MONTHLY

NEWSLETTER
FEBRUARY 2024
NEWSLETTER
TOPICS

EQUITY OVERVIEW

ECONOMIC INDICATORS

INDUSTRIES UNDER SPOTLIGHT

DEBT OVERVIEW

MUTUAL FUND OVERVIEW

FUNDS IN FOCUS

TECHNICAL OVERVIEW

DERIVATIVE OVERVIEW i4E

STOCK PICKS

MONTHLY RECOMMENDATION PERFORMANCE

 invest4Edu Research

EQUITY OVERVIEW
February 2024

Clouds of Uncertainty Prevail; Long Term Growth Intact!

The Indian equities markets began the year cautiously, following a spectacular close to 2023. This was expected given
that the elections are approaching, a significant event for the stock markets. Nifty-50 was completely flat at the end of
January despite increased volatility. We have highlighted the same in our previous newsletter that the broader and
benchmark indices might take a breather in January due to an unfavorable risk-to-reward ratio following the strong
rally in the months of November and December of 2023.

Lower-than-expected earnings from large private banks, combined with a rising US treasury yields which reached
4.202% in January 2024 prompted Foreign Portfolio Investors (FPIs) to reduce their risk exposure in the Indian equity
markets, withdrawing USD 3.15 billion; in fact, overseas investors sold Indian equity more than any other emerging
markets. However, it is to be noted that the January sell-off by overseas investors comes after two months of
aggressive buying. FPIs invested whooping ~USD 7 billion in December 2023, following a ~USD 2.3 billion purchase of
shares in November 2023, bringing the total amount invested in CY2023 to ~USD 21.4 billion. Domestic institutional
investors invested approximately USD 3 billion.

Moving on to February 2024, empirical data suggest that the benchmark index has a 55-60% likelihood of closing in the
red. The data reveals that the index's ten-year and twenty-year average returns in February are both negative one
percent.

RBI maintained the REPO rate at 6.5% in its latest policy meet despite inflation easing. Retail inflation has moderated
during the current fiscal year, after reaching a high of 7.44% in July 2023, but not enough to allow the central bank to
relax its guard. Retail Inflation was 5.69% in December 2023, which is within the RBI's comfort zone. Federal Reserve
held the policy rate steady and Chair Jerome Powell stated that there would likely be insufficient data by the next
meeting in March to be confident that they had made enough progress against inflation to reduce borrowing costs.
Further, US inflation data came out higher than expected at 0.3% on a monthly basis, while on annual basis it was up
3.1%. Overall, it is anticipated that interest rate cuts by central banks of the USA and India may not occur in the near
future until data indicates that inflation is under control.

Geopolitical tensions continue to be the key risk and source of ➢ Data suggest that the benchmark index has a 55-
concern for global equities. As a result, fluctuations in commodity 60% likelihood of closing in the red. The data
prices and supply interruptions affect multiple industries and reveals that the index's ten-year and twenty-year
heighten inflationary pressure. The stability of the market as a average returns in February are both negative
whole and the supply of energy are still in danger due to the one percent.
ongoing crises in the Middle East and Ukraine. China's property
sector is struggling, and lower GDP growth forecasts raise concerns
➢ It is anticipated that interest rate cuts by central
about the impact on global trade and demand.
banks may not occur in the near future until data
As the elections get closer, domestic stock markets will continue to indicates that inflation is under control.
be volatile. Range bound movement may be the norm of the day
given the erratic corporate profits and strong market gains in the
➢ Geopolitical tensions pose significant risks to
last two months of the previous year.
supply disruptions, commodity prices, and global
Nonetheless, we think that long-term investors should use trade, adversely affecting industries and
corrections as an opportunity to latch on to good quality inflation.
companies having positive growth outlook, given that India is one
fastest growing economies in the world at the moment and ➢ Domestic market expected to remain in a narrow
expectations of a stable government returning to power will boost range due to mixed corporate earnings and
market sentiments.
upcoming elections.

KEY ECONOMIC INDICATORS
February 2024
Fiscal Deficit – The FM reiterated her commitment to the
fiscal consolidation glide path, which is expected to reduce
the fiscal deficit to less than 4.5% of GDP by 2025–26. The
deficit for 2024-25 is expected to be 5.1% of GDP, which
will cover more than half of the work required to reduce
the deficit from 5.8% of GDP in the current fiscal year.
R&D in Sunrise Sectors – The Finance Minister announced
a ₹1 trillion corpus to support innovation and research in
sunrise sectors. This is expected to encourage the private
sector to significantly increase research and innovation in
these domains. The startup and tech industries welcomed
the announcement, hoping it will provide the necessary
boost to R&D investments.
15-20% Global Share of Global Electronic Value Chain –
Previously, China held 70-75% of the $1.5 trillion electronics
GVC, while India had nothing. However, India is on track to
reach the $300 billion mark by 2024. Furthermore, the
country is aiming for a significant 15-20% share of the
electronics GVC by FY26. India's manufacturing sector is
transitioning from import substitution to export-led growth,
marking a significant milestone.
Big Boost to Gas Sector – India will invest USD 67 billion
in the gas sector over the next 5-6 years. India aims to
increase the share of natural gas in the primary energy
mix to 15% from the current 6%. India currently has a
refining capacity of more than 255 MMTPA. By 2030, the
country plans to increase to 450 MMTPA. India currently
consumes 19 million barrels of oil per year, with a
projected increase to 38 million by 2045.
Factory Employment Crossed Pre-pandemic – India’s
overall unemployment rate declined to 6.6% in June-
September 2023 vs. 7.2% in FY23 and 9.8% in FY22.
Maharashtra, Gujarat, Tamil Nadu, Karnataka and Uttar
Pradesh accounted for over half the total manufacturing
GVA.
invest4Edu Research
Strong Capex – In 2024-25, the Indian government plans to
invest a record ₹11.11 trillion (or USD 133.87 billion) in
infrastructure to maintain its position as one of the world's
fastest growing economies. The allocation for capex is
11.1% higher than the capex for the current fiscal year.
Divestment Target – Finance Minister aims to raise
₹50,000 crores through divestment and monetization of
public assets in fiscal year 2024-25. Budget documents
indicate that the revised estimate for such receipts in the
current fiscal year has been reduced from ₹61,000
crores to ₹30,000 crores. The government has missed its
disinvestment target for the fourth consecutive year.
A Boost in Certain PLI Schemes – The government has
increased allocations in five key industry segments by ~81%,
from ₹8,405 crores in the RE of FY24 to ₹15,198 crores in the
Interim Budget for FY25, to support the PLI scheme. The
segments encompass eight PLI schemes: mobile phones, IT
hardware, pharma, food processing, telecom hardware, and
auto and auto components.
Centre’s External Loan Ratio Drops – The central
government's external debt ratio continues to remain low
and has returned to the pre-pandemic level of 2.7% of
GDP in FY24, thanks to the slowing of such loan growth in
recent years. The external debt will total Rs 7.93 lakh
crore in FY24, according to the revised estimate.
January Service PMI – Buoyant foreign and domestic demand
contributed to increased new business orders in January,
propelling India's services sector activity to its highest level
in six months at 61.8, up from 59 the previous month.
Business optimism rose to its highest level since September
2023, with 400 service sector businesses expecting
investment and productivity to fuel growth.
 invest4Edu Research

INDUSTRIES UNDER SPOTLIGHT

February 2024

Information Technology
It is anticipated that IT companies would see a return to growth
in the coming fiscal year, aided by a recovery in the demand
environment, with a potential improvement beginning in Q2FY25.
The increase in spending is likely to be backed by expected
interest rate decreases by central banks, which would boost
economic development and, in turn, discretionary spending,
which might reflect on the steady improvement in Total Contract
Value.
The management guidance and outlook for FY25 may also Stocks in Focus
improve, providing a boost in sentiment. The outlook for BFSI and o Cigniti Technologies
Hitech among the large S&P 500 corporations has improved in o TCS
the previous months. These segments make significant o OFSS
o Infosys
contributions to Indian IT, indicating potential growth. The
o eClerx Services
median PE of the sector is 24x for FY26 and 28x for FY25. o HCL Technologies
Although valuations are high, growth is expected to accelerate,
perhaps maintaining high median multiples.

Pharmaceuticals
Positive factors that support revenue growth and higher gross
margins, such as the US market's approval of niche drugs, the
decline in raw material prices, the low price of crude oil, and the
correction of transportation costs, are anticipated to help the
pharmaceutical industry.

After Covid-19, the Indian business has steadied with low double-
digit growth, while the US market is anticipated to expand in the
mid-teens with steady pricing (notwithstanding a low single-digit
industry price erosion that was only somewhat countered by the
introduction of new items).

The low-double digit rise in the Indian pharmaceutical market

was driven by a significant increase in acute therapy, including Stocks in Focus
anti-malarial, immunomodulatory, anti-infective, and o Lupin
gastrointestinal treatments. Thanks to price increases, new o Dr Reddy's Labs
product releases, and increased field force productivity across o Granules India
most businesses, FY24 organic revenue growth is expected to stay o Biocon
in the mid-single digits. o Cipla
o Supriya Lifescience
 invest4Edu Research

DEBT OVERVIEW
Update

The Federal Open Market Committee (FOMC) kept the federal funds rate unchanged at 5.25% – 5.50% for the fourth
straight meeting. The FOMC stated that “it will not be appropriate to reduce the federal funds target range until inflation
moves sustainably toward 2%”. The Federal Reserve (Fed) continues reducing its holdings of U.S. Treasury securities,
agency debt, and agency mortgage-backed securities.

Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early
2023 but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but
remains elevated. The FOMC judges that the risks to achieving its employment and inflation goals are moving into better
balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.

The general market belief is that the Fed has reached its terminal policy rate for this cycle and that additional rate hikes
are off the table in the near term. Most of the attention will now focus on the timing and the extent of rate cuts during
2024. The latest federal funds target range projections from the FOMC imply that policymakers expect three rate cuts this
year, finishing 2024 at 4.6%.
For India, governor of the RBI, Shaktikanta Das, stated that they ➢ The Federal Open Market Committee (FOMC)
are projecting CPI inflation at 5.4% with the fourth quarter that is
kept the federal funds rate unchanged at 5.25% –
the current quarter projection of 5%.
5.50% for the fourth straight meeting. The FOMC
Now, assuming a typical monsoon for the upcoming year, CPI stated that “it will not be appropriate to reduce
inflation is predicted to be 4.5% for the upcoming fiscal year the federal funds target range until inflation
2024–2025, with Q1 at 5%, Q2 at 4%, Q3 at 4.6%, and Q4 at 4.7%. moves sustainably toward 2%”.
Governor Das highlighted that headline inflation has moderated to
an average of 5.5% during April to December 2023, from 6.7%
during the whole of 2022. ➢ Governor Das highlighted that headline inflation
has moderated to an average of 5.5% during April
to December 2023, from 6.7% during the whole
of 2022.

CPI Inflation (%)

8 7.44
6.83
7 6.52 6.44

5.66 5.55 5.69

6
5.02 4.87
4.7 4.81
5
4.25

0
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
 invest4Edu Research

DEBT OVERVIEW
Update

RBI governor said that "The inflation trajectory going forward would be shaped by the outlook on food inflation, about
which there is considerable uncertainty. Adverse weather events remain the primary risk with implications for the Rabi
crop. Increasing geopolitical tensions are also leading to supply chain disruptions and price volatility in key commodities,
especially crude oil.”

RBI has been able to manage the CPI in band of 4%-6% band in seven out of the 11 months till Nov 2023. There has been
some volatility in CPI owing to spike in food prices in some months. However, RBI has largely been able to keep inflation
under control in 2023. Inflation is forecasted to be within the RBI tolerance band in 2024 as well for most of the year.
India has managed to be fastest growing major economy while
keeping the inflation under check when the western world was
struggling to control the high inflation. This has provided India
➢ RBI has largely been able to keep inflation under
with an opportunity to cut the interest rates in 2024 following the
control in 2023. Inflation is forecasted to be
lead of Federal Reserve which is also poised to cut the rates in
within the RBI tolerance band in 2024 as well for
2024. This will result in low interest rate environment and India
most of the year
10 year should be seen below 7% for most of 2024.
➢ India has managed to be fastest growing major
economy while keeping the inflation under
check when the western world was struggling to
control the high inflation. This has provided
India with an opportunity to cut the interest
rates in 2024. This will result in low interest rate
environment and India 10 year should be seen
below 7% for most of 2024. .

India 10-Year Bond Yield

7.50

7.40

7.30

7.20

7.10

7.00

6.90

6.80

6.70
 invest4Edu Research

MUTUAL FUND OVERVIEW

February 2024

Robust Start to 2024

According to the data released by AMFI, the net assets under management (NAUM) was ₹52.74 trillion at the end of
January 2024. SIP flows reached a record ₹18,838 crore, while NFO (New Fund Offering) flows, which were mostly driven
by hybrid funds with multi-asset allocation and passive funds, stood at ₹6,817 crore. The SIP folios reaching 7.92 crore
and the SIP AUM reaching ₹10.27 trillion was the highlight of the month under consideration. On a YoY basis, the mutual
fund AUM has grown by a healthy 29.62% compared to January 2023.

Inflows into open-ended equity funds surged by 28% to reach ₹21,780.56 crore in January. This marks the 35th
consecutive month of positive inflows into equity funds, starting from March 2021.

Over time, the number of retail investors has grown and at present, they own half of the assets under management in the
mutual fund industry.
➢ The net assets under management was
₹52.74 trillion at the end of January 2024. SIP
Retail AUM (Equity + Hybrid + Solution Oriented Schemes) stood at
flows reached a record ₹18,838 crore, while NFO
₹29,88,347 crore for January 2024, with an average AUM of
flows stood at ₹6,817 crore.
₹29,56,393 crore.

➢ On a YoY basis, the mutual fund AUM has grown

by a healthy 29.62% compared to January 2023.

➢ Retail AUM (Equity + Hybrid + Solution Oriented

Schemes) stood at ₹29,88,347 crore for January
2024, with an average AUM of ₹29,56,393 crore.

Net Asset Under Management (Lakh Crore)

57.50

52.74
50.48
52.00
49.05

46.63 46.71
46.37
46.50
44.39

40.38 41.62 46.58

39.89 39.62
41.00 39.34 39.50 43.20
37.56 37.57 37.75
37.33 37.73 37.22
36.74
39.46 39.42
35.32
38.42
35.50 33.05 38.01
37.33 37.75
36.59 35.64
32.38

33.67
30.00
 invest4Edu Research

MUTUAL FUND OVERVIEW

DEBT FUNDS
There has been a turnaround in the debt fund pattern, with short-duration and liquid funds outperforming the
others. January saw the debt mutual fund sector receive an inflow of ₹76,468 crore after as outflow in the
previous month to the tune of ₹75,559 crore. Liquid funds received maximum inflows of ₹49.468 crores followed
by Money Market funds which received an inflow of ₹10,651 crore. Overnight funds garnered an inflow of ₹8,995
crore.

ETF’s
Exchange-Traded Funds (ETFs) saw a significant increase in inflows. Index funds witnessed a sizeable inflows of
₹2,988 crore in the month under consideration which is significant jump form the previous month’s inflow of ₹703
crore. While Gold ETF’s witnessed an inflow of ₹657 crore.

The asset under management of the overall systematic investment plan (SIP) exceeded ₹10 trillion in January, hitting ₹10.27
trillion. Furthermore, throughout the month, 28 lakh SIP accounts were added. Investments through SIPs reached a new
record high of ₹18,838 crore in the month under consideration as compared to ₹17,610 crore in December.

SIP Flows (Crore)

21,000

19,000

17,000

15,000

13,000

11,000

9,000

7,000
 invest4Edu Research

EQUITY FUNDS -
CATEGORY WISE PERFORMANCE
January saw a little decrease in the amount of money received by Small-Cap funds, from ₹3,857 crore in December 2023
to ₹3,257 crore in January 2024. Large cap funds saw an inflow of approximately ₹1,287.05 crore, contrasting with an
outflow of ₹280.94 crore in December. However, investor interest in mid-cap funds improved, with ₹2,061 crore coming
in, up from ₹1,393 crore in December.
In January 2024, the category with the biggest inflows continued to be the sectoral or thematic funds, with an an influx of
₹4,804.6 crore, followed by small cap funds. The multi-cap category attracted the third-highest flows, amounting to
₹3,038 crore.
Equity-Linked Savings Schemes (ELSS) also saw a substantial turnaround with an inflow of ₹532 crore, contrasting with an
outflow of ₹314 crore in the preceding month.

Category Wise Performance (Crore)

11,000.00

9,000.00

7,000.00

5,000.00

3,000.00

1,000.00

(1,000.00)

(3,000.00)

Multi Cap Fund Large Cap Fund Large & Mid Cap Fund Mid Cap Fund Small Cap Fund

OUTLOOK
The Indian mutual fund industry is likely to continue to witness strong retail participation despite the rise in volatility and sharp
rally as we approach major event of the year i.e., elections. Retail participants have matured over time and look at equity
investments through mutual fund SIPs as a long term wealth creation asset class. Despite the turmoil and bouts of corrections
inflows have remained strong.
Given the recent advance in the broader markets, investors with longer term horizons should consider small and mid cap
funds; however, large cap and flexi cap funds can be examined right away since they will eventually catch up with the broader
indices.
 invest4Edu Research

FUNDS IN FOCUS
(CATEGORY WISE)
ELSS
Morning Star Return
Scheme Name Rating AUM (Cr) 1 yrs 3yrs 5yrs
Canara Robeco Equity Tax Saver Reg Gr *** 7,154.65 27.68% 14.76% 19.63%

Mirae Asset Tax Saver Reg Gr **** 20,430.78 28.07% 15.43% 19.37%

DSP Tax Saver Reg Gr **** 13,846.06 33.52% 19.02% 20.46%

Large Cap
Morning Star Return
Scheme Name Rating AUM (Cr) 1 yrs 3yrs 5yrs
Mirae Asset Large Cap Fund Gr **** 33,295.23 34.17% 17.09% 21.29%

SBI Bluechip Reg Gr **** 43,272.98 20.59% 12.87% 16.54%

ICICI Pru Bluechip Gr ***** 49,837.78 34.59% 18.92% 19.06%

Large & Midcap

Morning Star Return
Scheme Name Rating AUM (Cr) 1 yrs 3yrs 5yrs
Canara Robeco Emerging Equities Reg Gr *** 19,901.98 27.70% 15.66% 18.65%

SBI Large & Midcap Reg Gr *** 20,007.77 30.98% 20.45% 20.07%

Kotak Equity Opportunities Reg Gr **** 18,315.08 33.47% 19.56% 20.32%

Midcap
Morning Star Return
Scheme Name Rating AUM (Cr) 1 yrs 3yrs 5yrs
Kotak Emerging Equity Fund Gr **** 39,027.24 33.78% 21.79% 23.59%

SBI Magnum Midcap Reg Gr *** 15,957.21 36.71% 23.43% 23.73%

HDFC Mid-Cap Opportunities Gr **** 59,027.47 54.39% 29.78% 25.61%

Small Cap Fund

Morning Star Return
Scheme Name Rating AUM 1 yrs 3yrs 5yrs
Canara Robeco Small Cap Gr **** 9,586.09 40.01% 30.83% NA

Kotak Small Cap Reg Gr *** 14,425.52 36.53% 24.53% 27.81%

SBI Small Cap Fund Reg Gr *** 24,861.53 32.35% 23.99% 25.83%
 invest4Edu Research

MUTUAL FUND PORTFOLIO

Aggressive Portfolio Basket
➢ Long term wealth Creation focused
➢ Equity Oriented Portfolio
➢ Basket created for 7 to 10 yrs plus investment horizon
Morning Star Return
Scheme AUM
Rating 1yr 3yr 5yr
Kotak Emerging Equity Reg Gr **** 39,027.24 33.78% 21.79% 23.59%

Nippon India Growth Gr **** 24,365.53 53.81% 29.24% 27.71%

Canara Robeco Small Cap Fund Reg Gr *** 9,586.09 41.45% 33.25% NA

Parag Parikh Flexi Cap Reg Gr **** 55,034.05 41.13% 23.11% 24.77%
SBI Focused Equity Fund Reg Gr **** 31,383.56 27.89% 14.93% 18.46%

Moderate Portfolio Basket

➢ Mid to Long term wealth Creation focused
➢ Equity focused Debt Oriented Portfolio
➢ Basket created for 5 to 7 yrs plus investment horizon
Morning Return
Scheme AUM
Star 1yr 3yr 5yr
Rating
ICICI Pru Equity & Debt Gr ***** 31,196.16 35.96% 25.12% 22.53%
SBI Small Cap Fund Reg Gr *** 24,861.53 35.78% 26.12% 27.73%
Mirae Asset Focused Reg Gr ** 9,051.71 18.24% 12.11% NA
Parag Parikh Flexi Cap Reg Gr **** 55,034.05 41.13% 23.11% 24.77%
Kotak Emerging Equity Reg Gr **** 39,027.24 35.26% 23.44% 25.66%

Conservative Portfolio Basket

➢ Short to Mid term wealth Creation focused
➢ Debt focused Equity Oriented Portfolio
➢ Basket created for 3 to 5yrs plus investment horizon
Morning Return
Scheme AUM
Star 1yr 3yr 5yr
Rating
HDFC Short Term Debt Gr **** 14,373.01 7.96% 5.81% 7.41%
Aditya BSL Corporate Bond Reg Gr ***** 20,837.91 7.90% 5.85% 7.51%
Canara Robeco Conservative Hybrid Reg Gr **** 1,007.39 12.11% 8.50% 10.75%
Kotak Debt Hybrid RegGr ***** 2,249.29 18.64% 12.03% 13.42%
ICICI Pru Equity & Debt Gr ***** 31,196.16 35.96% 25.12% 22.53%
 invest4Edu Research

TECHNICAL OVERVIEW
February 2024

The Indian equity markets had a rough start to January 2024, and it doesn't appear that things will get any better heading
into general elections. Previous month was dominated by bouts of sudden profit booking accompanied with heightened
volatility. February has started off turbulently as well. On the monthly time frame, the Nifty-50 has formed a Doji
candlestick, indicating market participant's uncertainty as bulls and bears compete to be the more powerful force. This
has lead to a range bound activity at the moment as bears are defending the 22,150 zone while the bulls are active
around the 21,500 mark creating ample demand to push the index back to the upper end of the range i.e., 22,150. As the
index approaches the upper end of the range, bulls are currently in control. If, after several attempts, the Nifty-50 index
is able to cross the 22,150 barrier and stay above it, fresh buying will emerge, pushing the index up to levels between
22,750 & 23,000.
Broader markets have been outperforming the benchmark indices ➢ On the monthly time frame, the Nifty-50 has
with back-to-back gains for the past three months; the midcap formed a Doji candlestick, indicating market
index has gained 25% while the smallcap index has gained almost participant's uncertainty as bulls and bears
26%. The question is, how long will this party will last? If we are to compete to be the more powerful force. This has
believe the recent price action, which included a strong correction lead to a range bound activity at the moment.
in both indices along with a surge in volatility then market
participants should be cautious as negative divergences (i.e., price ➢ If, after several attempts, the Nifty-50 index is
making higher high while RSI forms a lower high), have started to able to cross the 22,150 barrier and stay above it,
emerge on multiple time frames. As the elections draw nearer, fresh buying will emerge, pushing the index up to
greater and greater corrections may be seen. levels between 22,750 & 23,000.

As we know that VIX is a fear index, a jump in VIX typically results
in significant corrections. Based on our thorough examination of
the India VIX behaviour around the general elections, we
concluded that it spikes to levels of 30-35 by the month of May
every election year. With this knowledge in hand, we would
advise positioning oneself appropriately and maintaining your
composure as the election and its outcome approach.
➢ If we are to believe the recent price action, which
included a strong correction in both indices along
with a surge in volatility then market participants
should be cautious as negative divergences have
started to emerge.
➢ Based on our thorough examination of the India
VIX behaviour around the general elections, we
concluded that it spikes to levels of 30-35 by the
month of May every election year.
 invest4Edu Research

DERIVATIVE OVERVIEW

Since January, markets have been experiencing an increase in the INDIAVIX structure. In just seven trading sessions, the Nifty50
corrected from its high of 22,124 to test the 21,137 mark. Following this sharp correction, momentum readings on lower time frame
charts reached the oversold zone, resulting in a pullback towards the end. In options, strong put writing, along with exit of call
writers, was observed at the Nifty strike of 21,500. Put writing at a specific strike price is typically interpreted as a sign that support is
strengthening and that prices are likely to rise. A break below 21,500 and 21,400, on the other hand, may result in a significant sell-
off, and traders are advised to proceed with caution, avoiding unnecessary risks and waiting for the market to stabilize before making
aggressive moves.

NIFTY50 BANKNIFTY

The February series started with ₹2,78,986 crore versus ₹ 2,83,642 crore in stock futures, ₹38,237 crore versus ₹ 38,153 crore in Nifty futures,
₹ 15,99,562 crore versus ₹ 17,33,990 crore in index options and ₹ 2,61,928 crore versus, ₹ 2,72,945 crore in stock options. The volatility index
this month has been continuously inching higher, currently hovering at ~15.22%.

Roll-over Analysis
Nifty futures rollover was 81.30 percent, higher than last month's 90.00%
expiry rollover of 73.06 % and its three/six/nine-month average of
77.48%, 78.60%, and 78.20%, respectively. The Nifty opened the 80.00%
February series with an open interest (OI) of 1.28 crore shares, 70.00%
compared to 1.38 crore shares at the start of the January series. The
Nifty experienced higher rollover, higher cost of carry (₹ 163.1), and 60.00%
lower open interest compared to the previous month, indicating NIFTY BANKNIFTY
liquidation of long positions in the January series.
SEPTEMBER OCTOBER NOVEMBER
DECEMBER JANUARY
 invest4Edu Research

SECTOR WISE ROLLOVER

Rollovers for the MEDIA, FINANCE, BANKING, OIL&GAS and PHARMA sectors accelerated due to sectoral action in January expiry. However,
low rollovers were observed in stocks in the TELECOM, REALTY, and METALS sectors on expiry day.
Index heavyweights such as AXISBANK, HDFCBANK, SBIN, ICICIBANK, and TCS saw aggressive rollover in the January series, while
BHARTIAIRTEL, KOTAKBANK, SUNTV, JUBLFOOD, and HCLTECH saw low rolls compared to the 3M average rollover.
Other stocks such as SHRIRAMFIN, GLENMARK, DALBHARAT, JKCEMENT, and MANAPPURAM had high rollovers, whereas ALKEM, OFSS,
HINDALCO, MRF, and POLYCAB had lower rollovers compared to the 3M average.

Sectorwise Roll-over

TELECOM

TECHNOLOGY

REALTY

POWER

PHARMA

OIL & GAS

METALS

MEDIA

FMCG

FINANCE

FERTILIZERS

CEMENT

CAPITAL GOOD & INFRA

BANKING

AUTO & AUTO ANCILLARY

84.00% 86.00% 88.00% 90.00% 92.00% 94.00% 96.00% 98.00%

FEBRUARY JANUARY
 invest4Edu Research

DERIVATIVE OVERVIEW

On Nifty50 monthly options front, the OTM 21,500 strike put option has the most open interest in the monthly expiry
with 34,37,750 contracts, followed by deep OTM 21,000 PE with 33,42,350 contracts. On the call side, the 22,500 CE
strike has the most open interest, with 23,35,800 contracts, followed by the 22,000 CE strike, which has 22,58,300
contracts. A new rally in the Nifty could only occur above 22,000; however, if 21,400-21,500 level is breached, there
may be a deeper correction in terms of profit booking up to 20,800-20,900 levels.

NIFTY50 OI
6000000.00

5000000.00

4000000.00

3000000.00

2000000.00

1000000.00

0.00

NIFTY 29FEB2024 - current Call Options OI NIFTY 29FEB2024 - current Put Options OI

Chart compares the movement of the India VIX and the Nifty-50 Index.
 invest4Edu Research

FII/DII ACTIVITY

Following record inflows of more than USD 9 billion in December 2023, overseas investors resumed selling. During the first half of
January 2024, FPIs were net buyers of USD 0.42 billion. However, in the second half, FPI sold equities worth USD 3.51 billion,
resulting in a net selling of USD 3.1 billion in January 2024, which was triggered by a number of factors, including investor caution
ahead of an interim budget for 2024-25, statements by the US Federal Reserve, and slow growth rates in corporate revenue and
profits, among others.

INDEX FUTURE STOCK FUTURE

4,00,000 30,00,000
3,00,000
20,00,000
2,00,000
10,00,000
1,00,000
0 0
Future Index Long Future Index Short Future Stock Long Future Stock Short

RETAIL CLIENTS DII FII PRO RETAIL CLIENTS DII FII PRO

INDEX CALL OPTION STOCK CALL OPTION

30,00,000 8,00,000

20,00,000 6,00,000

10,00,000 4,00,000
2,00,000
0
Option Index Call Option Index Call 0
Long Short Option Stock Call Long Option Stock Call Short

RETAIL CLIENTS DII FII PRO RETAIL CLIENTS DII FII PRO

INDEX PUT OPTION STOCK PUT OPTION

30,00,000 6,00,000
20,00,000 4,00,000
10,00,000
2,00,000
0
Option Index Put Long Option Index Put 0
Short Option Stock Put Long Option Stock Put Short

RETAIL CLIENTS DII FII PRO RETAIL CLIENTS DII FII PRO
 invest4Edu Research

OUTLOOK

Following a volatile trading session in January, there may be some volatility ahead. While the INDIAVIX is currently at
15.16, volatility traders may face difficulty trading in this rising VIX structure. The OI data suggests that breaking the
22,000-22,100 level will result in more potential upside momentum in the Nifty50.

We are seeing an increase in IV-HV spread. We will see more gamma spikes as the implied volatility curve widens relative
to realized volatility.

This is a risk reversal monthly trade with a negative delta and a breakeven of 22,425. It is preferable to keep net Vega
under control while avoiding additional gamma risk.

Monthly trade :

BUY/SELL EXPIRY STRIKE OPTION

BUY 29-Feb 21500 CE
SELL 29-Feb 22400 CE

Net Credit ₹ 1277

Breakeven 22,425
Max. Loss ₹ Undefined
Max. Profit ₹ Undefined
Estimated Margin ₹ 1,20,000

Position IV Delta Theta Gamma Vega

+1x 29FEB2024 21500PE 15.03 -9.19 -316.83 0.02 558.67

-1x 29FEB2024 22400CE 13.13 13.51 344.33 -0.03 -695.01

Greeks -22.70 27.50 -0.01 -136.34

Greeks in ₹

We will make fewer adjustments if the market recovers from these levels until we see a significant change in OI at higher
levels. If the market remains sideways, an aggressive trader can bring their short legs inside while keeping hedges intact.
 invest4Edu Research

i4E STOCK PICKS

Target Price (₹) Upside

ACC Ltd. 3,120 15%

Target Price (₹) Upside

Aditya Birla Capital Ltd.
220 18%

Target Price (₹) Upside

Astral Ltd. 14%
2,250

Target Price (₹) Upside

Vardhman Textiles Ltd. 510 15%

Target Price (₹) Upside

V-Guard Industries Ltd.
373 20%
 Astral Ltd.

Astral Limited (Astral) is a major player in India's building materials industry and the country's top manufacturer of plastic pipes. It
has also made a consistent entrance into the adhesives and building chemicals areas, while expanding its influence in the paints,
faucets, sanitaryware, and valve markets. It operates eleven manufacturing facilities in India, with a total production capacity of
3,95,979 MT, as well as two global facilities in the United States and the United Kingdom.

Investment Thesis

Strong Financial Position: During 9MFY24, the net sales of Astral increased 10% YoY to ₹4,016 crores. EBITDA jumped ~26% YoY to
₹6,587 crores. EBITDA Margin stood at 16.4% vs. 14.3% during 9MFY23. Profit After Tax jumped ~40% to ₹3,643 crores and PAT
Margin was 9.1% vs. 7.1% during 9MFY23. Consolidated cash and cash equivalents and bank balances as at December 31, 2023 was
₹332.3 crores, after payment of 80% stake acquisition of Gem Paints Private Limited. The improvement in financial flexibility is
anticipated to persist with sustained strong operating performance, no significant capex over the medium term, and expected excess
liquidity even after adjusting for an annual dividend outflow. The group continues to maintain strong debt protection metrics,
including a healthy interest coverage ratio, which is likely to improve further as profitability increases.

Net Products and Expansion: The paint business is planning to launch new products and systems under the Astral brand in few
states in Q1FY25. Astral plans to expand its reach to different markets and Pan-India reach within one to two years, introducing
new brands and products. The last leg of production will be completed in Q4, and the company anticipates continuous growth. The
bath ware business is experiencing quarterly improvements, with the product becoming more visible in the market. The Hyderabad
plant is expanding its capacity by 70,000 MT, while the Kanpur plant is expanding its capacity by 60,000 MT. The first phase of
construction for Hyderabad's expansion is nearly complete, with Astral starting machine installation in Q1FY25 and commercial
production starting by Q2FY25, while Kanpur plant layout is progressing. The capex for FY25, primarily in the pipes segment, is ₹ 250-
300 crores.

RECOMMENDATION BUY
Strong Financial Performance in the Recent Quarter: The group is the market
leader in the domestic CPVC niche market and one of the top players in the PVC Current Price (₹) 1,967
segment. It has the benefit of being the first to introduce these products in the Target Price (₹) 2,250
Indian market. It has expanded its product offerings by including adhesives and
Upside (%) 14%
sealants, infrastructure, tanks, sanitaryware and faucets, and paint. Their
established and long-term presence has resulted in excellent brand recall and STOCK DATA
market penetration. The adhesives and paint segment is expected to grow due to NSE ASTRAL
increased paint revenue, a renovated distribution network, and advertising
Bloomberg ASTRA IN
efforts. Geographically scattered facilities, backward integration into CPVC, and
cost spread will contribute to long-term operating margin improvement, with Reuters ASPT.BO
continuous benefits and cost spread. 52-Week High/Low 2,058/1,298
Market Cap (₹ Cr.) 52,834
Outlook and Valuation: Over the following five years, management expects to
increase sales by 15%. We believe that the company's current leadership in the Enterprise Value (₹ Cr.) 52,398
pipes category, combined with its efforts to expand into new markets such as Beta 0.7462
paints, adhesives and sealants, and bath ware, will help business growth in the
medium to long term. At CMP, the stock trades at ~55x of FY26E earnings. Dividend Yield (%) 0.18%
No. of Shares (in Cr.) 26.86

STOCK PERFORMANCE SHAREHOLDING PATTERN DEC’23

12%

14%

54%

20%

Promoters FIIs DIIs Public

 ACC Ltd.

Holcim acquired 14.8% of Ambuja in January 2006. Following an open offer in April 2006, Holcim took over management of the
company. Following the restructuring between ACC and Ambuja, effective August 12, 2016, ACC became an Ambuja subsidiary. On
May 15, 2022, the Adani group and Holcim Ltd signed a share purchase agreement to purchase the latter's entire stake in Ambuja
and ACC for ₹50,181 crores. This enabled the Adani group to enter the cement business in second place in India, with significant
scale and strong brands. ACC is one of India’s leading producers of cement and ready-mix concrete. Over the years, it has set up
manufacturing and grinding units, along with ready-mix concrete plants across the length and breadth of India. As of December
2023, ACC had 16 cement plants, 36.05 MTPA installed cement manufacturing capacity, 85+ ready-mix concrete plants, and 56,943
channel partners.

Investment Thesis

Strong Market Position of the Group: As of December 2023, ACC and Ambuja have an installed capacity of 77.4 MTPA, making them
the industry's second-largest group, with a presence across India. The group collectively have a +12% capacity share in the domestic
market. They have 18 integrated units, 18 grinding units, 82+ ready-mix concrete units, and over 100,000 channel partners with a
nationwide presence. These variables protect the operations from regional price volatility and demand-supply imbalances.
Furthermore, the new promoter plans to grow the group's present capacity from 67.5 MTPA to 140 MTPA by fiscal year 2027-28.

Capacity Addition and Operating Efficiencies to Aid Long Term Growth: As of December 2023, ACC had commissioned a 1 MMTPA
cement mill and a 16MW WHRS at Ametha, MP. ACC plans to build an additional 18/21.5 MW across Chanda and Wadi in FY25,
bringing the total WHRS capacity to 86 MW. During Q3FY24, it acquired a 55% share in Asian Concretes & Cements Private Limited
for ₹425 crores, resulting in a 1.5 MT grinding capacity increase. Furthermore, it intends to add 1.6 MMTPA at Sindri, Jharkhand, by
Q4FY25, and 2.4 MMTPA at Salai Banwa, Uttar Pradesh, by Q1FY26. In addition, management is working on a number of cost-
cutting initiatives that will increase margins in the future. Adani Cement reiterated
the target of cutting costs by ₹400/t and has accomplished Rs100/t thus far.
RECOMMENDATION BUY
Strong Financial Performance in the Recent Quarter: In Q3FY24, net revenue Current Price (₹) 2,720
increased by approximately 8% YoY. Volume growth grew by 17% YoY and 10% Target Price (₹) 3,120
QoQ. It exceeded in terms of operational performance, with EBITDA increasing
139% year on year and 65% quarter on quarter. This string quarterly Upside (%) 15%
performance is supported by lower staff and other expenses, as well as freight STOCK DATA
prices. EBITDA per tonne increased by ₹340/tonne QoQ, driven by a ₹50/tonne NSE ACC
ASP increase and lower expenses and fright costs.
Bloomberg ACC IN
Outlook and Valuation: We believe that the group is laying the groundwork for Reuters ACC.BO
future growth by increasing current capacity to 140 MTPA (+2x from current 52-Week High/Low 2,691/1,592
capacity) by FY28. The group is also implementing many steps to manage operating
expenses, which will benefit the margin profile and generate strong cash flows, Market Cap (₹ Cr.) 51,082
which will help with capital plans. The stock trades at 11.5x of FY26E EV/EBITDA. Enterprise Value (₹ Cr.) 50,482
Beta 1.0811
Dividend Yield (%) 0.35%
No. of Shares (in Cr.) 18.78

STOCK PERFORMANCE SHAREHOLDING PATTERN DEC’23

13%

24%
57%

6%

Promoters FIIs DIIs Public

 Aditya Birla Capital Ltd.

Aditya Birla Capital (ABCAP) is the holding company for Aditya Birla Group's financial services operations. ABCAP is a Reserve Bank
of India-registered non-deposit core investment business having systemic importance. The company has a nationwide presence,
with over 1,460 branches, over 2,00,000 agents/channel partners, and multiple bank partners. The company's branch growth aims
to increase penetration in tier III and IV cities, as well as new consumer groups. Its diverse business includes non-banking financing,
home finance, life insurance, standalone health insurance, asset management, stock and securities broking, and other financial
services like wealth management, insurance advising, and asset reconstruction.

Investment Thesis

One ABC, One Customer, One Experience, One Team: ABCL has combined its diverse financial business into One ABC, a one-stop
shop that offers loans, insurance, and mutual funds in one place. With 218 locations as of Q3FY24, ABCL intends to rapidly extend
these branches across new regions to maintain strong growth momentum. ABCL is implementing a "One ABC, One P&L" strategy,
which focuses on one client, one experience, and one team. The company has established the ABCD-D2C platform, which provides
financial aid via a single app. The concept of combining all financial products under one tent seems appealing since it allows for up-
selling and cross-selling for existing clients. It also wants to launch a B2D platform to help distributors and channel partners find
new clients. ABCL Holdings is expected to reap benefits from these technological solutions, which will promote long-term and
quality growth for all of its businesses.

Aims Doubling of Lending Book: Despite calibrating its expansion in areas like consumer and personal loans, management
anticipates doubling its loan book over the next three years. It intends to do this through increasing cross-selling, growing the share
of secured products, and strengthening branch presence. Additionally, it intends to expand its rapidly growing MSME Udyog Plu
Platform. ~20% of ABFL's unsecured BL disbursements came from payments made
using this channel. The ABG ecosystem provides 60% of the volumes. RECOMMENDATION BUY
Current Price (₹) 186
Digital Initiatives: While life insurance prioritizes product innovation and
Target Price (₹) 220
continuously broadens its product suite, taking advantage of the ABCD D2C app
for growth, AMC seeks to scale with marginal gains in market share. The company Upside (%) 18%
offers pre-approved sum assured products, which contribute 26% to overall sales STOCK DATA
and demonstrate improved persistency trends, thanks to its effective use of
NSE ABCAPITAL
digital tools. In order to create a well-being score, the ABHI digital platform
gathers data points, which improves customer engagement and helps the Bloomberg ABCAP IN
customer cohort that is health-conscious. Reuters ADTB.BO
52-Week High/Low 199/137
Outlook and Valuation: The company's digital abilities and management remarks
across all of its business segments provides confidence in the growth prospects. All Market Cap (₹ Cr.) 48,421
business segments have seen an improvement in operational metrics; growth, Enterprise Value (₹ Cr.) 1,43,085
reduced credit costs, and higher return ratios are anticipated in next fiscal.
Revenue growth and cost reduction should boost the AMCs profitability. The VNB Beta 1.2496
and persistence margins for Life Insurance should also see improvement. Dividend Yield (%) --
No. of Shares (in Cr.) 259.97

STOCK PERFORMANCE SHAREHOLDING PATTERN DEC’23

13%

8%

10%
69%

Promoters FIIs DIIs Public

 Vardhman Textiles Ltd.

Vardhman Textiles Ltd. (VTL), founded in 1973, is one of India's largest vertically integrated textile manufacturers, focusing
primarily on cotton yarn and fabric. It operates 15 manufacturing facilities with a total installed capacity of 1.23 million spindles,
1,550 looms, 181.6 MMPA fabric processing capacity, and 2 million shirt manufacturing capacity spread across eight locations in
Punjab, Madhya Pradesh, and Himachal Pradesh.

Investment Thesis

Strong Market Position: VTL is one of India's largest integrated textile producers, with significant production capacities,
high capacity utilization rates, and operating efficiencies. Furthermore, it is a major yarn maker and a major cotton yarn players in
the piece dyed fabric and sewing thread markets. In addition, VTL has geographical diversification across domestic and
international markets, product diversification across value-added yarns and fabrics, numerous plant locations, and technological
collaborations. VTL has a diverse customer base, with the top five accounting for only about 10% of total revenue. Over the
medium run, the company is expected to steadily increase its business across all market categories.

Expected Strong Demand Over the Long-Term: The management has high hopes for future improvements in the demand situation.
The company is therefore concentrated on growing and improving its capabilities and operational efficiencies. In FY24, VTL plans to
invest about ₹350 crores in modernizing and maintaining its plants. It declared an additional ₹200 crores of capital expenditures for
FY25, with the goal of modernizing and expanding by installing 15,600 spindles and replacing about 7,700 ring frame spindles with
384 vortex drums. This plant has the potential to generate ~₹200 crores in revenue at full capacity. Overall, even with the ongoing
short-term setbacks, the company's long-term growth is intact.

Expected Growth in Operating Profile: Consolidated EBITDA margins will likely

decrease to 9%–10% in FY24 vs. ~13% in FY23, dragged by lower volume as a RECOMMENDATION BUY
result of the general slowing demand and a correction in realization due to arrival Current Price (₹) 444
of fresh cotton. Further, a moderation in raw material costs is likely to contribute
Target Price (₹) 510
to the expected rise in EBITDA margins to 14%–15% in FY25 and FY26 to 15.5%-
16%. Over the medium-term, an increase in the high-margin fabrics segment's Upside (%) 15%
capacity utilization will be EBITDA-accretive. STOCK DATA
NSE VTL
Outlook and Valuation: We believe that, in the long run, topline growth will
continue at its current rates, the margin profile likely to improve due to lower input Bloomberg VTEX IN
costs, and the bottom line likely see a push from probable improvement in Reuters VART.BO
operating performance and an anticipated decrease in financing costs. It is
52-Week High/Low 458/270
anticipated that the planned Capex will eventually contribute to growth, although
the management has not provided a margin guidance. The stock trades at ~10x of Market Cap (₹ Cr.) 12,600
FY26E earnings. Enterprise Value (₹ Cr.) 13,760
Beta 0.7071
Dividend Yield (%) 0.79%
No. of Shares (in Cr.) 28.92

STOCK PERFORMANCE SHAREHOLDING PATTERN DEC’23

13%

17%

64%
6%

Promoters FIIs DIIs Public

 V-Guard Industries Ltd.

V-Guard Industries, founded in 1977, specializes in manufacturing voltage stabilizers and has since expanded into a multi-product
company, offering products such as digital UPS systems, batteries, pumps, house wiring cables, switch gears, modular switches,
electric water heaters, fans, solar water heaters, air coolers, and kitchen appliances. V-Guard, a dominant player in the South
market, has seen rapid expansion in non-South geographies, contributing significantly to total revenues from 5% in FY08 to around
45% in FY23. V-Guard outsources 40% of its product profile, while the rest is manufactured in-house. It has manufacturing facilities
in Tamil Nadu, Uttarakhand, Himachal Pradesh, Telangana, Haryana, and Sikkim. Significant investments are being made to expand
its non-South coverage. V-Guard has a diverse client base, including direct marketing agents, distributors, and retailers, with a
strong network of 32 branches covering over 60,000 channel partners across India.

Investment Thesis

A Strong, Well-established Brand Presence Combined with a Well-diversified Product Line: With a presence of more than four and
a half decades, V-Guard is a well-known brand in electronics, electricals, and consumer durables, particularly in South India. It
started out with just one product, stabilizers, in 1977 and has since added more than 20, progressively broadening its range of
offerings. With 42-45% market share in organized segment, it leads the stabilizer market. It also has a strong foot in the water
heater, solar water heater, fans, pumps, and home wiring cables. Furthermore, it is anticipated that the acquisition of Sunflame
Enterprises will enhance its market share and presence in the kitchen appliances category, including a variety of items such as
cooktops, chimneys, cookware, and hobs, among others.

Expanding Geographic Presence: Since its inception, the firm has mostly served the South Indian market. The majority of the
company's revenue originates from five southern states, while it has gradually grown into non-Southern areas through focused
campaigns. In FY18, the south to non-south ratio was 63%-37%. However, during
9MFY24, this ratio was 55%-45%, indicating significant growth in non-south RECOMMENDATION BUY
regions. Further, the acquisition of Sunflame Enterprises would further aid the
Current Price (₹) 310
business to grow in non-South areas as SEPL is a strong player in non-south
market contributing ~80% of its sales. Target Price (₹) 373
Upside (%) 20%
Decent Financial Performance: During 9MFY24, net revenue increased 17.6%
STOCK DATA
YoY, EBITDA was up 34% YoY, EBITDAM was 8.5%, 100 bps YoY. PAT increased
33% YoY and PATM was 5.2%, up ~60bps YoY. Further, we think that VGIL could NSE VGUARD
exit FY24 with topline of 11-12% aided by summer season in Q4FY24 and demand Bloomberg VGRD IN
revival.
Reuters VGUA.BO

Outlook and Valuation: The company, a market leader in stabilizers, is set to scale 52-Week High/Low 335/237
up and expand its market share in the kitchen appliances segment after its Market Cap (₹ Cr.) 13,520
acquisition of Sunflame Enterprises, which will offer operational synergies. The
company is transitioning from outsourcing to a own production model due to the Enterprise Value (₹ Cr.) 13,845
numerous benefits and higher margins. The stable outlook suggests continued Beta 0.3665
growth due to its strong market share, brand, diverse product portfolio, and strong
Dividend Yield (%) 0.42%
distribution network, particularly in South India. The stock trades at ~33x of FY26E
earnings. No. of Shares (in Cr.) 43.41

STOCK PERFORMANCE SHAREHOLDING PATTERN DEC’23

12%

20%
55%

13%

Promoters FIIs DIIs Public

 invest4Edu Research

i4E RECOMMENDATION
PERFORMANCE
Return (13-Jan-23 to 16-Feb-24)

14.9%
avg returns

January (13-01-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Cera Sanitaryware 5,324 6,260 6,260 17.6% Closed (Target Achieved)
Sona BLW Precision Forgings 428 594 594 38.8% Closed (Target Achieved)
Krishna Institute of Medical Sciences 1,509 1,839 1,839 21.9% Closed (Target Achieved)
Persistent Systems 3,978 4,615 4,615 16.0% Closed (Target Achieved)
Mishra Dhatu Nigam 219 290 290 32.4% Closed (Target Achieved)
February (13-02-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Likhitha Infrastructure 227 297 297 30.8% Closed (Target Achieved)
eClerx Services 1,475 1,710 1,710 15.9% Closed (Target Achieved)
Blue Star 1,376 1,600 1,600 16.3% Closed (Target Achieved)
SBI Cards & Payment Services 750 960 762 1.6% Closed (Booked Gains)
Auto Ancillaries - Thematic Report (27-02-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Exide Industries 173 218 217 25.4% Closed (Target Achieved)
Gabriel India 153 219 200 30.7% Closed (Target Achieved)
Lumax Auto Tech 267 291 291 9.0% Closed (Target Achieved)
Craftsman Auto 3,290 3,800 3,800 15.5% Closed (Target Achieved)
Sona BLW 455 560 560 23.1% Closed (Target Achieved)
March (15-03-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Action Construction Equipment 372 441 441 18.5% Closed (Target Achieved)
Berger Paints 590 644 644 9.1% Closed (Target Achieved)
GAIL (India) 109 130 130 18.8% Closed (Target Achieved)
IndusInd Bank 1,045 1,327 1,327 27.0% Closed (Target Achieved)
Rolex Rings 2,078 2,400 2,400 15.5% Closed (Target Achieved)
April (18-04-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Alkem Laboratories 3,367 3,900 3,880 15.2% Closed (Target Achieved)
JK Lakshmi Cement 760 950 874 15.0% Closed (Booked Gains)
Kewal Kiran Clothing 420 518 518 23.3% Closed (Target Achieved)
Voltamp Transformers 2,804 3,300 3,300 17.7% Closed (Target Achieved)
West Coast Paper Mills 564 660 660 17.0% Closed (Target Achieved)
 invest4Edu Research

i4E RECOMMENDATION
PERFORMANCE
May (12-05-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
DCB Bank 117 144 144 23.1% Closed (Target Achieved)
Elecon Engineering 500 566 560 12.0% Closed (Target Achieved)
Kajaria 1,175 1,280 1,280 8.9% Closed (Target Achieved)
MacroTech Developers 488 563 563 15.4% Closed (Target Achieved)
Vedant Fashions 1,300 1,450 1,450 11.5% Closed (Target Achieved)
June (12-06-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Fusion Micro Finance 531 595 595 12.1% Closed (Target Achieved)
GNA Axles 811 952 952 17.4% Closed (Target Achieved)
Jubilant Ingrevia 442 510 510 15.3% Closed (Target Achieved)
Mazagon Dock Shipbuilders 1,030 1,200 1,200 16.5% Closed (Target Achieved)
TeamLease Services 2,342 2,830 2,830 20.8% Closed (Target Achieved)
July (12-07-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Aarti Drugs 490 551 551 12.4% Closed (Target Achieved)
Bajaj Consumer Care 195 252 252 29.2% Closed (Target Achieved)
CSB Bank 296 350 350 18.2% Closed (Target Achieved)
D-Link India 263 338 338 28.5% Closed (Target Achieved)
Praj Industries 409 490 490 19.8% Closed (Target Achieved)
August (14-08-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Biocon 256 320 282 10.2% Closed (Booked Gains)
Marico 577 675 524 -9.2% Open
Mold-Tek Technologies 313 375 375 19.8% Closed (Target Achieved)
Tata Consultancy Services 3,450 3,985 3,960 14.8% Closed (Booked Gains)
September (20-09-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Affle India 1,110 1,235 1,235 11.3% Closed (Target Achieved)
Avenue Supermarts 3,796 4,470 3,697 -2.6% Open
Dhanuka Agritech 846 1,037 1,030 21.7% Closed (Target Achieved)
EID Parry (India) 562 660 660 17.4% Closed (Target Achieved)
Supriya Lifescience 298 360 355 19.1% Closed (Booked Gains)
October (23-10-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Ashok Leyland 171 198 174 1.9% Open
Havells India 1,285 1,540 1,430 11.3% Closed (Booked Gains)
IRB Infrastructure Developers 32 40 39.5 23.1% Closed (Target Achieved)
Infibeam Avenues 19 22.8 22.6 20.2% Closed (Target Achieved)
Natco Pharma 807 985 845 4.7% Closed (Booked Gains)
November (10-11-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Arvind Smart Spaces 350 431.0 431 23.1% Closed (Target Achieved)
Tanla Platforms 950 1,200.0 1,200 26.3% Closed (Target Achieved)
Intellect Design Arena 665 775.0 775.0 16.5% Closed (Target Achieved)
Dalmia Bharat Sugar 461 550.0 394 -14.6% Open
Century Plyboards 630 730.0 730 15.9% Closed (Target Achieved)
Endurance Technologies 1,630 1,940.0 1,940 19.0% Closed (Target Achieved)
December (11-12-2023)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Ahluwalia Contracts 852 1,011 1,011 18.7% Closed (Target Achieved)
Blue Dart Express 7,384 8,543 6,341 -14.1% Open
Somany Ceramics 741 887 684 -7.7% Open
Uno Minda 655 780 652 -0.5% Open
HEG 1,720 1,970 1,970 14.5% Closed (Target Achieved)
January (12-01-2024)
Company Reco. Price Target Price CMP Return (%) Status (Reason)
Computer Age Management Services 2,794 3,165 2,890 3.4% Open
HFCL 89 115 101 13.1% Open
Suryoday Small Finance 180 220 173 -4.0% Open
S H Kelkar 180 208 205 13.9% Closed (Booked Gains)
Shriram Pistons 1,570 1,882 1,721 9.6% Open
 DISCLAIMER
Investments in securities market are subject to market risks, read all the related documents carefully before investing.

The information and opinions in this report have been prepared by i4E and are subject to change without any notice. The report and information
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 DISCLOSURE OF INTEREST
Name of the Research Analyst:

ADITYA
Digitally signed by
ADITYA AGARWALA Dinesh Digitally signed
by Dinesh Saney
SHASHANK
NANDKUMAR
Digitally signed by
SHASHANK NANDKUMAR
CHOUDHARY

AGARWALA Date: 2024.02.19

11:01:53 +05'30' Saney Date: 2024.02.19
11:02:49 +05'30' CHOUDHARY
Date: 2024.02.19 11:03:39
+05'30'

The analyst hereby certifies that opinion expressed in this research report accurately reflect his or her personal opinion about the subject securities
and no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendation and opinion expressed in this
research report.

SR NO PARTICULARS YES/NO
Research Analyst or his/her relative’s or i4E financial interest in the subject company(ies)
1 NO
Research Analyst or his/her relative or i4E actual/beneficial ownership of 1% or more
2 securities of the subject company(ies) at the end of the month immediately preceding the NO
Research Analyst or his/her relative or i4E has any other material conflict of interest at the
3 time of publication of the Research Report NO

Research Analyst has served as an officer, director or employee of the subject

4 company(ies) NO
i4E has received any compensation from the subject company in the past twelve months
5 NO
i4E has received any compensation for investment banking or merchant banking or
6 brokerage services from the subject company in the past twelve months NO
i4E has received any compensation for products or services other than investment
7 banking or merchant banking or brokerage services from the subject company in the past NO
twelve months
i4E has received any compensation or other benefits from the subject company or third
8 party in connection with the research report NO
i4E has managed or co managed public offering of securities for the subject company in the
9 past twelve months NO

Research Analyst or i4E has been engaged in market making activity for the subject
10 company( ies ) NO

Since i4E and its associates are engaged in various businesses in the financial services industry, they may have financial interest or may have received
compensation for investment banking or merchant banking or brokerage services or for any other product or services of whatsoever nature from
the subject company(ies) in the past twelve months or associates of i4E may have managed or co‐managed public offering of securities in the past
twelve months of the subject company(ies) whose securities are discussed herein. Associates of i4E may have actual/beneficial ownership of 1% or
more and/or other material conflict of interest in the securities discussed herein.