12 months
from the current market price of Rs1316 per share. Management is optimistic about achieving strong
revenue growth in the upcoming season as inventory created for the summer season has already
been exhausted. This might lead to higher volume growth compared to the company's near aspira-
tion in Q1CY2023 and Q2CY2023. Sensing the strong opportunities in the domestic market, the
company will be expanding its existing capacity by 30 per cent and distribution by 10 per cent in
the coming years. The brokerage expects revenue and PAT to grow by 18 per cent and 25 per
cent, respectively, over CY2022-CY2024E.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

March 2023 51
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Financial Weekly TM

March 2023 52
Market Tips - Het Zaveri
Tech Mahindra (Rs. 1126.00) (Code : 532755) : Shares of IT major Tech Mahindra
jumped last week after the company appointed Mohit Joshi as its managing director and CEO for a
period of 5 years with effect from December 20, 2023. Joshi has been with rival Infosys for 22
years, and is currently the president at the company. Joshi has positive credentials with leading
sales, operations, and transformation for Infosys and has held executive responsibility for all sig-
nificant deals. He will take charge of Tech Mahindra from Dec. 20 for five years. Mohit Joshi’s
experience in digital transformation, new technologies and large deals will complement TechM’s
strategies and continue to build on business-mix diversification. The current average rating of 39
analysts covering Tech Mahindra is "buy". Buy.
BPCL (Rs. 351.00) (Code : 500547) : Shares in state-run oil marketing company
Bharat Petroleum (BPCL) jumped after international crude oil benchmarks eased to their lowest
levels recorded in more than a year. Brent crude oil fell down to aruond 72 dollars per barrel which
is a significant lower level in recent times. Analysts say cooling crude oil prices are set to benefit
the oil marketing companies. Crude oil prices fell amid concerns about contagion in the world's
financial system thanks to fresh problems in Switzerland-based Credit Suisse and the sudden
collapse of US-based Silicon Valley Bank (SVB). Analysts say worries whether the turmoil in ma-
jor financial companies may send the world economy into a recession, affecting global demand,
also played out in the oil market. Avendus Capital upgraded each of the three OMC stocks to 'buy'
from 'add'. According to the brokerage, cheaper crude oil will aid the marketing margins of the oil
marketing companies, and will likely improve their gross refining margins (GRMs) in the long run.
Buy.
Adani Ports & SEZ (Rs. 680.00) (Code : 532921) : Adani Ports & SEZ has 100 per
cent 'Buy' ratings, meaning all analysts covering this Adani group stock have buy call on it. This is
even as a couple of rating agencies have recently changed their outlook on the company's instru-
ments to negative. As per Motilal Oswal Securities, a total of 21 analysts have 'Buy' rating on Adani
Ports with a consensus target of Rs 803. JM Financial recently initiated coverage on Adani Ports &
SEZ with a 'Buy' rating and a March 2024 target price of Rs 800, as domestic brokerage expects
Adani Ports to remain the market leader in India with volume growth of 16 per cent, translating into
revenue growth of 15 per cent, Ebitda growth of 15 per cent and net profit growth of 13 per cent,
compounded annually over FY23-25E. M Financial said Adani Ports Ltd may generate cumulative
operating cash flow (OCF) of Rs 26,100 crore in FY24-25 and have a capex of Rs 12,000 crore,
resulting in Rs 14,000 crore of free cash flow, substantially higher than its debt-repayment obliga-
tions of Rs 11,000 crore. Kotak Institutional Equities has a target of Rs 810 on the stock. Buy.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of
his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up
or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived
from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses
made by anybody.
Financial Weekly TM

March 2023 53
Kamdhenu Ltd. Gets CRISIL A- Rating
Company looks to capture growth opportunities
Corporate Feature
Kamdhenu Ltd. (BSE: 532741, NSE: KAMDHENU)
isIndia's largest manufacturer and seller of branded TMT
Bars in the retail segment. The companyhas intimated
the exchanges that it has received a CRISIL A- /stable
long-term rating and CRISIL A2+ Short term rating. Ear-
lier the company had announced its earnings for Q3FY23.
Earlier, shareholders of the Company in their Extraor-
dinary general meeting held on 9th December 2022, has
considered and approved to create, offer, issue and allot
Convertible Warrants on preferential basis, in one or more
tranches, up to maximum of 50,00,000 Warrants entitling
the Proposed Allottees to exercise option to convert and
get allotted one Equity Share of face value of Rs. 10/-
each fully paid-up against each warrant, within 18 months
from the date of allotment of warrants at a price of Rs.
141/- or such other higher price as may be ascertained
by the Statutory or Regu-
latory Authorities, to the
persons belonging to Pro-
moter Group and Non-Pro-
moters entities. Application
for in-principal approval is
pending with BSE and
NSE. Commenting on the
results and performance,
Mr. Satish Kumar Agarwal,
Chairman & Managing Director said: "We have delivered strong performance in Q3 & 9M FY23. Revenues grew of 23% YoY
to Rs. 182.7 crores, EBITDA grew by 60% YoY to Rs. 17.1 crores and PAT growth of 83% YoY to Rs. 12.0 crores for Q3 FY23.
For 9M FY23, the Company reported revenue growth of 36% YoY to Rs. 565.2 crores, EBITDA growth of 26% YoY to Rs.
44.8 crores and PAT growth of 19% YoY to Rs. 30.3 crores.
The domestic steel demand growth continues to remain healthy, driven by renewed thrust on infrastructure development
and pick-up in the real estate and construction activities. With a boom in the Indian iron and steel industry, the TMT Steel Bar
Market has been increasing at a fast rate with a significant growth rate over the years, and it is likely to increase significantly
in the coming decade.
The Government's push towards infrastructure creation is leading to further increase in domestic demand for steel. With the
wide portfolio of products from TMT bars and structural steel we are well established to cater to any demand going ahead.
Effective operation management and an asset-light franchisee model gives us a competitive edge in the market. Furthermore,
the Company intends to introduce new products, doing business with more franchisees and dealers, and increase margins.
We command a dominant market share in the organized retail segment of steel industry. With our strong brand, marketing
and distribution network and unique asset light model, we are well placed to capture any opportunities in future.
Post demerger of Paints business from Kamdhenu Limited to Kamdhenu Colour and Coatings Limited, its holding com-
pany - Kamdhenu Ventures Limited got listed on 24th January 2023 on the Stock Exchanges. The demerger will help stream-
line business initiatives of the group, which will help create shareholder value."
Kamdhenu Ltd. was founded in 1994 with a vision to provide Best Quality TMT Bars at Best Price. Today, led by Mr. Satish
Kumar Agarwal, the company is the market leader in branded TMT Bars and 'Kamdhenu TMT Bar' is the largest selling TMT Bar
in India, in the retail segment with brand sales turnover of ~Rs. 16,000 crores. Kamdhenu follows franchisee business model
to bring more transparency and dynamism to the operations of the company. Kamdhenu has committed chain of over 12,500
dealers and distributors in India out of which 8,500 are exclusive for steel business. Kamdhenu being TMT expert has also
launched earthquake resistant 'Kamdhenu PAS10000 Steel' and 'Kamdhenu Nxt TMT Bar'. It has been conferred with India
Power Brand 2016 & 2019-20, Asia's Most Promising Brand - 2016, World's Best Brand 2015 and 2017-18 among Asia & GCC
for Steel as well as Paints. Kamdhenu Ltd. is a ISO 9001:2015 certified company, it is listed on NSE & BSE.
Pursuant to the Scheme of Arrangement became effective, the Paint Business (Demerged Business) of Kamdhenu Limited
have been transferred to and vested with Kamdhenu Colour and Coatings Limited with effect from 1st April 2022, which is a
100% subsidiary of Kamdhenu Ventures Limited.
***
Financial Weekly TM

March 2023 54
SMART TIPS Smita N. Zaveri
JK Tyre (Rs. 146.00) (Code: 530007) :- Shares of this auto tyres and rubber com-
pany are listed in the A group and have a face value of Rs. 2. The shares touched a 52-week high
of Rs. 213 and low of Rs. 96. Promoter holding in the company is 56.26%. This JK group company
is a leading tyre manufacturer and has three plants in Mysore, and one plant each in Bangalore,
Chennai, and Kankroli. It is the top manufacturer of bus tyres in the country. Strong demand for
commercial vehicles due to growing cargo demand is seen as positively impacting its performance.
Its market cap is Rs. 3,609 crore. For the December quarter, consolidated income went up by
17.45% to Rs. 3,613 crore, while net profit was up 15.19% to Rs. 65.59 crore. EBITDA was Rs.
349.04 crore and EPS was Rs. 2.66. The stock can be seen touching new highs in the medium to
long term.
Federal Bank (Rs. 128.00) (Code: 500469) :- Shares of this private sector bank are
listed in the A group. The shares touched a 52-week high of Rs. 143 and a low of Rs. 82. The
company has a strong presence in south India. Retail deposits account for nearly 90% of its de-
posit base. The bank also has a share of more than 20% in the remittances received from Middle
East nations. The bank has started offering various products to attract more NRI customers. The
bank has a branch-light business model and is focusing on strengthening its distribution network.
Its equity is Rs. 420 crore and its reserves are Rs. 18,835 crore. For the December quarter, income
went up from Rs. 4125 crore to Rs. 5262 crore, and profit from Rs. 540 crore to Rs. 852 crore.
Domestic institutions and mutual funds own 44.30% stake while FPIs own 29.30%.
AB Fashion (Rs. 213.00) (Code: 535755) :- Aditya Birla Fashion is a part of the
Aditya Birla Group. The shares are listed in the A group. The shares touched a 52-week high of Rs.
359 and a low of Rs. 209. The company’s market cap is Rs. 20,398 crore. Promoter holding in the
company is 55.49%. FIIs and DIIs hold 14.59% and 18.68% stakes respectively. It came into exist-
ence following the merger of subsidiaries such as Aditya Birla Nuvo’s Madura Fashion Design,
Pantaloons Fashions & Retail, and Madura Fashion & Lifestyle, and is considered the largest
fashion lifestyle entity in the country. It owns popular brands such as Louis Philippe, Allen Solly,
Van Heusen, and Peter England. It has 3,468 exclusive outlets in more than 900 cities. It has 37.2
million loyal members. The company’s reserves are Rs. 1774 crore as against its equity of Rs. 938
crore. The company has enhanced its focus on online business. For the December quarter, AB
Fashion reported an income of Rs. 3,588 crore and a net profit of Rs. 6 crore. The stock can deliver
attractive returns in the medium to long term.
Tata Steel (Rs. 107.00) (Code: 500470) :- Shares of this top steel company are listed
in the A group and have a face value of Re. 1. The shares touched a 52-week high of Rs. 138 and
a low of Rs. 82. The company reported a very good performance in the first quarter in India and
Europe business. The per-tonne operating profit in Europe for the quarter was the highest it has
achieved yet. It was also higher than the promoter company. Its standalone sales grew 16% to Rs.
32,000 crore on a yearly basis. Promoter holding in the company is 33.90%. The company’s equity
is Rs. 1,221 crore and reserves are Rs. 1,13,221 crore. It has a market cap of Rs. 1,28,442 crore.
The share’s book value is Rs. 95.77. The company paid a dividend of Rs. 5.1 per share last year,
translating into a yield of 4.55%. For the December quarter, Tata Steel’s income was Rs. 30,465
crore, net profit Rs. 2705 crore, and EPS Rs. 2.21. The stock can be seen at new highs in three to
four quarters.
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 17th March, 2023 unless
specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though, every care has been taken,
we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

March 2023 55
Smart super duper - Het Zaveri
Elecon Engg. (Rs. 387.00) (Code: 505700) :- Even amid the bad market conditions,
the stock has witnessed a strong outperformance. The promoters hold 59.29%, Mutual Funds hold
1.79%, FIIs hold 1.95%, and the public hold 36.96% stake in the company. Renowned investor
Vijay Kedia holds 1.94% stake in the company. It is a leader in the industrial gear segment and
also manufactures material handling equipment. As the capital goods sector is witnessing a bull-
ish trend, the company’s performance is also improving. In the December quarter, the company’s
income increased from Rs. 271 crore to Rs. 389 crore, while net profit increased from Rs. 32 crore
to Rs. 63 crore. It has given the best performance of the last 12-13 years on a TTM basis. The stock
can be considered for investment at any correction in the price.
Linc Ltd (Rs. 518.00) (Code: 531241) :- Kolkata-based company’s equity is Rs.
14.79 crore and reserves stand at Rs. 139 crore. In the December quarter, the company’s income
increased from Rs. 95 crore to Rs. 125 crore and net profit increased from Rs. 3 crore to Rs. 11
crore. It manufactures different stationary items like pen, pencils, and other items. It has roped in
celebrities for endorsement of its brands and products. Mitsubishi Pencil Ltd holds 13.45% stake in
the company. It is good option for investment at any correction in the price. It is making new high in
the poor market.
TWL (Rs.238.00) (Code:532966) :- This company associated with the railway seg-
ment also manufactures products for the defence segment, which is a priority for the Modi Govern-
ment, and it is receiving orders in slowly. Moreover, it has also entered into the manufacturing of
metro rail coaches and has obtained two orders in this segment. It has also bagged an order for
manufacturing 80 Vande Bharat trains and also to maintain it for 35 years. As against equity of Rs.
24 crore, the company has reserves of Rs. 859 crore. In the December quarter, the company’s
sales increased from Rs. 379 crore to Rs. 766, while profit decreased from Rs.1 crore to Rs. 33
crore. The stock is witnessing value buying and the stock has witnessed a good correction. Con-
sidering huge announcements in railways, defense, and metro rail segment, the stock may be
considered for investment.
Hariom Pipes (Rs. 459.00) (Code: 543517) :- The company came up with an IPO in
April 2022 at price of Rs. 153 a share to raise Rs. 130 crore. Thus, it has given a robust return to
investors. Sudarshan Aiyer holds 2.38% and Vanja Aiyer holds 2.95% stake in the company. As
against equity of Rs. 25 crore, the company has reserves of Rs. 220 crore. In the December quar-
ter, the company’s income increased from Rs. 106 crore to Rs. 123 crore, while its profit increased
from Rs. 9 crore to Rs. 10 crore and its operating profit increased from Rs. 13 crore to Rs. 18 crore.
The company is active in manufacturing iron and steel products mainly mild steel pipes, sake
folding, HR Strips, MS Billet and sponge iron. It has plants in Andhra Pradesh and Telangana. The
stock is trading near the all-time high price, so it can be considered for investment with a correction
in the price.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

March 2023 56
A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Sent iment slightly better

US and UK banks default, Spoiled sentiments of world markets. After five
days of negative markets. On Thursday we have seen some better movement
in the markets.
After volatility Index was up 73 points and Nifty just managed 17000 Level.
Even though market breath very negative on last Thursday. 1260 stocks up
and over 2200 stocks down
On upper side Nifty if remains above 17000 may shoot up to 17150/250. On
down side support exit at 16800 level.
In our market ICICI Prudential, Indian Hotel & DLF has shown buying inter-
est.
Axis bank attracting selling pressure on rise. BATA good for short near 1415.
Petronet, Bhel are good long term investments. Bhel has received huge
railway order so next two years no problem. HDFC life short around 467/8.
Share price may come to 455.
Steel shares may take more time to come up.
After big debacle in banking sector USFED may increase rates at that time
again we may see selling pressure.
Our request to government stops free distribution of grains to poor
Reduce petrol price by rs.10 and diesel by 5/7. Now crude is 75 so do infla-
tion will come down automatically.
Take passport of Adani which will improve sentiment.
Financial Weekly TM

March 2023 57
Investment Ideas Nayan Patel
GNFC LTD
(500670 & NSE) (598.80) (FV: Rs.10)
GNFC is a joint sector company promoted by Government of Gujarat. Incorporated in 1976, the
company, as of today, is a producer of bulk chemicals and fertilizers. Its product portfolio is a result
of plant integration developed over a period of time. Most products are import substitutes and con-
tribute to saving valuable foreign exchange. In few products like Acetic Acid, TDI it is the only
producer in the country whereas in respect of product like Aniline, Formic Acid, it is among a very
few producers in the country. It has an equity base of Rs.155.42 crore that is supported by reserves
of around Rs.8335 crore. The promoters hold 41.18%, FIIs hold 20.47%, DIIs hold 4.77% while the
investing public holds 33.58% stake in the company. During 9MFY23, it recorded higher PAT of
Rs.1136 crore on higher sales of Rs.7956 crore fetching an EPS of Rs.73.29. It paid 100% divi-
dend for FY22. At CMP, GNFC trades at P/E ratio of 4.65x.
Investors can watch this stock with a stop loss of Rs.475.
GSFC LTD
(500690 & NSE) (123.75) (FV: Rs.2)
GSFC is a joint sector company promoted by Government of Gujarat. Incorporated in 1962, the
company is producer of bulk and non-bulk fertilizers and chemicals. Its product portfolio is a result
of plant integration developed over a period of time. Most products are import substitutes and con-
tribute to saving valuable foreign exchange. It pioneered the manufacturing of DAP complex fertil-
izer in India, is the so/e producer of
Melamine, HX Sulphate Crystal and amongst the major producers of Caprolactam and Nylon 6
in the country.
It has an equity base of Rs.80 crore that is supported by reserves of around Rs.11602 crore. The
promoters hold 37.84%, FIIs hold 22.41%, DIIs hold 8.14% while the investing public holds 31.60%
stake in the company. During 9MFY23, it recorded higher PAT of Rs.1041.01 crore on higher sales
of Rs.8984.82 crore fetching an EPS of Rs.26.12. It paid 125% dividend for FY22. At CMP, GSFC
trades at P/E ratio of 3.7x.
Investors can watch this stock with a stop loss of Rs.110.
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks
mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the
securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up
or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to
be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We
assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or
financial losses made by anybody.
Financial Weekly TM

March 2023 58
Primary Market - Dilip K. Shah
As Secondary Market sentiments have been spoiled, the companies are refraining form coming up with public issues
In the current year, number of IPOs down by 50% and fund raised has gone down by 70%: Only 66 DRHPs filed
This week total 8 issues are in the market including 1 Mainboard, 4 SMEs, and 3 Rights Issues
UdayshivakumarInfra's mainboard IPO may witness fancy due to small size
Nirman Agri Genetics' NSE SME IPO with an offer price of Rs. 99 has got 1.72x subscription on the 3rd day
Dev Labtech's BSE SME IPO with an offer price of Rs. 51 has opened on March 17 and will close on March 21
Global Surface's mainboard IPO got 12.21x subscription: Listing may be on premiums on March 23
DivgiTorqTransfer Mainboard IPO got listed with 1.5% premiums, but share prices shoot up post listing
ResGen BSE SME IPO listed at-par but went down post listing: ITCON IPO went down by 20% after discounted listing
Vertexplus IPO listed with 5% and Systango IPO listed with 8% premium and went by 20%
Not only number of IPOs but IPO filing number also goes down :- IPO filing before
SEBI has gone down by 50% and only 66 companies have filed documents for IPO till now in
2022-23. The number was 144 last year. It suggests that interest has faded out for IPO due
to volatility in the market. According to industry sources, the market is witnessing a u-turn
after raising record proceedings in 2021-22. The outlook is dimmish due to a correction in the
market valuation and the US Fed rate hike. So many companies have to shelve their IPO
plans. Many companies do not enter the market even after getting a nod from the SEBI and
Grey Market Premium / Kostak / Subject to Prices

IPOs Name Lot Size Offer Price Premium Subject to
(Shares) (Rs.) (Rs.) Sauda
1. Global Sruface (IPO) 100 133 to 140 12 to 13 20000
(Rs. 2 Lakh+)
2 Udayshivkumar (IPO) 428 33 to 35 11 to 12 4,000 (Mini.)
50,000
(Rs. 2 Lakh+ & 10 Lakh)
3 MCON Rasayan (NSE SME) 3000 40 14 to 15 55,000
4 Prospect Comm. (BSE SME) 2000 61 5 to 7
5 Sudarshan Ph. (BSE SME) 1600 71 to 73 5 to 6
6 VELS Films (NSE SME) 1200 99 +/- 8
7 Labelkraft (BSE SME) 2000 55 10 to 11 20,000
8 Quality Foils (NSE SME) 2000 60 25 to 27 40,000
9 Bright Outdoor (BSE SME) 1000 146 Disc. -(8 to 10)
10 Nirman Agri (NSE SME) 1200 99 5 to 7
11 Dev Labtech (BSE SME) 2000 51 8 to 10 12000/13000
12 Command (BSE SME) 4000 28 +/- 3 to 4
13 Maiden Forgings (BSE SME) 2000 -- --
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Cont...
Financial Weekly TM

March 2023 59
- Govt. missed disinvestment target due to delay in stake sale in Hind. Zinc.
- Quality Foils NSE SME IPO witnessed a robust 364.38x subscription
- Labelkraft BSE SME IPO witnessed a 53.42x subscription - Bright got 1.27x
- SME IPO Sudarshan Pharma got 1.6x and VELS Films got 1.10x subscription
- Raj Oil, Sparc Electrex and Gokul Agro - Rights Issues are in the market
- Maiden Forgings SME IPO offering 37.84 lakh shares to open on March 23
- Indiabulls Housing Fin.'s NCDs issue got 1.94x subscription on the last day
- How and when will be allotment, refund and listing of UdayShivakumar IPO
Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Min. Max. Limit Small HNI Listing Lead Rating Remark
Issue Close Dt. (Rs. Cr.) (Rs.) App. (Retail) (Min.) Manager (Out of 50)
1 Udayshiva- 20-3-2023 2,00,00,000 Shares 33 to 35 428 Shares 5564 Shares 5992 Shares BSE Saffron 34%
kumar to (Rs. 66 Cr.) (F.V. Rs.10) (Rs. 14980) (Rs.1,94,740) (Rs.2,09,720) NSE Capital Short Term
Infra 23-3-2023 (Listing Gain)
(Book Building)
they have to approach the market regulator again once the approval lapses. In the current
financial year, more than one factor has been responsible for shaking investors' confidence.
This includes continues rate hikes by central bankers, fear of global economic slowdown,
and hikes in commodities prices to name a few. Moreover, Adani incident has also affected
market sentiments. Moreover, the private equity inflow is also showing negative growth. Not
a single IPO entered the market in the four months of the current financial year. In 2022-23,
Rs. 68,580 crore has been raised through public issues, which is 70% lower than Rs. 2.64
lakh croreraised in 2021-22.
* Last week's IPO subscription: -
• Global Surface :- Issue with an offer price of Rs. 133 - 140 opened on March 13 and
closed on March 15 with 12.21x subscription including 8.95x in QIB, 33.10x in HNI, and
5.12x in Retail.
Allotment/Refund :- IPO allotment may be on March 20, refund on March 21 and share
credit on March 22. Out of every 4 applicants one may get 100 shares.
Listing : - Listing on March 23 may be around Rs. 150-170.
* SME IPO subscription: -
• Sudarshan Pharma :- BSE SME IPO with an offer price of Rs. 71-73 closed on March
14 with 1.06x subscription. Listing on March 22 may be around Rs. 80-85.
• VELS Films (NSE SME) :- Issue with an offer price of Rs. 99 closed on March 14 with
1.10x subscription. Listing on March 22 could be around Rs. 100 or in discount.
• LabelkraftTechnologies :- BSE SME IPO with an offer price of Rs. 55 closed with
53.42x subscription on March 15. Listing on March 23 could be around Rs. 65-70.
• Quality Foils (India) :- NSE SME IPO with a fixed price of Rs. 60 closed with 364.38x
Cont...
Financial Weekly TM

March 2023 60
NSE SME IPO
Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Nirman 15-3-2023 20,50,800 Eq. 99 1200 Eq. Shares First 29% ; Risky Bet
Agri 20-3-2023 (Rs.20.30 Cr.) (F.V.Rs.10) (Rs. 1,18,800) Overseas (Avoid)
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. Dev 17-3-23 22,00,000 Eq. 51 2000 Eq. Shares Beeline 32%
Labtech 21-3-23 (Rs.11.22 Cr.) (F.V.Rs.10) (Rs.1,02,000) Capital Long Term
2. Command 17-3-23 25,32,000 Eq. 28 4000 Eq. Shares Aryman 27%
Polymers 21-3-23 (Rs.7.09 Cr.) (F.V.Rs.10) (Rs.1,12,000) Financial Clear Avoid
3. Maiden 23-3-23 37,84,000 Eq. -- 2000 Eq. Shares Share
Next Week
Forgings 27-3-23 (Rs.---Cr.) (F.V.Rs.10) (Rs.---) India
subscription. Listing on March 24 could be around Rs. 85-95.

• Bright Outdoor Media :- BSE SME IPO with a fixed price of Rs. 46 closed on March 17
with 1.27x subscription. Listing on March 27 could be around Rs. 50 or in discount.
* Last week's IPO listing:-
• DivgiTorqTransfer (Mainboard) (543812) :- Issue with an offer price of Rs. 590 listed
on March 14 at Rs. 600 and went up to Rs. 615.75 and down to Rs. 557.20 before closing at
Rs. 605. On March 17, it closed at Rs. 624.55.
• ResGen (BSE SME) (543805) :- Issue with an offer price of Rs. 47 listed on March 13 at
Rs. 47 and went up to Rs. 49 and down to Rs. 46.55.
• ITCONS (BSE SME) (543806) :- Issue with an offer price of Rs. 51 listed on March 13 at
Rs. 46.99 and went down further to Rs. 46 before closing at Rs. 49.33. It closed at Rs. 40.20
on Friday, i.e. 20% discount.
• Systango (NSE SME) :- Issue with an offer price of Rs. 90 listed at Rs. 98 and went up
to Rs. 102.90 and down to Rs. 95 before closing at Rs. 102.90. It closed at Rs. 108 on
Friday.
• Vertex Plus (NSE SME) :- Issue with an offer price of Rs. 96 listed on March 15 at Rs.
101, i.e. 5% premiums and went up to Rs. 106.05 and down to Rs. 101 before closing at Rs.
104.80.
* Insight into this week's issues :- This week total 8 issues including 1 mainboard, 4
SME and 3 Rights Issues are in the market.
• UdayshivkumrInfra :- in Rs. 66 crore issue the price band is Rs. 33-35. Lead Manager
is Safron Capital and it will list on BSE and NSE. It will open on March 20 and close on March
23. QIB portion is 10%, HNI 30% and retail 60%. As the issue size is small it will list in 'T'
group. It may get a good response in HNI. It may give good returns in short term and there is
Cont...
Financial Weekly TM

March 2023 61
Subscription Figures of SME IPO (Dt. 17-3-2023)
IPO Listing Day Subscribed
Sudarshan Pharma BSE SME Issue Closed on 14-3-2023 1.06x
VELS Films NSE SME Issue Closed on 14-3-2023 1.10x
Labelkraft Techno BSE SME Issue Closed on 15-3-2023 53.42x
Quality Foils (India) NSE SME Issue Closed on 16-3-2023 364.38x
Bright Outdoor BSE SME Issue Closed on 17-3-2023 1.27x
Nirman Agri NSE SME 3rd Day Subscribed 1.02x
Dev Labtech BSE SME 1st Day Subscribed 0.49x
Command Polymers BSE SME 1st Day Subscribed 0.60x
Maiden Forgings BSE SME Issue Opens on 23-3-2023 --
Tentative Timetable for SME & Main Line IPOs

IPOs Name Issue Basis Refund/ Credit of Listing
Closes of Unblock Shares Date
Date Allotment Amount to Demat
MCON Rasayan NSE SME 9-3-23 14-3-23 16-3-23 17-3-23 20-3-23
Prospect Commodites BSE SME 10-3-23 15-3-23 16-3-23 17-3-23 20-3-23
Sudarshan Pharma BSE SME 14-3-23 17-3-23 20-3-23 21-3-23 22-3-23
VELS Films NSE SME 14-3-23 17-3-23 20-3-23 21-3-23 22-3-23
Global Surface IPO 15-3-23 20-3-23 21-3-23 22-3-23 23-3-23
Labelkraft Techno BSE SME 15-3-23 20-3-23 21-3-23 22-3-23 23-3-23
Quality Foils NSE SME 16-3-23 21-3-23 22-3-23 23-3-23 24-3-23
Brighta Outdoor BSE SME 17-3-23 22-3-23 23-3-23 24-3-23 27-3-23
Nirman Agri NSE SME 20-3-23 23-3-23 24-3-23 27-3-23 28-3-23
Dev Labtech BSE SME 21-3-23 24-3-23 27-3-23 28-3-23 29-3-23
Command Polymers BSE SME 21-3-23 24-3-23 27-3-23 28-3-23 29-3-23
Udayshivakumar IPO 23-3-23 28-3-23 29-3-23 31-3-23 3-4-23
Maiden Forgings BSE SME 27-3-23 31-3-23 3-4-23 5-4-23 6-4-23
a possibility of listing gain.

Allotment/Refund :- Allotment may be on march 28 and refund on March 29.
Listing :- It may list on April 3 around Rs. 45-50. Hold for better returns.
* SME IPOs:-
• Nirman Agri Genesix :- Issue with a fixed price of Rs. 99 has got 1.02x subscription on
the 3rd day. It may get listed at around Rs. 100 or with a discount on March 28. As shown in
the table, the issue is very costly so investors should keep their distance.
• Dev Labtech Ventures :- BSE SME IPO with an offer price of Rs. 51 has got 0.49x
subscription on the 1st day. Listing on march 29 may be around Rs. 60-65. It can be consid-
Cont...
Financial Weekly TM

March 2023 62
Rights Issue
Sr Company Issue Open Dt. Issue size Offer price Ratio & Listing Lead Manager/ Recomm.
Issue Close Dt. (Rs. Cr.) (Rs.) Record Dt. Registrar
1. Raj Oil Mills 21-2-2023 1,49,88,684 30 1 Shares for every BSE Saffron Capital Risky Bet
21-3-2023 Shares (F.V. Rs. 10) 1 shares held NSE Registrar
(Rs. 44.97 Cr.) On 9-2-2023 Bighsare Services
2. Sparc 14-3-2023 1,46,67,000 19 3 Shares for every BSE -- Clear Avoid
Electrex 12-4-2023 Shares (F.V. Rs.10) 1 shares held Registrar
(Rs. 27.87 Cr.) On 28-2-2023 Purva Sharegistry
3. Gokul Agro 16-3-2023 44,71,011 90 1 Shares for every BSE -- Risky
Resources 23-3-2023 Shares (F.V. Rs. 2) 32 shares held NSE Registrar (Long Term)
(Rs. 41.13 Cr.) On : 8-3-2023 Bighsare Services
4. A.F. 5-4-2023 -- 19 -- BSE --
Enterprise 20-4-2023 Shares (F.V. Rs. 10) -- Registrar Next Week
(Rs. 2.91 Cr.) -- --
Subscription figure of Subscription figure of

DRHP Filing in last
Global Surface Main Line IPO Indiabulls HSF Fin.
10 Years
No.Shares Issue Subscribed Category No. of Bond Issue
Year Filing Year Filing
Offered/ 13-3-23 14-3-23 15-3-23 Figure Figure (Issue Closed on Offered/ Subscribed
Reserved 2013-14 10 2018-19 64 17-3-2023) Reserved 17-3-2023
QIB 22,14,000 0.01x 0.04x 8.95x 2014-15 29 2019-20 29 Cat. 1 (Inst.) 3,00,000 0.29x
NII 16,60,500 0.57x 1.66x 33.10x 2015-16 41 2020-21 30
2016-17 35 2021-22 144 Total (Base Issue) 10,00,000 1.99x
Retail 38,74,500 0.62x 1.47x 5.12x
2017-18 67 2022-23 66
Total 77,49,000 0.43x 1.10x 12.21x
ered for long term.

• Command Polymers :- Rs. 79 crore issue has got 0.60x subscription on the 1st day.
Keep distance from it.
• Maiden Forgings :- Issue offering 37.84 lakh equity shares will open on March 23 and
close on March 27. Offer price has not been declared.
* This week's Rights Issues:-
• Sparc Electrex :- Shareholders should stay away from the issue with an offer price of
Rs. 19, which will close on April 12.
• Gokul AgroResources :- In Rs. 14.13 crore issue with a fixed price of Rs. 90, only high
risk investors should indulge for long term.
* NCDs issues:-
• Indiabulls Housing Finance :- Issue with a base price of Rs. 100 crore closed with
Listing Information of SME IPOs & Main Line IPOs

Co. Name BSE Listing Offer Listing Listing Listing Listing CMP
Code Date Price Price Day Day Day 17rd
(Rs.) (Rs.) High Low Close March
ResGen (BSE SME) 543805 13-03-23 47 47 49 46.55 46.57 43.39
ITCONS (BSE SME) 543806 13-03-23 51 46.99 49.33 46 49.33 40.20
Divgi Torqtransfer (IPO) 543812 14-03-23 590 600 615.75 557.2 605.15 624.55
Systango Tech (NSE SME) SYSTANGO 15-03-23 90 98 102.9 95 102.9 108.00
Vertexplus (NSE SME) VERTEXPLUS 15-03-23 96 101 106.05 101 106.05 104.80
Cont...
Financial Weekly TM

March 2023 63
1.99x subscription. It could raise only Rs. 200 crore as against a target of Rs. 1000 crore.
* Govt. missed the disinvestment target due to delay in stake sale in Hindustan Zinc
Ltd. :- The Government had fixed the PSU disinvestment target of Rs. 50,000 crore for
FY2022-23. However, it could raise only Rs. 31,107 crore till now. It planned to sell 29.54%
stake in Hindustan Zinc but it doesn't seem possible till the transfer of overseas assets and
taking into confidence the minority stake holders. It doesn't seem that the disinvestment will
be completed by March end.
* Patanjali Foods to come up with FPO to offload stake :- After SEBI fridge the shares,
Patanjali Foods announces the launch of an FPO. As per SEBI rules, there must be a mini-
mum of 25% public holding in the company. Baba Ramdev said that there will not be any
impact on the company despite the fact that the promoters' shares will be in lock-in till April
8, 2023. It plans to dilute around 6% stake.
Grey Market Movement

High Volatility in Grey Market due to uncertainty in Secondary Market
Huge volume of delas in premiums and subject to segment in Global
Surface and Udayshivakumar Infra issues
Counters heat up in MCON, Labelkraft, Quality Foils and Dev Labtech SME IPO
Sudarshan Pharma premiums stable: Command and Bright Outdoor in discount
Two-day assumption of premiums and discounts in
VELS Films, Nirman Agri and Prospect Commodities
Though movement has increased in the Grey Market, there is high volatility due to uncertainty
in the secondary market.
* Mainboard IPOs:-
• Global Surface :- Due to good response the premiums were strong at rs. 12/13 and subject
to rates were Rs. 20,000 in two lakh plus category.
• UdayshivakumarInfra :- As IPO size is small, the premiums were Rs. 11/12 and minimum
application witnessed interest rates of Rs. 15000 and subject to rates of Rs. 4000 and Rs. 50,000
for Rs. 2-10 application.
* SME IPOs :- Counters were active in SME IPOs like MCON Rasayan, Quality Foils and
Labelkraft. In Subject to rates MCON rates were Rs. 55,000, Labelkraft Rs. 20,000 and Quality
Foils Rs. 40,000. Deb Labtech subject to rates went up from Rs. 6000 to Rs. 12,000/13,000.
Sudarshan Pharma premiums are stable, while ProspectCommodities, VELS Films,
Bright Outdoor Nirman Agri,Command Polyers SME IPOs witnessed two-way movement.
Financial Weekly TM

March 2023 64
Udayshivakumar Infra Limited Main line IPO
Opens on 20th March & Closes on 23rd March
Price Band Rs. 33 to 35 Listing on BSE & NSE Platform
It has posted consistent growth in bottom line for the last two & half year
However there is set back in top line of FY22; Listing in T Group
Considering all valuation parameters, issue is reasonably priced
Looking to the huge order book,
Government focus in Infra sector & Fancy in Infra stocks
Investors should apply for short term reward or listing gain
Incorporated in 2019, Udayshivakumar Infra Limited is engaged in the business of the construction of roads. Smart Roads
under Municipal Corporations, Smart Roads under PM's Smart City Mission projects, National Highways, Bruhat Bengaluru
Mahanagara Palike (BBMP), and Local Area Roads in various Taluka Places, etc. The company primarily operates in the State
of Karnataka. They bid for Roads, Bridges, Irrigation & Canals Industrial Area construction in Karnataka, this includes National
Highways (MORTH), State Highway Development Corporations Ltd., (SHDP), Government Departments such as Karnataka
Public Works Ports & Inland Water Transport Department (KPWP & IWTD), Davanagere Harihara Urban Development Authority
(DHUDA), and many more. As of August 31, 2022, the Company had executed over 30 various projects in and around the State
of Karnataka along with the erstwhile partnership firm, M/s. Udayshivakumar. The entity is working on twenty-five ongoing
projects.
Issue Details
• Issue Opens on 20th March & Closes on 23rd March 2023
• Object of the issue : Funding incremental working capital requirements of our Company and General corporate purposes.
• Issue Size : 2,00,00,000 Shares (Rs. 66 Cr.)
• Face Value Rs. 10 • Offer price Rs. 33 to 35
• Minumum Lot Size : 428 Share • Listing on : BSE & NSE Platform Financial Performance : Consolidated Basis
• BRLM : Saffron Capital Advisors Private Limited Particulars (Rs. Cr.) FY20 FY21 FY22 6MFY23
• Registrar : MAS Services Limited Total Revenue 193.61 210.40 185.63 106.61
• Company Management : Mr. Udayshivakumar Profit After Tax 10.49 9.32 12.15 10.02
• Pre Issue Promoter Holding : 98.98% EPS 2.87 2.55 3.33 2.75
• Post Issue Promoter holding : 65.26% RONW (%) 22.38 16.59 17.78 12.79
• Issue constitutes 33.72% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 2.99 & RONW : 18.15%
• Pre IPO Eq. Capital Rs. : 3.65 Cr. • Post IPO Eq. Capital Rs. 5.65 Cr.
• Pre IPO : P/BV Ratio 1.63 (NAV : 21.46)
• Post Issue : P/BV Ratio : 1.44 (NAV : 24.26)
• Pre IPO P/E Ratio : 10.51
• Industry Peer Grup PE Ratio : 19.28
• BRLM’s Performance : This is 1st Issue from BRLM in last 3 years.
OTHER SIDE OF THE COIN
• The Average Cost of acquisition of Equity shares by the promoters is Rs. 10 per share and the offer price is Rs. 35
• Company has issued 3.65 lakh shares a initial equity capital at par on 23rd Dec. 2019. It has not issued any bonus or further
equity shares.
• Company's significant revenue comes from small number of customers.
• IPO will be listed in T Group due to less than Rs. 250 Cr. Equity offer.
• Post IPO equity capital of only Rs. 5.6 crore. Indicates longer gestation for migrate to main board.
• Company is focusing on business only in Karnataka state.
• The Company is operating in a highly competitive segment and the Company's business requires more working capital.
• Company do not own certain premises used by them.
Recommendation : - It has posted consistent growth in bottom line for the last two and
half year. However there is set back in top lines for the FY22. On valuation front considering
P/BV of 1.44 and PE of 10.51, Issue is reasonably priced. Looking to the order book value of
1290.39 Cr. (More than 6 times for FY22 revenue) government focus on infra sector and
fancy in infra stocks, Investors should apply for short term reward or listing gain.
Financial Weekly TM

March 2023 65
Nirman Agri Genetics Limited NSE SME IPO
Opens on 15th March & Closes on 20th March
Offer Price Rs. 99; Listing on NSE SME
It has posted growth in top-Bottom line for the reported period
But sudden jump in 7MFY23 is surprising and unlikely to sustain
Considering all valuation parameters, issue looks bit expensive bet
Investors may avoid and stay away from this overpriced issue
Incorporated in 2020, Nirman Agri Genetics Limited is an organized Agri-Input Company in India. The company is in
the business of production, processing, and marketing of high-quality hybrid seeds, Pesticides, and Bio-organic. These
processes are used for different crops like corn, sunflower, cotton, paddy, grain sorghum, etc. Expanding its horizon,
Nirman Agri Genetics Limited recently forayed into micronutrients and Bioproducts. And they also produce non-hybrid
seeds, primarily for paddy. The company currently has production, outsourced processing, and R&D facilities in Nashik
and Nimgul, Maharashtra, Gujarat, and Madhya Pradesh.
Issue Details
• Issue Opens on 15th March & Closes on 20th March 2023
• Object of the issue : Funding additional Working capital requirements, Investment in Strategic Acquisition / Joint
Venture, Purchase of Computer and other hardware, General Corporate Purposes
• Issue Size : 20,50,800 Eq. Shares (Rs. 20.30 Cr.)
• Face Value Rs. 10 • Offer price Rs. 99 Financial Performance : Consolidated Basis
• Minumum Lot Size : 1200 Share • Listing on : NSE SME Particulars (Rs. Cr.) FY20 FY21 FY22 7MFY23
• BRLM : First Overseas Capital Limited Total Revenue 2.59 7.78 18.39 18.04
• Registrar : Bigshare Services Pvt Ltd Profit After Tax 0.13 0.19 2.73 2.30
• Company Management : Pranav Kailas Bagal EPS -- 0.21 10.00 9.00
• Pre Issue Promoter Holding : 99.99% RONW (%) -- 84.54 96.83 51.49
• Post Issue Promoter Holding : 65.59%
• Pre IPO Eq. Capital Rs. : 3.91 Cr. • Post IPO Eq. Capital Rs.5.96 Cr.
• Post IPO asking P/E on fully diluted equity : 15.75
• BRLM’s Performance : This is 23rd Issue from BRLM in last 5 years. In last 10 Listing : 8 Issued opened with
premium & 2 Issue At par.
• Average cost of acquisition of equity share of promoters of the company is Rs. 3.72 per share and Offer price Rs. 99.
• The company issued bonus shares in October 2022 in the ratio of 255:1 before filing DRHP.
• Promoter's post IPO equity dilution is as high as 34.40%
• This business is subject to risk related weather. Disease and pests.
• High working capital requirements.
• There is heavy competition in this segment.
• The business of the company is fully seasonal.
• The company does not have its own registered office.
• The company's cash flow has been negative in the past.
Recommendation : - The Company has recorded growth in top-bottom lines in the finan-
cial performance indicated herewith. The sudden spurt in the company's financial growth in
7M of FY23 is surprising, doubtful and unlikely to sustain going forward. On valuation front
considering P/BV of 2.23 and PE of 151.15 issues is overpriced. Investors may avoid this
expensive bet.
Financial Weekly TM

March 2023 66
Dev Labtech Venture Limited BSE SME IPO
Opens on 17th March & Closes on 21st March
Offer Price Rs. 51; Listing on BSE SME
It has posted consistent growth in bottom lines for the two & half years
After robust growth in top lines for FY21 & FY22, there is set back in H1FY23
Considering all valuation parameters issue is reasonably priced
Investors may apply for long term rewards in this issue
Incorporated in 1993, Dev Labtech Venture Limited is a Premier Lab Grown Diamond & Jewellery Manufacturer. The
company's registered office is situated in Bhavnagar, Gujarat and it also operates through its sales offices. Dev Labtech
has recently started the manufacturing of lab-grown diamonds, earlier to this, the entity was engaged in the processing
of natural diamonds only. The company has developed expert skills over the years in mapping, designing, cutting, and
polishing with innovation & extracting optimum output with less wastage while transforming rough to natural polish
diamonds. Dev Labtech Venture Limited has an in-house technical & Design team to make Laboratory grown diamonds.
Issue Details
• Issue Opened on 17th March & Closes on 21st March 2023 Financial Performance : Consolidated Basis
• Object of the issue : To Meet the Capital Expenditure Requirements, Particulars (Rs. Cr.) FY20 FY21 FY22 H1FY23
To Meet Working Capital Requirement, Total Revenue 11.79 12.28 26.98 9.66
General Corporate Purpose, To Meet the Issue Expenses Profit After Tax 0.0001 0.04 0.44 0.64
EPS 0.00 0.07 0.84 1.12
• Issue Size : 22,00,000 Eq. Shares (Rs. 11.22 Cr.)
RONW (%) 0.03 2.46 22.71 8.93
• Face Value Rs. 10 • Offer price Rs. 51.00
• Minumum Lot Size : 2000 Share • Listing on : BSE SME
• BRLM : Beeline Capital Advisors Pvt Ltd • Registrar : Link Intime India Private Ltd
• Company Management : Mr. Jerambhai Lavjibhai Donda, Mrs. Labhuben Jerambhai Donda, and Mr. Jay Jerambhai
Donda
• Pre Issue Promoter Holding : 92.66% • Post Issue Promoter Holding : 68.01%
• Pre IPO Eq. Capital Rs. : 6.07 Cr. • Post IPO Eq. Capital Rs. 8.27 Cr.
• Pre IPO : P/BV Ratio 3.60 (NAV : 14.18) • Post Issue : P/BV Ratio : 2.34 (NAV : 21.76)
• BRLM’s Performance : This is 11th Issue from BRLM in last 3 years. In last 10 Listing : 8 Issued opened with premium
& 2 Issue at par.
• Average cost of acquisition of equity shares by the promoters of the company is Rs. 4.86, Rs. 6.20 and Rs. 6.58 per
share, while the offer price is Rs. 51
• Before filing DRHP, the company had issued bonus shares in the ratio of 1:2 in March 2022 and in the ratio of 3:2 in
July 2022.
• Apart from initial equity capital at par, the company issued further equity shares in the price range of Rs. 40 to Rs.
100 between March 2010 and July 2022.
• Post IPO equity capital of the company is Rs. 8.27 crore which may take a long time for the company to migrate to
the main board.
• It has recently started lab grown diamonds; hence it has limited operation history.
• The property used by the company is not own by the company.
• Company is dependent on Top-Ten suppliers.
• Competition from organized & unorganized players.
Recommendation : - During the last two and a half years, the company has registered a high
growth in the bottom lines continuously. After achieving strong growth in top lines in FY21 & FY22,
there has been a setback in top line in H1FY23. The RONW of the company has been increasing
every year. On the valuation front, the offer price seems reasonable considering the P/BV of 2.34
and PE of 28.70. Investors may apply for long term rewards.
Financial Weekly TM

March 2023 67
Command Polymers Limited BSE SME IPO
Opens on 17th March & Closes on 21st March
Offer Price Rs. 28; Listing on BSE SME
It has posted steady growth in financial performance for FY21 & FY22
However, there is set back in top line and bottom line for the 3QsFY23
Valuation front considering all parameters, issue is aggressively priced
Investors may give clear avoid to this expensive issue
Incorporated in 1998, Command Polymers Limited is in the business of marketing and Manufacturing
Polymer-based products. These products include Polythene LF tubes, Tarpaulin sheets, Polyester Fabrics,
and other polymers. The company primarily engages in manufacturing and trading. Its revenue is generated
in the proportion of 67% and 33% from these activities, respectively. The manufacturing facility of Command
Polymers Limited is situated in District 24 Parganas (South).
Issue Details
• Issue Opened on 17th March & Closes on 21st March 2023
• Object of the issue : Funding Working capital requirements;, Repayment of Loans;, General Corporate
Purpose Financial Performance : Consolidated Basis
• Issue Size : 25,32,000 Eq. Shares (Rs. 7.09 Cr.) Particulars (Rs. Cr.) FY20 FY21 FY22 3QSFY23
• Face Value Rs. 10 • Offer price Rs. 28.00 Total Revenue 10.90 16.37 19.49 14.60
• Minumum Lot Size : 4000 Share • Listing on : BSE SME Profit After Tax 0.09 0.20 0.30 0.16
EPS 0.14 0.29 0.44 0.23
• BRLM : Aryaman Financial Services limited
RONW (%) 1.02 2.11 3.12 1.64
• Registrar : KFin Technologies Limited
• Company Management : Kundan Vinimay Private Limited, Sukhjit Consultants Limited, Sukhdhan Vinimay
Private Limited and Ridhi Sidhi Advisory Private Limited.
• Pre Issue Promoter Holding : 52.60%
• Post Issue Promoter holding : 39.39%
• Issue constitutes 27% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 0.34 & RONW : 2.43 %
• Pre IPO Eq. Capital Rs. : 6.85 Cr. • Post IPO Eq. Capital Rs.9.38 Cr.
• BRLM’s Performance : This is 17th Issue from BRLM in last 3 years. In last 10 Listing : 8 Issued opened with
premium & 2 Issue with at par.

• Average Cost of acquisition of equity shares by the promoter is Rs. 13.50 per share and the offer price is Rs. 28.
• Apart from initial equity capital at par, company issued further equity at a price of Rs. 100 per share in February 2009.
• Company's post equity capital is only Rs. 9.38 Cr. so it may take a long time for the company to migrate to the main
board.
• Company is operating in highly competitive segment.
• There is a decline in EBITDA margins & ROCE and Debt to EBITDA ratio is at 6.48 as on 3QSFY23
Recommendation : - It has posted steady growth in financial performance for FY21 &
FY22. However there is set back in top line & bottom line for the 3QSFY23. On valuation
front considering P/BV 2.34 and PE 33.41, issue is exorbitantly priced. Investors may give
clear avoid to this expensive issue.
Financial Weekly TM

March 2023 68
Sparc Electrex Limited Rights Issue
Openes on 14th March & Closes on 12th April
Offer price Rs. 19 per Share; Listing on BSE
BSE : 531370 • CMP : Rs. 18.85 (14-3-23) • 52WK H : 42 / Low : 11.21
It has incurred losses in FY20 & FY21 & Turn the corner in FY22
However it has reported de-growth in H1FY23. It has a negative reserve
Post IPO equity base will increase fourfold: It has high carried forwarding loss
Shareholders may give clear avoid & stay away from this premium offer price
Incorporated in 1989, Sparc Electrex Limited is engaged in the manufacturing, import, export,
trading, and dealing of various kinds of Garden Tools, Power Tools, Cordless Tools, Hand Tools,
Machinery, and Spares & Accessories. It also trades in Prime Steel Products, Hot Rolled (HR) /
Cold Rolled Coils, Sheets & Pipes, Mild & Stainless Steel, and all kinds of Metals.
Issue Details
• Issue Opens on 14th March & Closes on 12th April 2023
• Object of the Issue : To meet Working Capital Requirements; To adjust an unsecured loan given
by one of Electrex International Private Limited, one of the Corporate Promoters, To meet issue-
related expenses and General Corporate Purposes.
• Issue Size : 1,46,67,000 Shares (Rs. 27.87 Cr.)
• Face Value Rs. 10 • Issue Price : Rs. 19 per Share
• Market Lot : 1 per Share • Listing on BSE
• Entitlement : 3 Rights Equity Share(s) for every 1 fully paid-up Equity Shares held on Record
Date : 28-2-2023
• Lead Manager : Self Manages
• Registrar : Purva Sharegistry India Pvt Ltd Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY 21 FY 22 H1F Y 23 3Q SFY 23
• Market Cap : Rs. 37.16 Cr. Total Revenue 0.05 15.07 3.74 4.96
• Pre IPO Equity Capital Rs. 4.8 Cr. Profit After Tax -2.00 2.12 0.58 0.68
• Post IPO Equity Capital Rs. 19.56 Cr.

• Cum Right basis at Rs. 22.20 (27-2-2023)
• ex Right basis at Rs. 19.20 (28-2-2023)
• Since then, It has marked a high/low of Rs. 20.50 / Rs. 17.29
• It last closed at Rs. 18.74 (13-2-2023)
• 52 Weeks high / Low of Rs. 42.41/ Rs. 11.21
Recommendation : It has incurred losses in FY20 and FY21, Company turn the corner in
FY22 but financial performance for H1FY23 is very poor compared to previous year. Post
IPO company equity of 4.8 cr. Will rise fourfold to Rs. 19.56 cr. It has negative reserve of (-
0.84 Cr.) company is offering Right issue at a premium of 0.78% to its CMP instead of dis-
count offer. Shareholder may give clear avoid and stay away from this Rights issue.
Financial Weekly TM

March 2023 69
Gokul Agro Resources Limited Rights Issue
Openes on 16th March & Closes on 23rd March
Offer price Rs. 92 per Share; Listing on BSE & NSE
BSE : 539725 • CMP : 106 • 52WKH : 151.68 / Low : 66.25
It has posted growth in financial performance for the reported period
However there is set back in bottom line of H1FY23
Risk taker shareholders may apply for rights shares available at 13% discount to CMP
Incorporated in 2014, Gokul Agro Resources Limited is one of the leading FMCG Companies in India.
GARL operates around the world with its trade. The company also has a subsidiary situated in Singapore to
cater to its customers from different parts of the world. In India only, Gokul Agro Resources Limited has a
reach in over 20 states and serves with its strong marketing and distribution network. GARL is engaged in
the manufacturing and exports of various industrial products such as castor oil of various grades and its
derivatives. Gokul Agro has a state of the Art manufacturing and production facility fully equipped with the
latest equipment and technology. This facility is located in Gandhidham, Gujarat, India.
Issue Details
• Issue Opens on 16th March & Closes on 23rd March Financial Performance : Consolidated Basis
• Issue Size : 44,71,011 Shares (Rs. 41.13 Cr.) Particulars (Rs. Cr.) FY 20 FY 21 FY 22 H1F Y 23
Total Revenue 5600.3 8401.7 10407.3 5646.5
• Face Value Rs. 10 • Issue Price : Rs. 92 per Share Profit After Tax 19.1 44.6 122.9 57.7
• Market Lot : 1 per Share • Listing on BSE & NSE
• Terms of payment : Full Amount of Rs. 92/- per Equity Share is payable on application by the Eligible
Shareholder.
• Entitlement : 1 Rights Equity Share(s) for every 32 fully paid-up Equity Shares held on Record Date : 8-
3-2023
• Deemed Date of Allotment : 31-3-2023
• Lead Manager : Self Manage
• Registrar : Big Share Services Pvt. Ltd.
• Pre IPO Equity Capital Rs. 28.61 Cr.
• Post IPO Equity Capital Rs. 29.51 Cr.
• Cum Right basis at Rs. 113.75 (6-3-2023)
• ex Right basis at Rs. 112.90 (7-3-2023)
• Since then, It has marked a high/low of Rs. 115.60 / Rs. 106.35
• It last closed at Rs. 107.00 (14-3-2023)
• 52 Weeks high / Low of Rs. 191.68 / Rs. 66.25
Recommendation : It has posted growth in its financial performance for the reported period but there is
set back in bottom line for H1FY23. Though it has a free reserve of Rs. 505 cr. Right share are available at
a discount of 13.20 % from CMP. ON valuation front considering all parameter offers is fully priced. Risk
taker shareholder may apply for long term.
Financial Weekly TM

March 2023 70
Smart Best Buy S. N. Zaveri
CreditAccess Gramin: Robust Business Momentum

Titan Industries : Market share gain will move stock higher
Abbott India: Solid growth, Generating high Cash Flow
PVR : Merged entity expands aggressively
Balkrishna Industries : Structural growth story intact
CreditAccess Gramin (Rs. 901.00) (Code : 541770) : CreditAccess Grameen

has crossed a major milestone of Rs 20,000 crore AUM. The AUM of the Company as on 31
December 2022 was Rs 17,786 crore. CA Grameen has been demonstrating robust business
momentum since June 2022, after being at the forefront of adhering to RBI's revised microfinance
guidelines during April - May 2022. CA Grameen has already added over 3.7 lakh new borrowers
during Q4 FY23 till date, significantly higher compared to 2.8 lakh and 3.0 lakh new borrowers
added during Q2 FY23 and Q3 FY23 respectively. The Company has disbursed over Rs 5,000
crore during Q4 FY23 so far, as against Rs 4,375 crore and Rs 4,847 crore during Q2 FY23 and Q3
FY23 respectively. In Q4 FY23, CA Grameen opened 30 new branches and planning to open
another 34 branches leading to a total branch network of 1,782 across 14 states and 1 union terri-
tory by 31 March 2023. Buy.
Titan Company (Rs. 2455.00) (Code : 500114) :- Shares of Titan Company Ltd
surged last week after global brokerage firm JPMorgan maintained an "overweight" stance on the
stock. The global research firm expects the Tata group stock to hit a target of Rs3000 per share,
suggesting a 25 per cent upside potential from the current market price. The brokerage said, add-
ing that it expects market share gains to be the core growth driver supported by multiple strategic
initiatives. Jewellery purchases shift to organized players and the unorganized segment becomes
less competitive. It believes Titan is well on course to achieve its targeted 20 per cent jewellery
revenue CAGR over FY22-27E. Margin to stay stable at 12-13 per cent as drag from rising gold
price competitiveness. Wearables, Caratlane, Eyewear, Taneira and international business are
other significant LT growth pillars. Invest.
Abbott Inda (Rs. 20909.00) (Code : 500488) : Abbott India outperformed the Indian
pharmaceutical market (IPM) with a year-on-year (YoY) growth of 23 per cent in February. The
domestic market grew at a robust 20 per cent on a low base, primarily led by volume growth and
price hikes. The company is generating high Free Cash Flow which is increasing at 46% CAGR in
last five years. Its revenue has been growing with 11% CAGR. The company is debt-free. Net profit
has more than dubled from Rs.401 crore in FY18 to Rs.799 crore in FY22. Abbott India manufac-
tures vaccines, drugs, medicines, and other products for women’s health, gastroenterology, multi-
Cont...
Financial Weekly TM

March 2023 71
specialty use, central nervous system, and consumer health. Digene, Betahistine, and Brufen are
some of the key brands of this pharma company. Promoters are holding 75 per cent stake. It has
solid backing from its US based parent. Buy.
PVR Ltd (Rs. 1575.00) (Code : 532689) : India’s top two multiplex chains, PVR Ltd
and INOX Leisure Ltd, have earmarked Rs 500-550 crore annual capex to open up to 170 screens
every year, post-merger. The merged entity will start its journey with a network of over 1,500 screens.
It has opened first such screen, after merger, at Indore, Madhya Pradesh. The new eight-screen
multiplex makes for 299 screens in 70 properties across 25 cities in central India for the company.
It has total seat capacity of 1318. It has also announced the launch of a new multiplex at Lulu Mall
in Lucknow, Uttar Pradesh. The eleven-screen superplex has a seating capacity of 1841 audi-
ences. With the new launch, PVR will now have 158 screens across 32 properties in Uttar Pradesh.
So, the company is very confident of its business and that’s why the merged entity is expanding
aggressively. Buy.
Balkrishna Industries (Rs. 1962.00) (Code : 502355) : Balkrishna Industries is
the leading tyre company with a diversified portfolio has a presence in 160 countries, and supplies
to major original equipment manufacturers (OEM) with a distribution network across the globe. The
December quarter earnings of the company were quite disappointing, but the upcoming quarter is
expected to be good. The company’s margin is expected to improve amid softening input costs
and increasing capacity. Exports is the largest revenue vertical of this off-highway tyre (OHT) maker.
Exports to the EU and the US brought in 80 percent of its revenue in FY21. BKT’s structural growth
story is intact which is supported by the company’s massive capital expenditure cycle. This has
also managed to broadly protect the company's global market share (5-6 percent). Invest.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
17th March, 2023 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
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly TM

March 2023 72
Dalal Street Whispers Dilip K. Shah
Glenmark Pharma (Rs.440.00) (Code : 532296) :- Glenmark Pharma received
US health regiulator's approval to proceed with phase 1/2, first-in-human trial for investigational
new drug aimed for treatment of patients with advanced cancers.
DLF (Rs. 375.00) (Code : 532868) :- DLF witnessed record-breaking pre-formal
launch sales of more than Rs 8,000 crore for its luxury high-rise, The Arbour’ project, in just 3 days.
The company will focus on luxury, and ultra-luxury housing, on the back of high demand for high-
end homes.
Voltas (Rs. 879.00) (Code : 500575) :- Voltas' subsidiary Universal MEP Projects &
Engineering Services bagged multiple SITC project orders worth Rs 1,770 crore in the Electrical
Power Distribution business for FY22-23, including a solar power project.
Titagarh Wagons (Rs. 238.00) (Code : 532966) :- Titagarh Wagons in consor-
tium with Ramkrishna Forgings was declared as lowest bidder (L1) by the Ministry of Railways for
manufacturing and supplying of forged wheels under the 'Atmanirbhar Bharat' initiative.
Ethos (Rs. 987.00) (Code : 543532) :- Ethos will enter Bhopal to launch its first multi-
brand boutique in the city, spread across an area of 506 sq. ft. located at DB City Mall, Zone 1,
Maharana Pratap Nagar.
Cipla (Rs. 874.00) (Code : 500087) :- CIPLA inked pact with Africa Capitalworks to
sell 51.1 % stake in Uganda-based Cipla Quality Chemical Industries (CQCIL). Following the sale,
CQCIL will cease to a subsidiary of parent-company Cipla. The proposed sale is expected to be
complete by end-of May.
Man Industries (Rs. 90.00) (Code : 513269) :- Man Industries bagged an export
order worth Rs 1,300 crore. The order win will further aid the carbon steel pipe manufacturer's
order book, which stands at Rs 2,000 crores, to be executed within six to eight months.
Patel Engineering (Rs. 14.00) (Code : 531120) :- Patel Engineering emerged as
a lowest bidder for two micro irrigation projects worth Rs 1,265 crore located in Madhya Pradesh
and Karnataka from Water Resources Department, Government of Madhya Pradesh, and
Visvesvaraya Jala Nigam.
Shriram Finance (Rs. 1248.00) (Code : 511218) :- Shriram Finance is looking to
pare a 15 % stake in its housing finance arm at a valuation of $121.35 million.
Paras Defence (Rs. 485.00) (Code : 543367) :- Shares of Paras Defence and
Space Technologies (Paras Defence) has entered into an agreement with Israel-based CONTROP
Precision Technologies for manufacturing Electro-Optic Systems for various applications, aligning
Cont.....
Financial Weekly TM

March 2023 73
with the Government of India's Make in India initiative.
HAL (Rs. 2799.00) (Code : 541154) :- The Defence Acquisition Council on Thursday
(March 16) approved proposals worth Rs 70,500 crore for the Armed Forces & Indian Coast Guard
under Buy {Indian-IDDM (Indigenously Designed, Developed and Manufactured)} category. It also
announced procurement of advance light helicopters (ALH) MK-III from Hindustan Aeronautics
(HAL) for the Indian Coast Guard.
Va Tech Wabag (Rs. 335.00) (Code : 533269) :- Va Tech Wabag had received a
Rs 800-crore order from the Dhaka Water Supply & Sewerage Authority in Bangladesh to design,
build and operate (DBO) the expansion of Pagla Sewage Treatment Plant (STP) with a capacity of
200 million litres a day (MLD) at Pagla in Dhaka.
KPIT Tech (Rs. 870.00) (Code : 542651) :- KPIT Technologies which provides
software solutions to the automotive and mobility industry recently announced the partnership with
Honda. The partnership aims to accelerate Honda’s software-defined mobility journey and it is the
largest engagement for SDM (Software defined mobility).
Zee Entertainment (Rs. 206.00) (Code: 505537) :- Zee Entertainment Enterprises
has agreed to repay dues owed to IndusInd Bank. The move will help Zee to move forward on its
merger with the Sony Group unit. Zee will pay 1 crore dollars (Rs. 83.7 crore) to the bank.
Ultratech Cement (Rs. 7242.00) (Code: 532538) :- The Indian Bureau of Mines
has given a 5-star rating to the company’s limestone mines in Gujarat. The top rating has been
given to 13 mines.
SJVNL (Rs. 31.00) (Code: 533206) :- This hydropower company has signed an agree-
ment with Indian Oil Corporation for setting up a joint venture for renewable energy projects. IOC is
aiming for a renewable energy portfolio of 200 GW by 2050.
Nalco (Rs. 83.00) (Code: 532234) :- This PSU aluminium producer has announced a
second interim dividend of Rs. 2.50 per share for 2022-23. It has fixed March 21 as the record date
for the same.
HUDCO (Rs. 45.00) (Code: 540530) :- The company’s board has approved the
programme for raising funds up to a maximum of Rs. 18,000 crore in 2023-24.
Tata Chemicals (Rs. 963.00) (Code: 500770) :- Fitch Ratings has revised the
outlook on Tata Chemicals' long-term foreign-currency issuer default rating from stable to positive.
PNC Infratech (Rs. 286.00) (Code: 539150) :- This infrastructure company has
emerged as the lowest bidder in NHAI’s Rs. 1260 crore order.
RailTel (Rs. 103.00) (Code: 543265) :- RailTel has won an Rs. 287 crore order from
Cont.....
Financial Weekly TM

March 2023 74
the Centre for Development of Advanced Computing (C-DAC) for the supply, installation, integra-
tion, testing and commissioning of IT infrastructure for greenfield data centres.
Gail (Rs. 110.00) (Code: 532155) :- NCLT has approved GAIL’s plans to acquire JBF
Petrochemicals for Rs. 2101 crore. The company has announced an interim dividend of Rs. 4 per
share for the financial year 2022-23 and fixed March 21 as the record date. It will pay Rs. 2,630
crore as dividend in all. The Centre owns a 51.52% stake in GAIL.
Vedanta (Rs. 284.00) (Code: 500295) :- Vedanta’s promoters have repaid 15 crore
dollars of loan and released pledges shares of the company. Deutsche Bank and Barclays Bank
had entered into an agreement last June with Twin Star Holdings, Vedanta Resources and Welter
Trading to lend the sum. Last Friday, rating agency Moody’s downgraded the corporate family
rating of Vedanta Resources.
HCC (Rs. 14.00) (Code: 500185) :- A joint venture of the Hindustan Construction Com-
pany and Megha Engineering & Infrastructures has won a Rs. 3,681 crore order for the bullet train
project. The contract is for the construction of Bandra Kurla Complex station.
NTPC (Rs. 177.00) (Code: 532555) :- State-run NTPC is planning to import around 5.4
million tonnes of coal to meet the supply shortage during the first half of 2023-24. The higher im-
ports are to tide over the shortage of domestic coal. The peak power demand in the country is
projected at 230 GW.
Grasim (Rs. 1584.00) (Code: 500300) :- The entry of Aditya Birla Group’s flagship
company into the paints business is expected to impact the industry margin by 1.5 to 4 per cent.
The company announced its entry into the paints business in January 2021. According to a report,
the company can achieve a market share of 20% by 2029-30.
PNB Housing (Rs. 508.00) (Code: 540173) :- PNB Housing Finance has received
SEBI approval for its Rs. 2,500 crore rights issue. The company will issue fully paid-up equity
shares to existing shareholders. PNB’s stake in the company will decline from 32.53% to 30% but
not below 26%.
Federal Bank (Rs. 128.00) (Code: 500469) :- The board of this private sector bank
is slated to meet to consider plans to raise Rs. 1,000 crore.
Orient Paper (Rs. 37.00) (Code: 502420) :- The board has approved the capital
expenditure of Rs. 475 crore towards the modernisation/ de-bottlenecking of its manufacturing
facility in Madhya Pradesh.
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
17th March, 2023 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

March 2023 75
Volatility is not yet over in stock market
Col Ajayastromoneyguru
Mobile 9414056705
As per Col Ajay CEO Www.ajayastromoneyguru.com fourth week of March month 2023
represented by planet known as Jupiter and year 2023 represented by planet known as
ketu.
Combination of ketu and Jupiter bring volatility in stock and commodities market in week
starts from 20-24 March 2023.
King of all planets sun will make conjunction with Jupiter and Moon.
Conjunction of Sun and Moon brings No Moon Night
Mars will be in Mercury house while Jupiter will be its own house with sun during week.
Our previous week advance prediction proved correct. Bank Nifty and banking stocks
have seen vertical fall, SBI and Bank of Baroda shown vertical fall as per our advance
prediction.
Now this week Steel stocks should be kept under observation for midterm investment.
Keep eyes on Titan IND, Tata steel for midterm investment.
Now this week Cummins, Mustered, cotton seed oil cakes are looking positive in Agro
commodities.
Timely profit booking is mandatory for short term trading
The above prediction and Analysis is done basis of Fundamental Analysis and Financial
Astrology.
Risk management is mandatory tool in stock Market.
You may use your wisdom and consult your analyst before taking any decision.
The above Analysis only for Education purpose.
Col Ajayastromoneyguru
Mobile 9414056705
Financial Weekly TM

March 2023 76
Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(20th March to 26th March 2023)
In this week, Sun, Jupiter, Mercury in Pisces, The speculative planet Rahu and Venus in Aries
and Ketu in Libra, Mars in Gemini, Saturn in Capricorn, Venus in Aquarius. Moon occupies the
house of Aquarius, Pisces and Aries. On 20th march 2023, Moon in Aquarius taking 5th position
towards Mars in Gemini house may favor the market. On 21st march 2023, 22nd March 2023, 23rd
March 2023, the conjunction of moon, sun, mercury, Jupiter in Pisces taking eleventh position
towards Saturn in Capricorn may favor the market. On 24th March 2023, the conjunction of moon,
venues and rahu in arise taking seventh position towards Ketu in Libra may bring volatility in the
market. Textiles Banking. FMCG, defense, paper industry may favor the market. Nahar Spinning,
RVNL, Gujarat Gas, Ramco cements, Sasta sunder, and vaibhav global may show good move-
ments of stock prices
GOLD PRICE MOVEMENTS

(20th March 2023 to 26th March 2023)
20th March 2023 : Moon in Aquarius taking 5th position towards mars in Gemini house may
favor the market
21st March, 2023, 22nd March 2023 and 23rd March 2023: The conjunction of moon, sun,
Venus and Jupiter in Pisces taking eleventh position towards Saturn in Capricorn may favor the
market.
24th March 2023 : The conjunction of moon, rahu and venues in arise taking seventh position
towards ketu in Libra may bring volatility in the market.
Financial Weekly TM

March 2023 77
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com
20-03-2023 to 24-03-2023 Nifty Prediction
" You have been told every week in a row about Nifty Prediction, and you might
have noticed very accurately about the week's prediction, now let's talk about
the next week.
" Opening of 20/03/23 & 21/03/23 & 22/03/23 seems not to be that reliable, so
you need to make a decision only after the first 15 minutes.
" And 21-03-2023 is a zero weightage day so remember you would work with
risk.
" As per Numerology on 22-03-2023, roll number 2 and 3 seems to be impor-
tant, which symbolises Moon and Jupiter, so liquidity seems to be good in the
market.
" On 23-03-2023 and 24-03-2023, Nifty might remain soft.
" The yearly positive trend starts from 27-03-2023 so now the nifty might catch
up with the trend.
" Now talking about the stock this week, the highest momentum and volatility
might be seen in this stock (HCLTECH, INFY, LT, NESTLEIND,
ULTRACEMCO, ITC, BPCL, EICHERMOT, BHARTIARTL, HEROMOTOCO)
Financial Weekly TM

March 2023 78
News Track
Invesco Mutual Fund

launches two new Target Maturity Index Funds
Invesco Mutual Fund, one of the leading asset management company, announces the
launch of two Target Maturity Debt Index Funds – Invesco India Nifty G-sec Jul 2027 Index
Fund (An open-ended Target Maturity Index Fund tracking Nifty G-sec Jul 2027 Index. A
relatively high interest rate risk and relatively low credit risk) and Invesco India Nifty G-sec
Sep 2032 Index Fund (An open-ended Target Maturity Index Fund tracking Nifty G-sec Sep
2032 Index. A relatively high interest rate risk and relatively low credit risk). The funds will
invest 95% -100% of its net assets in Government securities. The objective of these open-
ended, passively managed target maturity debt index funds is to mirror the underlying bench-
mark index and mature on a pre-determined date. Invesco India Nifty G-sec Jul 2027 Index
Fund will mature on July 30, 2027 and Invesco India Nifty G-sec Sep 2032 Index Fund will
have maturity on September 30, 2032.
Speaking at the launch, Mr. Taher Badshah, Chief Investment Officer, Invesco Mutual
Fund said, “With Central banks steering towards the end of rate hike cycle, Indian fixed
income market has come to an inflection point with risk-reward turning favourable for inves-
tors. The sharp increase in interest rates over the past one year now warrants for increased
allocation towards Fixed Income as an asset class that has the potential of generating mean-
ingful income
Financial Weekly TM

March 2023 79
News Track
Less than 5% Indian Companies

Offer Comprehensive Insurance Coverage
Plum’s The State of Employee Benefits Report 2023
Plum, an employee health insurance platform, has released its first edition of a
benchmarking report titled, "The State of Employee Benefits 2023." The report evaluated
2,500+ employer-sponsored health insurance plans across businesses of all sizes and in-
ferred that Indian employers are falling short in offering comprehensive benefits; only 5% of
Indian organisations offer comprehensive insurance coverage*: Health Insurance (GMC) +
Accident and Disability Insurance (GPA) + Term Life Insurance and comprehensive telehealth
consultations (GTL + Telehealth).
Plum evaluated the policies of organisations, categorising them as early stage start-ups
(having an employee strength of less than 200 employees), high-growth businesses (having
201–750 employees) and mature stage companies (having an employee strength of 751 and
above). Of the 2,500+ health insurance plans evaluated, it was observed that the median
sum insured offered by India’s employers is INR 3L (startups), INR 4 lakh (high growth
companies) and INR 5L (mature stage companies). Over 53% of organisations offer a sum
insured of less than INR 5 lakh, 43% offer a sum insured of INR 5–10 lakh, and only 3% offer
a sum insured of INR 10 lakh or greater.
The report reveals that a majority of companies, 64% provide additional health benefits
beyond their health insurance plans, with telehealth consultation being the most popular at a
42% adoption rate. Despite the importance of term life insurance for employees’, less than
5% of companies offer it as an additional benefit. Additionally, the report reveals that while
65% of India's out-of-pocket medical expenses come from OPD (outpatient department)
spending, less than 2% of Indian companies offer OPD coverage with insurance.
Financial Weekly TM

March 2023 80
News Track
Honda Motorcycle & Scooter India

Mr. Takeshi Kobayashi, Director,
Sales & Marketing, Honda Motorcycle
& Scooter India, Mr Ryosuke Sato,
Chief Engineer, Vehicle Supervisory
Department , Monozukuri Supervisory
Unit, Mr. Atsushi Ogata, MD, President
& CEO, Honda Motorcycle & Scooter
India, Mr. Yukitoshi Fujisaka, General
Manager, Sales Division, Motorcycle
Business Supervisory Unit and Mr. Yogesh Mathur, Operating Officer, Sales & Marketing, Honda
Motorcycle & Scooter India at the launch of Honda Shine 100.
Performance of “SMART PLUS NEWS LETTER”

Amazing 6% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
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Asian Paints 2829.55 2894 2.28 Sun Pharma 955 967 1.26
Ingersol Rand 2380 2433 2.23 Usha Martin 208 210 0.96
Titan 2375 2451 3.2 Nahar Poly 243 250 2.88
Arrow Green 224 225 0.45
Berger Paints 584 603 3.25
NCC 99 101 2.02
Mahanagar Gas 985 986 0.1
TARMAT 78 80 2.56
Tech Mahindra 1061 1117 5.28
CIPLA 882 883 0.11
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Financial Weekly TM

March 2023 81
REVIEW OF Smart Bonanza

Issue No. : 47 • Date : 15-3-2023
Company Reccom. High after Ch. Company Reccom. High after Ch.
15-3-23 Recomm. (%) 15-3-23 Recomm. (%)
GMR Air 39 41 5.13 L&T 2147 2174 1.26
Binani Ind 23 25 8.70 PVR 1528 1586 3.80
NCC 99 101 2.02 Titan 2355 2451 4.08
Pentronet LNG 228 237 3.95 Bosch 17955 18123 0.94
BPCL 325 350 7.69 Abbott 20314 20718 1.99
Berger Paints 581 603 3.79 Ingersol Rand 2343 2433 3.84
Sun Pharma 957 967 1.04 Thermax 2186 2555 16.88
United Spirits 768 776 1.04 Elgi Equipment 471 478 1.49
Symphony 1090 1121 2.84 JDFC First Bank 54 55 1.85
Radico Khaitan 1143 1180 3.24 Linde India 3660 3721 1.67
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Financial Weekly TM

March 2023 82
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Performance Report - Mid-term / Long-term

Performance Report - Futures

Bank Nifty 43220 42930 43540 2-4 days 1% 24/01/2023 24/01/2023 0

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Smart School Article 21

- Vishal Baliya (Co-Founder-Happy Candles Investment)

For courses related to Stock market analysis visit website

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Will US Fed signal pause on

US Fed balance sheet increase by $300 billion to $8.69

$152.85 billion – Discount borrowing window

$164.80 billion – Banks borrowing from US Fed.

US regional bank (FRC) First Republic Bank – Big

Goldman Sachs and Morgan Stanley each depositing $2.5b

19th March 2023 to 25 th

ECB hikes rate by 50-bps on 16-Mar-23

ECB HIKES BY 50 BASIS POINTS, IS "READY TO RESPOND TO PRESERVE PRICE AND

ECB REFRAINS FROM SIGNALING FUTURE RATE MOVES IN STATEMENT

Equichain Wealth Advisors: Market View & Opinion

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

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KEY FUNDAMENTALS standards, EKC en-

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