Smart Investment 21 - 27 Jan 2024

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Financial Weekly TM
21st January 2024 to 27th January 2024 2

BRAND NEW PRODUCT LAUNCH ALERT
On upcoming Auspicious day of Ram Mandir Inauguration on 22-01-2024 we at Smart Investment

are starting a brand New Product line of Silver Coin series and Launching 2 Coins Shri Ambaji Maa
& Shri Ram Mandir under the name SMART ALTERNATIVE INVESTMENT - SAI
Start your SIP type Buying Silver Coins every month on various themes and make it a Habit for
next Few years to Benefit out of Bullion Commodity rise over years.
Gold & Silver has been considered as Strong hedge against inflation and almost all Analyst
Choice as Alternative Investment.
So don't just buy plain silver or gold, Buy in Various Presentable and Collectible Themes that we
will launch at affordable rates with Purity and Surety of Quality...
We shall share Purchase Process on the Day of Ram Mandir Inauguration on our Website.
So stay tuned for more details soon.
Bringing the Best for U always, SMART INVESTMENT
www.smartinvestment.in
https://wa.me/+919825306980
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21st January
:: Shree Ganeshay Namh :: 2024 to 27th January 2024 3
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Only Financial Weekly Published in English & Gujarati
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TM
GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

VOL : 16 • Issue No: 50 RNI No : GUJENG / 2008 / 24320 21st Jan 2024 to 27th Jan 2024
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
15-01-24 12196.34 11110.62 1085.72
16-01-24 12212.14 11555.57 656.57
17-01-24 17317.91 27896.04 -10578.13
18-01-24 14934.98 24836.54 -9901.56
19-01-24 18644.52 22334.2 -3689.68
20-1-2024 305.58 851.16 -545.58
TOTAL 75305.89 97732.97 -22972.66
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
15-01-24 10881.64 11702.33 -820.69
16-01-24 10126.53 10495.82 -369.29
17-01-24 15188.62 11182.18 4006.44
18-01-24 15637.89 9660.77 5977.12
19-01-24 12777.33 10138.87 2638.46
20-1-2024 3467.93 4187.24 -719.31
TOTAL 64612.01 53179.97 10712.73
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D(en)O(f)W(ealth)
Superb Performance of our latest Recommendations
Date Stocks Recom. Remark
11th January 23 NCC Buy at 94 with stop loss of 83 Book 50% profit on 25 April at 115 and full profit on 3rd May at 125.5
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 Then made a high of 141.3
26th April 23 Gulshan Poly Buy at 253 with stop loss of 225 Book 50% profit on 3rd May at 273 later stop loss of cost clicked
2nd May 23 Star Cement Buy at 121 with stop loss of 105 Book full profit on 25th May at 135-136
21st June 23 HUDCO Buy at 61.5 with stop loss of 53 Book 50% profit on 25th July at 64.5 and rest 50% on 8th August at 69
27th June 23 GPPL Buy at 119 with stop loss of 110 Book 50% profit on 25th July at 124 and rest 50% on 8th August at 123
27th June 23 BDH IND Buy at 152 with stop loss of 142 Book 50% profit on 28th June at 160 and rest 50% on 4th July at 161
20th July 23 SATIN CREDITCARE Buy at 184 with stop loss of 165 Book 50% profit on 25th July at 206 and rest 50% on 8th August at 224
27th July 23 GRANULES Buy at 317.5 with stop loss of 300 Book loss on 11th August at 300
2nd August 23 GODREJ AGRO Buy at 482 with stop loss of 435 Book full profit at 492 on 12th September
10th August 23 JAIN IRRIGATION Buy at 52 with stop loss of 45 Book 50% profit on 21st August at 57 and rest 50% on 22nd August at 59
16th August 23 UFO MOVIES Buy at 108 with stop loss of 95 Exit at 106.5 level due to shifted in ESM 1
18th August 23 RUCHIRA Paper Buy at 127 with stop loss of 115 Book 50% profit on 21st August at 130 and rest 50% on 22nd August at 137
18th August 23 SHILP GRAUER Buy at 127.5 with stop loss of 115 Book full profit on 21st August at 137
28th August 23 IOLCP Buy at 390 with stop loss of 360 Book 50% profit on 29th August at 410 and rest 50% on 30th August at 430
29th August 23 HFCL Buy at 72 with stop loss of 64 Book 50% profit on 5th September at 80
4th September 23 STAR CEMENT Buy at 166 with stop loss of 155 Book 50% profit at 175 on 16th October and rest 50% at 178 on 17th October
15th September 23 TGVSL Buy at 108.5 with stop loss of 108.5 Book full profit at 115.5 on 18th September
29th September 23 INTEGRA ENG Buy at 226 with stop loss of 201 Book full profit at 234 on 29th September
5th October 23 ANANTRAJ Buy at 235 with stop loss of 215 Book full profit at 253 on 21st November
12th October 23 TGVSL Buy at 117 with stop loss of 106 Exit cost to cost at 117 on 16th October
13th October 23 HIND TIN Buy at 129 with stop loss of 115 Book full profit at 137 on 16th October
19th October 23 NIACL Buy at 145 with stop loss of 130 Book full profit at 160 on 21st November
26th October 23 COSMIC CRF Buy at 246 with stop loss of 205 Book full profit at 265 on 27th October
26th October 23 SHETRON Buy at 117 with stop loss of 108 Book full profit at 117 on 27th October
1st November 23 SATIN CREDITCARE Buy at 249 with stop loss of 225 Book full profit at 275 on 20th December
2nd November 23 COSMIC CRF Buy at 260 with stop loss of 223 Book full profit at 270 on 2nd November
8th November 23 VIJAYA DIAGNO Buy at 592 with stop loss of 550 Book full profit at 621 on 10th November
10th November 23 MOREPEN LAB Buy at 37.5 with stop loss of 30 Book full profit at 40.3 on 21st November
15th November 23 MAFATLAL IND Buy at 147.5 with stop loss of 133 Book full profit at 149.7 on 15th November
23rd November 23 TREL Buy at 51 with stop loss of 45 Book full profit at 57 on 8th January 24
24th November 23 SUPRIYA LIFE Buy at 265 with stop loss of 235 Book full profit at 284 on 28th November
24th November 23 Competent Auto Buy at 397 with stop loss of 340 Book full profit at 410 on 28th November
24th November 23 SHEMAROO Buy at 144 with stop loss of 130 Book full profit at 167 on 28th November
5th December 23 ALPA LABS Buy at 96.25 with stop loss of 88 Book 50% profit at 98 on 5th December & rest 50% at 103 on 11th Dec
8th December 23 IND SWIFT LABS Buy at 91 with stop loss of 81 Book full profit at 94 on 11th December
11th December 23 ASHOKA BUILDCON Buy at 151 with stop loss of 135 Book full profit at 163 on 9th January 24
15th December 23 SIMRAN FARM Buy at 165 with stop loss of 150 Book full profit at 182 on 18th December
18th December 23 LAXMI ORGANICS Buy at 290 with stop loss of 275 Book loss on 18th January 24 at 274
21st December 23 TYCHE IND Buy at 174 with stop loss of 151 Book full profit 185 on 21st December
29th December 23 HERANBA IND Buy at 398 with stop loss of 365 Book full profit at 422 on 5th January 24
29th December 23 MAFATLAL IND Buy at 137.5 with stop loss of 122 Book full profit at 141.5 on 1st January 24
9th January 24 SURYODAY SMALL Buy at 168 with stop loss of 150 Book full profit at 177.5 on 10th January 24
10th January 24 UFO MOVIES Buy at 138 with stop loss of 120
10th January 24 ENIL Buy at 224 with stop loss of 205 Book full profit at 253 on 17th January 24
10th January 24 AXTEL Buy at 550 with stop loss of 502 Book full profit at 585 on 15th January 24
11th January 24 APTUS VALUE Buy at 348 with stop loss of 320 Book full profit at 365 on 18th January 24
16th January 24 RALLIS INDIA Buy at 268 with stop loss of 245
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Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
BACK TO BACK ISLAND REVERSALS

21285-22124 : SHORT TERM TRADING RANGE
Just when it felt that the Nifty will now runaway for the Flag pattern target of 22692, Correction struck. After
opening the week with an Upward Gap, Nifty formed a Bearish Island Reversal in the next couple of days. Also
formation of Negative Divergence of second degree on RSI and MACD, added to the bearishness. As a result,
Nifty fell from a high of 22124 to a low of 21285 in just two days, but the important part is that it managed to
close above the critical level of 21448 which is also the failure point of Flag. Not only did the pattern survive,
but the gap ups and gap downs during the week, saw formation of another Island Reversal and this time
Bullish. As a result of two Island Reversals forming on top of each other, the Bearish and Bullish effect of both
the Islands stands negated. Thus in the near term, Nifty has a well defined trading range from a low of 21285
to a high of 22124.
TRI-STAR V/S ENGULFING :- The entire week was defined by Gap ups and Gap downs and as a
result, all the five days saw candles with small bodies. Last three day saw formation of three neutral forma-
tions which completed a Bullish Tri-Star pattern. It is a bullish reversal pattern requiring confirmation. On the
weekly timeframe, Nifty has formed a Bearish Engulfing pattern which is, as the name suggests, Bearish.
Thus the candlestick formations across timeframes are in contradiction, but still the bias will remain negative.
S-ZONE : TESTED :- Despite falling below the S-Zone of 21495-21448, Nifty managed to close the day
within the S-Zone. This further under-
lines the significance of this S-Zone. A
close below this will not only negate the
Bullish Flag pattern but also open the
door for testing of second S-Zone at
21074-20950. Interestingly this S-Zone
also has a bottom formed at 20976 and
presence of 50dma, which adds to the
Buy Central Bank 56 SL 54 Tgt 60 - 65 strength of this S-Zone. Third and final
S-Zone is at Weekly Bullish Gap at
20507-20291, which is a strong Support
as it is on both daily as well as weekly
timeframe.
This Week Recommendations FLAG TARGET - 22692 :- This
week, Nifty achieved both Measuring
Stocks CMP SL Tgt-1 Tgt-2 Gap as well as Weekly Rounding Bot-
Buy BalkrishnaInd2766 2707 2857 2949 tom target. Nifty has a Bullish Flag pat-
Buy MazDock 2365 2311 2449 2537 tern which has a Target of 22692. This
Target will be achieved as long as Nifty
Buy LiCi 936 915 968 1003 remains above 21448.
Buy JWL 419 409 435 453 ***
Buy CentraLBank 56 54 60 65
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 21150 21285 21448 21571 21749 21928 22124
SENSEX 70057 70655 71018 71423 71913 72561 73327
Financial Weekly TM

Financial Weekly TM

Rapid Fire Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
FSN ECOMMERCE
Buy at CMP 172 for the targets of 210 to 245,
time frame 2-6 months
FSN E-Commerce Ventures is engaged in the business of manufacturing, selling & distribution
of beauty, wellness, fitness, personal care, health care, skin care, hair care products on the online
platforms or websites such as e-commerce, m-commerce, internet, intranet as well as through physi-
cal stores, stalls, general trade and modern trade etc.
Nykaa is India’s leading omnichannel beauty destination that commenced operations in 2012.
The company is headquartered in Mumbai. Nykaa is preferred since it is exclusively focused on
beauty, fashion and wellness products. The company offers a wide range of products across vari-
ous categories such as makeup, skincare, fragrance, haircare, personal care, bath and body, groom-
ing appliances, health and wellness. Nykaa is essentially a one-stop shop for all beauty, grooming
and wellness needs.
It offers users a wide variety of brands to choose from. It includes local brands, premium brands,
luxury and prestige brands, international brands, and niche and cult brands. The company cur-
rently has more than 2,400 brands on its platform. Users also gain in terms of advice from experts
and a range of informative videos.
Financial Weekly TM
HDFC LIFE INSURANCE COMPANY LTD

Buy at CMP 617 ( Accumulate )
Targets of 730 to 777 , time frame 6 to 9 months
HDFC Life Insurance Company Ltd is an India-based life insurance company. The Company
provides a range of individual and group insurance solutions across India.
The portfolio comprises of various insurance and investment products such as protection, pen-
sion, savings, investment, annuity, and health.
The Company offers long term savings, protection and retirement or pension products.
The Company offers a range of individual and group insurance solutions including participat-
ing, non-participating and unit linked lines of businesses. The portfolio comprises of various insur-
ance and investment products such as Protection, Pension, Savings, Investment, Annuity and Health
The Company operates in three segments: participating (Par) segment products includes en-
dowment, savings cum protection and pension plans; non- participating (Non Par) segment prod-
ucts includes term protection, savings cum protection, immediate and deferred annuity and health
plans under Individual business and credit life, term life, fund based pension, group variable plans
under Group business;
and unit-linked (UL) product includes Unit Linked Life and fund-based Pension plans under
Individual and Group businesses.
Rapid Fire Stocks

To Join My Elite Membership for Short Term Positional
Trades in Cash / Equity Segment
Whatsapp @ 9769037711
Telegram - @Kjtech79
Financial Weekly TM

Research Report Het Zaveri
- Ahmedabad
BHARAT DYNAMICS LIMITED (BDL)

Bharat Dynamics Limited is one of the leading de-
CMP Rs. 1723
fence PSUs in India which is engaged in the manufac- 52 - week high Rs.1,838.80
turing of Surface to Air missiles (SAMs), Anti-Tank 52 - week low Rs.787.00
Dividend % (consolidated) 0.54%
Guided Missiles (ATGMs), Underwater weapons, ROE 10.96 %
Launchers, Counter Measures Dispensing System BVPS (Rs.) 175.22
Sales (Rs.) (Q2FY24) 615cr.
(CMOS) and Test Equipment. The Company is also Debt to Equity 0
P/E ratio 51.44
engaged in the business of refurbishment and life ex-
EPS (consolidated) 19.22
tension of stored and deployed missiles. It is the sole P/B ratio 5.64
Market Cap 31,474Cr.
manufacturer in India for SAMs, torpedoes, ATGMs and
Face value Rs.10
sole supplier of SAMs and ATGMs to the Indian Armed Forces. The Company currently has three
manufacturing facilities located in Hyderabad, Bhanur, and Vishakhapatnam. The Hyderabad
manufacturing unit manufactures SAMs, Milan 2T ATGMs, countermeasures, launchers, and test
equipment. The Bhanur unit is engaged in the manufacturing of the Konkurs - M ATGMs, the INVAR
(3 UBK 20) ATGMs, launchers and spares and the Vishakapatnam unit is engaged in the manu-
facture of lightweight torpedoes, the C-303 anti-torpedo system, countermeasures, and spares.
The Company is alsosetting up two additional manufacturing facilities at Ibrahimpatnam (near
Hyderabad) and Amravati in Maharashtra which shall be used to manufacture SAMs and Very
Short-Range Air Defence Missiles (VSHORADMs) respectively. Recently it has the Warhead Manu-
facturing Facility at Bhanur Unit, the Radio Frequency (RF) Seeker Facility at the Kanchanbagh
Unit, and the Central Storage Facility at Visakhapatnam Unit.Besides these new facilities like SMD
line and High Computing facilities were also set up by the company and it has signed a contract
with M/s Airbus Defence and Space, Spain for development and supply of CMDS for C-295 Air-
craft.
Company's products portfolio includes AKASH Weapon Systema Short Range Surface to Air
Missile System, ASTRA Weapon System - an indigenously developed Air - to - Air Beyond Visual
Range missile, Smart Anti - Air Field Weapon (SAAW) - long range, standoff, precision air-to-
surface weapon, HELINA (DHRUVASTRA) - an abbreviation for Helicopter launched NAG and is
an Air to Surface Missile system, Man Portable Anti - Tank Guided Missile or M P ATGM, Amogha-
III - a third generation fire-and-forget Anti-Tank Guided Missile, NAG ATGM - a third generation
Cont...
Financial Weekly TM

Anti-Tank Guided Missile, KONKURS - M ATGM - a Second Generation, mechanized infantry
ATGM, LIGHT WEIGHT TORPEDO - a state-of - art underwaterweapon, HEAVY WEIGHT TOR-
PEDO (VARUNASTRA) - an advanced state-of-the-art, ship launched heavy weight, anti-subma-
rine Torpedo, COUNTER MEASURES DISPENSING SYSTEM (CMDS) - a state of the art Flare
and Chaff Dispensing System and Anti - Submarine Warfare Suite (ASW Suite).Company spends
2% to 4% of Sales for its R&D (FY 23: spent 6.11% of sales). As part of BDL's diversification plan,
companyhas identified new verticals such as guided bombs, drone-delivered payloads,
warheadmanufacturing, products for space applications and propellants.Recently company's con-
solidated order book position has reached a staggering figure of Rs 24,021crore approx.Company
has received its highest-ever export order of USD 255.4 million for SAMs and USD 27 million
forATGMs from friendly foreign countries and as of April 1, 2023, the total export order book of BDL
stands at ?2586 Crore, reflecting the growing success in the international market.
Financial Results:
Company's Net Saleswas Rs 615.81 crore in September 2023 up 15.15%, Quarterly Net Profit
at Rs. 147.09 crore in September 2023 up 94.02%andEBITDA stands at Rs. 212.33 crore in Sep-
tember 2023 up 52.91%ascompared to September2022.Company's EPShas increased to Rs. 8.03
in September 2023 from Rs. 4.14 in September 2022.
Key Points:
Company recentlysupplied the indigenously developed and manufactured Astra Missiles to the
Indian Air Force.Astra is a Beyond Visual Range Air-to-Air Missile indigenously developed by
Cont...
Financial Weekly TM

DRDO and manufactured by BDL for the Indian Air Force. It is best in its weapon class systems in
the world in the category of Air-to-Air missiles with a range of 100 + km.
Company has recently signed a contract forRs 8161crorewith the Ministry of Defence, Govt.of
India forproduction and supply of Akash Weapon System to the tworegimentsof Indian Army.
Further,BDL also received an order of Rs 261 Crore for CMDS for MLH Helicopters.
BDL has receivedseveral orders for supply of various systems which includes Astra MK-I Air to
Air Missile (AAM) and associated equipment for the Indian Air Force and Indian Navy.
BDL hasentered into Licensing Agreement for Transfer of Technology (LAToT)with DRDO for
manufacturing of Ceramic Radomes(GELCAST Process).
Recently during Aero India -2023 at Bengaluru, the company has launched three new products
which includes Vertical Launched -Short -Range Surface-to-Air Missileor VL SR SAM, Semi-Ac-
tive Laser Seeker HomingAnti-Tank Guided Missile for BMP -IIand Drone
DeliveredMissile(JISHNU).
Bharat Dynamics Limited (BDL) and Dassault Aviation Pvt Ltd have entered into an MoU for
Integration of BDL Weapon Systems like Astra & Smart Anti-Airfield WeapononRafaleAircraft for
Indian Armed Forces and future export market.
BDL and IIT, Ropar have entered MoU to work on joint research projects and technology devel-
opment for all missiles and underwater weapons.
BDL has also signed MoU with other organizations which includes Ashok Leyland Defence
Systems Limited, Mahindra Defence Systems, Newspace Technologiesetc at Defence Expo.
BDL has also started manufacturing of state-of-the-art VSHORADS(Very Short Range Air De-
fence System),Laser Beam Riding Munitions under TOT agreement with Thales UK under the
'Make in India'scheme for Indian Armed Forces.
Company has also signed MOUs with several foreignOEMswhich includes MBDA, France for
manufacturing of Mistral Missiles at BDL, Dassault Aviation Pvt Ltd for Integration of Weapon
Systems like Astra & SAAW on RafaleAircraft,Thales Belgium for setting up manufacturing
facilitiesforLaser Guided Rocket and its major components in India.
It has also signed MOUs with Barij Dynamics LLC ("AL TARIQ"), Abu Dhabi, United Arab Emir-
ates to identify and work on Potential Projectsof Al Tariq for manufacture in India, for India and for
the world and with BULTEXPRO LTD, Bulgeriafor 122mm GRAD BM ER and NON ER rockets in
India.
Bharat Dynamics Limited (BDL) and Indian Army havesigned a contract worthRs
3,131.82Crorefor manufacture and supply of Konkurs-MAnti-Tank Guided Missilesto the Indian
Army which are manufactured under license agreement with a Russian OEM.
Cont...
Financial Weekly TM

In last3 Years the stock gave a return of 404.82%as compared to the rise of Sensex and Nifty in
the same period.
Company's future products for upcoming years under in-house R&D includes AMOGHA III ATGM,
Drone Fired Missile, Drone Fired 3.5 Kg Bomb and Drone Fired 1 Kg Bomb and its Foreign Col-
laboration programs includes LBRM, MISTRAL, ASRAAM, SPIKE ER2, 122 mm GRADROCKETS
and 70MM LGR. Company has also planned certain future programs in association with DRDO
which includes QRSAM, AKASH NG SAM, VLSRSAM, DHRUVASTRA/HELINA ATGM, NAG
ATGM, MPATGM, LRLACM, SAAW (Smart Anti Air Field Weapon), Electrical Heavy Weight Tor-
pedo, Advanced Light Weight Torpedo, MIGM (Multi Influence Ground Mines), SONOBUOY and
ULPGM.
Company has also signed many MOUs with different domestic as well as international OEMs
which will ushernew opportunities for growth and bringnew technologies into the companyand
help the company to develop a growing revenue stream through upcoming domestic and interna-
tional orders. As per reports, Defence sector is expected to post revenue and earnings CAGR of 16
% and 13 %, respectively in upcoming year and BDL is well poised to benefit from this growth.
Mutual Fund houses has increased their holdings by 0.87% to 9.28in the last quarter.Considering
Govt's push for 'Make in India' and 'Atmanirbhar Bharat' campaign to boost Indian defence strength,
healthy order book position of the company, monopoly in certain defence products and good finan-
cial positions investors can easily park their funds in this company for long term period and that too
with a buy in dips strategy.
HET ZAVERI
info@smartinvestment.in
(Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions
in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make
purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources
believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take
their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or
responsible for any legal or financial losses made by anybody. Investors must take advice from their financial advisors
before investing in any stocks.)
Financial Weekly TM

Konstelec Engineers Limited comes out with an SME IPO
Konstelec Engineers Limited is an EPC company active in the fields of
engineering, procurement and construction/commissioning (EPC). The
company has completed more than 200 projects of varying size and
complexity, including 45 major projects worth over Rs 400 crores
Corporate Konstelec Engineers IPO Details

IPO Date : January 19, 2024 to January 23, 2024
Feature Face Value : Rs.10 per share
Price Band : Rs. 66 to Rs. 70 per share
Lot Size : 2000 Shares
Objects of the Issue Total Issue Size : 4,100,000 shares
1. To Meet Working Capital Requirements (aggregating up to ?28.70 Cr)
2. General corporate purposes Fresh Issue : 4,100,000 shares
3. To meet Public Issue Expenses. (aggregating up to ?28.70 Cr)
Issue Type : Book Built Issue InvIT
Konstelec Engineers Limited is an EPC company ac-
tive in the fields of engineering, procurement and con- Listing At : NSE SME
struction/commissioning (EPC). The company offers a wide Share holding pre issue : 11,000,000
range of services including engineering and drawings, pro-
Share holding post issue : 15,100,000
curement, operations and maintenance, project manage-
ment and construction and commissioning. The company's Market Maker portion : 206,000 shares
areas of expertise include electrical installation, solar power
plant installation, instrumentation and automation. The
company has completed more than 200 projects of vary- Go Beyond
ing size and complexity, including 45 major projects worth • Target new international markets - strengthen business op-
over 400 crores. The company provides services in more
erations in Nigeria, Africa and tap the Middle East and North
than 15 states in India and Nigeria.
Africa (MENA) region
The company's clients include Reliance Industries Lim-
ited, Engineers India Limited, JSW Steel, Indian Oil, BPCL, • Strengthen portfolio of high-margin projects catering to chemi-
HPCL, CPCL, MRPL, ISRO, ACC, BARC, Dangote Indus- cal, pharmaceutical and FMCG industries
tries Limited, Adani, NTPC, Tata Steel Ltd, Navin Fluorine • Further sustain leadership by investing in recruiting, training
International Ltd and IGPL, etc. and retaining quality talent across segments of presence
As on August 31, 2023, Konstelec Engineers Limited
has an order book of
more than 50 major WIDE SECTORAL PRESENCE
projects worth around
Rs 565 crores at vari-
ous stages of imple-
mentation. The com-
pany has 884 employ-
ees in India and Africa.
Konstelec Engi-
neers Limited is com-
ing out with an SME
IPO. The company will
issue 41,00,000 equity
shares of Rs. 10 each.
It will raise Rs. 28.70
OPPORTUNITIES Strengths
• Government spending on Infrastructure • Experienced promoters lationship
crore through this IPO.
Projects • Qualified team Execu- • Safety and best execution
The price band is Rs. tion capacity with the practices
66-70 per share. The • Expanding with a variety of projects
latest technology & in- • Almost Pan India reach
issue opens January • Opportunity in the Green Energy Sector tegrated services
• Well-stocked order book
19, 2024, and will • Adopting technological development • Long-standing client re-
Cont...
Financial Weekly TM

close on January 23, 2024. The minimum application
to be made is for 2000 shares and in multiples thereon, Konstelec Engineers Limited Financial Information
thereafter. Post allotment, shares will be listed on NSE Period Ended 31 Mar 2023 31 Mar 2022 31 Mar 2021
SME. Beeline Capital Advisors Private Ltd. Is the sole Book Assets 14,612.99 11,884.44 10,364.02
Running Lead Manager (BRLM) of this issue and Skyline
Financial Services Pvt. Ltd. is the registrar of the issue. Revenue 15,500.05 10,902.31 10,617.16
Konstelec Engineers Limited was incorporated in 1995 Profit After Tax 777.77 352.25 190.34
and evolved as an integrated EPC firm for Electrical, In- Net Worth 6,191.50 5,423.73 5,071.48
strumentation and Automation Systems Around three de- Reserves and Surplus 6,091.50 5,323.73 4,971.48
cades of cross-industry project management and execu-
Total Borrowing 3,507.15 2,650.59 2,548.12
tion experience. The company is now aiming at high-value
projects and newer markets led by highly experienced Amount in Rs. Lakhs
promoters backed by a professional team promoted by a
first-generation techpreneur with over four decades of ex- pital, Healthcare, FMCG, Dairy, Residential and Commercial Com-
perience and now ably being supported by the second- plexes.
generation. Konstelec has demonstrated solid track record The company has well-defined value proposition as it has Spe-
in EPC with over 200 projects successfully executed. It cialists in delivering full-scale project management, procurement
has diverse clientele across multiple industries, including support, and detailed engineering services for various kinds of elec-
Oil and Gas, Refinery, Atomic Energy, Space, Specialty trical infrastructure, instrumentation and automation projects across
Chemicals, Steel, Cement, Pharmaceuticals, Textile, Hos- India and abroad.
KEY
CLIENTS
The company is gearing up for a promising future. It

Promoters of Konstelec Engineers Limited has well-diversified business model with diverse projects
Order book in hand comprising 50 projects valued at Rs.
MR. BIHARILAL SHAH, 74 YEARS -
565 crore and aims to ride the Make In India capex spends
CHAIRMAN CUM MANAGING DIRECTOR :
He holds a B.E. (Electrical Engineering) degree by Public and Private enterprises.
from Shivaji University and a Diploma in Funda-
mentals of Architecture, Software & Application
The company's clients include Reliance
from the Microprocessors & Microcomputer In- Industries Limited, Engineers India
dian Institute of Cybernetics. 43+ years of ex-
perience in the Engineering, Procurement and
Limited, JSW Steel, Indian Oil, BPCL,
Construction/ Commissioning (EPC) of Electri- HPCL, CPCL, MRPL, ISRO, ACC, BARC,
cal Works. He oversees project bidding, design, marketing, overall man-
agement and financial functions at the Company. Adani, NTPC, Tata Steel Ltd, Navin
MR. AMISH SHAH, 43 YEARS - WHOLE TIME DI- Fluorine International Ltd and IGPL, etc
RECTOR : He has more than 16 years of experience in
the Engineering, Procurement, and Construction/ Com-
missioning (EPC) of Electrical Works. He holds a B.E.
Opportunities Galore
(Electronics Engineering) degree from the University of • Executes projects awarded through tenders or direct or-
Mumbai and a Master's degree in Science (Electrical ders received from clients - high clarity on revenue and
Engineering) from Syracuse University. He further completed his Post realization
Graduate Program in Management (Family Managed Business) from S.P • Turnaround time of 6-12 months - from project inception to
Jain Institute of Management and Research. He oversees the sales, mar- completion - leads to efficient working capital deployment
keting, finance, compliance and HR functions at the Company. • A track record of effective delivery of projects with varying
MR. JIGAR SHAH, 38 YEARS - WHOLE TIME DIRECTOR complexities & scale
: He has more than 10 years of experience in the field of • In-house design setup and owned equipment bank leads
Marketing and Project Management. He holds a bachelor's to a culture of innovation & customization
degree in Chemical Engineering from Visveswaraiah Tech- • Certified HSE Personnel ensure a safe working environ-
nological University, Belgaum, Karnataka and an MBA in ment, minimising risks and enhancing operational efficiency
Agri-Business from Symbiosis International University, Pune. • Strict compliance with all applicable laws, regulations, and
Jigar oversees the design, procurement and project man- permits, including Quality, Health, Safety, and Environ-
agement functions at the Company. ment (QHSE) policies
Financial Weekly TM
https://angel-one.onelink.me/Wjgr/8tma4nzk
Financial Weekly TM

VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 60: Many Uses Of Charts (Part 8)

(Looking at Banknifty we will try to learn and deduce investment decisions)
The daily chart of Banknifty is looking nicely poised for a recovery if Mid-channel support line is
held effectively. Mid Channel support right now is at 45700. Exactly where Bank Nifty closed today
when I am writing this. If the mid channel support is broken, we can see a further fall of Bank Nifty
to 45469 or 44886 levels. In case the mid channel support works well the resistance on the upper
side will be at 46544 (Mother line based on my Mother, Father and Small child story), 47271,
47906 and finally 48959.
Cont...
Financial Weekly TM

Below par result of HDFC Bank was the main reason for the fall of Banknifty. The merger of two
giants HDFC and HDFC Bank is putting pressure on the profit margins of the bank and top line
growth is muted due to the same. It seems from the result of HDFC Bank that, consolidation of 2
mighty forces will take some time to rebuild the top line. It is a popular opinion that in the next 1 to
4 quarters the merger will stabilize and HDFC Bank should emerge from this saga as a mega force
but we will have to see when it actually happens. HDFC Bank still remains a long term investment
idea and Portfolio stock for many investors. However, Banknifty took a terrible beating for the same
reason.
Results from other banks if good, can turn the pessimistic ambiance around Banknifty to that of
recovery and consolidation. Mid channel line is there to support the same. 200 days EMA or the
Father Line (those who know my Mother, Father and small Child story know it) can prove to be vital
support for the falling comet. 200 days EMA is currently at 44539. We will have to see how it goes
from here.
The main constituents Banknifty are HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank,
SBIN, PNB, Bank of Baroda, IDFC First Bank, Bandhan Bank, AU Bank and Federal Bank. All of
these banks can be impacted in a small or a big way by the movement of Banknifty. Looking at the
chart of Banknifty, individual charts, Fundamentals and Results of all these banks an investor can
make his or her investment decisions.
Disclaimer:
Investment in stocks and mutual funds is subject to market risks, please consult your investment
advisor before taking financial decisions. The data provided above is for the purpose of analysis
and is purely educational in nature. The names of the stocks given in the above article and chart of
the company is only for analysis. Purpose of this article is educational. Please do not consider this
as a recommendation of any sorts.
- Vishal Baliya (Co-Founder-Happy Candles Investment)

- Mobile Number: +91 7043469423, YouTube: Happy Candles Investment Financial Guidance
- Twitter Handle: @candles_happy, Instagram: happycandlesinvestment
- Email: info@happycandlesinvestment.com
Financial Weekly TM

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Buy... Buy... Buy on Dips Hold Sell on High

HFCL 99.00 Persistent Sys 7933.00 Fortis HC 421.00
PCBL 326.00
TCS 3860.00 Navin Fluro 3458.00
Colab Cloud 95.00 NMDC 213.00
PNB 104.00 BASF 2987.00 Amber Ent 3706.00
Petronet LNG 249.00
Jamna Auto 112.00 AU Small Bank 748.00 Tejas Network 812.00
RVNL 320.00
Manaksia 136.00 M&M 1623.00 Indusind Bank 1534.00
IRFC 176.00
Dhanlaxmi Bank 46.00 GNFC 743.00 DCAL 194.00
Hindalco 560.00
Pritika Auto 41.00 Oracle Fin 6684.00 Bata India 1507.00
GIC 262.00
Hudco 167.00 NTPC 308.00 Gujarat Gas 555.00
IRCON 267.00
Ruchira Paper 145.00 Hero Moto 4410.00 NAM India 511.00
Himadri Spe. 373.00
Oriental Hotel 126.00 Apollo Hospital 6120.00 Metro Brands 1138.00
Liberty Shoes 367.00
PTC India 215.00 Brigade Ent 970.00
Chambal Ferti 373.00
RBL bank 268.00
Financial Weekly TM

Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
Key events
14th to 19th January 2024
This week we will cover we will cover how China's stock sell-off and oil squeeze at start of 2023
is seen at surplus. Red sea crisis event could impact food supply and impact inflation. U.S. eco-
nomic data released this week came above market estimate as jobless claim declined. How key
risk indicator reacted this week.
China's $6.3 Trillion Stock Selloff Is Getting Uglier by The Day
Chinese stocks just capped another dismal week, with a gauge of mainland firms listed in Hong
Kong languishing at the bottom of global equity index rankings for the year so far.
Grim milestones have kept piling up in recent days: Tokyo has overtaken Shanghai as Asia's
biggest equity market, while India's valuation premium over China has hit a record. Locally, a
meltdown in Chinese shares is wreaking havoc on the nation's asset management industry, push-
ing mutual fund closures to a five-year high.
Oil Squeeze Of 2023 Turns to Surplus In Warning For Market Bulls
The oil supply squeeze widely expected at the end of last year now looks like it may have been
a surplus - a reminder for any remaining crude bulls to tread carefully.
A year ago, crude traders and forecasters anticipated that the fourth quarter would be the stron-
gest point of 2023, with China's post-pandemic demand recovery pushing prices up to $100 a
barrel. More recently, the Organization of Petroleum Exporting Countries has been predicting a
record deficit of 3 million barrels a day.
Red Sea Unrest Is Bad News for The World's Fragile Food Supply
Chaos in the Red Sea is starting to disrupt shipments of produce from coffee to fruit - and threat-
ening to halt a slowdown in food inflation that brought some relief to strained consumers.
Vessels loaded with foodstuffs are among those avoiding Houthi attacks in the key waterway by
sailing around Africa, a longer and costlier route. But unlike gas, oil and consumer goods cargoes
that have also been affected, lengthier shipping times risk making perishable foods unsellable.
U.S. Jobless Claims Plunge To 187,000, Lowest Since September 2022
Initial applications for US unemployment benefits unexpectedly dropped last week to the lowest
Cont...
Financial Weekly TM

level in more than a year, underscoring the resilience of the labor market to start the year.
Initial claims decreased by 16,000 to 187,000 in the week ending Jan. 13, according to Labor
Department data released on Thursday. The figure was below all estimates in a Bloomberg survey
of economists.
ECB To Pick Right Moment for First Rate Cut, Economists Say
The European Central Bank will successfully judge when to begin cutting interest rates as it
bids to tame inflation without crashing the economy, according to analysts who reckon the first cut
will come in June.
Almost three-quarters of respondents in a Bloomberg survey are confident policymakers will
neither wait too long nor act too early - after they were widely accused of tardiness in responding to
the continent's once-in-a-generation price shock.
US 10-year bond yield @ 4.16% & Dollar Index @ 103.10
Key risk indicator in last week has seen risk-off sentiment as US 10-year bond yield rises from
3.94% a week earlier to 4.16% this week, rise of more than 20-bps. Dollar Index is currently trading
above 103 level was trading around 102 level. WTI Crude oil below $75 & Brent Crude oil below
$80 remains stable despite RED sea crisis as China's economic weakness weighs on crude oil
prices and market is now expecting surplus.
Equichain Wealth Advisors: Market View & Opinion
Global market continues to focus on interest rate, key risk indicator remains neutral, while cor-
porate earnings so far failed to provide major positive trigger. Global cues were positive till last
week on December 2023 on optimism of interest to cool-off sooner than expected but global cues
in first three weeks of January 2024 does not provide any support to this trend.
We see next two week will be important and as BOJ meeting outcome on 23-Jan-24, ECB
meeting outcome on 25-Jan-24, US Fed meeting outcome on 31-Jan-24 & BOE meeting outcome
on 1-Feb-24. Commentary of all these central banks could provide further cues.We believe, mar-
ket require fresh positive trigger for fresh rally and any disappointment could see risk-off sentiment
post these banks meeting outcome.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472
Telegram channel: https://t.me/Equichain
Nikunj Vithlani
Financial Weekly TM

Fonebox Retail Limited
enters into the capital market with an SME IPO
Fonebox Retail has a total of 153 stores in the state of Gujarat. Of these,
40 are company-owned and company-operated retail stores ("COCO model")
and 113 are under the franchisee and company-operated model ("FOCO model") spread across
more than 20 cities in Gujarat.
Corporate Objects of the Issue

1. To Meet Working Capital Re-
Feature quirements
2. General corporate purposes
3. To meet Public Issue Expenses
Fonebox Retail Limited is a multi-brand retailer of
smartphones and accessories from manufacturers such as
Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi,
Motorola, LG, and Micromax. The company operates under
two brand names Fonebook and Fonebox. The company is
also engaged in multi-brand retailing of consumer

durables such as laptops, washing machines, smart Fonebook IPO Details
TVs, air conditioners, refrigerators, etc. from brands IPO Date : January 24, 2024 to January 29, 2024
such as TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme, Face Value : Rs 10 per share
and OnePlus. Price Band : Rs 66 to Rs 70 per share
The company offers credit/EMI facilities to its cus- Lot Size : 2000 Shares
tomers for the purchase of its products for which the Total Issue Size : 2,910,000 shares
company has tied up with major leading financial insti- (aggregating up to Rs 20.37 Cr)
tutions like Bajaj Finance, HDB Financial Service, Fresh Issue : 2,910,000 shares
HDFC Bank and IDFC First Bank. As of September (aggregating up to Rs 20.37 Cr)
25, 2023, the company had a total of 153 stores in the Issue Type : Book Built Issue IPO
state of Gujarat. Of these, 40 are company-owned and Listing At : NSE SME
company-operated retail stores ("COCO model") and Share holding pre issue : 7,350,000
113 are under the franchisee and company-operated Share holding post issue : 10,260,000
model ("FOCO model") spread across more than 20
Market Maker portion : 146,000 shares
cities in Gujarat. As on July 31, 2023, the company
Lead Manager : Beeline Capital Advisors Pvt Ltd
employed a total of 130 people.
Registrar : Kfin Technologies Limited
FoneBox Retail Limited is coming out with an SME
IPO. The company will issue 2,910,000 equity shares
of Rs. 10 each. It will raise Rs. 20.37 crore through this
IPO. The price band is Rs. 66-70 per share. The issue
143 stores across Gujarat
The Number
opens January 24, 2024, and will close on January 29, 39 Owned stores
2024. The minimum application to be made is for 2000
shares and in multiples thereon, thereafter. Post allot-
104 Franchise stores Story
ment, shares will be listed on NSE SME. Beeline Capi- 36 cities serviced as of January 5, 2024
tal Advisors Private Limited is the the Book Running
Lead Manager (BRLM) of this issue and KFin Tech- 10+ Product Categories
nologies Limited is the registrar of the issue. 100+ Brand Tie-ups
Cont... 130 Employees as of January 1, 2024
Financial Weekly TM

The allotment for the
Fonebook IPO is expected to
be finalized on Tuesday,
January 30, 2024 while the
shares will be credited to the
demat account of allottees on
the same day following re-
fund. Fonebook IPO will list on
NSE SME with tentative list-
ing date fixed as Thursday,
February 1, 2024. Financial Information
The company is also engaged in multi-brand retailing
(Rs in Lakh) 31-Mar-23 31-Mar-22 31-Mar-21
of consumer durables such as laptops, washing machines,
Assets 3,861.05 2,110.70 71.08
smart TVs, air conditioners, refrigerators, etc. from brands
such as TCL, Haier, Lloyd, Daikin, Voltas, Mi, Realme, Revenue 19,626.09 9,092.33 9.92
and OnePlus. The company offers credit/EMI facilities to Profit After Tax 159.86 12.79 -2.36
its customers for the purchase of its products for which the Net Worth 210.26 60.23 12.38
company has tied up with major leading financial institu- Reserves and Surplus 170.29 10.43 -2.36
tions like Bajaj Finance, HDB Financial Service, HDFC Total Borrowing 1,058.22 584.26
Bank and IDFC First Bank.
The company operates its retail business with multiple
brands. It has a portfolio of retail stores with different Highly Experienced Promoters of
brands. It initially started business operations with the brand
“Fonebox”, for its company-owned stores as well as fran-
FoneBox Retail
chise stores. Further, it acquired famous mobile phone MANISHBHAI PATEL (Age 50 YEARS)
retail store brands such as “Fonebook” and “My Mobile” FOUNDER PROMOTER, CHAIRMAN AND EXECUTIVE
vide Business Purchase agreements from their respec- DIRECTOR
tive owners in the year 2021. Over the years the company An Electrical Engineering graduate from Sardar Patel
has grown its operations by multiple store acquisitions. University, Manishbhai, has an experience of over 17+
years in the Hotel and Retail Distribution industries.
FoneBox acquired the business of other shops operating
under its respective registered / unregistered brands in AMITKUMAR PATEL (Age 41 YEARS)
the Financial year 2022. FOUNDER PROMOTER AND MANAGING DIRECTOR
The company started with mobile phones and Acces- Amitkumar is the founder promoter and has 8+ years of
sories. However, after that, it strategically moved into Con- experience in the Hotel and Retail Distribution industries.
sumer durables and electronics and succeded. Long stand- JIGAR DESAI
ing partneships and tie-ups with marquee brands and fin- (Age 43 YEARS)
anciers made it possible. It also innovated Own stores PROMOTER
further to include experiential centres for better buying Jigarbhai has more than 16 years of experience in the
experience. Retail Distribution Industry.
Fonebox Retail mainly operates under the brand
names “Fonebook” Fonebox Retail Limited is a multi-brand retailer of smartphones and accessories from manufactur-
and “FONEBOX”. As ers such as Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG, and
of January 05, 2024, it Micromax. The company operates under two brand names Fonebook and Fonebox
operates from total of
143 stores across the
state of Gujarat. Out of
143 stores 39 stores
are company Owned
and Company Oper-
ated retail outlets
(“COCO Model”) and
104 stores are under
Franchise Owned and
Company Operated
retail model (“FOCO
Model”) distributed in
more than 20 cities in
Gujarat.
***
Financial Weekly TM

Chart Check
Your Stock Our Recommendation
General insurance:
Buy at cmp with sl of 335 target 400…450…470
RAILTEL CORPORATION:
Buy at cmp with sl of 363 target 440
Financial Weekly TM

CENTEXT:
Buy at cmp with sl of 23 target 33
This are some stocks we received from our subscribers,

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Future Options Diary
Nilesh Kotak (Ph. : 9227204076, 8866004076)
E :dhanvarshafincap@gmail.com / W : www.dhanvarshaindia.com
As long as Nifty goes below 21800, the overall trend of the market is negative, and every
bounce in the market is selling. 21200 should act as an important support for Nifty which will
witness a free fall in the breaking market.
Momentum Option Buy
BUY Ambuja Cements Ltd.( 535 )
Momentam Cash Market Buy Call Option Premium ( 26 )
JSW ENERGY LTD (501) 29.02.2024 Expiry
Buy Range :490 -495 Buy Range :20 - 22
Stoploss : 460 Stoploss : 12
7 To 12 Trading Sessions 7 To 12 Trading Sessions
Target One :540book 50% Target One :40 Book 50%
Target Two :550 Balance 50 % Target Two :45 Balance 50 %
Technical Cash Market Buy SELL
Gujarat Fluorochemicals Ltd (3726 ) Momentum Index Sell
Buy Range : 3675 -3700 Nifty 2181529.02.2024 Expiry
Stoploss : 3550 Sellrange :21900 - 21925
7 To 12 Trading Sessions Stoploss : 22200
Target One : 3850 Book 50% 7 To 12 Trading Sessions
Target Two :3900 Balance 50 % Target One :21500 Book 50%
Momentum Index Buy Target Two :21400 Balance 50 %
Technical Future Sell
Midcap Nifty 10603
Titan Company ( 3848 )
26.02.2024 Expiry
29.02.2024 Expiry
Buy Range :10500 - 10525
Sellrange :3885 - 3900
Stoploss : 10350
Stoploss : 4050
7 To 12 Trading Sessions
7 To 12 Trading Sessions
Target One :10750 Book 50%
Target One :3700 Book 50%
Target Two :10850 Balance 50 %
Target Two :3650 Balance 50 %
Momentum Future Buy Momentum Option Buy
GAIL (INDIA) LTD( 170 ) Lupin Ltd.1400 put Option Price Cmp (41)
29.02.2024 EXPIRY Premium 29.02.2024 Expiry
Buy Range :165-166 Buy Range : 30 - 35
Stoploss : 155 Stoploss : 20
7 To 12 Trading Sessions 7 To 12 Trading Sessions
Target One :185 Book 50% Target One :55 Book 50%
Target Two :190balance 50 % Target Two :60 Balance 50 %
Financial Weekly TM

Financial Weekly TM

SMART BANKING & FINANCIAL SERVICES
Tracking the pulse of Active & Passive Mutual Funds
By Dr. Vijaya Kittu M, https://vijaykittu.com
Tracking the pulse of the Indian and Global Banking and Financial Services - so that the typical Indian Investor can benefit from it.His Ph.D. in Finance
thesis topic specialized on Mutual funds. He is pursuing his second Ph.D. in Computer Science with a specialization in Blockchain.
HDFC BANK Q3 quarterly results were the street talk during the week. The stock fell about 13% in
two days after FPIs were seen dumping the stock as the bank was getting used to the 'new normal' after the
merger of HDFC Ltd and HDFC Bank last year. The market capitalisation of 5 private sector banks has
declined by Rs. 1.45 lakh crores in a day!Because of its weightage, the fall in HDFC Bank has impacted the
Nifty and Bank Nifty too. The FPI sell-off in HDFC Bank will also likely make MSCI consider increasing the
stock's weightage in its index. Experts say this can attract $3 billion in fresh inflows into the country. The fall
in the stock price also made many individual investorsdiscuss if the stock is currently at a good buying
level. Many brokerage firms have given a buy rating for the stock. Some say that even other selective
private banks and PSBs have some growth headroom.
INDUSIND BANK Q3 RESULTS came out great. Net Profit rose 17% YoY, and NII is up 15%. Net
NPA fell to 0.57%. As per Base III norms, the capital adequacy ratio is down a bit, at 17.86%. Provision
Coverage Ratio is at 71% as of December 2023. The bank said its loan book grew by 20 percent YoY
because the retail segment grew24 percent YoY.Vehicle finance and MFI loans constitute nearly 37% of the
bank's overall loans. Strong loan growth across all segments and a rising retail deposit book make the bank
outlook attractive. Asset quality remained stable, though some fresh slippages were seen in corporate and
vehicle finance loan books.
BITCOIN took support at $41,550 levels and is moving sideways after the significantfall seen on
January 12, 2024. Market estimates say that US investors have put $1.9 billion into nine new ETFs that are
tracking the spot price of bitcoin in their first three days of trading. Much of the inflows are attracted by asset
management giants BlackRock and Fidelity.BlackRock's Bitcoin ETF - iShares Bitcoin Trust (IBIT)- itself
has hit the $1B AUM in just one week. The ETF carries 99% of its assets in bitcoins.A mysterious $1.2M
bitcoin transaction connecting to the first ever bitcoin mined - potentially that connecting to Satoshi Nakamoto
- has sparked speculation.
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SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
FREDUN PHARMACEUTICALS LTD
ONLY AT BSE - CODE - 539730
BSE SYMBOL - FREDUN Rs. 848 FV Rs.10
Incorporated in 1987, Fredun Pharmaceuticals Limited, healthcare and pharmaceuticals com-
pany offer wide range of products, including anti hypertensive, anti diabetic, anti obesity, anti aller-
gic, antifungal, anti hypertensives, anti viral, cardiovascular, anri asthma, anti depresent, anti
retroviral drugs (ARVs) & narcotics. It is also engaged in the manufacturing of dietary/herbal supple-
ments, neutraceuticals, cosmeceuticals & other healthcare products along with animal healthcare
products. With such a diverse range of products, the Company's objective is to be a holistic
healthcare provider. The Company primarily exports its products to Africa, Southeast Asia, Com-
monwealth of Independent States (CIS) countries & Latin America.
The Company has very small equity of Rs.4.68 cr. backed by huge reserves of around
Rs.107 cr. In 2023 company allotted shares to few HNIs investors at Rs.996.20 on conver-
sion of warrants & now share available at very attractive valuations against its 52 weeks
high of Rs.1249. ROCE & ROE are 18.9% & 13.9% seems impressive. Fredun is fast growing
healthcare company. During H1FY24, it recorded higher PAT of Rs.6.34 cr. on higher in-
come of Rs.142.71 cr.
Based on the above financial and performance parameters, the Fredun share looks quite attrac-
tive at the current level. Investors can watch Fredun with a stop loss of Rs.745. The stock can give
VERY good returns in short to medium term. 52 weeks high of Fredun is Rs.1249.
On 17th December BMW Ind., was given at Rs.56 hit new high of Rs.77 on 19th January, a
superb gain of 38%. On 24th December Electrosteel was given at Rs.113 hit Rs.144, a gain
of 27% & Man Ind., given at Rs.251 hit Rs.397, mind blowing gain of 58% in less than 25 days.
On 7th January Menon Pistons was given at Rs.82 hit Rs.95 & Sika was given at Rs.1395 hit
Rs.1783 in less than 14 days. Last week Competent Auto was given at Rs.408 hit Rs.474 &
Axtel was given at Rs.545 hit Rs.770 within a week. Indian stock markets are at life time high,
it is better to book partial profits in 5-7 parts at every rise where you are getting good profit in
short time.
Cont...
Financial Weekly TM

Dark Horse-2
HFCL LTD
BSE CODE 500183 & NSE Rs. 99.00 Face Value Re.1
HFCL has developed capabilities to provide premium quality Optical Fibre and Optical Fibre
Cables, stateof-the-art telecom products including 5G Radio Access Network (RAN) products, 5G
Transport Products, WiFiSystems (WiFi 6, WiFi 7), Unlicensed Band Radios, Switches, Routers
and defence electronics products. The Company has state-of-the-art Optical Fibre and Optical
Fibre Cable manufacturing plants at Hyderabad, OpticalFibre Cable manufacturing plant in Goa
and in its subsidiary HTL Limited at Chennai.HFCL is a partner of choice for its customers across
India, Europe, Asia Pacific, Middle East, Africa and USA. HFCL'scommitment to quality and envi-
ronmental sustainability inspires it to innovate solutions for the ever-evolvingcustomer needs.
The Company has an equity of Rs.142.77 cr. that is supported by reserve of Rs.3417 cr.
FIIs hold 8.35% & DIIs hold 4.64% stake in the company. HFCL posted PAT of Rs.145.73 cr.
on income of Rs.2137.02 cr. On 1st January 2024, HFCL Limited Secures Landmark Rs.1,127
Cr. Order to Revolutionize BSNL's Optical Transport Network. On 19th January HFCL re-
ceived big order of Rs.623 cr. for supply of 5G Telecom net working equipments.
Conclusion: Based on above financial and performance parameters, investor can watch HFCL
with a stop loss of Rs.79.
On 17th December BMW Ind., was given at Rs.56 hit new high of Rs.77 on 19th January, a
superb gain of 38%. On 24th December Electrosteel was given at Rs.113 hit Rs.144, a gain
of 27% & Man Ind., given at Rs.251 hit Rs.397, mind blowing gain of 58% in less than 25 days.
On 7th January Menon Pistons was given at Rs.82 hit Rs.95 & Sika was given at Rs.1395 hit
Rs.1783 in less than 14 days. Last week Competent Auto was given at Rs.408 hit Rs.474 &
Axtel was given at Rs.545 hit Rs.770 within a week. Indian stock markets are at life time high,
it is better to book partial profits in 5-7 parts at every rise where you are getting good profit in
short time.
Financial Weekly TM

Nova Agritech Limited
comes out with Rs.144 crore IPO
Nova Agritech Ltd. (NAL) is an agri-input manu-
facturer offering soil health management, crop
nutrition and crop protection products focused
on tech-based farmer driven solution approach,
wherein it mainly offers ecologically sustain-
able and nutritionally balanced products based
on Research and Development
Corporate Feature
Objects of the Issue
1. Investment in the subsidiary, Nova Agri Sciences Private Lim-
ited for setting-up a new formulation plant;
2. Funding Capital Expenditure in the Company, towards expan-
sion of the existing formulation plant;
3. Funding of working capital requirements of the company;
4. Investment in the subsidiary, Nova Agri Sciences Private Lim-
ited, for funding working capital requirements; and
5. General corporate purposes.
Nova Agritech Ltd. (NAL)

is an agri-input manufacturer
offering soil health manage-
ment, crop nutrition and crop Nova AgriTech IPO Details
protection products focused IPO Date : January 23, 2024 to January 25, 2024
on tech-based farmer driven Listing Date : January 31, 2024
solution approach, wherein Face Value : Rs 2 per share
it mainly offers ecologically
Price Band : Rs 39 to Rs 41 per share
sustainable and nutritionally
Lot Size : 365 Shares
balanced products based on
Total Issue Size : 35,075,693 shares
Research and Development. The company manufac- (aggregating up to Rs 143.81 Cr)
tures, distributes and market a wide range of product Fresh Issue : 27,317,073 shares
categories consisting of (a) soil health management prod- (aggregating up to Rs 112.00 Cr)
ucts; (b) crop nutrition products; (c) bio stimulant prod- Offer for Sale : 7,758,620 shares of Rs 2
ucts; (d) bio pesticide products (e) Integrated Pest Man- (aggregating up to Rs 31.81 Cr)
agement products; (f) new technologies; and (g) crop
Issue Type : Book Built Issue IPO
protection products. Currently, the crop protection prod-
Listing At : BSE, NSE
ucts are manufactured by its subsidiary Nova Agri Sci-
Share holding pre issue : 65,202,740
ences Private Limited.
Nova Agritech Ltd. (NAL) is coming out with an IPO. Share holding post issue : 92,519,813
The company will issue 3,50,75,693 equity shares of Lead Manager : Keynote Financial Services Ltd
Rs. 10 each, out of which 2,73,17,073 fresh equity shares Bajaj Capital Limited
will be issued. 77,58,620 equity shares will be issued Registrar : Bigshare Services Pvt Ltd
under Offer for Sale (OFS). It will raise Rs. 143.81 crore
through this IPO. The price band is Rs. 39-41 per share. The company has reported PAT margins of 3.92%
The issue opens January 23, 2024, and will close on
(FY21), 7.38% (FY22), 9.73% (FY23), 10.06% (H1-FY24),
January 25, 2024. The minimum application to be made
is for 365 shares and in multiples thereon, thereafter. and RoCE margins of 19.87%, 23.81%, 27.25%,
Post allotment, shares will be listed on BSE and NSE. 12.87% respectively for the referred periods
Keynote Financial Services Limited and Bajaj Capital
Limited are the Book Running Lead Manager (BRLM) of
this issue and Big Share Services Private Ltd. is the
registrar of the issue.
Cont...
Financial Weekly TM
The company has a total dealer network compris-

ing of approximately 11,722 dealers out of which
approximately 6,769 dealers are active to whom
it has distributed and sold products during the
current financial year
On the financial front, for the last three fiscals, the com-
pany has (on a consolidated basis) posted a total rev-
enue/net profit of Rs. 160.93 cr. / Rs. 6.30 cr. (FY21), Rs.
185.61 cr. / Rs. 13.69 cr. (FY22), and Rs. 210.93 cr. / Rs.
20.49 cr. (FY23). For H1 of FY24 ended on September 30,
2023, it earned a net profit of Rs. 10.38 cr. on a total
revenue of Rs. 103.24 cr. For the last three fiscals, the
company reported an average EPS of Rs. 2.53 and an
average RoNW of 30.17%. The issue is priced at a P/BV
of 4.02 based on its NAV of Rs. 10.19 as of March 31,
2023, and at a P/BV of 2.13 based on its post-IPO NAV of
Financial Information
Rs. 19.29 per share (at the upper cap). The company has (Rs in Cr.) 30-Sep-23 31-Mar-23 22-Mar-22 31-Mar-21
reported PAT margins of 3.92% (FY21), 7.38% (FY22), Assets 196.37 180.78 160.3 147.44
9.73% (FY23), 10.06% (H1-FY24), and RoCE margins of Revenue 103.24 210.93 185.61 160.93
19.87%, 23.81%, 27.25%, 12.87% respectively for the Profit After Tax 10.38 20.49 13.69 6.3
referred periods. Net Worth 74.23 63.88 43.19 29.43
As on November 30, 2023, it has received a total of Reserves and Surplus 60.97 50.59 30.1 16.41
720 product registrations comprising of 7 registrations in Total Borrowing 68.5 70.96 64.27 51.1
the soil health management category, 176 registrations
in the crop nutrition category, 4 registrations in bio pesti-
cide category, 7 registrations under Technical Indigenous Promoters of Nova Agritech Limited
Manufacture and 526 registrations in the crop protection
category. All of the 526 registrations in the crop protection
Adabala Seshagiri Rao
He is a Chairperson and Independent Director of
category are in the name of Nova Agri Sciences Private
the company. He holds Degree of Bachelor of Science
Limited. Further, NAL has applied for 14 registrations for
and Degree of Bachelor of Lawsfrom the Andhra Uni-
new products across various categories in the name of versity. He holds diploma in IndustrialRelations & Per-
Nova Agri Sciences Private Limited (NASPL) and 22 new sonnel Management and Diploma in Marketing & Sales
registrations in the name of Nova Agritech Limited (NAL). Management from the Bharatiya Vidya Bhavan. He is a
The company has a total dealer network comprising of Certified Associate of Indian Institute of Bankers
approximately 11,722 dealers out of which approximately (CAIIBRetail Banking examination from the Institute of Banking & Finance.
6,769 dealers are active to whom it has distributed and He has over 35 years of experience in the banking industry. His last em-
sold products during the current financial year. Its dealer ployment before retirement was with the Union Bank of India.
network is currently spread across 16 states of India namely
Malathi S
Andhra Pradesh, Telangana, Maharashtra, Karnataka,
She is one of the Promoter and Executive Director of
Madhya Pradesh, Rajasthan, Chhattisgarh, Tamil Nadu, the company. She has completed her Bachelor of Com-
Uttar Pradesh, Odisha, West Bengal, Bihar, Gujarat, merce from Kakatiya University. She has been associ-
Jharkhand, Uttarakhand and Jammu & Kashmir and 02 in ated with our Company since 2011 and oversees the
Nepal. operations of our Company.
It has also entered into marketing, distribution and
supply agreements with certain third parties in Kiran Kumar Atukuri
Bangladesh, Sri Lanka and Vietnam and are currently He is one of the Promoter and Managing Director of
awaiting the necessary permission to start business in the company. He has completed his Bachelor of Science
these jurisdictions. Significant amounts of its revenue is in Agriculture from Acharya N. G. Ranga Agricultural
generated from the distri- University and Master of Business Administration from
bution of its products in the Nagarjuna University. He has almost two decades of
experience in the field of Sales & Marketing, Product De-
three southern states of
Andhra Pradesh, velopment, Channel Management, Key Account Management and Client
Karnataka and Telangana. Relationship Management in Agricultural inputs Business. He has worked
with Rasi Seeds Private Ltd., Maharashtra Hybrid Seeds Co. Ltd., ICICI
As of November 30, 2023,
Bank, Monsanto, Syngenta and EID Parry. He is the guiding force behind all
it had 283 employees on its
the corporate decisions and is responsible for the entire business opera-
payroll. tions specifically manufacturing and sales operations of our Company.
***
Financial Weekly TM

SMART SME STOCK WATCH
NSE SME PHANTOM DIGITAL EFFECTS LTD
NSE SYMBOL - PHANTOMFX Rs. 490 FV. 10
LOT SIZE 300 SHARES
IPO OF NSE SME PHANTOMFX was oversubscribed by 164 times. Incorporated in 2016, Phan-
tom is a certified trusted partner net work company, full-fledged creative VFX studio based in India
with offices operating in US & Canada. Phantom has two studios located in Mumbai & Chennai.
In December 23 company allotted 19,39,200 shares at Rs.412.50 as QIP & collected Rs.80
cr. Bofa sec Europe invest Rs.15 cr., Morgan Stanley Asia invest Rs.16.99 cr., Absolute re-
turn scheme invest Rs.5.01 cr, Resonance opportunity fund invest Rs.10.87 cr., Nav capital
invest Rs.6.19 cr. & Rajasthan Globle sec pvt Ltd invest Rs.25.94 cr. in this QIP. In H1FY24
company earned NP of Rs.10 cr. ROCE & ROE are 75.1% & 65.4% are very impressive.
As per press note January 17th, 2024 - Phantom Digital Effects Limited (NSE - PHANTOMFX),
a leading visual effects (VFX) studio, has achieved a groundbreaking milestone with the global
success of the sci-fi phenomenon "Ayalaan". The film's Visual Effects and Computer Graphics,
masterfully crafted by PhantomFX, have received widespread acclaim, with the Alien Charter Tat-
too emerging as a standout creation that resonates particularly well with younger audiences. Phan-
tom Digital Effects Limited, the creative powerhouse behind "Ayalaan," has set a new industry
standard by delivering a staggering 4500+ VFX shots. In just four days since its release, "Ayalaan"
has generated an impressive global box office revenue, crossing the 50+ crores mark. Phantom
Digital Effects Limited's Founder and CEO, Mr. Bejoy Arputharaj, expresses his excitement, stat-
ing that, "We are thrilled by the overwhelming success of 'Ayalaan,' surpassing our expectations.
Witnessing both the Indian and global audience wholeheartedly embrace our creative vision and
craftsmanship is immensely gratifying. As the film garners widespread recognition, plans are un-
derway for its release in other languages, including Hindi and Telugu, amplifying its reach and
impact. PhantomFX, committed to technological innovation, takes pride in delivering world-class
VFX for both domestic and international audiences while maintaining cost-effectiveness.
Investor can watch PHANTOMMFX with a strict stop loss of Rs.403. The stock can give good
return in short to medium term.
On 5th November BSE SME COSMIC CRF was given at Rs.263, hit Rs.962. A bumper gain
of 266% in only 2 months. On 3RD December BSE SME Jayant Infratech was given at Rs.131
hit Rs.344, a mind blowing gain of 163% in only 2 months. Last week NSE SME ACSAL was
given at Rs.61 hit Rs.67 & NSE SME SYSTANGO was given at Rs.275 hit 302 during the
week. When market is at new high, it is better to book partial profit at every rise in 4-5 parts.
On 19th January, 2024 Phentum Informed NSE it got big order Rs. 50 Cr.
Financial Weekly TM

- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 21672. Nifty is at resistance and is find-
ing difficult to move up further. We feel that market will remain volatile for next few sessions and there
is no decisive trend. Intra-day charts needs to be analyzed to take any position.
Bank Nifty Overview : In Last Trading Session, Bank Nifty close at 45797. Bank Nifty gave good
correction and is now at support. However, we feel that it will remain volatile for a while and move
both sides. It seems more like distribution phase. Intra-day charts needs to be studied to take any
position.
Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
Bajaj Auto 532977 Sell 7380 7090 Target Achieved
DLF 53268 Sell 816 763 Target Achieved
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Aarti Ind 524208 680 655/660 680 720 635
Balkrsihna Ind 502355 2645 2610/2625 2660 2700 2585
HUL 500696 2564 2505/2525 2570 2625 2475
Idea 532822 15.15 14/15 18 22 12
Manappuram 531213 178.60 170/175 185 195 165
PEL 500302 896 875/885 905 945 862
Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Bajaj Auto 532977 7165 7370/7380 7330 7270 7420
DLF 532868 785 805/810 785 765 825
GAIL 532155 169 190/195 180 170 202
IOC 530965 149 160/165 150 140 172
L&T 500510 3652 3725/3750 3650 3550 3780
NTPC 532555 308 325/330 315 300 336
PFC 532810 413 435/440 425 405 447
REC 532955 453 470/475 450 430 484
Note : All calls are momentum calls based on technical analysis and all levels as per future prices (If scrip not available
in futures then BSE Cash price). All these calls are given based on daily charts but intra-day signals are equally important
to enter the trade in a timely manner. Timing is very important and we at shareinfoline.com give you timely calls based on
intra-day charts. Read Disclaimer at ShareInfoline.com
Financial Weekly TM

Smart Education - Yog Joshi
Technical Analysis
From
Basic to Advance
Nifty in the Divergence Phase - NIfty

Hello Friends,
Hope you all are doing well..!!!!
Today we are going to discuss about very interesting topic of Technical Analysis known as a Diver-
gence
Divergence is such a phase where candlesticks price chart and momentum oscillators are behaving
opposite to each other
In simple language, we can describe the situation like, when price chart and momentum oscillators like
RSI, MACD, Stochastic moving exactly opposite to each other which is known as a divergence
There are two type of divergence : -
1) Positive Divergence
2) Negative Divergence
Positive Divergence mostly observed while, Candlesticks Chart made lower low and lower high while at
opposite site momentum oscillators which apply parallel to chart RSI, MACD, Stochastic made a new High
or it grow in upper side direction
In simple one liner sentence we can describe that, when Chart made lower low and oscillators made new
high this scenario known as positive divergence
Cont....
Financial Weekly TM
"Positive divergence indicate upcoming bullish sentiments in the market"

Negative Divergence is like a exact opposite with Positive Divergence, when Candlesticks Chart made
Higher high and higher low while at opposite site momentum oscillators which apply parallel to chart like
RSI, MACD, Stochastic made a lower low or it fall in down side direction, thi senario known as Negative
Divergence
In simple one liner sentence we can describe that, when Chart made higher high and oscillators made
lower low this scenario known as negative divergence
"Negative divergence indicate upcoming bearish sentiments in the market"
Now please look once at attached picture, where NIfty made new lifetime high after the breakout from the
long sideways while simultaneously MACD was showing negative crossover and falling in down side direc-
tion, this is one of the example of Negative Divergence and after this very soon we shown fall in NIfty with
Gap Down opening, so positive and Negative divergence are very important and easy to understand which
indicating probable upcoming sentiment in the market either upper side or down side
Looking on the NIfty Weekly chart, it has been clearly observed that Engulfing Bearish Candlesticks
pattern is formed at the top of the chart which is indicating bearish sentiment in the market, condicaring High
and Low levels of this Engulfing Bearish Candle, if NIfty break lower side level of 21286 (21250) then
bearish sentiment probably continue in the market while looking on the high of the candlestick pattern, if
NIfty able to cross and sustain above 22123 (22150) then positive sentiment once again established in the
market and NIfty will able to achieve new life time high.
I hope you all find this article informative and helps you to know about the market's upper and down side
important levels.
Financial Weekly TM

BUY.... BUY....BUY TIPS OF THE WEEK
Co. Name Code Price Co. Name Code Price
MK Protein 543919 47.00 Capri Global 531595 979.00
Rico Auto 520008 94.00 L&T 500510 3642.00
Rama Steel 539309 47.00 Reliance Ind 500325 2715.00
NHPC 533098 81.00 Prestige Estate 533274 1289.00
Nalco 532234 135.00 SBI Life 540719 1443.00
Gail 532155 166.00 BirlaCorp 500335 1464.00
Indus Tower 534816 216.00 ICICI Lombard 540716 1476.00
PNC Infra 539150 401.00 Tech Mahindra 532755 1383.00
ITI 523610 353.00 Cupid 530843 1866.00
Apollo Tyre 500877 526.00 Colgate 500830 2549.00
Indian Hotel 500850 483.00 Ceat 500878 2893.00
Zee Enter 505537 231.00 Dalmia Bharat 542216 2209.00
RCF 524230 184.00 Ultratech 532538 10005.00
REC 532955 458.00 CreditAccess 541770 1665.00
LIC 543526 942.00 PVR 532689 1528.00
Aarti Ind 524208 669.00 JKCement 532644 3961.00
Rites 541556 627.00 Bajaj Holding 500490 8269.00
IRCTC 542830 1025.00 ABB India 500002 4770.00
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly TM

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

NIFTY : Close Price : 21622 :- After falling from all time high Nifty again started upside
from 27th October 2023 and it crossed lifetime high on 1st December 2023 next day Nifty opened
big gap up and closed with gain of 2.07% with big Volume. It was another sign of confirmation of
uptrend and as per this confirmation uptrend to be continued. Right now we are seeing Nifty mak-
ing new all time highs almost every week. Right now We are part of the big bullish rally and we
should take advantage of it.
Today on Friday the Nifty opened with a gap up and closed with a small gain of 0.75. in This
week the Nifty made a new LIFETIME HIGH. Today the Nifty closed in the sideways zone. Now
Nifty is trading in horizontal consolidation. I wrote in a past article that on 28th December 2023
Nifty made one nice Bullish Price Pattern that is Bullish Flag and as per this pattern target of NIFTY
is 22100 in 2-3 weeks. In this week Nifty made a high of 22124 and Achieved my target. After that
the nifty came down and traded between horizontal consolidation zones. Next upside rally will
come in Realty , Chemical, Pharma, Paper and Power sector PSU companies so, find out stocks to
trade from these sectors.
Cont...
Financial Weekly TM

BANKNIFTY - Close price 45701 :- Last month BANKNIFTY started a downside
rally from 46310 BANKNIFTY made a low which was near to past support of 42000 Next day it
opened gap up and closed with gain of 1.19% and started upside. On 4th December BANKNIFTY
closed above past lifetime high which is a very clear sign of new uptrend in Bank Nifty. Today on
Friday BANKNIFTY opened gap up and closed neutral. Before a day BankNifty opened big gap
down and closed with 4.28% loss it closed below support, yesterday also it closed with ,0.76%
loss, today it opened good gap up but end of the day it came down and closed with neutral gain.
Now BankNifty trading in sideways zone new support is near to 44740 and resistance near 46900.
SIGACHI : Close Price 73.80 :- Sigachi industries Limited is an India best company
that manufactures primary micro crystalline cellulose MCC. The company is engaged in manufac-
turing cellulose based excipients for finished dosage in the pharmaceutical industries. Microcrys-
talline cellulose partially depolymerized cellulose synthesized, obtained as pulp from fibrous plants
material with mineral acids using hydrochloric acid to reduce the degree of polymerization The
MCC can be synthesized by different processes such as reactive exclusions enzyme mediated
dream explosion and acid hydrolysis it is commonly manufactured by spray dying the neutralized
aqueous slurry of hydrolyzed cellulose. The MCC is a valuable additive in pharmaceuticals, food
cosmetic and other industries. MCC obtained from different sources will dip considerably in chemi-
cal composition structure and organisation and physicochemical properties. The high demand of
micro crystalline cellulose used in pharmaceutical industries has led to utilisation of locally and
naturally are materials in the production of microcrystalline cellulose. The company serves phar-
maceuticals, food and naturaceuticals cosmetics and chemical industries. Its international busi-
ness spreads across 50 countries including Asia, Australia, American continents, Europe and the
Middle East.
Cont...
Financial Weekly TM

On the daily price chart stock made a good bullish price pattern as per this pattern target of this
stock will be 90-94. We can buy this stock between 72--74 with daily Close base stop loss of 68.50
for the Time period of 12 days.
RAILTEL : Close Price : 386 :- Railtel corporation of India limited it's telecom in
particular provider, which owns a pan-India optic fiber network on right of way along a longer rail-
way track. The company segment includes telecom services and project work services. It provides
a range of telecom services to its customers including management data services least relying
virtual private network internet easily line data center tower collection rack and pace and national
long distance for voice carriage the project works services segment includes various projects such
as national optical fiber network telecom and information technology services related projects and
enterprises Pacific IT and its services. The company's next OFC network covers towns and cities
and several rural areas in India it also provides various passenger services including content on
demand services and Wi-Fi across railway stations in India.
On the daily price chart stock made a good bullish price pattern that is bullish Flag. As this price
pattern we can buy this stock between 382-386 with daily Close base stop loss of 365 for Target of
440. Time period will be 16 days.
Financial Weekly TM

Harshdeep Hortico Limited
Making your portfolio Green
Horticulture is the Sunrise Industry and size of
which is USD 5.9 Billion with CAGR growth of
7.4%. It shows very bright future for companies
like Harshdeep Hortico
Corporate Objects of the Issue

1. Repayment and/or pre-payment,
in full or part, of certain borrowings
Feature availed by the company
2. To meet Working Capital require-
Harshdeep Hortico IPO Details
ments IPO Date : January 25, 2024 to January 30, 2024
3. General Corporate Purpose Face Value : Rs 10 per share
Price Band : Rs 42 to Rs 45 per share
Harshdeep Hortico Limited is one of the largest
organized manufacturers of pots and planters in In- Lot Size : 3000 Shares
dia. The company's product portfolio includes indoor Total Issue Size : 4,242,000 shares
plastic planters, outdoor planters, illuminated plant- (aggregating up to Rs 19.09 Cr)
ers, decorative planters, roto-moulded planters, fiber- Issue Type : Book Built Issue IPO
reinforced plastic (FRP) planters, eco-series plant- Listing At : BSE SME
ers, etc. and related accessories such as garden hose Share holding pre issue : 11,852,060
pipes and water canisters. Recently, the company Share holding post issue : 16,094,060
also entered the field of Roto Moulded Outdoor Furni- Market Maker portion : 216,000 shares
ture. Its customers include renowned corporate cli- Hem Finlease
ents including RELIANCE, ADANI, TATA Group etc.
Lead Manager : Hem Securities Limited
Harshdeep Hortico has two manufacturing facili-
Registrar : Link Intime India Private Ltd
ties in Bhiwandi and Pune with an area of approxi-
mately 93769 sq. ft. and 40000 sq. ft. respectively.
The company has three stores in Delhi, Pune Expanding Product Portfolio
(Maharashtra) and Rajahmundry (Andhra Pradesh)
and four distributors in Hyderabad, Kolkata,
• 2 New product introductions to increase product port-
Chandigarh and Visakhapatnam. The company also folio
has an online presence via Amazon and Flipkart as • Roto Moulded Furniture : Illuminated Furniture's for
well as social media platforms such as Facebook and Outdoor Living area.
Instagram. • Eco Series Planters : Blend of sustainable materials e.g.
It has 500+ SKU's sold through 3 own stores , 4 rice husk.
exclusive distributors with products marketed to 27
states & union territories in India as well as overseas RELIANCE Major
countries such as Djibouti, East Africa, the United ADANI
Kingdom, Nepal, etc. As on September 30, 2023, the
LODHA Corporate
company had over 125 employees.
Harshdeep Hortico Limited is coming out with an UGAOO Clients
SME IPO. The company will issue 42,42,000 equity GODREJ
shares of Rs. 10 each. It will raise Rs. 19.09 crore L&T
through this IPO. The price band is Rs. 42-45 per
share. The issue opens January 25, 2024, and will TATA GROUP
close on January 30, 2024. The minimum application HIRANDANI
to be made is for 3000 shares and in multiples thereon, SHETH BUILDERS
thereafter. Post allotment, shares will be listed on
KALPATARU
BSE SME. Hem Securities Limited is the sole Book
Running Lead Manager (BRLM) of this issue and Link NURTURING GREEN
Intime India Pvt. Ltd. is the registrar of the issue. RUSTOMJEE (KAPSTONE)
Cont...
Financial Weekly TM

Harshdeep Hortico Limited is one of the largest orga- KEY FINANCIAL PERFORMANCE
nized manufacturers of pots and planters in India. The
Period Ended (Rs in Lakh) 31 Mar.23 31 Mar 22 31 Mar. 21
company's product portfolio includes indoor plastic Revenue from Operations 4076.70 3485.61 2519.05
planters, outdoor planters, illuminated planters, Net Profit for the Year (before Tax) 334.93 303.78 259.91
decorative planters, roto-moulded planters, fiber-
reinforced plastic (FRP) planters, eco-series planters, etc Key Financial Period ended Financial ended
Performance July 31, 2023 March 31, 2023
Revenue from Operations 1481.05 -
EBITDA 285.46 (0.27)
EBITDA Margin 19.27% -
PAT 177.24 (0.27)
PAT Margin 11.97% -
On the financial front, the company achieved Promoters of Harshdeep Hortico Limited
27 % CAGR growth in Revenue for the period FY Hitesh Chunilal Shah
2021-23. For the FY23, its revenue was Rs.41.06 He is the Promoter and Chairman & Man-
crore, EBITDA was Rs.5.78 crore which is up 14.09 aging Director of the company. He has been on
the Board since incorporation. He is a visionary
per cent. Net Profit was up 8.16 per cent at Rs.3.34
entrepreneur and has played a pivotal role in
crore. RoCE was 17.75 per cent, while Net Worth expanding business operations of the com-
was Rs.13.25 crore. In Q1 FY24 it maintained pany. He has a work experience of over 20
EBITDA margin of 19.27% & Net Profit Margin of years in the industry and has completed his
11.97%. Capacity utilization was 89% in Q1 FY24. Higher Senior Secondary Education (Class
Harshdeep Hortico has, recently, launched two 12th) from Maharashtra state board of Secondary & High Secondary
Education, Pune in year 1992. He currently looks after the overall man-
new products: One is Roto Moulded Furniture which agement of the Company. Under his guidance, the company has wit-
is Illuminated Furniture is for Outdoor Living area, nessed continuous growth.
and another is Eco Series Planters which is Blend Harshit Hitesh Shah
of sustainable materials e.g. rice husk. He is the Whole-time Director & Chief Financial
Horticulture is the Sunrise Industry and size of Officer of the company. He has been on the Board
which is USD 5.9 Billion with CAGR growth of 7.4%. since incorporation. He has completed his Master of
It shows very bright future for companies like Business Administration in 2021 from SVKM’s Narsee
Monjee Institute of Management Studies. He is cur-
Harshdeep Hortico.
rently looking after the finance and accounting and legal and secretarial
*** function of the company.
Financial Weekly TM

TRADNICAL STRATEGY
Email: nimesh_thaker@yahoo.co.in, M. 9228237373
NIMESH THAKER, BARODA
Sebi Registered No. : INH000005874
Cement your portfolio in Volatile Market

Ambuja Cement ; Buy ; CMP-535 ; Target-620-680
In Q2FY24, the Revenue was increased by 4.1% YoY to INR 7,424 crores where company
successfully manage to reduce operational cost by 12% approx.
The company has aggressively focusing on Capex where they invested more than 1100cr
in the second quarter. At current level New capacity additions include a clinker capacity of
3.3 million tons per annum and 35 new grinding units.
The company has focusing on Cost optimization and as per guidance given by manage-
ment they are targeting of reducing costs by INR 400 per ton. We believe this will be positive
impact on EBITA margin and valuation.
We expect cost optimization and better volume growth for coming days as the eastern
region return to normal levels after the impact of heavy monsoons and seasonal factors.
At Current level, the stock is trading at multiple at 16.2 EV/EBITDA valuation which we are
consider as fair valuation. In next 3-6 month, we expect further re-rating on stock hence
recommend to buy at 535 with target of 620-680 with investment horizon of 6-12 months.
Financial Weekly TM

Terrific Shots - Dilip K. Shah
CEAT (Rs. 2592.00) (Code: 500878) :- Founded in 1958, CEAT is one of India’s
leading tyre brands and the flagship company of the $4 billion RPG Group. It is a strong player in
the domestic market. Its products are also exported to over 110 countries. Its daily production is
1.40 lakh tyres for 2-wheelers, trucks, buses, passenger, utility and commercial vehicles. Its clients
include Tata, Mahindra, Maruti Suzuki, Ashok Leyland, Royal Enfield, Bajaj, Hero, etc. CEAT has
over 400 exclusive outlets, 4,500+ dealers and 51,000 sub-dealers. It reported income of Rs. 3053
crore, profit of Rs. 207.72 crore and EPS of Rs. 51.42 in the September quarter. The company has
pared its debt by Rs. 250 crore in two quarters. Debt reduction, improved demand and stable raw
material prices augur well for the company. The stock can be bought with a target price of Rs. 3132
in 3-4 quarters with a stop-loss of Rs. 2050.
Adani Ports (Rs. 1152.00) (Code: 532921) :- The A group listed stock is trading
near its highest levels since the sharp crash in Adani Group shares after the revelations of the
Hindenburg report last year. Adani Group has sold stakes in four companies to a noted foreign
investment company, which includes Rs. 5,000 crore stake sale in Adani Ports, addressing con-
cerns about the group’s high debt levels and reflecting the confidence of overseas investors. Adani
has ports across the country of which the largest port is at Mundra in Gujarat. The company’s
market cap is Rs. 2,49,290 crore. It is the most profitable company in the Adani Group. The com-
pany has strong fundamentals and is expected to continue its strong showing. It is also seen ben-
efiting from the new investors. The company reported income of Rs. 6951 crore and profit of Rs.
1715 crore in the September quarter. Motilal Oswal has a buy rating on the stock with a target price
of Rs. 1410.
Poonawalla Fin. (Rs. 505.00) (Code: 524000) :- This NBFC was known as Magna
Fincorp before its takeover by Cyrus Poonawalla of Serum Institute of India. The company’s perfor-
mance and fundamentals have changed since the takeover. The A group listed shares touched a
52-week high of Rs. 520 and low of Rs. 274. Its market cap is Rs. 38,829 crore. Promoter holding
is 62.07%. Its equity is Rs. 154 crore and reserves are Rs. 7678 crore. Its income in the December
quarter went up from Rs. 498 crore to Rs. 763 crore, and profit from Rs. 182 crore to Rs. 265 crore.
In the first nine months of the year, income has gone up from Rs. 1870 crore to Rs. 2194 crore and
profit from Rs. 486 crore to Rs. 1351 crore. On a TTM basis, the profit is its highest ever. The stock
has zoomed but it can rise more on the back of good results and growth potential.
Cochin Shipyard (Rs. 872.00) (Code: 540678) :- Incorporated in 1969, the com-
pany is promoted by the government of India. The company came out with its IPO in 2017. The A
group listed shares touched a 52-week high of Rs. 897 and low of Rs. 205. The company’s market
cap is Rs. 22,965 crore. It is the largest PSU shipyard in terms of dock capacity. It makes ships and
vessels for the defence and shipping industry. It also runs training programmes for marine engi-
neering. Its financial performance is strong and it has no major competitor. Cochin Shipyard re-
ported income of Rs. 954 crore and profit of Rs. 191 crore in the second quarter. The company has
a strong order book. Promoter holding is 72.86%. DIIs and FIIs hold 2.2% and 4.11% stake respec-
tively. Cochin Shipyard has a track record of paying attractive dividends. The stock has shown
strong moves and can be considered on dips.
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

Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Important support for Index

at 70665 and Nifty at 21316
BSE Index (71683.23) :- It is moving downward from the top of 73427.60. It shows towards
an oversold position on a daily basis, towards a neutral from an overbought on a weekly basis, and
an overbought position on a monthly basis. On the upward movement, beyond 71895 it may go up
to 72140, 72485 with resistance at 72780. On the downward movement, below 71542 it may go
down to 70200 and 69860.
Bank Nifty Future (45843.90) :- It is moving downward from the top of 48869. It shows
an oversold position on a daily basis, from an overbought to a neutral position on a weekly basis
and an overbought on a monthly basis. On the upward movement, beyond 46110 it may witness
resistance at 46320, 46800, 47170, 47600, 47800, 48440. On the downward movement, below
45584 it may go down to 45450, 45040, 44665.
Nifty Future (21675.00) :- It is moving downward from the top of 22149.90. It shows
towards an oversold position on a daily basis, towards a neutral from an overbought on a weekly
basis, and an overbought position on a monthly basis. On the upward movement, beyond 21740 it
may witness resistance at 21855, 21950, 22000. On the downward movement, below 21580 it may
go down to 21316, 21110, 21075.
Bank of India (135.20) :- It is moving upward from the bottom of 105.50. It shows an
overbought position on a daily, weekly and monthly basis. On the upward movement, beyond 137
it may go up to 147, 158, 165. On the downward movement, below 130 support could be at 127.
Biocon (276.10) :- It is moving upward from the bottom of 217.50. It shows an overbought
position on a daily and weekly basis, while a neutral position on a monthly basis. On the upward
movement, beyond 290 it may go up to 296 and further up to 303, 319, 337. On the downward
movement, below 269 it may get support at 260.
Infosys (1659.20) :- It is moving upward from the bottom of 1486.60. It shows an over-
bought position on a daily, weekly and monthly basis. On the upward movement, beyond 1665 it
may go up to 1685, 1730 and 1774. On the downward movement, below 1620 it may get support at
1600.
Mah. Bank (51.65) :- It is moving upward from the bottom of 43.05. It shows an overbought
position on a daily and weekly basis, while towards an overbought position on a monthly basis. On
the upward movement, beyond 53 it may go up to 58, 61, 64, 68, 72. On the downward movement,
support could be at 48.
Wipro (485.05) :- It is moving upward from the bottom of 375.05. It shows a neutral position on
a daily basis, an overbought to a neutral position on a weekly basis and towards an overbought
position on a monthly basis. On the upward movement, beyond 492 it may go up to 506, 518, 529,
541, 553, 565, 577, 585. On the downward movement, below 468 it may get support at 462 and 455.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
: Golden quotes :
The Only source of Knowledge is experience
Financial Weekly TM

Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
HDFC debacle plays spoil sport

Mid-week bloodbath results in a negative week
The concluded week :- The third week though posted all time new highs for benchmarks on
intraday and closing basis, midweek bloodbath due to HDFC Bank's debacle coupled with weak
global trends and rising tension in neighboring countries kept a tab on market sentiment and thus
the week finally closed with loss. Thus the first and the last session gains fell short to recover the
midweek negative trades.
Anyhow, as expected by market veterans, the market that turned expensive and overdue for a
mega correction finally marked a big fall for Wednesday and small loss for Thursday. Good gains
for the first and the last session fell short. Market turned highly volatile and stock specific amidst Q3
number announcements as expected. FIIs turned mega net seller for the last three sessions till
Friday, and DIIs turned net buyers for the last three sessions. For the special session organized for
SaaS drill, both FIIs and DIIs were the net sellers.
Market kept opened for Saturday i.e. 20.01.24 for SaaS trials.
For the extended week, while BSE Sensex moved in the range of 73427.59 - 70665.50, NSE
Nifty hovered between 22124.15 - 21285.55.
The week marked LOSSof -1144.80 points for BSE Sensex and -322.75 points for NSE Nifty.
DIVIDEND The ensuing week :- Brent crude oil hov-

ANNOUNCEMENTS EX-BONUS ered in a narrow range to close the week at
Angel One (127%), PCBL (550%),
Goa Carbon (100%), IIFL Fin.
Integra M K Exim (1 for 2), 79.65$ per barrel, Rupee marked a slide to
(200%), ONE WAM (450%), KDDL SBC Exports (1 for 2)
(580%), Ksolves (75%), Mastek
end the week at Rs. 83.08 a dollar.For the
(140%), Metro Brands (55%), BONUS ANNOUNCEMENT
Choice Intl. (1 for 1), ensuing week, we have over 350 corporate
Poonawala Fincorp (100%), Suraj
Ltd. (15%),CESC (450%), Wendt FIEM (1 for 1), meets that will keep market on stock specific
India (350%), etc. Eastern Logica (5 for 1),
MAS Fin. (2 for 1), mode as usual. Market men some sops from
EX-SPLIT DRC System (2 for 1).
Trishakti Ind. (5 for 1) the interim budget. Announcement of gen-
BONUS MEET eral election programme will keep them on
RIGHTS ISSUE Cupid (23.01.24),
Adroit Info (2 for 3), Colab Cloud and their toes. Global trends will continue to im-
Indian Infotech (13 for 50), Rama Steel (24.01.24),
Mangalam Industrial (21 for 163), Capri Global (27.01.24),
Magnum Ventures (2 for 11) Cont...
M K Protein (30.01.24)
Financial Weekly TM

pact the general market sentiments.Partial holiday announced by Government for central depart-
ments, while Exchanges announced trading holiday for Currency Derivatives (including cross cur-
rency and interest rate derivatives), NDS-RST and Tri Party Repo. While a special trading session
is scheduled for Saturday January 20, 2024.
For ensuing week, we have just three sessions as Monday i.e. 22.01.24 is announced as a
special holiday on account of Ram MandirPranPratishtha at Ayodhya and Friday 26.01.24 on ac-
count Republic Day celebrations. Thus the truncated week will mark highly volatile trades.
Amidst such scenario the BSE Sensex may move in the range of 73000 - 69500 and NSE Nifty
in the range of 22000 - 19850 for the coming week.
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).
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
15-01-2024 73,049.87 73,402.16 72,909.00 73,327.94 759.49
16-01-2024 73,331.95 73,427.59 72,960.29 73,128.77 -199.17
17-01-2024 71,998.93 72,484.80 71,429.30 71,500.76 -1,628.01
18-01-2024 71,018.86 71,451.29 70,665.50 71,186.86 -313.90
19-01-2024 71,786.74 71,895.64 71,542.74 71,683.23 496.37
20-01-2024 72,008.30 72,026.26 71,312.71 71,423.65 -259.58
Net Weekly Loss -1144.8
NSE - Nifty Open High Low Close Diff
15-Jan-24 22,053.15 22,115.55 21,963.55 22,097.45 202.90
16-Jan-24 22,080.50 22,124.15 21,969.80 22,032.30 -65.15
17-Jan-24 21,647.25 21,851.50 21,550.45 21,571.95 -460.35
18-Jan-24 21,414.20 21,539.40 21,285.55 21,462.25 -109.70
19-Jan-24 21,615.20 21,670.60 21,575.00 21,622.40 160.15
20-Jan-24 21,706.15 21,720.30 21,541.80 21,571.80 -50.60
Net Weekly Loss -322.75
Cont...
Financial Weekly TM

Dr. A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Why do we expect the market to stay robust?
" In the coming quarters, the US is expected to reduce interest rates, attracting foreign inves-
tors to India.
" Limited appealing options for foreign investors elsewhere.
" A robust combination of healthy forex reserves and a narrowing Export-Import gap ensures a
stable currency.
" Positive indications of solid economic growth are evident in the strong growth of advance tax
estimates.
" Anticipation of an upcoming increase in private capital expenditure, coupled with a contin-
ued government focus on capital expenditure.
Kumar Mangalam Birla, Chairman of Aditya Birla Group, expresses his belief in 2024: "All engines
of the capex cycle - Centre, states, corporates, households - will start to fire."
" Bank balance sheets are more robust and cleaner.
" The power and renewable energy sector pipeline is set for a substantial investment of Rs
17.05 lakh crore.
" Domestic inflation remains stable and is expected to decrease gradually.
According to Shaktikanta Das, Governor of the Reserve Bank of India (RBI), "The last print for
inflation, for December, which came out just last week, [CPI] inflation has come at 5.7 per cent.
There is a lot of base effect on that. But it is gradually sort of moderating. It has started moderating.
It is steadily moving towards the target of 4 per cent."
Though the unforeseen risks will always remain, the given parameters and future plans are
pointing towards the sustained economic growth, which will lead to a rise in corporate profits.
Happy investing!
Dr. Anil Kumar Asnani
SEBI Reg. Research Analyst
Whatsapp: 9755920780
Mobile: 9131361959
Website: https://www.smartverc.com
Financial Weekly TM

Kishore Purswani
(Email: kishore.purswani@gmail.com)
Interpretation of Financial Statements-XXXIII

The Cash Flow Statement
Introduction
Mary Buffett in Chapter 50of her book "Warren Buffett and Interpretation of Financial Statements"
has delved into the importance of Cash Flow Statement. Warren has discovered that some of the
information found on a company's cash flow statement can be very useful in determining whether
or not the company is benefitting from having a durable competitive advantage.
Cash Flow Statement

A cash flow statement is a financial statement that provides a summary of how a company gen-
erates and uses cash over a specific period. It's a crucial financial document that helps assess the
liquidity, solvency, and overall financial health of the company. It's divided into three main sec-
tions: operating activities, investing activities, and financing activities.
OPERATING ACTIVITIES:
This section represents the cash flows from the primary business operations of the company. It
includes:
Cash inflows : From sales of goods or services, interest received, dividends received (if appli-
cable), etc.
Cash outflows : Payments to suppliers, salaries and wages, interest payments, income taxes,
other operational expenses.
INVESTING ACTIVITIES:
This section covers cash transactions related to investments in long-term assets. It includes:
Cash inflows: Sale of property, plant, equipment, or investments.
Cash outflows: Purchase of property, plant, equipment, or investments.
Cont...
Financial Weekly TM

FINANCING ACTIVITIES:
This section involves cash transactions related to financing the business. It includes:
Cash inflows : Issuing stock, taking loans, bond issuances, etc.
Cash outflows : Repurchasing stock, paying dividends, paying off loans, etc.
PURPOSE OF CASH FLOW STATEMENT:

Cash flow statement helps determine the company's ability to generate cash and meet its short-
term obligations. Analysing the cash flow statement provides insights into the company's ability to
finance its operations, invest in growth, and handle debt. Investors and creditors use the cash flow
statement to assess the company's ability to pay dividends, service debt, and fund future growth.
Conclusion :- The cash flow statement is critical for understanding a company's cash position,
its ability to generate future cash flows, and how it uses cash for various activities. A well-prepared
cash flow statement provides a comprehensive view of thecompany's cash position, its sources,
and uses of cash, offering valuable insights into its financial performance and stability. It comple-
ments other financial statements like the income statement and balance sheet to provide a com-
prehensive view of the company's financial health.
Happy investing! : Kishore Purswani
M No 9425604104, : Mail id: kishore.purswani@gmail.com
Smart Investment Website Index
53,333 hits only 1 Week
Total number of Hits
2,12,44,444
Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
Financial Weekly TM

Scrip Watch - Siddharth Shah
Asian Paints (Rs 3156.00) (Code : 500820) :- Asian Paints Ltd reported a 35 per
cent year-on-year (YoY) rise in consolidated net profit (after minority interest) at Rs 1,447.70 crore
for the December quarter compared with Rs 1,072.70 crore in the same quarter last year. The
consolidated net sales for the quarter rose 5.4 per cent to Rs 9,074.90 crore compared with Rs
8,607.50 crore in the corresponding quarter last year. the top and bottomline growth figures largely
met Street expectations. The paints maker reported a volume growth of 12 per cent and value
sales of 5.5 per cent in the decorative business. Asian Paints said its industrial business saw
double-digit revenue growth. Profit before depreciation, interest, tax, other income, and excep-
tional items (PBDIT) jumped 27.6 per cent to Rs 2,056.10 rcore from Rs 1,611.4 crore YoY. PBDIT
Margin as percentage to net sales improved to 22.7 per cent from 18.7 per cent in the correspond-
ing period of the previous year. International Business registered increased profitability with growth
in Middle East and Africa; remained constrained by macro - economic headwinds, inflation in key
markets of South Asia and Egypt. Accumulate.
LTTS (Rs 5421.00) (Code : 540115) :- Motilal Oswal has buy call on L&T Technol-
ogy Services Ltd. with a target price of Rs 6220. The current market price of L&T Technology
Services Ltd. is Rs 5508. Engineering services firm L&T Technology Services Ltd (LTTS) reported
a 13% year-on-year (YoY) rise in net profit at ?336.2 crore for the third quarter that ended Decem-
ber 31, 2023. The company's revenue from operations increased 12% to ?2,422 crore against
2,157 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted
revenue of 2,454 crore for the quarter under review. EBIT margin stood at 17.2%. During the quar-
ter, LTTS signed a total of six $10-million plus TCV (total contract value) deals across all industry
segments, including one $40-million deal and one $20-million deal. Additionally, the company
signed two significant empanelment agreements. Buy.
LIC (Rs 943.00) (Code : 543526) :- State-run insurance behemoth LIC has reclaimed
its position as the most valued listed public sector undertaking, surpassing the market capitaliza-
tion of SBI. SBI boasts of a market value of Rs 5.63 lakh crore, while LIC has topped it with a market
capitalisation (MCap) of Rs 5.64 lakh crore. LIC has gained over 22 percent in 2023 and jumped
7.5 percent so far in 2024, while SBI advanced nearly 5 percent last year and lost over 1 percent so
far this year. The state-run insurer recently said it plans to launch three-four products in the coming
months to achieve double-digit growth in new business premium this fiscal year. Chairman
Siddhartha Mohanty in a recent CNBC interview expressed confidence in reaching this target,
citing an uptick in individual retail business. 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
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

Market Tips - Het Zaveri
Deepak Nitrite (Rs 225.00) (Code : 506401) :- Deepak Nitrite is a prominent Indian
chemical company that operates across a diverse range of industries, including chemicals, phar-
maceuticals, and performance products. With a rich history spanning several decades, the com-
pany has established itself as a key player in the global market. Deepak Nitrite had announced
that it was going in for fluorination to manufacture one of the fluorinated intermediates (BTF from
BTC and HF). The key rationale for this investment is that Deepak has been supplying TFMAP (a
key intermediate of Trifloxystrobin, forward integration of BTF) for the last 7-8 years, as per the
brokerage estimates. The stock has been in solid consolidation mode and likely to resume upmove
anytime soon. Buy.
Coforge (Rs 6341.00) (Code : 532541) :- Coforge Limited has recently launched the
Quasar Responsible AI solution, aiming to ensure ethical, fair, transparent, and regulatory-compliant
AI applications. The company reported that it addresses biases in datasets and models, identifies
potential risks, and offers tools for governance and mitigation. The Quasar Responsible AI com-
prises five offerings—Fairness AI, Explainable AI, Compliance AI, Trust AI, and Governance AI—to
tackle diverse challenges in Responsible AI implementation. Coforge is already empowering lead-
ing Fortune 1,000 companies with personalised AI solutions through Coforge Quasar Cognitive AI,
covering areas such as Machine Learning, Computer Vision, Natural Language Processing, Speech-
to-Text/Text-to-Speech, and Knowledge Graphs. With the introduction of Coforge Quasar Respon-
sible AI, its portfolio now encompasses three facets of AI: Cognitive AI, Generative AI, and Respon-
sible AI, effectively meeting the diverse business requirements of our customers. Invest.
Sobha Ltd (Rs 1487.00) (Code : 532784) :- Sobha Limited’s stock rose sharply in
Thursday's trade to scale their one-year high level. The stock surged 17.08 per cent to hit 52-week
high price of Rs 1,552.30. At this price, the multibagger scrip has rallied 276.41 per cent from its
one-year low of Rs 412.40, a level seen on March 29 last year. The company stated that a board
meeting is scheduled to be held January 22 to consider the proposal of fund raising by way of
equity shares through rights issue. Sobha's pre-sales (by value) set a new record for the seventh
consecutive quarter in Q3 FY24. Its total pre-sales came in at Rs 1,950 crore (up 37 per cent YoY/
13 per cent QoQ). The company's share in bookings was Rs 1,740 crore (up 56 per cent YoY/36
per cent QoQ) on the back of higher realisation of Rs 11,732/sft (up 22 per cent YoY/15 per cent
QoQ). The company registered its highest-ever pre-sales in Bengaluru, both in terms of volumes
and value, selling 1.25msf (75 per cent share in overall bookings) led by launch of the Neopolis
project, which contributed 54 per cent to overall sales by value. Bookings also surged 59 per cent
YoY in the Kerala region. The company completely sold off Sobha city in Gurugram during the
quarter. Projects in the GIFT City are also witnessing higher traction. Buy in phased manner.
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
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

SMART TIPS Smita N. Zaveri
JK Tyre (Rs. 443.00) (Code: 530007) :- The shares of this tyres and rubber company
are listed in A group and have a face value of Rs. 2. The shares touched a high of Rs. 446 and low
of Rs. 141 in the last 52 weeks. Promoter holding in the company is 56.26%. The JK group com-
pany is a leading manufacturer of tyres with plants in Mysore, Bangalore, Chennai, and Kankroli. It
is the top manufacturer of bus tyres in the country. Demand for commercial vehicles is also robust
due to rising cargo demand, which will boost its margins. It has a market cap of Rs. 11,158 crore.
The company has rewarded shareholders with bonus shares and dividends in the past. For the
September quarter, income went up from Rs. 3756 crore to Rs. 3897 crore, even as net profit
jumped from Rs. 51.31 crore to Rs. 242.11 crore. Quarterly EPS was Rs. 9.33. The stock can be
seen touching Rs. 500 in the medium to long term.
Apollo Tyres (Rs. 503.00) (Code: 500877) :- Apollo Tyres is a leading tyre brand in
India and an international company. The company has six manufacturing plants, including four in
India and one in the Netherlands and Hungary. It is establishing another plant in Andhra Pradesh.
The company markets its products under its two global brands, Apollo and Vredestein. Its products
are available in over 100 countries through branded, exclusive and multi-product outlets. Its prod-
uct portfolio includes the entire range of passenger cars, SUVs, MUVs, light trucks, truck-bus, two-
wheelers, agriculture, industrial, speciality, bicycle and off-the-road tyres. It ranks among the glo-
bal top 20 tyre makers and has been recognised as the ‘Best Company To Work For’ both in Asia
and Europe. Its reserves of Rs. 12,814 crore are over 200 times the equity of Rs. 63 crore. The
company is a bonus candidate. Its market cap is Rs. 27,874 crore. For the September quarter,
income was Rs. 6304 crore and profit Rs. 474 crore.
Pricol (Rs. 375.00) (Code: 540293) :- The shares of this auto parts company are listed
in A group and have a face value of Re. 1. The shares touched a 52-week high of Rs. 392 and low
of Rs. 174. The company’s market cap is Rs. 4624 crore. Promoter holding is 38.51% and public
shareholding is 61.49%. Pricol makes automotive parts and equipment for commercial, passenger
and off-road vehicles. Its products are divided into four categories, viz. driver information systems
and sensors, asset management solutions, telematics control and security solutions, and five me-
chanical products. It has seven subsidiaries and operates in 45 countries. It has 43 global clients
including Harley Davidson, Honda and Suzuki, and 58 domestic clients such as Tata Motors,
Mahindra, and Maruti Suzuki. It has formed a JV with Hong Kong’s Zorg to develop parking sys-
tems. Its equity is Rs. 12 crore and reserves are Rs. 692 crore. Pricol’s income in the September
quarter went up from Rs. 516 crore to Rs. 581 crore, while net profit fell from Rs. 47 crore to Rs. 33
crore.
Suprajit Engg. (Rs. 391.00) (Code: 532509) :- The sales numbers of automobile
companies show that the sector is back on track, which also augurs well for auto ancillary compa-
nies. Suprajit Engineering is an auto components maker and makes products such as control cables,
speedo cables, auto lamps, etc. Its products are also used in used vehicles. The company fortified its
presence in the auto lamp segment by taking over Phoenix Lamps some time back. Its shares are
listed in the A group and have a face value of Re. 1. The shares touched a 52-week high of Rs. 446
and low of Rs. 317. The company’s market cap is Rs. 5389 crore. Its equity is Rs. 13 crore and
reserves are Rs. 1210 crore. Suprajit Engineering’s income in the September quarter fell from Rs.
737 crore to Rs. 727 crore and profit from Rs. 45 crore to Rs. 33 crore. The stock can be a good pick.
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 19th January, 2024 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

Smart super duper - Het Zaveri
Aarti Industries (Rs. 678.00) (Code: 524208) :- The company is part of F&O. The
Commodity Chemical sector company is based in Mumbai and owns 18 units of which the majority
units are in the western part of the country. It manufactures which manufactures chemicals and
pharma products that are used in fertilizer agro chem, polymers, adhesives, surfactants, pigments,
dyes, etc. It is planning to demerge its personal and home care business. It also owns two R&D
centers and has employed more than 150 scientists and engineers. Moreover, it could save Rs. 25
crore due to three co-generation power plants. As against equity of Rs. 181 crore, the company has
reserves of Rs. 4848 crore. In the September quarter, the company's net profit decreased from Rs.
124 crore to Rs. 90 crore, while income decreased from Rs. 1685 crore to Rs. 1454 crore. Once the
share prices were above Rs. 1000 level, which have come down to Rs. 700. It can be purchased in
two-three phases at any correction.
Vaibhav Global (Rs. 497.00) (Code: 532156) :- Earlier it was knows as Vaibhav
Gems. The stock prices have witnessed a dramatic change in the last decade. It was being traded
around Rs. 25 in 2013, which went up to Rs. 1050 in 2021 from there came down to 269 and now
it is around Rs. 500. As against equity of Rs. 32.58 crore, the company's reserves stand at Rs.
1190 crore. In the first six months of FY2024, the company's income increased from Rs.1275 crore
to Rs. 1363 crore, while profit increased from Rs. 43 crore to Rs. 59 crore. Vijay Kedia and Ashish
Kacholiya hold 2.01% and 1.21% stake in the company respectively. It can be considered for in-
vestment in a phased manner.
RVNL (Rs. 201.00) (Code: 542649) :- Before one and a half year, the stock was being
traded around R.s 30-40 and was in this range for a long time. The company has become multi
bagger. It is active in railway and normal infrastructure segment. The major part of the company's
book consists of railway infrastructure and metro projects. As against equity of Rs. 2085 crore, the
company has reserves of Rs. 5823 crore. In the September quarter, the company's income in-
creased from Rs. 4909 crore to Rs. 4914 crore, while profit increased from Rs. 381 crore to Rs. 394
crore. The stock has witnessed a one sided bullish wave, so it can be considered at any correction.
PNC Infratech (Rs. 406.00) (Code:539150) :- The company had come up with IPO
in 2015 at price of Rs378 and gave good return after listing. The company split the share from face
value of Rs10 a share to Rs2 a share. It has decided to sellout 12 highway assents which will bring
a huge fund for the company. It has also bagged a new order in Madhya Pradesh. The promoters
hold 56.07% and public hold 43.93% stake in the company. The company's market cap is Rs.
10453 crore. The company is active in infrastructure segment like EPC, DBFOT and OMT. The
company has completed projects in Rajasthan, Punjab, Haryana, Uttarakhand, Uttar Pradesh, Delhi,
Bihar, West Bengal, Assam, Madhya Pradesh, Maharashtra, Karnatak and Tamil Nadu. In the
September quarter of FY2024, the company's income increased from Rs. 1795 crore to Rs. 1911
crore, while profit increased from Rs. 132 crore to Rs. 148 crore. The stock is good option for
investment in phased manner in long term.
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

A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Did the tsunami come and go?

In the last week, there was a big drop in the Nifty index on Wednesday and Thursday. There
was a break in the full pink boom. The index crossed a new high of 73425 above. It closed at 71865
last Thursday. Last week turned out to be highly volatile. Bank Nifty also saw an unexpected drop
of 2000 points. All eyes are on when the US interest rate cut will happen. In India too, before the
elections or in the upcoming budget, petrol-diesel prices will be at least Rs. 5 decrease. This leads
to buying in HPCL and BPCL with stop loss of 3 to 5. The reduction seen on Wednesday and
Thursday was relieved on Friday as everyone turned bullish.
HDFC Bank sells for a price of 1475 from a stop loss of 1510. No bad news is expected. After
Reliance 2720, it will be touched to Rs 2790.
Adani Power will make a long-term investment around 520 stoplosses. If the trend is seen going
against BJP, it is wise to get out of this group.
Delta :- After 60 percent decline in profit, this share seems to have taken support around 140, A
target price of 150 can be set.
Suzlon :- Looks like collecting every low but keeping stop loss at 35. Something seems to be
brewing in this stock.
Lower stocks in LIC and Minda Corp. are going to good houses.
Congratulations to Mr. Dilipbhai, editor of Smart Investment, as Smart

Investment enters its 25th year. We have been associated with Gujarati
papers for 20 years and English papers for 15 years. Whether it is a boom
or a recession, investors must read this paper every Monday. The reason
for this could be its authors. Nothing is written here with money power.
After the success of the Gujarati paper came the English weekly and the
news letter also added a following to Smart's team.
Thanks to Smart's team too and wish more and more people take interest!
Financial Weekly TM

Salasar Techno Engineering ; CMP - Rs. 79.3 BSE: 540642“ NSE : SALASAR
Fixes Feb 01 as Record date for 4:1 Bonus Issue
Corporate SCAN
Salasar Techno Engineering Ltd. (STEL)
(BSE: 540642, NSE: SALASAR)engaged in
manufacturing of large & heavy steel structures,
and providing customized steel structures and
EPC solutions to diverse range of industries in-
cluding telecom, power, railways and others has
announced that its board has fixed February
01, 2024 as record date for the purpose of as-
certaining the eligibility of shareholders for en-
titlement of bonus shares, subject to the ap-
proval of shareholders being obtained through the postal ballot notice.

Earlier, the board Recommended the issue of Bonus Shares in the proportion of 4:1 i.e. 4 new fully
paid-up bonus equitys hare of Rs.1 each for every 1 existing fully paid-up equity share of Rs. 1 each held
by the Members of the Company as on the Record Date, subject to shareholders and other statutory
approvals.
Earlier, the company was awarded a contract, valued at Rs. 3,640 Million. The contract focuses on
execution of Loss Reduction work in Turnkey Mode. The contract signals a significant milestone for The
Company, involving a comprehensive scope of work aimed at enhancing the power infrastructure in Erode
district of Tamil Nadu. Under the contract, STEL is entrusted with the Supply, Erection, and Installation of
Feder Segregation, High Voltage Distribution System, Separation of Double Distribution Transformer,
and Augmentation of 33KV Lines. The above contract further strengthens the order book and is expected
to get completed within 36 months, yielding heathy EBITDA margins.
Commenting on the order win, the management team of STEL said: "We are delighted to announce a
significant achievement that underscores our commitment to excellence and our capabilities in delivering
cutting-edge infrastructure solutions. STEL has secured a monumental EPC contract valued at Rs. 3,640
million from the Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO). The contract
focuses on executing loss reduction work in the Turnkey Mode. We will handle every aspect of the project,
from design and engineering to manufacturing, testing, supply, erection, and installation of Feder Segre-
gation, High Voltage Distribution System, Separation of Double Distribution Transformer, and Augmenta-
tion of 33KV Lines. The project will be executed in successive phases."
Incorporated in 2006, Salasar Techno Engineering Limited is a provider of customized steel fabrica-
tion & infrastructure solutions in India. It provides 360-degree solutions by carrying out engineering,
designing, fabrication, galvanization and deployment. STEL's product portfolio includes telecommunica-
tion towers, power transmission line towers, smart lighting poles, utility poles, high mast poles, stadium
lighting poles, monopoles, substation structures, solar module mounting structures, railway electrification
(OHE), Road & Railway Over-Bridges (ROB) and customised galvanized & non-galvanized steel struc-
tures. STEL's services include providing com-
plete Engineering, Procurement & Control (EPC)
for projects such as rural electrification, power
transmission lines and solar power plants. STEL
is among the leading manufacturers with the
current installed capacity of 2,11,000 MTPA
having supplied, 50,000+ Telecom Towers,
~746 km of Power Transmission Lines, ~629 km
Railway Track, to 600+ clients in 25+ Countries.
***
Financial Weekly TM

Primary Market - Dilip K. Shah
In the first 16 days of 2024, total 38 IPO entered the world market, of which 11 were from India
Due to robust listing of IPOs and bullish wave in the secondary market, total 42
lakh new demate accounts were opened in December: Total number 13.9 crore
On account of the bullish wave in the secondary market, long queue of Rights issue: 50 cos to raise Rs. 55000 crore
This week total 20 issues including 2 Mainboard, 10 SME, 4 NCDs, 4 Rights in the market
EPACK Durable got 0.80x subscription on the first day
Nova Agritech's issue will open on January 22 and close on January 24
NSE SME KOnstelecEngg. and Addictive Learning will open on January 19 and close on January 23
FoneboxRetial and DelaPlex NSE SME IPO to open on January 24 and Megatherm on January 25
BSE SME IPOs of Qualitek Labs, Euphoria Infotech and Brisk Techno to open on Jan 18, 19 and 22 respectively
Maxposure NSE SME IPO got 987x subscription ; Jyoti CNC listed on January 16 with 12.39% premium
Blockbuster listing of SME IPO: : Australian 159%, New Swan 90%, Marutinandan 40% premium
Medi Assist closed with 16.25x subscription: Will list in new week
SME IPO subscription: Lawsikho 22.68x, Konstelec 26.28x, Euphoria 24.62x
How and when will be allotment and listing in EPACK, Nova Agri., MediAssist IPOs?
Four Rights issues including Latim Metal, Ind.Renewable, GRASIM are in the market
Four NCDs issues including Edelweiss, Muthoot Fincorp., Chola Invest, Indus Money are in the market
Next week SME IPOs Maxposure, Lawsikho, Konstelec, Fonebook may get listed with high premium
Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Lead Manager Rating & Remark
Issue Close Dt. (Rs. Cr.) (Rs.) (Out of 50%)
1. EPACK 19-1-2024 Fresh : 1,73,91,304 Sh. 218 to 230 Axis Capital, DAM Cap. 32%
Durable 23-1-2024 OFS : 1,04,37,047 Shares FV Rs 10 ICICI Sec. Apply for Long Term
Total : 2,78,28,351 Shares
Rs 640.05 Cr.
2. Nova AgriTech 23-1-2024 Fresh : 2,73,17,073 Sh. 39 to 41 Keynote Financial 34%
Limited 25-1-2024 OFS : 77,58,620 Shares FV Rs 2 Bajaj Capital Apply for
Total : 3,50,75,693 Shares Medium Term
Rs 143.81 Cr.
Subscription Figure of
Medi Assist Main Line IPOs
No. Shares Issue Subscribed
Offered/ 15-1- 16-1- 17-1-
Reserved 2024 2024 2024
EPACK Durable IPO QIB 56,05,634 0.00x 0.01x 40.14x Nova AgriTech IPO
N II 42,04,226 0.45x 1.61x 14.85x
Application Shares Amount Application Shares Amount
R eta il 9,89,859 0.91x 1.72x 3.19x
(Rs) (Rs)
Total 2,80,28,168 0.55x 1.21x 16.25x
Retail (Min) 65 14,950 Retail (Min) 365 14,965
Retail (Max) 845 1,94,350 Subscription Figure of Retail (Max) 4745 1,94,545
S-HNI (Min) 910 2,09,300 EPACK Durable S-HNI (Min) 5,110 2,09,510
S-HNI (Max) 4,290 9,86,700 S-HNI (Max) 24,090 9,87,690
Main Line IPOs
B-HNI (Min) 4,355 10,01,650 B-HNI (Min) 24,455 10,02,655
No. Shares Subscribed
Offered/ 19-1-
Reserved 2024
QIB 55,65,670 0.01x
N II 41,74,253 0.85x
R eta il 97,39,923 1.24x
Total 2,78,28,350 0.80x
Cont...
Financial Weekly TM

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. LawSikho 19-1-24 Fresh : 41,37,000 Sh. 130 to 140 1000 Shares Narnolia Fin. 35%
India 23-1-24 OFS : 1,60,000 Sh. (FV Rs. 10) Rs. 1,40,000 Apply for Short Term
Total : 42,97,000 Sh. (Listing Gain)
Rs. 60.16 Cr.
2. Konstelec 19-1-24 41,00,000 Shares 66 to 70 2000 Shares Beeline Capital 36% ; Apply for
Engg. 23-1-24 Rs 28.70 Cr. (FV Rs. 10) Rs. 1,40,000 Short term (Listing Gain)
3. Fonebox 24-1-24 29,10,000 Shares 66 to 70 2000 Shares Beeline Capital 32% ; Apply for
(Fonebook) 29-1-24 Rs 20.37 Cr. (FV Rs. 10) Rs. 1,40,000 Medium Term
4. DelaPlex 24-1-24 Fresh : 18,00,000 Sh. 186 to 192 600 Shares Shreni Shares 32%
29-1-24 OFS : 6,00,000 Sh. (FV Rs. 10) Rs. 1,15,200 Apply for Mid Term
Total : 24,00,000 Sh.
Rs 46.08 Cr
5. Megatherm 25-1-24 49,92,000 Shares 100 to 108 1200 Shares Hem Securities Next Week
Induction 30-1-24 Rs 53.91 Cr (FV Rs. 10) Rs. 1,29,600
6. Baweja 29-1-24 Fresh : 40,00,000 Sh. 170 to 180 800 Shares Fedex Securities Next Week
Studios 1-2-24 OFS : 14,00,000 (FV Rs. 10) Rs. 97.20 Cr
Total : 54,00,000 Sh.
Rs 97.20 Cr
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. Qualitek 18-1-24 19,64,400 Shares 100 1200 Shares Oneview 24%
Labs 22-1-24 Rs. 19.64 Cr. (FV Rs. 10) Rs. 1,20,000 Corporate Clear Avoid
2. Euphoria 19-1-24 9,60,000 Shares 96 to 100 1200 Shares Khandwala 28%
Infotech 23-1-24 Rs. 9.60 Cr. (FV Rs. 10) Rs. 1,20,000 Securities Avoid
3. Brisk 22-1-24 8,00,000 Shares 156 800 Shares Sun Capital 26%
Technovision 24-1-24 Rs. 12.48 Cr. (FV Rs. 10) Rs. 1,24,800 Keep Away
4. Harshdeep 25-1-24 42,42,000 Shares 42 to 45 3000 Shares Hem Securities 31% ; Apply for
Hortico 30-1-24 Rs. 19.09 Cr. (FV Rs. 10) Rs. 1,35,000 Long term
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. Latim 10-1-2024 4,41,57,150 8.50 1 Shares for every BSE -- May Apply
Metal and to Shares (F.V. Rs.1) 2 Shares held on Registrar (Long Term)
Industries 29-1-2024 (Rs. 37.53 Cr.) 2-1-2024 Skyline Financial
2. Ind 18-1-2024 -- 21 4 Shares for every BSE -- Avoid
Renewable to Shares (F.V. Rs.10) 1 Shares held on Registrar
Energy 29-1-2024 (Rs. 25.43 Cr.) 8-1-2024
3. GRASIM 17-1-2024 2,20,73,935 1812 6 Shares for every BSE Axis Cap., BoFa S, Apply More
Industries to Shares (F.V. Rs.2) 179 Shares held on NSE Jefferies, JM Fin., than
29-1-2024 (Rs. 3999.80 Cr.) 10-1-2024 Kotak Mh., SBI Cap. Entitlement
4. Gen- 22-1-2024 -- 1.75 1 Shares for every BSE -- Avoid
pharmasec to Shares (F.V. Rs.1) 1 Shares held on Registrar
9-2-2024 (Rs. 48.45 Cr.) 9-1-2024
Listing Information of SME & Main Line IPOs

Co. Name Listing Code Offer Listing Listing Listing Listing CMP
Date Price Price Day Day Day 19th
(Rs.) (Rs.) High Low Close January
Jyoti CNC (IPO) 16-1-2024 544081 331.00 372.00 444.80 370.05 433.15 435.45
IBL Finance (NSE SME) 16-1-2024 IBLFL 51.00 56.00 58.80 56.00 58.80 67.95
New Swan (BSE SME) 18-1-2024 544082 66.00 125.40 131.67 125.40 131.67 138.25
Australian Pr. (NSE SME) 18-1-2024 APS 54.00 140.00 147.00 140.00 147.00 154.35
Shree Maruti (BSE SME) 19-1-2024 544083 143.00 200.00 210.00 200.00 210.00 210.00
Financial Weekly TM

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
Main Line IPOs

Medi Assist Main Line IPO 35 397 to 418 33 to 35 1200
Small HNI 16,500
Big HNI -- 16,500
EPACK Durable Main Line IPO 65 218 to 230 32 to 34 225 1,000
Small HNI -- 14,000
Big HNI 2,700 14,000
Nova AgriTech Main Line IPO 365 39 to 41 18 to 20
Small HNI
Big HNI
Bajaj Auto Buy Back 1,500 7,100 (B)
(After 35 days 1% Interest) (1 Shares) 7,500 (S)
SME IPOs
Maxposure Limited NSE SME 4000 31 to 33 78 to 80 2,50,000
Qualitek Labs BSE SME 1200 100 ---
Lawsikho NSE SME 1000 130 to 140 150 to 155 1,50,000
Konstelec Engg. NSE SME 2000 66 to 70 65 to 70 80,000
Euphoria Infotech BSE SME 1200 96 to 100 75 to 80 --
Brisk Technovision BSE SME 800 156 0.00
Fonebook NSE SME 2000 66 to 70 48 to 50 40,000
DelaPlex NSE SME 600 186 to 192 58 to 60 10,000
Megathern Induction NSE SME 1200 100 to 108 38 to 40 15,000
Harshdeep Hortico BSE SME 3000 42 to 45 12 to 14 ---
Bewaja Studio NSE SME 800 170 to 180 --- ---
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Non Convertible Debenture (NCD) Issues at a Glance

Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
1. Edelweiss 9-1-2024 Base Size Rs 125 Cr. 1,000/- 10 NCDs BSE CRISIL
Financial 22-1-2024 Shelf : 250 Cr. (Rs.10,000) A+/Stable Apply for
Services Lead manager : Trust Inv., Nuvama W & Long Term
Registrar : KFin Technologies ICRA AA+
2. Muthoot 12-1-2024 Base Size Rs 75 Cr. 1,000/- 10 NCDs BSE CRISIL
Fincorp. 25-1-2024 Shelf : 1100 Cr. (Rs.10,000) AA-/Stable Apply for
Lead manager : SMC Capital by CRISIL Mid Term
Registrar : Integrated Registry
3. Chola- 19-1-2024 Base Size Rs 500 Cr. 1,000/- 10 NCDs BSE IND A+/Stable
Apply for
mandalam 2-2-2024 Shelf : 5000 Cr. (Rs.10,000) NSE ICRA AA+
Investment Lead manager : A.K. Capital (Stable)
Long Term
Registrar : KFin Technologies
4. Indel 30-1-2024 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE CRISIL Apply for
Money 12-2-2024 Shelf : -- Cr. (Rs.10,000) BBB+/Stable Medium
Lead manager : Vivro Financial by CRISIL
Term
Registrar : Link Intime India Pvt. Ltd.
Financial Weekly TM

Subscription figure of Subscription figure of
360 One Limited NCDs Issue Edelweiss Finance
Category No. of Bond Issue Category No. of Bond Issue
(Issue Closed Offered/ Subscribed Offered/ Subscribed
15-1-2024) Reserved 15-1-2024 Reserved 19-1-2024
Institutional 4,00,000 10.05x Institutional 1,25,000 0.01x
Non Inst. 4,00,000 10.68x Subscription figure of Non Inst. 1,25,000 1.44x
HNI 6,00,000 6.11x Muthoot Finance HNI 5,00,000 0.94x
Retail 6,00,000 8.68x Retail 5,00,000 2.43x
Total 20,00,000 8.58x Category No. of Bond Issue Total 12,50,000 1.50x
(Issue Closed on Offered/ Subscribed
Subscription figure of 19-1-2024) Reserved 19-1-2024 Subscription figure of
Cholamandalam Investment Institutional 50,000 0.00x Muthoot Fincorp.
Non Inst. 3,00,000 6.19x
Category No. of Bond Issue HNI 3,00,000 2.98x Category No. of Bond Issue
Offered/ Subscribed Retail 3,50,000 7.25x Offered/ Subscribed
Reserved 19-1-2024 Total 10,00,000 5.29x Reserved 19-1-2024
Institutional 15,00,000 1.33x Institutional 37,500 0.01x
Non Inst. 12,50,000 2.84x Non Inst. 2,62,500 2.42x
HNI 12,50,000 1.67x Retail 4,50,000 6.04x
Retail 10,00,000 2.56x Total 7,50,000 4.47x
Total 50,00,000 2.04x
Grey market Movement

High volatility in the Grey market due to entry of a dozen issues in the primary market
Majority of the mainboard issues lack fancy, nominal ups and downs witnessed
Medi Assist premium crumble, EPACK stable, Nova Agritech touch the sky
Maxposure IPO premiums sky rocked to 80 after 987x subscription
Konstelec and Lawshikho premiums witness 100% spurt
Fonebook premium are near to offer price, Megatherm stable
Harshdeep Hortico premium started at 12/14
Qualitech Labs, Brisk Technovision and Bewaja premiums are zero due to lack of deals
High volatility in the Grey market is seen due to entry of a dozen issues in the primary market
including two mainboard and 10 SME IPOs. Majority of the mainboard issues lack fancy, there-
fore, nominal ups and downs witnessed. SME IPO premiums have been highly volatile.
* Mainobard IPO:- Medi Assist premiums have come down from Rs. 54/55 to Rs. 33/34, while
EPACK Durable premiums are stable at Rs. 32/34. Nova Agritech premiums started at Rs. 6/7
and touched Rs. 20.
* SME IPOs :- Maxposure IPO premiums sky rocked to 80 after 987x subscription, which is
double than the offer price. Konstelec and Lawshikho premiums have witness 100% spurt.
Fonebook premium are near to offer pricem wguke Delaplex and Megatherm witness 20-30
premiums. Harshdeep HOrtico premiums are believed to be at Rs.12-14. Qualitech Labs, Brisk
Technovision and Bewaja premiums are zero due to lack of deals.
Financial Weekly TM

Subscription Figures of SME IPO (Dt.19-1-2024)
IPO Listing Day Subscribed
Maxposure Limited NSE SME Issue Closed on 17-1-2024 987.47x
Qualitek Lab BSE SME 2nd Day Subscribed 7.86x
LawSikho India NSE SME 1st Day Subscribed 22.68x
Konstelec Engg. NSE SME 1st Day Subscribed 26.28x
Euphoria Infotech BSE SME 1st Day Subscribed 24.62x
Brisk Technovision BSE SME Issue Opens on 22-1-2024 ---
Fonebox Retail NSE SME Issue Opens on 24-1-2024 ---
DelaPlex NSE SME Issue Opens on 24-1-2024 ---
Megatherm Induction NSE SME Issue Opens on 25-1-2024 ---
Harshdeep Hortico BSE SME Issue Opens on 25-1-2024 ---
Baweja Studios NSE SME Issue Opens on 29-1-2024 ---
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
Main Line IPOs
EPACK Durable IPO 23-1-24 24-1-24 25-1-24 25-1-24 29-1-24
Nova Agritech IPO 25-1-24 29-1-24 30-1-24 30-1-24 31-1-24
SME IPOs
Maxposure Limited NSE SME 17-1-24 18-1-24 19-1-24 19-1-24 22-1-24
Qualitek Labs Limited BSE SME 22-1-24 23-1-24 24-1-24 24-1-24 25-1-24
LawSikho India NSE SME 23-1-24 24-1-24 25-1-24 25-1-24 29-1-24
Konstelec Engg. NSE SME 23-1-24 24-1-24 25-1-24 25-1-24 29-1-24
Euphoria Infotech BSE SME 23-1-24 24-1-24 25-1-24 25-1-24 29-1-24
Brisk Technovision BSE SME 24-1-24 25-1-24 29-1-24 29-1-24 30-1-24
Fonebox Retail NSE SME 29-1-24 30-1-24 31-1-24 31-1-24 1-2-24
DelaPlex NSE SME 29-1-24 30-1-24 31-1-24 31-1-24 1-2-24
Megatherm Induction NSE SME 30-1-24 31-1-24 1-2-24 1-2-24 2-1-24
Harshdeep Hortico BSE SME 30-1-24 31-1-24 1-2-24 1-2-24 2-2-24
Baweja Studios NSE SME 1-2-24 2-2-24 5-2-24 5-2-24 6-2-24
Financial Weekly TM

India the best in IPO performance:- Amid the geo-political tension due to war between Russia
and Ukraine, Gaza and Israel and tension between Iran and Pakistan, along with attacks on the
vessels in the red sea, Indian Share Markets' performance has been robust. In the first 16 days of
2024, total 38 IPO entered the world market, of which 11 were from India. Till now, only three IPOs
have been launched in USA and 1 in Middle-East. No IPO has been launched in European share
markets.
Due to robust listing of IPOs and bullish wave in the secondary market, the investors' confi-
dence in the Indian markets is at peak. As a result total 42 lakh new demate accounts were opened
in December, while 28 new demate accounts were added in November. Total demate account has
touched 13.9 crore by 2023. According to Moody's, a number of insurance companies are planning
to enter the market with IPOs and merger and acquisition activities have also increased leading to
strengthening capital adequacy ratio.
* Rights Issues :-On account of the bullish wave in the secondary market, nearly 50 companies
have announced to come up with Rights issues worth Rs. 5500 crore. It should be noted that in in
2020, Rs. 64984 crore were raised through Rights Issues.
* Last week's mainboard and SME IPOs:-
Medi Assist HC (Main Line) :- Rs. 1171.58 crore issue closed on January 17 with total 16.25x
subscription including QIB : 40.14x, HNI : 14.85, bHNI : 17.22x, SHNI 10.12x and retail 3.19x.
Listing will be on January 22 around 450-460 and may cross Rs. 450 level in the good market.
Max Posure Ltd (NSE SME) :- Rs. 20.26 crore issue closed on January 17 with total 987.47x
subscription including 1034.23x in retail. Issue listing on January 22 could be a block bust. As
against offer price of Rs. 33 it may get listed around Rs. 75-80 and may touch Rs. 100 in a good
market.
* Listing:-
Jyoti CNC (544081) :- It listed with 12.39% premium at Rs. 372 on January 16 and went up to
Rs. 474.15 and down to Rs. 452 before closing at Rs. 455.
IBL Finance (NSE SME) :- Issue with an offer price of Rs. 51 listed on January 16 at Rs. 56,
i.e.9.80% premium.
New Swan Multitech (544082) :- issue with an offer price of Rs. 66 listed on January 18 with
90% premium at Rs. 125.
Australian Premium (NSE SME) :- Issue with an offer price of Rs. 54 listed on January 18 with
159.26% premium at Rs. 140.
Shree Marutinandan (544083) :- Issue with an offer price of Rs. 54 listed on January 18 with
39.86% premium at Rs. 200.
* This week's mainboard IPOs:-
• EPACK Durable Ltd :- Rs. 640 crore issue with a price band of Rs. 218-230 opened on
January 19 and close on January 23.
Cont...
Financial Weekly TM

Subscription :- On the first day, it got 0.80x subscription including QIB 0.01x, HNI 0.85, BHNI
0.66x, SHNI 1.20, Retail : 1.24x. It may get 5-7x subscription in retail and many more times in QIB
and HNI.
Refund/Allotment :- Issue allotment may be on January 24, refund on January 25 and share
credit on January 25.
Listing :- It may list on January 29 around Rs. 265-274 and may cross Rs. 300 level in a good
market.
• Nova AgritechLtd :- Rs. 143.81 crore issue with a price band of Rs. 39-41 will open on Janu-
ary 23 and close on January 25
Subscription :- It may get 6-8x subscription in retail, grey market report indicates.
Refund/Allotment :- Issue allotment may be on January 27, refund on January 30 and share
credit on January 31.
Lisitng :- It may list on January 30 around Rs. 55-56 and may witness 5% circuit as it belongs to
'T' group.
* This week's SME IPOs:-
• Qualitek Labs Ltd. (BSE SME) :- Rs. 19.64 crore issue with a fixed price of Rs. 100 opened on
January 18 and will clos on January 22. Listing will be on January 25. It has got 7.86x subscription
including 10.11x subscription in retail on the second day. Listing may be at around Rs. 95-105.
• Euphoria Infotech (BSE SME) :- Rs. 9.60 crore issue with a price band of Rs. 96-100 opened
on January 19 and will close on January 23. Listing may be on January 29 at around Rs. 160-180.
It has got 24.62x subscription including 61.05x in retail.
• Konstelec Engineers (NSE SME) :- Issue of Rs. 28.70 crore with a price band of Rs. 66-70
opened on January 19 and will close on January 23. Listing on January 29 may be at around Rs.
125-130. It has got 26.28x subscription including 40.02x in retail.
• Addictive Learning (Lawshikho) (NSE SME) :- Rs. 60.16 crore issue with a price band of Rs.
133-140 opened on January 19 and will close on January 23. It may list on January 29 at around
Rs. 275-280 and may cross Rs. 300 level. It has got 22.68x subscription including 32.64x in retail.
• Brisk Technovision (BSE SME) :- Rs. 12.48 crore issue with a fixed price of Rs. 156 will open
on January 22 and clos on January 24. Listing on January 30 may be at around Rs. 150-160.
• Depaplex Ltd (NSE SME) :- Rs. 46.08 crore issue with a price band of Rs. 186-192 will open
on January 24 and close on January 29. Listing on February 1 may be at around Rs. 225-250
• Fonebox Retail Ltd. (NSE SME) :- Rs. 20.37 crore issue with a price band of Rs. 66-70 will
open on January 24 and close on January 29. Listing on February 1 may be around Rs. 120-125
and may touch Rs. 140/150.
• HarshdeepHortico (BSE SME) :- Rs. 19.09 crore issue with a price band of Rs. 42-45 will
open on January 25 and close on January 30. Listing on February 2 may be around Rs. 60-65.
• Megathern Induction (NSE SME) :-Rs. 53.19 crore issue with a price band of Rs. 100-108
Cont...
Financial Weekly TM

will open on January 25 and close on January 30. Listing on February 2 may be at around Rs. 140-
150.
Bawja Studio Ltd (NSE SME) :- Issue of Rs. 97.20crore with a price band of Rs. 170-180 will
open on January 29 and close on Feb 1. Listing will be on Feb 6.
* NCDs issue:-
• Muthoot Finance : The base issue size is set at ?100 crore, with an option to retain oversub-
scription up to Rs 900 crore, aggregating up to a tranche limit of Rs 1,000 crore. The issuance
opened on January 8, 2024, and concluded on January 19, 2024. The secured NCDs offered
under this issue have garnered a favourable AA+ (Stable) rating by ICRA. It has got 5.29x sub-
scription.
• EdeweissFinance :-On January 9, 2024, Edelweiss Financial Services unveiled its public
offering of secured redeemable non-convertible debentures (NCDs). The NCDs, having a face
value of ?1,000 each, are issued for an amount of up to ?1,250 million as the base issue size.
Additionally, there is a green shoe option allowing for an additional ?1,250 million, resulting in a
cumulative issue limit of up to ?2,500 million. The offering commenced on January 09, 2024, and is
scheduled to conclude on January 22, 2024. The NCDs have received ratings of CRISIL A+/Stable
and ICRA A+/rating.
• MuthootFincorp :-MuthootFinCorp Limited has announced XVI Tranche III series of secured,
redeemable, non-convertible debentures (NCDs) to raise up to Rs 300 crore, which is within the
issue size of Rs 1,100 crore. The third tranche amounts to Rs 75 crore, with a green-shoe option of
Rs 225 crore, aggregating up to Rs 300 crore (Tranche III Issue). The Tranche III Issue, with a face
value of Rs 1,000 for each NCD, will be open to public from January 12 to January 25. Tranche III
have been rated at AA-/ Stable by CRISIL. NCDs have got 4.47x subscription till now.
• 360 One Prime Ltd :- The issue with a base price of Rs. 1000 crore and overall size of Rs.
1500 crore opened on January 11 and closed on January 15 with 8.42x subscription.
• CholaMandalamInvestment :- Rs. 500 crore issue with shelf limit of Rs. 5000 crore opened
on January 19 and got 2.04x subscription on the first day. It will close on February 2.
• Indel Money Ltd :- Issue of Rs. 100 crore base price will open on January 30 and close on
Febryar 2. Crisil has given BBB+/Stable rating.
* Rights Issue:-
GRASIM Ind :- Aditya Birla Group's textile company's Rights issue of Rs. 3999.80 crore with an
offer price of Rs. 1812 opened on January 17 and will close on January 29. Entitlement ratio is
6:179.
• Ind. Renewable Energy :- Rs. 25.43 crore issue offers shares at Rs. 21. Entitlement ratio is
4:1. Issue opened on January 18 and close on January 29.
Cont...
Financial Weekly TM

SEBI probing three merchant
bankers for their fraudulent activities
SEBI Chairperson, the chief guest at the AIBI annual convention at Mumbai, addressed the
gatherings of merchant bankers/investment bankers and pinpointed some important matters
that is underway for some action by the regulator.
The main intention is to crack down on mule accounts, the intermediaries used for fraudu-
lent activities, like inflating subscription numbers in an initial public offering (IPO), SEBI chair-
person Madhabi Puri Buch said it found that three merchant bankers are frequently indulging
in inflating subscriptions during share sales. SEBI will take action against them.
The SEBI chairperson said that the market regulator has data and evidence on mule ac-
counts, where the credentials of an innocent person are typically front-run on stocks by those
wanting not to leave a trace of trades.Further, there is also a tendency to inflate the IPO appli-
cation numbers to give an impression of a high amount of subscriptions and SEBI has data on
that too.
According to the SEBI chief, the IPO price discovery mechanism is not perfect at present.
Chairperson said "We are also seeing practices where there is a pattern of which kind of mer-
chant bankers tend to be...Frequent names occur in such malpractices. Therefore, in the inter-
est of the investors, we will be required to both review policy as well as (initiate) enforcement
actions."
Cautioning investors against being swayed by subscription numbers or perceived euphoria
over an issue, the SEBI chairperson said investors should not hurry and wait for price stabiliza-
tion. Price discovery has to be more efficient in the case of IPOs. Retail investors should wait
till the first quarter results before entering a newly listed company."
According to Prime Database, the IPO pipeline for 2024 continues to remain strong, with 27
companies proposing to raise Rs. 28500 cr. are presently holding approval while another 36
companies looking to raise about Rs. 40500 cr. are awaiting approval from the market regula-
tor.
The year 2023 saw 87 companies filing their offer document with SEBI for approval (in com-
parison to 89 in 2022). On the other hand, 2023 also saw 40 companies looking to raise nearly
Rs. 70000 cr. letting their approval lapse, three companies looking to raise Rs. 3550 cr. with-
drawing their offer document and SEBI returning the offer document of a further six companies
looking to raise Rs. 10800 cr.
Financial Weekly TM

EPACK Durable Limited Main Line IPO
Opens on 19th Jan & Closes on 23rd Jan, 2024
Price Band Rs. 218 to 230; Listing on BSE & NSE
It has posted consistent growth in its financial performance for the last three fiscal
However sharp fall & setback in top & Bottom line for H1FY24 raises concern
On valuation front considering all parameters issue is aggressively priced
Risk taking Investors may consider applying for long term
Incorporated in 2019, EPACK Durable Limited is an Original Design Manufacturer (ODM) of room air conditioners
(RAC). The company also manufactures components such as sheet metal parts, injection moulded parts, cross-flow
fans, and PCBA components that are actively used in the production of RACs. The company has expanded its business
into the small domestic appliance (SDA) market, particularly given the seasonal demand for RACs, and is currently
developing and producing induction hobs, blenders, and water dispensers.
Issue Details
• Issue Opens on 19th Jan. & Closes on 23RD Jan. 2024
• Object of the issue : Funding capital expenditure for the expansion/setting up of manufacturing facilities; Repayment
and/or prepayment, in part or in full, of certain outstanding loans of the company; General corporate purposes.
• Fresh Issue : 1,73,91,304 Shares ; Rs 400 Cr Financial Performance : Consolidated Basis
OFS : 1,04,37,047 Shares ; Rs 240.05 Cr Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
Total Issue Size : 2,78,28,351 Shares ; Rs 640.05 Cr Total Revenue 739.66 927.34 1540.25 616.32
• Face Value Rs. 10 • Offer price Rs. 218 to 230 Profit After Tax 7.80 17.43 31.97 2.65
• Minumum Lot Size : 65 Share • Listing on : BSE & NSE EPS 1.62 3.47 4.64 0.34
• BRLM : Axis Capital Limited, Dam Capital Advisors, ICICI Sec. RONW (%) 12.00 18.28 14.68 0.67
• Registrar : Kfin Technologies Limited
• Company Management : Bajrang Bothra, Laxmi Pat Bothra, Sanjay Singhania, and Ajay DD Singhania
• Market Cap : Rs. 2203.37 Cr. • Industry Peer Group PE Ratio : 74.45
• Pre Issue Promoter Holding : 85.49 % • Post Issue holding : 65.36%
• Issue constitutes 29.05% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 3.75 & RONW : 15.43%
• Pre IPO Eq. Capital Rs. : 78.41 Cr. • Post IPO Eq. Capital Rs. 95.80 Cr.
• Pre IPO : P/BV Ratio 3.77 (NAV : 61.00) • Post Issue : P/BV Ratio : 2.51 (NAV : 91.68)
• Pre IPO P/E Ratio : 418.18 • Post IPO asking P/E on fully diluted equity : 68.86
• BRLM’s Performance : This is 88th Issue from BRLM in last 3 years. In last 87 Listing : 61 Issued opened with
premium & 26 Issue Discount.
OTHER SIDE OF THE COIN
• Average cost of acquisition by selling shareholders ranges from NIL to 223 per share and issue price band is Rs 218
- 230.
• Apart from initial equity capital at par, the company issued further equity shares in the price range of Rs. 90.90 to Rs.
151.91 between September 2021 and December 2023
• Company's EBITDA Margins and ROE have dropped to 6.66 and 14.68% in FY23 against 7.44 and 18.68% in FY22
respectively.
• Company has experienced negative cash flows in past and its net cash used in operating activities for Fy22 was Rs
(28.94) cr.
• Company's business is seasonal and has low entry barriers due to which company experiences intense competition from listed
as well as unlisted players
• Company depends on raw material imports from China which includes 39% of total raw material imported by the
company in September, 2023 and FY23.
• Company's registered office and corporate office are on lease.
• Company's top 5 customers contributed up to almost 79% and 82% of total revenue from operations generated by the
company.
Recommendation :- The company has posted consistent growth in tis financial performance for
last three fiscals. However sharp fall in top line & bottom lines for H1FY24 raises concern. On
valuation front the issue is priced P/BV of 2.51 on NAV of Rs. 91.68 per share. Based on FY23
earning, the asking price is at PE of 418 & If we annualized H1FY24 earnings to post IPO fully diluted
equity capital the PE ratio stands at 69% thus issue appears aggressively priced compared to peers.
Only risk taking investors may consider to apply for long term.
Financial Weekly TM

Nova AgriTech Limited Main Line IPO
Opens on 23rd Jan & Closes on 25th Jan, 2024
Price Band Rs. 39 to 41; Listing on BSE & NSE
The company has recorded steady growth in the last 3 financial years
If we annualized H1FY24 earnings, it reported setback in top & Bottom lines
The size of the issue is less than 250 Cr. so it will be listed in 'T' group.
On valuation front considering all parameters, issue appears reasonably pried
Investors may consider applying for medium term rewards
Founded in Hyderabad in May 2007, Nova AgriTech Limited manufactures products that help farmers grow crops better.
The main focus is on three things: Soil health, plant nutrition and crop protection. The products are manufactured using
technology and are designed to be environmentally friendly and nutritious. The company collaborates with farmers to gain
insight into their needs and develop customized solutions that meet their requirements. By January 31, 2023, the company
has 13 Kisan Mitras and 253 Kisan Sevaks at its base. The company employs 215 people in its sales team. They manage
brand sales, distribution channels, and product promotion.
Issue Details
• Issue Opens on 23rd Jan. & Closes on 25th Jan. 2024
• Object of the issue : Investment in the subsidiary, Nova Agri Sciences Private Limited for setting-up a new formula-
tion plant; Funding Capital Expenditure in the Company, towards expansion of the existing formulation plant
• Fresh Issue : 2,73,17,073 Shares ; Rs. 112 Cr, OFS : 77,58,620 Shares ; Rs 31.81 Cr
Total Issue Size : 3,50,75,693 Shares ; Rs 143.81 Cr
• Face Value Rs. 2 • Offer price Rs. 39 to 41 • Minumum Lot Size : 365 Share • Listing on : BSE & NSE
• BRLM : Keynote Financial Services Ltd, Bajaj Capital Limited
• Registrar : Bigshare Services Pvt Ltd
• Company Management : Suraksha Agri Retails (India) Private Limited, Malathi S, and Kiran Kumar Atukuri.
• Market Cap : Rs. 379.33 Cr.
• Pre Issue Promoter Holding : 84.27% • Post Issue holding : 59.39%
• Issue constitutes 37.91% of the post issue paid up capital Financial Performance : Consolidated Basis
• Average of last 3 Yrs. EPS Rs. 2.53 & RONW : 30.17% Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Pre IPO Eq. Capital Rs. : 13.04 Cr. Total Revenue 160.93 185.61 210.93 103.24
• Post IPO Eq. Capital Rs. 18.50 Cr. Profit After Tax 6.30 13.69 20.49 10.38
• Pre IPO : P/BV Ratio 4.02 (NAV : 10.19) EPS 1.00 2.18 3.27 1.66
• Post Issue : P/BV Ratio : 2.13 (NAV : 19.29) RONW (%) 21.41 31.69 32.08 13.99
• Post IPO asking P/E on fully diluted equity : 18.30
• Industry peer Group PE Ratio : 25.64
• BRLM’s Performance : This is 3rd Issue from BRLM in last 2 years. In last 2 Listing : 2 Issued opened with premium.

• The average cost of acquisition of equity shares by the promoters / selling shareholders of the company is zero, 0.79,
Rs 1.41, 2.32 per share and the offer price is Rs 39 to 41.
• The company had issued bonus shares in the ratio of 3:1 in March 2014 and 3:1 in March 2018.
• Apart from initial equity capital at par, the company issued further equity shares in the price range of Rs. 3 to Rs. 25
(FV Rs. 2) between March 2010 and January 2023.
• The face value of equity shares is Rs 2 and if it is converted in to Rs. 10 then offer price will be rs. 195 to Rs 205 per
share.
• The issue size is Rs. 143.21 Cr. which is below 250 cr. hence it will be listed in T Group.
Recommendation : - The Company has recorded steady growth in the last 3 financial years.
However if we annualized H1FY24 earnings, it has reported set back in top line & bottom lines
compared to previous year. On valuation front considering P/BV of 2.13 & PE 18.40, issue appears
reasonably priced compared to industry PE Ratio of 25.64. Investors may consider applying for
medium term rewards.
Financial Weekly TM

Qualitek Labs Limited BSE SME IPO
Opens on 18th Jan & Closes on 22nd Jan, 2024 ; Offer price Rs. 100
The company has shown average financial performance for the period indicated
Sudden jump in bottom-line for last one & Half year unlikely to sustain
Post IPO tiny equity capital indicates longer gestation period for migration to main board
On valuation front considering all parameters, the offer price of the issue looks aggressive
Investors may consider to keep away from this expensive issue
Founded in 2018, Qualitek Labs Limited provides testing, inspection, homologation, certification, and
consulting services. The company's laboratory services include: Automotive Testing, Defence Product
Testing, Metals & Metallurgy Testing, Mineral Testing, Environment & Water Testing, Food and Agriculture
Testing, Pharma & Healthcare, The company has two testing laboratories in Pune and Bhubaneshwar. As
of January 2024, the company has a total of 144 employees.
Issue Details
• Issue Opens on 18th January & Closes on 22nd January 2024
• Object of the issue : Funding capital expenditure towards the installation of plant and machinery for new &
existing laboratories and expansion of laboratories; Repayment of unsecured loans to Promoter; Funding of
working capital requirements; and General corporate purposes.
• Issue Size : 19,64,400 Shares ; Rs 19.64 Cr Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 100 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Minumum Lot Size : 1200 Share • Listing on : BSE SME Total Revenue 6.37 12.02 19.35 12.51
• BRLM : Oneview Corporate Advisors Private Profit After Tax 0.46 1.14 2.97 2.01
• Registrar : Skyline Financial Services Private Ltd EPS 65.37 7.97 7.45 3.72
RONW (%) -(200.83) 59.90 30.10 16.92
• Promoter : Alok Kumar Agarwal, Antaryami Nayak,
Kamal Grover, and TIC Services
• Pre Issue Promoter Holding : 99.99% • Post Issue Promoter Holding : 73.35%
• Industry peer Group PE Ratio : 11.74 • Market Cap Rs. 73.72
• BRLM’s Performance : This is 2nd Issue from BRLM in last 2 years. In last 1 Listing : 1 Issued opened with
premium.
• The average cost of acquisition of equity share by the promoters of the company is Rs. 11.10 per share
and the offer price is Rs. 100 is
• Issued bonus shares in the ratio of 6:1 in December 2022.
• Apart from initial equity capital at par the company issued further equity shares in the price range of Rs.
12 to Rs. 160 between October 2021 and November 2022.
• Post IPO equity capital of only Rs. 7.37 crore, which may take a long time for the company to migrate the
main board.
• Lab testing is a highly competitive segment.
Recommendation : - The Company has recorded average financial performance on
standalone basis in last three financial years. However On a consolidated basis for FY22 its
income and net profit figures are lower than standalone basis which is surprising. Sudden
jump in bottom line for last one and half year is unlikely to sustain going forward. On Valua-
tion front considering P/BV of 2.50 and PE of 18.34 issue appears aggressively priced com-
pared to indicates PE of 11.74. Investors may keep away from this expensive issue.
Financial Weekly TM

Addictive Learning Technology NSE SME IPO
Opens on 19th Jan & Closes on 23rd Jan, 2024 ; Offer price Rs. 130 to 140
The company has recorded growth in top line in the last three years
However the company has reported losses in H121 and H122
On the valuation front, the offer price of the issue seems to be reasonable considering all the parameters
Looking at Marquee investors, one can expect listing gain with short term investment
Incorporated in September 2017, Addictive Learning Technology Limited is an educational technology platform that
primarily caters to senior and mid-career professionals, and sometimes young professionals, providing upskilling and
career services. The company also offers international bar exam courses, such as CANADA BAR EXAM, UK SOLICI-
TOR QUALIFICATION EXAM, CALIFORNIA BAR EXAM, The company's courses are accredited by the National Skill
Development Corporation (NSDC), a PPP under the Ministry of Skill Development and Entrepreneurship of the Govern-
ment of India.
Issue Details
• Issue Opens on 19th January & Closes on 23rd January 2024
• Object of the issue : To meet out the expenses for Unidentified Acquisition for Company, Identified Acquisition,
Investment in Technology, expenses for development of new courses, Branding & Marketing Expenses,
• Issue Size : Fresh Issue Size : 41,37,000 Shares ; Rs 57.92 Cr.
OFS : 1,60,000 Shares ; Rs 2.24 Cr. Financial Performance : Consolidated Basis
Total Issue Size : 42,97,000 Shares ; Rs 60.16 Cr Particulars (Rs. Cr.) FY21 FY22 FY23 5MFY24
• Face Value Rs. 10 • Offer price Rs. 62 to 66 Total Revenue 6.78 18.59 33.55 24.82
• Minumum Lot Size : 1000 Share • Listing on : NSE SME Profit After Tax -(0.01) -(0.49) 2.47 3.16
• BRLM : Narnolia Financial Services Ltd EPS -(0.01) -(0.98) 4.94 6.32
• Registrar : Maashitla Securities Private Limited RONW (%) -(3.17) -(120.22) 119.79 60.50
• Promoter : Mr Ramanuj Mukherjee and Mr Abhyudaya Sunil Agarwal.
• Market Cap Rs. 222.74 Cr
• Average of last 3 Yrs. EPS Rs. 2.14& RONW : 14.63%
• BRLM’s Performance : This is 8th Issue from BRLM in Current years. In last 7 Listing : 7 Issued opened with
premium.
• The average cost of acquisition of equity shares by the promoters / selling shareholders of the company is Rs.Zero
and Rs. 0.94 per share while the offer price is Rs. 130 to 140 has been fixed.
• Before filing DRHP, the company had issued bonus shares in the ratio of 5000:1 in September 2023 and 1.10:1 in
October 2023.
• Apart from initial equity shares at par the company issued further equity shares in the price range of Rs. 126 to Rs.
160 in month of October 2023.
• The premises in which the company operates are not owned.
• The company has negative cash flow from investing and financing activities in the current & previous years.
• Subsidiary company and group entities have incurred losses in the past.
Recommendation : - It has posted consistent growth in top lines for the last three fiscals.
However company has incurred losses for FY21 & FY22. Company turns the corner in FY23.
Sudden 604% jump in Pat of FY23 is surprising despite revenue increased 80%. Financial
performance for 5MFY24 is in line with previous year. On valuation front considering P/BV
of 0.29 and PE OF 29.37 Issue appear fully priced. Looking to marquee investors like Ramesh
Damani, Manish Agarwal, Zafar, Vivek Khare & Funds like Rajasthan Global, One can expect
short term gain or listing gain.
Financial Weekly TM

Konstelec Engineers Limited NSE SME IPO
It is a profit making & dividend paying leading player in EPC
The company has posted consistent growth in the top-bottom line for reported period
On the valuation front, considering all the parameters the offer price of the issue seems to be reasonable
Looking to its EPC services in 15 State in India & Africa, order booking is Rs. 565 Cr
Investors may consider to apply for short term or listing gain
Founded in December 1995, Konstelec Engineers Limited is active in the fields of engineering, procure-
ment and construction/commissioning (EPC). The company offers a wide range of services including engi-
neering and drawings, procurement, operations and maintenance, project management and construction
and commissioning.The company has completed more than 200 projects of varying size and complexity,
including 45 major projects worth over 400 crores. The company's clients include Reliance Industries Lim-
ited, Engineers India Limited, JSW Steel, Indian Oil, BPCL, HPCL, CPCL, MRPL, ISRO, ACC, BARC,
Dangote Industries Limited, Adani, NTPC, Tata Steel Ltd, Navin Fluorine International Ltd and IGPL, etc.
Issue Details Financial Performance : Consolidated Basis
• Issue Opens on 19th January & Closes on 23rd January 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Object of the issue : To Meet Working Capital Requirements, Total Revenue 106.17 109.82 155.00 94.34
General corporate purposes, To meet Public Issue Expenses. Profit After Tax 1.90 3.52 7.78 4.56
• Issue Size : 41,00,000 Shares ; Rs 28.70 Cr EPS 1.73 3.20 7.07 4.15
RONW (%) 3.75 6.49 12.56 6.86
• FV Rs. 10 • Offer price Rs. 66 to 70
• Minumum Lot Size : 2000 Share • Listing on : NSE SME
• BRLM : Beeline Capital Advisors Pvt • Registrar : Skyline Financial Services Private Ltd
• Promoter : Mr. Biharilal Ravilal Shah and Mr. Amish Biharilal Shah
• Pre IPO : P/BV Ratio 1.16 (NAV : 60.43) • Post Issue P/BV Ratio : 1.11 (NAV : 63.03)
• Post IPO asking P/E on fully diluted equity : 11.15
• Industry peer Group PE Ratio : 27.77 • Market Cap Rs. 105.70 Cr
• BRLM’s Performance : This is 28th Issue from BRLM in last 2 years. In last 10 Listing : 10 Issued opened
with premium.
• The average cost of acquisition of equity shares by the promoters of the company is negative and Rs.
0.06 per share: Offer price Rs. 66 to 70
• The company issued bonus shares in the ratio of 9:1 in March 2007 and 10:1 in July 2023.
• Apart from initial equity capital at par, the company issued further equity shares in the price range of Rs.
100 to Rs. 200 between September 1998 and March 1999.
• Company depends on few customers and suppliers.
• The company needs more working capital in the business.
• Company operates in rental space.
Recommendation : - This is a profit making and dividend paying company. The company
has registered consistent growth in top-bottom lines for the last 3 financial years and in
H1FY24. On the valuation front, the offer price of the issue seems to be reasonable consid-
ering P/BV 1.11 and P/E 11.5. Looking to company's EPC services in more than 15 states in
India & Africa, Strong client base, order book of worth around Rs. 565 cr., Investors may
considering to apply for short-term or listing gains in this IPO.
Financial Weekly TM

Euphoria Infotech India Limited BSE SME IPO
It has posted inconsistent financial performance for the reported period
Company reported setback in top bottom line for FY22 & H1FY24
On valuation front considering all parameters, issue appears aggressively priced
Investors may consider to avoid this expensive issue
Incorporated in May 2001, Euphoria Infotech India Limited is a full-stack IT and ITes solution, based out
at Kolkata, West Bengal. The company offers IT and ITES solutions for ERP, E-commerce, IoT, cloud-
based tools, and data management. The company's solutions can be grouped into five categories: custom-
ized software, e-commerce, IoT, Artificial Intelligence, and Machine Learning.
Issue Details
• Issue Opens on 19th January & Closes on 23rd January 2024
• Object of the issue : Working Capital requirement;
Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
and General Corporate Expenses Total Revenue 5.56 4.94 7.38 3.65
• Issue Size : 9,60,000 Shares ; Rs 9.60 Cr. Profit After Tax 0.26 0.20 1.30 0.61
• Face Value Rs. 10 • Offer price Rs. 96 to 100 EPS 1.35 1.02 6.68 3.12
• Minumum Size : 1200 Share RONW (%) 10.04 7.10 31.62 12.85
• Listing on : BSE SME
• BRLM : Khandwala Securities • Registrar : Mas Services Limited
• Market Cap Rs. 29.02 Cr • Pre Issue Promoter Holding : 100%
• BRLM’s Performance : This is 3rd Issue from BRLM in Current years. last 2 Listing : 2 Issued opened with
premium.
• Average cost of acquisition by Promoters is 0.032 and Rs 0.035 per share and issue price band is Rs 96
- 100.
• Company has also issued bonus shares in ratio of 150:1 in 12th January, 2023.
• Apart from issuing equity shares at par company has also allotted shares under private placement basis
in March, 2019 and June, 2019 at a price of Rs 10 and FV Rs 10 to Satyam Investment Advisory.
• Company requires significant amount of working capital and major portion of its working capital is utilized
towards employee cost. As on September 30, 2023, company has Rs 213.22 Lakhs outstanding working
capital loan.
• Top 10 (Top) clients contributed approximately 99% of our revenue from operations.
• Company has experienced negative cash flow in the past and may continue to do so in the future, which
could have an adverse effect on its business.
• Faces high competition from listed and unlisted players in various business operations.
Recommendation : The Company has posted inconsistent financial performance with a
setback in top & bottom lines of FY22 against FY21. Though company has turned the cor-
ner in FY23 with sudden jump in its bottom line which is unlikely to sustain going forward. If
we annualized H1FY24 earnings then it will be below level of FY23. On valuation front con-
sidering P/BV of at 2.02 on NAV of 49.30 and PE of 24.10 (based on H1FY24 earrings) issue
appears aggressively priced. Investors may avoid this expensive issue.
Financial Weekly TM

Brisk Technovision Limited BSE SME IPO
Opens on 22nd Jan & Closes on 24nd Jan, 2024 ; Offer price Rs. 156
Inconsistent financial performance with de-growth in Top lines in FY23
While steady growth in bottom lines in all three fiscals.
Sudden jump in Bottom lines of FY22 looks surprising and raises eyebrows
On valuation front issue is Over priced
Company operates in highly fragmented and competitive market
Investors may avoid this pricey IPO
Incorporated in March 2007, Brisk Technovision Limited is a company that specializes in providing information
technology solutions to corporate clients in India. Over the last three financial years, the company has shifted its focus
towards offering more service offerings. The clients of the company includes Saraswat Bank, Ipca Laboratories, DNS
bank, Ambarnath Jaihind Co Op Bank, Bharat Gears, SVC Bank, Inox Air Products, Union Bank of India, Siro, Wockhardt,
Zoroastrian Bank, Asian Heart Institute and New Bombay Hospital.
• Issue Opens on 22nd January & Closes on 24th January 2024 Total Revenue 16.91 22.08 18.40 15.77
• Object of the issue : The company will not receive any proceeds Profit After Tax 0.15 1.10 1.99 1.53
from the Offer, and all such proceeds will go to the EPS 0.73 5.48 9.94 7.62
Selling Shareholders. RONW (%) 7.33 35.61 41.56 24.16
• Issue Size : 8,00,000 Shares ; Rs 12.48 Cr • Offer 156
• Minumum Lot Size : 800 Share
• Listing on : BSE SME • BRLM : Sun Capital Advisory • Registrar : Kfin Technologies
• Promoter : Sankarnarayanan Ramasubramanian and ;Ganapati Chittaranjan Kenakre.
• Issue constitutes 40% of the post issue paid up capital
• Post IPO asking P/E on fully diluted equity : 10.23 • Market Cap Rs. 31.2 Cr
• BRLM’s Performance : This is 2nd Issue from BRLM in last 2 years. In last 1 Listing : 1 Issued opened with premium.

• The average cost of acquisition of equity share by Selling shareholders is Rs 0.05 per share and issue price band is
Rs 156 per share.
• Apart from issuing equity at par company has also allocated bonus shares in ratio of 199: 1 in March 2022.
• Company only offers third party hardware products and AMC which is a very fragmented and competitive segment.
• Selling Shareholders (who are also Promoters) are diluting 40% of their shareholding in the Company.
• Company's majority of business is generated from Maharashtra.
• During the Fiscal 2023, Fiscal 2022 and Fiscal 2021, company's top five customers accounted for 80.95%, 89.52%,
and 87.70%, respectively, and its largest customer accounted for 37.58%, 48.33%, and 43.44% of its revenue from
operations.
• Company's registered office is not owned by the company.
• Company has reported negative cash flows in past.
Recommendation :- Company has reported degrowth in Top lines in FY23 against FY22
but there is sudden jump in Bottom lines of FY22 against FY21 which raises eyebrows. If we
annualize the earnings of H1FY24 then there will be 1.5 x jumps in Revenue and PAT which
looks suspicious and unlikely to sustain going further. On valuation front considering P/BV
of 4.95 on NAV of Rs 31.55 and PE of 16.10 issues appears to be Over priced. Company
operates in highly competitive and fragmented market. Investors may blindly avoid this IPO.
Financial Weekly TM

Fonebox Retail Limited NSE SME IPO
Opens on 24th Jan & Closes on 29th Jan, 2024 ; Offer price Rs. 66 to 70
Exponential growth in Revenue and PAT in last three fiscals
12x jumps in PAT and 2.5x jumps in Revenue in FY23 look surprising
On valuation front considering super earnings of H1FY24 and
Other parameters issue looks reasonably priced
Company operates in highly competitive segment
Considering the growth of electronics market in upcoming years
Investors may apply for mid-term period
Fonebox Retail Limited is a multi-brand retailer of smartphones and accessories from manufacturers such
as Vivo, Apple, Samsung, Oppo, Realme, Nokia, Narzo, Redmi, Motorola, LG, and Micromax. As of Septem-
ber 25, 2023, the company had a total of 153 stores in the state of Gujarat. Of these, 40 are company-owned
and company-operated retail stores ("COCO model") and 113 are under the franchisee and company-oper-
ated model ("FOCO model") spread across more than 20 cities in Gujarat.
Issue Details
• Issue Opens on 24th January & Closes on 29th Jan 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Issue Size : 29,10,000 Shares ; Rs 20.37 Cr Total Revenue 0.10 90.91 195.83 139.76
• Offer Rs 66 to 70 Profit After Tax -(0.02) 0.13 1.60 1.55
• Minumum Lot Size : 2000 Share EPS -(0.04) 0.19 2.35 2.13
• Listing on : BSE SME • BRLM : Beeline Capital Advisors RONW (%) 76.15 21.24 19.10 16.93
• Registrar : Kfin Technologies
• Promoter : Mr. Manishbhai Girishbhai Patel, Mr. Jigar Lallubhai Desai, Mr. Parth Lallubhai Desai, Mr.
Jigneshkumar Dashrathlal Parekh And Mr. Amitkumar Gopalbhai Patel
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 71.64%
• Average of last 3 Yrs. EPS Rs. 1.23 & RONW : 41.97% • Pre IPO P/E Ratio : 48.41
• BRLM’s Performance : This is 27th Issue from BRLM in last 3 years. In last 26 Listing : 24 Issued opened
with premium and 2 Issue Opened with Discount.
• Average cost of acquisition by Promoters / selling shareholders is in the range of Rs 6.43 - 8.93 per share
and issue price band is Rs 66 - 70 per share.
• Apart from issuing equity at par company has also allocated bonus shares on September 04, 2023 in ratio
of 6:1.
• Company has reported negative cash flow in Fy23 and H1Fy24.
• Company has experienced negative EBIDTA and negative PAT in FY21.
• Company has very less EBITDA margin of 1 -2%.
• Company's registered office is not owned by the company.
Recommendation :- Company has reported exponentially growing figures in Top and Bottom lines of
all three fiscals. Company has posted sudden 2.5x and 12.3x jump in Revenue and PAT of FY23 from
FY22 which looks surprising. If we annualize the H1Fy24 earnings then it will be ahead of all numbers of
FY23. On valuation front considering P/BV. Of 2.53 on NAV of 27.65 and PE of 44.93 against industry
average of 48.41 issue appears to be reasonably priced. Company operates in highly competitive seg-
ment but considering good financial performance and growth of electronics industry in upcoming years
investors may apply in this IPO for mid-term period.
Financial Weekly TM

Grasim Industries Ltd. Rights Issue ; Listing on BSE & NSE
Opens on 17th Jan & Closes on 29th January ; Offer price Rs. 1812
BSE Code : 500300 • CMP : 2111.70 (FV Rs 2) (31-1-24) • 52WH : 2166 • L : 1521.89
It is a profitable dividend paying diversified flagship company of Birla Group
The company has recorded continuous growth in its financial performance
Considering strong fundamentals, sound management, high dividend
Investors must apply for more rights shares then entitlement which are at 14% discount
Incorporated in 1947, Grasim Industries Limited is a textile manufacturing company based in
Mumbai, India and produces Viscose, Diversified Chemicals, Linen Yarn and Fabrics. The com-
pany has recently entered the paint business under the brand name 'Birla Opus' and plans to set
up six manufacturing plants for decorative paints across various locations in India. Grasim aims to
create sustainable value for employees, shareholders, society, and customers. In FY2023, the
company reported consolidated net revenue of Rs 1,17,627 Cr. and EBITDA of Rs 20,478 Cr.
Particulars (Rs. Cr.) FY 22 FY 23 H1F Y 24
th th
• Issue Openes on 17 Jan. & Closes on 29 Jan. 2023 Total Revenue 96522.47 121239.13 61866.25
Profit After Tax 10690.55 11078.20 4600.40
• Object of the Issue : Repayment or prepayment,
in full or in part, of certain borrowings availed by our Company; and General corporate purposes.
• Issue Size : 2,20,73,935 Shares ; Rs 3999.80 Cr
• Face Value Rs. 2 • Issue Price : Rs. 1812 per Share • Market Lot : 1 per Share
• Terms of payment : The amount of Rs. 453 per Rights Equity Share is to be paid on the Applica-
tion. The balance of Rs 1,359 will be paid on up to three subsequent calls as determined by the
Board.
• Entitlement : 6 Rights Equity Share(s) for every 179 fully paid-up Equity Shares held on Record
Date : 10-1-2024
• Deemed Date of Allotment : 8-2-2024 • Listing on BSE & NSE
• Lead Manager : Axis Capital, Bofa Securities, Jefferies India, Jm Financial, Kotak Mahindra Capi-
tal, SBI Capital Markets Limited • Registrar : Kfin Technologies Limited
• Cum Right basis at Rs. 2065.50 (9-1-2024) • ex Right basis at Rs. 2062.90 (10-1-2024)
• Since then, It has marked a high/low of Rs. 2120.10/ Rs. 2044.35
• It last closed at Rs. 2111.70 (12-1-2024) • 52 WK high / Low of Rs. 2166.85/ Rs. 1521.89
Recommendation : - Grasim Industries is a profit making dividend paying Flagship Com-
pany of Aditya Birla Group. The company has recorded consistent growth in top-bottom
lines in the last 2 financial years. Annualizing the earnings of H1FY24 does not match the
results of the year 2023. Considering good performance, sound management, high divi-
dend, leading group. Investors must apply for rights shares, more than their entitlement
which is available at 14% discount to current market price.
Financial Weekly TM

DelaPlex Limited NSE SME IPO
Growing financial performance in all three fiscals
Considering super earnings of H1FY24 and other parameters issue appears reasonably priced
Company Operates in competitive market
Investors may apply for mid-term period considering growth of IT sector
Incorporated on February 12, 2004, DelaPlex Limited is a subsidiary of delaPlex INC., which is a U.S.-
based enterprise. DelaPlex INC. holds 51% of the company's shares. The Company provides technology
and software development solutions and consulting services to help clients achieve growth, revenue, and
marketplace value. The company also provides various tech solutions including software-defined data cen-
ters, integrated infrastructure, cloud computing, DevOps, security solutions, data analytics, and artificial
intelligence. The company's registered office is in Nagpur, with additional presence in Pune, Hyderabad,
and Bengaluru. The company provides services in India as well as in USA, and Dubai (UAE).
Issue Details
• Issue Opens on 24th January & Financial Performance : Consolidated Basis
Closes on 29th January 2024 Total Revenue 36.33 50.34 55.22 28.14
• Object of the issue : APAC - Advertisement, Profit After Tax 4.04 6.12 7.91 4.26
Sales and Marketing expenses towards enhancing EPS 5.53 8.37 10.82 5.82
the awareness RONW (%) 42.64 39.24 33.65 15.33
• Issue Size : 24,00,000 Shares ; Rs 46.08 Cr • Offer Price Rs 186 to 192
• Minumum Lot Size : 600 Share
• Listing on : NSE SME • BRLM : Shreni Shares Limited • Registrar : Bigshare Services
• Promoter : The Promoters of the Company are Mr. Nitin Sachdeva, Mr. Manish Iqbalchand Sachdeva,
Mr. Mark T. River, Ms. Preeti Sachdeva and M/s delaPlex INC.
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 73.66%
• Industry Peer Group PE Ratio : 110.34
• Average cost of acquisition by Promoters / selling shareholders is in the range of Rs. NIL - 50 per share
and issue price band is Rs. 186 - 192 per share.
• Apart from issuing equity at par company has also allocated bonus shares on 26th October, 2023 in the
ratio of 730:1
• Company derives more than 70% its revenue from exports due to which its business is affected by
exchange rate fluctuations.
• Company's customer retention rate has been decreasing since 2023 and its has reached 67% in H1FY24
against 100% in FY22.
• Company has experienced negative cash flow from investment in all three fiscals and H1FY24.
• Company operates in highly competitive and fragmented market.
Recommendation :- Company has reported constant growth in Top and Bottom lines of
all three fiscals. If we annualize the earnings of H1FY24 then it will be ahead of Fy23. On
valuation front considering P/Bv. of 5. 97 on NAV of Rs. 32.15 (as per FY23) and PE of 20.55
against industry average of 110.34 issues appears to be reasonably priced. Company oper-
ates in highly competitive market and majority of the revenue is generated from exports.
Considering growth of IT sector in upcoming years, investors may apply in this IPO for mid-
term period.
Financial Weekly TM

Harshdeep Hortico Limited BSE SME IPO
Company turns the corner with high margin in Q1FY24
Considering all valuation parameters, issue appears fairly value
Looking to renowned clients, bright future of Horticulture & Wide network
Investors may considering to apply for long term rewards
Harshdeep Hortico Limited designs, manufactures, and supplies pots and planters for indoor and
outdoor use. The company's product portfolio includes indoor plastic planters, outdoor planters, illu-
minated planters, decorative planters, roto-moulded planters, fiber-reinforced plastic (FRP) planters,
eco-series planters, etc. and related accessories such as garden hose pipes and water canisters.
The company's customers come from 27 states and union territories in India as well as overseas
countries such as Djibouti, East Africa, United Kingdom, Nepal, etc.
Issue Details KEY FINANCIAL PERFORMANCE
• Issue Opens on 25th January & Closes on Period Ended (Rs in Lakh) 31 Mar.23 31 Mar 22 31 Mar. 21
30th January 2024 Revenue from Operations 4076.70 3485.61 2519.05
• Object of the issue : Repayment and/or pre- Net Profit for the Year (before Tax) 334.93 303.78 259.91
payment, in full or part, of certain borrowings Key Financial Period ended Financial ended
Performance July 31, 2023 March 31, 2023
availed by the company. Revenue from Operations 1481.05 -
• Issue Size : 42,42,000 Shares ; Rs 19.09 Cr • EBITDA 285.46 (0.27)
Offer Price Rs 42 to 45 EBITDA Margin 19.27% -
• Minumum Lot Size : 3000 Share • Pre Is- PAT 177.24 (0.27)
sue Promoter Holding : 97.38% PAT Margin 11.97% -
• Listing on : BSE SME • BRLM : Hem Securities Limited • Registrar : Link Intime India
• Promoter : Mr. Hitesh Chunilal Shah is the promoter of the company.
• Average cost of acquisition by Promoters / selling shareholders is in the range of Rs. 8.87 per
share and issue price band is Rs. 42 to 45 per share.
• Company has issued bonus shares in the ratio of 169:1 in November 2023.
• Apart from initial equity capital at par the company issued further equity shares at a fixed price of
Rs. 5801 in May 2023. • It is price sensitive industries.
• Company generates major revenue from certain geographical region.
• Company is dependent upon few suppliers • It has very short span of history as company.
• Its registered office, Manufacturing units & stores are not owned by the company but on rent.
• Company has to face competition from other larger & established competition.
Recommendation :- Company has converted itself into Limited company from proprietor-
ship in Fy22 so considering financials as per proprietorship, company has posted constant
growth in Top lines of all three fiscals but it has reported negative PAT in FY23. Company has
showcased turn around condition with a sudden jump in PAT of Q1FY24 which is surprising.
On valuation front P/BV. comes to 2.23 on NAV of Rs. 20.10 and PE of 12. Considering all param-
eters issue appears fairly priced. Looking at renowned corporate clients, high capacity utiliza-
tion, expanding products portfolio, bright future of Horticulture industry and wide marketing
network in India as well as overseas countries, Investors may consider to apply for long term
rewards.
Financial Weekly TM

Cholamandalam Investment and Finance NCDs Issue
Opens on 19th Jan & Closes on 2nd February ; Offer Price Rs. 1000
This is the fourth debt offering of the Murugappa Group Company after April 2023
The company has recorded consistent growth in top-bottom line
financial performance during the period indicated
The company's net NPAs and debt/equity ratio have come down
The reserve becomes 95 times of its equity capital
Considering the strong fundamentals, AA+Stable ratings, Apply for long term
Incorporated in 1978, Cholamandalam Investment and Finance Company Limited (Chola) is a
non-banking finance company categorized as NBFC Investment and Credit Company (NBFC-
ICC). It is the financial services arm of the Murugappa Group. Chola started as an equipment fi-
nancing company and has since expanded to offering vehicle finance, loans against property,
home loans, supply chain financing, term loans, equipment financing, loans against securities,
and invoice discounting to small and medium-sized enterprises (SMEs), consumer and small en-
terprise loans, and secured business and personal loans as well as to providing investment advi-
sory services, stock broking, and other financial services.
Particulars (Rs. Cr.) FY 21 FY 22 FY 23 H1F Y 24
• Issue Openes on 19th Jan. & Closes on 2nd Feb 2023 Total Revenue 9639.00 10232.00 13106.00 8865.95
Profit After Tax 1521.00 2159.00 2677.00 1482.81
• Issue Size : Rs 500 Cr
• Shelf size : Rs 5000 Cr
• Face Value Rs. 1000 • Issue Price : Rs. 1000 per NCDs
• Market Lot : 1 per Share • Listing on BSE & NSE
• Lead Manager : A.K. Capital Services Limited • Registrar : Kfin Technologies Limited
• Rating : IND AA+/Stable by India Ratings & Research Private Limited and ICRA AA+ (Stable) by
ICRA Limited
• Tenure : 24, 36 and 60 Months • Coupon Rate : 8.45% to 8.60%
• Category : Institutation : 30% ; Non Institutation : 25%, HNI : 25% and Retail : 20%
Recommendation :- This is the fourth debt offering of this Murugappa Group company
after April 2023. Company has posted consistent growth in its top & bottom lines for the last
three fiscals & H1FY24. Net NPA declined from 4.8% for FY22 to 3.11% for FY23. Post issue
its debt to equity ratio will stand at 6.94 from 7.56. Company's free reserve is 95 fold to its
equity capital of Rs. 164.57, considering strong fundamentals AA+/Stable rating and 8.45%
to 8.60% coupon rates (increased) investors may apply for long term.
Financial Weekly TM

Indel Money Limited NCDs Issue
Opens on 30th Jan & Closes on 12th February ; Offer Price Rs. 1000
This is the 4th Debt issue from the company since Sept. 2021 ; Last issued was in June 2023
It has posted inconsistent financial performance for last three fiscals
Declined in bottom line for FY22 ; Sudden 9 fold jump in PAT for FY23 is surprising
Coupon rate 9% to 11.50% is lucrative: BBB+ rating poor compared to others
Well-Informed investors may consider applying for medium term
Incorporated in 1986, Indel Money Limited is a non-deposit-taking non-banking finance com-

pany (NBFC) registered with RBI. The company deals in the gold loan sector, lending money
against the pledge of household gold jewelry. The company also provides loans against property,
business loans, and personal loans. Competitive strengths of the company :- Non-deposit-
taking NBFC in the Gold Loan sector in South India with a long operating history, Long-term gold
loan schemes that are beneficial for customers, Doorstep delivery of gold loans, Well-established
and growing branch network across rural and semi-urban areas in South India, The experienced
management team and skilled personnel
Issue Details Particulars (Rs. Cr.) FY 21 FY 22 FY 23 H1F Y 24
Total Revenue 94.70 123.00 187.30 143.40
• Issue Openes on 30th Jan. & Profit After Tax 8.70 2.11 20.50 28.60
Closes on 12th Feb 2023

• Issue Size : Rs 100 Cr
• Face Value Rs. 1000 • Issue Price : Rs. 1000 per NCDs • Market Lot : 1 per Share • Listing on
BSE
• Lead Manager : Vivro Financial Services • Registrar : Link Intime India Private Ltd
• Rating : CRISIL BBB+/Stable by by CRISIL Ratings Limited
• Tenure : 366 days, 24, 36, 60 and 72 months • Coupon Rate : 9% to 11.50%
• Category : Institutation : 10% ; Non Institutation : 40% and Retail : 50%
Recommendation : This is the 4th debt offer from the company since September 2021 and the
last debt offer was in June 2023. It has posted inconsistent financial performance for the last three
fiscals. It has reported decline in bottom line for FY22 & company's revenue increased by 52% but
PAT rose by 872% in FY23 is surprising. Coupon rates from 9% to 11.50% are lucrative but rating
BBB+/Stable. It is to be noted that at present all NCDs issue Muthoot Fin., Muthoot Fincorp., Edel-
weiss and 360 one are having A rating. Well informed investors may park their fund in this NCDs
offer for medium term.
Financial Weekly TM

Smart Best Buy S. N. Zaveri
Tata Communications: Fastest quarterly growth in nine years
IRCTC: More Capex on Railway in Budget will boost revenue
ICICI Lombard : Strong Q1 numbers makes more attractive
OFSS : Laggard in earlier IT rallies, now very hot stock
Ultratech Cement : Margins improve, Strong Ebitda push stock to new high
Tata Communications (Rs 1747.00) (Code : 500483) : Tata Communications

reported its fastest quarterly growth in nine years. The company reported a 24.4 percent year-on-
year growth in revenue of Rs 5,633 crore. EBITDA for the reporting period also grew 5.3 percent
on-year. Net profit for the period declined 88.6 percent to Rs 45 crore as against Rs 394 crore last
year. For the reporting period, Data revenue grew 28.5 percent YoY to Rs 4,618 crore, while digital
portfolio revenue surged 78.2 percent and India Enterprise revenue 10.4 percent. Data revenue
crossed the Rs 4,000-crore mark with digital services contributing 45 percent. CLSA has an 'out-
perform' call on the stock with a target price of Rs 2,045 per share. According to the brokerage, the
company which reported a 29 percent increase in the data revenue segment in-line estimates. The
reported EBITDA for the period was also above estimates. Buy.
IRCTC (Rs 1043.00) (Code : 542830) :- IRCTC stock is on upmove ahead of the
interim Budget. The stck has jumped almost 25 per cent in last one month. Railways can see a
decent increase in capex, considering greater emphasis on railway modernisation and more Vande
Bharat trains. Data showed capital expenditure registered strong 31 per cent YoY growth for April-
November FY24 and achieved 59 per cent of BE against the last 10-year average of 58.5 per cent.
Among major capex-oriented ministries, railways (71 per cent of BE) has been the frontrunner.
Buy.
ICICI Lombard (Rs 1474.00) (Code : 540716) : Private sector insurance company
ICICI Lombard Indusrance reported a net profit of Rs 431 crore for the October-December quarter
of financial year 2023-24. The profit was up by 22.4 percent from Rs 353 crore recorded in the year-
ago period. The net profit, at Rs 431 crore, missed market expectations of Rs 503 crore. The net
premium income of the insurer came in at Rs 4,690 crore, beating market expectations of Rs 4,376
crore. The solvency ratio of the insurer stood at 257 percent. This is higher than the minimum
regulatory requirement of 150 percent. Total income of the insurer came in at Rs 5,003 crore in the
reporting quarter, compared to Rs 4,362 crore in the corresponding quarter last year. The company
Cont...
Financial Weekly TM

also declared an interim dividend of Rs 5 per equity share. Insurance sector is in strong uptrend
and ICICI Lombard is leading private insurer in the country. Buy.
OFSS (Rs 6753.00) (Code : 532466) :- Shares of Oracle Financial Services Soft-
ware Ltd (OFSS) surged more than 30 per cent during the trading session on Thursday, bucking
the selling pressure and hitting new 52-week highs, after the company announced a strong perfor-
mance in the December 2023 quarter. IT firm Oracle Financial Services Software reported a 69.4
per cent year-on-year (YoY) jump in net profit at Rs 740.8 crore for the third quarter that ended
December 31, 2023. The company had clocked a net profit of Rs 437.3 crore in the same quarter
previous year. OFSS reported a 26 per cent growth in the revenue from operations in the Decem-
ber 2023 quarter to Rs 1823.6 crore as against Rs 1449.2 crore in the corresponding period of the
preceding fiscal. The operating income for the quarter was Rs 840 crore, up 45 per cent year-over-
year. It clocked an operating margin at 46.1 per cent and net margin at 40.6 per cent. Its margins
stood at around 37 per cent about a year ago. The company signed license fees of $49.5 million
during the quarter with customers in 37 countries. 19 customers went live on OFSS products dur-
ing the quarter. Buy this momentum stock as it was one of the laggards in earlier IT rallies.
Ultratech Cement (Rs 10032.00) (Code : 532538) : UltraTech Cement on Friday
said its consolidated profit jumped 68 per cent year-on-year (YoY) to Rs 1,777 crore for the Decem-
ber quarter compared with Rs 1,058 crore in the same quarter last year. This was the highest ever
quarterly profit for the cement maker. Consolidated net sales jumped 8 per cent YoY to Rs 16,487
crore for the quarter compared with Rs 15,299 crore in the corresponding quarter last year. Its
domestic grey cement sales volume rose 5 per cent YoY and 1 per cent QoQ, respectively. Im-
proved operational efficiencies, coupled with lower fuel and raw material costs resulted in im-
proved Ebitda margins. Operating Ebitda per mt stood at Rs 1.208 for India operations, up 34 per
cent YoY and 27 per cent sequentially. During the quarter, UltraTech Cement commissioned addi-
tional 26 MW of solar power taking its capacity to 455 MW in addition to Waste Heat Recovery
Systems of 264 MW. Buy.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
19th January, 2024 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

Hardwyn India Ltd • CMP - 44.2 • BSE - 541276 NSE - HARDWYN
Hardwyn India Ltd.'s New Subsidiary, Slim-X, Eyes Rs 100 Crore Revenue
Unveils High-Performance Aluminum Profiles
Corporate SCAN
Hardwyn India Ltd.'s (BSE: 541276, NSE: HARDWYN) newly formed Subsidiary 'Slim-X' has unveiled a range of
innovative products. The new brand, with cutting-edge technology, now plans to generate revenue of Rs 100 crore in the
next two years, leveraging the growth potential of innovative products- ultra-slim, high-performance aluminum profiles-
for industries. Hardwyn India Ltd.is a leading brand among the architectural hardwaremanufacturers in India.
Announcing the initiative, MrRubaljeet Singh Sayal, Managing Director, Hardwyn said, "Being a pioneer in cutting-
edge technology, we are offering our latest innovation through a new brand Slim-X. For Indian markets, we are unveiling
ultra- slim, high-performance aluminum profiles designed for various industries, along-
side exquisite glass fittings that redefine elegance in architectural design. With an initial
investment of Rs 20 crore, we eye revenue worth Rs 100 crore in the next two years."
The new range of innovative products that come with aesthetics enhancement, con-
venience, and a warranty of up to 10 years are expected to be in big demand from
architects, interior designers, builders, and contractors, among other industries.
"Our vision is to set new industry standards by transforming the use of aluminum
profiles. The company specializes in developing ultra-slim profiles that offer versatility
for applications in architecture, interior design, lighting, electronics, and more. With a
commitment to excellence and sustainability, we ensure our products meet and exceed
industry standards through precision, customization, and the use of recyclable materi-
als," said Mr Sayal.
"We're not just providing aluminum profiles; we're shaping the future of design and
technology. Our commitment to innovation and sustainability sets Slim-X apart," empha-
sized the Managing Director.
Slim-X brings craftsmanship, innovation, and design excellence to the forefront. From
frameless glass doors to glass balustrades, Slim-X offers a range of fittings that
seamlessly blend functionality with elegance. "Our aluminum profiles and glass fittings
not only meet customers' specific requirements but also elevate the overall performance
and aesthetics of their projects. We are all set to shape the future of design and technol-
ogy," concluded Mr Sayal. For over half a century, Hardwyn India Ltd. has been redefin-
ing perfection in the realm of architectural hardware. The company offers comprehensive
solutions for residential and commercial structures as an unwavering manufacturer of
architectural hardware and glass fittings. Through rigorous testing and relentless re-
search and development practices, Hardwyn has earned a stellar reputation for bench-
mark quality through a customer-centric philosophy and relentless pursuit of world-class
quality.
To create a robust global supply chain and establish a trusted distribution network,
Hardwyn has continually strived to expand its global footprint. The company has built a
large network of dealers and distributors to provide unwavering customer support. Be-
yond business success, Hardwyn holds a deep commitment to environmental sustainability
and community welfare. Sustainability is an integral part of the company's vision, reflect-
ing its commitment to both society and the environment.
For residential and commercial projects across diverse domains, Hardwyn is the
trusted partner in progress. As a leader in the industry, the company continues to make
significant contributions to the development of the country. In the world of architectural
hardware, Hardwyn stands out as a symbol of innovation, quality, and reliability.
***
Financial Weekly TM

Dalal Street Whispers Dilip K. Shah
(Closing price as on 19-1-2024)
Wipro (Rs 485.00) :- Wipro, the IT services company has signed a definitive agreement to
subscribe for a 14 percent equity share in Huoban Energy 11, for Rs 3.17 crore. The deal will help
Wipro enhance the proportion of usage of renewable energy for offices in Maharashtra. The trans-
action is expected to be completed before March 2024.
Hindustan Unilever (Rs 2564.00) :- Hindustan Unilever, the FMCG major has en-
tered into transaction documents for the acquisition of a 27.73 percent stake in the SPV (special
purpose vehicle) Transition Sustainable Energy Services One.
Tata Consultancy Services (Rs 3942.00) :- TCS, the country's largest IT company
shares will trade ex-date for a dividend with effect from January 19. The company announced an
interim dividend of Rs 9 per share and a special dividend of Rs 18 per share for the current finan-
cial year on January 11.
NHPC (Rs 73.00) :- NHPC has decided to exercise the oversubscription option to the
extent of up to 10,04,50,348 equity shares (representing a 1 percent stake), in addition to
25,11,25,870 equity shares (representing 2.50 percent of paid-up equity), the base offer size, on
January 19. Accordingly, the total offer size will be 35,15,76,218 equity shares, or 3.50 percent of
the company. The offer-for-sale (OFS) was opened for non-retail investors on January 18 and will
open for retail investors on January 19.
IndusInd Bank (Rs 1560.00) :- IndusInd Bank, the private sector lender has reported
slightly better-than-expected earnings for the quarter ended December FY24, with standalone net
profit growing 17.3 percent on-year to Rs 2,297.9 crore and net interest income rising 17.8 percent
to Rs 5,295.6 crore.
Poonawalla Fincorp (Rs 505.00) :- Poonawalla Fincorp, the non-banking finance

company has registered a massive 76.3 percent on-year growth in net profit at Rs 265.1 crore for
the October-December period of FY24. Revenue from operations during the same period grew by
52.1 percent to Rs 762.6 crore, while assets under management at Rs 21,946 crore at the end of
the December quarter grew by 58 percent YoY and 9 percent QoQ.
Indian Bank (Rs 433.00) :- Indian Bank, the public sector lender has received approval
from the Reserve Bank of India (RBI) for setting up a new wholly owned operations support subsid-
iary.
Cont.....
Financial Weekly TM

Lupin (Rs 1429.00) :- Lupin, the pharma major has received approval from the United
States Food and Drug Administration (US FDA) for its abbreviated new drug application for
Febuxostat tablets to launch in the US.
Finolex Industries (Rs 231.00) :- Finolex Industries, the Pune-based PVC pipes and
fittings manufacturer has recorded a 20 percent on-year increase in consolidated net profit at Rs
95.4 crore for the quarter ended December FY24, despite a weak topline supported by healthy
operating numbers.
Shalby (Rs 314.00) :- Shalby, the multi-specialty hospital has acquired an 87.26 percent
stake in Sanar International Hospitals, Gurugram (PK Healthcare) for Rs 102 crore. This equity
stake will be acquired within a period of one month through primary infusions and secondary buy-
outs. Its current capacity of 130 beds can be increased to 180 beds by adding capacity.
REC (Rs 451.00) :- REC, the Ministry of New and Renewable Energy, Government of
India (MNRE) has designated REC as the overall program implementation agency for the rooftop
solar (RTS) program of the Ministry. The MNRE was also entrusted with the responsibility for ex-
ecution of the program or scheme prepared by the MNRE and for coordination with all stakehold-
ers across the country, with the objective of achieving a cumulative capacity of 40,000 MW from
RTS by the year 2026.
HCL Technologies (Rs 1567.00) :- HCLTechnologies company's shares will start

trading ex-dividend on January 19. The firm has declared an interim dividend of Rs 12 per share
for FY24 on January 12, while the record date of January 20 is fixed for the payment of said interim
dividend.
Tinplate Company of India (TCIL) (Rs 430.00) :- Tinplate Company of India

(TCIL), the Tata Group company will trade ex-date for amalgamation on January 19. Also, the
board had approved January 19 as the record date for determining the shareholders of TCIL, who
will be entitled to receive fully paid-up equity shares of Tata Steel in the share exchange ratio after
amalgamation. Tata Steel will issue and allot fully paid-up ordinary equity shares to all those share-
holders of TCIL whose names would appear in the Register of Members on the record date, i.e.,
January 19, in the ratio of 33 fully paid-up equity shares of Rs 1 each for every 10 fully paid-up
equity shares of Rs 10 each held by such member in TCIL.
Supreme Petrochem (Rs 550.00) :- Supreme Petrochem reported net sales of Rs

1,183.32 crore in Q3FY24 as compared to Rs 1,177.39 crore a year ago. The company, further,
posted net profit of Rs 67.66 crore, down 25 per cent from profit of Rs 89.85 crore posted last year.
Power Finance Corporation (Rs 412.00) :- Power Finance Corportation, company

Financial Weekly TM

has incorporated two special purpose vehicles (KPS III HVDC Transmission Limited, and Barmer
I Transmission Limited) for development of Transmission System for evacuation of power from
potential renewable energy areas in Rajasthan and Gujarat.
Magnum Ventures (Rs 73.00) :- Magnum Ventures, the Board has approved Rights
Issue worth Rs 48.92 crore. It has fixed the Record Date as Thursday, January 25, 2024.
Adani Enterprises (Rs 2915.00) :- Adani Enterprises, the flagship Adani Group
company has entered into a Memorandum of Understanding (MoU) with the state government of
Maharashtra for the establishment of a 1-gigawatt hyperscale data center worth Rs 50,000 crore.
LTIMindtree (Rs 5651.00) :- LTIMindtree posted a net profit of Rs 1,169 crore for the
third quarter ended December, up 16.8 per cent year-on-year and 0.6 per cent sequentially.
Zaggle Prepaid Ocean Services (Rs 216.00) :- Zaggle Prepaid Ocean Servies, the recently
listed company has secured a contract worth Rs 200 crore from Torrent Gas for implementing a
close-loop fleet programme.
ICICI Prudential Life Insurance (Rs 494.00) :- ICICI Prudential Life Insurance
reported a flat net profit of Rs 227 crore for the quarter ended December 2023, as against PAT of
Rs 221 last year.
Oracle Financial Services Software (Rs 6872.00) :-

Oracle Financial Services Software, IT firm reported a 69.4 per cent Y-o-Y increase in net profit
at Rs 740.8 crore for Q3FY24.
Bharat Electronics (Rs 191.00) :- BEL has received two orders amounting to Rs
1,034.31 crore.
Nazara Technologies (Rs 914.00) :- Nazara Technologies plans to raise Rs 250

crore through a preferential issue of equity shares.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
19th January, 2024 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

Time to keep eyes on Public sector stocks
Col Ajayastromoneyguru
Mobile 9414056705
Fourth week of calendar year 2024 is represented by planet known as Rahu and year 2024
represented by planet known as Saturn.
This week Mars, venue and Mercury are making conjunction in Jupiter house.
As per Astro Economics this combination may lead mixed result in global stock market.
Previous week article our advance alert proved correct stock market seen zig zag move.
We happy to inform that we are conducting online financial astrology course, interested
person can talk to us.
As per Astro Economics this is time to keep eyes on public sector stocks for next 20-25
days.
Keep eyes on BEL, REC, HAL, and PNB.
The above recommendations are purely for research purpose, take advice for your finan-
cial advisor for taking any financial decision.

Financial Weekly TM

To Construct Hampton Narayan Superspeciality Hospital (HNSH) in Ludhiana
Hampton Sky Realty Ltd • BSE: 526407 • CMP - Rs. 47.2
Hampton Realty Announces Launch of Rs. 200 Crore
Hospital Construction in Its Expansive 43-Acre Project
Hampton Sky
Realty Ltd (BSE: Corporate
526407) is set to
SCAN
start construction of Hampton
NarayanaSuperspeciality Hospital (HNSH) in
Ludhiana. This hospital project is in joint collabo-
ration with Dr Devi Shetty's chain of hospitals
Narayana Hospitals Ltd (NHL). NHL at presently
has 5000 hospital beds all over country. Recently
NHL has also been given permission to start
health insurance. Dr Devi Shetty is a recipient of
Padam Shree & Padam Bhushan. He is one of
the renowned cardiologists of World.
This hospital will be a super specialty hospital
with a focus on cardiology & oncology. Other de-
partments would be Nephrology, Pulmonology, Gastroenterology, General Surgeries, Pediatric & Robotic
surgeries. Also Dialysis department will be set up separately. The company has received all the approvals
from local Bodies Punjab Government to go ahead with the project. It will be a 200-bedded hospital. The
project is coming up within municipal limits of Ludhiana on National Highway NH-5 Ludhiana-Chandigarh
Road.
The project cost is around 200 Crores and will be completed by FY 2025-26. This hospital will provide state
of the art treatment to surrounding areas at an affordable rate.
Recently the team of Hampton Sky Realty visited Narayan Hrudayalaya in Bangalore and met Dr Devi
Shetty along with his team. All the probabilities and time schedule was discussed in detail. Also it was agreed
that the whole of the staff of HNSH will visit Bangalore for extensive training before the opening of the hospital.
State-of-the-art equipment will be installed. The hospital will be paperless.
About Hampton Sky Realty Ltd :- Hampton Sky Realty Ltd, According to
formerly known as Ritesh Properties and Industries Ltd (RPIL) is a Kavya Arora Whole
leading company with business interests in the Real Estate & Fash- Time Director The
ion Industry. A public limited company (BSE: 526407), RPIL is based upcoming project
out of Ludhiana & Delhi under the leadership of Mr. Sanjeev Arora, will give employ-
Chairman cum Managing Director of the company. The Company
ment to around
was promoted by Late. Mr. Pran Arora was a leading industrialist of
Punjab and father of Mr. Sanjeev Arora. The company is listed on 400 people which
(BSE: 526407). RPIL is a part of the Group and has a total turnover includes Doctors
of 700 Crores. and Staff. With hos-
About NarayanaHrudayalaya Ltd :- Founded in 2000 by Dr. pital operational, it
Devi Prasad Shetty and headquartered in Bengaluru, will add to around
NarayanaHrudayalaya Limited is one of the leading healthcare
Rs. 250 Cr annu-
service providers in India, operating a chain of multispecialty, ter-
tiary, and primary healthcare facilities. The Company has a net- ally. The hospital
work of 21 hospitals and 4 heart centers across India along with unit will achieve a
overseas presence across a hospital at Cayman Islands, a heart max PAT of around
center at Chittagong, Bangladesh, and a managed hospital at St. 35% at its peak.
Lucia with over 6,100 operational beds across all its centers and ***
potential to reach a capacity of over 6,800 beds.
Financial Weekly TM

Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Investor's Third Eye - FINQUEST

Series No: 4
1. What is Naked Option?
Without underlying asset backing if options are contracted those contracts are Naked Option
contracts.
2. What is strike price?

Strike price or exercise price is the price per unit of the underlying asset involved
3. What is option price?

Option price is the price paid by the option buyer to the option seller for the option or right given
to him. This is to be paid up-front, that is at the time contract is signed or executed
4. What is option premium?

The option commission, or option premium is the price of the options contract; it is the gross gain
to the seller of options contract and hence gross cost to buyer.
5. What is Price for 'Call and Put' options contract?

Price for 'Call and Put' options contract equals Call options commission plus Put options com-
mission. Call option price or commission falls as strike price rises and vice versa. Put option price
or commission falls as strike price falls and vice versa.
Financial Weekly TM

Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com
Nifty Predictions ; 22-1-2024 to 26-1-2024

" 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. " Hey pals!
Book is available; order your personalised book as soon as possible from the link below.
22-01-2024 Monday
" You must have seen the last week's prediction, that's why you need the help of astrology.
" This week there will be a market holiday on 26-01-2024 for Republic Day.
" Now the market will try to settle down a bit.
" From 05-02-2024 Nifty is showing strength compared to previous time.
" Buy Nifty at 9.15, exit around 11.30.
" Buy Nifty around 13.20, exit around 14.50.
23-01-2024 Tuesday
" 9.15 to 10.30 nifty pass around the surface or soft side time.
" 10.30 to 11.30 Nifty up side jobbing.
" Now job the next slot only and only in fast trading, it is a volatile time slot which will be from
11.30 to 15.30.
24-01-2024 Wednesday
" Do two parts from 9.15 to 11.15 - the first part will be down and the second part will be up.
" There will be no clarity in Nifty from 11.15 to 14.15 and the overall will be soft side, so do
temporary jobbing.
" Overall view is positive in Nifty from 14.15 to 15.30.
25-01-2024 Thursday
" There will be good liquidity in the market today, but the market is closed for the next three
days - so act accordingly.
" Slot - 1 = 9.15 to 10.15 Nifty remains down.
" Slot - 2 = 10.15 to 11.25 nifty up.
" Slot - 3 = Nifty mix will be between 11.25 to 14.15.
" Slot - 4 = Nifty will be up between 14.15 to 14.50.
" Slot - 5 = 14.50 to 15.30 Nifty mix can be called as time pass.
26-01-2024 Friday
" There will be a holiday in the market today.
Financial Weekly TM

Performance of “SMART PLUS NEWS LETTER”
Amazing 23% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
15-1-24 Recomm. (%) 15-1-24 Recomm. (%)
Stock picks Technical Stocks
Cupid 1676 1871 11.63 MGL 1264 1301 2.93
Stock Watch ONGC 233 233 0
Sobha Ltd. 1345 1478 9.89 Alembic Pharma 881 940 6.7
Global Helath 1019 1064 4.42 TCS 3881 3903 0.57
Escorts 2876 2904 0.97 Persistent Sys. 7652 7772 1.57
HG Infra 904 921 1.88 HCL Techno 1564 1567 0.19
Fundamental Stocks Infosys 1612 1642 1.86
MAS Fin. 874 970 10.98 Mid Cap Stocks
Small Cap Stocks Kirloskar 705 871 23.55
Bharat Ele. 184 188 2.17 Raltel 355 363 2.25
Union Bank 131 132 0.76 NCL 196 220 12.24
Digvijay Cement 107 113 5.61 Man Ind. 367 380 3.54
If you want to get benefit of it..... Subscribe

SMART PLUS NEWSLETTER publishing on Every Sunday Evening
Log on to..... www.smartinvestment.in
Financial Weekly TM

REVIEW OF Smart Bonanza
Issue No. : 39 • Date : 17-1-2024
Company Reccom. High after Ch. Company Reccom. High after Ch.
17-1-24 Recomm. (%) 17-1-24 Recomm. (%)
CESC 139 141 1.44 L&T 3573 3596 0.64
Hub Town 90 99 10.00 MGL 1265 1301 2.85
MRPL 174 177 1.72 Hero Moto 4388 4395 0.16
RVNL 223 243 8.97 Nippon Life 502 510 1.59
Rane Engi 398 481 20.85 BEL 186 188 1.08
Eastern Logica 1206 1314 8.96 India Card 294 301 2.38
Kamat Hotel 330 350 6.06 Cupid 1848 1871 1.24
for more detail click the below link

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

Editor : Dilip K. Shah

Phone : 079 - 2657 66 39

21st January 2024 to 27th January 2024 2

On upcoming Auspicious day of Ram Mandir Inauguration on 22-01-2024 we at Smart Investment

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

FII ACTIVITY (Rs. in Cr.)

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

According to the Indian Newspaper Society,

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BACK TO BACK ISLAND REVERSALS

:::: INDEX LEVELS ::::

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Kalpna J (Email- Kjtech79@gmail.com)

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HDFC LIFE INSURANCE COMPANY LTD

Rapid Fire Stocks

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BHARAT DYNAMICS LIMITED (BDL)

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Corporate Konstelec Engineers IPO Details

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The company is gearing up for a promising future. It

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Smart School Article 60: Many Uses Of Charts (Part 8)

47906 and finally 48959.

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

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Buy... Buy... Buy on Dips Hold Sell on High

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Corporate Objects of the Issue

also engaged in multi-brand retailing of consumer

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This are some stocks we received from our subscribers,

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