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28th May 2023 to 3 rd

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

VOL : 16 • Issue No: 16 RNI No : GUJENG / 2008 / 24320 28th May to 3rd June 2023
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
22-05-2023 6956.61 6033.72 922.89
23-05-2023 7829.51 7647 182.51
24-05-2023 8,548.49 7,362.65 1185.84
25-05-2023 8,521.07 7,931.97 589.1
26-05-2023 8,203.32 7,853.17 350.15
TOTAL 40059 36828.51 3230.49
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
22-05-2023 5486.82 4882.25 604.57
23-05-2023 5543.09 5145.8 397.29
24-05-2023 5880.82 5579.89 300.93
25-05-2023 5,522.80 5,184.36 338.44
26-05-2023 7,705.60 5,864.62 1840.98
TOTAL 30139.13 26656.92 3482.21
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Financial Weekly TM

June 2023 4
Sensex will hit
1 lakh mark in
5 years: Chris Wood
of Jefferies
Well-known India bull Chris Wood of global brokerage firm Jefferies has said that it will only be a
matter of time before Sensex reaches the 100,000 level. "This target, on a five-year view, now as-
sumes trend 15% EPS growth and that a five-year average one-year forward PE multiple of 19.8x is
maintained," Wood wrote in his GREED & fear weekly newsletter.
Exuding confidence like all long-term bull markets, the Indian stock market will continue to climb the
proverbial wall of worry, he said, citing two stress points in the near term. "One obvious worry over the next
12 months will be the inevitable questioning of the current consensus, namely that Modi will be re-elected.
Another potential risk is a further reduction in retail investor activity following a period when the stock
market has traded in a tight range," the Global Head of Equity Strategy at Jefferies said. Data shows that
active demat accounts have declined from a peak of 38 million in June 2022 to 31 million in April 2023. Of
late, the FII flow on Dalal Street has also taken a U-turn as investors have retreated again from China. "After
selling a net $4.5 billion worth of Indian equities in the three months to February, foreigners have bought a
net $7 billion since March," Wood said. Dedicated emerging market investors, he said, now appear only to
be slightly overweight India, relative to history. "One issue here is that India's neutral weighting in the MSCI
benchmarks has always been inappropriately low given the size of the economy. India still accounts for
only 13.2% of the MSCI AC Asia Pacific ex-Japan Index," Wood wrote.
With the Sensex trading sideways in the last few months, the top analyst said earnings growth has
caught up with valuations and made India not as expensive as it was both in absolute terms and relative to
the region. Nifty's one-year forward PE at 18x is only slightly above the 10-year average of 17.4x, while the
Nifty PE premium to Asia ex-Japan at 42% is also near the 10-year average of 38%. "Meanwhile if the
monetary tightening cycle is over, with rate cuts coming either later this year or next year, there is no
obvious near-term trigger for a further valuation de-rating save for a bout of external risk-off market action,"
Wood said, adding that the property cycle can run for at least another 3-4 years. Wood's Asia ex-Japan
long-only portfolio has had an average 40% exposure to India in recent years. "Within that portfolio GREED
& FEAR has always had since its inception at the end of 3Q02 a weighting in Indian private sector banks
which have been the best equity investment story in Asia in the more than 20-year period since the portfolio
has been in existence." he said.
Financial Weekly TM

June 2023 5
D(en)O(f)W(ealth)
Superb Performance of our latest Recommendations
Out of 32 calls only 2 calls click Stoploss so far
Date Stocks Recom. Remark
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 then made a high of 222
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
8th March 23 NCC Buy at 95 with stop loss of 85 Book 50% profit on 25th April at 115 and full profit on 3rd May at 125.5
3rd April 23 VA TECH WABAG Buy at 363 with stop loss of 330 Book 50% profit on 25th April at 397 and full profit on 11th May at 421
5th April 23 DENIS CHEM LAB Buy at 72 with stop loss of 61 Book 50% profit on 10th April at 80
25th April 23 EXIDE IND Buy at 191 with stop loss of 175 Book full profit on 17th May at 206
26th April 23 Gulshan Poly Buy at 253 with stop loss of 225 Book 50% profit on 3rd May at 273
2nd May 23 Star Cement Buy at 121 with stop loss of 105
16th May 23 TAJ GVK HOTELS Buy at 231 with stop loss of 205
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Financial Weekly TM

June 2023 6
HOT AND COLD STOCKS IN APRIL
AMC Buy Sell Complete Exit Fresh Buy
SBI MF HDFC Axis Bank SBI Cards
Infosys Max Healthcare Inst.
Delhivery Torrent Power
ICICI Prudential HDFC HDFC Bank Vedanta Sagar Cements
MF Infosys ONGC Gail (India) KPIT Technologies
Reliance ITC Manappurm Fin. CAMS
HDFC MF Apollo Hospital L&T Rolex Rings RHI Magnasita
Cipla Cholamandalam Inv. Mirza Int. Shoppers Stop
Axis Bank Tube Investment -- CRISIL
Nippon India HDFC AMC ITC Aster DM HC PNB Housing Fin.
Reliance TCS Muthoot Finance ESAB India
Zee Enter Varun Beverages Birla Soft Hitachi Energy
Kotak MF Bharat Forge AU Small Fin. Bank Bikaji Foods ONGC
JK Cement Reliance Ind. Prudent Corporate CanFin Homes
HDFC Bank Lux Industries -- --
Axis MF L&T Infosys Tatva Chintan CreditAccess
Bajaj Finance HDFC Amara Raja Dr. Reddy’s Lab.
Tata Motors LTI MindTree -- One 97 Comm.
Aditya Birla Infosys Axis Bank Chambal Fert. City Union Bank
SL Poonawalla Fin. Dr. Reddy’s -- Sail
Tata Motors BATA La - Opala RG
DSP MF Cipla Supreme Ind. Navin Flurorine Godrej Properties
State Bank HCL Techno Kansai Nerolack Sail
Gujarat Fluor Finolex Cables ICICI Prud. --
Canara The Fedral Bank Infosys CG Consumer Rossar Biotecch
Robeco HDFC IPCA Lab. -- Ajanta Pharma
HDFC Bank Avenue Supermart -- --
Franklin ACC Maruti Suzuki Bajaj Auto Dixon Techno
Templeton City Union Bank Delhivery CEAT Ganesha Eco
CG Consumer Zydus Lifesciences -- --
Financial Weekly TM

June 2023 7
Only Financial Weekly Published in English & Gujarati
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

RNI No : GUJENG / 2008 / 24320
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Financial Weekly TM

June 2023 9
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Financial Weekly TM

June 2023 10
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Life Highs in Sight,

Weekly bullish engulfing
Within three weeks, Nifty has overcome Short Term Resistance Zone at 18400-18458 with ease. This
shows that the Bulls are in full command and now challenging and overcoming previous life-high levels should
not be a big ordeal. Nifty has formed a big white body candle on Friday and more interestingly last five days
has seen formation of Bullish Matt-Hold pattern which is a bullish continuation pattern. Aiding to this bullishness
is the Weekly Bullish Engulfing on Nifty. Any decline has been a buying opportunity for the Bulls. The Trend
remains Bullish across all timeframes and thus one should continue with 'Buy on Decline' strategy.
S-ZONE : 18134-18042 :- The Nifty has good Support at the S-Zone at 18134-18042. The Support Zone
consists of Bullish Gap at 18101-18089, 18134 which is the 61.8% Retracement level and 18042 which is the
intermittent bottom. Nifty bounced back after taking Support at 18060 two weeks back. Nifty will continue with
its upward rally as long as this Support

levels hold.
R-ZONE : 18887-19013 :- Nifty is
going up with full strength and in the pro-
cess overcoming all resistances with
ease. Soon the Nifty will test the Resis-
tance Zone at 18887-19013 which is due
to the confluence of previous life-high
level and Trendline Resistance.
GOLDEN RATIO TARGET
ACHIEVED :- Nifty has not only com-
pleted a Rounding Bottom pattern but
also a Bullish Head and Shoulders with
rising Neckline. Rounding Bottom targets
fall at 18400-18772, whereas Bullish
Head and Shoulders target is at 18886.
This Week Recommendations The golden ratio target at 18400 has al-
ready been achieved. Long tern Bullish
Stocks CMP SL Tgt-1 Tgt-2 Patterns still remain intact. The Targets
for Weekly C&H are placed at Sensex
Buy ABB 4004 3925 4125 4249 66978 (161.8%) and 70769 (pattern) &
Nifty 19925 - 21045. The Targets for
Buy Trent 1530 1503 1571 1613 Weekly RB are still intact and are at
Buy Syngene 718 705 738 759 69243-73569 for the Sensex & 20718-
22025 for the Nifty. The above Targets
Buy BankBaroda 183 178 191 201 will be done as long as Nifty remains
above 16747.
Buy NiiT 404 394 421 439
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 18060 18202 18345 18499 18696 18887 19062
SENSEX 61024 61484 61959 62501 63148 63823 64444
Financial Weekly TM

June 2023 11
SMALL BUT BEAUTIFUL IDEAS
Brijesh Barot, Surat (9723108999) brijesh_3011@yahoo.com
HINDUSTAN COPPER LTD

(513599& NSE) (Face Value Rs.5) (106.90)
Incorporated in the year 1967, Hindustan Cop-
(Rs. Cr.) MARCH 2022 MARCH 2023
per Limited (HCL) was formed to take over from
Sales 545 559.00
National Mineral Development Corporation Ltd. It
is the first Indian PSU and only vertically integrated Net Profit 88.00 132.00
copper producing company. HCL is engaged in various processes right from copper mining to the
final stage of converting copper into saleable products.
Hindustan Copper Ltd. is a central public sector undertaking under the ownership of the Ministry
of Mines, Government of India. HCL is the only vertically integrated government-owned-copper
producer in India engaged in a wide spectrum of activities ranging from mining, beneficiation, smelt-
ing, refining and continuous cast rod manufacturer.
HCL shares are listed at Mumbai, Delhi, Kolkata, Chennai, Ahmedabad exchanges. On 31 July
2015, the Government of India announced a 15% stake sale in Hindustan Copper Limited, reduc-
ing its stake from 89.5% to 74.5%.
o Company has reduced debt.
o Company is almost debt free.
o Company has delivered good profit growth of 30.0% CAGR over last 5 years
o ROCE 18%
o ROE 14.8%
Technical Speaking : Currently company's share price quoting at 106.9 Stock is in buy
mode on Super trend, MACD, ADX and Parabola Sar on daily and Monthly Charts. Investor can
accumulate in zone of 107 to 98 with daily closing Stop loss of 80 for immediate target of 130 and
medium-term target of 157 and long-term target of 185+.
Financial Weekly TM

June 2023 12
Rapid Fire Stocks
Kalpna J (Email- investwithkalpnaj@gmail.com)

Twitter : @Kj_TechTrades
Sansera Engineering (Rs. 783.00)

Targets of 999 to 1090, time frame 2 to 12 months (Add in 2-3 parts )
Highest ever annual total income of Rs 23.6 billion in FY23, up 18% YoY, Healthy growth
momentum throughout the year. Domestic business continues to remain healthy and on the inter-
national side, Signs of recovery are visible for both exports as well as their Swedish subsidiary
Cashflow From Operations stood at Rs 2,564 million (FY23)
As of Mar-23, company's order book with annual peak revenues stood at Rs 13.3 billion after
removing orders that moved to mass production in FY23. On the debt front, company's net debt
stood at Rs 6,505 million (Mar-23). Commenced construction of new Aluminum forged and ma-
chining parts facility at plant 11, Bidadi. The Board of Directors has recommended a dividend of
125% of the face value of Rs 2.50 per equity share for FY23 Commenting on the performance
Sansera Engineering Limited manufactures iron and steel forging products. The Company pro-
duces and distributes rocker arms, gear shifter forks, shafts, and crank shaft assemblies for auto-
motive and aerospace industries. Sansera Engineering serves customers worldwide.
The company is an engineering-led integrated manufacturer of complex and critical precision
engineered components across automotive and non-automotive sectors. Within the automotive
sector, the company manufactures and supply a range of precision forged and machined compo-
nents and assemblies, such as connecting rod, rocker arm, crankshaft, gear shifter fork, stem comp,
and aluminium forged parts, that are critical for engine, transmission, suspension, braking, chassis
and other systems for the two-wheeler, passenger vehicle and commercial vehicle verticals. Within
the non-automotive sector, the company manufactures and supply a range of precision compo-
nents for the aerospace, off-road, agriculture and other segments, including engineering and capi-
tal goods.
Cont....
Financial Weekly TM

June 2023 13
Coromandel Intl. (938.00)
Targets of 1111 to 1350 , Time frame 2 to 9 months (Accumulate)
Coromandel International Limited (BSE: 506395, NSE: COROMANDEL), India’s leading

Agri solutions provider is in the business of Fertilisers, Crop Protection, Bio pesticides,
Specialty Nutrients, Organic Fertiliser and Retail.
They are India’s pioneers and leading agri-solutions provider, offering diverse products
and services across the farming value chain. Starting our operations from India’s first fertiliser
plant at Ranipet, Tamil Nadu in 1906, we have been evolving for over a century by offering
customized farm solutions and advisory services. Their ‘Farmer First’ approach, quality
focus and consumer connect initiatives have helped in gaining farmer’s trust and has estab-
lished ‘Gromor’ amongst the most trusted brands in the country.
The trust built over the decades has catapulted us to be India’s largest private sector
phosphatic fertiliser company. They are also the world’s largest neem-based bio-pesticide
manufacturer, the number one organic fertiliser marketer; and we have the country’s largest
agri-retail chain with over 750 stores
Rapid Fire Stocks

For My Personal Assistance with
My Elite Membership At a Nominal Cost
Whatsapp @ 9769037711
For My Free Stock Ideas Follow me on Twitter @Kj_Techtrades
Financial Weekly TM

June 2023 14
BUY.... BUY....BUY TIPS OF THE WEEK
Co. Name Code Price Co. Name Code Price
EIL 532178 104.00 Balkrishna Ind 502355 2468.00
IDFC 532659 95.00 Godrej Prop. 533150 1370.00
IDFC First Bank 539437 69.00 Venus Pipes 543528 1022.00
Zomato 543320 67.00 Cummins India 500480 1734.00
ITD Cementation 509496 149.00 HCL Techno 532281 1138.00
Ashok Leyland 500477 145.00 GMM Pfaulder 505255 1447.00
CG Power 500093 386.00 M&M 500520 1281.00
NTPC 532555 174.00 Bata India 500043 1582.00
Birla Soft 532400 339.00
Whirlpool 500238 1434.00
Anmol India 542437 252.00
AIA Engi 532683 2803.00
Garden Reach 542011 460.00
Praj Ind 522205 374.00 JB Chem 506943 2059.00
Syrma SGS 543573 365.00 Dixon Techno 540699 3659.00
Himadri Chem 500184 127.00 Maruti 532500 9397.00
KPR Mills 532889 575.00 Varun Beve 540180 1701.00
Igarshi Motor 517380 432.00 Voltamp Trans 532757 3874.00
Berger paints 509480 647.00 SRF 503806 2515.00
Buy or Sell, Confused ?

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Financial Weekly TM

June 2023 15
Smart Report Het Zaveri
- Ahmedabad
Amara Raja Batteries

Amara Raja Batteriesis anB /T+1group, Computers Hardware & Equipmentscompany with hav-
ing Face value of Rs.10.Amara Raja Batteries Limited (ARBL), the flagship company of the Amara
Raja Groupis one of the largest manufacturers of lead-acid batteries for both industrial and auto-
motive applications in the Indian storage battery industry.Its Industrial and Automotive batteries
are exported to 32 countries across the globe.Amara Raja is the preferred supplier to major telecom
service providers, Telecom equipment manufacturers, UPS sector (OEM & Replacement), Indian
Railways and to Power, Oil & Gas among other industry segmentsin India. Company is the Largest
Exporter of 4W Batteries in India and the First AGM bat- CMP Rs. 635
tery manufacturer for 2W.Amara Raja's Industrial Battery 52 - week high Rs. 670
52 - week low Rs. 438
Division comprises of brands such as PowerStack®, Dividend % (consolidated) 0.70%
AmaronVoltTM, AmaronSleekTM, ROCE 15.6 %
Book valuePer Share(Rs.) 292
AmaronVoltTMAmaronBruteTM and Amaron Quanta®.
Revenue (Rs.) 10,137 Cr.
Debt to Equity 0.02
Financial Results: P/E ratio 16.5
EPS (consolidated) Rs.38.3
Company's Net Saleswas Rs 2,637.76 crore in De-
P/B ratio 2.14
cember 2022 up 11.49%, Quarterly Net Profit at Rs. Market Cap Rs. 10,850cr.
221.88 crore in December 2022 up 52.7% andEBITDA Face value Rs. 1
stands at Rs. 421.12 crore in Decem-

ber 2022 up 38.71%ascompared to
December 2021.Its EPS has in-
creased to Rs. 12.99 in December
2022 from Rs. 8.51 in December
2021.
Key Points:
1. Amara Raja Batteries and Gov-
ernment of Telangana signed
MoU for state's firstLithium-ion
Battery Gigafactory under the
Cont...
Financial Weekly TM

June 2023 16
name "Amara Raja E +ve"withultimate capacity up to 16 GWh and a Battery Pack Assembly
unit up to 5 GWh and it intends to invest Rs. 9,500 crores in the region over the next ten years.
2. Company has signed a land lease agreement with GMR to set up an Advanced Energy Re-
search and Innovation Centre, called the E-Hub, at GMR Aerospace and Industrial Park,
AeroCity Hyderabad. The Centre will be a one-of-a-kind institute in India that will pioneer the
development of advanced clean energy technologies for mobility and energy storage.
3. It has announced a capex of 500 crore for setting up a lead recycling unit and a 50 MW solar
power project to support sustainable development and meet a significant part of its power
requirement through renewable energy sources.
4. It recently inaugurated its Advanced Lithium Technology Research Hub with a pilot plant
facility for cell development based on technology sourced from Indian Space Research
Organisation (ISRO).
5. Amara Raja Groupand Blaze Automation have formed a joint venture to leverage the com-
bined strengths and cumulative experience spanning over three decades to innovate, de-
velop and manufacture IoT (Internet of Things) devices for the world market.
6. The company has a comprehensive network of 23 branches, 400+ Amaron Franchisees,

40,000+ Amaron Dealers, 1000+ Power Zone Retail stores and 2000+ Extensive Service
hubs in India itself. [10] The Company also exports its automotive batteries to 30+ nations
across the globe.
7. The company has entered into an agreement with Gridtential Energy to collaborate on bipo-
lar battery technology.It will give benefits of lead batteries with silicon-enabled, high-perfor-
mance characteristics.
8. It has tied up with Schneider Electric India to manufacture and sell prefabricated
substations.The package substation solution not only helps one to save on cost of land but
also removes the need for coordination with different suppliers.
In last 3 years the stock gave a return of 2.31 %as compared to the rise of Sensex and Nifty in the
same period.
The company incorporated a wholly-owned Subsidiary company for diversifying and setting up
a Battery Recycling Plant which can be a very good earning source for the company considering
the growth of battery usages across the globe.Company is currently focusing on producing Li-ion
cells and battery packs that are optimized for the unique conditions found in India under its invest-
ment in Giga factory which offers it extra advantage in being preferred OEM for EV car manufactur-
ing companies. Company is also looking to expand its overseas presence by considering Africa,
Financial Weekly TM

June 2023 17
the Middle East and South East Asia as their preferred markets and will soon look for various
opportunities over there in lead acid batteries segment. The company has significantly decreased
its debt by 10.95 Cr and maintaining healthy ROCE of 20.76% over the past 3 years. It's almost a
debt free company with a healthy Interest coverage ratio of 46.68.The company has an efficient
Cash Conversion Cycle of 54.90 days and a good cash flow management. Considering all the
fundamentals and its futuristic investments in EV sector and overseas expansion, the company
can be added in portfolios for a 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 & au-
thenticated sources believed to be true & correct, and also is technical analysis based on & con-
ceived from charts. Investors should take their own decisions. We assume no responsibility for any
transactions undertaken by them. The author won't be liable or responsible for any legal or finan-
cial losses made by anybody. Investors must take advice from their financial advisors before invest-
ing in any stocks.)
The only company in India with feathers in its crown such as In-flight connectivity, Maritime
connectivity and LEO satellite connectivity provider.
https://forms.gle/Q6PG4V5J2PWvvWR59
Financial Weekly TM

June 2023 18
Download our app

https://play.google.com/store/appsdetails?id=app.smartinvestment
Financial Weekly TM

June 2023 19
https://angel-one.onelink.me/Wjgr/8tma4nzk
Financial Weekly TM

June 2023 20
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
Subscriber will receive recommendation through Telegram

For more information ring to.... M. 9825306980
E : smartinvest25@gmail.com / www.smartinvestment.in
https://www.smartinvestment.in/service/8
Financial Weekly TM

June 2023 21
VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 30

Stock Selection
Criteria through Happy Candles Numbers (Part 2)
So the basic idea behind Happy Candles Numbers is to make important Technical and Funda-
mental stock selection criteria measurable. When we have a scale which can do apple to apple
comparison of all stock against the set criterion it will become easy for us to understand which
stock to buy and which to sell/book profit/exit. Based on our Research and Experience and data
the parameters we have selected and made measurable are the following:
- Whether the stock is above 200 days EMA.
- Whether the stock is above 50 days EMA.
- Durability of the company.
- Valuation of the company.
- Momentum of the stock.
- Dividend Yield at Current Market Price.
- Debt of the company.
- Pledging.
- Increase or decrease in Promoter Holding.
- Increase of decrease in Mutual Fund Holding.
- Increase or decrease in FII holding.
- Cash Flow from Operational Activities.
- MACD.
- RSI.
We have learned about all these Techno-Funda Criterion for stock selection previously. Now
we will utilize and measure them for stock selection. In good old days we used to put lots of efforts
manually finding lot of data form physical balance sheets of the companies downloading lot of data
from various websites and various other resources. Now a days lot of data is available very easily
on Apps and websites like Smart Investment, Trendlyne, Money Control, Tradingview etc. On pay-
ing a little bit of subscription fees even more analyzed data and comparisons are available. I am
not asking you here to buy any subscription or recommend any particular websites but above
mentioned websites are the ones I personally use now for data analysis and determining Happy
Candles Number of a company. More about Happy Candles Number in the next article.
- Vishal Baliya (Co-Founder-Happy Candles Investment)

- Mobile Number: +91 7043469423
- Twitter Handle: @candles_happy
- Email: info@happycandlesinvestment.com
Financial Weekly TM

June 2023 22
REVIEW OF Smart Bonanza
Issue No. : 5 • Date : 24-5-2023
Company Reccom. High after Ch. Company Reccom. High after Ch.
24-5-23 Recomm. (%) 24-5-23 Recomm. (%)
MBL Infra 19 23 21.05 Balkrishna 2405 2443 1.58
TV -18 32 34 6.25 Ceat 1973 2159 9.43
Advani Hotel 91 92 1.10 Ingersoll Rand 2641 2797 5.91
Indo tech 283 326 15.19 Eicher 3593 3653 1.67
NDTV 195 215 10.26 Dixon 3275 3599 9.89
Balmer Lawrie 130 133 2.31 IOC 88 89 1.14
Bandhan Bank 253 264 4.35 Sreeleatcher 191 194 1.57
AB Fashion 194 199 2.58 Amir Org 1180 1230 4.24
Adani trans 866 891 2.89 ITC 429 441 2.80
TVS Motors 1260 1283 1.83 Varun Beverages 1559 1624 4.17
Shriram Fin 1363 1375 0.88 MRS Bectro 646 659 2.01
Astral 1713 1751 2.22 Elecon 543 592 9.02
for more detail click the below link

https://smartinvestment.in/service/9
Financial Weekly TM

June 2023 23
Infollion Research Services
Gears up for next phase of growth
Infollion Research Services Limited, a leading company operating in the B2B Human Cloud segment catering
to on-demand contingent hiring of subject matter experts, has announced its plans to go public with an
Initial Public Offering (IPO) on May 29th, 2023. The company is aiming to raise up to Rs 21.45 crore through
this IPO, with shares set to be listed on the NSE EMERGE platform.
Corporate Feature
Incorporated in 2009 Infollion Research Services Lim-
ited (Infollion, The Company) is a marketplace of experts
operating in the B2B Human cloud segment of the gig
economy. It operates as a platform for on-demand access
of seasoned professionals and subject matter experts con-
necting them to clients like Global Management Consult-
ing firms, Private Equity funds, Hedge funds, and
Corporates. It has a proprietary technology stack and re-
search capabilities to connect its clients with curated, pre- NSE SME IPO Details
cise, and vetted subject matter experts. Operating at the IPO Opens Date : 29th May, 2023
premium end of the gig-economy, the company enables IPO Closes Date : 31st May, 2023
contingent hiring, temporary workforce management, con- Face Value : Rs. 10 per share
tracting SOW-employees and independent consultations. Offer Price : Rs. 80 to Rs. 82 per share
Infollion empowers businesses to draw actionable in-
sights from people who have been there and done that Lot Size : 1600 Shares
through knowledge sharing sessions and flexi-staffing so- Total Issue Size : 26,16,000 Shares
lutions. Aggregating up to : Rs. 21.45 Cr.
The Gig Economy Fresh Issue : 22,24,000 shares
The gig economy, as defined by Staffing Industry Ana-
lysts (SIA), includes any contingent work of a fixed dura-
Offer for Sale : 3,92,000 shares
tion, such as temporary workers and independent con- Issue Type : Book Built Issue IPO
tractors. Listing At : NSE Emerge Platform
Global businesses spent $4.4 trillion on contingent Market Maker portion : 132,800 shares
labor in 2020, with independent contractor services ac- Lead Manager : Holani Consultants Pvt. Ltd.
counting for 61% of that spend.
Registrar : Link Intime India Pvt. Ltd.
Financial Statement
Particulars (Rs. in Cr.) FY21 FY22 FY23
Total Income 16.06 22.2 35.3
EBITDA 2.71 4.43 7.05
EBITDA Margin (%) 16.87 19.95 19.97
PAT 2.07 3.41 5.58
PAT margin (%) 12.89 15.36 15.81
Operating Cashflow 1.88 0.52 2.47
ROE (%) 34.69 39.03 42.20
ROCE (%) 37.28 40.77 43.59
EPS (Rs.) 2.78 4.56 7.34
Book Value (Rs.) 9.41 13.97 21.44
Company is a tech-oriented marketplace, Networth 7.02 10.43 16.01
operating in the B2B Human Cloud segment, Total Liability 8.49 11.81 18.00
catering to on-demand contingent hiring Total Assets 8.49 11.81 18.00
and work arrangements with senior man- Total Customers Base 15.97 21.98 35.03
agement talent, subject matter experts, and Domestic & Export Sales 16.07 22.20 35.03
high-ranking, seasoned professionals. No. of Employee (Rs. in Lakh) 5.80 5.78 6.53
Employee Cost as % of Sales (%) 3.77 5.50 7.64
Cont...
Financial Weekly TM

June 2023 24
SIA breaks down the gig economy workforce into Promoters of Infollion Research Services
five categories, including temporary workers assigned
by staffing agencies, platform-related work, other in- Mr. Gaurav Munjal
dependent contractors, temporary employees Promoter & Managing Director
He is a successful firstgeneration entrepreneur
sourced directly, and salaried employees of consult-
with expertise in both technology and business.He has
ing firms.
led multiple ventures in research and flexi-staffing, and
Understanding the human cloud and its relation- has over 15 years of experience in Indian and interna-
ship to the gig economy is crucial in leveraging a tional markets. Under his leadership, the company
changing workforce driven by technology and talent.
has grown to over 100 employees serving clients globally. Gaurav contin-
ON-DEMAND EXPERTS : Company offers re- ues to guide and mentor the team members of the company.
mote knowledge-sharing sessions with senior pro-
fessionals and subject matter experts for business Ritika Naithani
leaders in need of market insights and expert opin- Chief Human Resources Officer
ions. Co. provide custom-curated recommendations She is an experienced Human Resource pro-
fessional with expertise in talent acquisition, em-
based on sophisticated research and networking ca-
ployee engagement, compensation analysis, HR
pabilities to ensure high-quality outcomes for each
reporting, grievance handling, training & develop-
client. ment, and employee induction & orientation. She has
KNOWLEDGE TOURS : - Company organizes previously worked with Infosys, Hindustan Times,
research trips for fund managers, investors, and top and Archetype (erstwhile Text100) before joining the current company 5
executives to gain insights into various industries years ago. o Ritika is a stable contributor to the organization's overall
and geographies. We plan, manage, and execute ex- growth strategy.
clusive meetings with key stakeholders, tailored to the objectives of each client.
ONE ON ONE SIT-INS :- Company offers exclusive one-on-one sit-in programs for
consulting teams and business leaders to learn from subject matter experts. We ar-
range and manage in-person discussions and learning sessions, ranging from brain-
storming sessions to high-precision masterclasses, tailored to the needs of each client.
WEBINARS : - Conducts periodic webinars with key opinion leaders on changing
dynamics of their industries, based on recent or anticipated events. Our webinars cover
trending industry topics, regulatory changes, and investment activities, offering lead-
ers, investors, and consultants valuable insights to stay informed about their industry.
PEX-PANEL :- Company is a pioneer in facilitating pex-panel arrangements for
businesses, allowing them to utilize the services of ex-CXOs, top professionals, and
subject matter experts on a flexible, as-needed basis. This innovative human capital
management solution allows companies to leverage valuable experience and expertise
without committing to full-time hires.
FLEXI-STAFFING/ SOW EMPLOYEES :- Company provides flexi-staffing and state-
ment of work (SOW) employee services to companies for temporary work jobs in re-
mote environments. With an extensive pool of top management talent, we can cater to
all types of flexi-staffing requirements, both generic and specific, for medium to long
term projects.
***
Financial Weekly TM

June 2023 25
Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
U.S. debt ceiling limit - Impact on Interest rate

Last week we have discussed how U.S. debt limit continue to drag market sentiment, while
European market, Japan's Nikkei index at fresh recent high despite slowing down economy. China's
economic data continue to indicate slowdown in economic activity despite stimulus package after
re-opening post stringent COVID lockdown.
This week we will discuss U.S. debt ceiling limit and its impact on interest rate. We will discuss
various scenarios and its potential impact on U.S. interest rate and its global impact on economy.
U.S. debt ceiling limit in 2011
In 2011, U.S. Congress resolved the debt ceiling crisis by passing the Budget Control Act of
2011, which became law on August 2, 2011. This act allowed the debt ceiling to be raised by $2.4
trillion in two phases, or installments.
In effect, the legislation incrementally raised the debt ceiling from $14.3 trillion to $16.4 trillion by
January 27, 2012.
Current U.S. debt ceiling limit is at $31.4 trillion

U.S. Congress voted to increase it by $2.5 trillion, which President Biden signed into effect on
December 16, 2021. At that point, it was set at about $31.4 trillion. On January 19, 2023, the United
States hit its debt ceiling of $31.4 trillion.U.S. debt ceiling limit is expected to hit by 1st June or by
first week of June.
After several rounds of negotiations, President Joe Biden and top congressional Republican
Kevin McCarthy are closing in on a deal to raise the government's $31.4 trillion debt limit for two
years, while capping spending on most items.
U.S. debt ceiling limit - 3 probabilities

1) U.S. mange to raise debt ceiling limit
2) U.S. failed to raise debt by 1st week of June but manages to increase debt limit before 15-Jun-
23 - When interest payment of $2 billion is due.
3) U.S. fails to raise debt ceiling limit before it hit the limit and eventually government defaults
Equichain Wealth Advisors: Market View & Opinion
Global market continues to have concern on U.S. debt ceiling limit where as corporate earnings
continue to remain robust and few positive surprises manages to hold on to market sentiment.
Currently market is factoring in U.S. to finalize a deal on debt ceiling and probability of 2nd and 3rd
outcome is rare and not factored-in by market.
We do believe that in any case U.S. will increase the debt ceiling limit as failing to do so will
have far reaching consequences. We do believe it will put pressure on interest rate and there will
be risk of banking crisis in U.S. regional banks as it remains venerable to high interest rate.
Fed rate monitor tool does indicate 25-bps rate hike on 14-Jun-23 and once debt limit is raised,
we see market factoring will be factoring in almost 100% probability and we see it as negative for
risk-on sentiment.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472
Telegram channel: https://t.me/Equichain
Nikunj Vithlani
Financial Weekly TM

June 2023 26
NOW YOU CAN

ADVERTISE
ON OUR
PLATFORM
SCAN THIS
QR CODE
Buy... Buy... Buy on Dips Hold Sell on High

Nalco 84.00 Sun Pharma 970.00 Grasim 1687.00
Sudarshan Chem 461.00
PNB 50.00 Divis Lab 3511.00 Sail 82.00
Jubilant Ind. 483.00
BEL 110.00 Bharti Airtel 817.00 BHEL 78.00
Mrs. Bector 716.00
Tata Steel 106.00 HUL 2651.00 Hind Copper 106.00
NDR Auto 677.00
Servotech Power 93.00 ITC 443.00 Tata Chem 969.00
Wonderla Holidays 490.00
Patel Engi 25.00 Apollo Hospital 4610.00 Himadri 127.00
Ambuja Cement 424.00
IEX 155.00 Emami 401.00 IndiaCement 187.00
IRCTC 624.00
Walchandnagar 72.00 Aurobindo 614.00 Shilpa Medicare 236.00
Hindware Home 500.00
Ruchira Paper 109.00 HDFC Bank 1615.00 Page Ind 37456.00
Triveni Engg. 274.00
J&K Bank 55.00 Tata Consumer 789.00 IB Hou 113.00
Tata Power 212.0
HBL Power 104.00 Bayer Crop 4126.00 Divgi Torqtransfer 831.00
Indus Tower 156.00
Financial Weekly TM

June 2023 27
Smart Banking & Financial Services
By Vijaya Kittu M, GetPaidIndia.com
Tracking the pulse of the Indian and Global Banking and Financial Services – so that the
typical Indian Investor can benefit from it
IRDAI is preparing a new strategy to bring "Insurance for all by 2047". The year 2047 is picked
to commemorate the 100 years of Indian Independence. Increased focus will be put on Availability,
Accessibility, and Affordability. The regulator is working with insurance players to develop an in-
novative UPI-like product in the insurance sector. IRDAI is also considering a proposal to allow
insurance firms to sell mutual fund products.
SEBI will be the regulator for the upcoming fractional real estate companiesor Fractional Own-
ership Platforms (FOPs) like strataprop, prop share, and Asset Monk in line with the existing REITs.
POONAWALLA FINCORP market capitalization has overtaken that of Federal Bank dur-
ing the week.Pune-based NBFC Poonawalla Fincorp shares rose 12% YTD, while Federal Bank
lost close to 9%. Media reported that insiders of Poonawalla have settled an insider case by paying
Rs. 10.97 crores as a settlement fee. Poonawalla Fincorp acquired Magma Fincorpin February 2021
and since then has built attractive and less-risky lending products in line with changing times. Mean-
while, Federal Bank has picked Kotak Mahindra Capital, Axis Capital, BofA Securities, and JP Mor-
gan as advisors for a big-bang fundraising exercise in which it seeks to mop upto Rs. 4,000 crores.
SILICON VALLEY BANK acquirer First Citizens Bank of Raleigh said 500 jobs or 3% of
the workforce would be reduced. Only corporate positions will be affected. FCB acquired SVB
after SVB experienced a bank run in March 2023. SVB was the 16th largest US Bank and the
second largest bank in US history to have collapsed.
INDIA BOND YIELDS have reached 14-year lows hovering a tad bit above 7% levels.
Experts say the current spreads between Indian and US bonds are unsustainable, and a revival
will be in due course.
BITCOIN downward spree continued to be at around $26,400 levels experiencing weakness
during the week.A video surfaced on China Central Television (CCTV) about China doing some-
thing about crypto. Binance CEO Zhao quickly responded that there was a bull run the last time
such a thing happened. CCTV later is said to have removed the video. Binance has suspended
transfers of wrapped tokens from the Multichain bridge (about ten token bridges) due to days-long
delays in transaction times. Large Ethereum investors (Eth Whales) have moved about 38,825
ETH to Coinbase. Rumors are that the whale may want to liquidate some of their holdings.
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Financial Weekly TM

June 2023 28
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Financial Weekly TM

June 2023 29
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
TEXMACO RAIL & ENGLINEERING LTD

(533326& NSE) (55.5) (Face Value Re.1)
Texmaco Rail & Engineering Ltd. Particulars Three Month Ended
(TEXMACO) is an ISO: 9001-2015, premier
Q3FY23 Q3FY22 % Var.
multi-discipline, multi-unit Engineering and
Infrastructure Company, with 6 manufacturing Sales 846.61 457.15 85.19%
units extending over 6.78 million sqft.The EBITDA 65.83 25.53 157.85%
Company is involved in the business of manu- PAT 18.27 5.68 221.65%
facturing of Rolling Stock, such as Wagons,
Coaches, EMUs, Loco shells & parts, etc., Hydro Mechanical Equipments, Steel Castings, Rail
EPC, Bridges and other steel structures. Over the years, the Company has entered into technical
collaborations with renowned Multinationals of Japan, U.S.A, U.K, Germany, Australia, Austria,
Holland, etc. for developing and expanding its product portfolio.TEXMACO has been the leading
and most reliable freight car manufacturer over the past 8 (eight) decades. Its Freight Cars serve a
host of core industries like Cement, Steel, Defence, Fertilizer, Oil, Alumina, Thermal Power Projects,
Chemical Plants, etc.
It has an equity base of Rs.32.19 crore that is supported by reserve of Rs.1360 crore. The Pro-
moters hold 58.70%, FIIs hold 1.89%, DIIs hold 7% while the investing public holds only 32.42%
stake in the company.
For Q3FY23, its PAT soared 221.65% to Rs.18.27 crore from Rs.5.68 crore on 85.19% higher
income of Rs.846.61 crore fetching an EPS of Rs.0.57.
During FY 22-23 the Company bagged an order for 20,067 wagons valuing approx. Rs. 6,450
crore (to beexecuted over a period of thirty-nine months). This is the largest ever single wagon
order released by theIndian Railways on the Company.Fresh tender is expected to be issued by
Indian Railways for 50,000 new design modern wagons during thecurrent Quarter.
Investors can watch this stock with a stop loss of Rs.47. It may give
very good returns in medium to long term.
Cont...
Financial Weekly TM

June 2023 30
Dark Horse-2
HINDUSTAN CONSTRUCTION CO LTD

(500185 & NSE) (17.9) (Face Value Re.1)
HCC is a business group of global scale developing and Particulars Qtr. Ended
building responsible infrastructure through next practices. Q4FY23 Q4FY22

Sales 3094.09 2920.60
With an engineering heritage of nearly 100 years, HCC has
PBT 188.07 62.11
executed a majority of India's landmark infrastructure
PAT 189.84 15.92
projects, having constructed 26% of India's Hydro Power
generation and 60% of India's Nuclear Power generation capacities, over 4,036 lane km of Ex-
pressways and Highways, more than 360 km of complex Tunnelling and 395 Bridges. Today,
HCC Ltd. serves the infrastructure sectors of Transportation, Power and Water. The HCC Group,
with a group turnover of ~9,855 crore, comprises of HCC Ltd., HCC Infrastructure Co. Ltd., and
Steiner AG in Switzerland.
The Company has an equity of Rs.151.31 crore. The promoters hold 18.59%, FIIs hold 12.29%,
DIIs hold 12.45% while the investing public holds 56.66% stake in the company.
For Q4FY23, HCC posted higher PAT of Rs.189.84 crore as against PAT of Rs.15.92 crore in
Q4FY22 on income of Rs.3094.09 crore and an EPS of Rs.1.25.
The Company's order book stood at ~14 772 crore as of March 31, 2023.
Mr. Arjun Dhawan, Vice Chairman, HCC, said, "It has been a transformative year for HCC,
with success on major strategic initiatives alongside improved operational performance.
The completion of our debt carve-out process and profitable divestment of our concession
assets further strengthened our balance sheet and plans for future growth."
Investors can watch this stock with a stop loss of Rs.15. It may give
very good returns in medium to long term.
Financial Weekly TM

June 2023 31
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections are Temporary, Growth is Permanent

NIFTY (18499) :- In the last article
I shared a daily chart of NIFTY and ex-
actly the same happened with Nifty move-
ment this week. It was really amazing
prices were given respect to all price lev-
els which is shown in the chart. From 1st
Dec 2022 Nifty clearly trading in down
trend channels and giving respect to ev-
ery price resistance and support. Nifty is
trading between 15000 to 19000 from more than the last 1.8 years. In the last weekend of Novem-
ber 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.
Last week yesterday on the daily chart, the Nifty made a good bullish candle and made resis-
tance breakout with increasing volume as per this pattern NIFTY is looking upside for next week.
Next immediate target of the Nifty is 18700. If the Nifty will close above this price with good volume
then it will start to make a new lifetime high. The Indian market is looking very bullish compared to
global markets.
BANKNIFTY (44018.00) :- On the daily chart

BANKNIFTY trading in the sideways zone from the
last two weeks is making consolidation between
43340 --44151. If in this week BANKNIFTY will cross
44151then more upside is possible otherwise it will
trade in consolidation next week.
PRESSMAN ADVT. (93.85) :- This company is one of India leading independent full
service advertising agencies with wide capabilities and substantial reputation built over more than
four decades. Company provides advertising, design, media planning and buying , market research,
digital and public relation

services to hundreds of
clients from virtually every
segment of industry and
government. On the daily
price chart it made one
good bullish price pattern
as per this pattern we can
buy this stock between 90-
-94 with daily closing Stop
loss of 83.50 for 20 days.
Financial Weekly TM

June 2023 32
Terrific Shots - Dilip K. Shah
CEAT (Rs. 2108.00) (Code: 500878) :- A part of the Goenka group, Ceat is a leading
tyre manufacturer. It makes tyres for heavy trucks, buses, light commercial vehicles, earthmovers,
tractors, motorcycles, cars, and scooters. The A group listed shares touched a 52-week high of Rs.
2181 and low of Rs. 890. The company’s market cap is Rs. 8528 crore. Promoter holding in Chat is
47.21%. For the fourth quarter, income increased from Rs. 2592 crore to Rs. 2875 crore, and profit
from Rs. 25 crore to Rs. 132 crore. For the whole year, income went up from Rs. 9363 crore to Rs.
11,315 crore, and profit from Rs. 71 crore to Rs. 182 crore. The stock is quoting at attractive valua-
tions. The company is seen benefiting from the growth in the automobile segment. The stock is a
good buy at any declines. Ceat has paid 120% dividend for the year.
Linde India (Rs. 3990.00) (Code: 523457) :- The A group listed shares have a face
value of Rs. 10. The shares touched a 52-week high of Rs. 4265.5 and low of Rs. 2711. The
company’s market cap is Rs. 34,036 crore. Promoter holding in the company is 75%. Its equity is
Rs. 85.29 crore and its reserves are Rs. 2929 crore. The company follows the calendar year as the
financial year. For 2022, its income increased from Rs. 2112 crore to Rs. 2505 crore, while profit
fell from Rs. 507 crore to Rs. 439 crore. For the March quarter, income increased from Rs. 534
crore to Rs. 630 crore, and profit from Rs. 66 crore to Rs. 99 crore. Linde Group operates in the
industrial gases, engineering, and healthcare sectors. Linde is an MNC and was earlier known as
BOC India. It has a big name at the global level. One can put money in the stock in tranches. DIIs
and FIIs hold 8.01% and 2.77% stakes respectively. The company’s ROCE is 16.6% and ROE is
15.2%.
Dixon Techno (Rs. 3659.00) (Code: 540699) :- Dixon is a leading manufacturer of
electronic equipment such as set-top boxes, and mobile and LED panels. It also makes washing
machine parts, LED lights and security surveillance systems. Most of these products are imported,
but the government has imposed high import duty on them to encourage domestic manufacturers.
The government has also announced a PLI scheme for the sector. The A Group listed shares have
a face value of Rs. 2. The shares touched a 52-week high of Rs. 4670 and a low of Rs. 2555. It has
a market cap of Rs. 21,745 crore. Promoter holding in the company is 34.05%, while DIIs and FIIs
hold 23.76% and 12.04% stakes. Its equity is Rs. 12 crore and its reserves are Rs. 1273 crore. For
the March quarter, profit increased from Rs. 63 crore to Rs. 81 crore, and sales from Rs. 2953 crore
to Rs. 3065 crore. Operating profit jumped from Rs. 118 crore to Rs. 156 crore. The stock has
corrected significantly from the highs, and one can invest in the stock in tranches.
Neogen Chemical (Rs. 1516.00) (Code: 542665) :- The shares of this A group
listed speciality chemicals company touched a 52-week high of Rs. 1731 and low of Rs. 1127. Its
high-margin CSM business is growing at a fast rate. It is foraying into electrolyte manufacturing
business. It has increased its capacity to meet the growing demand for its products. It is benefiting
from a very good product mix. The operating profit margin has fallen due to higher energy and
transportation costs. A surge in lithion prices, its key raw material, has also hurt margins. It has
increased its focus on non-agri and non-pharma products. It reported income of Rs. 205 crore and
profit of Rs. 14 crore in the March quarter. The corresponding figures were Rs. 157 crore and Rs.
15 crore in the previous year.
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

June 2023 33
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Financial Weekly TM

June 2023 34
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Index at 61911 and Nifty Future at 18333 are

important support levels
BSE Index (62501.69) :- The index has risen from the bottom of 61251.70. The charts
show overbought positions on daily and weekly basis and neutral position on monthly basis. Above
61530, the index can touch 62563, 63180 and 63583. On the lower side, 62000 and 61900 are
support levels.
Bank Nifty Future (44070.00) :- It has risen from the bottom of 38831.50. The index
shows overbought position on daily, weekly and monthly charts. Above 44149, it can rise to 44250,
44590, 44925 and 45270. On the downside, 43860 and 43385 are support levels.
Nifty Future (18570.00) :- It has recovered from the bottom of 18084.05. It shows
overbought position on daily and weekly charts and neutral position on monthly charts. Above
18600, it can rise to 18740, 18870 and 19000. Below 18490, 18419, 18333 and 18202 offer support
levels.
Balkrishna Industries (2469.20) :- It has gone from strength to strength from the bottom
of 1908.90. It shows overbought position on daily and weekly charts and neutral position on monthly
charts. Above 2494, it can rise to 2555, 2618, and 2681. Below 2363, 2300 offers support. Above
2681, the stock can rise further.
Berger Paints (647.10) :- It has been in recovery mode from the bottom of 610.50. The
daily, weekly and monthly charts show overbought position. Above 649, it can rise to 656, 675, and
696. On the lower side, 630 and 624 are support levels.
Bharti Airtel (817.95) :- The stock has moved one way from the bottom of 735.80. The
stock shows overbought position on daily and weekly charts and natural position on monthly basis.
Above 830, it can touch 837, 845, 852 and 860. Below 813, 805 and 795 are support levels.
CIPLA (951.35) :- The stock has recovered from the bottom of 896.85. It shows overbought
position on daily and weekly charts and natural position on monthly charts. Below 935, 928 is seen
as a support level.
Vedanta (297.65) :- The stock has been on a move from the bottom of 268.50. The daily
and weekly charts show overbought position and monthly charts neutral position. Above 298, 304
and 316 are important levels. On the downside, 285 is a support level.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
: Golden quote :
If you can dream it, you can do it
Financial Weekly TM

June 2023 35
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
F & O expiry week closes on a green note

Also posted net weekly gains
(Concluded week report):
The week under report closed in red for the mid-week session and gains for the rest of the
sessions helped it to close with weekly gains and benchmarks also posted recent new closing
high. However, while BSE Sensex closed the week above 62.5K, NSE Nifty closed below 18.5K
by a kissing distance. FIIs and DIIs were the net buyers for the entire week.
For the week, while BSE Sensex moved in the range of 62529.83-61484.66, NSE Nifty hovered
between 18508.55-18178.85.
For the week, BSE Sensex marked a net weekly GAINsof 772.01 points and NSE Nifty reported
a net weekly GAINs of 295.95 points.
Weekly Movements of benchmarks:

Monday-After the cautious negative opening, we marked both way movements in the market
that closed with some gains. BSE Sensex scored 234.00 points to close at 61963.68 and NSE
Nifty gained 111.00 points to end the day at 18314.40. Markets ignored China worries for new
RIGHTS ISSUE variant of Covid-19 spread. Fund houses on a rampant buying on select
Shree Rama Multi (11 for 10)
counters in Metal, Consumer Durables, Capital Goods, Auto and IT
EX-BONUS
Vardhman Spl Steel (1 for 1). while profit booking was seen for the finance and healthcare segment.
EX-SPLIT Though Mid and Small Cap indices outperformed, weak side counters
Radhika Jewel (5 for 1) kept market breadth marginally in red. FIIs and DIIs both were the net
BONUS MEET buyers for the day.
NDR Auto (29-5-23)
Leading Leasing Fin. (30-5-23) Tuesday- Though market opened in green, it marked range bound
Anmol India (2-6-23)
trades with both side movements and closed with a small gain. BSE
BONUS ANNOUNCEMENT
Sensex rose by mere 18.11 points to end the day at 61981.79 and NSE
Bhansali Engg (1 for 2),
Thangamayil (1 for 1), Nifty scored just 33.60 points to close at 18348.00. FIIs' fancy for
Roto Pumps (1 for 1),
Sadhana Nitro (2 for 9), Pharma, Metal, Auto, Oil and Gas, kept market on a northward march
Aptech (2 for 5),
Mufin Green (2 for 1).
Cont...
Financial Weekly TM

June 2023 36
even when some profit booking was seen for Capital Goods, FMCG counters amidst delayed rain
forecast. Market breadth remained marginallynegative despite Mid and Small cap indices
outperforming the benchmarks. FIIs were the token net buyers and DIIs were the net buyers for the
day.
Wednesday-We marked negative openings of the market that moved both ways to finally
close in red. BSE Sensex lost 208.01 points to close at 61773.78, and NSE Nifty marked a deficit
of 62.60 points to end the day at 18285.40. Weaker trends from the global markets kept a tab on
finance segment that met with selling spree. Selective buying in FMCG, IT, Pharma, Consumer
Durables kept market in a green pasture at the close. We marked hat trick of negative market
breadth though Mid and Small cap indices outperformed benchmarks. FIIs and DIIs both were the
net buyers for the day.
Thursday - Fourth session of the week marked opened on a weaker note to mark derivatives
expiry. However, short covering helped market to close in green with small gains. BSE Sensex
scored just 98.84 points to end the day at 61872.62 and NSE Nifty gained mere 35.75 points to
close at 18321.15. Rising global worries kept a tab on general sentiment. However, we marked
Cont...
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
22-05-2023 61,579.78 62,044.46 61,579.78 61,963.68 234.00
23-05-2023 62,098.16 62,245.19 61,914.40 61,981.79 18.11
24-05-2023 61,834.28 62,154.14 61,708.10 61,773.78 -208.01
25-05-2023 61,706.13 61,934.01 61,484.66 61,872.62 98.84
26-05-2023 61,985.36 62,529.83 61,911.61 62,501.69 629.07
Net Weekly Gains 772.01
NSE - Nifty Open High Low Close Diff
22-May-23 18201.1 18335.25 18178.85 18314.4 111
23-May-23 18362.9 18419.75 18324.2 18348 33.6
24-May-23 18294.8 18392.6 18262.95 18285.4 -62.6
25-May-23 18268.9 18338.1 18202.4 18321.15 35.75
26-May-23 18368.35 18508.55 18333.15 18499.35 178.2
Net Weekly Gains 295.95
Financial Weekly TM

June 2023 37
both way movements that finally ended in green. Auto, FMCG, Consumer Durables, Capital Goods
counters marked mixed trends while Metal counters met with profit bookings. Market breadth turned
marginally positive as Mid and Small cap indices outperformed benchmarks and got support from
the side market. FIIs and DIIs continued to be the net buyers for the fourth session in a row.
Friday - With a positive opening for the last session, indices traded in green and closed with
good gains. BSE Sensex scored 629.07 points to close at 62501.69 and NSE Nifty gained 178.20
points to end the day at 18499.35. Thus while Sensex closed above the sentimental barrier of
62.5K, Nifty missed the level of 18.5K by a kissing distance. RIL, Sun Pharma, Hindalco, HUL,
HCL Tech lead the rally while ONGC, Grasim, Bajaj Auto, Bharti Airtel, Power Grid lead the doom.
Positive trends in the side market gave boost to the indices. HDFC twins were the most active
counters of the day. Market breadth remained positive even when Mid and Small cap indices
underperformed benchmarks. FIIs and DIIs were the net buyers for the fifth session in a row.
The week ahead :- Brent crude moved in a narrow range and marked76.98$ a barrel by the
weekend.Rupee hovered in a narrow range and endedthe week atRs. 82.60 a dollar.We have
around 1950+ corporate meetingsfor the ensuing week that will keep market in a stock specific
mode. Market men have on radar global and domestic macro-economic data. Even despatch data
for cement and auto sector for the month of May 23 will trigger market mood for both these segments.
Amidst such a scenario, BSE Sensex may move in the range

of 63500 - 60250, and NSE Nifty between 18800-17750.
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

June 2023 38
DURING THE WEEK DIVIDEND ANNOUNCEMENT
AMJ Land (10%), Andhra Petro (15%), Arihant Capital (40%), Arihant Super ((5%), Balaji Amines (500%), Banco
Prod (700%), Bhansali Engg (100% + 1400%), Bharat Electronics (60%), Bharat Parenterals (7.5%), BPCL (40%),
Bimetal Bearings (125%), CG Vak (10%), Chembond Chem (60%), Chemcrux Enter (20%), Compucom Soft (20%),
Confidence Future (7.5%), Divi's Lab (1500%), Donear Ind (10%), Empire Ind (250%), Fineotex Chem (40%), Garware
Technical (35%), Godawari Power (80%), Golkunda Diamond (15%), GPT Infra (15%), Guj Alkalis (235.5%), Guj Craft
(10%), HEG (425%), Inani Marbles (2%), India Gelatine (50%), JSW Steel (340%), Kakatiya Cement (30%), Markolines
Pavement (7%), Menon Pistons (100%), MCX (190.9%), NACL (25%), Narendra Properties (10%), National Fittings
(15%), Nilkamal (200%), Orient Abrasives (25%), PlatinumOne (10%), Polymecplast (10%), Premier Poly (10%),
Pudumjee Paper (50%), RACL Geartech (15%), Radiant Cash (200%), Shree Cements (550%), Sicagen (6%), Smruthi
Org (20%), Solitaire Machine (15%), Standard Ind (5% + 16%), Supershakti Metaliks (10%), Thangamayil (60%), The
Ramco Cements (200%), TFCIL (24%), Vardhman Holdings (50%), VRL Logi (50%), WEP Solu (5%), Akzo Nobel
(400%), Amara Raja (320%), Ashok Leyland (260%), Asian Hotels (East) (25%), Bajaj Electricals (200%), Bikaji Foods
(75%), Bombay Oxy (15%),Capri Global (25%), CMS Info (47.5%), Dixon (150%), Dynamic Cables (5%), Finolex Ind
(75%), Gabriel (165%), Galaxy Surfactants (40%), Gandhi Spl Tube (240%), Guj Intrux (100%), HB Stockholdings
(10%), Indo Thai Secur (10%), Indoco Remedies (112.5%), Indraprashtha Medi (30%), J Kumar Infra (70%), Jagsonpal
Pharma (100%), Jenburkt Pharma (144%), JSW Energy (20%),JTEKT (50%), Kirloskar Ind (110%), Lehar Footwear
(2.5%), Linde India (45% + 75%), Maithan Alloy (60%), Metro Brands (30%), MSTC (32%), Munjal Auto (100%), Nirlon
(110%), NMDC (285%), Orient Bell (10%), Prakash Pipes (12%), Roto Pumps (157.5%), Sahyadri Ind (15%), Sinclairs
(75%), SJVN (6.2%), Steelcast (54% + 63%), TN Petro (15%), TruCap Fin (0.5%), TTK Health (100%), TVS Srichakra
(320.499%), Uni-Abex (200%), Vedanta (1850%), Xpro India (20%), 63 Moons (100%), Alufluoride (20%), Aptech
(60%),Aries Agro (10%), Avanti Feeds (625%), B&A Pack (15%),Bannari Amman Sugars (125%), Bayer Crop (300%),
Bharat Bhushan Share (6%), Bigbloc Const (20%), Biocon (30%), Bright Bros (10%), Cummins India (650%), Deepak
Spinners (25%), Dhunseri Vent (50%), EIH Ltd (55%),Fine Org (180%), Fortis Health (10%), Garden Reach (7%), Guj
Pipavav (34%), Hawkins (1000%), Hindalco (300%), Hindware Home (25%), Hitachi Energy (170%), IB Info (5%),
ICRA (400% + 900%), Incap (10%), India Glycols (75%),IRCON (60%), KCP Ltd (10%), Kaira Can (120%), Lakshmi
Machine (985%), Lotus Eye (5%), Mangal Credit (5%), Marathon Next (20%), Multibase (20%), NAVA Ltd (300%),
NIBE (1%), Oil India (55%), Polyplex Corp (30%), Prudent Corp (30%), Rajapalayam Mills (10%), Rupa & Co. (300%),
Sadhana Nitro (15%), Sagarsoft (20%), Salzer Elect (22%), Shyam Metal (18%), SMS Pharma (30%), SNL Bearings
(65%), Sudarshan Chem (75%), TN Newsprint (50%), Tinna Rubber (50%), Titagarh Wagons (25%), TBZ (17.5%),
Trident Ltd. (36%), Venus Pipes (5%), Wonderla (25), Zenith Fibres (15%), ZF Commerce (260%), AIA Engg (800%),
Allied Digi (25%), B & A Ltd (5%), Beardsell (5%), Bengal Tea (10%), Brand Concept (5%), Carysil (100%), Cheviot
(270%), Cochin Mineral (80%), Dhabriya Poly (5%), Dhanuka Agri (100%), Disa India (100%), eClerx (10%), Elegant
Marble (33%), Esab India (200%), Fredun Pharma (7%), Ganesha Eco (20%), General Insu (144%), Globus Spirit
(60%), GMM Pfaudler (50%), Guj State Fert (500%), Haldyn Glass (70%), Harsha Engg (10%), Haryana Leather (10%),
HBL Power (45%), Heritage Foods (50%), Igarashi Motors (10%), IEX (100%), IRFC (7%), Infibeam Avenues (5%),
ITD Cementation (75%), Jai Corp (50%), John Cocker (50%), Jupiter Wagons (5%), Kolte-Patil (40%), Kopran (30%),
Kriti Nutri (25%), KSE Ltd (200%), Lakshmi Automatic (10%), Lakshmi Elect (220%), Lincoln Pharma (15%), Manali
Petro (15%), Mazda (140%), Midhani (16.7%), Monarch Networth (10%), Modison (100%), Mrs Bectors (17.5%),
Nesco (225%), Patel Integrated (1%), Pokarna (30%), Praj Ind (225%), R J Shah (25%), Radico Khaitan (150%), Radix
Ind (10%), Revathi Equip (50%), Saksoft (35%), Sakuma Expo (5%), Sandhar Tech (25%), Sat Ind (5%), Subros
(50%), Super Sales (70%), Triveni Engg (325%), TTK Prestige (600%), Uniparts (60%), Voltamp Trans (400% +
200%), Weizmann (5%), Windsor Machines (50%), Wires & Fab (1%), Zuari Ind (10%), ABC India (5%), ABM Knowledge
(25%), ACCEL (15%), ADC India (40%), Alphageo (80%), Ambika Cotton (350%), Archean Chem (125%), Balmer
Lawrie (75%), BEML (50%), Bhandari Hosiery (1%), Bharat Bijlee ((400%), BHEL (20%), Black Rose (55%), Chamanlal
Setia (50%), Chambal Fert (30%), City Union Bank (100%), Divyashakti (20%), Edelweiss Fin (125%), Emami Paper
(80%), Engineers India (20%), Expleo Solu (50%), Finolex Cables (350%), Garware Hi-Tech (100%), GeeCee (20%),
Gokaldas Expo (20%), Grasim Ind (500%), Hercules Hoist (150% + 100%), Hind Composites(40%), Hind Hardy (22%),
HUDCO (31%), Indigo Paints (35%), Info Edge (90%), Ion Exchange (125%), IP Rings (10%), Kanpur Plasti (5%),
Karnataka Bank (50%), KDDL (20%), LIC (30%), Maharashtra Seamless (100%), Mahindra & Mahindra (325%), MOIL
(6.899%), Mukesh Babu (12%), Natural Capsule (1%), NCC Ltd (100%), NCL Ind (15%), Nucleus Soft (100%), ONGC
(10%), Optiemus Infra (15%), PNC Infra (25%), Power Mech (20%), Precision Cam (10%), Ram Ratna Wires (50%),
Reliance Chemo (25%), Remsons Ind (15%), Repco Home (27%), RIR Power (15%), RSWM (50%), Sakthi Fin (7%),
SAL Auto (40%), Samvardhana Motherson Intl (65%), Sarthak Metals (10%), Savita Oil (200%), Shahlon Silk (3%),
SKM Egg (20%), Southern Gas (50%), Spenta Intl (10%), SAIL (5%), Steel Strip (100%), Styrenix Perform (240%),
Sudarshan Pharma (3%), Sunteck Realty (150%), Supriya Life (30%), TCI Express (100%), TCPL Pack (200%), Tide
Water (750%), TPL Plast (30%), Transcorp Intl (10%), Uniphos Enterprise (325%), Victoria Mills (50%), Vidhi Spl
(40%), etc.
Financial Weekly TM

June 2023 39
Accuracy Shipping Ltd. Explores Growth Options
On Path of Becoming Debt Free
ACCURACY SHIPPING LTD • NSE : ACCURACY • CMP: Rs.11.7
Accuracy Shipping Limited (NSE: ACCURACY), is a one
stop solution for all Logistics requirements. The company is ex-
ploring growth options. With the help of its vast and well settled
network, the company is able to provide its customers hassle
free services across the board. The company is Catering to
diversified industry to accelerate growth, and adding new streams
of revenue through backward & forward integration to strengthen
our bouquet of logistical services. It has strived to become an
Sales Revenue reported in 2020-21 was Rs.365.23
"End-to-End Logistics Player", and looks to benefit from large crore. In FY 22-23 revenue jumped to Rs. 818.09
scale presence across value chain by offering logistical solu-
tions under single roof i.e. from Point of Origin to Point of Destina- crore. The company is repaying its debts on a fast
tion pace and may soon to become debt free.
This business model, supported by a constant vigil for new
opportunities, soon saw ASL grow and evolve into a logistic service partner with all possible logistics
solutions under its belt and more importantly who delivered results. On time. Every time. The passage of
time, brought with it a plethora of opportunities. Global markets and even the Indian markets saw busi-
Corporate
nesses thrive. With opportunity came growth and ASL was prepared to take full advantage.
With a portfolio that has evolved to provide total logistical solutions covering customs clearance,
Feature
freight forwarding, shipping, air freight, consolidation, sea-air, inland haulage (transportation), warehous-
ing, & cross trades, overseas warehousing and a whole range of custom- made solutions to suit the unique requirements of each of its
customers, ASL has transformed into a logistic solution powerhouse, providing unparalleled quality service blended with a focus on total
customer satisfaction. The company has a pan India presence with a global network. It has a presence across India with 14 offices and more
than 60 agency agreements across the globe to cater to the growing logistical needs for cross border transactions. As a leading logistic solution
provider, it offers all its customers the benefits of solid expertise and in-depth experience, guaranteeing a complete and highly competitive range
of services that added value to every single link in the supply chain.
The company aims to be one of the market leaders across the nation focused on customer happiness, redefining logistics solutions through
its dedicated and motivated team. It is committed to being a responsible corporate citizen and building trust.
The NSE listed Accuracy Shipping is one stop solution for all logistics requirements and is likely to be of the key beneficiaries of the policy
announced by the government of India.
The Prime Minister of India Narendra Modi has announced the National Logistic Policy on September 17, on his birthday, aimed at easing the
movement of goods and boosting the trade sector in the Indian economy.The policy aims to lower the cost of logistics from the existing 13-14 per
cent and lead it to par with other developed countries. This will increase the competitiveness of Indian products in both the Indian home market
and the international market. With a vast experience spanning more than 16 years, Accuracy Shipping is involved in providing third party logistics
solutions, with the entire gamut of services under a single umbrella.
Thanks to its vast, strong and pan India network, the com-
pany has been able to provide its customers hassle free services
across the nations in all segments, which has coincided with its
motto of giving highest quality services to the customers.
This business model, supported by a constant vigil for new
opportunities, soon saw ASL grow and evolve into a logistic ser-
vice partner with all possible logistics solutions under its belt and
more importantly who delivered results- On time. Every time.
The company, as the new policy rolls out, has a plethora of
opportunities ahead of it. Global and Indian markets have ample
opportunities ahead of it, which can fuel its growth in times to
come, said the market analysts.
***
Financial Weekly TM

June 2023 40
Dr. A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Perspective on Recession in Developed Countries
Investors are worried about the recession in developed countries. I want to share my perspec-
tive on having faced these challenges many times in my investment carrier. While the event may
be causing concern and uncertainty, it is important to recognize that itis not new. Economic cycles,
including periods of recession, have been observed throughout history.
I believe attempting to accurately predict these events' specific outcomes and implications can
be challenging and often fruitless. Instead, I believe it is more productive to focus on proactive
measures that can help mitigate the potential impact on investment portfolios.
A proven strategy is to carefully tune the portfolio to reduce exposure to export-oriented compa-
nies. During times of economic downturn, businesses heavily reliant on exports may face more
significant challenges due to decreased demand from international markets. By diversifying your
investments and considering a broader range of sectors and industries, you can potentially reduce
your portfolio's vulnerability to the effects of a recession.
Furthermore, I emphasize the importance of evaluating the management capabilities of the com-
panies you invest in. A competent and savvy management team can make a significant difference
in navigating through challenging economic times. Companies led by astute leaders are more
likely to adapt their strategies, make necessary adjustments, and seize growth opportunities, even
in the face of a recession. Therefore, focusing on the strength of the management teams behind
your investments increases the likelihood of weathering the storm and emerging more robust on
the other side. For example, companies like HUL, ITC, Bajaj Finance, TVS Motor, and more faced
several challenges in the path, but their management found ways to grow, and they always emerged
stronger.
While I acknowledge the existence of economic uncertainties, I remain optimistic that compa-
nies with resilient management, robust strategies, and a focus on long-term growth can not only
withstand the challenges posed by a recession but also thrive in the post-recession environment.
Accordingly, one should identify and invest in such companies for sustained success and favor-
able returns.
I encourage you to stay informed, regularly review your investment portfolio, and consult your
financial advisor to ensure your investments align with your risk tolerance and long-term goals.
Thank you for your continued trust and partnership.
Best regards,
Team Smart VERC
Happy investing!
Dr. Anil KumarAsnani : Equity Research Analyst : Whatsapp: 9755920780
Mobile: 9131361959 : Website: https://www.smartverc.com
Financial Weekly TM

June 2023 41
Kishore Purswani
(Email: kishore.purswani@gmail.com)
Interpretation of Financial Statements-II

Investment Strategies of Benjamin Graham & Warren Buffett
Introduction
Mary Buffett the author of "Warren Buffett and Interpretation of Financial Statements" discusses
the salient investment strategies of Benjamin Graham and Warren Buffett in the introductory chap-
ter of the book.Benjamin Graham often referred to as the "father of value investing" was also the
mentor of Warren Buffett. In this article, we will delve into the salient strategies of the two ace
investors.
Investment Strategies of Benjamin Graham and Warren Buffett
Benjamin Graham's Investment Strategy focused on identifying undervalued stocks and invest-
ing in them for the long term. Some key principles of Graham's strategy includefundamental analy-
sis, margin of safety, and diversification. However, Graham did not differentiate between a com-
pany that had a competitive advantage over peers and a company which didn't have the competi-
tive advantage. He wasn't interested in holding a position in a company for ten or twenty years and
he moved out of the company if the stock didn't move.
Warren Buffett, often considered one of the most successful investors of all time, follows a value
investing approach influenced by Benjamin Graham. However, Buffett has incorporated his own
adaptations and made a few modifications. Some key principles of Buffett's strategy include:
a. Long-Term Perspective: Buffett focuses on long-term investments and holds stocks for ex-
tended periods, often years or even decades. He believes in the power of compounding re-
turns and avoids frequent trading.
b. Moat Investing: Buffett looks for companies with a competitive advantage or a strong eco-
nomic moat. These are businesses with durable competitive positions, which can protect
their market share and generate consistent profits over time.
c. Quality and Management: Buffett places significant importance on the quality of the company
and its management team. He seeks well-established companies with strong management
teams that have a track record of delivering consistent results.
d. Concentrated Portfolio: Unlike Graham's emphasis on diversification, Buffett tends to con-
centrate his investments in a few companies that he has thoroughly researched and believes
offer excellent long-term prospects.
Conclusion :- Graham and Buffett both follow value investing principles. Warren
Buffett has evolved and adapted his strategy over the years, incorporating additional factors such
as the quality of the company and its competitive position.
Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: kishore.purswani@gmail.com
Financial Weekly TM

June 2023 42
Scrip Watch - Siddharth Shah
IndiaMart (Rs. 5559.00) (Code :542726) :- IndiaMART InterMESH stock was up

last week following good Q4 numbers. Its consolidated revenue came in at Rs 269 crore in Q4
FY23, registering a growth of 33 percent YoY primarily driven by a 20 percent increase in the
number of paying subscription suppliers and the addition of Rs 12 crore revenue from accounting
software services. Net profit stood at Rs 56 crore as compared to the year ago’s Rs 57 crore and
the previous quarter’s Rs 113 crore. The company continued making growth investments in man-
power, product and technology, sales and servicing, resulting in growth in revenue and paying
subscription suppliers which drove IndiaMART InterMESH to report a consolidated EBITDA of Rs
66 crore representing EBITDA margin of 25 percent. The company continued making growth in-
vestments in manpower, product and technology, sales and servicing, resulting in growth in rev-
enue and paying subscription suppliers which drove IndiaMART InterMESH to report a consoli-
dated EBITDA of Rs 66 crore representing EBITDA margin of 25 percent. Buy.
SBI Life (Rs. 1195.00) (Code : 540719) :- SBI Life Insurance Company has declared
a net profit of Rs 777 crore for the fourth quarter of the fiscal year 2022-23, which is 15 percent
higher against Rs 672 crore clocked in the year-ago period. The company's net premium income
during the quarter under review came in at Rs 19,897 crore, marking a surge of 14 percent com-
pared to Rs 17,434 crore clocked in the corresponding period of the preceding financial year. The
gross written premium (GWP), another key metric to assess the insurance company's fiscal health,
jumped by 15 percent in the entire FY23 to Rs 67,320 crore. The annualised premium equivalent
(APE) in the fourth quarter came in at Rs 4,550 crore, which is 10 percent higher against Rs 4,130
crore in Q4FY22. For the entire fiscal, APE soared by 18 percent to Rs 16,810 crore, while protec-
tion new business premium rose 19 percent to Rs 3,640 crore. The margin of VoNB in Q4FY23
came in at 31.6 percent, whereas, it stood at 28.4 percent in the fourth quarter of the last fiscal. Buy.
L&T Technology Services (Rs. 3878.00) (Code : 540115) :- Shares of L&T
Technology Services zoomed nearly 12 per cent in two days after Q4 numbers. The stock 9% on
Thursday and on Friday, the stock further grew more than 3 per cent. The subsidiary of L&T re-
ported a 18% rise in Q4 net profit to Rs 309.60 crore. Net profit in the corresponding quarter of the
previous fiscal stood at Rs 262 crore. L&T Technology Services reported a 195 rise in total rev-
enue at Rs 2,096.2 crore against Rs 1,756.1 crore. LTTS won a $40-million deal and three $10-
million plus TCV deals. Also, LTTS’ employee strength stood at 22,233 in the March quarter. At the
end of the fourth quarter, the patents portfolio of the company stood at 1,090, out of which 727 are
co-authored with its customers, and the rest are filed by LTTS. Motilal Oswal has retained its buy
call on the firm, raising the target price to Rs 4040. The new target amounts to an upside of 17%
from the previous close of Rs 3348. 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

June 2023 43
Market Tips - Het Zaveri
Eicher Motors (Rs. 3690) (Code : 505200) : Eicher Motors reported consolidated
net profit for the quarter ended March at Rs 905.58 crore, registering a growth of 48.42 percent from
Rs 610.14 crore in the same quarter last year. Revenue from operations came in at Rs 3,804.32
crore, rising 19.13 percent over Rs 3,193.32 crore in the year-ago quarter. The board of the com-
pany also recommended final dividend of Rs 37 per share for the financial year ended March 31,
2023. During the quarter, VECV recorded the highest-ever quarterly sales of 26,376 units, up 31.3
percent from 20,093 units sold during the same period last year. The Board has also approved a
cash outlay towards capex of Rs 1,000 crores for Financial Year 2023-24, which also includes the
investment towards EV manufacturing facility and product development and new product devel-
opment under Internal Combustion Engine portfolio.Eicher Motors Ltd is set for the next phase of
growth. Buy.
Astral Ltd (Rs. 1776.00) (Code : 532830) : The management of Astral Limited
indicated demand for PVC pipes is expected to remain healthy in H2-FY23E as PVC resin prices,
which had corrected about 38 per cent FY23-TD, have now started stabilising; also see some price
increases. East plant (Orissa) has started PVC pipes production and should enable the company
to have deeper penetration in this geography and thus, better volume growth. The management
indicated it is on track to achieve its guidance of high double-digit pipe volume growth in FY23.
Adhesive segment demand remains healthy and the company believes it will grow revenue in high
double digit in FY23. volume growth in the pipe segment will pick-up going forward led by sharp
correction of about 38 per cent in PVC resin prices seen earlier (FY23-TD) which has now started
stabilising. CPVC prices remain stable and demand is expected to be robust driven by housing
segment. Buy.
Interglobe Aviation (Rs. 2323.00) (Code : 539448) :- Shares of budget carrier
IndiGo’s parent company Interglobe Aviation Limited surged sharply on Wednesday. This comes
after smaller rival Go First filed for bankruptcy on Tuesday after facing a severe fund crunch, for
which it blamed engine maker Pratt and Whitney. Go First's bankruptcy and curtailed operations
will benefit IndiGo as it will get a larger share of the aviation market in India. It may be noted that
lessors may also be keen to allocate some of Go First aircraft to IndiGo, according to Credit Suisse
analysts. They added that the development would benefit IndiGo in terms of market share and
stronger yields in a capacity-strained environment. Analysts predict that IndiGo will gain the big-
gest market share as a result of GoFirst's bankruptcy. Additionally, a sharp decline in crude oil will
benefit aviation stocks. As brent crude oil prices are below 80 dollars and the government has also
reduced levy on ATF at Zero. It will reduce cost significantly. 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

June 2023 44
SMART TIPS Smita N. Zaveri
Engineers India (Rs. 104.00) (Code: 532178) :- Shares of this engineering design
and construction sector company are listed in the A group and have a face value of Rs. 5. The
shares touched a high of Rs. 111 and low of Rs. 56 in the last 52 weeks. The PSU has reported
average performance in both the consultancy segment and EPS segment in the last quarter. As
per its new vision statement, the company aims to emerge as a total energy consultancy organisation.
It will also focus on green energy. Promoter holding in the company is 51.32%. The company’s
equity is Rs. 281 crore and reserves are Rs. 1,489 crore. For the March quarter, revenue went up
from Rs. 806 crore to Rs. 866 crore, and profit from Rs. 126.29 crore to Rs. 158.73 crore. The stock
can be seen trading higher in the coming days and making new highs in the medium to long term.
Gabriel India (Rs. 173.00) (Code: 505714) :- The shares of this A group listed auto
components manufacturer have a face value of Re. 1. Promoter holding is 55%. The flagship com-
pany of Anand Group makes shock absorbers, front forks, and other products. Its clients include
Bajaj Auto, Honda Motors, Mahindra Scooters, Royal Enfield, Suzuki Motors, TVS Motors, Yamaha,
Honda Cars, Tata Motors, etc. It has seven plants and makes products for 2 & 3-wheelers, passen-
ger cars, and commercial vehicles. It has a market cap of Rs. 2490 crore. Its equity is Rs. 14 crore
and its reserves are Rs. 752 crore. The shares touched a 52-week high of Rs. 200 and low of Rs.
104. The stock can be seen crossing the 52-week in the short term and touching fresh highs in the
medium to long term. For the March quarter, its income went up by 7.7% to Rs. 737 crore, while
profit was up by 25.42% to Rs. 33.76 crore. Quarterly EPS was Rs. 2.35.
Syrma SGS (Rs. 366.00) (Code: 543573) :- Syrma SGS was established in 1978.
Syrma SGS provides innovative and efficient electronic system design and manufacturing and
precision OEM manufacturing. Its one-stop-solution electronics manufacturing services (EMS) in-
clude product design, quick prototyping, PCB assembly, box build, repair & rework and automatic
tester development services. It serves OEMs in 20+ countries. Exports accounted for 31% of its
revenue in 2023. The company hit the capital market in August last year and issued shares at Rs.
220 apiece. Income from the auto sector grew by 60%, the consumer segment by 156%, industrial
46%, and IT and railways 17%. The top 10 clients account for 47% of its revenues. Promoter hold-
ing in the company is 47.2%. As against debt of Rs. 117 crore in March 2022, the company has Rs.
536 crore in cash in March 2023. For the March quarter, it reported income of Rs. 679.52 crore and
net profit of Rs. 42.88 crore. For the whole year, revenue was Rs. 2048.38 crore and profit Rs.
123.07 crore. EPS for the year was Rs. 7.50. The company is planning capex of Rs. 200-250 crore
in fiscal 2024. It has an order book of Rs. 2100 crore. The stock can be bought with a target price of
Rs. 450 in the next 13-15 months with a stop-loss of Rs. 270.
Lumax Auto (Rs. 317.00) (Code: 532796) :- Lumax is a leading group in the auto
ancillary segment and has a strong name and presence in the segment. The B group listed shares
of Rs. 2 face value touched a 52-week high of Rs. 329 and low of Rs. 151. It has 12 manufacturing
plants and has a 60% market share of the lighting segment. Lumax’s equity is Rs. 13.63 crore and
it has reserves of Rs. 596 crore. Promoter holding in the company is 55.98%. For the December
quarter, its sales increased from Rs. 430 crore to Rs. 452 crore, and net profit from Rs. 25 crore to
Rs. 27 crore. It is expected to report strong numbers for the March quarter. There is still scope for
the stock to rise. DIIs and FIIs hold 5.60% and 19.41% stakes respectively. A decline in the stock
should be seen as a buying opportunity.
SEBI Registered Research Analyst)
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on 26th May, 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

June 2023 45
Smart super duper - Het Zaveri
ITD Cementation (Rs. 149.00) (Code: 509496) :- The shares of this civil construction
company are listed in the B group of BSE and have a face value of Re. 1. The shares touched a 52-week high
of Rs. 156.3 and a low of Rs. 57.65. ITD Cementation is a leading infrastructure company and is active in
heavy civil, infrastructure and EPC businesses. The company undertakes construction of marine structures,
mass rapid transport systems, airports, hydroelectric power plants, tunnels, dams, irrigation systems, high-
ways, bridges, etc. The company’s equity is Rs. 17.18 crore and its reserves are Rs. 1220 crore. Promoter
holding in the company is 46.64%. FIIs and DIIs hold 12.23% and 5.07% stakes respectively, while public
shareholding is 36.05%. The company has announced bumper results for fiscal 2023 with profit zooming from
Rs. 69 crore to Rs. 125 crore and income from Rs. 3809 crore to Rs. 5091 crore.The performance in the year
was its best yet but the stock is trading significantly lower from its all-time highs. The company has orders of
Rs. 20,000 crore. Any decline can be used as a buying opportunity.
GMM Pfaudler (Rs. 1447.00) (Code: 505255) : This industrial machinery maker has
been operational since 1962. The company has a plant at Karamsad in Gujarat. The B group listed shares
have a face value of Rs. 2 and touched a 52-week high of Rs. 2189.5 and low of Rs. 1249.75. The company’s
equity is Rs. 9 crore and its reserves of Rs. 795 crore. For the March quarter, its income increased from Rs.
699 crore to Rs. 866 crore, profit from Rs. 17 crore to Rs. 36 crore, while EPS was Rs. 8.56. The operating
profit went up from Rs. 72 crore to Rs. 96 crore. For the whole fiscal, income went up from Rs. 2541 crore to
Rs. 3178 crore, and profit from Rs. 75 crore to Rs. 214 crore. The company has paid 50% interim dividend and
announced a final dividend of 50%. Promoter holding is 38.74%. FIIs and DIIs own 19.96% and 10.58%
shares respectively. One can invest in the stock in tranches with a long-term view. The company has a market
cap of Rs. 6506 crore. The PE ratio is 36.5. The book value of the stock is Rs. 179.
Schneider Ele. (Rs. 236.00) (Code: 534139) :- The A group listed shares have a face
value of Rs. 2. The shares touched a 52-week high of Rs. 239.9 and a low of Rs. 92. The company has a
market cap of Rs. 5653 crore. Promoter holding is 75%, while mutual funds hold 1.75% and FIIs 0.48%. Its
equity is Rs. 278 crore. The company’s income in the March quarter went up from Rs. 340 crore to Rs. 411
crore, and profit from Rs. 7 lakh to Rs. 45 crore. For FY2022-23, income increased from Rs. 1530 crore to Rs.
1777 crore, and profit from Rs. 28 crore to Rs. 124 crore. The annual EPS was Rs. 5.17. The company is an
MNC and is present in the capital goods sector. The large-scale revival in the sector reflects in the company’s
numbers. The performance in the previous fiscal was its best ever. The stock can be considered on declines.
Elgi Equipment (Rs. 543.00) (Code: 522074) :- Elgi Equipment is a leading air com-
pressor manufacturer and has a presence worldwide. The A group listed shares have a face value of Re. 1.
The shares touched a 52-week high of Rs. 583.3 and low of Rs. 316.2. Elgi’s equity is Rs. 32 crore and it has
reserves of Rs. 1332 crore. Promoter holding is 31.19%. Its income in the March quarter went up from Rs. 728
crore to Rs. 836 crore, and profit from Rs. 73 crore to Rs. 170 crore. For the financial year, income went up
from Rs. 2525 crore to Rs. 3041 crore and profit from Rs. 178 crore to Rs. 371 crore. Elgi is also present in the
automotive component segment and the second largest in the compressor industry. The company can benefit
from the growth in the segment. Elgi is an investor-friendly company with generous dividend payouts and has
also issued bonus shares several times. The company’s market cap is Rs. 17,220 crore. FIIs hold a 29.09%
stake and DIIs 4.87%.
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

June 2023 46
A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Market indicates buy on dip

Market is taking support at 18200 for nifty. On upper side 18400 is resistance. If nifty close above
18400 we may witness further up trend. The main condition is nifty should not close slow 18180.
The market will be volatile but at this time trend is up. In US certain companies are coming out
with good results. NASDAQ is front runner. Dow is volatile but showing no sign of heavy fall.
Indian hotels the long term investors should grab an opportunity to buy around 360. Share is
good investment in next six months share has potential to go up to 415/20.
Apollo Tyres is another share to pick up between 380/85. After next results we may see share
price of 415/20.
United Brewerse buy with SL of 1400. Long term share can go up to 1800.
KPIT is recommended to investors having strong. Buy this highly volatile share for target of
1050.
Vedanta : After dividend of 17.5 share moved to north direction. This share may move to 315/16.
Sl should be 2)90.
Lic india is big blow to capital markets. It is shame on company that after huge fall in share price
fall, Company declared dividend of just rs.3. Higher dividend of Rs.25 to 50 could have earned
loss of confidence.
Adani group shares fall jitter investors.
Adani gas fall from rs 4000 to 790,adani transmission from rs.4200 has come in three digit of
910.
Gland pharma looks weak counter sale with sl at 950 for target of 905.
Financial Weekly TM

June 2023 47
Mishtann Foods Ltd • BSE: 539594 CMP: Rs. 8.17
FII, Nomura Singapore increases stake in multibagger stock Mishtann
Foods to 1.28% as company plans to expand FMCG portfolio
Nomura Singapore has increased its stake in
Mishtann Foods which is a leading player in the Corporate
FMCG sector. According to an exchange filing by
Mishtann Foods, Nomura Singapore has increased Feature
its stake to 1.28 per cent (1,28,25,854 shares).
FMCG major Mishtann Foods has informed that global financial services group
Nomura Singapore Limited ODI has increased its stake in the company. Accord-
ing to a regulatory filing dated May 24, Nomura Singapore's stake now stands at
1.28 per cent or 1,28,25,854 shares.
According to the shareholding pattern, promoters and non-institutional inves-
tors have around 49 per cent stake in the company each. In the third quarter of
FY23, Mishtann Foods' promoter and director Hitesh Kumar Patel had increased
his stake an open market purchase.
Mishtann Foods is well-known for its agro food product portfolio. The company
has a special focus on Basmati rice types. Besides, it has also a sizeable pres-
ence in wheat, pulses and spices segments. It has 100,000 metric tonne per
annum rice processing facility is located near
Ahmedabad.
The management has also announced that it is
looking to expand the portfolio by introducing new
products for domestic markets, like free flow io- Promoters
dized salt, crystal salt and rock salt. Also, it has
ventured into new markets like North Eastern Also Hike Stake
states. The management is optimistic about the rise in its top line with the re-
cent positive actions, the company said in the filing.
Earlier in April, Mishtann Foods had set up a new subsidiary in the UAE as a
part of its expansion plan to focus on international trade with increased expo-
sure in various untapped markets. The company has a wide network of 40,000
plus dealers all over the country.
Mishtann Foods Ltd. recently announced that its is launching Mistann Salt on
a Pan-India basis. The company already has a wide network of 40,000 plus deal-
ers all over India. The company has bagged several orders from major retail stores
recently and has successfully executed these orders and is receiving a good
response of its salt which has several health benefits. Mishtann Foods is engaged
in manufacturing and marketing of a large variety of rice with a focus on Basmati
Rice, and pulses like Dal.
Some time back, Mishtann Foods Ltd. had bagged 'The Economic Times
Business Transformation Icons 2022'Mr. Hiteshkumar Patel,MD,Mishtann Foods
Ltd. was Felicitated at a star studded event in Mumbai recently
MFL's 100,000 metric tonne per annum rice processing facility is strategi-
cally located at Himatnagar in Gujarat, in a close

proximity to port giving the company cost advan-
tage for the export market. Mishtann's wider portfo-
lio of Basmati rice include Raw, Sella and Steam
that cater to wider customer segment in wholesale
as well as retail.
***
Financial Weekly TM

June 2023 48
Investment Ideas Nayan Patel
T D POWER SYSTEMS LTD

(533553 & NSE) (202.7) (Face Value Rs.2)
TDPS is one of the leading manufacturers of AC Generators in the world with products in the
output range of 1 MW to 250 MW for prime movers, such as steam turbines, gas turbines, hydro
turbines, diesel engines, gas and wind turbines. Company also manufactures special application
generators for Geo Thermal and Solar thermal applications. Company focuses on manufacturing
custom-designed generators for its customers who are based all over the world. Since inception,
company has manufactured 5811 generators, including generators exported to 103 countries, with
aggregate output capacity of 41697 MW. Company has three manufacturing facilities in Banga-
lore, backed by captive power/water supplies and a well-developed ancillary vendor network.It
has an equity base of Rs.30.93 crore that is supported by reserve of Rs.573 crore. The Promoters
hold 58.51%, FIIs hold 1.85%, DIIs hold 15.42% while the investing public holds 24.23% stake in
the company.For Q4FY23, its PAT soared 43% to Rs.35.35 crore from Rs.24.66 crore on income of
Rs.253.94 crore fetching an EPS of Rs.2.27. During FY23, it recorded PAT of Rs.96.81 crore on
income of Rs.883.31 crore fetching an EPS of Rs.6.2. Currently, the stock trades at a P/E of 33x.
Investors can watch this stock with a stop loss of Rs.178.
HINDUSTAN OIL EXPLORATION COMPANY LTD

(500186 & NSE) (184.1) (Face Value Rs.10)
Hindustan Oil Exploration Company Ltd. engages into field of oil and gas exploration. The Com-
pany has participating interest in 11 oil/gas fields in India. Incorporated in the year 1983, Hindustan
Oil Exploration Company Ltd. is based in Vadodara. It has an equity base of Rs.132.26 crore that
is supported by reserves of around Rs.814.95 crore
Company posted superb numbers for Q4FY23. For Q4FY23, HOEC posted PAT of Rs.107 crore
against LOSS of Rs.27 crore in Q4FY22 on higher income of Rs.175 crore fetching an EPS of
Rs.8.06. During FY23, HOEC posted 871% higher PAT of Rs.194 crore against PAT of Rs.20
crore on higher income of Rs.559 crore fetching an EPS of Rs.14.67. At CMP, it is trading at P/E of
just 11.8x.
Investors can watch this stock with a stop loss of Rs.160.
Disclosures: At the time of writing this article, author, his clients & dependent family members may have
positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family
members may make purchases or sale of the securities mentioned in website. Author may have positions in
above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody.
Financial Weekly TM

June 2023 49
Primary Market - Dilip K. Shah
India's IPO mop-up so far in 2023 is 80 % lower: Comparing to global markets it has declined by 36%
In 2023 total 51 IPOs entered the market including SME, last year the number was 403
In the new financial year the primary market witness movement with equity market becoming strong in April and May
This week in absence of mainboard IPO 2 SME and 4 Rights issues are in the market
Infollion Research's issue will open on May 29 and close on May 31
BSE SME IPO of CFF Fluid to open on May 30 and Comrade Appl. to open on May 31
Krischna Strapping NSE SME IPO got listed with118% premiums
NSE SME Crayons Advt. 137.28x, Vasa Denticity 67.99x andProventus 2.61x subscription
How and when will be listing of Infollion Research, CFF Fluid, Comrade SME IPO?
This week four Rights issues - Earum Pharma, Samro Realty, Enbee Trade, Clara Ind. - in the market
The government is all set to achieve disinvestment target of Rs. 51,000 crore:
Divestment of IDBI Bank and Concor crucial
India's IPO mop-up so far in 2023 is 80 per cent lower :- The amount of money Indian
companies raised from the stock market has fallen faster than their global peers in 2023.Indian
companies raised $294 million in the first four months of 2023 (January through April) via initial
public offerings (IPOs). India's IPO mop-up so far in 2023 is 80 per cent lower than the $1.5
billion raised in the corresponding period last year. By comparison, global markets have seen a
36 per cent decline.According to experts, the reason for the sharp decline in fund raising activity
this calendar year is global uncertainty and fall in valuations. According to experts, Markets are
uncertain due to global factors and rising inflation. Many companies were not in favor of bringing
IPO as of now because they were not getting the right valuation that the promoters were looking
Grey Market Premium / Kostak / Subject to Prices

IPOs Name Lot Size Offer Price Premium Kostak Price Subject to
Name (Shares) (Rs.) (Rs.) *Min. Appl. Sauda
Tata Technologies (IPO) -- 82 to 85 1000 1350
Small HNI 3100 14000
Big HNI 12000 14000
Wipro (Buyback) 445 6300
(Rs. 2 Lakh Appl.)
Remus Pharma (NSE SME) 100 1150 to 1229 550 to 600 55,000
Crayons Advt. (NSE SME) 2000 62 to 65 45 to 47 70,000
Vasa Denticity (NSE SME) 1000 121 to 128 75 to 80 1200 70,000
Hemant Surgical (BSE SME) 1600 85 to 90 72 to 75 1,00,000
Proventus Agro (NSE SME) 160 771 16 to 18 -- --
Infollion Res. (NSE SME) 1600 80 to 82 55 to 60 51,000
CFF Fluid Cont. (BSE SME) 800 165
Comrade Appl. (BSE SME) 2000 52 to 54
Spectrum Talent (NSE SME) -- -- 18 to 20 1100 8,000
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Cont...
Financial Weekly TM

June 2023 50
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. Infollion 29-5-23 Fresh Issue: 80 to 82 1600 Eq. Shares Holani
33%
Research 31-5-23 26,16,000 Shares (F.V.Rs.10) (Rs.1,31,200) Consultants
Apply for
OFS : 3,92,000
Total : 26,16,000
Short Term
(Rs. 21.45 Cr.) (Listing Gain)
BSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. CFF Fluid 30-5-23 52,00,000 Shares 165 800 Eq. Shares Aryman 29% May Apply
Control 2-6-23 (Rs.85.80 Cr.) (F.V.Rs.10) (Rs.1,32,000) Financial (Risky Bet)
2. Comrade 31-5-23 22,78,000 Shares 52 to 54 2000 Eq. Shares Gretex 26%

Appliances 5-6-23 (Rs.12.30 Cr.) (F.V.Rs.10) (Rs.1,08,000) Corporate Avoid
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. Earun 2-5-2023 24,67,16,400 2 4 Shares for every BSE Axis Bank
Pharma 31-5-2023 Shares (F.V. Rs. 2) 1 Shares held on Registrar Avoid
(Rs. 49.34 Cr.) 10-4-2023 Bighsare Services
2. Samor 15-5-2023 1,07,50,000 10 1 Shares for every BSE --
Realty 2-6-2023 Shares (F.V. Rs. 10) 1 Shares held on Registrar Risky Bet
(Rs. 10.75 Cr.) 2-5-2023 KFin Technologies
3. Enbee Trade 18-5-2023 3,20,01,000 15 20 Shares for every BSE Saffron Capital Avoid
& Finance 1-6-2023 Shares (F.V. Rs. 10) 1 Shares held on Registrar (Fully Priced)
(Rs. 48.00 Cr.) 10-5-2023 Cameo Corporate
4. Clara 23-5-2023 16,53,986 167 2 Shares for every BSE --
Industries 1-6-2023 Shares (F.V. Rs. 10) 3 Shares held on Registrar Risky Bet
(Rs. 27.62 Cr.) 11-5-2023 Bigshare Services
5. Gala Global -- 3,93,03,420 11.85 72 Shares for every BSE --
Products -- Shares (F.V. Rs. 5) 100 Shares held on Registrar Next Week
(Rs. 46.57 Cr.) -- --
6. Piramal -- --- -- -- BSE ICICI Securities
Pharma -- Shares (F.V. Rs. 10) -- NSE Registrar Next Week
(Rs. 1050 Cr.) -- Link Intime
for. Despite the submission of issue documents, the company has not yet entered the capital
market. Our primary markets do not have the same depth as developed markets. IPO market
scenario will improve after some issues get good support from investors.India's share in the
amount raised globally decreased this year. India's share in the amount raised globally has come
down to 0.9 per cent this year. It has averaged close to 2.9 per cent in the last five years. After 6.1
percent in 2017, this share was the highest in 2022 at 5.2 percent.Some believe that there will be
a comeback from Enterprise Content Management (ECM) activities as companies prepare for
their issuances.
* Current Market situation : Three NSE SME - Crayons Advertising,Vasa Denticity,
ProventusAgrocom and one BSE SME -Hemant Surgical so total four SME IPO and four Rights
Issue -Earum Pharma,Samor Realty, Enbee Trade, Clara Ind. are in the market.
Last week two SME IPOs Auro Impex & Chemicals andKrishca StrappingSolutions got listed.
* Last week's listing:-
Cont...
Financial Weekly TM

June 2023 51
Auro Impex NSE SME IPO got listed at-par and closed with discount
Ola Electric may come up with an IPO in the last quarter of current financial year
Happy Forging plans Rs. 1200 crore IPO
Yudiz Solutions gets nod for NSE SME IPO offering 27,17,600 shares
All eyes in the market will be on listing of Remus Pharma NSE SME IPO on May 29
• Auro Impex & Chemicals (NSE SME) :- The issue with a fixed Listing Information of
Krishca Strapping
price of Rs. 78 got listed on May 23 at Rs. 78 and went up to Rs. NSE SME KRISHCA
78.50 and down to Rs. 74.20 before closing at Rs. 75.70. It closed at Listing Date 26-5-2023
Offer Price Rs. 54.00
Rs. 75.60 on Friday. Listing Price Rs. 118.80
• Krishca Strapping Solutions :- The issue with an offer price o Listing Day High Rs. 118.80
Listing Day Low Rs. 112.90
Rs. 54 got listed with 118% premiums at Rs. 118.80 and went down Listing Day Close Rs. 112.90
to Rs. 112.90 before closing at Rs. 112.90. It closed at Rs. 109% CMP (26-5-2023) Rs.112.90
premiums. Listing Information of

* Last week's SME IPOs:- Auro Impex & Chem.
NSE SME AUROIMPEX
• Crayons Advertising (NSE SME) :- The initial public offering Listing Date 23-5-2023
(IPO) of Crayons Advertising received an overwhelming response from Offer Price Rs. 78.00
Listing Price Rs. 78.00
the bidders, clocking a 147.61 times subscription. The non-institutional Listing Day High Rs. 78.50
investor (NII) category was subscribed 231.94 times, the QIB category Listing Day Low Rs. 74.20
Listing Day Close Rs. 75.70
was oversubscribed and retail portion of the issue has received a strong CMP (26-5-2023) Rs.75.60
response and was subscribed 169.94 times. It may get listed on June 2 around Rs. 105-110.
• Vasa Denticity (NSE SME) :- The issue with an offer price of Rs. 128 closed on May 25
with 67.99 times subscription. It may get listed on June 2 around Rs. 170-180.
• ProventusAgrocom (NSE SME) :- The issue with an offer price of Rs. 771 closed on May
26 with 2.61 times subscription. It may get listed on June 5 around Rs. 140-150.
* This week's Issues :- This week in absence of any mainboard issue, three SME Issues - NSE
SME Infollion Research Services and BSE SME CFF Fluid Control, Comrade Appliance are en-
tering the market. Analysis is given in a separate table.
Wipro • Infollion Research Services :- NSE SME IPO offering 26.16

Buy Back Detail lakh equity shares at price band of Rs. 80-82 will help the company
Issue Size 26,96,62,921 to raise Rs. 21.45 crore. It will open on May 29 and close on May 31.
Amount Rs. 12,000 Cr.
Buyback Price Rs. 445 Lead Manager is Holani Consultants.
Listing BSE & NSE Anchor Investors allocation : -The company has already allot-
Record Date Mid June(E)
Voting Period ted 26.16 lakh equity shares to anchor investors on May 26 including
3-5-2023 to 1-6-2023 50.11% to Genia Global Fund and 49.89% to India Max Invest Fund
Voting Result
before 3-6-2023 at price of Rs. 82. IPO listing on June 8 will be around Rs. 125-135.
Cont...
Financial Weekly TM

June 2023 52
Subscription Figures of SME IPO (Dt. 26-5-2023)
IPO Listing Day Subscribed
Crayons Advertising NSE SME Issue Closed on 25-5-2023 137.28x
Vasa Denticity NSE SME Issue Closed on 25-5-2023 67.99x
Proventus Agrocom NSE SME Issue Closed on 26-5-2023 2.61x
Hemant Surgical BSE SME Issue Closed on 26-5-2023 139.70x
Infollion Research NSE SME Issue Opens on 29-5-2023 --
CFF Fluid Control BSE SME Issue Opens on 30-5-2023 --
Comrade Appliance BSE SME Issue Opens on 31-5-2023 --
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
Remus Pharma NSE SME 19-5-23 24-5-23 25-5-23 26-5-23 29-5-23
Crayons AdvertisingNSE SME 25-5-23 30-5-23 31-5-23 1-6-23 2-6-23
Vasa Denticity NSE SME 25-5-23 30-5-23 31-5-23 1-6-23 2-6-23
Hemant Surgical BSE SME 26-5-23 31-5-23 1-6-23 2-6-23 5-6-23
Proventus AgrocomNSE SME 26-5-23 31-5-23 1-6-23 2-6-23 5-6-23
Infollion Research NSE SME 31-5-23 5-6-23 6-6-23 7-6-23 8-6-23
CFF Fluid Control BSE SME 2-6-23 7-6-23 8-6-23 9-6-23 12-6-23
Comrade Appl. BSE SME 5-6-23 8-6-23 9-6-23 12-6-23 13-6-23
Tata Technologies IPO -- -- - - -
• CFF Fluid Control (BSE SME) : - CFF Fluid Control Ltd's SME initial public offer (IPO)
will open for subscription on Tuesday, 30 May, and will close on Friday, 2 June. The company
has fixed the price band at Rs. 165 per equity share for the proposed SME IPO.The total IPO
size is ?85.80 crore and it solely consists of fresh issue. The shares are planned for listing on
BSE SME.The IPO's registrar has been named as Cameo Corporate Services Ltd and Lead
Manager is Aryaman Financial Services. IPO may get listed on June 12.
• Comrade Appliances Ltd : - Comrade Appliances Ltd's SME initial public offer (IPO) will
open for subscription on Wednesday, 31 May, and will close on Monday, 5 June. The com-
pany has fixed the price band at Rs. 52 to Rs. 54 per equity share for the proposed SME
IPO.The total IPO size is ?12.30 crore and it solely consists of fresh issue. The shares are
planned for listing on BSE SME. The lead manager is Gretex Corporate. It may get listed on
June 13.
* This week's Rights Issues : - Analysis of Earum Pharmaceuticals, Samor Realty, Enbee
Cont...
Financial Weekly TM

June 2023 53
TradeRights was published during last few weeks. This week, analysis of Clara Ind. is given.
It is a risky affair for investors.
• Yudiz Solutions :- Gaming platform Yudiz Solutions receives go-ahead for SME IPO.
Yudiz Solutions aims to become the first publicly-listed game developer with its own publish-
ing platform, offering games for multiple platforms.The Ahmedabad-based technology service
provider is looking to invest approximately Rs 8 crore to establish a state-of-the-art gaming
studio and a multi-gaming platform. The company plans to issue 27,17,600 equity shares,
according to its recently approved DRHP. In addition to producing its own games, Yudiz Solu-
tions will also develop games for other publishers and open its publishing platform to external
developers. The goal is to create over 40 games annually with its new gaming studio.
• Ola Electric :- India's largest electric two-wheeler company, Ola Electricis planning to raise
between $800 million and $1 billion, or 6,560-8,200 crore, through its initial public offering (IPO)
primarily to fund its capital expenditure. The company is looking at a valuation of $10 billion, or
82,000 crore. Goldman Sachs, Kotak, City and Axishave already come on the board. The IPO is
slated to hit the bourses in the last quarter of the current fiscal year. It would make Ola Electric
the first Indian electric vehicle (EV) company to be listed.
• Happy Forgings :- Ludhiana-based auto ancillary company Happy Forgings is planning
to enter the primary market with an Rs 1,000-1,200 crore public issue. The IPO will be a mix of
fresh issue of shares and sales by existing shareholders, and funds from the fresh issue will be
used for debt repayment, expansion and developing new products.
* The Government is all set to achieve disinvestment target of Rs. 51,000 crore :- The
Indian government aims to generate revenue through disinvestment in the current financial year.
While plans for stake sales in IDBI Bank and Concor are underway, the government may resort to
offer for sale (OFS) if necessary. The target revenue from disinvestment is Rs 51,000 crore, and the
government believes it can achieve this even without involving any new public sector
undertakings.The government plans to sell its combined stake of 60.72% in IDBI Bank, including
the 30.48% held by the government and 30.24% held by the Life Insurance Corporation of India
(LIC). Based on the current market capitalization, this sale is expected to yield Rs 35,765 crore.
Potential bidders have submitted expressions of interest (EoIs) and have started due diligence on
the bank. The Reserve Bank of India (RBI) is evaluating at least five potential bidders for the stake
acquisition.Concor specializes in providing inland transport by rail for containers and managing
ports, air cargo complexes, and cold chains. The government aims to sell its 30.8% stake in Concor,
which, based on the current share price of Rs 664.55, would generate approximately Rs 12,392
crore. However, expressions of interest (EoIs) for Concor have not yet been invited, marking the
initial step in the disinvestment process. Divestment plans also include BEML and Shipping Cor-
poration that may fetch around Rs. 4300 to the government. Cont...
Financial Weekly TM

June 2023 54
Debock Industries Ltd
Rights issue Opens in second week of June
DEBOK INDUSTRIES LTD. The company is
entering the market with a rights issue in the
second week of June.
Debock Industries Limited engaged in business of Manufacturing of Agricultural Machin-
eries and ancillary tools,also in engaged in Hospitality Sector construct and run Hotels,
Resorts,etc.
Debock Industries Ltd.,a part of The Debock Group owns a group of companies continuing
Debock Group legacy of high quality products, services and transparency between stakeholders
and customers to providing different kind of services and products in Sales & Marketing, Agricul-
ture Products and also in Hospitality Industry. The Debock Group Industries Ltd services both
sales and marketing are gives opportunities for creation of mutual benefit to the clients by gener-
ating money fast from business by doing best sales and marketing services to the clients.
Grey Market Movement

Grey Market rustled with block buster listing of Krishca Strapping SME IPO
Premiums skyrocketed in Crayons and Hemant
Huge fancy in Infollion Research NSE SME IPO
Premiums improved in Remus Pharma and Vasa Denticity NSE SME IPO
NSE SME IPO of Spectrum Talent has been delayed but it is active in grey market
The block buster listing of Krishca Strapping NSE SME IPO has created positive impact
on the grey market. Not only the premiums have soared high but the volume has also gone
up creating high volatility in the market.
As per the table given, Crayons Advertising NSE SME IPO got 137.28x, Hemant Surgi-
cal IPO got 140x and Vasa Density IPO got 68x subscription resulting into upward trend in
premium and subject to rates.
Infollion Research Services NSE SME IPO premiums started at Rs. 20/22 but now it
has touched to Rs. 55/60 and subject to rates are Rs. 5100. Spectrum Talent IPO has been
delayed but still the grey market is witnessing huge volumes in premiums and subject to
rates.
Remus Pharmaceuticals premiums have improved while Proventus Agrochom IPO pre-
miums have come down from Rs. 28/30 to Rs. 16/18 after poor response.
Financial Weekly TM

June 2023 55
Infollion Research Services NSE SME IPO
Opens on 29th May & Closes on 31st May
Offer Price Rs. 80 to 82; Listing on NSE SME Platform
It has posted consistent growth in its top & bottom line in last three fiscals
On valuation front considering all parameters, issue is reasonably priced
Investors may apply for listing gain or short term prospective
Incorporated in 2009, Infollion Research Services is a B2B marketplace. They are operating in the B2B
Human Cloud segment, catering to on-demand contingent hiring of subject matter experts. They provide a
platform for workers or knowledge providers (gig workers) and employers or knowledge seekers to con-
nect with each other. Key clients include top-tier Global Management Consulting firms, renowned Private
Equity funds, Hedge funds, and mid-tier Corporate. Their direct competitors are other expert networks and
freelancing platforms, while indirectly they compete with staffing firms.
Issue Details
• Issue Opens on 29th May & Closes on 31st May 2023
• Object of the issue : Expansion of current service line in the US and Western European regions, Pex-
Panel- Adding new categories of freelancers, Technology Development and General Corporate Pur-
poses
• Issue Size : Fresh Issue : 22,24,000 Eq. Shares, OFS : 3,92,000 Shares, Total : 26,16,000 Shares (Rs.
21.45 Cr.)
• Face Value Rs. 10 • Offer price Rs. 80 to 82
Financial Performance
Particulars (Rs. Cr.) FY21 FY22 FY23
• Minumum Lot Size : 1600 Share • Listing on : NSE SME Total Revenue 16.06 22.20 35.30
• BRLM : Holani Consultants Private Limited Profit After Tax 2.08 3.41 5.58
• Registrar : Link Intime India Private Ltd EPS 2.78 4.56 7.74
• Pre Issue Promoter Holding : 67.09% RONW (%) 29.56 32.66 34.85
• Post Issue Promoter Holding : 51.69%
• Issue constitutes 15.40% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 5.85 & RONW : 33.24%
• Pre IPO Eq. Capital Rs. : 7.47 Cr. • Post IPO Eq. Capital Rs. 9.64 Cr.
• Pre IPO : P/BV Ratio 3.82 (NAV : 21.44)
• Post Issue : P/BV Ratio 2.35 (NAV : 34.88)
• Pre IPO P/E Ratio : 10.59
OTHER SIDE OF THE COIN
• Average cost of acquisition of equity shares by the promoters and selling shareholders of the company
Rs. 0.02 and Rs. 10.18 per share and the offer price is Rs. 82 has been determined.
• It has issued bonus shares in the ratio of 500:1 on December 02, 2022 before filing DRHP.
• Apart from initial issue at par company allotted 1468 equity shares to Blume Ventures Fund at a premium
of Rs. 5092 per share on August 08, 2022
• The company's IPO is aimed at entering the US and European markets but the company will have to
face competition from big players there.
• The servers for the website are not owned by the company.
• Company's revenue depends on limited customers.
• The company is engaged in a highly competitive business.
• Registered office and corporate office not owned by the company.
Recommendation : - It has posted consistent growth in top lies and bottom lines for
the last three fiscals. On valuation front considering P/BV of 2.35 and PE of 10.59 issues
is reasonably priced. Looking to its vision, Mission and Expansion of services in US &
Europe, Investors may apply in this issue for listing gain or short term prospective.
Financial Weekly TM

June 2023 56
CFF Fluid Control BSE SME IPO
Opens on 30th May & Closes on 2nd June
Offer Price Rs. 165; Listing on BSE SME Platform
It has posted setback in top line & bottom line for FY21 due to covid
Sudden jump in financial perfoamcne for FY22 & 9MFY23 is surprising
On valuation front considering all parameters issue is aggressively priced
Risk taking investors may apply for long term as it is from Defense sector
Incorporated in 2012, CFF Fluid Control Limited is primarily engaged in the business of manufacturing and servicing
of shipboard machinery. They manufacture critical component systems and test facilities for submarines and surface
ships for The Indian Navy. The entity also designs, manufacture, and service Mechanical equipment and systems for
industries like Nuclear and Clean Energy. The Company's promoters and group companies have been in the defense
manufacturing space for more than 20 years. Servicing includes fluid control systems, distributor and air panels Weap-
ons and Control Systems, Steering gear, Propulsion Systems, High-Pressure Air Systems, Hydraulics Systems, Breathing
and Diving Air Systems, and Integrated Platform Management Systems for submarines and surface ships for the Indian
Navy and its OEMs. The facility is Indian Navy, MDL & Naval Group (France) approved and has ISO 9001:2015
certification for quality management systems.
Issue Details
• Issue Opens on 30th May & Closes on 2nd June 2023
• Object of the issue : Funding Working capital requirements, Repayment of Loans, Purchase of machinery and
equipment, Acquire Technology of " Towed Wire Antenna (TWA)" and General Corporate Purpose
• Issue Size : 52,00,000 Eq. Shares (Rs. 85.80 Cr.)
• Face Value Rs. 10 • Offer price Rs. 165.00 Financial Performance : Consolidated Basis
• Minumum Lot Size : 800 Share • Listing on : BSE SME Particulars (Rs. Cr.) FY20 FY21 FY22 9MFY23
• BRLM : Aryaman Financial Services Limited Total Revenue 31.96 14.81 47.12 50.85
• Registrar : Cameo Corporate Services Limited Profit After Tax 1.33 0.25 7.80 7.18
• Promoter : Sunil Menon and Gautam Makkar. EPS 0.93 0.17 5.46 5.01
• Pre Issue Promoter Holding : 99.99% RONW (%) 19.58 3.50 52.56 32.62
• Post Issue Promoter Holding : 73.30%
• Pre IPO Eq. Capital Rs. : 14.27 Cr. • Post IPO Eq. Capital Rs. 19.47 Cr.
• Pre IPO : P/BV Ratio 15.91 (NAV : 10.37)
• Post Issue : P/BV Ratio : 2.97 (NAV : 55.35)
• Pre IPO P/E Ratio : 30.22
• Industry peer Group PE Ratio : 61.65 (BEL at 10.73 & MTAr at 87.03)

• Average Cost of acquisition per share of promoters of the company is Rs. 5.50 per share while the offer price is Rs.
165 per share.
• The company had issued bonus shares in the ratio of 19:1 on 11 July 2022.
• Company has also issued Rights shares in the price range of Rs. 50 in August 2013, April 2015 & November 2015.
• Its ROE is only 0.52, ROCE 0.31 and Debt to equity ratio is 1.22
• Its 89.43 revenue comes from defense sector.
• The IPO proceed will be used to repay a loan from promoters group company.
It's reported negative cash flow in the past.
• Company depends only on few suppliers. The top five suppliers account for 97.28 percent of the revenue.
• The corporate office of the company is not owned by itself.
• Debt of the company is Rs. 26.93 crores which is double from last year.
Recommendation : - The Company has registered a setback in the top-bottom line in the
financial year 2021 due to Covid. However it has reported sudden jump in financial perfor-
mance for FY22 & 9MFY23, Which is surprising. On valuation front considering P/BV 2.98 &
PE of 30.22 Issue is aggressively priced compared to peers. Risk taking investors may ap-
ply for long term as it is from Defense sector.
Financial Weekly TM

June 2023 57
Comrade Appliances Limited BSE SME IPO
Opens on 31st May & Closes on 5th June
Offer Price Rs. 52 to 54; Listing on BSE SME Platform
It has posted inconsistent financial performance for the last three fiscals
Company suffered a setback in bottom line for FY21 & Top line of FY23
Sudden jump in bottom line for FY23 on lower revenue is surprising & doubtful
It will take longer gestation period for migration to mainboard due to tiny equity
On valuation front considering all parameters issue is aggressively priced
Investors may stay away from this expensive issue
Incorporated in 2017, Comrade Appliances Limited is engaged in the process of manufacturing an extensive array
of Air Coolers and Electric Geysers. The company manufactures consumer durable goods and assembles various
products. They offer end-to-end product solutions to their customers. Comrade Appliances operate under both, Origi-
nal Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) business models. Under the OEM
model, they manufacture and supply products basis designs developed by their customers, later these products are
sold under the customer's brand name. Under the ODM model, along with manufacturing, Comrade Appliances Lim-
ited also conceptualizes and designs the products which are then marketed to the customers' prospective customers
under their brands. Presently, the company's product portfolio of consumer goods consists of: Air Coolers, Electric
Geysers The company's products are marketed, manufactured, and sold under the brand name "Comrade". The
company has a manufacturing facility located at Palghar admeasuring 66,322 Sq. Ft.
Issue Details
• Issue Opens on 31th May & Closes on 5th June 2023 Financial Performance : Consolidated Basis
• Object of the issue : Working Capital Requirements and Particulars (Rs. Cr.) FY20 FY21 FY22 FY23
General Corporate Purposes Total Revenue 21.62 26.04 29.73 26.99
• Issue Size : 22,78,000 Shares (Rs. 12.30 Cr.) Profit After Tax 0.42 0.20 0.39 1.64
• Face Value Rs. 10 • Offer price Rs. 52 to 54 EPS 0.61 0.99 3.15 --
• Minumum Lot Size : 2000 Share • Listing on : BSE SME RONW (%) 8.36 7.22 23.73 --
• BRLM : Gretex Corporate Services Pvt Ltd
• Registrar : Bigshare Services Pvt Ltd
• Promoter : M/s Troupe Technologies, Mr. Khursheed Alam and Mr. Mehboob Alam are the company promoters.
• Market Cap : Rs. 40.66 Cr. • Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 73.35%
• Pre IPO Eq. Capital Rs. : 5.25 Cr. • Post IPO Eq. Capital Rs.7.53 Cr.
• Pre IPO : P/BV Ratio 4.07 (NAV : 13.28) • Post Issue P/BV Ratio 2.48 (NAV : 21.79)
• Pre IPO P/E Ratio : 17.14 • Post IPO asking P/E on fully diluted equity : 25.18
• Industry peer Group PE Ratio : 94.93 (Not Comparable)

• The average cost of acquisition of equity share by the promoter is Rs. 10 & Rs. 12 and offer price per share is Rs. 54
per share.
• Apart from initial equity capital at par company issued further equity in consideration of private placement in the price
range of Rs. 10 to Rs. 12 from March 2017 to October 2022
• Post IPO Rs. 7.53 Cr. Equity capital indicates it will take longer gestation period to migrate mainboard.
• Company Business is seasonable.
• Top-5 & Top-10 customer contribute major portion of revenue.
• Registered office and factory are not owned by the company.
• Company's face intense competition from other OEM of Air coolers and Electric geysers.
• Company has a negative cash flows in its operating activities in FY21 & FY22.
• It has not included symphony as its listed peers which is trading at PE of 32
• Company is IPO spending is 23% which raises concern.
Recommendation :- It has posted inconsistent financial performance for last three fiscals. Company suffered
a setback in bottom line of FY21 & Top line of FY23 but sudden jump in the bottom line on lower revenue of
FY23 is surprising and doubtful which indicates some window dressing to create fancy for valuation of the IPO.
On valuation front considering P/BV of 2.48 and PE of 25.18, the issue appears aggressively priced. Investors
may avoid this expensive issue.
Financial Weekly TM

June 2023 58
Clara Industries Limited Rights Issue
Opens on 23rd May & Closes on 1st June
Offer price Rs. 167 per Share; Listing on BSE
Code : 543435 (F.V. 10) • CMP : Rs. 201 (22-5-23) 52WH/L : 253/73.53
Asking RI price is 4 fold to mobilize 9 fold fund compared to maiden issue
Sudden jump in top line & bottom line for FY23 is surprising
Risk taking shareholder may apply as RI is 16.91% discount to CMP
Incorporated in 2021, Clara Industries Limited is engaged in the Packaging Domain. The
company has over seven years of experience. They have run and completed over 25000
successful projects. Clara aims at offering quality services, ensuring maximum client satis-
faction, and acting with robust planning and strategies. The clientele of the company in-
cludes brands and entities like Swadisht, The Abbal Premium Tea, Golden Tiger, Laxmi
Premium, and so on.
Issue Details Financial Performance
rd st
• Issue Opens on 23 May & Closes on 1 June 2023 Consolidated Basis
Particulars (Rs. Cr.) FY 22 FY 23
• Object of the Issue : Working Capital Requirement. Total Revenue 3.87 11.40
Profit After Tax 1.05 3.95
• Issue Size : 16,53,986 Shares, Rs. 27.62 Cr.
• Face Value Rs. 10 • Issue Price : Rs. 167 per Share
• Listing on BSE
• Terms of payment : The full amount of the Issue Price being Rs. 167/- will be payable on
application.
• Entitlement : 2 Rights Equity Share(s) for every 3 fully paid-up Equity Shares held on
Record Date : 11-5-2023
• Deemed Date of Allotment : 7-6-2023
• Lead Manager : Self Managed • Registrar : Bigshare Services Pvt. Ltd.
• Market Cap : Rs. 69.10 Cr.
• Pre IPO Equity capital Rs. 2.48 Cr. • Post IPO Equity Capital Rs. 4.14 Cr.
• Cum Right basis at Rs. 222.75 (10-5-23)
• ex Right basis at Rs. 210.00 (11-5-23)
• Since then, It has marked a high/low of Rs. 253/ Rs. 189.90
• It last closed at Rs. 201 (19-5-2023)
• 52 Weeks high / Low of Rs. 253 / Rs.73.53
Recommendation : - Clara Ind. Entered in to the market with its maiden issue of Rs.
3.02 Cr. At a fixed price of Rs. 43 per share in December 2021. Now within two & half
year asking price of RI is around four fold to mobilize 9 fold fund compared to its
maiden issue. Sudden 3 fold jump in top line & bottom line for FY23 is surprising. Only
risk taking shareholder may apply as Rights offer is 16.91% discount to CMP.
Financial Weekly TM

June 2023 59
Smart Best Buy S. N. Zaveri
Bajaj Auto : Surplus cash of Rs.17,445 crore, Dividend of Rs.140 per share
Pidilite Industries : Falling Crude oil prices a major relief
Nestle : The giant multinational steals the show on each and every number
HDFC AMC : More Individual Investors keep trust in this fund
Coforge Ltd : Solid track record, stock is in strong hands
Bajaj Auto (Rs. 4615.00) (Code : 532977) :- Bajaj Auto reported consolidated net
profit for the quarter ended March 2023 at Rs 1,704.74 crore, up 11.70 percent from Rs 1,526.16
crore in the same quarter last year. Revenue from operation came in at Rs 8,929.23 crore, register-
ing a growth of 11.96 percent from Rs 7,974.84 crore in the year-ago quarter. The board of directors
of the company has recommended a dividend at the rate Rs 140 per share. The company's EBITDA
maintained its strong run, growing 26 percent YoY to Rs 1,718 crore, with margin accretion of 220
bps to 19.3 percent. Sequentially, across quarters, price realisation and material costs held flat
with favourable mix driving the slight uptick. The company's surplus cash stood at Rs 17,445 crore
as of March 31, 2023. Meanwhile, the company sold 1,81,828 units in the domestic market last
month, recording a massive 95 percent YoY growth. However, with 1,06,157 units, its exports de-
clined by 44 percent on a YoY basis. Buy in phased manner.
Pidilite Industries (Rs. 2586.00) (Code : 500331) :- Pidilite Industries’ stock has
been in consolidation mode for quite some time. Now, the stock is poised for upmove as there is
more convinience for the business. Crude oil prices slid further last week. Brent crude has come
down below 80 dollars. It is a major relief for adhesives companies like Pidilite as crude oil is its
key raw material. Pidilite Industries is engaged in the manufacturing of adhesives, sealants, water-
proofing solutions and construction chemicals, arts & crafts, industrial resins and polymers. De-
spite consistently strong fundamentals, higher raw material costs over the past year has severely
dented operating margins which has resulted in a below average returns for Pidilite industries in
FY23. Now, crude oil price has singnificantly come down from its last year avearge. Pidilite has
very low equity capital and huge reserve. Buy. Buy more at any decline.
Nestle India (Rs. 21581.00) (Code : 500790) :- Nestle India, the house of Kitkat
chocolates and Maggi noodles, reported a net profit of Rs 736 crore for the March quarter, making
a 24.7 percent jump over the year-ago period. The company follows a January to December finan-
cial year. Revenue from operations jumped 21.3 percent year-on-year to Rs 4,830 crore. On the
operating front, EBITDA (earnings before interest, taxes, depreciation and amortization) came in at
Rs 1,098 crore, up 18 percent. Margins at 22.7 percent were lower than 23.4 percent in the year-
ago period. Estimates had pegged margin at 23 percent. The company expects cost of fresh milk,
fuels, and green coffee to remain firm because of continued increase in demand and volatility. This
Cont...
Financial Weekly TM

June 2023 60
is the highest growth for the company in a quarter in the last 10 years (excluding the exceptional
quarter in 2016 which was off a low base in 2015). All the product groups delivered double digit
growth. NESCAFE recorded its highest ever market share in the quarter. The company's exports
also grew 25 percent YoY to Rs 195.6 crore in the quarter gone by.. The stock is worth accumula-
tion at every decline.
HDFC AMC (Rs. 1855.00) (Code : 541729) :- HDFC Asset Management Company
Ltd (HDFC AMC) reported a 10 percent year-on-year (YoY) rise in net profit at Rs 376.2 crore for
the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company
posted a net profit of Rs 343 crore. Total revenue stood at Rs 541 crore during the period under
review, up 5 percent against Rs 516 crore. The Quarterly Average Assets Under Management
(QAAUM) of Rs 4,49,800 crore for the quarter ended March 31, 2023, compared to 4,32,100 crore.
For the financial year ended March 31, 2023, the profit after tax was at Rs 1,423.9 crore as com-
pared to 1,393.1 crore for the financial year ended March 31, 2022. The Board of Directors has
recommended a dividend of Rs 48 per equity share of Rs 5 each of the company. 67 percent of the
company's total monthly average AUM (assets under management) is contributed by individual
investors compared to 58 percent for the industry. This shows the confidence of the investors in
this company. Accumulate.
Coforge Ltd (Rs. 4459.00) (Code : 532541) :- Nomura in its report said that the
Coforge's strong growth and improved market value have been driven by several key factors, in-
cluding a revitalised and secure management team with a solid track record of execution, an in-
creased emphasis on current businesses and the development of new markets, and a restructur-
ing of the company's go-to-market approach. Meanwhile, India’s largest life insurer Life Insurance
Corporation of India (LIC) increased its stake in the company in the last quarter. It held a 5.87%
stake in Coforge as of March end, compared to a 4.79% stake as of December. Motilal Oswal
Multicap fund bought 4,84,848 shares of Coforge at Rs 4,125 apiece for around Rs 200 crore.
Mutual Funds raised their stake in the company in the March quarter. MFs cumulatively held a
23.4% stake as of March end, compared with 20% as of December end. Foreign portfolio investors
cumulatively held a 24.8% stake in the company as of March end. It shows the stock is in strong
hands. Buy on every decline.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
26th May, 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

June 2023 61
Vishwaraj Sugar Industries Ltd.
Reports Earnings, FY23 Revenue jumps 32% YoY
BSE: 542852 NSE : VISHWARAJ CMP: Rs. 17.6
Corporate Feature
Belgaum, 26 May, 2023:Vishwaraj Sugar Indus-
tries Ltd. (VSL) (BSE: 542852, NSE: VISHWARAJ),
an integrated sugar products manufacturing com-
pany, has announced earnings for quarter and year
ended 31 March 2023.
Speaking about the company's performance Mr.
Mukesh Kumar, Executive Director, Vishwaraj Sugar
Industries, added, "We are pleased to report that Vishwaraj Sugar Industries
(VSL) has once again delivered a strong top-line performance, achieving signifi-
cant revenue growth during the Quarter and Year ended 31 March, 2023. This
growth can be attributed to our robust product portfolio, effective distribution
strategies, and the dedication of our employees. Our ability to adapt to changing
market dynamics and provide quality products has enabled us to maintain a
competitive edge.
Despite the positive top-line growth, our financial statements reflect a book
loss, largely due to deferred tax adjustments. These adjustments are accounting measures necessitated by
tax regulations and do not reflect the underlying operational performance of the company. We want to empha-
size that these adjustments are non-cash in nature and do not impact our ability to generate cash flows.
Looking ahead, we remain optimistic about the future prospects of VSL. We will continue to leverage our
strengths, including our well-established brand, strong customer relationships, and commitment. We remain
dedicated to delivering value to our shareholders and stakeholders alike."
Incorporated in the year 1995, Vishwaraj Sugar Industries Ltd. is an integrated sugar and other allied
products manufacturing company operating from Belgaum District in the State of Karnataka which is desig-
nated as one of the "High Recovery zones" for
sugar production by Government of India. The
company operates a single location sugar unit
having licensed crushing capacity of 11,000 TCD.
In addition to sugar, the company also manu-
factures other allied products like Rectified Spir-
its, Extra-Neutral Spirits, Natural Alcohol Vinegar,
Compost, Carbon dioxide (CO2), etc. and is also
Performance Highlights Q4FY23 engaged in the generation of Power from Ba-
" Revenue from operations grew 52% YoY to Rs. 199 Cr vs 130 Cr
(Q4FY22) vs Rs. 101 Cr (Q3FY23) gasse, a byproduct of sugar industry, for cap-
" Profit before tax came in at Rs. 2.94 Cr tive consumption as well as external sale.
" EBITDA reported at Rs. 13.10 Cr Vishwaraj Sugar Industries Ltd.'s business can
" PAT came in at negative Rs. 46.05 Cr (Loss YoY) adjusting for deferred hence be broken up into four main segments -
tax
Sugar, Cogeneration, Distillery and Natural Al-
Performance Highlights FY23 cohol Vinegar. Since the de-regularization of
" Revenue from operations grew 32% YoY to Rs. 616 Cr vs 469 Cr Sugar, the Company has developed a robust
(FY22)
" Profit before tax came in at Rs. 25.54 Cr
marketing and sales team which liaisons with
" EBITDA reported at Rs. 69.06 Cr various major brands and has sold sugar pro-
" PAT came in at a negative Rs. 23.44 Cr (Loss YoY) adjusting for de- duced to major brands.
ferred tax ***
Financial Weekly TM

June 2023 62
Dalal Street Whispers Dilip K. Shah
Reliance Industries (Rs. 2506.00) (Code : 500325) :- Reliance Consumer Prod-

ucts, the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (a subsidiary of
Reliance Industries) has completed the acquisition of 51% controlling stake in LOTUS for Rs 74
crore, and subscribed to non-cumulative redeemable preference shares of LOTUS for Rs 25 crore.
Global investment management firm Bernstein has alsopegged the enterprise valuation of RIL's
85 % stake in Reliance Retail at $111 billion, while valuing the Mukesh Ambani-led company's
66.5 % stake in telecom and digital platform arm Reliance Jio at $88 billion.
Emami (Rs. 401.00) (Code : 531162) :- Emami has registered a 56.4% year-on-year
growth in consolidated profit at Rs 144.43 crore for March FY23 quarter and its Revenue from
operations for the quarter at Rs 836 crore increased by 8.8% over a year-ago period, with domestic
sales growing 5% and international business rising 19%.
Praj Industries (Rs. 374.00) (Code : 522205) :- Praj Industries will be forming of
a 50:50 joint venture with Indian Oil Corporation to set up biofuel production facilities and market-
ing of CBG, ethanol, SAF & other co-products. Both the companies will infuse Rs 50 lakh each into
the joint venture company. The company reported consolidated profit at Rs 88.1 crore for the quar-
ter ended March FY23, growing 53% over a year-ago period, while revenue from operations grew
by 21% to Rs 1,004 crore compared to same period last year. The board proposed a final dividend
of Rs 4.50 per equity share for FY23.
Max India (Rs. 92.00) (Code : 543223) :- Max India's board has given approval for
infusion of Rs 294 crore in its wholly owned subsidiary companies, i.e., Rs 177 crore for Antara
Senior Living, and Rs 117 crore for Antara Assisted Care Services, to meet their funding / business
expansion requirements.
eClerx (Rs. 1538.00) (Code : 532927) :- eClerx Serviceshas clocked a 11.6% year-
on-year growth in consolidated profit at Rs 132.5 crore for quarter ended March FY23, driven by
healthy revenue and operating numbers. Its Revenue from operations at Rs 693.1 crore for the
quarter increased by 17.1% over a year-ago period.
Voltas (Rs. 814.00) (Code : 500575) :- Voltas has laid the groundwork at Thiruvallur
district in Tamil Nadu, for its new air conditioner factory which is spread over 150 acres. The com-
pany will invest over Rs 500 crore in this factory, for RAC (room air conditioners) manufacturing,
over the next couple of years.
Prince Pipes & Fittings (Rs. 610.00 (Code : 542907) :- Prince Pipes and
Fittings has recorded profit at Rs 94 crore for the quarter ended March FY23, growing 7% over a
year-ago period despite lower topline numbers, supported by strong operating margin. Its Rev-
enue fell by 15% year-on-year to Rs 764 crore for March FY23 quarter.
GMM Pfaudler (Rs. 1447.00) (Code : 505255) :- GMM Pfaudler has reported a
massive 140% year-on-year growth in consolidated profit at Rs 38.5 crore for March FY23 quarter,
driven by topline and operating numbers. Its Revenue for the quarter grew by 23.8% on-year to Rs
866 crore.
Cont.....
Financial Weekly TM

June 2023 63
General Insurance Corporation of India (Rs. 181.00) (Code : 540755) :-
General Insurance Corp. has recorded consolidated profit at Rs 2,729.2 crore for quarter ended
March FY23, growing 41% over a year-ago period. The board has recommended dividend at Rs
7.20 per share for FY23.
Mahindra & Mahindra (Rs. 1281.00) (Code : 500520) :- M&M posted a net profit
of Rs 1,549 crore for the quarter ended March, up from Rs 1,268 crore in the base quarter. Its profit
was up 22.1 % and its Revenue for the quarter came at Rs 22,571,4 crore, up 31 % from Rs 17,237
crore in the same quarter of the previous fiscal.
JB Chemicals (Rs. 2059.00) (Code : 506943) :- JB Chemicals and Pharmaceu-

ticals Ltd has reported a 3.3% year-on-year (YoY) increase in net profit at Rs 87.6 crore for the
fourth quarter that ended on March 31, 2023. Its total revenue stood at Rs 762.3 crore, up 22 per-
cent from Rs 624.6 crore in the corresponding period of the previous fiscal year.
Piramal Pharma (Rs. 82.00) (Code : 543635) :- Piramal Pharma posted its high-
est margin and revenue in FY23 during the fourth quarter. It bounced back from its loss in previous
quarter and has reported a net profit of Rs 50 crore in thequarter under review.Its Revenue also
grew 26 %sequentially to Rs 2,164 crore from Rs 1,716 crore in the previous quarter.
Infosys (Rs. 1317.00) (Code : 500209) :- Infosys has announced its collaboration
with Adobe to transform the digital workforce through Infosys' online learning platform, Infosys
Springboard, under its Tech for Good charter. Both organizations will aim to create over 10,000
new Adobe certified experts globally by 2025.
Wipro (Rs. 401.00) (Code : 507685) :- Wipro announced a partnership between its
Engineering Edge business line and Spartan Radar, an automated mobility sensor software pro-
vider, to build advanced vehicle solutions. Wipro's corporate investment subsidiary Wipro Ven-
tures has invested in Spartan Radar's Series B funding round.
Life Insurance Corporation of India (Rs. 604.00) (Code : 543526) :- LIC

has recorded standalone profit at Rs 13,427.8 crore for quarter ended March FY23, growing 466%
over corresponding period last fiscal. The sequential growth in profit was 112 %.
Garden Reach Shipbuilders & Engineers (Rs. 460.00) (Code : 542011) :-

Garden Reach Sipbuilders and Engineers has entered into a contract with Indian Navy for supply
of 10 in number 30 mm Naval Surface Gun (NSG) with electro optical fire control system (EOFCS)
and ammunition at a cost of Rs 248.51 crore. Its Profit for March FY23 quarter increased by 17.1%
year-on-year to Rs 55.3 crore despite weak operating numbers, led by higher other income and
topline. Revenue rose by 10.7% to Rs 601.2 crore compared to year-ago period.
Fine Organic Industries (Rs. 4474.00) (Code : 41557) :- Fine Organics has
reported a 40.7% year-on-year increase in consolidated profit at Rs 149.4 crore for quarter ended
March FY23, driven by healthy operating performance. Its Revenue from operations for the quarter
fell by 21.4% to Rs 596.6 crore compared to year-ago period. The company announced a final
dividend of Rs 9 per equity share for FY23.
Cont.....
Financial Weekly TM

June 2023 64
Wonderla (Rs. 490.00) (Code : 538268) :- Wonderla Holidays has registered more
than 4-fold increase year-on-year in profit at Rs 35.05 crore for March FY23 quarter on healthy
topline and operating performance. Its Revenue for the quarter at Rs 98.6 crore grew by 69.6%
over a year-ago period, driven by robust footfall numbers. The company announced final dividend
of Rs 2.50 per share.
Gujarat Pipavav Port (Rs. 108.00) (Code : 533248) :- Gujarat Pipavav Port has
recorded a 30.8% year-on-year growth in consolidated profit at Rs 97.3 crore for quarter ended
March FY23 despite weak operating margin performance.Revenue for Q4FY23 grew by 6.8% to
Rs 234.7 crore compared to corresponding period last fiscal. The board recommended a final
dividend of Rs 3.40 per share.
ICRA (Rs. 4764.00) (Code : 532835) :- ICRA has reported a 14.9% year-on-year
growth in consolidated profit at Rs 38.4 crore for quarter ended March FY23, as revenue grew by
16.4% to Rs 109.08 crore compared to corresponding period last fiscal. Profitability was also sup-
ported by other income and lower tax cost.
Aptech (Rs. 560.00) (Code : 532475) :- Aptechhas recorded a 30.55% year-on-

year growth in consolidated profit at Rs 33.3 crore for January-March FY23 quarter as revenue
from operations grew by 176% to Rs 178.5 crore compared to same period last year. The board
declared an interim dividend of Rs 6 per equity share and approved issue of bonus shares in the
ratio of 2:5.
Triveni Engineering (Rs. 274.00) (Code : 532356) :- Triveni Engineering posted

a 74 %year-on-year jump in consolidated net profit at Rs 190.31 crore for the quarter ended
March.Revenue from operations rose 52.51 % to Rs 1,818.29 crore from Rs 1,192.12 crore in the
year-go period.The board has recommended a dividend of Rs 3.25 per fully paid-up equity share
of Re 1 each for the financial year ended 2022-23.
BPCL (Rs. 364.00) (Code : 500547) :- BPCL reported a 159 % growth in net profit of
Rs 6,478 crore for the fourth quarter of the current 2022-23 (Q4FY23), compared to the Rs 2,501
crore in the same period a year back. Its Consolidated revenue from operations rose by 8.1 % to Rs
1,34,000 crore from Rs 1,23,000 crore.
JSW Steel (Rs. 701.00) (Code : 500228) :- JSW steel has reached an in-principal
agreement to establish a 50:50 joint venture (JV) with Japan's JFE Steel to manufacture cold rolled
grain oriented electrical steel (CRGO) in India.
Hindustan Zinc (Rs. 305.00) (Code : 500188) :- Hindustan Zinc has pledged its
entire 64.9 % stake in Hindustan Zinc to raise funds. Vedanta, has over the past month repaid all
loans and bonds due in April this year, helped by a hefty dividend from the Indian subsidiary.
BPCL (Rs. 364.00) (Code: 500547) :- The company has reported a profit of Rs. 6477.7
crore for the March quarter, beating analyst expectations of Rs. 3981 crore. Margins rose from
3.5% in the December quarter to 9.4%.
Fusion Micro (Rs. 499.00) (Code: 543652) :- The company’s March quarter profit
zoomed 750% from Rs. 13.1 crore to Rs. 114.5 crore. Net interest income surged by 61% from Rs.
170.6 crore to Rs. 276.5 crore.
Cont.....
Financial Weekly TM

June 2023 65
SJVN (Rs. 35.00) (Code: 533206) :- SJVN’s profit for the March quarter jumped 150%
from Rs. 7 crore to Rs. 17.2 crore. Income was up by 56% from Rs. 323.1 crore to Rs. 503.8 crore.
EIH (Rs. 205.00) (Code: 500840) :- Net profit for the March quarter surged by 500%
from Rs. 14.8 crore to Rs. 84.4 crore. Income more than doubled from Rs. 301 crore to Rs. 637.1
crore.
NACL Ind. (Rs. 98.00) (Code: 524079) :- The company’s net profit for Q4 went up
from Rs. 20.3 crore to Rs. 33.5 crore, an increase of 64%, while income increased by 27% from Rs.
470.9 crore to Rs. 597.8 crore.
Camline Fine (Rs. 170.00) (Code: 532834) :- The company reported a profit of Rs.
9.2 crore for the March quarter. Income went up from Rs. 389.2 crore to Rs. 426.7 crore.
Garware Tech (Rs. 3028.00) (Code: 509557) :- The March quarter profit of Rs. 59.7
crore was 10.7% higher than last year’s Rs 53.9 crore. Income was up by 4% from Rs. 356.3 crore
to Rs. 370.5 crore.
Prudent Corporate (Rs. 903.00) (Code: 543527) :- Prudent Corporate Advisory’s
net profit for the March quarter increased by 81.5% from Rs. 22.7 crore to Rs. 41.2 crore. Income
was up by 36.6% from Rs. 129.5 crore to Rs. 177 crore. For the whole fiscal, income increased by
35.6% to Rs.611.3 crore, and net profit by 45.2% to Rs. 116.7 crore.
Lincoln Pharma (Rs. 378.00) (Code: 531633) :- This pharma company reported
the highest ever income of Rs. 533 crore and a record EBITDA of Rs 111.65 crore in 2022-23. Net
profit was up by 5.11% to Rs. 69.36 crore, while EPS was Rs. 36.40.
Bannari Aman (Rs. 2787.00) (Code: 500041) :- Net profit for the March quarter was
Rs. 49.9 crore, 110% higher than last year’s Rs. 24.3 crore. Income was up by 42% from Rs. 462
crore to Rs. 656 crore.
ICRA (Rs. 4764.00) (Code: 532835) :- The company’s profit of Rs. 38.4 crore for the
March quarter was 15% higher than last year’s Rs. 33.4 crore, while income rose by 16.4% from
Rs. 93.7 crore to Rs. 109 crore.
CMS Info (Rs. 322.00) (Code: 543441) :- The company’s income for 2022-23 rose
20% to Rs. 1915 crore, while EBITDA grew 36% to Rs. 552 crore. EBITDA margin rose by 3.1% to
28.6%. Net profit margin was up by 33% to Rs. 297 crore. The number of managed ATMs in March
was 17,500.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
26th May, 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

June 2023 66
Keep eyes on fertilizer stocks
Col Ajayastromoneyguru
Mobile 9414056705
As per Col Ajay CEO Www.ajayastromoneyguru.com first week of June month 2023 repre-
sented by planet known as Jupiter and year 2023 represented by planet known as ketu.
Combination of Jupiter and ketu may bring highest volatility in global market in week starts from
29 May to 3 June 2023
Nifty IT has seen vertical up trend as per our advance prediction made in previous article. Check
we said software stock to perform well. Nifty IT has seen 3.5% up move under highest volatility.
Hope readers must have enjoyed this unparalleled advance analysis on stock market.
Important planet Jupiter will make conjunction with Rahu,
Sun will be in Venus house
Now this week stock market may see volatility since global recession fear. Most important mon-
soon South West monsoon is uncertain which may impact Indian Economy.
This time for patience for investment.
It's better to focus on money market rather then secondary capital market.
Now as per astro economics this week is expected to show fresh buying interest in fertilizer and
seeds stocks keeping in view of South West monsoon.
Keep eyes on NFL, Chambal fertilizer for midterm investment.
Timely profit booking is mandatory for short term trading
The above prediction and Analysis is done basis of Fundamental Analysis and Financial As-
trology.
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

June 2023 67
ThinkinkPicturez Ltd • BSE: 539310 CMP: Rs. 99
ThinkinkPicturez Ltd on Groth Path Announces Excellent Results
Corporate Feature
ThinkinkPicturez Ltd reported excellent results for the FY23. Com-
pany reported revenue from operations of Rs. 25.28 crore, YOY growth
of 170% from revenue of Rs. 9.36 crore in FY22. Net profit for the FY23
was up 47% to Rs. 4.45 crore as against net profit of Rs. 3.03 crore,
growth of 47%.
Company is engaged in creating entertainment through curated quirky
content with an embedded social messaged across movies, web se-
ries, TV shows, story writing etc. Professionally managed the
organisation is positioned as creative production house and direction
power house. Capabilities to handled end-to-end creation of entertain-
ment across digital platforms including budgeting, scripting, cast and
crew, production, post-production and distribution.
Company has an inventory of more than 50 stories which include
films, web series and TV shows ready to be rolled out in partnership
with renowned M&E players. Company aspire to become an integrated
media house with a focus to deliver social message through innovative
delivery of content and premium solutions for World's leading compa-
nies and individual clients.
Company has a mission to become one of the renowned global con-
tent company from the emerging markets. Vision of the company is to
consistently provide delightful and innovative entertainment experiences
by engaging audiences and nurturing talent.
Mr. RaajShaandilyaa, a well known writer in the world of comedy
with an experience of over two decadesis CMD of the company. Mr.
Vimal Lahoti with a proven track record in formulating, financing, bud-
geting plans and strategies is the joint MD of the company and Mr.
Krishanu Singh Rathore is the creative associate.
***
Raaj Shaandilyaa's Thinkink Picturez unveils lineup

of 7 movies across genres
" Ramlali - Directed by the National Award-winner Omung Kumar. He has given us hits in
the past like Mary Kom and Sarabjit
" Googly - Directed by Sanjay Gadhavi. He is the director of the blockbuster franchise of
Dhoom 1 and Dhoom 2.
" Arabi Kalyanam - Directed by Shree Narayan Singh. He has directed movies in the past
like Toilet: Ek Prem Katha.
" Chemical India - Directed by Jai Basantu Singh. He was nominated for the Filmfare in the
category of best debut director for his first movie Janhit Mein Jaari which was critically
acclaimed and produced by ThinkinkPicturez.
" Kanya Kumar - Directed by Rajeev Dhingra. He has got the Punjab Filmfare award for
best debut director for the movie Love Punjab.
" LadkiwaleLadkewale - Directed By Rohit Nayyar, who is making his debut as a director.
" Quack Shambhu - Directed by Anindya Bikash Datta who is also a debutant director.
" FY23 revenue grew by 170% to 25.28 Crores YOY

" Net Profit up 47% to 4.45 Crores.
" Dividend of Rs. 0.15 per share.
Financial Weekly TM

June 2023 68
Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(29nd May 2023 to 4th June 2023)
In this week, In this week, Jupiter, mercury and Rahu in Aries, Sun In Taurus, Venus in Gemini,
Saturn in Aquarius, Mars in Cancer, Ketu in Scorpio. Moon occupies the house of Virgo, Libra and
scropio.On 29th May 2023 and 30th May 2023, The conjunction of Jupiter, mercury and Rahu in
Aries taking seventh position towards ketu in Libra may cautious the investors in buying stocks
with great care. On 31st May and 1st June 2023, the conjunction of Ketu and moon in Libra taking
seventh position towards Jupiter, mercury and rahu in arise may bring down trend of volatility in the
market. On 2nd June 2023, the conjunction of Venus and mars in cancer taking eighth position
towards Saturn in Aquarius may favor the market to certain extent. Railways, Paper industry, Infor-
mation technology, data science, Infrastructure sector may show good movements of prices. Elecon
engineering, Ksolves India, NELCO, Orient Green power company, Tanfac Industries, Anant raj
Ltd, Som distillers may show boom in the share prices
GOLD PRICE MOVEMENTS

(29th May 2023 to 4th June 2023)
29th May 2023 and 30th May 2023 : The conjunction of Jupiter, mercury and Rahu in Aries
taking seventh position towards ketu in Libra may favor the market.
31st May and 1st June 2023 : The conjunction of Jupiter, mercury and rahu in arisen taking
fourth position towards mars and venues in cancer may bring uptrend in the market.
2nd June 2023 : The conjunction of Venus and mars in cancer taking eighth position towards
Saturn in Aquarius may favor the gold buyers in the market
Financial Weekly TM

June 2023 69
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com
" Please consider 10 minutes plus and minus in each prediction, and act accordingly. "
Ganesha advises you to compare every prediction with the prediction of the previous time
slot.
29-05-2023 Monday :- " Nifty will still maintain strength this week. " Nifty remained
around 9.50 surface from opening. " Overall view is positive side in Nifty from 9.50 to 12.30.
" 12.30 to 14.40 Nifty mix to soft side. " 14.40 to 15.30 Nifty may enter recovery mode.
30-05-2023 Tuesday :- " Today will work with calculation of pure speculation. " Short
around 10.11 and recover around 11.11. " Nifty sell around 12.30 and recover around 14.10.
" Buy Nifty around 14.24 and square off the deal around 15.15.
31-05-2023 Wednesday :- " 9.15 to 11.35 can be called jobbing slot. 11.35 to 12.35 Nifty
up. " 12.35 to 14.35 Nifty mix remains. " 14.35 to 15.30 Nifty may bounce lightly.
01-06-2023 Thursday :- " Perfect day for intraday. " Let the market settle till 9.31,
then a decision should be taken. " From 9.31 to 10.53 the market will be jobbing on the
positive side. " Small correction from 10.53 to 11.21 may come in Nifty. " Nifty remains up
from 11.21 to 12.21. " From 12.21 to 14.21 Nifty will remain soft so that you will not get
clarity. " After 14.24 Nifty trend towards gain.
02-06-2023 Friday :- " From 05-06-2023 to 20-06-2023 Nifty may lose its previous strength,
so be careful from today. " Today from opening till 13.00 pm there is no clear trend only
every 12 minutes the trend will change so you will be doing frequent and fast deals. " From
13.00 to 14.00 (M) shape graph should be decided accordingly. " From 14.00 hrs Nifty will go
step by step up side.
Financial Weekly TM

June 2023 70
News Track
Lincoln Pharmaceuticals Ltd achieves the milestone of

Rs. 533 crore Revenue and Rs. 100 crore Profit Before
Tax for the first time in a Financial Year for FY2022-23
Mr. Mahendra Patel, MD,

Lincoln Pharmaceuticals Ltd
Lincoln Pharmaceuticals Limited, one of India's leading healthcare companies has achieved
the milestone of Rs. 533 crore Revenue & Rs. 100 crore Profit before tax for the first time in a
financial year. Company has reported its Best-ever results in a financial year with the highest -
Revenue, EBITDA and Net Profit during FY 2023. Company has recommended a dividend of
15%, Rs. 1.50 per share on the face value of Rs. 10 per share for the FY 2022-23.
Company reported net profit of Rs. 72.90 crore for FY23 as against net profit of Rs. 69.36 crore
in the corresponding period last year, growth of 5.11%. Total Income for FY23 was reported at Rs.
532.79 crore, higher by 10.52% over previous fiscal’s same period total income of Rs. 482.08
crore. Company reported EBITDA of Rs. 111.65 crore in FY23, rise of 5.86% as compared to EBITDA
of Rs. 105.47 crore in FY22. EPS for FY23 was reported at Rs. 36.40 per share.
Commenting on the results and performance, Mr. Mahendra Patel, Managing Director, Lincoln
Pharmaceuticals Limited, said, "Company has achieved the milestone of Rs. 500 crore revenue
and Rs. 100 Crore in Profit in FY23 with a robust a operational and financial performance along
with healthy growth in revenue, margins and profitability.
Financial Weekly TM

June 2023 71
News Track
BigBloc Construction Ltd Reports Net Profit of
Rs. 30.14 crore in FY23, rise of 87.4% Y-o-Y
BigBloc Construction Limited, one of India’s largest manufacturers of Aer-
ated Autoclaved Concrete (AAC) Blocks, Bricks and Panels has reported
consolidated net profit of Rs. 30.14 crore (PAT margin 15.0%) for the Finan-
cial year ended March 2023, growth of 87.4% Y-o-Y as compared to the net
profit of Rs. 16.08 crore (PAT margin 9.2%) in FY22. Total income during FY23 was reported at Rs.
200.94 crore, rise of 14.3% Y-o-Y as compared to total income of Rs. 175.78crore in FY22. EBITDA
for FY23 stood at Rs. 50.84 crore (EBITDA Margin 25.3%), rise of 83.5% as against EBITDA of Rs.
27.70 crore (EBITDA Margin 15.8%) in FY22. EPS for FY23 stood at Rs. 4.28 per share. The
Company has recommended 20% dividend, Rs. 0.40 per share on the face value of Rs. 2 per
share for the FY 2022-23.
The Company’s wholly owned subsidiary – Bigbloc Building Elements Pvt Ltd has recently
commenced commercial production of 5-lakh cubic meter (cbm) per annum AAC Block plant at
Wada in Palghar, Maharashtra to meet growing demand of AAC blocks in Western India. At full
capacity, Wada plant is expected to generate revenues of Rs. 200 crore per year and will employ
around 350-400 people at the plant.
Incorporated in 2015, BigBloc Construction Ltd is one of the largest and only listed company in
the AAC Block Space with an installed capacity of 8.25 lakh cbm per annum. Green and non-toxic
building construction material, AAC blocks are economical, lightweight, soundproof, fire resistance
with superior build quality and saves energy, eco-friendly and economical too compared to tradi-
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June 2023 72
Performance of “SMART PLUS NEWS LETTER”
Amazing 29% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
22-5-23 Recomm. (%) 22-5-23 Recomm. (%)
Persistent Systems4887.55 5025 2.81 Kansai Nerolac 404 410 1.49
Ami Organics 1168 1230 5.31 Hero Moto 2713 2732 0.7
Coforge 4234 4302 1.61 Indusind Bank 1248.3 1263 1.18
Adani Ent. 1956 2536 29.65 Cyient 1299 1305 0.46
United Br. 1416.15 1442 1.83 NIIT 386 387 0.26
The Ramco Cem. 843.3 880 4.35 Mastek 1888 1915 1.43
Adani Green En. 897.55 970 8.07 Ambuja Cement 403 419 3.97
KPI Techno 943 1021 8.27 Adani Wilmar 404 451 11.63
Capri Global 675 707 4.74 Exide Ind. 205 208 1.46
ACC 1729 1778 2.83 Shanthi Gears 418 432 3.35
Foseco India 2694 2713 0.71 IOC 86 89 3.49
CG Power 340.25 373 9.63 Ugar Sugar Works 107 109 1.87
Metro Brand 926 970 4.75 Zomato 64 67 4.69
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Kalpna J (Email- investwithkalpnaj@gmail.com)

Sansera Engineering (Rs. 783.00)

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Coromandel International Limited (BSE: 506395, NSE: COROMANDEL), India’s leading

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Buy or Sell, Confused ?

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Amara Raja Batteries

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Smart School Article 30

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

28th May 2023 to 3 rd

24-5-23 Recomm. (%) 24-5-23 Recomm. (%)

MBL Infra 19 23 21.05 Balkrishna 2405 2443 1.58

TV -18 32 34 6.25 Ceat 1973 2159 9.43

Advani Hotel 91 92 1.10 Ingersoll Rand 2641 2797 5.91

Indo tech 283 326 15.19 Eicher 3593 3653 1.67

NDTV 195 215 10.26 Dixon 3275 3599 9.89

Balmer Lawrie 130 133 2.31 IOC 88 89 1.14

Bandhan Bank 253 264 4.35 Sreeleatcher 191 194 1.57

AB Fashion 194 199 2.58 Amir Org 1180 1230 4.24

Adani trans 866 891 2.89 ITC 429 441 2.80

Astral 1713 1751 2.22 Elecon 543 592 9.02