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

VOL : 17 • Issue No: 14 RNI No : GUJENG / 2008 / 24320 12th May 2024 to 18th May

FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
06-05-24 12598.23 14766.98 -2168.75
07-05-24 13726.76 17395.6 -3668.84
08-05-24 11984.54 18653.64 -6669.1
09-05-24 11353.03 18347.89 -6994.86
10-05-24 11603.33 13720.83 -2117.5
TOTAL 61265.89 82884.94 -21619.05
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
06-05-24 13791.15 13009.76 781.39
07-05-24 13202.8 10898.3 2304.5
08-05-24 15333.26 9404.45 5928.81
09-05-24 16351.32 10708.79 5642.53
10-05-24 10677.79 7967.98 2709.81
TOTAL 69356.32 17367.04 51989.28

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Financial Weekly TM

5th May 2024 to 11th May 2024 6

Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com

SELL IN MAY & GO ON A VACATION

VOLATILITY MAKES A COMEBACK :- The old adage "Sell in May & Go on a Vacation" is so true and
it never fails to remind us about the same every May. This May is a big one as it encompasses the biggest
political event 'The Election' coupled with added twists and turns due to global uncertainties. As a result,
India VIX has gone up by more than 30% for the week, which has led to increase in Volatility across the
board. This has led the Nifty to correct nearly 900 to 1000 points for fourth time this year. Last three tines,
the market invariably has pulled up and created a new high. This time Support has been taken at the critical
Trendline and also a bullish Harami pattern has been formed, but the question remains whether we will be
able to sustain and transform a pull-back into a reversal again. Will we be fourth time lucky?
TREND TURNS DOWN :- This week was completely dominated by the Bears as critical Support levels
were broken easily. Nifty easily breached the Support of Short term Average of 20dma (22368) and Medium
term Average of 50dma (22297). Thus the Trend in Short term as well as Medium term Timeframe has
turned negative.
BULLISH HARAMI :- Nifty has formed a small white body candle on Friday but when coupled with
previous week's candle, it has formed a Bullish Harami pattern, exactly on the 100dma. This is a bullish

reversal pattern but requiring confirma-

tion. On the Weekly timeframe, Nifty
has formed Real Black body candle
suggesting bearishness. Thus daily
timeframe suggests minor bullish bias,
but the same cannot be said about the
weekly formation.
S-ZONE & R-ZONE :- Nifty has
taken Support at the Trendline (21949)
and 100dma (21992). Thus 21992-
21949 has formed a strong S-Zone. A
break of this level can lead the Nifty
This Week Recommendations down to 21700-21500. Nifty 22297-
22368 will form a R-Zone due to
Stocks CMP SL Tgt-1 Tgt-2 confluence of 50dma (22297) and
Buy Hon Aut 46823 44538 48987 51338 20dma (22368) respectively.
PATTERN ANALYSIS :- Nifty is in
Buy Balkrishna 2477 2409 2581 2689 a Rising Channel formation. A bearish
Buy Havel 1686 1650 1741 1799 break can lead to test intermittent low
Buy Prestige Est 1519 1484 1573 1629 of 21777. Break of 21777, can com-
Buy Ashok Ley. 198 194 205 213 plete a Bearish Double Top formation.

:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 21530 21710 21883 22055 22198 22348 22503
SENSEX 70809 71471 72099 72664 73210 73905 74571
 Financial Weekly TM

5th May 2024 to 11th May 2024 7

KUNAL SODHANI
FX Hub +91 9769750211

*FX Hub:*
Rupee feels pegged, but can be a calm before a storm

The expectations for the Fed to begin reducing interest rates from the September meeting have
escalated as a recent set of job data has indicated that labor market conditions are steadily cool-
ing. Fed remains careful concerning initiation of easing policy. Despite a few Fed officials expect-
ing a single rate cut this year, majority of market predictions foresee rate cuts starting in Septem-
ber. This conservative Fed strategy starkly opposes Powell's dovish indications from last week.
Hawks remained hawkish, and doves repeated their cautious visions. What all of them had in
common was the lack of freshness. No one was able to impress market players and trigger some
action across the FX board. DXY finds immediate support at 104.75 levels followed by 104.20
while resistance at 105.52. Brent Crude prices seemed to have cooled off.
From domestic perspective, FPI flows have remained negative for the month of May at around
16,000 crs. After three consecutive weeks of drop, India's forex reserves increased by $3.668 bil-
lion to $641.59 billion for the week ended May 3 mainly due to increase in foreign currency assets
(FCA). Election uncertainty continues to weight adding to volatility across asset classes.
Inflation will take centre stage next week, as the US will release the April Consumer Price Index
(CPI) on Wednesday, foreseen at 0.3% MoM, easing from the previous 0.4%. During the week, the
country will also release the April PPI and Retail Sales data for the same month.
For USDINR, 83.30 acts as a support while 83.72 (Ndf highs) continues to act as a resistance.

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

AB Capital 216.00 HUL 2357.00 SRF 2276.00
D-Link 340.00
PVV Infra 33.00 Dr Lal Path 2348.00 Intellect Desing 874.00
Venus Pipes 2080.00
Union Bank 142.00 ITC 433.00 Hero Moto 4877.00 Astral 2159.00
Patel Intergrated 21.00 PNC Infra 434.00 M&M 2192.00 Alembic Pharma 974.00
Remedium Life 84.00 Jyothy Lab 460.00 Tech Mahindra 1265.00 HCL Techno 1316.00
Ras Resort 68.00 Jupiter Wagons 488.00 TCS 3895.00 Coforge 4464.00
Shree Krihsna Paper 47.00 JSW Infra 245.00 TVS Motors 2064.00 Alkyl Amines 1978.00
Sail 156.00 Hester Bio 1737.00 Tata Power 414.00 TVS Motors 2064.00
Bhakti Gems 17.00 Kirloskar Oil 1044.00 HPCL 501.00 Bajaj Hind Sugar 31.00
MegaSoft 67.00 Clara Ind 203.00 Biocon 304.00 Indusind Bank 1409.00
Dhanlaxmi Fabrics 71.00 CFF Fluid Control 421.00 Deepak Nitrite 2493.00 BOB 255.00
Sarda Protein 52.00 GPT Infra 212.00
Muthoot Fin 1664.00 Titan 3291.00
NTPC 355.00 Hind Zinc 527.00
ICICI Pru 591.00 Piramal Ent 847.00
Financial Weekly TM

5th May 2024 to 11th May 2024 8

Rapid Fire Stocks

Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Telegram - @Kjtech79

Vijaya Diagnostic Centre Ltd

Buy at CMP 802 for the targets of 1100,
Timeframe - 3 to 9 months

Vijaya Diagnostic Centre Ltd is a fastest-growing diagnostic chains in Southern India. The com-

pany offers a one-stop solution for pathology and radiology testing services. It provides around 740

routine tests, 870 specialized pathology tests, 220 basic tests, and 320 advanced radiology tests.

The company also offers a broad spectrum of customized health and wellness packages to its

customers.

Strengths of the Company:

The company is one of the fastest growing diagnostic chain with dominant position in south

India, well positioned to leverage the high growth in Indian diagnostics industry.

The Integrated diagnostics provider that offers one-stop solution at affordable price with focus

on superior quality standards;

The company has a high brand recall driving high individual consumer business share and

customer stickiness.

Strong technical capabilities, quality infrastructure and state of the art medical technology with

strong IT infrastructure.

Dedicated management team with significant industry experience.

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 9

FSN eCommerce
Buy at CMP 169 for the targets of 190 to 225,
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.

Rapid Fire Stocks

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

5th May 2024 to 11th May 2024 10

Ajooni Biotech
A PURE VEG. animal health care solutions company
Ajooni is one of the leading players in the Compounded PURE VEG. Animal Feed
& PURE VEG. feed supplements and its portfolio offers a wide range of Quality
Cattle feed, Cattle feed Chips, Camel Feed, Cotton Oil Cake, Mustard Oil Cake,
etc, to cover the entire life-cycle of an animal
Ajooni Biotech Limited (Ajooni, ABL) is one of the
Corporate Feature
leading PURE VEG. animal health care solutions com-
pany dedicated to improving the productivity of Dairy Buy Ajooni Biotech RE &
farmers and sustainably increase livestock yields. Ajooni Subscribe Right Issue
is one of the leading players in the Compounded PURE
VEG. Animal Feed & PURE VEG. feed supplements and Ajooni Biotech Limited Rights Issue
its portfolio offers a wide range of Quality Cattle feed,
Right Issue Open : May 21, 2024
Right Issue Close : May 31, 2024
Cattle feed Chips, Camel Feed, Cotton Oil Cake, Mus- RE Trading Starting : 21-5-2024 to 23-5-2024
tard Oil Cake & wide range of Feed supplements to cover Issue Size (Shares) : 87,613,721
Issue Size (Amount) : Rs 43.81 Crores
the entire life-cycle of an animal. The Company is among Issue Price : Rs 5 per share
main suppliers to leading companies like IFFCO Kisan, Face Value : Rs 2 per share
Listing At : NSE
Mother Dairy, Paras Dairy & Saahaj Dairy. Terms of Payment : Full amount of Rs.5.00 per Equity Share is
Ajooni is India’s First PURE VEG. Cattle Feed com- payable on application.
Entitlement : 1 Rights Equity Share(s) for every 1 fully
pany to have ZED Gold process under PM's - Make In
paid-up Equity Shares held on Record Date
India Initiative. It is also the country’s First PURE VEG.
Cattle Feed Supplement company to have MSME Com- Recent Developments
petitive (Lean) Scheme (MCLS) Certification. Other than • The company launched its own brand of Ajooni in 3 states
Ajooni there are very few companies in the organized (Punjab, Rajasthan & UP) for PURE VEG. Cattle feed & PURE
VEG. Animal feed supplements.
listed space which is into PURE VEG. cattle feed & • Another export order of PURE VEG. cattle feed supplements to
Bangladesh has been officially initiated.
supplement feed in India.
Cont.. • PURE VEG. Cattle feed company in India to receive ISO Certifi-
cation ISO 9001, ISO 14001 & ISO 45001
Strategic Network Delivers Excellence • Purchased 87,000 sq. ft. land for Expansion at G.T. Road
Nationwide & Company has presence in Khanna, Punjab adjoining existing plant.

International market in Nepal,

Bangladesh, Sri Lanka & now planning to
Awards & Recognitions
• National Awards: “NATIONAL AWARDS “ by Ministry of MSME-
Export to other Asian countries Govt. of India for two consecutive years in 2000 and 2003.
• President of India Award: Dr. A.P.J. Abdul Kalam , the then Presi-
dent of India conferred President Award of Best Entrepreneur in
MSME in the year 2005
• Excellence Award : By Department of Industries, Govt. of Punjab
• 1st Quality Award: By State Government of Punjab.
• Udyog Shree Award: By Economic Development Council in rec-
ognition of his achievements as First generation entrepreneur.
• Best Ethics Company Award: By Times of India.
• Good Management Practices Adoption Award: By Association
of Corporate Industries of India
Financial Weekly TM
Current Dealer & Distributor Network is 50+ & expected
to reach 300 within a year for own brand Pan India
Experienced Leadership Team of
Ajooni Biotech Limited
Mr. Gurmeet Singh Bhatia
Founder & promoter
He boasts a career spanning over 40 years,
marked by a strategic mindset and a results-ori-
ented approach. His leadership has been pivotal in
expanding business operations across diverse
territories and regions, driving revenue growth and
market penetration. Mr. Bhatia's adeptness in de-
veloping and executing business plans aligned with organizational objec-
tives has been instrumental in navigating complex landscapes and capital-
izing on emerging technologies. With expertise spanning sectors like Se-
curity Printing, Renewable Energy, Agri-Biotechnology, Vet-Pharma, and
animal healthcare, he has effectively utilized his skills in finance, market-
ing, human relations, and operations to deliver results consistently. Mr.
Bhatia believes that passion, patience, persistence, and perseverance
form an unbeatable combination for success.
Mr. Jasjot Singh –Chairman and MD
He has rich experience of over 14 years in the PURE
VEG. animal healthcare, pharmaceuticals & biotechnology
sectors. A leading young entrepreneur, he has valuable
leadership & board experience in the pharma & biotech
sectors. Mr. Singh has received the Excellence Award from
the Punjab government’s Department of Industries. He has
also been awarded the 1st Quality Award by the Centre for International
Trade & Industry and Udyog Shree Award for young entrepreneurs by
Economic Development Council. Mr. Singh is an MBA from Oxford Univer-
sity, UK
Mr. Gursimran Singh -Director
He has more than 12 years’ experience across animal
husbandry, agriculture, pharmaceuticals & biotechnology. He
has extensive experience in the marketing of agriculture &
animal husbandry products including valuable leadership &
board experience. Mr. Singh is also involved in social & com-
munity causes and has been a President of the Rotaract Club
of Rotary International. Mr. Singh is an MBA from Gian Jyoti Institute of
Management & Technology, Punjab & a commerce graduate from Panjab
University.
5th May 2024 to 11th May 2024 11
• The compounded cattle feed (CCF) industry is expe-
riencing rapid growth across India, particularly in ru-
ral regions, indicating significant potential for branded
cattle feed products.
• With India having largest Cattle population Ranking
1st in the world, there is a projected 4% annual growth
rate in cattle numbers, highlighting substantial op-
portunities in the feed industry.
• India Ranking 1st in Global Milk production.
• Milk yield is far below the global average.
• Cattle feed is the main component of cost of milk.
• Despite this potential, current levels of feed produc-
tion in India are below market capacity. The industry
is gradually transitioning into a more organized sec-
tor, adopting modern techniques and global best prac-
tices. While historically, feed production lacked sci-
entific methods, interventions by major players like
Cargill in 2006 led to the adoption of more advanced
production methods.
• Although the industry shows promise, the majority of
feed production remains fragmented, primarily con-
sisting of home and custom mixers.
• India stands as one of the largest and fastest-grow-
ing cattle feed markets globally, with the market size
reaching approximately USD 13.8 billion in 2022.
Projections suggest a further growth to around USD
17.4 billion by 2028, with a compound annual growth
rate (CAGR) of 4% between 2023 and 2028.
• Given India's significant livestock population and the
anticipated 4% growth rate, the Indian cattle feed in-
dustry holds considerable growth potential.
Ajooni is India’s First PURE VEG. Cattle Feed
company to have ZED Gold process under
PM's - Make In India Initiative
Ajooni has finalized an agreement with IFFCO Kisan
for the provision of PURE VEG. cattle feed supplements. It
has Installed new fully Automatic PLC. It operated PURE
VEG. cattle feed plant with annually capacity of 30,000 MT
PURE VEG. cattle feed.
It has also Formed a Joint Venture with Patanjali
Gramodhyog Nyas to establish a
PURE VEG. cattle feed supplement
unit with an annual capacity of 12,000
MT.
The Company is Registered with
Department of Dairy Development,
Govt of Punjab (India) & India’s first
GMP certified Cattle feed company
with ISO 9001-2015 (The Quality
Management System) ISO
14001:2015 (Environment Manage-
ment System), ISO-45001:2018 (Oc-
cupational Health & Safety Manage-
ment System). The company is reg-
istered with Bureau of Indian Stan-
dards ( BIS) & manufacturing ISI Mark
Animal feed.
***
Financial Weekly TM

5th May 2024 to 11th May 2024 12

Research Report Het Zaveri
- Ahmedabad

KOTAK MAHINDRA BANK

Kotak Mahindra Bank Limitedthe flagship company CMP Rs. 1630
of the Kotak Group is one amongst the fastest growing 52 - week high Rs.2,064
banks and most admired financial institutions in India. It 52 - week low Rs.1,543
offers services such as transaction banking, operates Dividend % (consolidated) 0.09%
lending verticals, manages IPOs also provides working ROE 16.3 %
capital loans. The principal business activities of the BVPS (Rs.) 562.47
Bank include consumer banking, commercial banking, Sales (Rs.) 56,237 Cr.
Debt to Equity 3.75
corporate banking, treasury, and other financial services.
P/E ratio 17.9
The Bank along with its subsidiaries offers a compre- EPS (consolidated) 91.6
hensive range of financial products and services to its P/B ratio 2.90
customers which includesCorporate Loans, Trade Fi- Market Cap 326,636Cr.
nance, Business Banking, Commercial Real Estate, Face value Rs.5
Forex/ Treasury, Cash ManagementCustody Business
and Off-shore Lending under Wholesale Banking. It offers Agriculture Finance, Tractor Finance,
Commercial Vehicles finance, Construction Equipment finance, Microfinance and Gold Loans under
Commercial Banking. Under Consumer banking segment company offers Branch Banking,
Kotak811, Home loans & LAP, Personal Loans, Consumer Finance, Credit Cards, Priority Bank-
ing, Small Business Loans, Working Capital, NRI Banking, Rural Housing & Business Loans,
Forex Cards, FASTag and Loan against Shares. Company also offers other financial services
such as Private Banking, Car and 2W Loans, Mutual Funds, AlternateAssets, Off-shore Funds,
Life Insurance, General Insurance, Investment Banking / DCM, Broking, Infra Debt Finance and
Asset Reconstruction to its customers.
Company's depository subsidiary, Kotak Securitieshas 11.4% market share as per Q4FY24

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 13

and it offers serviceswhich allows the customers to hold equity shares, government securities,
bonds, and other securities in electronic or Demat forms. Company recently launched Neo Mutual
Fund platform which simplifies user journeys for greater accessibility and convenience. For En-
hanced order journey and faster processing of IPO applications it launched IPO module and Quick
trading feature with Charts, Option Chain, Positions, Orders and P&L - all on one screen company
launched InstaTrade features. It has also launched Trade free Pro Plan which offering one of the
best pricing plans in the industry for MTF (Margin Trading Facility). With this enhanced trading
experience, Kotak Securities' NEO platform has now positioned the firm for strong growth.
On international front the Bank addresses the entire spectrum of financial needs of Non-Resi-
dent Indians (NRIs)through their tie-up with the Overseas Indian Facilitation Centre (OIFC) as a
strategic partner which gives them a platform to share their comprehensive range of banking &
investment products and services for Non-Resident Indians (NRIs) and Persons of Indian Origin
(PIOs). The bank also has overseas subsidiaries with offices in Mauritius, London, Dubai,
Singapore, San Francisco & New York which are mainly engaged in investment advisory and

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 14

investment management of funds, equity & debt trading, management of GDR/ FCCB issuances,
broker & broker dealer activities and investments.
Company's Kotak Mahindra AMC & Trustee Co. has overall 3,84,007 Cr. worth of Average As-
sets Under Management and 2,38,018Cr. worth of Average Assets Under Management as Equity.
It has GROUP AUM of Rs. 5,60,140 Cr. along with CUSTOMER ASSETS of Rs. 4,23,324 Cr. and
Deposits of Rs. 4,48,954 Cr.Company gained EquityAAUMMarket shareof 6.50% in
Q4FY24compared to 6.47% in Q4FY23. Its Monthly SIP Inflows for Mar'24 reached ? 1,125 cr., up
by 23% in YoY period. Company marked 24% YoY and 22% YoY growth in the Online Investors
andDistributor User's base respectively along with 47% YoY increase in AUM from online inves-
tors.

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 15

Its Net Interest Income (NII) for FY24 increased to 25,993 crore, from ?21,552 crore in FY23, up
21% YoY and for Q4FY24 increased to 6,909 crore, from 6,103 crore in Q4FY23, up 13% YoY (up
5% QoQ from ? 6,554crore in Q3FY24). Operating profit for FY24 increased to 19,587 crore from
14,848 crore, up 32% YoY and for Q4FY24increased to 5,462 crore from 4,647 crore in Q4FY23,
up 18% YoY (up 20% QoQ from 4,566 crore inQ3FY24).
Bank's Advances (incl. IBPC & BRDS) increased 20% YoY to ? 391,729 crore as at March 31,
2024 from 325,543 crore as at March 31, 2023. Customer Assets, which comprises Advances (incl.
IBPC & BRDS) andCredit Substitutes, increased by 20% YoY to 423,324 crore as at March 31,
2024 from 352,652 crore asat March 31, 2023.
CASA ratio as of March 31, 2024 stood at 45.5%.Its Average Current deposits grew to 60,160
crore for Q4FY24 compared to 58,415 crore for Q4FY23 up 3%YoY. ActivMoney a new product
which was launched in Q1FY24 having TD sweep feature, its balance grew 102% YoY to ?47,052
crore.
As of March 31, 2024, GNPA was 1.39% & NNPA was 0.34% compared to GNPA of 1.78% &
NNPA of 0.37% in March31, 2023.The Capital Adequacy Ratio of the Bank, as per Basel III as of
March 31, 2024 was 20.5% and company's Standalone Return on Assets (ROA) for FY24 was
2.61% and for Q4FY24 was 2.97%. Company reported 15.34% Return on Equity (ROE)for FY24
and 17.54% for Q4FY24.

Key Updates:
1. Kotak recently announced thelaunch of 'Global Service Account' (GSA) as a comprehen-
sive current account to meet the uniquebanking needs of the Service Export Sector. This
proposition will enable businesses with internationalpresence, clients and employees,
access a wide suite of products and services such as prioritized customer service with a
dedicated Relationship Manager, Advisory Services on Forex Markets andTrends, access
to Trade Experts and Digital Solutions and Lending solutions for on-time salaries,
vendorpayments, among others.
2. The bank has also launched Cardless EMI (Equated Monthly Instalments) Payments on
Amazon Pay, toprovide its pre-approved customers easy access to instant consumer fi-
nance, with just theirMobile Number and PAN (Permanent Account Number).The strate-
gic association with Amazon Pay focuses on providing easy credit access and aseamless
payment experience to customers, further enhancing their shopping experience.
3. Kotak Mahindra General InsuranceCompany Limited ("Kotak General Insurance") a sub-
sidiary of Kotak Mahindra Bank and Zurich Insurance Company Limited ("Zurich")
haveentered into definitive agreements for a transaction whereby Zurich will invest (ap-
proximately) Rs4,051 crore to acquire a 51% stake in Kotak General Insurance through a
combination of fresh growthcapital and share purchase. Further, Zurich will acquire an
additional stake of 19% within a period ofthree years from its initial acquisition ("Transac-

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 16

tion"). Zurich's investment represents the singlelargest investment by a global strategic
insurer in an Indian non-life insurer.
4. Kotak Mahindra Bank Limitedhasrecently partnered with National E-Governance Services
Limited (NeSL) to issue its first electronic BankGuarantee (e-BG) on the latter's platform.This
tie-up will enable thedigitisation of Trade, thus helping eliminate paper-based issuanceof
Bank Guarantees.
5. It recently became the firstbank clearing member to clear and settle Foreign Portfolio Inves-
tor (FPI) trades in the Exchange TradedCommodities Derivatives segment on Multi Com-
modity Exchange (MCX).
6. The bank recently launcheda new ActivMoney feature which gives customers the benefit of
FD like interest up to 7%*p.a., and the flexibility to access their funds anytime. Through
ActivMoney, excess funds in theaccount, beyond a defined threshold, are automatically
transferred into a Fixed Deposit, whichhelps customers in earning a higher interest on
their savings.
7. KotakMahindra Bank Limited in partnership with Myntra, one of India's leadingfashion, beauty
and lifestyle destinations, recently launched first-of-its-kind cobranded digital fashion &
lifestyle credit cardoffering loads of benefits to the customers.
8. Kotak also launcheda new Privy League programme- an exclusive premium banking
programme withunique lifestyle privileges & bespoke financial solutions curated for high
net-worth individuals.It comprises privileges across travel with a complimentary MMT Black
Elite AnnualMembership, Lafayette Luxury Concierge Services whichfacilitates incompa-
rable experiences ranging from arranging private charters to getting front rowseats to inter-
national sporting events. It also includes offers on dining with complimentaryEazyDiner
Prime Annual Membership & attractive discounts on Swiggy.
9. Company hassuccessfully re-domiciled Alchemy India Long Term Fund from Mauritius to
India's GIFT City. The Bankhas issued the first-ever foreign portfolio investor (FPI) license
to Alchemy's Fund incorporated in GIFT and registered with IFSCA for relocating from its
original jurisdiction to the new jurisdiction. It is the first FPI license issued to a fund incor-
porated in GIFT by any custodian bank/ Designated DepositoryParticipant (DDP) in the
country to relocate an existing fund.
10. Kotak Mahindra Bank Limited ("KMBL"/Kotak) and IndianOilrecently launched a highly re-
warding, co-branded fuel credit card.IndianOil Kotak Credit Card customers can earn re-
ward points onrefueling at any of theIndianOil fuel station in the country. These reward
points can be redeemed to get free fuel atIndianOil fuel stations.
11. The bank hasopened 100 Gold Loan branches, in this financial year, so far.With theaddition
of these new branches the bank now offers Gold Loansthrough its 500 branches spread
over 253 cities across the country.The Bank alsoplans to further expand its Gold Loans
branch network by opening another 50 branchesin the ongoing financial year.

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 17

12. Kotak Mahindra bank also has launched Kotak fyn, a holistic digitalplatform developed spe-
cifically for business banking and corporate clients. The new integrated portal willoffer
Kotak Bank customers comprehensive digital banking and value-added services across
all products,including trade & services, account services, payments, and collections.
13. The company recently acquired 100% of equity shares of Sonata Finance Private Limited
("SFPL"),a Non-Banking Finance Company, classified as an NBFC-MFI, from existing
shareholders, subject to regulatory andother approvals, including from Reserve Bank of
India.
14. The company also announced thelaunch of Smart Choice Gold Loan, a smarter solution for
Aspirational customers.The keyfeatures include fixed monthly interest rate as low as 0.88%,
NIL processing fee, same-daydisbursement, flexible repayment options, and minimal docu-
mentation.
15. In line with Government of India's vision to promote digital payments and simplifyfinancial
transactions, Kotak Mahindra Bank Limited recently launched seamlessGST
paymentsthrough multiple options - UPI, Credit Card, and Debit Card, in addition to the
existing Net Bankingoption. Kotak is India's first bank that enables tax payers to seamlessly
meet their GST obligations by choosingtheir preferred digital payment mode in the GST
portal's 'E-payment'.
The banking sector has remained a dynamic industry which changesconstantly and keeps evolv-
ing to meet the changing needs of customers. Nowadays customers are looking for banks that can
offer tailored financial solutions to meet their individual needs and KOTAK MAHINDRA BANK is
one of the most suitable banks to fulfill all their needs related to Banking and services. In India, the
Banking sector is expected to witness a significant growth in Net Interest Income, with a projection
of reaching US$338.00bn in 2024.Company has been constantly upgrading itself to provide best
in class facilities and services along with the launch of many game changing services such as
ActivMoney. Company's partnerships with different players of various industry will help it to serve
a higher number of customers in near future. Considering the growth of banking sector in India,
economic growth of the country and banking sector being the pillar of that growth, proven track
record of the bank, leading private sector bank with huge growth potential and launch of new prod-
ucts by the bank, investors can invest in this company for long term period with 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 pur-
chases 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

5th May 2024 to 11th May 2024 18

Download our app

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

5th May 2024 to 11th May 2024 19

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

5th May 2024 to 11th May 2024 20

VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com

Smart School Article 71

Technicals Made Easy: Mid-Cap Index
As we have discussed in previous educational messages. By selecting the indices that are

looking strong we can get a range of stocks that can do well. From that basket of stocks, you can

then further scrutinize and select the stocks that might preform the best based on charts and funda-

mentals of the companies.

This week let us look at the Mid-Cap index that took a dramatic beating and is finding a support

from where it can regain lost ground and even surpass the recent highs. Midcap Index made a high

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 21

of 51342 before the descend began. The index has taken a support at the mid channel which also

happens to be a trend line support. If the support or the low of Friday which was 48605 is not

broken, then we will see the comeback of Mid-cap stocks and index.

Resistance levels for the Mid-Cap index going forward will be 49545, 50132, 50425, 50802 and

finally the previous high of 51342. The channel top seems to be near 52399 if the highs of 51342

are broken and sustained in future.

Support levels for the Mid-Cap index in case the support at 48605 is broken will be near 47952

or 46928 which seems to be the channel bottom. Choose wisely from the Mid-cap stock basket

while keeping an eye on the levels mentioned here. Happy Investing!

Disclaimer: Investment in stocks, derivatives and mutual funds is subject to market risks, please

consult your investment advisor before taking financial decisions. The data, chart and other infor-

mation provided above is for the purpose of analysis and is purely educational in nature. The

names of the stocks or index levels of spot Nifty mentioned in the article are for the purpose of

education and analysis only. 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
Every Sunday Every Wednesday

English & Gujarati Edition Gujarati Edition

Financial Weekly TM

5th May 2024 to 11th May 2024 22

Piotex Industries Limited enters into the
capital market with an SME IPO
Piotex Industries Limited IPO Details
Corporate IPO Date : May 10, 2024 to May 14, 2024
Face Value : Rs. 10 per share
Feature Issue Price : Rs.94 per share
Lot Size : 1200 Shares
Objects of the Issue Total Issue Size : 15,39,600 shares
1. Funding the Working Capital
(aggregating up to Rs. 14.47 Cr)
Requirement
2. General Corporate Purpose Fresh Issue : 15,39,600 shares
(aggregating up to Rs. 14.47 Cr)
Issue Type : Book Built Issue IPO
Listing At : BSE SME
Piotex Industries Limited is in busi- Share holding pre issue : 8,344,500
ness of contract manufacturing and Share holding post issue : 11,326,500
trading of yarn, fabric and cotton Market Maker portion : 78,000 shares
bales. Its Products are used for vari- Lea Manager : Beeline Capital Advisors Pvt. Ltd.
ous purposes such as garments & Registrar : Cameo Corporate Services Limited
home furnishings, etc. It engages in
Piotex Industries Limited is coming out with an
trading of cotton bales. It also manu- SME IPO. It will issue 15,39,600 shares of Rs. 10
factures cotton yarn through out- each. It will raise Rs.14.47 crore through this IPO.
sourcing model Issue Price is Rs. 94 per share. The issue opens on
May 10, 2024, and will close on May 14, 2024
Piotex Industries Limited is in business of contract
manufacturing and trading of yarn, fabric and cotton
bales. Its Products are used for various purposes such
as garments & home furnishings, etc. It engages in
trading of cotton bales. It also manufactures cotton
yarn through out-sourcing model (Job-work) which are
almost always in demand by the garment manufactur-
ing industry. The company is engaged mainly in 2 ac-
tivities:
1. Trading of Cotton Bales, Synthetic Fiber, Cotton
Yarn and Fabric: The company was established in Oct
2019, and till then the company started trading busi-
ness of Cotton Bales and Cotton Yarn in the textile
hub of Maharashtra viz. Malegaon, Ichalkaranji and
Bhiwandi. Also company supply the cotton yarn to
Burhanpur and Ahmedabad. This business is already
going on day to day, and also added fabric trading busi-
ness from 2022-23. Also Company has a Sole Selling
Agency agreement with Babasaheb Deshmukh Indus-
tries Private Limited for their finished product i.e. Cot-
ton Yarn.
Cont...
The company ensures the consistent quality of the Cotton Yarn as from the beginning it
has the power of selection and control of raw material from Ginning. It also focuses in
high quality of yarn and fabrics utilizing best technology, at the most competitive prices
Financial Weekly TM

5th May 2024 to 11th May 2024 23

2. In the same way company started manufac-
turing through job work and Fabric Weaving job in
Promoters of Piotex Industries Limited
Mr. Abhay Shriram Asalkar, Chairman cum Man-
which company provides the Yarn to jobworkers aging Director, Age: 46 Years : Mr. Abhay Shriram
and weaving unit and it does the process of weav- Asalkar, aged 46 years is Chairman cum Managing
ing on contracted charges and return the finished Director and also the Promoter of the company. He
goods. The finished goods i.e. Fabric is then sold holds Degree in Master of Business Administration in
Marketing Management and Bachelor of Textile Engi-
to customers. neering. He is having experience of 25 years in Textile
Piotex Industries Limited is coming out with an Industry. He worked with major textile players like
SME IPO. It will issue 15,39,600 shares of Rs. 10 Raymond and Management Consultancy Firm
Technopak in India & abroad. He has in-depth experience of sales & mar-
each. It will raise Rs.14.47 crore through this IPO. keting of products for Spinning &Weaving. He has been instrumental in
Issue Price is Rs. 94 per share. The issue opens taking major policy decision of the Company. He is playing vital role in
on May 10, 2024, and will close on May 14, 2024. formulating business strategies and effective implementation of the same.
He is responsible for the expansion and overall management of the busi-
The minimum application to be made is for 1200 ness of the company. His Vision to do business with ethics & to keep up with
shares and in multiples thereon, thereafter. Post latest developments, Consistent Innovation in Technology and Manage-
allotment, shares will be listed on BSE SME. Bee- ment practices has helped him provide an overall growth for the company.
line Capital Advisors Pvt. Ltd. Is the Sole Lead Man- Mr. Yogesh Omprakash Nimodiya , Executive Di-
rector & CFO, Age: 48 Years : Mr. Yogesh Omprakash
ager of this issue, while, Cameo Corporate Ser-
Nimodiya, aged 48 years is the Executive Director, Chief
vices Limited is the Registrar to the issue. Financial Officer and also Promoter of the company. He
Its registered office is situated at F/II Block, Plot holds degree in Master of Business Administration. He
No. 16/2, M.I.D.C., Pimpri, Pune, Maharashtra-- is having experience of 25 years in Sales & Marketing.
He worked with one of the top player of textile industry
411018, India. The company ensures the consis- “Raymond” for aintenance of Spinning Machinery and
tent quality of the Cotton Yarn as from the begin- also worked with renowned marketing firm A.T.E. En-
ning it has the power of selection and control of terprises Pvt. Ltd. He has expertise in the field of Market research,
Strategic Planning and Marketing strategies which helped for the over-
raw material from Ginning. It also focuses in high all development of the company.
quality of yarn and fabrics utilizing best technol- Mr. Sandeep Vitthalrao Deore, Non-Executive Director, Age: 39
ogy, at the most competitive prices and maintain- Years : Mr. Sandeep Vitthalrao Deore, aged 39 years, is the Non-Execu-
ing long term association with clients. The level of tive Director of the company. He holds degree in bachelor of Engineering.
He is having of experience of 12 years.
advancement in job work process determines the
productivity of machines and labour, which in turn, determines the production and profitability of our Com-
pany. Its technical team is equipped with modern technology and processing techniques by virtue of which we
are able to ensure quality output.
The company's team of skilled professionals comprises project managers and quality assurance special-
ists. The vast experience and expertise in their respective domains enable them to deliver solutions that are of
the highest quality and meet the highest industry standards.
The company’s Business Process includes production & use of yarn during the manufacturing process. It
endeavours to satisfy customers by continuous improvement through process innovation and quality mainte-
nance. It focuses on producing quality product to increase customer satisfaction and develop a positive brand
image in the industry. The management and team have enabled to maintain continuing customer relations,
ensuring repeat order flows.
Piotex Industry’s promoter and key managerial personnel have been instrumental in the growth of its
business and actively advise on corporate strategy and planning. It has a strong management team with
significant industry experience. Its promoters, Mr. Abhay Shriram Asalkar and Mr. Yogesh Omprakash
Nimodiya have 25 years of experience each in textile industry, thus vast experience of the Directors have
been instrumental in determin-
ing the vision and growth strat-
egies for our Company. It fur-
ther believes that its market
position has been achieved by
adherence to the vision of the
promoter and senior manage-
ment team and their experi-
ence of over a decade in the
industry in which the company
operates.
***
Financial Weekly TM

5th May 2024 to 11th May 2024 24

Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com

U.S CPI & Core CPI Inflation data -

Back in Focus
This week, we will discuss the renewed hope of rate cut and by U.S. Fed earlier that September
2024 FOMC meeting. BOE guided for rate cut in its June 2024 meeting. Key indicator such as
Dollar Index, U.S. bond yield and Gold are showing early signs of rate cut by U.S. Fed earlier.
Market expectation of rate cut in June 2024 by U.S. Fed took a pause after strong CPI & Core CPI
data released on 10-Apr-24.
U.S. CPI & Core CPI data - due on 15-May-24
Key U.S. economic data due next week are CPI, PPI & Retail sales data.
Date Description Forecast Previous
Tue May 14 Core PPI m/m 0.20% 0.20%
PPI m/m 0.30% 0.20%
Fed Chair Powell Speaks
Wed May 15 Core CPI m/m 0.30% 0.40%
Core Retail Sales m/m 0.20% 1.10%
CPI m/m 0.40% 0.40%
CPI y/y 3.40% 3.50%
Empire State Manufacturing Index -10.8 -14.3
Retail Sales m/m 0.40% 0.70%

After CPI & Core CPI inflation data released on 10-Apr-24 changed the narrative, in last week
after U.S. economic data, market is now again expecting inflation to cool. Weak economic data
and inflation cooling will be taken positively for risk-on sentiment,
Gold @ $ 2375 :- Gold from below $2300 level is now trading just short of $2400,a recent high
tested in April 2024. Any confirmation on interest rate heading downward will be positive for gold
prices.
Dollar Index @ 105.20 :- Dollar Index has cooled off from recent high above 106 level as eco-
nomic data in recent weeks came below market estimate and hope of rate cut earlier than Septem-
ber 2024 is increasing.
US 10-year bond yield @ 4.50% :- U.S. Fed chair Jerome Powell in his press conference after
1-May-24 FOMC meeting categorically denied possibility of rate increase and commented that
rate would remain higher for longer period of time. Market reacted positive to this statement.
Equichain Wealth Advisors: Market View & Opinion :- We see U.S. Fed meeting on 1-May-
24 outcome to have limited to positive impact on Indian market as our market will shift its focus to

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 25

earnings for companies which are yet to declare result and general election. PSU 's will continue
to remain in focus in near term.
We would also like to highlight our view of last week and this week's economic data. We expect
that now focus will shift to inflation data to be released on 15-May-24.
U.S. advance GDP data which came below market estimate and Core PCE Price index which
was in-line with market estimate are key reason that we believe that hope of first rate cut in June
2024 FOMC meeting is still alive. We may review our stand after next US Fed meeting on 1-May-
24, if outcome is not as per our expectation. We continue to believe that market will continue to
trade in range with focus remain on U.S. economic data and expectation of interest rate. Last
comment from U.S. Fed chair Jerome Powell mentioned that interest rate to remain higher for
longer period. We do not expect any decisive market move in coming few weeks and now focus
will shift to U.S. CPI & Core CPI inflation data, PPI & Core PPI data, Retail sales & Core Retail
sales due to be released in this week.
Disclaimer & note : This is not recommendation to buy or sell and we are sharing our view
based on reason mentioned in this article.

BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
Hind Motors 500500 44.00 Sanghvi Movers 530073 1302.00
NBCC 534309 132.00 Tata Motors 500570 1046.00
Motherson Sumi 517334 127.00 Bharat Forge 500493 1397.00
Zomato 543320 201.00 Bharti Air 532454 1302.00
Ashok Leyland 500477 198.00 PVR Inox 532689 1288.00
Petronet Lng 532522 299.00 Balaji Amines 530999 2191.00
Arvind 500101 360.00 Timken 522113 3402.00
Gujarat Themis 506879 398.00 Cipla 500087 1339.00
Alphalogic Tech 542770 223.00 Aurionpro 532668 2490.00
BPCL 500547 618.00 Chola Invest 511243 1268.00
Balmer Lawri 523319 276.00 Escorts 500495 3554.00
Varroc Eng 541578 495.00 CARE 534804 1091.00
KEC Int. 532714 723.00 Trent 500251 4471.00
Vedant Fashion 543463 982.00 Polycab 542652 6153.00
Manappuram Fin 531213 174.00 Nestle 500790 2532.00
Astra Micro 532493 700.00 Abbott India 500488 26369.00
UPL 512070 501.00 ABB India 500002 7182.00
Financial Weekly TM

5th May 2024 to 11th May 2024 26

Know Your Company- GRM Overseas
Major Triggers:
• With 125 + distributors, 1,03,545 Kirana stores tie up
• Acquired manufacturing facility in Gandhidham Gujarat to cater to export market and for Private Corporate
labeling
• Subsidiary set up "GRM food Kart Private limited to specifically focus on the domestic marketing Scan
through 10X brand
• Launched varieties of packaged rice under 10X brand in
domestic market
• Tie up with major companies like Reliance, Walmart, Elastic
Run, Spencer, star bazar and setting up FMCG distribution.
• GRM foodkart picked up 50% stake in Tobox ventures pvt
ltd a food tech app
• Tie up with udaan listing in E commerce platform like Ama-
zon, flipkart and others
• Launched Ready to cook range and 10X Shakti chakki fresh
Atta
• Launched India's Basmasti Rice Variety " Zarda king, golden
sella Basmati Rice"
Company Update :
GRM Overseas Secures Maiden Government Order to
Supply Premium Basmati Rice to Oman
Panipat, Haryana: GRM Overseas Limited (GRM) has re-
ceived its first order from the Ministry of Agricultural, Fisheries
Wealth & Water Resources, Sultanate of Oman, to supply 4,500 Q-o-Q
MT of Premium basmati rice The order is worth Indian Rupees Dec'23 Sep'23 Jun'23 Mar'23 Dec'22
465 million. Sales 357 166 297 359 331
The Govt. entities in MENA region opens a significant target OP.Profit 15 8 22 18 21
market for GRM Overseas with approx total size of 7,00,000 PAT 13 7 16 9 16
MT+ import of Basmati Rice. MENA region is the largest im- EPS 2.21 1.13 2.61 1.48 2.73
porter of Basmati Rice, having a lion's share ~78% of the total (Amt in Crs)
exports from India in FY23, while Europe contributes 6.9% and
USA+ Canada contribute 6.6% (FY23). GRM Overseas has Y-o-Y
positioned itself strategically, as 95% of its export business is Mar'23 Mar'22 Mar'21 Mar'20 Mar'19
to the MENA region and has established itself as among the top Sales 1262 1098 748 739 1086
5 Basmati Rice exporters in MENA region. OP.Profit 86 85 59 52 42
Managing Director Mr. Atul Garg further added, "We are PAT 54 79 37 36 16
thrilled to have received this maiden order from the Sultanate of EPS 8.93 13.14 6.20 6.55 2.94
Oman, one of the largest consumers of Indian basmati rice. (Amt in Crs)

This signifies Oman's recognition of the quality of our basmati rice and its growing demand in the country. Strengthening retail outreach
We see this order as a gateway to regular business opportunities in the Middle East, the largest consumer and Market Expansion
region of basmati rice. We look forward to further strengthening our presence in this region and diversi- Mcap 909 cr
fying our business." Stock PE 20
ROCE 15.4%
From humble inception in 1974 to redefining itself in the form of GRM, the Company has travelled a
Face Value 2
long way since then. Initially set up as a rice processing and trading house, it is growing to become a Price to book 3.26 3.26
consumer staples organisation. During the initial years, GRM exported rice to the Middle East, the United times
Kingdom, and the United States. Gradually expanding its reach, GRM has developed a market for its rice Debt 200 crs
Promoter holding 72.2
in 42 countries, thereby achieving the title of the 3rd leading Rice Exporter in India. GRM has three rice
EPS 12.6

processing units with an overall annual production capacity of 4,40,800 MT-based out of Panipat (Haryana), Naultha (Haryana) and Gandhidham
(Gujarat). Additionally, the Company has a warehousing facility of 1.75 Lakhs sqft space adjacent to the Gandhidham plant facilitating speedy
shipments from Kandla and Mundra ports.
GRM sells products under its brands, namely "lOX", "Himalaya River" & "Tanoush," and also sells through private label arrangements under
customers' brands. GRM has endeavoured to reach consumers directly with its brands and products in recent years. By placing its products
on the shelves of several major retailers in India and abroad, GRM has ensured that the end consumer always has easy access to their high-
quality products. The Company aims to deliver the best quality products to customers with stringent and proactive quality control procedures in
place, according to international requirements.
Technical Overview :
Stock is taken Support on EMA 50 and 30, Stock is into good momentum, stock closing above 160 can give huge breakout along with
momentum for the target of 200 and 250 in short term horizon.
Financial Weekly TM

5th May 2024 to 11th May 2024 27

Chart Check
Your Stock Our Recommendation
ASTRAL
Buy above 2160 with sl of 2094 target 2900

Buy Escorts:
Buy at cmp with sl of 3410target5100
Financial Weekly TM

5th May 2024 to 11th May 2024 28

TINDIA:
Buy above 4150with sl of 4020target4600

This are some stocks we received from our subscribers,

You can also send your to get featured in next week
For any query email us on
info@smartinvestment.in
Financial Weekly TM

5th May 2024 to 11th May 2024 29

Future Options Diary
Nilesh Kotak (Ph. : 9227204076, 8866004076)
E :dhanvarshafincap@gmail.com / W : www.dhanvarshaindia.com

Nifty showed a movement of 863 points during the week and BankNifty showed a movement of 2295
points during the week. Next week for Nifty there will be 21700 support and 22450 resistance.
While for BankNifty there will be 46500 support and 48750 resistance.
Nifty Weekly 21700-22450 • BankNifty Weekly 46500–48750

Fundamental Buy Buy Call Options

United Ph. (502.00) Reliance (2820) Ex. 30.05.2024
Buy Range : 485-490 50 Call Rate
15 Trading Session Buy Premium Range : 43-44
Stop Loss : 448 Up To Mayexpiry
Stop Loss : 32
Target Range : 518-532
Target Premium Range : 63-74
Buy Cashmarket momentum
Honeywell (46823)
Sell Future : M&M Fin
Buy Range : 45000-45250 Futureprice - 250
15 Trading Session Max Holding Time
Stop Loss : 43000 Expiry 31.05.2024
Target Range : 47100-49000 Sell Range : 256-258
Buy Cashmarket Technical Up To Mayexpiry
Vijaya Diagnostics (803.00) Stop Loss : 272
Buy Range : 768-775 Target Range 232-224
15 Trading Session
Buy Put Option
Stop Loss : 723
Tata Steel (162)
Target Range : 830-855
Buy Future
Premium Price -4.80
Hind. Copper (372.00) Expiry 30.05.2024
Buy Range : 363-365 Strike Put
Stop Loss : 348 Buy Premium Range : 4.5-5
Up To May Expiry Up To Mayexpiry
Target Range : 384-395 Stop Loss : 2.90
Target Premium Range : 6.5-7.5

In all the recommendations made by us, the first target is achieved.

And to a great extent, the second target is achieved. Investors should take note.
Financial Weekly TM

5th May 2024 to 11th May 2024 30

Financial Weekly TM

5th May 2024 to 11th May 2024 31

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Financial Weekly TM

5th May 2024 to 11th May 2024 32

SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
RAMINFO LTD.
ONLY AT BSE - CODE 530951 - BSE SYMBOL
RAMINFO Rs.143 Face value Rs.10
RAMINFO is one of the leading providers of technology solutions for some of the premier organizations
across Government, Fintech, Healthcare, Smart energy & analytics and engineering services.
23 HNIs hold 15.66% stake in equity of Rs.6.71 cr. on hope of Artificial Intelligence may prove game
changer for business. RAMINFO has made a strategic decision to enter India's thriving Drones industry.
For 9MFY24 company posted PAT of Rs.5.95 cr. on sales of Rs.59.47 cr. giving an yearly EPS of Rs.12.
ROCE & ROE are 31.5% & 23.5%, looks impressive. Company has reduced the debt & now almost debt free.
Company has delivered good profit growth of 39% CAGR over 5 years.
As part of the strategic expansion, Raminfo has initiated a collaborative venture with local partners in
Rajasthan to venture into the domains of Emerging Tech, Health Care, Energy and Animal Husbandry, etc.,
the Raminfo Limited Acquired a 29% stake Mis. Modem MVUS Services Private Limited ('MVUS'). Upon the
inauguration of the project on Saturday, February 24, 2024, the Honorable Chief Minister of Rajasthan, Shri
Bhajanlal Sharma, MVUS started the deployment of its resources. It involves the deployment of Mobile Veteri-
nary Units and trained manpower aimed at providing urgent medical services for the treatment of animals. As
part of this initiative, M/s. Modem MVUS Services Private Limited has been awarded a contract for the Opera-
tion & Management of 271 Mobile Veterinary Units. The contract valued at Rs.289,26,54,000-Rupees Two
Hundred and Eighty-Nine Crores Twenty-Six Lakhs Fifty-Four Thousand Only, spans a period of 5
years. This marks a significant step for Raminfo towards the Animal Husbandry & Veterinary Care
domain.
On March 15, 2024, the Board of Directors upon receipt of amount, made today: 1) Allotment of
8,28,825 equity shares at an issue price of Rs.140.50/- per equity share to certain identified Non-
Promoter persons/entities as detailed in Annexure - I and 2) Allotment of 34,29,007 Convertible war-
rants, at an issue price of Rs.140.50 to Promoter(s) and certain identified Non-Promoter Persons/
entities as detailed in Annexure-11. The Share Capital of the Company shall stand increased from Rs.
6.71cr. to 7.54 cr. due to the present allotment of 8,28,825 Equity shares on preferential basis. Risk
reward ratio is highly favourable as promoters & non promoters taken shares at Rs.140.50
Based on the above financial and performance parameters, RAMINFO looks quite attractive at the current
level. Investors watch RAMINFO with a strict stop loss of Rs.115. The stock may give very good returns in
short to medium term.
On 7th January 24 Sika Interplant was given at Rs.1395 hit Rs.2150. On 15th January Competent
Auto was given at Rs.408 hit Rs.628. Last week on 5th May, Andhra Petro was given at Rs.90.68
touched Rs.94.75 & Shetron was given at Rs.126 touched Rs.144, It is better to book partial profit in
3-4 parts at every rise, where you are getting very good profit in short term, because who manage fear
& greed can create wealth from market.
Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 33

Dark Horse-2

M.K.EXIM (INDIA) LTD.

ONLY AT BSE CODE - 538890
BSE SYMBOL - MKEXIM Rs.83 FACE VALUE Rs.10
M.K. Exim (India) Limited is a public limited company, founded in 1992 & have been focusing on our
growth opportunities through diversification & expansion projects. We have identified unique growth oppor-
tunities and have committed management & resources for our business plans. We are Government Recog-
nized 'Export House' and are registered member with Indian Export Council. Recently company have en-
tered in FMCG Cosmetics Division and got the distributorship of Moroccan Oil, John Paul Mitchell Systems
and BCL Spa in India.

It's made a modest beginning 27 years back and the group has expanded since then in size and
personnel. o Specializes and focuses primarily on introducing new brands into the region and po-
sitioning the brands in the markets. o M K EXIM was appointed as the distributor of John Paul
Mitchell Systems, Moroccanoil, K18 and It's 10 hair care. o M K EXIM has successfully launched the
above brands in the market.o Maintained the international image and integrity of the brand. o The
company began its distribution from the city of Mumbai. Successfully started distributing in the
metropolitan cities i.e. New Delhi, Bangalore, Pune, Hyderabad, Ahmedabad and Chennai. M.K.EXIM
(INDIA) LTD. is distributing its products in over 5500 salons across India. This business is a grow-
ing segment of our distribution channel and compliments the retail distribution business.

For 9MFY24 MKEXIM posted PAT of Rs.12.27 cr. & EPS of 4.56 in 9 months. 6 HNIs hold 25%
stake in MKEXIM. COSMETIC COMPANY, 5 reputed US brands. Exclusive distribution in Asian
region. Cheapest cosmetic shares. 52 weeks high Rs.125 & now available at very attractive valua-
tions around Rs.84.

Based on the above financial and performance parameters, MKEXIM looks quite attractive at the current
level. Investors watch MKEXIM with a strict stop loss of Rs.70. The stock may give very good returns in
short to medium term.

On 7th January 24 Sika Interplant was given at Rs.1395 hit Rs.2150. On 15th January Competent
Auto was given at Rs.408 hit Rs.628. Last week on 5th May, Andhra Petro was given at Rs.90.68
touched Rs.94.75 & Shetron was given at Rs.126 touched Rs.144, It is better to book partial profit in
3-4 parts at every rise, where you are getting very good profit in short term, because who manage
fear & greed can create wealth from market.
Financial Weekly TM

5th May 2024 to 11th May 2024 34

UR Sugar Industries Ltd • CMP - 18.87 • BSE: 539097
UR Sugar Ltd. Looks to Capitalize on Government's
Decision to Allow Cane Juice and B-Heavy Molasses Usage
UR Sugar Ltd., a leading entity in the sugar indus-
try, aims to capitalize on the recent government deci-
sion permitting sugar mills to utilize both cane juice Corporate
and B-heavy molasses for ethanol production. The
government's announcement, which includes a cap of SCAN
17 lakh tonnes for sugar diversion for ethanol purposes
during the ongoing 2023-24 supply year (November-
October), re-opens avenues for UR Sugar Ltd.'s opera-
tions. The share is trading at 52 week high
Following discussions within a ministerial commit- UR Sugar Industries Ltd. has informed BSE that meeting of the Board of
tee, authorities conveyed, "The flexibility has been given Directors of the Company is scheduled on 17/05/2024 ,inter alia, to consider
to sugar mills for using both sugarcane juice and B- and approve To consider, approve & take on record the Standalone Audited
heavy within an overall cap of 17 lakh tonnes of diver- Financial Results of the Company for the quarter and year ended on 31st
sion of sugar for making ethanol in the ongoing 2023- March, 2024 along with the Auditor's Report.
24 supply year." UR Sugar Ltd. views this decision as a pivotal opportunity to enhance its capabilities while maintaining
compliance with the stipulated regulations.
An official from the food ministry indicated that approximately 6 lakh tonnes of ethanol had been produced using
cane juice before the government's directive on December 7. Given the anticipated decline in sugar production to an
estimated 32.3-33 million tonnes in the 2023-24 season. UR Sugar Ltd. remains agile in responding to market fluctua-
tions caused by various factors such as weather conditions affecting production.
UR Sugar Ltd. remains dedicated to innovation and sustainability within the sugar industry, embracing this govern-
ment decision as an opportunity to further contribute to the etha-
nol sector while navigating challenges posed by regional agricul-
tural conditions. Utilizing cutting-edge sugar production technol-
ogy, UR Sugar Industries Ltd. is committed to delivering superior
quality plantation white cane sugar in various grades, which has
gained wide acceptance in the market. The company specializes
in the production of Refined Sugar (Sulphurless) and Double
Sulphitation Sugars, which are meticulously graded based on size
and color. Among its offerings, the M-grade of sugar, highly sought-
after in northern states, is manufactured across all its sugar units.
The company strives to achieve sustainable sugar production
while creating value for farmers, consumers, and business part-
ners alike. The company's mission revolves around the goal of
fostering long-term growth and prosperity within the industry.
At the helm of UR Sugar Industries Ltd. is Mr. Lava Ramesh
Katti, a dynamic and experienced young entrepreneur. With his
extensive expertise in the functioning of distilleries and co-gen-
eration units in the sugar industry, Mr. Katti plays a pivotal role in
the management and success of the company. The company
continues to build upon its reputation as a trailblazer in the Indian
sugar industry. With a focus on innovation, quality, and sustain-
able practices, the company is poised for further growth and a
bright future.
In the years to come, the company has strategic plans to di-
versify its operations by actively engaging in the procurement,
sale, export, and trade of a wide spectrum of raw materials, inter-
mediaries, and derivatives within the realm of sugar and its vari-
ous by-products. This multifaceted approach not only reflects the
company's commitment to expanding its market presence but also
underscores its dedication to fostering a robust and dynamic eco-
system within the sugar industry.
***
Financial Weekly TM

5th May 2024 to 11th May 2024 35

SMART SME STOCK WATCH
BSE SME - FAALCON CONCEPTS LTD.
BSE CODE- 544164 BSE SYMBOL - FAALCON Rs.80
FV. RS.10 LOT SIZE - 2000 SHARES
Faalcon Concepts Ltd is engaged in designing, engineering, fabrication and installation of
façade systems. It specializes in technically demanding facades. The company offers vari-
ous range of products to meet the demands of customers. Its product basket ranges from
glazing /curtain walls, high end aluminium doors & windows, skylights, canopies, frameless
glazing, MS structures, stone cladding, metal cladding, roofing & others. Faalcon is offering
facades which are resistant against UV rays, acidic rain, dust, noise and others. It has
catered to customers' base in various states such as Haryana, Uttar Pradesh, Rajasthan,
Madhya Pradesh, Karnataka, Gujrat, Punjab and Delhi.
FAALCON has completed a varied variety of projects for Schools, financial institutions,
hospitality installations, corporate buildings, and luxury houses with success. Its clients are
spread across India and the World, in communities from various states. It has offered ser-
vices for varied type of facade projects including residential buildings, commercial com-
plexes, schools, parks etc. It's list of clients include Espirit Techno Consultant Pvt. Ltd,
Galaxy Magnum Infra Height Limited, Babbar Films, Maconns Infra Pvt. Ltd, Silvers Stone
Regency Pvt. Ltd., St Xavier School Gurgaon High School etc. among others.
As of March 31, 2024, the company had orders on hand worth Rs. 50 cr. (approx.),
and had many more in the pipelines. Faalcon Concepts IPO subscribed 71.28 times. Its
public issue subscribed 47.17 times in the retail category, 93.27 times in other cat-
egory. Stellar ROCE of 72%. High EBITDA margin 17%. Capex for purchase of struc-
tural equipments may give strong boots to margins. Its 52 weeks high Rs.95 & low
RS.74
Investors can watch FAALCON with a strict stop loss of Rs.70. The stock may give very
good returns in short to medium term.
Financial Weekly TM

5th May 2024 to 11th May 2024 36

TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST

Corrections are Temporary, Growth is Permanent

NIFTY (22055) :- From 21 December 2023 Nifty trading in the sideways zone it was trading
between 21000 to 21900 more than one month. It's trading in the sideways zone making new highs
but not settled above 21900. On 15 January it crossed 21900 making a new lifetime high but the
second day it came down and from that date it's trading between uptrend parallel channel consoli-
dation zone 21000 to 22800.
Today on Wednesday Nifty opened with a gap up and closed with a gain of 0.44%. Now Nifty is
trading as per our chart in uptrend parallel channel consolidation which is indicating it will go
upside slowly. I wrote in the past article that Next resistance for Nifty will be 22775 and almost the
same resistance taken by nifty in last week. Now Nifty is exactly at the bottom of uptrend parallel
channel consolidation. Now Nifty movement on both sides is possible, if Nifty closes below 21800
then more downside is possible . Otherwise it will go upside again with taking perfect support of
the uptrend parallel channel in nifty. Next upside rally will come in Realty , defence ,Infrastructure,
steel, Chemical, Pharma, finance, Paper, Power sector and PSU companies so, find out stocks to
trade from these sectors.

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 37

BANKNIFTY (47421) :- BANKNIFTY trading in uptrend consolidation channel from 2nd Feb-
ruary. Bank nifty trading in an uptrend parallel channel from 44633 to 49974. In last week bank nifty
made high of 49974 and came down upto 47313. Today it made a low of 47313 which is exactly
near the bottom of the uptrend parallel channel. It can start an upward movement in one or two day
again. Banknifty looks more upside new support for BANKNIFTY will be 47200 if it will break the
bank nifty may go downside upto 46100.

DB Realty (207) :- DB realty limited ( new name Valor estate Ltd) is real estate development
and construction company. The company is engaged primarily in the business of real estate con-
struction development and other related activities. The company is focused on residential com-
mercial retail and other projects such as mass housing and cluster redevelopment. The company's
residential projects are in Dahisar TEN BKC, Bandra East and Prabhadevi South Mumbai etc .

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 38

Promoters holding is 58.97% and FII holding is 2.34% in the last two quarters promoters increased
their holdings in the company.
I had recommended this stock at Rs.159 on 8th September 2023 after that it made a high of
284.90. After that it came down because of some external news of the stock market and now On
daily chart price stock made double bottom price pattern as per this bullish price pattern stock
showing good upside, as per this bullish price pattern target of this stock will be 230 to 240. We can
buy this stock with a stop loss of 189 for a time period of 10 to 14 days.
Finolex Industries (FINPIPE) (273) :- Finolex industries Limited is an India best backward
integrated manufacturer of polyvinyl chloride pipes and fittings. Company is working in this field for
the last 43 years. This company is very popular with farmers, plumbers, and homeowners for it's
quality material. The company is engaged in manufacturing of micro irrigation systems, fittings,
accessories and a range of irrigation components. The company operates through two segments
one is PVC Components and another PVC pipe and fittings. It offers a wide range of products in
various sizes, pressure classes and diameter suitable for diversified application across the two
main category plumbing sanitation and agriculture products. it's plumbing pipe and fitting products
include American society for testing and materials pipes and fitting, chlorinated polyvinyl chloride
pipes and fittings soil waste and rainwater pipe and fittings sewage pipes and solvent cement
lubricant and primer. The company's agriculture pipes and fitting products include agriculture pipes

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 39

and fitting, casing pipes, column pipe and solvent cement and lubricants.
On the daily price chart this stock made a bullish flag price pattern on 24 April 2024 after that
stock trading in consolidation above the support line. As per this price pattern target of this stock
will be 310. We can buy this stock with a daily closing basis stop loss of 257. The time Period will
be 19 days.
ZOMATO (201) :- Zomato Limited operates as an internet portal that helps in connecting the
users restaurant partners and delivery partners. The company also provides a platform to restau-
rant partners to advertise themselves to the target audience in India and abroad. Company work-
ing for supply of ingredients to restaurant partners. Its segments include India food ordering and
delivery supplies, quick commerce business and all other segments. India food ordering and deliv-
ery is the online platform through which the company facilitates food ordering and delivery of the
food item by connecting the end users, restaurant partners and delivery personnel.

On the daily price chart this stock made a good bullish price pattern that is a bullish flag as per
this price pattern target of this stock is 222--229. We should buy this stock between 192 to 202 for
10 to 15 days. Stop loss will be 185 on a daily closing basis.
Financial Weekly TM

5th May 2024 to 11th May 2024 40

Terrific Shots - Dilip K. Shah

Kennametal (Rs. 2599.00) (Code: 505890) :- The company makes products for
automobile, defence, railway, infrastructure and general engineering sectors. The B group listed
shares touched a 52-week high of Rs. 3110 and low of Rs. 2099. The company is an MNC and its
promoter owns 75% stake. DIIs hold 13.45% shares while public shareholding is 10.58%. Its eq-
uity is Rs. 22 crore and reserves are Rs. 709 crore. In the March quarter, Kennametal’s income
went up from Rs. 256 crore to Rs. 269 crore, operating profit from Rs. 30 crore to Rs. 45 crore, and
net profit from Rs. 16 crore to Rs. 38 crore. Quarterly EPS was Rs. 17.43. The company’s ROI is
13% while ROCE is 17.4%. Some profit booking has been seen in the stock and it can be consid-
ered on dips.
Kirloskar Oil (Rs. 1044.00) (Code: 533293) :- The company makes diesel engines
and diesel generator sets, which are used in agriculture, power generation and industrial sectors.
The A group listed shares touched a 52-week high of Rs. 1167 and low of Rs. 379. The company’s
market cap is Rs. 15,139 crore. Promoter holding is 41.21%. DIIs and FIIs own 25.17% and 9.77%
shares respectively. Its equity is Rs. 29 crore and reserves are Rs. 2647 crore. The company an-
nounced bumper numbers for the March quarter with income going up from Rs. 1384 crore to Rs.
1660 crore, operating profit from Rs. 188 crore to Rs. 303 crore, and net profit from Rs. 79 crore to
Rs. 147 crore. The company’s ROE is 18.1% and ROCE is 15.2%. The stock can be considered for
investment in tranches.
Power Mech Projects (Rs. 4958.00) (Code: 539302) :- Engineering entrepre-
neur S Kishore Babu founded Hyderabad-based Power Mech in 1999. It is now a leading global
player offering a spectrum of services in the infrastructure and power sectors. It has established a
niche in power generation covering the erection, testing and commissioning of BTG and BOPs,
operation and maintenance, repairs, overhauling, renovation and modernisation of power plants
and related civil works. It has executed 208+ projects for 80 clients, including Siemens, Jindal
Steel & Power, CERC, Tata Power, etc. The company’s reserves are 84 times the equity. For the
December quarter, Power Mech reported income of Rs. 1107 crore, net profit of Rs. 62 crore, and
EPS of Rs. 39.48. The stock can be bought with a target of Rs. 6445 in 4-5 quarters with a stop-loss
of Rs. 4215.
Pidilite Ind. (Rs. 2919.00) (Code: 500331) :- Pidilite, the maker of popular products
such as Fevicol, Fevikwik, Fevistic, Doctor Fixit, M-Seal, Terminator, etc., is among those rare
companies that are known by the names of its products. Pidilite and its subsidiaries primarily make
speciality chemicals. It has three divisions, viz. consumer products, industrial products, and others,
and sells adhesives, sealants, art material, stationery, construction and paint chemicals. The
company’s equity is Rs. 50.8 crores, and reserves are Rs. 8356 crore. Promoter holding is 69.78%.
In the last 16 years, sales have increased from Rs. 1997 crore to Rs. 12,383 crore, and profit from
Rs. 111.88 crore to Rs. 1747 crore. The stock touched a 52-week high of Rs. 3116 and low of Rs.
2293. Its market cap is Rs. 1,46,052 lakh crore. The stock is a must for every portfolio and is a buy
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

5th May 2024 to 11th May 2024 41

Gujarat Toolroom Ltd • CMP - 26.4 • BSE: 513337
Gujarat Toolroom Ltd. Reports Stellar Earnings for FY24,
Revenue Soars 23,000% YoY
Corporate SCAN
Gujarat Toolroom Limited has unveiled its
highly anticipated annual financial results for
theyear ended 31 March 2024, showcasing an
impressive surge in performance across key
metrics. The company reported a staggering rev-
enue growth of 22,970%, catapulting from Rs.
2.41 crore in FY23 to a remarkable Rs. 556 crores in FY24. This substantial expansion underscores Gujarat
Toolroom's strong market presence and its ability to capitalize on emerging opportunities. Looking ahead,
the company is poised for further growth, with ample scope to explore new markets and expand its product
offerings.
In tandem with its remarkable revenue growth, Gujarat Toolroom recorded a substantial increase in
profit and profit margins. The company's profit after tax witnessed an extraordinary surge of 4,995%, soar-
ing from Rs. 1.39 crores in FY23 to an impressive Rs. 70.83 crores in FY24. This remarkable profitability
reflects Gujarat Toolroom's robust operational efficiency and strategic financial management. With a healthy
profit margin trajectory, the company is well-positioned to sustain its growth momentum and deliver sus-
tained value to shareholders in the long run.
The earnings per share (EPS) of Gujarat Toolroom also experienced a dramatic upswing, surging by
5,000% from 0.25 in FY23 to an outstanding 12.75 in FY24. This significant improvement underscores the
company's strong earnings growth and enhanced shareholder value.
In addition to its stellar financial performance, Gujarat Toolroom has made significant strides in the
renewable energy sector with its recent Green Energy Power Plant project. Gujarat Toolroom Limited (Gujarat
Toolroom) has embarked on a transformative journey into the renewable energy sector with the acquisition
of 65 acres of land on a long-term lease in Gujarat. This strategic move underscores Gujarat Toolroom's
commitment to environmental sustainability and marks a significant diversification of its business portfolio.
The acquired land will serve as the site for Gujarat Toolroom's ambitious Hybrid Power Plant project, which
integrates solar and wind energy technologies to harness the region's abundant renewable resources.
Approximately 60 acres of the land will be dedicated to solar panel installation, capitalizing on Gujarat's
ample sunlight to generate clean and sustainable electricity. In addition, the project includes provisions for
15 on-shore wind turbines, strategically placed across the site to harness wind power efficiently. Upon
completion, the Hybrid Power Plant is projected to generate 97.5 Megawatts of power per hour, making a
substantial contribution to the region's energy grid.
The company's commitment to sustainability and environmental responsibility underscores its dedica-
tion to driving positive change and contributing
to a greener future. In conclusion, Gujarat
Toolroom Limited's exceptional financial perfor-
mance, coupled with its strategic initiatives and
growth prospects, positions it for sustainable
growth.
As Gujarat Toolroom continues to execute its
expansion plans and capitalize on emerging op-
portunities, it is poised to unlock further value
and deliver sustainable returns to its sharehold-
ers.
***
Financial Weekly TM

5th May 2024 to 11th May 2024 42

Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com

Spurt in stock prices might be fizz

BSE Index (72664.47) :- It is moving downward from the top of 75124.28. It shows an oversold
position on daily basis, an overbought to a neutral on a weekly basis and an overbought on a
monthly basis. On the upward movement, beyond 72947 it may witness resistance at 737315,
73500, 73685. On the downward movement, below 72334 it may go down to 71816 and 71674
and further down to 69800 and 68700. Anything can happen after the election results are declared.
Bank Nifty Future (47612.40) :- It is moving downward from the top of 49927.45. It shows an
oversold position on daily basis, an overbought to a neutral on a weekly basis and an overbought
on a monthly basis. On the upward movement, beyond 47900 it may go up to 48090, 48215 and
48355. On the downward movement, below 47479 it may go down to 47000 and the last support
could be at 46611.
Nifty Future (22127.05) :- It is moving downward from the top of 22888.35. It shows an oversold
position on daily basis, an overbought to a neutral on a weekly basis and an overbought on a
monthly basis. On the upward movement, beyond 22230 it may witness resisting level at 22330
and 22400. Leave bearish trend above 22490. On the downward movement, below 22050 it may
go down to 22000 and 21813 with the last support at 21798. Below this, it may go down to 21000
and 20800.
Cipla (1339.55) :- It is moving downward from the top of 1434. It shows an oversold position on
a daily basis, towards neutral on a weekly basis and an overbought position on a monthly basis.
On the upward movement, resisting level could be at 1393. On the downward movement, below
1330 it may go down to 1300 and further downward movement indicate weak position.
DLF (825.85) :- It is moving downward from the top of 916. It shows an oversold position on a
daily basis, towards an oversold on a weekly basis and an overbought position on a monthly basis.
On the upward movement, beyond 854 it may go up to 865. On the downward movement, below
817 it may go down to 805 and on further downward movement to 805, 780 and 750.
Indusind Bank (1410.15) :- It is moving downward from the top of 1576.39. It shows an over-
sold position on a daily and weekly basis, while towards oversold on a monthly basis. On the
upward movement, beyond 1446 it may witness resistance at 1460. On the downward movement,
below 1380 it may go down to 1336 and 1300.
Reliance (2814.85) :- It is moving downward from the top of 3011.90. It shows an oversold
position on a daily and weekly basis, while an overbought position on a monthly basis. On the
upward movement, beyond 2847 it may witness resistance at 2865. On the downward movement,
below 2773 it may go down to 2723 and 2700.
Titan (3289.00) :- It is moving downward from the top of 2648. It shows an oversold position on
a daily and weekly basis while an overbought to a neutral on a monthly basis. On the upward
movement, beyond 3360 it may go up to 3415. On the downward movement, below 3227 it may go
down to 3176, 3125 and 3075.

Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.

: Golden quotes :
So Little done, so much do
Financial Weekly TM

5th May 2024 to 11th May 2024 43

Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com

Pre-election rally hopes belied?

Hammering of FIIs keeps market in red for the week
The concluded week :- The week under report kept mirroring global as well as domestic clues that kept
the market on its toes. While we marked positive closing for the first and the last session of the week, mid-
week disaster kept the week in red. Mega fall on Thursday turned a terror scene for the market amidst many
negative rumors and reports. Crude Oil and US Dollar volatility also kept a tab on general sentiment.
After low voting for the first three phase raised worry for the market as seen from the trends of the trades
that turned bearish and belied the hope for pre-election rally.
Evidently, FIIs turned mega net sellers for the week and that kept a tab on general sentiment, opined
market grapevine.
Benchmarks movement for the week under report were as under:
For the week, while BSE Sensex moved in the range of74359.69 - 72334.18, NSE Nifty hovered be-
tween22588.80 - 21950.30.
The week marked Weekly Lose of - 1213.68 points for BSE Sensex and - 420.65 points for NSE Nifty.
Benchmark movements :-
On Monday,the week marked positive opening and managed to close flat but on a divergent note. While
BSE Sensex scored mere 17.39 points to close at 73895.54, NSE Nifty lost just 33.15 points to end the day
at 22442.70. Market breadth remained negative as Mid and Small cap indices underperformed benchmarks.
FIIs were net sellers and DIIs were net buyers for the day.
On Tuesday,though markets opened on a positive note, it gave up post noon to turn red and closed with
some losses. BSE Sensex marked a deficit of 383.69 points to end the day at 73511.85, NSE Nifty lost
140.20 points to close at 22302.50. Under performance by Mid and Small cap indices kept market breadth
in red. FIIs continued to be the mega net sellers and DIIs were the net buyers.

BONUS ANNOUNCEMENT
BPCL (1 for 1), HPCL (1 for 2),
Ashirwad Cap (1for 2).
RIGHTS ISSUE
Franklin Ind. (3 for 1), IFL
Enterprise (1 for 2), DSJ Keep
(7 for 9), Viji Fin (8 for 11)
On Wednesday, the session started on a negative note and after moving
both side, it closed flat with divergent note. While BSE Sensex marked loss
of 45.46 points to close at 73466.39, NSE Nifty closed flat at 22302.50 with
no change. As Mid and Small cap indices outperformed, market breadth turned
positive for the day. However, FIIs remained net sellers and DIIs were the
net buyers.
Cont...

BONUS MEET
Gujarat Themis (14.05.24), AurionPro (14.05.24), Alphalogic Tech (22.05.24) Clara Ind. (25.05.24 -
revised), Remedium Life (27.05.24 - revised), and Balmer Lawrie Inv (28.05.24).
Dipna Pharma did not announce any bonus, but considered stock split in its board meet of
06.05.24, thus it miss-guided the investors
Financial Weekly TM

5th May 2024 to 11th May 2024 44

On Thursday, after divergent opening, market turned panicky and marked Thursday Thunder with mega
losses at the close. BSE Sensex lost 1062.22 points to end the day at 72404.17, and NSE Nifty marked a
deficit of 345.00 points to close at 21957.50. Market breadth turned negative as Mid and Small cap indices
underperformed benchmarks. FIIs were the net sellers and DIIs were the net buyers for the day
On Friday,we witnessed cautious positive opening for the market, that moved both ways for the day and
closed with some gains on short covering in oversold market. BSE Sensex scored 260.30 points to close at
72664.47 and NSE Nifty gained 97.70 points to end the day at 22055.20. With Mid and Small cap indices
outperforming amidst yearly result season, market breadth turned positive for the day.
The ensuing week :- For the ensuing week, we have around 550 corporate meets that will keep mar-
kets on a stock specific mode as usual. Global trends and economic data and geopolitical developmentswill
continue to trigger the market mood. Market men also have on radar the volatility due to political develop-
ments ahead of general elections results.
Brent Crude Oilremained firm toclose at 84.20 $ per barrel by weekend on reports of stock piling in US,
and Rupee eased to close the week at Rs. 83.55 per Dollar amidst continued selling spree from FIIs. Trade
with caution remains the order for the week as volatility will be at the center stage due to global uncertain-
ties.
Amidst such scenario the BSE Sensex may move in the range of 75000 - 70500 and NSE Nifty in the
range of 23000- 20750 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
06-05-2024 74,196.68 74,359.69 73,786.29 73,895.54 17.39
07-05-2024 73,973.30 74,026.80 73,259.26 73,511.85 -383.69
08-05-2024 73,225.00 73,684.93 73,073.92 73,466.39 -45.46
09-05-2024 73,499.49 73,499.49 72,334.18 72,404.17 -1,062.22
10-05-2024 72,475.45 72,946.54 72,366.29 72,664.47 260.30
Net Weekly Loss -1,213.68
NSE - Nifty Open High Low Close Diff
06-May-24 22,561.60 22,588.80 22,409.45 22,442.70 -33.15
07-May-24 22,489.75 22,499.05 22,232.05 22,302.50 -140.20
08-May-24 22,231.20 22,368.65 22,185.20 22,302.50 0.00
09-May-24 22,224.80 22,307.75 21,932.40 21,957.50 -345.00
10-May-24 21,990.95 22,131.30 21,950.30 22,055.20 97.70
Net Weekly Loss -420.65
Financial Weekly TM

5th May 2024 to 11th May 2024 45

DIVIDEND ANNOUNCEMENTS
Aeroflex Ind. (12.5%), Allsec Techno (150%), Apcotex (175%), Arvind Ltd. (37.5% + 10%),
Arvind Smart (25% + 10%), Birla Corp (100%), Bombay Dyeing (60%), Chemcrux (10%), BCM
Shriram (130%), GHCL (120%), GHCL Text (25%), Godrej Consumers (1000%), Grindwell Norton
(340%), Guj Fluoro (300%), Guj Gas (283%), High Energy Battery (150%), IDBI Bank (15%), In-
dian Bank (120%), J & K Bank (215%), Kamdhenu (20%), Kansai Nerolac (250% + 125%), Kotak
Mahindra Bank (40%), KPT Ind. (50%), Lupin (400%), M & M Fin (315%), Prudent Corp (40%),
Punjab Chem (30%), Route Mobile (20%), Smruthi Org (15%), Styrenix Perform (280%), The
Anup Engg (150% + 50%), Uttam Sugar (25%), Zen Techno (100%), Bigblock (20%), Century
Textile (50%), Chambal Ferti (30%), CreditAccess (100%), Delta Corp (125%), Dr Reddys' (800%),
Graphite India (550%), Happiest Minds (162.5%), HIL Ltd (225%), Hindustan Zinc (500%),
Indraprastha Gas (250%), Infobeans Tech (10%), IRB Infra (10%), Jindal Saw (200%), JSW En-
ergy (20%), Kajaria Ceramics (600%), KEC Intl (200%), Mangal Credit (6%), Navin Fluorine (350%),
Orient Bell (5%), Pidilite Ind. (1600%), Protean eGov (100%), Rane Engine (50%), Sasken Tech
(130%),Sonata Soft (440%), Suraj Estate (20%), United Breweries (1000%), Voltas (550%),
Auto Corp Goa (150%), Balaji Amines (550%), Bharat Forge (325%), Canara Bank (161%),
Datamatics Global (100%), Dutron Poly (1.5%), ESAF SFB (7%), Fredun Pharma (7%), Godrej
Agro (100%), Greaves Cotton (100%), H G Infra (15%), Hero MotoCorp (2000%), Home First
Fin (170%), Jupiter Wagon (3%), Kalpataru Proj (400%), Kirloskar Oil (175%), Larsen & Toubro
(1400%), Lloyds Engg (20%), Nath Bio (20%), Patel Integrated (1%), Piramal Enterprise (500%),
SKF India (1300%), Sula Vine (225%), Tata Power (200%), Vijaya Diagno (100%), Abbott India
(4100%), ADF Foods (60%), Ajmera Realty (40%), Alembic Pharma (550%), Alkyl Amines (500%),
ASI Ind. (35%), Asian Paints (2815%), BPCL (210%), Capital SFB (12%), Capri Global (15%), CAMs
(165%), Escorts Kubota (180%), Gopal Snacks (25%), Hikal Ltd. (30%), HPCL (165%), Intellect
Design (70%), Kennametal (300%), Mahanagar Gas (180%), Nitin Spinners (25%), Orient Elec-
tric (75%), PNB (75%), Relaxo Footwears (300%), Rushil Décor (10%), Sat Ind. (7.5%), Shanthi
Gears (200%), Share India Secur (10%), SBI (1370%), Stovec Ind. (1150%), Timken (25%), TVS
Electronics (10%), VST Tillers (200%), Vardhman Text (200%), Venus Pipes (5%), Walchand
People (10%), Aarti Ind. (20%), Ami Org (30%), Artemis Medi (45%), Atishay (10%), Bank of
India (28%), Birla Cable (17.5%), Care Rating (110%), Cholamandalam Fin (55%), Cipla (650%),
Dilip Buildcon (10%), Dr. Lal Path (60%), Fine Organic (200%), Finolex Ind. (125%), Fredun Pharma
(7%),G E Shipping (108%), Hester Bio (60%), Indo Thai Securities (5%), JTL Ind. (12.5%), Jupiter
Life (10%), Kalyan Jewellers (12%), Kalyani Steel (200%), Manaksia Coated(5%), NCL Ind. (25%),
Neuland Lab (140%), Novartis (500%), Piramal Pharma (1.1%), Polycab India (300%), Punjab &
Sind Bank (2%), Quess Corp (60%), Sagarsoft (20%), Sangam India (20%), Sharda Crop (30%),
Shreyans Ind. (30% + 20%), SIL Inv (25%), Sterling Tools (100%), Syrma SGS (15%), Tata Motors
(150% + 150%), TCI Express (100%), Thermax (600%), Transcorp Intl (15%), Uni-Abex Alloy
(250%), Union Bank (36%), Venky's (70%), Waaree Renewable (50%), WSFX Global (10%),etc.
Financial Weekly TM

5th May 2024 to 11th May 2024 46

Kishore Purswani
(Email: kishore.purswani@gmail.com)

Buffettology-VIII
(Starting a Corporation-Its Capital Formation)
Introduction
Mary Buffet and David Clark in Chapter Eightof their book titled "Buffettology: The Previously
Unexplained Techniques That Have Made Warren Buffett the World's Most Famous Investor" have
explained the concepts of starting a corporation and its capital formation.

Starting a Corporation-Its Capital Formation

Starting a corporation involves several steps, including capital formation, which is the process
of raising funds to finance the company's operations and growth. Raising capital through bonds
and equity are two common methods used by businesses to finance their operations, expand, or
undertake new projects. Here's an overview of each:

Raising Capital through Bonds:

1. Issuance Process : A company issues bonds, which are essentially debt securities, to in-
vestors. These bonds typically have a face value, coupon rate (interest rate), and maturity
date.
2. Coupon Payments : Bondholders receive periodic interest payments (coupons) based on
the coupon rate and the face value of the bond. These payments are usually made semi-
annually or annually.
3. Maturity : At the bond's maturity date, the company repays the bondholders the face value of
the bond. Until maturity, the bondholders have a claim on the company's assets in case of
default.
4. Advantages
" Fixed interest payments provide certainty to investors.
" Bondholders do not have voting rights or ownership claims on the company's assets, reduc-
ing dilution for existing shareholders.
5. Disadvantages
" Interest payments are a fixed obligation, even if the company's financial performance deterio-
rates. Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 47

" Issuing bonds increases the company's debt levels, which may affect credit ratings and in-
crease financial risk.
Raising Capital through Equity:
1. Issuance Process: A company issues shares of stock to investors in exchange for capital.
Each share represents a fractional ownership interest in the company.
2. Dividends and Capital Appreciation: Shareholders may receive dividends, which are distri-
butions of profits, and can benefit from capital appreciation if the stock price increases.
3. Voting Rights: Shareholders typically have voting rights proportional to their ownership stake,
allowing them to participate in important company decisions.
4. Advantages
" Equity financing does not involve fixed repayment obligations, reducing financial risk for the
company.
" Issuing equity does not create debt, which can improve the company's debt-to-equity ratio
and creditworthiness.
5. Disadvantages
" Dilution: Issuing new shares can dilute the ownership stake of existing shareholders.
" Loss of Control: Selling equity may result in loss of control over company decisions if new
shareholders demand representation on the board or voting rights.

Conclusion :- A corporation can effectively raise capital to support its operations, growth
initiatives, and strategic objectives. It's essential to carefully evaluate financing options and con-
sider the long-term implications of the capital structure on the company's financial health and
sustainability. The choice between bonds and equity depends on the company's financial situa-
tion, risk tolerance, growth objectives, and the preferences of its management and existing share-
holders. Many companies use a combination of both debt and equity financing to optimize their
capital structure and achieve their strategic goals.

Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: kishore.purswani@gmail.com
Financial Weekly TM

5th May 2024 to 11th May 2024 48

Scrip Watch - Siddharth Shah

LIC (Rs 910.00) (Code : 543526) : Life insurance industry posted a robust business
performance in April. The total premium collection for the life insurance industry (private + LIC)
surged by 61% compared to the same month last year. This strong growth was primarily driven by
a 113% increase in premium collection by the Life Insurance Corporation of India in April 2024.
The business performance appears strong for April. LIC's Total APE in April 2024 grew by 31%,
albeit on a weak base of negative 21%, while its Retail APE increased by 18% in April 2024
against a base that contracted by 5%. April 2024 was characterised by very strong premium growth
for LIC, with weak total and retail APE growth Buy this PSU.

Kajaria Ceramics (Rs 1180.00) (Code : 500233) : Kajaria Ceramics reported a

surprise drop in fourth-quarter profit, hurt by increased costs and weak demand. Kajaria's consoli-
dated net profit fell 5.2% year-on-year to 1.02 billion rupees ($12.2 million) in the fourth quarter.
Analysts, on average, had expected profit to climb to 1.26 billion rupees. Domestic demand for tiles
was weak during the January-March quarter and the Red Sea crisis dampened exports, according
to analysts. This trend follows minimal volume growth in the tiles industry in the first three quarters
of fiscal 2024. Tiles, used frequently in housing and commercial building projects, is yet to see a
pick-up in domestic demand that follows a recovery in the real estate sector. As a result, Kajaria's
sales volume grew 5.5% in January-March. It had risen 11% in the fourth quarter of fiscal 2023.
Kajaria's revenue from operations rose 3% to 12.41 billion rupees. Any correction will be a buying
opportunity.

Polycab India (Rs 6153.00) (Code : 542652) : Polycab India, the wires and cables
manufacturer, on Friday reported a 29% year-on-year (YoY) rise in consolidated net profit at ?553
crore, compared to ?428 crore in the year-ago period. The company's revenue from operations
also jumped 29% YoY to ?5,592 crore as against 4,324 crore in the corresponding period of last
fiscal. Operating profitability is higher by 10% to ?762 crore, much better than the CNBC-TV18's
poll was at ?693 crore. The operating margins, however, reduced by 30 basis points to 13.6%,
while the estimates were at 13.9%. Polycab India also recommended a dividend of ?30 per equity
share of face value of ?10 each for the financial year 2024. This will result in a dividend payout of
300%. Buy.

Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

5th May 2024 to 11th May 2024 49

Market Tips - Het Zaveri

Navin Fluorine (Rs 3246.00) (Code : 532504) : The specialty chemicals company
Navin Fluorine has reported a 49 per cent decline in consolidated net profit at Rs 70 crore in the fourth
quarter against Rs 136 crore a year ago. Its consolidated revenue for the fourth quarter stood at Rs 602
crore compared to Rs 697 crore year-on-year (YoY). EBITDA stood at Rs 110 crore against Rs 202 crore
which implies a 45 per cent decline YoY. However, EBITDA was better than estimated at Rs 95 crore. The
margins of the company for the quarter ended March 31 stood at 18.3 per cent against 28.9 per cent YoY.
As per the company's filing, an agro specialty capex–chemical charge has been initiated. Firm orders for
dedicated capacity for FY25 are in place. Further, a capex of Rs 30 crore towards the development of a
completely new capability in Surat is on track and is expected to generate revenue from FY25. Meanwhile,
Citi maintained a 'buy' on the stock and raised the target to Rs 3,900 from Rs 3,750 apiece. Moreover,
Jefferies continued with 'hold' and raised the target to Rs 3,070 from Rs 2,950 apiece. Buy.

HUL (Rs 2357.00) (Code : 500696) : FMCG major Hindustan Unilever Ltd (HUL) on
Wednesday reported that underlying sales growth for its personal care business recorded a 10 percent fall
due to a decline in its skin cleaning portfolio, which includes brands like Lux. The overall beauty and per-
sonal care business had an underlying sales growth decline of 2 percent with flat volume growth. The
segment contributed 35 percent of the FMCG major’s overall revenue for the March quarter with sales of Rs
5,050 crore. While the personal care segment saw a decline in sales, the beauty segment saw a 4 percent
growth. On the beauty side, the FMCG company reported low single-digit growth in its skincare and colour
cosmetics business with the mass skin portfolio declining. The company’s bodywash business also contin-
ues to do well. The stock’s valuations look attractive. Invest.

Timken India (Rs 3402.00) (Code : 522113) : Net profit of Timken India rose 35.33%
to Rs 141.43 crore in the quarter ended March 2024 as against Rs 104.51 crore during the previous quarter
ended March 2023. Sales rose 11.87% to Rs 897.77 crore in the quarter ended March 2024 as against Rs
802.52 crore during the previous quarter ended March 2023. For the full year, net profit rose 0.36% to Rs
392.14 crore in the year ended March 2024 as against Rs 390.75 crore during the previous year ended
March 2023. Sales rose 3.67% to Rs 2909.54 crore in the year ended March 2024 as against Rs 2806.61
crore during the previous year ended March 2023. Timken India Ltd. is engaged in the manufacturing,
distribution, and sale of anti-friction bearings, components, accessories, and mechanical power transmis-
sion products for the customer base across different sectors. It also provides maintenance contracts,
refurbishment services and industrial services. Buy.

Hero MotoCorp (Rs 4877.00) (Code : 500182) : Hero MotoCorp announced on May
8 that it will introduce the Xoom 125 cc and Xoom 160 cc scooters ahead of this year’s festive season. The
management said that it is ready to expand its scooter lineup by releasing the Xoom 125 cc and Xoom 160
cc during the first half of the fiscal year. The 2-wheeler major also said that the last fiscal year 2023-24 was
marked by introduction of new products and improvement in the network, which benefited the company and
set the foundation for accelerated growth in the future. Meanwhile, Hero MotoCorp reported 18.4 percent
increase in its standalone net profit at Rs 1,016 crore for Q4. It registered a 14.6 percent growth in revenue
to Rs 9,519 crore. For FY24, the firm declared final dividend of Rs 40 per share of Rs 2 face value..
Analysts are bullish on Hero MotoCorp due to its strong quarterly performance, diverse and improved
product mix, decreasing commodity costs, strategic new launches, and a positive sector growth outlook.
Jefferies has issued a 'buy' call on Hero MotoCorp with a target of Rs 5,650 per share, implying an upside
of almost 23 percent from current levels. 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
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

5th May 2024 to 11th May 2024 50

SMART TIPS Smita N. Zaveri

GAIL (Rs. 192.00) (Code: 532155) :- GAIL is promoted by the Centre and its shares
are listed in the A group. The shares touched a 52-week high of Rs. 213 and low of Rs. 102. It has
been accorded Maharatna status. Along with gas transmission, Gail is also present in gas pro-
cessing and petrochemicals segments. It has also established a presence in Singapore, the US,
Egypt and China through its subsidiaries. Its market cap is Rs. 1,26,570 crore. The company’s
equity is Rs. 6575 crore and reserves are Rs. 58,352 crore. Promoter holding is 51.90%, while FIIs
and DIIs own 14.24% and 27.29% shares respectively. The stock has also run up in the PSU rally
but its valuations are still attractive. The company’s ROE is 8.69% and ROCE is 9.76%. GAIL
registered an income of Rs. 35,111 crore and a profit of Rs. 2,692 crore in the December quarter.

IDFC First Bank (Rs. 76.00) (Code: 539437) :- IDFC First Bank came into being
with the merger of IDFC and Capital First. It is one of the fastest-growing private banks. The bank
is headed by dynamic career banker V. Vaidyanathan, who was previously associated with ICICI
Bank. The bank is reducing its exposure to infrastructure and is moving towards retail banking,
leading to a rapid improvement in its CASA ratio. The A group listed shares have a face value of
Rs. 10. The shares touched a 52-week high of Rs. 100 and low of Rs. 63. Promoter holding is
39.99% and public shareholding is 60.01%. It has a market cap of Rs. 53,564 crore. Its equity is Rs.
7069 crore and reserves are Rs. 25,203 crore. In the March quarter, IDFC First Bank reported
income of Rs. 9862 crore and net profit of Rs. 731 crore. The net NPA was Rs. 1160 crore (0.60%).
ICICI Securities has a hold rating on the stock with a target price of Rs. 85.

GMR Airports (Rs. 80.00) (Code: 532754) :- The A group listed shares have a face
value of Re. 1. The shares touched a 52-week high of Rs. 94 and low of Rs. 37. The company’s
market cap is Rs. 48,329 crore. Promoter holding is 59.07%, while FIIs and DIIs own 28.01% and
4.28% shares respectively. The company came into existence following the demerger of the air-
port business from GMR Infra. The company operates the Delhi, Hyderabad and Goa airports. Its
equity is Rs. 603 crore and reserves are Rs. 1396 crore. GMR Airports’ income in the December
quarter increased from Rs. 1927 crore to Rs. 2350 crore, and profit from Rs. 102 crore to Rs. 124
crore.

Zomato (Rs. 201.00) (Code: 543320) :- Zomato issued shares at Rs. 76 apiece in its
IPO. The stock more than doubled after listing but crashed to Rs. 40 levels. However, it has zoomed
from the lows and recently crossed Rs. 200 for the first time. Its market cap is Rs. 1,77,630 crore.
FIIs and DIIs hold 54.88% and 15.47% holding in the company, and other investors hold 29.64%
shares. The company is a leader in food delivery and e-retail. In the December quarter, its income
went up from Rs. 1948 crore to Rs. 3288 crore. It reported an operating profit of Rs. 51 crore com-
pared with an operating loss of Rs. 366 crore last year, and a net profit of Rs. 138 crore as against
a net loss of Rs. 347 crore. This was the first time the company made a profit at an operational
level. The downside risk in the stock appears limited and it can be a good pick on declines.

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 10th May, 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

5th May 2024 to 11th May 2024 51

Servotech Power Systems Ltd • NSE : SERVOTECH • CMP - Rs. 83
Servotech Power Systems Ltd. Reports FY24 Earnings,
Revenue Grows 27% YoY
Corporate SCAN
New Delhi: Servotech Power Systems Ltd.
(NSE: SERVOTECH), a prominent manufac-

turer of cutting-edge Solar Products and Electric Vehicle (EV) chargers, unveiled its financial re-
sults for the quarter and year ended March 31, 2024 during the Board of Directors meeting on 9th
May 2024.
Total Revenue witnessed growth of 13.89% in Q4 FY24 to Rs. 136.65 Cr & growth of 27.49% in
the year ended FY24 to Rs. 355.26 Cr on YoY basis respectively led by robust demand for our
tech-enabled solutions in the Solar and EV space by our targeted customers. PAT increased by
6.69% to Rs. 11.80 Cr in FY24. EBITDA increased by 18.05% to Rs. 22.36 Cr in FY24 on account
of increase in scale of operations led by improving efficiencies and higher value products.
Reflecting on these stellar results, Servotech's Managing Director, Raman Bhatia, commented,
we have reported a powerhouse results and our impressive growth can be attributed to our goal
of delivering cutting-edge, technologically advanced solutions in the EV and solar sectors. We've
made significant strides in enhancing product quality and efficiency, which has made our prod-
ucts the preferred choice of our target audience, consequently driving market growth. We have
increased our manufacturing capacity and have also introduced impactful innovations in EV
chargers and solar solutions. Having deployed more than 5600 EV chargers we are delighted to
maintain a strong foothold as a key player in the EV charging industry, holding the potential to
capture significant market share in the EV charging solutions segment.
Raman Bhatia further added as we step into the future, we are closely aware of the substantial
potential within the markets we serve and are well-prepared to seize the growth opportunities
that lie ahead. We take immense pride in our role in advancing the EV Charging Infrastructure
and Solar industry and are dedicated to maintaining our leading position in this dynamic indus-
try.
Servotech Power Systems is an NSE-listed organization that develops tech-enabled EV Charging
solutions leveraging their over two decades of experience and expertise in the electronics space.
The company offers an extensive range of AC and DC chargers which are compatible with differ-
ent EVs and serve multiple applications such as commercial and domestic. With its comprehen-
sive engineering capabilities, the company
plans to play a pivotal role in developing
India's EV tech infrastructure. A trusted brand
with a strong pan-India presence, Servotech
Power Systems' legacy is marked by proven
innovation anddevelopment of the advanced
technologies.
***
Financial Weekly TM

5th May 2024 to 11th May 2024 52

Smart super duper - Het Zaveri

Jupiter Wagons (Rs. 488.00) (Code: 533272) :- Strong moves have been seen in
the stock of late with a dramatic transformation in the last year. The B group listed shares have a
face value of Rs. 10 and touched a 52-week high of Rs. 498 and low of Rs. 110. The company’s
market cap is Rs. 20,132 crore. Promoter holding is 70.12%, with DIIs and FIIs holding 1.92% and
2.28% respectively. Its equity is Rs. 412 crore and reserves are Rs. 1204 crore. For fiscal 2024, its
income surged from Rs. 2068 crore to Rs. 3644 crore while profit zoomed from Rs. 121 crore to Rs.
331 crore. For the March quarter, income rose from Rs. 712 crore to Rs. 1115 crore and profit from
Rs. 39 crore to Rs. 105 crore. The company makes wagons and has received significant orders. Its
order book stands at Rs. 7101 crore. The stock is surging to new highs and can be considered on
dips.
JSW Energy (Rs. 570.00) (Code: 533148) :- JSW Energy is a part of the OP Jindal
Group and is a leading private power generation company. It has acquired several power projects.
Its shares are listed in the A group and touched a 52-week high of Rs. 651 and low of Rs. 240. In
addition to power generation, JSW Energy is present in transmission, mining, power plant equip-
ment manufacturing, and power trading. From 260 MW in the beginning, it has reached a capacity
of 9,792 MW. Its equity is Rs. 1641 crore and reserves are Rs. 19,191 crore. Promoter holding is
69.32%. In the March quarter, its income went up from Rs. 2670 crore to Rs. 2756 crore, and profit
from Rs. 282 crore to Rs. 345 crore. The company is steadily increasing its capacity. A strong run
is being seen in power stocks and money can be put in JSW Energy in tranches. Its market cap is
Rs. 99,675 crore.
Coal India (Rs. 449.00) (Code: 533278) :- Coal India is a Maharatna and is the
world’s single-largest coal producer. Its equity is Rs. 6162.73 crore and reserves are Rs. 63,523
crore. The company is almost debt-free. The Centre holds a 66.13% stake and public shareholding
is 33.87%. Coal India’s income in the March quarter fell from Rs. 38,152 crore to Rs. 37,140 crore,
while profit went up from Rs. 6869 crore to Rs. 8640 crore. For the whole year, income increased
from Rs. 1,38,252 crore to Rs. 1,42,324 crore, and net profit from Rs. 28,125 crore to Rs. 37,369
crore. The A group listed shares touched a 52-week high of Rs. 487.75 and a low of Rs. 223.3. The
company has a track record of paying high dividends and has paid an interim dividend of Rs. 20.5
and a final dividend of Rs. 5. The company aims to foray into other segments. The stock has shown
strong moves and can be bought on dips.
M&M (Rs. 2192.00) (Code: 500520) :- Mahindra is the country’s leading corporate
group with a presence in various sectors. M&M operates in the automobile segment, with a strong
presence in the SUV and tractor segments. The A group listed shares touched a 52-week high of
Rs. 2256 and low of Rs. 1238. Its equity is Rs. 557 crore and reserves of Rs. 59,929 crore. Pro-
moter holding is 18.59% and public shareholding is 81.41%, of which FIIs and DIIs own 41.75%
and 26.13% respectively. M&M’s income in the December quarter went up from Rs. 30,621 crore to
Rs. 35,299 crore, while profit fell marginally to Rs. 2977 crore from Rs. 2994 crore. Its market cap is
Rs. 273,066 crore. The stock outperformed other automakers, but valuations are still attractive
considering its strong growth. Money can be put in the stock in tranches.

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

5th May 2024 to 11th May 2024 53

A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com

Markets in south direction

Last Thursday, there was a sell-off in the stock markets with great panic. Nifty was down

by 350 points and BSE Sensex by 1000 points. A heavy sell-off by foreign institutions led to

a surge in US bond yields as investors sold stocks in India and shifted to US bonds.

Those who were not talking about the market going down a few days ago are now asking

when it will go up. If we talk about the politics of India, there is a big base on the Jhumla of

PM 400. Some TV channels show NDA in the range of 287 to 300. At such times, the power

of investors seems to be diminishing a little. If we talk about Nifty, it is falling from 22800 to

below 22000. The sell-off of foreign entities is still expected to continue. 21,500 breaking

more bad and 20,000 closing below it is being discussed in the market. The breath of the

market was very bad last Thursday; bearish seems to dominate the market. BSE index was

also reduced by 1050 points. There was a panic in Sensex too. On Friday Nifty failed to

sustain above 22300 but took support from within 22000 and closed at 2055. Automobile

stocks held the color in Thursday's panic. Any Tata Motors, Mahindra, Bajaj Auto and Rane

Brake can be discounted. Asian Paints can still be found for sale. Power stocks to watch

out for, Tata Power's future looks bright. Stay away from Tata Chemicals. After taking in

Infosys, keep a stop loss below 25. Long term investment in Steel Authority. Investment in

BPCL will earn profit.

Financial Weekly TM

5th May 2024 to 11th May 2024 54

Investment Ideas Nayan Patel

DCM SHRIRAM INDUSTRIES LTD - BSE CODE - 523369 &

NSE SYMBOL - DCMSRIND Rs.195 Face Value Rs.2
DCM Shriram Industries Limited is a diversified group with operations in Sugar, Alcohol, Co-

generation of Power, Organic and Inorganic Chemicals, Drug Intermediates, Industrial Fibres and

Engineering Projects related to Defence production.

It has an equity base of Rs.17.40 cr. supported by huge reserves of around Rs.746 cr.

Company has reported fantastic numbers for Q3FY24. For Q3FY24, PAT zoomed 157% to

Rs.29.05 cr. from Rs.11.32 cr. in Q3FY23 on sales of Rs.468.30 cr. fetching an EPS of Rs.3.34.

During 9MFY24, its PAT zoomed 168% to Rs.76.74 cr. from Rs.28.63 cr. in 9MFY23 on sales of

Rs.1571.21 CR. Altermate investment funds hold 3.01%, Abakkus Emerging fund of reputed

Sunil Singhania hold 2.86%, LIC hold 4.84%, HB portfolio hold 4.69%, FPIs hold 1.90% & 13 HNIs

hold 3.9 %, including Seema Ahuja hold 1.01%. With an additional attraction of 3 way demerger.

Currently, the stock trades at a P/E of just 15.7x.

Investors can watch DCMSRIND with a stop loss of Rs.160.

ANDHRA PETROCHEMICALS - ONLY AT BSE - CODE - 500012

BSE SYMBOL - ANDHRAPET - Rs.88 Face Value Rs.10
Andhra Petro was established with a capacity to produce 30,000 MTPA of Oxo Alcohols at

Visakhapatnam, Andhra Pradesh, India. The Plant has undergone an Optimization & Moderniza-

tion Scheme to increase the capacity to 73,000 MTPA. It is the Sole producer of oxo-alcohols in

India. The company has an annual capacity of 55 KTPA to produce 2-ethyl hexanol (2EH), normal

butanol, iso butanol, N-butyraldehyde & catering to 35-40% of the domestic demand. APL has

been operational for more than three decades & its products are used in Dyes & pesticide, food

industry, textile industry, fertilizer industry & healthcare industry.

It has an equity base of Rs.85 cr. supported by reserves of around Rs.417 cr. HNIs hold 16.14%

stake in the company. Andhra Petro has a good return on equity, 3 years ROE are 27.6%. It has
Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 55

been maintaining a healthy dividend payout of 30.1%.

Due to huge demand of company's products & also rise in selling price of companys products,

PAT of Andhra Petro shot up to Rs.9.82 cr. from Rs.0.96 cr. in Q3FY23 & Q4 likely to come much

better due to good demand for company's products.

Investors watch ANDHRAPET with a strict stop loss of Rs.70.

GULSHAN POLYOLS LTD. BSE CODE - 532457

NSE SYMBOL - GULPOLY Rs.197 FV. Rs.1
Gulshan Polyols Ltd is India's leading manufacturers of Ethanol/Bio-fuel, Grain and Mineral

based specialty products with three decades of experience. Our business portfolio broadly spans

across three main segments, viz. grain processing, bio-fuel / distillery and mineral processing op-

erations that allow us to produce specialty products such as starch and starch derivatives includ-

ing sorbitol, calcium carbonate, ethanol (bio-fuel), country liquor, agro based animal feed.

It has accelerated its expansion plan in both existing and new geographies, emphasizing growth

potential in the Indian bio-ethanol space. Our theme - Expanding Potential, underpins our focus

strategies and demonstrates our commitment to a sustainable tomorrow.

On very small equity of Rs.6.24 cr. it has very big reserve of Rs.569.86 cr. Promoter holding is

66.72%.On 6th May the Assam Pollution Control Board has granted the Consent to operate new

Ethanol Project of 250 KLPD Capacity at District Goalpara, Assam to Gulshan Polyols Ltd. Its 52

weeks high is RS.275. Massive capex has come online & increase in purchase price of ethanol

from grains plus increase in utilization of new plant, all these will contribute significantly towards its

topline & margin expansion.

Investor can watch GULPOLY with a stop loss of Rs.160.

Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned
above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in
website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true &
correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsi-
bility 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

5th May 2024 to 11th May 2024 56

Primary Market - Dilip K. Shah

Amidstsignificant volatility in the secondary market, there is a long queue of both MainBoard and SME IPOs
Due to huge response from the investors and robust listing the investors are buoyant
This week, there are a total of 16 issues in the mood of the market
including 1 MainBoard, 9 SME, 5 Rights, and 1 NCDs.
MainBoard IPOs subscription:Indegene 70x, TBO Tek 86x, and Adhar HF 27x
GO Digit's MainBoard IPO, priced between Rs. 258 and Rs. 202, will open on May 15 and close on May 17
In the NSE SME segment, there will be a total of 7 issues, of which 1 IPO
will open on May 9, 2 IPOs on May 10, 3 IPOs on May 13, and 1 IPO on May 15
BSE SME segment's two issues, Aztec Fluids and Piotex Ind., will open on May 10 and close on May 14
NSE SME IPO subscription: Winsol682x, Slone Ind. 668x, Refractory 255x
SME IPO blockbuster listing: Storage Techno, Amkay Products, Sai Swami 90% and Slone 50% premium
This week 5 rights issues Sakuma, IIFL Fin.,
Sobhagya Merc., Yug Decor andAshapuri Gold will be in the market
- When and how will be allotment/listing in Indegene, TBO Tek, and Adhar HF issues?
- SME IPOs subscription: Finelisting37.44x, Silkflex 37x, TGIF 37x
- First day subscription Premier Roadline 1.25x, Aztec 3.97x, Piotex Ind. 0.80x, ABS Marin 1.73x
- Energy Mission's NSE SME IPO witnessed strong demand on the second day with a subscription
of 21x, promising further excitement in the market
- MuthootMercantile's Rs. 500 crore NCDs issue will open on May 6 and close on May 17
- Next week, listings of Indegene, TBO Tek in the MainBoard, and Winsol, Energy Mission, Veritaas,
and Indian Emulsifier in SME segment are expected to be vibrant

Subscription Figure of Subscription Figure of

TBO Tek Limited Indegene Limited
No. Shares Issue Subscribed No. Shares Issue Subscribed
Offered/ 8-5-24 9-5-24 10-5-24 Offered/ 6-5-24 7-5-24 8-5-24
Reserved Reserved
QIB 50,47,204 0.01x 0.17x 125.51x QIB 80,94,069 0.05x 5.45x 192.72x
HN I 25,23,602 2.11x 8.21x 50.41x HN I 60,70,552 4.25x 18.44x 55.91x
R eta il 16,82,401 3.38x 10.14x 24.70x R eta il 1,41,64,620 1.56x 3.94x 7.86x
Empl. 32,609 2.36x 6.63x 16.85x Empl. 2,96,209 1.41x 3.40x 6.62x
Total 1,68,56,623 1.20x 4.18x 86.45x Total 4,07,66,552 1.70x 7.44x 70.30x

Subscription Figure of Subscription figure of

Go Digit General Ins. Aadhar Housing Finance Muthoot Mercantile
Application Shares Amount No. Shares Issue Subscribed
(Rs) Category No. of Bond Issue
Offered/ 8-5-24 9-5-24 10-5-24
Retail (Min) 55 14,960 Offered/ Subscribed
Retail (Max) 715 1,94,480 Reserved
Reserved 10-5-24
S-HNI (Min) 770 2,09,440 QIB 2,85,04,761 0.35x 2.15x 76.42x
HN I 1,42,52,381 0.63x 2.04x 17.33x Institutional 50,000 0.00x
S-HNI (Max) 3,630 9,87,360
B-HNI (Min) 3,685 10,02,320 R eta il 3,32,55,556 0.45x 1.00x 2.58x Non Inst. 2,00,000 0.78x
Empl. 2,39,726 2.20x 3.80x 6.87x Retail 2,50,000 1.10x
Total 9,52,55,600 0.47x 1.56x 26.76x Total 5,00,000 0.86x

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5th May 2024 to 11th May 2024 57

Grey Market Sweet & Sour
Amidst Lok Sabha elections, the primary grey market has become strong
There has been a notable enthusiasm in the grey market due to impressive listings and issuances of SME IPOs

In the MainBoard IPOs, there has been a surge in premiums for Indegene and TBO: Aadhar is stable
GO Digit has shown a strong beginning
SME IPOs like Winsol, Energy Mission, and
Indian Emu have witnessed a skyrocketing increase in premiums
SME IPOs Refractory, Finelistings, Silkflex, and
TGIF have shown moderate improvements in premium
There has been an increase in volume for Premier Roadline,
ABS Marine, Mandeep, and Veritaas
Piotex Ind. has witnessed premium offerings. Buying in Varitas
and Quest Lab is devoid of any transactions
Amid Lok Sabha elections,both the Mainboard and SME companies actively participating in the capital
market. Amid gloomy situation in the equity market, there is significant stability in the primary market.
Recently, along with the Mainboard IPOs, there has been a boom in SME IPOs, especially attracting
investors with attractive returns and strong responses to subscriptions, leading to an increase in activity
in the grey market.
* Recently, the IPOs of SMEs such as StorageTechno, Amkay, and ?aswami have seen blockbuster
listings on the BSE SME platform with a premium of 90% and 50%, respectively. This positive impact has
been observed on the grey market as well. IPOs like Winsol Energy and Slone Info have seen bumper
subscription of 600x and Refractory Techno has witnessed subscription of 250x.
* Mainboard : In the Mainboard IPOs, significant work is underway, with companies like Indegene
Techno and TBO TEK witnessing an increase of 15 to 25 %in premium compared to last week. However,
Adhar Housing Fin. remains stable at a premium of Rs. 65. With Go Digital's IPO starting at Rs. 45-50
premium, it has now reached 75-80. Indegene Techno, which was Rs. 25 last week, has now increased
to 275/278, while TBO TEK has increased from 405 to around 530/535.
* SME IPO : In SME IPOs, last week Winsol Eng. had a premium of Rs. 125, which has now increased
to around Rs. 200, surpassing the subscription price of around Rs. 94, offering the possibility of returns of
around 250. In this context, this IPO's listing will be a storm.
Last week, the premium price of Refractory Shapes' SME IPO was Rs. 718, which has now increased
to 17/18. Finelistings Techno's SME IPO premium price is currently around 19/20 levels. Silkflex Poly-
mers has seen an increase from 7/8 to 11/12. TGIF Agri. has fallen from 26/28 this week. However,
Energy Mission, which had a premium of 50/55 last week, has premiums ranging from 135/138 showing
four fold growth.
This week, premiums for new SME IPOs are skyrocketing. Premier Roadlines' SME IPO started at 9/
10 premium, now it has increased to 28/30. While Aztec Fluids saw a decrease from 35 to 30 premiums,
Piotex Ind. started from Rs. 20/25. ABS Marine, with an offer price of Rs. 147, premiums are around 60%
at Rs. 100/105. Mandeep Auto is seeing gradual improvement, went up from 10 to more than 14. Quest
Lab has no bids or premiums at the moment. Veritaas Advertising has increased from 60 to 80 premiums.
Indian Enulsfier, with an offer price of 132, is enjoying premium of 150% around Rs.200.

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5th May 2024 to 11th May 2024 58

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

Indegene Limited IPO 33 430 to 452 275 to 278 1,400 8,500
Small HNI 2,500 95,000
Big HNI 12,000 1,22,000
TBO Tek IPO 16 875 to 920 530 to 535 6,600
Small HNI 92,000
Big HNI 11,000 1,22,000
Aadhar Housing IPO 47 300 to 315 63 to 65 1,050 2,500
Small HNI 1,200 26,000
Big HNI 9,000 26,000
Go Digit General IPO 55 258 to 272 75 to 80 2,100
Small HNI 29,000
Big HNI 29,000

SME IPOs
Winsol Engineers NSE SME 1600 71 to 75 198 to 200 2,40,000
Refractory Shapes NSE SME 4000 27 to 31 17 to 18 55,000
Finelistings Techno BSE SME 1000 123 19 to 20 16,000
Silkflex Polymers NSE SME 2000 52 11 to 12 15,000
TGIF Agribusiness BSE SME 1200 93 26 to 28
Energy Mission NSE SME 1000 131 to 138 138 to 140 1,05,000
Premier Roalines NSE SME 2000 63 to 67 28 to 30 32,000
Aztec Fluids BSE SME 2000 63 to 67 28 to 30 52,000
Piotex Industries NSE SME 1200 94 23 to 25
ABS Marine Services NSE SME 1000 140 to 147 100 to 105 70,000
Mandeep Auto Ind. NSE SME 2000 67 14 to 15 20,000
Veritaas Advertising NSE SME 1200 109 to 114 78 to 80 55,000
Indian Emulsifier NSE SME 1000 125 to 132 195 to 200 1,50,000
Quest Laboratories NSE SME 1200 93 to 97
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO

Listing Information of SME & Main Line IPOs

Co. Name Listing Code Offer Listing Listing Listing Listing CMP
Date Price Price Day Day Day 7th
(Rs.) (Rs.) High Low Close March
Storage (BSE SME) 8-5-2024 544171 78.00 148.20 155.59 148.20 153.05 138.13
Amkay Pr. (BSE SME) 8-5-2024 544169 55.00 104.50 109.72 104.50 109.72 120.96
Sai Swami (BSE SME) 8-5-2024 544170 60.00 114.00 119.70 114.00 119.70 108.04
Slone Info (NSE SME) 10-5-2024 SLONE 79.00 118.50 119.45 112.60 112.60 112.60

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 59

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. Go Digit 15-5-2024 Fresh Issue Rs 1125 Cr 258 to 272 ICICI Sec., Morgan St. 26%
General Ins. 17-5-2024 OFS : 5,47,66,392 Shares FV Rs 10 Axis Cap., Edelweiss, Clear Avoid
HDFC Bank, IIFL Sec.

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. Energy 9-5-2024 29,82,000 Shares 131 to 138 1000 Shares Hem 32%
Mission 13-5-2024 Rs 41.15 Cr FV Rs 10 Rs 1,38,000 Cr Securities Apply for Long Term
2. Premier 10-5-2024 60,24,000 Shares 63 to 67 2000 Shares Hem 28%
Roadlines 14-5-2024 Rs 40.36 Cr FV Rs 10 Rs 1,34,000 Cr Securities May Apply
3. ABS 10-5-2024 65,50,000 Shares 140 to 147 1000 Shares GYR 35%
Marine 15-5-2024 Rs 96.29 Cr FV Rs 10 Rs 1,47,000 Cr Capital Apply for Mid Term
4. Mandeep 13-5-2024 37,68,000 Shares 67 2000 Shares Jawa 27%
Auto Ind. 15-5-2024 Rs 25.25 Cr FV Rs 10 Rs 1,34,000 Cr Capital Risky Bet
5. Veritaas 13-5-2024 7,44,000 Shares 109 to 114 1200 Shares Horizon 32%
Advertising 15-5-2024 Rs 8.48 Cr FV Rs 10 Rs 1,36,800 Cr Management Apply for Mid Term
6. Indian 13-5-2024 32,11,000 Shares 125 to 132 1000 Shares Ekadrisht 34%
Emulsifier 16-5-2024 Rs 42.39 Cr FV Rs 10 Rs 1,32,000 Cr Capital Listing Gain
7. Quest 15-5-2024 44,49,600 Shares 93 to 97 1200 Shares Shreni Shares 29% ; May Apply
Laboratories 17-5-2024 Rs 43.16 Cr FV Rs 10 Rs 1,16,400 Cr Limited (Pricey Bet)
8. Rulka 16-5-2024 11,23,200 Shares 223 to 235 600 Shares Beeline
Electricals 21-5-2024 Rs 26.40 Cr FV Rs 10 Rs 1,41,000 Cr Broking

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. Aztec 10-5-2024 36,00,000 Shares 63 to 67 2000 Shares Hem Sec. 31%
Fluids 14-5-2024 Rs 24.12 Cr FV Rs 10 Rs 1,34,000 Apply for Long Term
2. Piotex 10-5-2024 15,39,600 Shares 94 1200 Shares Beeline 32%
Industries 14-5-2024 Rs 14.47 Cr FV Rs 10 Rs 1,12,800 Capital Apply for 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. Sakuma 25-4-2024 7,89,84,298 25.30 33 Shares for every BSE First Overseas Avoid
Exports* to Shares FV Rs 1 98 Shares held on NSE Registrar
24-5-2024 (Rs 199.83 Cr.) 15-4-2024 Bigshare Services
2. IIFL Finance 30-4-2024 4,23,94,270 300 1 Shares for every BSE Ambit Pvt. Ltd. Apply for
to Shares FV Rs 2 9 Shares held on NSE Registrar More than
14-5-2024 (Rs 1271.83 Cr.) 23-4-2024 Motilal Oswal Entitlement
3. Sobhagya 6-5-2024 81,60,000 21 34 Shares for every BSE Mark Corporate Avoid
Merchantile to Shares FV Rs 10 1 Shares held on Registrar
21-5-2024 (Rs 17.14 Cr.) 23-4-2024 Purva Sharegistry
4. Yug Decor 7-5-2024 35,96,423 10 1 Shares for every BSE - Apply
Merchantile to Shares FV Rs 10 2 Shares held on Registrar more than
28-5-2024 (Rs 3.60 Cr.) 19-4-2024 Satellite Corporate Entitlement
5. Ashapuri 8-5-2024 8,33,28,666 5.85 1 Shares for every BSE -- May
Gold to Shares FV Rs 1 3 Shares held on Registrar Apply
Ornaments 27-5-2024 (Rs 48.75 Cr.) 18-4-2024 Bigshare Services
* Sakuma exports Rights issue closing date extended from Monday May 13, 2024 to Friday May 24, 2024

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. Muthoot 6-5-2024 Base Size Rs 50 Cr. 1,000/- 10 NCDs BSE IND BBB/Stable Avoid
Mercantile 17-5-2024 Oversubscritpion Rs. 50 Cr (Rs.10,000) By India Ratings
Limited Overall Size Rs 100 Cr Lead manager : Vivro Fin. & Research
Registrar : KFin Techno Cont...
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Subscription Figures of SME IPO (Dt.10-5-2024)
IPO Listing Day Subscribed
IPO Listing Day Subscribed
Slone Infosystems NSE SME Issue Closed on 7-5-2024 667.81x
Winsol Engineers NSE SME Issue Closed on 9-5-2024 682.14x
Refractory Shapes NSE SME Issue Closed on 9-5-2024 255.08x
Finelistings Techno BSE SME Issue Closed on 9-5-2024 37.44x
Silkflex Polymers NSE SME Issue Closed on 10-5-2024 36.98x
TGIF Agribusiness BSE SME Issue Closed on 10-5-2024 37.10x
Energy Mission NSE SME 2nd Day Subscribed 21.40x
Premier Roadlines NSE SME 1st Day Subscribed 1.25x
Aztec Fluids & Mach. BSE SME 1st Day Subscribed 3.97x
Piotex Industries BSE SME 1st Day Subscribed 0.80x
ABS Marine Services NSE SME 1st Day Subscribed 1.73x
Mandeep Auto NSE SME Issue Opens on 13-5-2024 --
Veritaas Advertising NSE SME Issue Opens on 13-5-2024 --
Indian Emulsifiers NSE SME Issue Opens on 13-5-2024 --
Quest Laboratories NSE SME Issue Opens on 15-5-2024 --

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
Indegene Limited IPO 8-5-24 9-5-24 10-5-24 10-5-24 13-5-24
TBO Tek IPO 10-5-24 13-5-24 14-5-24 14-5-24 15-5-24
Aadhar Housing Finance IPO 10-5-24 13-5-24 14-5-24 14-5-24 15-5-24
Go Digit General IPO 17-5-24 21-5-24 22-5-24 22-5-24 23-5-24
SME IPOs
Winsol Engineers NSE SME 9-5-24 10-5-24 13-5-24 13-5-24 14-5-24
Refractory Shapes NSE SME 9-5-24 10-5-24 13-5-24 13-5-24 14-5-24
Finelistings Techno BSE SME 9-5-24 10-5-24 13-5-24 13-5-24 14-5-24
Silkflex Polymers NSE SME 10-5-24 13-5-24 14-5-24 14-5-24 15-5-24
TGIF Agribusiness BSE SME 10-5-24 13-5-24 14-5-24 14-5-24 15-5-24
Energy Mission NSE SME 13-5-24 14-5-24 15-5-24 15-5-24 16-5-24
Premier Roadlines NSE SME 14-5-24 15-5-24 16-5-24 16-5-24 17-5-24
Aztec Fluids BSE SME 14-5-24 15-5-24 16-5-24 16-5-24 17-5-24
Piotex Industries BSE SME 14-5-24 15-5-24 16-5-24 16-5-24 17-5-24
ABS Marine Services NSE SME 15-5-24 16-5-24 17-5-24 17-5-24 21-5-24
Mandeep Auto NSE SME 15-5-24 16-5-24 17-5-24 17-5-24 21-5-24
Veritaas Advertising NSE SME 15-5-24 16-5-24 17-5-24 17-5-24 21-5-24
Indian Emulsifiers NSE SME 16-5-24 17-5-24 20-5-24 20-5-24 22-5-24
Quest Laboratories NSE SME 17-5-24 21-5-24 22-5-24 22-5-24 23-5-24
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5th May 2024 to 11th May 2024 61

Last week, three mainboard IPOs - Indegene Ltd, Aadhar Housing, and TBO TEK were present
in the market. Additionally, seven SME issues includingfive NSE SME IPOs Slone Infosystems,
Winsol Eng., Refractory Shapes, Silkflex Polymers, and Energy Mission were also present. In the
BSE SME segment, two IPOs - Finelistings Techno and TGIF Agribusiness were open for sub-
scription. Slone Info's listing took place on the 10th of May, while Energy Mission's NSE SME IPO
will close on the 13th of May. All three mainboard and five SME issues have been oversubscribed
and closed.
Last week's SME segment IPOs include three BSE SME and one NSE SME. All these IPOs
have been listed at premium prices. Sai Swami Metal, Amkay Products, and Storage Techno from
the BSE SME segment have been listed at a premium of 90%, while Slone Info's NSE SME IPO
was listed at an attractive premium of 50%.
* Last week's mainboard IPOs:
Indegene Ltd. (Mainboard) : With a price band of Rs. 430 to Rs. 452, the total issue size of Rs.
1841.76 crores comprises a fresh issue of Rs. 760 crores and an OFS of Rs. 1081.76 crores. The
subscription in this IPO has been oversubscribed multiple times on the last day. On the final day,
the IPO received subscriptions with a total of 70.30x, with QIB: 192.72x, HNI: 55.91x, bHNI: 62.23x,
sHNI: 43.26x, Retail: 7.86x, and Employee: 6.62x. The listing is scheduled for Monday, May 13th.
What will the allotment be like? : In the Retail category, applicants will be allotted 33 shares in
ratio of 95:549. For HNI Bucket 2: ratio is 31:377, the applicants will be allotted 462 shares. For the
HNI Bucket 1 (2 to 10 lakhs), in the ratio of 4:169, applicants will be allotted 462 shares. QIB others
will be allotted in the ratio of 202.32x. QIB MF will be allotted at 124.54×.
What will the listing be like : It is expected to be around 700 to 725, and it can reach over 750
in the good market. If allotted, holding it can provide higher returns to the investors.

Golden Era for SMEs: The popularity of SME IPOs reached its peak
in 2023, with a total of 182 IPOs, in just these four months of 2024, the number of IPOs has crossed 70,
Against a total collection of Rs. 4,686 crore in 2023, in the current year,
the figures have already reached around Rs. 3,323 crore.
This indicates a strong demand for Small and Medium Enterprises' IPOs
The market status of Small and Medium Enterprises (SMEs) IPOs has reached its
pinnacle. Statistical evidence of this fact is available. In the first four months of 2024 Year IPO No. of
Amount IPOs
Shining SME IPOs

almost half of the total amount raised in the entire 2023 have been raised. And there is no 2012 103 14
2013 335 35
sign of significant downturn in the future. 2014 267 40
According to preliminary data, from April 30 of the current year, 73 companies have 2015 260 43
2016 537 67
been listed on the SME platform. So far, the total collection through SME IPOs in both 2017 1,679 133
the Bombay Stock Exchange and the National Stock Exchange amounts to Rs. 2,323 2018 2,287 141
2019 624 51
crore. In 2023, there were 182 SME IPOs, which collected a total of Rs. 4,686 crore 2020 159 27
2021 746 59
through this medium throughout the year. Data suggests that while the average IPO size 2022 1,875 109
in 2023 was Rs. 26 crore, it has now reached approximately Rs. 32 crore in 2024. The 2023 4,686 182
2024* 2,323 73
landscape of the SME platform is changing. Instead of risky speculation, it is now mov- Total 974
ing towards diversification of assets. *(Till April 2024)

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5th May 2024 to 11th May 2024 62

TBO Tek Ltd. (Mainboard) : With a price band of Rs. 875 to Rs. 920, the total issue size of Rs.
1550.81 crores comprise a fresh issue of Rs. 400 crores and an OFS of Rs. 1150.81 crores. The
issue opened on May 8th and closed on May 10th. On the final day, the IPO was oversubscribed at
86.68x, with QIB: 125.51x, HNI: 50.58x, bHNI: 55.82x, sHNI: 40.11x, Retail: 25.65x, and Employee:
17.74x.
What will the allotment be like : In the Retail category, at a ratio of 19.41x, approximately two
out of every 39 applicants be allotted 16 shares each.
For HNI (2 to 10 lakhs) : at a rate of 37.86x, shares can be allotted.
For HNI (more than 10 lakhs), in the ratio of 11:11, shares can be allotted.
What will the listing be like? The listing is expected to be around 1400 to 1450.
* Aadhar Hou. Fin. Ltd. (Mainboard) : With a price band of Rs. 300 to Rs. 315, the total issue
size of Rs. 3000 crores comprises a fresh issue of Rs. 1000 crores and an OFS of Rs. 2000 crores.
The issue opened on May 8th and closed on May 10th. On the final day, the IPO was oversub-
scribed at 26.76x, with QIB: 76.42x, HNI: 17.33x, bHNI: 18.90x, sHNI: 14.18x, Retail: 2.58x, and
Employee: 6.87x.
* Allotment :-
In the Retail category: At ratio of 2.09x, the allotment can be made. Out of every two applicant
one applicant can be allotted 47 shares.
For HNI (10 lakhs): At 3.82x, shares can be allotted.
For HNI (more than 10 lakhs): At 13.78x, shares can be allotted.
Listing: The listing is expected to be around 350 to 375, and it can go up to around Rs. 400 in the
good market. If allotted, profit can be booked at 50% premium.
* Last week's SME IPOs
Winsol Engineers (NSE SME) : With a price band of Rs. 71 to Rs. 75, the total issue size of Rs.
23.36 crores opened on May 6th and closed on May 9th, 2024. The listing will be on May 14th. The
IPO was oversubscribed at 682.14x, with Retail oversubscription at 780.15x. This IPO has re-
ceived a strong response from investors with total 682x subscription. The listing price is expected
to be at 150% higher than the offer price of Rs. 75, possibly around Rs. 250-275. The listing is
expected to be explosive and may become a blockbuster.
Refractory Shapes Ltd. (NSE SME) : With a price band of Rs. 27 to Rs. 31, the total issue size
of Rs. 18.60 crores opened on May 6th and closed on May 9th, 2024. The listing will be on May
14th. On the final day, the IPO was oversubscribed at 255.08x, with Retail oversubscription at
259.56x. The IPO's listing is expected to be around 45 to 50.
Silkflex Polymers (NSE SME) : With a fixed price of Rs. 52, the total issue size of Rs. 18.11
crores opened on May 7th and closed on May 10th, 2024. The listing will be on May 15th. On the
final day, the IPO was oversubscribed at 38.38x in total. The listing price is expected to be around
60 to 65.

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Energy Mission (NSE SME) : With a price band of Rs. 131 to Rs. 138, the total issue size of Rs.
41.15 crores opened on May 9th and closed on May 13th, 2024. The final subscription on the last
day was 21.61x in total and 34.89x in the Retail category. The listing will be on May 16th. The IPO
has seen a rise in frenzy in the last days. The listing is expected to be around 250 to 275.
Finelistings Technologies (BSE SME) : This issue, with a fixed price of Rs. 123, has a total
size of Rs. 13.53 crore. It opened on May 7th and closed on May 9th. The subscription on the final
day reached a total of 37.44x, with 38.96x in the retail category. The listing is scheduled for Tues-
day, May 14th. The listing is expected to be around Rs. 140 to Rs. 145, with a nominal premium.
TGIF Agribusiness (BSE SME) : This issue, with a fixed price of Rs. 93, has a total size of Rs.
6.39 crore. It opened on May 8th and will close on May 10th. The listing is scheduled for Wednes-
day, May 15th. On the final day, the IPO reached a total subscription of 37.13x and in retail 32.92x.
Listing : It may list around 115-120.
Sri Swami Metals (544170) : With an offer price of Rs. 60, this issue was listed at Rs. 114 on
Wednesday, May 8th, meaning a premium of 90%.
Amkay Products (544169) : With an offer price of Rs.55, this IPO was listed at Rs. 104.50 on
Wednesday, May 8th, meaning a premium of 90%.
Storage Technologi (544171) : With an offer price of Rs. 78, this issue was listed at Rs. 148.20
on Wednesday, May 8th, meaning a premium of 90%.
Slone Infosystems (NSE SME) : With an offer price of Rs. 79, this IPO was listed at Rs. 118.50
on Friday, May 10th, meaning an attractive premium of 50 %.
This week saw 8 IPOs in the mainboard and SME segment, including 2 BSE SMEs - Piotex
Industries and Aztec Fluids, and 6 NSE SMEs - Premier Roadlines, ABS Marine Services,
VaritaasAdvtg., Mandeep Auto, Indian Emulsifier, and Quest Lab. A detailed analysis of all these
issues is presented separately.
* Mainboard IPOs for the week:
Go Digit General Insurance : With a price band of Rs. 258 to Rs. 272, the total issue size of this
combo issue is Rs. 2614.65 crore, with a fresh issue of Rs. 1125 crore and an OFS of Rs. 1489.65
crore. The IPO will open on May 15th and close on May 17th.
Allocation/Refund : Allocation will be on May 21, refund on May 22, and shares will be credited
to the demat account on May 22, Wednesday.
Listing : Listing will be on May 23, Thursday.
* Piotex Industries (BSE SME) : With a fixed price of Rs. 94, the total issue size is Rs. 14.47
crore. This issue opened on May 10 and will close on May 14. Listing will be on May 17, Friday. On
the first day, the issue was subscribed 0.80 times overall and 0.75 times in retail. This IPO has
already attracted fancy which may increase in future. The listing may be around Rs. 125 to 150.
* Aztec Fluids (BSE SME) : With a price band of Rs. 63 to 67, the total issue size is Rs. 24.12
crore. This issue opened on May 10 and will close on May 14. Listing will be on May 17, Friday. On

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5th May 2024 to 11th May 2024 64

the first day, the issue was subscribed 3.97 times overall and 5.35 times in retail. The listing may
be around Rs. 90 to 95, but it can go up to Rs. 100 in the good market.
* Premier Roadlines Ltd (NSE SME) : With a price band of Rs. 63 to 67, the total issue size is
Rs. 40.36 crore. This IPO opened on May 10 and will close on May 14. Listing will be on May 17,
Friday. On the first day, the issue was subscribed 1.31 times overall and 1.22 times in retail. The
listing may be around Rs. 90 to 95.
* ABS Marine Service (NSE SME) : With a price band of Rs. 140 to 147, the total issue size is
Rs. 96.29 crore. This IPO opened on May 10 and will close on May 15. Listing will be on May 21,
Thursday. On the first day, the issue was subscribed 1.83 times overall and 2.22 times in retail.
There's a significant attraction on this issue before opening, and it can list around Rs. 200 to 240.
* Veritaas Advertising (NSE SME) : With a price band of Rs. 109 to 114, the total issue size is
Rs. 8.48 crore. This issue opened on May 13 and will close on May 15. Listing will be on May 21,
Tuesday. It's expected to be listed around Rs. 180 to 190 and can even reach Rs. 200.
* Mandeep Auto (NSE SME) : With a fixed price of Rs. 67, the total issue size is Rs. 25.25 crore.
This IPO opened on May 13 and will close on May 15. Listing will be on May 21, Tuesday. There
isn't much attraction from investors in this IPO. The listing may be around Rs. 75 to 80.
* Indian Emulsifiers (NSE SME) : With a price band of Rs. 125 to 132, the total issue size is Rs.
42.39 crore. This IPO opened on May 13 and will close on May 16. Listing will be on May 22,
Wednesday. Before the subscription, there's heavy attraction on this counter, and it is expected to
get listed with 150% premium on the offer price of Rs. 132, it can go up to Rs. 300 to 325, which
wouldn't be surprising.
* Quest Lab. Ltd. (NSE SME) : With a price band of Rs. 93 to 97, the total issue size is Rs. 43.16
crore. This IPO opened on May 15 and will close on May 17. Listing will be on May 23, Thursday.
Currently, there's a fancy in this IPO, and it can list around Rs. 95 to 100.
* Rights Issues : Last week, in the primary market, Exports IIFL Finance and TIL Ltd's rights
issues were being subscribed. Sakuma Exports' issue was supposed to close on May 13, but the
closing date has been revised to May 24.
This week, three more rights issues from Ashapuri Gold, SobhagyaMerchantile, and Yug Decor
have entered the market. A detailed analysis of these three issues is presented separately.
* NCDs Issues:
This week, Muthoot Mercantile Ltd's NCD issue is open for subscription.
Muthoot Mercantile (NCDs): With a base issue of Rs. 50 crore and an oversubscription of Rs. 50
crore, the total issue size is Rs. 100 crore. This NCD issue opened on May 6 and will close on May
17. It will be listed on BSE. It has been rated BBB/Stable by IND. A detailed analysis of this issue
is presented separately.

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5th May 2024 to 11th May 2024 65

Go Digit General Insurance Limited Main Line IPO
Opens on 15th May & Closes on 17th May 2024
Price Band Rs. 258 to 272; Listing on BSE & NSE
The company has incurred operating losses for the reported period
It has also posted negative revenue and incurred huge losses for FY21 & FY22
Considering all the parameters on the valuation front, Issue appears exorbitantly priced
Retail Investors may give clear avoid to this pricey issue
Incorporated in December 2016, Go Digit General Insurance Limited is an insurance provider offering motor insur-
ance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance
products, which customers can customize to meet their needs. The company has currently launched a total of 74 active
products across all its business lines. As of December 31, 2023, the company had about 61,972 partners, including
58,532 POSPs and other agents.
Issue Details
Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY21 FY22 FY23 9MFY24
• Issue Opens on 15th May & Closes on 17th May 2024 Total Revenue -118.5 -293.6 39.19 130.83
• Object of the issue : To undertake its existing business activities; Profit After Tax -122.7 -295.8 35.5 129.0
and To undertake the activities proposed to be funded from the EPS -1.5 -3.5 0.4 1.4
Net Proceeds. RONW (%) -10.8 -15.8 1.53 5.25
• Fresh Issue : 41360294 Shares ; Rs 1125 Cr
• OFS : 54766392 Shares ; Rs 1489.65 Cr • Total : 96126686 Shares ; Rs 2614.65 Cr
• Face Value Rs. 10 • Offer price Rs. 258 to 272
• Minumum Lot Size : 55 Share • Listing on : BSE & NSE
• BRLM : ICICI Securities, Morgan Stanley, Axis Capital, Edelweiss Financial, Hdfc Bank, Iifl Securities • Registrar :
Link Intime India Private Ltd
• Company Management : Kamesh Goyal, GoDigit Infoworks Services, Oben Ventures LLP , FAL Corporation.
• Market Cap : Rs. 24947.90 Cr. • Pre Issue Promoter Holding : 83.31%
• Average of last 3 Yrs. EPS Rs. -1.23 & RONW : -6.32%
• Pre IPO : P/BV Ratio 9.67 (NAV : 28.12)
• Pre IPO P/E : 670.31 • Post IPO asking P/E on fully diluted equity : 145.03
• Industry peer Group PE Ratio : 46.13

OTHER SIDE OF THE COIN

• The average cost of acquisition of equity shares by the promoters / selling shareholders of the company is Rs. 13.57,
Rs. 172, Rs. 221 and 250.57 per share while the offer price is Rs. 272 per share.
• Only 10% allotment to retailers in net issue.
• Apart from initial equity capital at par the company issued further equity shares by the way of Rights issue, Private
placement and ESOP in the price range of Rs. 10 to Rs 314 between Febraury 2017 to April 2024.
• It has a track record of reporting losses.
• It has limited operating history
• Catastrophic events can increase its liabilities.
• The company has received a number of cautions, warnings and show-cause notices from the IRDAI
• The company derives revenue from motor vehicles insurance products.
• The Company will not receive any proceeds from the Offer for Sale.
• Considerable business is done from Maharashtra, Karnataka and Delhi.
• Most of the company's business is conducted on leased premises.
Recommendation :- The company has reported operating losses for the last three financial
years and 9MFY24. It has also posted negative revenue & incurred huge losses for the FY21 &
FY22. Company turn the corner in FY23. If we annualized 9MFY24 earning it has reported over
four fold jump in top line and bottom line. On valuation front considering P/BV of 9.67 and PE of
670.31 (based on FY23 earrings) and PE of 145.03 (based estimated FY24 earnings) issue appears
exorbitantly priced compared to peer group average PE ratio of 46.13. Retail Investors may give
clear avoid to this pricey issue.
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5th May 2024 to 11th May 2024 66

Premier Roadlines Limited NSE SME IPO
Opened on 10th May & Closes on 14th May 2024
Price Band Rs. 63 to 67; Listing on NSE SME
Company has posted steady growth in top-bottom lines over the last 3 years
Sudden jump in bottom line for the 10MFY24 is surprising
On valuation front considering all parameters, issue appears fully priced
High net worth investors may consider to apply for long term vision
Premier Roadlines Limited was founded in 2008 and offers logistics solutions for companies,
especially for land transportation of goods between 1 MT and 250 MT. The company offers general
transportation services, project logistics, and oversized/overweight cargo transportation across India.
In the contract logistics segment, the company caters to B2B customers who need to transport
large quantities of their goods from one place to another within India and to other neighboring
countries like Nepal, Bhutan, etc.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 10MFY24
• Issue Opened on 10th May & Closes on 14th May 2024 Total Revenue 94.16 138.69 192.06 174.21
• Object of the issue : Repayment and/or pre-payment, Profit After Tax 1.55 3.89 7.19 8.75
EPS 0.92 2.31 4.27 5.19
in full or part, of certain borrowings availed by the
RONW (%) 9.74 19.58 26.58 24.45
company; Purchase of vehicle for commercial purposes
To meet working capital requirements; and General Corporate Purpose.
• Issue Size : 60,24,000 Shares ; Rs 40.36 Cr
• Face Value Rs. 10 • Offer price Rs. 63 to 67
• Minumum Lot Size : 2000 Share • Listing on : NSE SME
• BRLM : Hem Securities Limited • Registrar : Maashitla Securities Private
• Company Management : Virender Gupta, Rakhi Gupta & Samin Gupta
• Pre Issue Promoter Holding : 100% • Post Issue holding : 73.65%
• Issue constitutes 26.35% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 3.06 & RONW : 21.44%
• Pre IPO Eq. Capital Rs. : 16.84Cr. • Post IPO Eq. Capital Rs. 22.86 Cr.
• Pre IPO : P/BV Ratio 3.15 (NAV : 21.25)
• Post Issue P/BV Ratio : 2.27 (NAV : 29.48)
• Pre IPO P/E : 21.32 • Post IPO asking P/E on fully diluted equity : 14.60
• Industry peer Group PE Ratio : 45.47 • Market Cap : Rs. 193.54 Cr.
• BRLM’s Performance : This is 43rd Issue from BRLM in last 3 years. In last 10 Listing : 9 Issued
opened with premium & 1 Issue Discount.
OTHER SIDE OF THE COIN
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 1.30, Rs.
1.6 and 7.07 per share while the offer price is Rs. 67 per share.
• Bonus shares were issued in the ratio of 10:1 in December 2023.
• Apart from initial equity capital at par the company issued further equity shares in the price range
of Rs 45 to 200 per share between December 2008 and April 2018
• The company is in the transport and logistics business which is in a highly competitive segment.
• The company does not own any vehicles but provides services through third party contracts.
Recommendation :- The company has recorded steady growth in the last 3 financial years. The
sudden surge in 10MFY24 is surprising. On the valuation front, the issue appears to be fully priced
considering P/BV of 2.27 and PE of 14.60. High net worth investors may apply for long term vision.
Financial Weekly TM

5th May 2024 to 11th May 2024 67

Aztec Fluids & Machinery Limited BSE SME IPO
Opened on 10th May & Closes on 14th May 2024 ; Price Band Rs. 63 to 67
Consistent growth in Top and Bottom lines in all three fiscals
On valuation front issue looks fully priced ; Operates in highly competitive segment
Considering company's financial track record, Investors can apply for long term
Founded in April 2010, Aztec Fluids & Machinery Limited provides a quality-assured assortment of Print-
ers, Printer consumables, and Printer Spares to a diverse range of industries, including personal care, food
and beverages, pharmaceuticals, construction materials, cables, wires, and pipes, metals, automotive and
electronics, agrochemicals, and chemicals and petrochemicals. The company exports its products to coun-
tries such as Sri Lanka, Nepal, Bhutan, Bangladesh, Kenya and Nigeria.
Issue Details
• Issue Opened on 10th May & Closes on 14th May 2024
• Object of the issue : Funding of the proposed acquisition of equity shares of Jet Inks Private Limited
Repayment of a portion of certain borrowing availed by our Company and General Corporate Purpose
• Issue Size : 36,00,000 Shares ; Rs 24.12 Cr • FV Rs. 10 • Offer price Rs. 63 to 67
• Minumum Lot Size : 2000 Share • Listing on : BSE SME
• BRLM : Hem Securities Limited • Registrar : Bigshare Services Pvt Ltd
• Company Management : Pulin Kumudchandra Vaidhya, Amisha Pulin Vaidhya and Kumudchandra
Bhagwandas Vaidya. Financial Performance : Consolidated Basis
• Market Cap : Rs. 91.12 Cr. Particulars (Rs. Cr.) FY21 FY22 FY23 9MFY24
Total Revenue 34.68 46.43 54.53 51.82
• Pre Issue Promoter Holding : 100%
Profit After Tax --
• Issue constitutes 26.47% of the post issue paid up capital EPS 2.46 3.11 3.27 4.51
• Average of last 3 Yrs. EPS Rs. 3.08 & RONW : 23.32% RONW (%) 25.68 25.13 25.32 22.69
• Pre IPO Eq. Capital Rs. : 10 Cr.
• Post IPO Eq. Capital Rs. 13.60 Cr.
• Pre IPO : P/BV Ratio 3.37 (NAV : 19.86) • Post IPO : P/BV Ratio 3.08 (NAV : 23.32)
• Pre IPO P/E Ratio : 20.47 • Post IPO asking P/E on fully diluted equity : 15.16
• BRLM’s Performance : This is 42th Issue from BRLM in last 3 years. In last 10 Listing : 9 Issued opened
with premium & 1 Issue Discount.
OTHER SIDE OF THE COIN
• Average cost of acquisition of Promoters is in the range of Rs. 0 and 0.01 while the issue price band is
Rs. 63 to 67 per share at FV of Rs. 10.
• Company has also issued Bonus shares in ratio of 199:1 on July 2022 and in ratio of 4:1 in September,
2023.
• Company's EBITDA and PAT margin has decreased to 8.59% and 6.03% in FY23 from 10.36% and
7.27% in Fy21 respectively.
• Company's peer has higher PAT and EBITDA margins which is not favourable for the company.
• Company's ROCE has gone down to 20.07% in Fy23 compared to 26.51% in Fy21.
• Company generates majority of its revenue from selling of printers and ink related to it.
• Company operates in highly fragmented market.
Recommendation :- Company has posted consistent growth in Top and Bottom lines of
all three fiscals. If we annualize the earnings of Fy24 then there can be sudden 2x jump in
PAT compared to financials of Fy23 which is surprising and unlikely to sustain going fur-
ther. On valuation front P/Bv comes to 3.37 on NAV of 19.86 and PE of 15.16 so, issue looks
fully priced. Company operates in highly fragmented market. Considering company's past
performance, investors can apply in this IPO for long term period.
Financial Weekly TM

5th May 2024 to 11th May 2024 68

Piotex Industries Limited BSE SME IPO
Opened on 10th May & Closes on 14th May 2024 ; Price Band Rs. 94
It has posted consistent growth in the financial performance
Sudden around 4 fold jump in the bottom line for FY24 is surprising
On the valuation front, the issue appears to be fully priced considering all the parameters
Investors may consider to apply for long term rewards
Founded in 2019, Piotex Industries Limited is engaged in contract manufacturing and trading of yarns,
fabrics, and cotton bales for various purposes such as apparel and home textiles. The company also
manufactures cotton yarn under an outsourcing model (job- work). The company has two main business
areas: Trading in cotton bales, synthetic fibers, cotton yarns, and fabrics: The company manufactures and
trades in cotton bales and cotton yarn in the textile centers of Maharashtra, namely Malegaon, Ichalkaranji
and Bhiwandi.
Issue Details Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY22 FY23 FY24
• Opened on 10th May & Closes on 14th May Total Revenue 80.46 86.67 118.94
• Object of the issue : Funding the Working Capital Requirement Profit After Tax 0.74 2.89 3.01
EPS 3.00 11.67 8.48
General Purpose.
RONW (%) 49.09 65.61 33.51
• Issue Size : 15,39,600 Shares ; Rs 14.47 Cr
• Face Value Rs. 10 • Offer price Rs. 94 • Lot Size : 1200 Share • Listing on : BSE SME
• BRLM : Beeline Capital Advisors Pvt Ltd • Registrar : Cameo Corporate Services Limited
• Company Management : Mr. Abhay Shriram Asalkar and Mr. Yogesh Omprakash Nimodiya.
• Pre Issue Promoter Holding : 100% • Post Issue holding : 69.83%
• Issue constitutes 30.17% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 8.63 & RONW : 46.82% • Market Cap : Rs. 47.97 Cr.
• Pre IPO Eq. Capital Rs. : 3.56 Cr. • Post IPO Eq. Capital Rs. 5.10 Cr.
• Pre IPO : P/BV Ratio 3.73 (NAV : 25.17) • Post Issue P/BV Ratio : 2.01 (NAV : 46.75)
• Pre IPO P/E Ratio : 11.14 • Post IPO asking P/E on fully diluted equity : 15.95
• BRLM’s Performance : This is 37th Issue from BRLM in last 3 years. In last 32 Listing : 34 Issued opened
with premium & 2 Issue Discount.
OTHER SIDE OF THE COIN
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 5.26 per share
while the offer price is Rs. 94 per share
• The company issued bonus shares in the ratio of 31:2 in July 2023.
• Apart from initial equity capital at par, the company issued further equity shares at a fixed price of Rs. 300
in July 2022
• The company operates in a highly competitive segment.
• The manufacturing unit is not owned, it works through third party contracts.
• Post IPO equity capital is only 5.10 crores so it may take a long time for the company to migrate to the
main board.
• Top-10 customers account for most of the revenue.
Recommendation : - The Company is in the business of contract manufacturing and trad-
ing of Yard Bales. It has posted consistent growth in its last three fiscals. However around 4
fold jump in bottom line for FY23 is surprising. On valuation front considering P/BV of 2.01
and PE of 15.95 issue is fully priced. Investors may apply for long term rewards.
Financial Weekly TM

5th May 2024 to 11th May 2024 69

ABS Marine Services Limited NSE SME IPO
Opened on 10th May & Closes on 15th May 2024 ; Price Band Rs. 140 to 147
Steady Growth in Top lines. Sudden jump in Bottom line of
FY24 compared to FY23 is surprising
On valuation front issue looks issue fully priced
Company operates in highly competitive market
Investors can apply for medium term considering financial records
Founded in October 1992, ABS Marine Services Limited manages offshore vessels and owns five vessels as of
December 31, 2023. These include two modern offshore vessels for the oil and gas sector and three harbour vessels for the
Indian port sector. The company is divided into four divisions: Ship Ownership, Ship Management, Marine Services, and
Port Services. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY22 FY23 FY24
th
• Opened on 10 May & Closes on 15 May th Total Revenue 82.84 113.81 138.02
• Object of the issue : Acquistion of off shore vessel, Profit After Tax 8.09 9.53 23.55
EPS 4.50 5.29 13.09
Funding the working capital requirements of the Company
RONW (%) 9.67 10.19 20.10
• Issue Size : 65,50,000 Shares ; Rs 96.29 Cr
• Face Value Rs. 10 • Offer Rs. 140 to 147 • Minumum Lot Size : 1000 Share • Listing on : NSE SME
• BRLM : GYR Capital Advisors Private Limited • Registrar : Purva Sharegistry India Pvt Ltd
• Company Management : Capt. P B Narayanan, Shreelatha Narayanan, Arathi Narayanan and Capt. Jeevan Krishnan
Sanjeevan. • Market Cap : Rs. 360.88 Cr.
• Pre Issue Promoter Holding : 86.50% • Post Issue holding : 63.42%
• Issue constitutes 22.57% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 9.06 & RONW : 15.06%
• Pre IPO Eq. Capital Rs. : 18.00 Cr. • Post IPO Eq. Capital Rs. 24.55 Cr.
• Pre IPO : P/BV Ratio 2.25 (NAV : 65.10) • Post IPO : P/BV Ratio : 1.69 (NAV : 86.95)
• Pre IPO P/E Ratio : 11.23 • Post IPO asking P/E on fully diluted equity : 15.32
• Industry Peer Group PE Ratio : 50.16
• BRLM’s Performance : This is 24th Issue from BRLM in last 3 years. In last 10 Listing : 10 Issued opened with
premium.
OTHER SIDE OF THE COIN
• Average cost of acquisition of Promoters is in the range of Rs. 0 and 0.0056 while the issue price band is Rs. 140 -
147 per share at FV of Rs. 10.
• Company has also issued Bonus shares in ratio of 1799:1 on September 2023.
• Apart from issuing shares at par, company has allocated shares at Rs. 10 and at FV Rs.10 in 1992 and 2003
respectively.
• Company generates majority of its revenue from Government entities.
• Company generated 42.25%, 53%, and 50% of its total revenue from seven of their owned vessels in the Fiscal 2024,
2023 and 2022, respectively which represents their revenue from contracts with customer, respectively.
• Company is dependent on the secondary market for acquisition of our vessels.
• An increase in fuel prices and other operating costs also have an adverse impact on company's profit margins.
• Company has reported negative cash flows in past.
• Company operates is highly competitive and intensely price sensitive market.
Recommendation :- Company has posted constant growth in Top lines in all three fiscals. It has
reported 2.5x jump in PAT in Fy24 compared to Fy23 which is surprising and unlikely to sustain
going further. On valuation front P/Bv comes to 2.26 on NAV of 65.10 and PE of 15.32 so, issue
looks fully priced. Company operates in highly competitive market where it faces very high pricing
competition. Company generates majority of its revenue from Government tenders which is again
very competitive in terms of tender winning. Considering company's previous financial performance
investors can apply in this IPO for Medium term period.
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5th May 2024 to 11th May 2024 70

Mandeep Auto Industries Limited NSE SME IPO
Opens on 13th May & Closes on 15th May, 2024 ; Offer price Rs. 67
Constantly growing Top and Bottom lines in all three fiscals
On valuation front issue looks fully priced ; Faces margin pressure due to high competition
Company's long-term existence is a big question
Only risk-taking investors may apply for long term period.
Incorporated in 2000, Mandeep Auto Industries Limited is involved in the manufacturing and supply of
various products like sheet metal components, auto parts, sprocket gears, and machined components.
Issue Details Financial Performance : Consolidated Basis
• Opens on 13th & Closes 15th May Particulars (Rs. Cr.) FY21 FY22 FY23 9MFY24
• Issue Size : 37,68,000 Shares ; Rs 25.25 Cr • FV Rs. 10 Total Revenue 15.63 21.90 29.79 16.57
• Offer Rs. 67 • Minumum Lot Size : 2000 Share Profit After Tax 0.50 0.65 1.02 2.15
• BRLM : Jawa Capital Services Private Limited EPS -- -- -- 6.60
• Registrar : Cameo RONW (%) 17.76 15.64 23.13 25.97
• Promoter : Mr. Gurpal Singh Bedi, Mrs. Nidhi Bedi and Mr. Rajveer Bedi
• Pre Issue Promoter Holding : 99.97% • Post Issue Promoter Holding : 63.53%
• Issue constitutes 36.44% of the post issue paid up capital
• Pre IPO Eq. Capital Rs. : 6.57 Cr. • Post IPO Eq. Capital Rs. 10.34 Cr.
• Pre IPO : P/BV Ratio 5.36 (NAV : 12.49) • Post Issue : P/BV Ratio : 5.78 (NAV : 11.58)
• Pre IPO P/E Ratio : 41.96 • Post IPO asking P/E on fully diluted equity : 24.17
• Industry peer Group PE Ratio -(26.17) • Market Cap Rs 69.26 Cr
• BRLM’s : This is 2nd Issue from BRLM in last 1 years. In last 1 Listing : 1 Issued opened with premium.
OTHER SIDE OF THE COIN
• Average cost of acquisition of Promoters is in the range of Rs. 0 and 0.01 while the issue price band is Rs.
67 per share at FV of Rs. 10.
• Company has also issued Bonus shares in ratio of 141:25 on August 2023.
• Company was incorporated as Mandeep Auto Industries Limited on April 19, 2023, under the provisions of the
Companies Act, 2013. Prior to the incorporation of our Company, the current business was being carried out
under the sole proprietorship of our Promoter, Mr. Gurpal Singh Bedi, in the name and style of M/s Mandeep
Industries and now it has come up with an IPO.
• Company does not have factory license which is required under Factories Act, 1948, for its manufacturing
unit situated at Nangla, Faridabad Haryana.
• The land on which company's existing manufacturing unit is located and the land on which they are propos-
ing to carry out expansion activities is an Agricultural Land so they have not received certificate of Non-
Agricultural land.
• Mr. Gurpal Singh Bedi and Mrs. Nidhi Bedi, were Promoters and Directors in Mandeep Industries Private
Limited which was struck-off with effect from October 29, 2019 by ROC in terms of section 248(1) read with
section 248(5) of Companies Act.
• Company also misses out on many other licences such as License to work a factory under the Factories
Act, 1948, No objection certificate issued by the fire department, Consent for Establishment under Water
(Prevention & Control of Pollution) Act, 1974 & Air (Prevention & Control of Pollution) Act, 1981 and Consent
to Operate under Water (Prevention & Control of Pollution) Act, 1974 & Air (Prevention & Control of Pollu-
tion) Act, 1981.
• Registered manufacturing facility and land is not owned by the company.
Recommendation :- Company has posted constant growth in Top and Bottom lines of all three fiscals. If we
annualize the 9MFY24 earnings then its PAT will be 2.8 times higher compared to Fy23 but its revenue may
remain below the financials of Fy23. On valuation front P/Bv comes to 5.78 on NAV of 11.58 and PE of 24.17
compared to peer PE of 26.17 so, issue looks fully priced. Company operates in highly competitive segment
and faces competition from many organized as well as unorganized players which creates margin pressure on
the company. There are many points mentioned in the other side of the coin which raises eyebrows and looks
suspicious. Just based on financial records disclosed by the company, it is advised that only risk-taking inves-
tors may apply in this IPO for long term period.
Financial Weekly TM

5th May 2024 to 11th May 2024 71

Veritaas Advertising Limited NSE SME IPO
Opens on 13 May & Closes on 15th May, 2024 ; Offer price Rs. 109 to 114
th

Constantly growing Top line in all three fiscals

Inconsistency in PAT in all three fiscals with sudden 3x jump in Fy23
Company operates in highly fragmented market
Tiny equity capital post-IPO indicates longer gestation period for migration to main board
Risk taking investors may apply for Midterm vision
Incorporated on July 31, 2018, Veritas Advertising Limited is a comprehensive advertising agency that
provides 360-degree services across various platforms. The company offers a premium ecosystem and
comprehensive advertising solutions platform for advertising media services. This includes Brand Strat-
egy, Events, and Outdoor (OOH) Media services, which cover various advertisement modes like police
booth hoardings, newspaper insertions, brochures, and display of outdoor hoardings, among others.
Issue Details Financial Performance : Consolidated Basis
• Opens on 13th May & Closes on 15th May 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 11MFY24
• Issue Size : 7,44,000 Shares ; Rs 8.48 Cr Total Revenue 2.34 3.39 7.87 9.04
• Face Value Rs. 10 • Offer Rs. 109 to 114 Profit After Tax 0.20 0.13 0.44 1.57
• Minumum Lot Size : 1200 Share EPS 1.02 0.65 2.27 8.11
• Listing on : NSE SME RONW (%) 78.48 27.52 48.99 44.23

• BRLM : Horizon Management • Registrar : Mas Services Limited

• Promoter : Debojyoti Banerjee, Sangita Debnath and Mina Debnath.
• Pre Issue Promoter Holding : 88.74% • Post Issue Promoter Holding : 88.74%
• Issue constitutes 26.35% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 1.52 & RONW : 46.75%
• Pre IPO Eq. Capital Rs. : 2.08 Cr. • Post IPO Eq. Capital Rs. 2.82 Cr.
• Pre IPO : P/BV Ratio 6.68 (NAV : 17.05) • Post Issue : P/BV Ratio : 2.67 (NAV : 42.60)
• Pre IPO P/E Ratio : 54 • Post IPO asking P/E on fully diluted equity : 17.1
• Industry peer Group PE Ratio : 18.07 • Market Cap Rs 32.18 Cr
• BRLM’s Performance : This is 5th Issue from BRLM in last 2 years. In last 4 Listing : 1 Issued opened with
premium and 2 Issue with Discount and 1 Issue with at par.
OTHER SIDE OF THE COIN
• Average cost of acquisition of Promoters is in the range of Rs. NIL, 0.94 and 1.81 while the issue price
band is Rs. 109 - 114 per share at FV of Rs. 10.
• Company has also issued Bonus shares in ratio of 141:25 on August 2023.
• Company has offered Rights shares in the ratio of 20:1 in December, 2023.
• Apart from issuing equity at par company has also allocated shares in the form of private placement in
November, 2023 at Rs. 1200 and FV Rs. 10.
• Advertising business is dependent on availability of space or sites for publishing of ads and any signifi-
cant increase in the prices of such ad space or sites or no availability of such ad space or sites may
adversely affect company's business and results its operations.
• Company has reported negative cash flows in the past years.
• Company operates in capital intensive industry.
Recommendation :- Company has reported constant growth in Revenue in all three fiscals
with a sudden 2x jump in Fy23 compared to Fy22. It has posted set back in PAT in FY22 and
then a turnaround in Fy23 with a sudden 3x jump. If we annualize the 11MFy24 earnings
then its revenue is higher than Fy23 but there is 3.5x jump in PAT which is surprising and
raises eyebrows. On valuation front P/Bv comes to 2.67 on NAV of 42.6 and PE of 17.1 com-
pared to peer PE of 18.07 so, issue looks aggressively priced. Company operates in highly
fragmented market. Considering company's clientele and growth in recent 2 fiscals, risk
taking investors can apply in this IPO for medium term vision.
Financial Weekly TM

5th May 2024 to 11th May 2024 72

Indian Emulsifier Limited NSE SME IPO
Opens on 13th May & Closes on 16th May, 2024 ; Offer price Rs. 125 to 132
It has posted moderate growth in the top line during the reported period
Sudden 8936% (96-fold) jump in bottom line for FY23 raise concern
Based on FY23 earnings issue appears exorbitantly priced compared to peer
Annualized of FY24 earnings issue is fully priced; one can apply for listing gain
Incorporated in December 2020, Indian Emulsifier Limited is a manufacturer and supplier of
Specialty Chemicals i.e., Esters, Amphoterics, Phosphate Esters, Imidazolines, Wax Emulsions,
SMO & PIBSA Emulsifiers. The product line of the company includes the following : Esters, Am-
photeric, Phosphate esters, Imidazolines, Wax emulsions, SMO & PIBSA Emulsifiers. The Com-
pany supplies specialty chemicals to a wide range of industries, including Mining, Textile, Clean-
ing, PVC/Rubber, Personal Care, Food, and others. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 9MFY24
th th
• Issue Opens on 13 May & Closes on 16 May 2024 Total Revenue -- 17.68 41.18 48.70
Profit After Tax -(0.37) 0.04 3.89 6.75
• Issue Size : 32,11,000 Shares ; Rs 42.39 Cr EPS 0.00 0.05 4.80 8.66
• Face Value Rs. 10 • Offer Rs. 125 to 132 RONW (%) - (58.65) 0.53 32.34 25.60
• Minumum Lot Size : 1000 Share • Listing on : NSE SME
• BRLM : Ekadrisht Capital • Registrar : Maashitla Securities
• Promoter : Yash Tikekar. • Market Cap Rs 161.33 Cr
• Pre Issue Promoter Holding : 65.25% • Post Issue Promoter Holding : 48.11%
• Issue constitutes 17.14% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 2.42 & RONW : 6.57%
• Pre IPO Eq. Capital Rs. : 9.01 Cr. • Post IPO Eq. Capital Rs. 12.22 Cr.
• Pre IPO : P/BV Ratio 4.51 (NAV : 29.26) • Post Issue : P/BV Ratio : 2.34 (NAV : 56.25)
• Pre IPO P/E Ratio : 27.50 • Post IPO asking P/E on fully diluted equity : 17.93
• BRLM’s Performance : This is 1st Issue from BRLM in last 3 years.
OTHER SIDE OF THE COIN
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 3.87 and
offer price Rs. 132 per share.
• Apart from initial equity capital at par, the company issued / converted further equity shares in the
price range of Rs. 10 to 84 between October 2021 to November 2023
• The company has to depend on certain industries for a significant portion of its sales.
• The property currently used by the company and storage is not owned by it.
• It requires substantial amount of working capital.
• The company has not yet utilized 100% plant and machinery.
• No past performance available for Lead Manager.
Recommendation : - The Company has incurred loss in FY21. Its revenue growth is mod-
erate for last tow fiscals. Company revenue increased by 133% but net profit rose by 8936%
in FY23 compared to FY22. Hence sudden 96 fold jump in bottom line for FY23 & 9MFY24
raises eyebrows and concern over its suitability. On valuation front considering P/BV of
4.51 and PE of 27.50 issue appears exorbitantly priced compared to peer. Fine organics PE
of 22.84 (based on FY23). If we annualized 9MFY24 earnings to its post Past - IPO fully di-
luted equity capital then the asking price is at a 17.93. this is fully priced issue, One can
apply for listing gain.
Financial Weekly TM

5th May 2024 to 11th May 2024 73

Quest Laboratories Limited NSE SME IPO
Opens on 15th May & Closes on 17th May, 2024 ; Offer price Rs. 93 to 97
Company has posted consistent growth in top & bottom line for the reported period
On valuation front, based on FY23 earnings, Issue appears aggressively compared to its peers
High net worth investors may consider to apply for long term vision
Incorporated in June 1998, Quest Laboratories Limited is a pharmaceutical company manufacturing a
range of antibiotics, antimalarials, antispasmodics, anti-inflammatories, antiemetics, respiratory medica-
tions, diabetes treatments, antidepressants, and more. The company operates in the domestic market
across twelve (12) states and two (2) union territories. These include Uttar Pradesh, Madhya Pradesh,
Maharashtra, Delhi, Jharkhand, Assam, Karnataka, Jammu & Kashmir, Rajasthan, West Bengal, Gujarat,
Telangana, Haryana, and Bihar. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 9MFY24
• Issue Opens on 15th May & Closes on 17th May 2024 Total Revenue 30.44 59.54 61.87 62.18
Profit After Tax 0.66 4.11 5.03 7.75
• Object of the Issue : Funding of capital expenditure towards EPS 0.61 3.81 4.66 7.18
purchase of plant and machinery for expansion at the existing RONW (%) 11.12 41.08 33.47 34.03
manufacturing facility; Funding working capital requirements of the company
• Issue Size : 44,49,600 Shares ; Rs 43.16 Cr • Face Value Rs. 10 • Offer Rs. 93 to 97
• Minumum Lot Size : 1200 Share • Listing on : NSE SME
• BRLM : Shreni Shares Limited • Registrar : Bigshare Services Pvt Ltd
• Promoter : Mr. Anil Kumar Sabarwal and Ms. Tejaswini Sabarwal.
• Pre Issue Promoter Holding : 90.36% • Post Issue Promoter Holding : 65.82%
• Issue constitutes 24.54% of the post issue paid up capital
• Market Cap Rs 158.96 Cr • Average of last 3 Yrs. EPS Rs. 3.70 & RONW : 32.28%
• Pre IPO Eq. Capital Rs. : 11.93 Cr. • Post IPO Eq. Capital Rs. 16.39 Cr.
• Pre IPO : P/BV Ratio 4.59 (NAV : 21.11) • Pre IPO P/E Ratio : 23.03
• Post IPO asking P/E on fully diluted equity : 15.38
OTHER SIDE OF THE COIN
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 1 and Rs. 1.16
per share while the offer price is Rs. 97 is
• On 30 September 2023, the company issued bonus shares in the ratio of 9:1.
• Apart from initial equity capital at par the company issued further equity shares in a price range of Rs. 10
to Rs. 100 between March 2001 and January 2024.
• Promoter Mr. Anil Kumar Sabarwal has been sentenced for imprisonment of One year & fine of Rs.
20,000 for the matter portion of manufacturing of not of standard quality drugs.
• The manufacturing unit and registered office are not owned by the company.
• It had negative cash flows in the past years.
• The company requires a substantial amount of working capital.
Recommendation : - The Company has posted consistent growth in its financial perfor-
mance for the last three fiscals and 9MFY24. It is low debt company & it has WHO certifica-
tion for its products. On valuation front based on FY23 earnings, considering P/BV of 4.59
and PE of 23.03, Issue appears aggressively priced compared to Alpa Lab & Zenith Drugs.
ON annualized FY24 earrings on Post IPO diluted equity capital asking of 15.38, Issue ap-
pears fully priced. Considering good demand and fancy in Pharma segment high net worth
Investors may apply for long term vision.
Financial Weekly TM

5th May 2024 to 11th May 2024 74

Muthoot Mercantile Limited NCDs Issue
Opened on 6th May & Closes on 17th May, 2024 ; Offer price Rs. 1000 per NCD
This is second debt issue from the company since December 2023
It has posted steady growth in its top & Bottom line for the reported period
Post-Issue Debt Equity Ratio and Net NPA will go UP ; Rating is BBB/Stable
Considering poor rating investors may avoid this issue,
though issue has lucrative coupon rate
Incorporated in 1939, Muthoot Mercantile Limited is a non-banking financial company engaged
in the business of lending loans against the security of Gold, Investments, Health Insurance, Forex
Services, and Money Transfer. The Company has branches located throughout Kerala, Tamil Nadu,
Maharashtra, Odisha, Delhi, Haryana, Madhya Pradesh, Punjab, and Uttar Pradesh, with potential
for further expansion. The company is headquartered in Thiruvananthapuram, a city in the south
Indian state of Kerala. Over the course of 84 years, the company has evolved its operations.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 9MFY24
th th
Total Revenue 49.39 67.02 94.67 91.15
• Issue Opened on 6 May & Closes on 17 May 2024 Profit After Tax 14.02 17.02 18.19 20.01

• Object of the issue : 1.For onward lending, financing and repayment/prepayment of principal and
interest on existing borrowings
• Base Issue Size : Rs. 50 Cr., Oversubscritpion Rs. 50 Cr ; Overall Size Rs 100 Cr
• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs
• BRLM : Vivro Financial Services Private Limited • Registrar : Kfin Technologies Limited
• Rating : IND BBB/Stable by by India Ratings & Research Private Limited
• Tenor : 367days, 18, 24, 36, 60, 75 months • Coupon Rate : 10.50% to 10.75%
• Category : Institution : 10%, Non Institutation : 40%, Retail : 50%
Recommendation : - This is the second NCDS offer of the company after December 2023. It
has posted steady growth in its top & bottom line for the last three fiscals and 9MFY24, Its Net NPA
stood at 0.11% in FY23 has gone up to 0.45% in 9MFY24. Post issue debt equity ratio will rise to
4.51 from 3.85 for the above period. Its free reserve Rs. 121.94 Cr. This is over four times to its Rs.
29.42 Cr. equity capita. The company has offered coupon rate from 10.50% to 10.80% considering
BBB/Stable rating, Investors may avoid this issue though offer has lucrative coupon rate.
Financial Weekly TM

5th May 2024 to 11th May 2024 75

Sobhagya Merchantile Ltd. Rights Issue
Opened on 6th May & Closes on 21st May, 2024 ; Offer price Rs. 21
BSE : 512014 (FV Rs 10) • CMP : 36.44 (4-5-24) • 52WH : 36.44/ L : 12.16
It has posted steady growth in top line but set back in bottom line for FY23
Estimated FY24 earnings are not in line with FY23; Net profit margins are under pressure
Rights shares are offered at 42% discount to CMP but no trade since one month
35 fold increases in equity capital may create servicing problem
Shareholders may give clear avoid to this risky rights issue
Sobhagya Mercantile Limited (SML) is an infrastructure company that primarily focuses on con-
struction, mining, infrastructure, and related activities. The company has established a solid pres-
ence in Infrastructure Construction, Infrastructure Engineering, Mining, and Equipment Leasing,
allowing us to provide customer-centric solutions to the fundamental sectors of the economy.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY 22 FY 23 9MFY 24
th st Total Revenue 71.62 112.08 83.58
• Opened on 6 May & Closes on 21 May, Profit After Tax 10.96 10.73 7.61

• Object of the Issue : For Working Capital Purposes; and General Purposes.

• Issue Size : 81,60,000 Shares ; Rs 17.14 Cr • FV Rs. 10 • Issue Price : Rs. 21 per Share • Market
Lot : 1 per Share • Listing on BSE

• Terms of payment : 100% of the Issue Price is payable on Application

• Entitlement : 34 Rights Equity Share(s) for every 1 fully paid-up Equity Shares held on Record
Date : 23-4-2024

• Registrar : Purva Sharegistry • Lead Manager : Mark Corporate Advisors Private

• Pre IPO Equity Capital Rs. 0.24 Cr. • Post IPO Equity Capital Rs. 8.40 Cr.

• Cum Right basis at Rs. 36.44 (12-4-2024)

• It last closed at Rs. 36.44 (12-4-24) • 52 WH / Low of Rs. 36.44/ Rs. 12.16

Recommendation : - The Company is engaged in many verities of business. It has posted

steady growth in its top lines for the last three fiscals but it has reported setback in bottom line for
FY23. If we annualized earnings of 9MFY24 is not in line with FY23. Company's net profit margins
are under pressure for last 21 months. Further post rights issue equity capital will be increase by 35
times which will create servicing problems. Rights shares are offered at 42% discount to CMP but
the cmp is 12th April 2024 & thereafter no trade on BSE. Share holders may give clear avoid to this
Rights Issue.
Financial Weekly TM

5th May 2024 to 11th May 2024 76

Yug Decor Ltd Rights Issue
Opened on 7th May & Closes on 28th May, 2024 ; Offer price Rs. 10
BSE : 540550 (FV Rs 10) • CMP : 37.39 (8-5-24) • 52WH : 77.99 / L : 32.33
Profit making and dividend paying company
RI offer at 73 percent discount compared to CMP
Company's Maiden issue was at Rs. 26 and now RI is offered at par
It has posted consistent growth in top-bottom line for the reported period
Shareholders may apply for more than their entitlement in this RI
Founded in June 2003, YUG Decior Limited specializes in trading laminates and plywood. The
brand name YUG-COL is used to manufacture different types of adhesives, such as synthetic bind-
ers, synthetic rubber adhesives, synthetic resin adhesives, natural rubber adhesives, and footwear
adhesives. The company has two manufacturing units situated in Gandhinagar Gujarat.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY 22 FY 23 H1F Y 24
Total Revenue 24.50 31.27 14.00
• Opened on 7th May & Closes on 28th May, Profit After Tax 0.10 1.14 0.80

• Object of the Issue : To augment the existing and incremental working capital requirement of the
company • Issue Size : 35,96,423 Shares ; Rs 3.60 Cr • FV Rs. 10 • Issue Price : Rs. 10 per Share
• Market Lot : 1 per Share • Listing on BSE

• Terms of payment : The Issue Price of Rs. 10/- per Rights Equity Share shall be payable at the
time of application.

• Entitlement : 1 Rights Equity Share(s) for every 2 fully paid-up Equity Shares held on Record
Date : 19-4-2024

• Registrar : Satellite Corporate Services • Pre IPO Equity Capital Rs. 7.19 Cr.

• Post IPO Equity Capital Rs. 10.79 Cr. • Cum Right basis at Rs. 78.82 (18-4-2024)

• ex Right basis at Rs. 55.88 (19-4-24) • Since then, It has marked a high/low of Rs. 55.88/ Rs.
37.43 • It last closed at Rs. 37.61 (3-5-2024) • 52 WH / Low of Rs. 77.99/ Rs. 32.33

Recommendation : - Founded in June 2003, Yug Decor is engaged in trading of

Laminate and Plywood. The company has registered a continuous growth in the finan-
cial performance shown. The sudden 11-fold jump in the bottom line in the year 2023 is
surprising and the company has paid dividends in 2020 and 2023. The rights offer is at
a 73 percent discount to the current price. Company entered in to the market with
maiden issue at a Rs. 26. Shareholders should apply for more shares than entitlement
as RI is at par and with huge discount.
Financial Weekly TM

5th May 2024 to 11th May 2024 77

Ashapuri Gold Ornament Ltd Rights Issue
Opened on 8th May & Closes on 27th May, 2024 ; Offer price Rs. 5.85
BSE : 542579 (FV Rs 1) • CMP : 12.26 (9-5-2024) • 52WH : 16.27 / Low : 6.11
Company is a frequent visitor to the primary market: first IPO, FPO and currently rights issue
It has posted inconsistent financial performance for the reported periods
Sudden jump in FY24 bottom-line is surprising: Setback recorded in FY23
High risk taking shareholders may apply as RI is available at 52% discount to its CMP
Incorporated in June 2008, Ashapuri Gold Ornament Limited is a manufacturer and seller of
gold and antique jewellery in India. The company designs, manufactures, and sells a wide range
of jewellery products, including gold and studded jewellery, at various price points. Our product
portfolio includes wedding jewellery, festive jewellery, rings, chains, earrings, ear chains, nose
rings/nose pins, waist belts, mangal sutras, anklets, judas, toe rings, pendant sets/pendants, brace-
lets, and bangles. The company has appointed sales teams for different regions/cities such as
Delhi, Rajasthan, Punjab, Uttar Pradesh, Kolkata, Chennai, Bangalore, etc. to expand their busi-
ness further. Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY 21 FY 22 FY 23 FY 24
Issue Details Total Revenue 117.64 163.96 158.14 166.85
• Issue Opened on 8th May & Closes on 27th May, 2024 Profit After Tax 2.55 3.07 1.79 7.43

• Object of the Issue : Meeting the working capital requirements of the Company; and General
Corporate Purposes
• Issue Size : 8,33,28,666 Shares ; Rs 48.75 Cr • FV Rs. 1 • Issue Price : Rs. 5.85 per Share
• Market Lot : 1 per Share • Listing on BSE
• Terms of payment : Full Amount for Rights Equity Shares shall be payable by the eligible share-
holders at the time of making an application.
• Entitlement : 1 Rights Equity Share(s) for every 3 fully paid-up Equity Shares held on Record
Date : 18-4-2024 • Deemed Date of Allotment : 4-6-2024
• Registrar : Bigshare Services Pvt Ltd • Pre IPO Equity Capital Rs. 25.00 Cr.
• Post IPO Equity Capital Rs. 33.33 Cr. • Cum Right basis at Rs. 15.72 (16-4-2024)
• ex Right basis at Rs. 13.40 (18-4-2024) • Since then, It has marked a high/low of Rs. 14.99/ Rs.
13.00 • It last closed at Rs. 12.74 (8-5-2024) • 52 WH / Low of Rs. 16.27/ Rs. 6.11

Recommendation :- Ashapuri Gold ornaments is frequent visitor of primary markets as it

entered with maiden IPO of Rs. 29.33 Cr. in March 2019 as Rs 51 (FV Rs 10) then it came with
FPO of in March 2021 at a price of Rs 81 and Mobilized Rs. 30.02 Cr. and it is coming with
Rights issue of Rs 5.85 (Fv Rs 1). It has posted consistent growth in its financial perfor-
mance for FY21 & FY22. But it reported setback in top line and bottom line for FY23. Sudden
over four fold jump in bottom line for FY24 raises eyebrow and unlikely to sustain going
forward. High risk taking shareholders may apply for long term as Rights issue is available
at a discount of 52% on its CMP.
Financial Weekly TM

5th May 2024 to 11th May 2024 78

Smart Best Buy S. N. Zaveri
L&T : Long term growth story intact
ICICI Lombard : Parent ICICI Bank increases stake
D-Mart : Strong moats and robust revenue growth
Britannia : Focus on double-digit sales volume growth
Godrej Consumer : Revenue up, Margin up, EBITDA up
L&T (Rs 3271.00) (Code : 500510) : Engineering and construction major Larsen &
Toubro (L&T) pragmatically views FY25 as a six-month period due to disruptions in businesses
from the ongoing general elections, and expects order intake and revenue to grow 10% and 15%,
respectively. FY24, the company recorded a 31% growth in order inflows to cross Rs 3 trillion. In
its five-year plan, the company provided the guidance for the order intake threshold in FY26 to be
around Rs 3.5 trillion and it is already at the Rs 3 trillion mark, so, it is two years ahead. Consoli-
dated order book stood at Rs 4.8 trillion as of 31 March, 20% more than a year ago. More than a
third, or 38%, of these orders were from international markets. Profit for the full year surged 25% to
Rs 13,059 crore, while revenue grew 21% to Rs 2.2 trillion.Invest.
ICICI Lombard (Rs 1661.00) (Code : 540716) :- In a significant move within the
Indian insurance sector, Bharti Enterprises, led by Sunil Bharti Mittal, divested shares of ICICI
Lombard General Insurance Company, accumulating a substantial Rs 663 crore through open
market transactions. This sale saw a diverse group of buyers stepping in, including prominent
names such as Axis Mutual Fund MF, Aditya Birla Sun Life MF, Invesco MF, Morgan Stanley Asia
Singapore, Societe Generale, Goldman Sachs Singapore, and Blackstone Aqua Master Sub-Fund.
The transaction involved Bharti Enterprises Ltd offloading approximately 38.50 lakh shares, which
equates to a 0.8 per cent stake in the Mumbai-based insurer. These shares were sold at an aver-
age price of Rs 1,722.5 each, culminating in a deal size of Rs 663.16 crore. Post-sale, Bharti
Enterprises' shareholding in ICICI Lombard was reduced to 1.63 per cent from the previous 2.43
per cent. Interestingly, ICICI Bank emerged as a significant buyer in this transaction by purchasing
21 lakh shares or a 0.4 per cent stake in its subsidiary ICICI Lombard for Rs 361.72 crore. This
acquisition increased ICICI Bank's stake in the insurer to 51.7 per cent from 51.27 per cent. That
means parent might have some positive developments going ahead. Buy.
Avenue Suparmart (Rs 4794.00) (Code : 540376) :- Avenue Supermarts Ltd,
which owns and operates retail chain D-Mart, on Saturday, May 4, reported a 22.5% year-on-year
(YoY) growth in its consolidated net profit at Rs 563.3 crore for the fourth quarter of the financial
year 2024. The same was Rs 460 crore in the corresponding quarter of last fiscal. The company's

Cont...
Financial Weekly TM

5th May 2024 to 11th May 2024 79

revenue for the quarter jumped 20% YoY to Rs 12,727 crore, compared to Rs 10,594 crore in the
year-ago quarter. The retailer's operating profit or EBITDA jumped 22.3% YoY to Rs 944 crore
while its operating profit margin also rose to 7.4% as against 7.3% in the March 2023 quarter.Basic
EPS for the fourth quarter grew to Rs 9.28 as compared to Rs 7.80 in the same quarter of previous
financial year. JPMorgan upgraded Avenue Supermarts (D-Mart) to overweight post Q4 results
and raised the target price to Rs 5,400 from Rs 3,555 earlier. The company has strong moats and
robust revenue growth augurs well for the stock. Global investment sees gradual margin expan-
sion ahead.
Britannia Ind. (Rs 5068.00) (Code : 500825) :- Britannia Industries said it will
focus on a double-digit sales volume growth this fiscal year, as the company expects normal mon-
soons to aid consumption despite a likely rise in prices of wheat and sugar, key ingredients for
packaged foods. The company reported a 3.1% rise in consolidated sales for the quarter ended 31
March to Rs 4,014 crore. Profit fell 3.7% year-on-year to Rs 536.61 crore. For the fiscal year ended
March, consolidated revenue grew 3.5% to Rs 16,546 crore. In FY24, the maker of Good Day and
Milk Bikis biscuits reported a 4% increase in sales volumes. The company has seen a softening of
prices of palm, laminates, and corrugates-overall commodity costs remained soft in the March quar-
ter. However, the company warned of a slight inflationary pressure on wheat and sugar. Accumu-
late in phased manner.
Godrej Consumer (Rs 1320.00) (Code : 532424) :- Fast-moving consumer goods
major Godrej Consumer Products Ltd (GCPL) on Monday (May 6) reported a net loss of Rs 1,893.2
crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Godrej Con-
sumer Products posted a net profit of Rs 452 crore. It has taken an exceptional charge of Rs 2,378
crore on its GAUM (Godrej Africa, US, and Middle East) business. Hence it reported loss. Other-
wise, its business growth is robust as it reported 12% volume growth, 6% sales growth, 18% EBITDA
growth and 22% PAT (before exceptions and one-offs) growth. The company's revenue from op-
erations increased 5.8% to Rs 3,385.6 crore against Rs 3,200 crore. EBITDA rose 17.9% to Rs
755.7 crore in the fourth quarter of this fiscal over Rs 640.9 crore. Margin stood at 22.3% in the
reporting quarter compared to 20%. The board has declared an interim dividend of Rs 10 per
share. The dividend will be paid on or before Wednesday, June 5, 2024. Buy.

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
10th May, 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

5th May 2024 to 11th May 2024 80

Dalal Street Whispers Dilip K. Shah
BPCL (Rs 618.00) :- BPCL reported a net profit of Rs 4,789.57 crore in Q4 FY24, a decline
of 30 percent YoY. BPCL's revenue from operations declined marginally to Rs 1.32 lakh crore in

the same period. The company's board recommended the issue of bonus shares in the ratio of 1:1.

Suryoday Small Finance (Rs 206.00) :- Suryoday Small Finance Bank has reported
a 56.3 percent YoY increase in net profit at Rs 60.8 crore in Q4 FY24. The gross non-performing

assets (GNPA) stood at 2.94 percent in the March quarter against 3.06 percent in the December

quarter. Provisions stood at Rs 48.2 crore against Rs 37.9 crore QoQ and Rs 51.5 crore YoY. The

bank's provision coverage ratio during the quarter was 71.2 percent.

Solara Active Pharma Sciences (Rs 492.00) :- Solara Active Pharma has ap-
proved a rights issue to raise Rs 449.95 crore. The rights shares are priced at Rs 375 per equity

share, which includes a premium of Rs 365 per equity share.

Abott India (Rs 26369.00) :- Abott India has reported a 24 percent YoY growth in net
profit at Rs 287 crore in Q4 FY24. The company's revenue increased 7 percent to Rs 1,439 crore

from Rs 1,343 crore in the year-ago period. Abott India's board recommended the payment of a

final dividend of Rs 410 per equity share of Rs 10 each for the year ended March 31, 2024, subject

to shareholders' approval.

ADF Foods (Rs 229.00) :- ADF Foods' revenue from operations was Rs 153 crore in Q4
FY24 as compared to Rs 123 crore in the same quarter of the previous year. Profit after tax in-

creased to Rs 25 crore in Q4 FY24 as compared to Rs 16 crore in the same quarter the previous

year.

Gopal Snacks (Rs 329.00) :- Gopal Snacks' Profit after tax for Gopal Snacks declined
4.15 percent to Rs 26.11 crore in the January-to-March quarter. While revenue increased 6.6 per-

cent to Rs 358 crore in the quarter ended March 2024.

Relaxo Footwear (Rs 851.00) :- Relaxo Footwears has reported a consolidated net
profit of Rs 61.4 crore in Q4 FY24, a decline of 3 percent. The company's total revenue fell 2.3

percent to Rs 747.2 crore in the same period. EBIDTA was at Rs 120.4 crore, growing by 117.9
Cont.....
Financial Weekly TM

5th May 2024 to 11th May 2024 81

percent in the January-to-March quarter. The company proposed a final dividend of Rs 3 per share

for FY24, subject to approval at the upcoming Annual General Meeting.

Shyam Metallics (Rs 583.00) :- Shyam Metallics' Realizations on the sale of stainless
steel increased by 54.46 percent as compared to the previous year for Shyam Metallics. Stainless

steel volumes increased by 33.68 percent on a year-over-year basis. While stainless steel vol-

umes grew 17.45 percent on a MoM basis.

VST Tillers and Tractors (Rs 3761.00) :- VST Tillers Tractors has reported a 13.4
percent YoY drop in net profit at Rs 34.8 crore in Q4 FY24. The company's revenue from opera-

tions fell 15.3 percent to Rs 273.4 crore in the January-to-March quarter. The company's board has

recommended a final dividend of Rs 20 per equity share.

Intellect Design Arena (Rs 874.00) :- Intellect Design Arena's revenue declined 1
percent to Rs 612 crore YoY in Q4 FY24. The company's board has recommended a final dividend

of Rs 3.50 per share on the face value of Rs 5 each on equity shares for the financial year ended

March 31, 2024.

Brigade Enterprises (Rs 1038.00) :- Brigade Enterprises has inked an agreement

for a prime land parcel located on Old Madras Road in Bengaluru. The project is spread across 4.6

acres, and the total development potential of the residential project will be around 0.69 million

square feet with a gross development value of Rs 660 crore.

HG Infra (Rs 1178.00) :- HG Infra has reported its Q4 earnings with a net profit increase
of 11.2 per cent at Rs 190 crore compared to Rs 170.9 crore in the previous year. Revenue also

rose by 11.3 per cent to Rs 1,708.2 crore from Rs 1,535.4 crore year-on-year. Additionally, EBITDA

showed a growth of 12.1 per cent at Rs 332.6 crore versus Rs 296.8 crore in the previous year. The

margin stood at 19.5 per cent compared to 19.3 per cent year-on-year.

ESAF Small Finance Bank (Rs 55.00) :- ESAF Small Finance Bank has reported its
Q4 earnings with a significant decline in net profit, down by 57.2 per cent at Rs 43.4 crore com-

pared to Rs 101.4 crore year-on-year. However, net interest income (NII) showed a positive trend,

increasing by 18.4 per cent to Rs 590.7 crore from Rs 498.9 crore year-on-year. The gross non-

Cont.....
Financial Weekly TM

5th May 2024 to 11th May 2024 82

performing assets (NPA) increased to 4.76 per cent from 4.16 per cent quarter-on-quarter, while

net NPA marginally rose to 2.26 per cent from 2.19 per cent quarter-on-quarter.

Gujarat State Petronet (Rs 293.00) :- Gujarat Petronet has registered strong Q4
earnings, with net profit rising by 22.2 per cent to Rs 663.1 crore compared to Rs 542.8 crore year-

on-year. Revenue showed a growth of 5.9 per cent to Rs 4,522.2 crore from Rs 4,270.1 crore year-

on-year. Additionally, EBITDA increased by 12.2 per cent to Rs 959.8 crore from Rs 855.2 crore

year-on-year, resulting in an improved margin of 21.2 per cent compared to 20 per cent year-on-

year.

SKF India (Rs 4996.00) :- SKF India has reported robust Q4 earnings, with net profit
soaring by 42.6 per cent to Rs 175.2 crore from Rs 122.9 crore year-on-year. Revenue also showed

significant growth, rising by 9.9 per cent to Rs 1,203.4 crore compared to Rs 1,094.7 crore year-on-

year. Additionally, EBITDA witnessed a strong increase of 27.7 per cent to Rs 213.3 crore from Rs

167 crore year-on-year, resulting in an improved margin of 17.7 per cent compared to 15.3 per cent

year-on-year.

Kirloskar Oil Engines (Rs 1044.00) :- Kirloskar Engines has reported a 26 per cent
rise in standalone net profit to Rs 128 crore in Q4 FY24. The Pune-based company's net sales for

the quarter grew 21 per cent to Rs 1,378 crore compared to Rs 1,141 crore in the previous year. For

the full fiscal year 2023-24, its net profit increased by the same margin to Rs 375 crore from Rs 298

crore in FY23.

NBCC (Rs 132.00) :- NBCC has bagged Rs 450 worth of contracts from the Court Re-
ceiver of the Supreme Court of India.

Piramal Enterprises (Rs 847.00) :- Piramal Enterprises has reported positive Q4

earnings, with a net profit of Rs 137.1 crore compared to a loss of Rs 195.9 crore year-on-year.

Revenue also showed growth, increasing by 16 per cent to Rs 2,473.3 crore from Rs 2,131.7 crore

year-on-year.

BSE (Rs 2653.00) :- BSE has disclosed a net profit of Rs 107 crore for the quarter ending
March 31, 2024, an 18 per cent rise from the Rs 91 crore recorded in the corresponding period last
Cont.....
Financial Weekly TM

5th May 2024 to 11th May 2024 83

year. Additionally, the company's board proposed a final dividend of Rs 15 per equity share. Con-

solidated revenue for the quarter amounted to Rs 488.37 crore, reflecting a substantial 115 per

cent year-on-year surge from Rs 227 crore.

Westlife Foodworld (Rs 845.00) :- Westlife Foodworld has witnessed a significant

96.2 per cent decline in consolidated profit after tax, dropping to Rs 76.35 lakh in the March quarter

due to increased expenses. However, consolidated total income for the fourth quarter stood at Rs

567.47 crore, compared to Rs 561.96 crore in the year-ago period.

Sula Vineyards (Rs 476.00) :- Sula Vineyards has recorded a 4.85 per cent decrease
in consolidated net profit to Rs 13.55 crore in the fourth quarter ending March 2024. This compares

to a consolidated net profit of Rs 14.24 crore in the corresponding quarter a year ago. Consolidated

revenue from operations for the quarter amounted to Rs 131.7 crore, up from Rs 120 crore in the

year-ago period.

Home First Finance (Rs 819.00) :- Home First Finance has posted its Q4 earnings
with a notable increase in net profit, rising by 30.5 per cent to Rs 83.5 crore compared to Rs 64

crore year-on-year. Similarly, net interest income (NII) also showed a strong growth, increasing by

22.4 per cent to Rs 136.8 crore from Rs 111.8 crore year-on-year.

Godrej Agrovet (Rs 559.00) :- Godrej Agrovet has reported a significant increase in its
consolidated net profit to Rs 65.48 crore in the March 2024 quarter, up from Rs 23.47 crore in the

same period last year. Meanwhile, its total revenue from operations saw a modest growth of 1.87

per cent, reaching Rs 2,134.28 crore compared to Rs 2,094.99 crore in the year-ago period.

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
10th May, 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

5th May 2024 to 11th May 2024 84

Volatility is, not yet over in stock market

Col Ajayastromoneyguru
Mobile 9414056705

This week of calander year 2024 is represented by planet known as Moon and year 2024

represented by planet known as Saturn.

This week Sun ,Mercury and venue are making conjuction in mars house. Rahul and Mars

together in Jupiter

As per Astro Economics this time to keep eyes on coal, metal, power sector stocks

Keep eyes on Power grid corporation, Hind Copper, REC ,IEX for short term investment.

We happy to inform that we are conducting online financial astrology online course ,

interested person can talk to us.

The above recommendation are purely for research purpose, take advise for your finan-

cial advisor for taking any financial decision.

Ajayastromoneyguru

Mob 9414056705
Financial Weekly TM

5th May 2024 to 11th May 2024 85

By Tushar Jain
CFO & Research Head, Tushar Global Services (Ajayastromoneyguru)
www.tusharglobalservices.com

Positive Outlook for Turmeric, Cumin and Red Chilli in May Month
Previous Successful Predictions:
1. Rice Movement (November): The successful analysis of rice movement from $16 to $17.6 (10% up)
2. Wheat Movement (October): During October, the market responded as anticipated, with rise from Rs 2400 to Rs
2900.
3. Wheat movement (December): During December, the market responded as anticipated, with significant 11% drop in
Delhi spot prices of wheat.
4. Wheat Movement (March): During March, the market responded as anticipated, with significant 8% drop in Delhi
spot prices of wheat.
5. Rice and Sugar Movement (April 2024): During April, Rough Rice prices in CBOT was up by 22% and Sugar prices
were up by 6.6% in Kanpur.
The spice market is abuzz with anticipation of a positive movement in prices for turmeric, cumin,
coriander, and red chilli in May month. Let's delve into the factors influencing this trend.
Turmeric: A Balancing Act
The arrival of new turmeric harvests from Maharashtra's Marathwada region is expected. While this typi-
cally puts downward pressure on prices, the situation is nuanced. Below-average supplies from the previous
year and the upcoming festive season in India are likely to limit the downside. Furthermore, the The Ministry
of Agriculture and Farmers' Welfare's first advance estimate revealed a decrease in turmeric production for
2023-24, estimated at 10.74 lakh tonnes compared to 11.30 lakh tonnes the previous year. However, surging
prices have led to a cautious "hand-to-mouth" buying approach, potentially dampening demand. Export and
import data reflect a mixed trend, with turmeric exports declining by 4.42% during Apr-Feb 2024 compared to
the same period in 2023. Import volumes have also decreased but show signs of recovery.

Cumin: Global Demand Meets Domestic Abundance

Indian cumin (jeera) is enjoying a surge in global preference due to tightening global supplies. However,
this positive is countered by concerns over rising domestic arrivals, particularly in Rajkot Mandi. Favourable
weather conditions and a significant rise in sowing areas have resulted in a record production of cumin in
Gujarat, estimated at 4.08 lakh tonnes. The increased production in Gujarat and Rajasthan, major cumin-
growing regions, has led to an oversupply situation. Rajasthan has witnessed a 53% increase in cumin pro-
duction compared to the previous year. This surge in production has led to expectations of a substantial
increase in cumin exports, potentially reaching 14-15 thousand tonnes by February 2024. Despite expecta-
tions of increased exports, recent data indicates a decline in jeera exports during Apr-Feb 2024, dropping by
23.75% compared to the same period in the previous year. In February 2024 alone, jeera exports declined by
11.54% compared to January 2024 and by 3.49% compared to February 2023.

Red Chilli Conundrum

This year, Red Chilli Mandis in India will experience vacation from 10 May to 9 June 2024. According to
Vietnam Pepper Association, Vietnam exported red chilli worth of 2 Crore Dollars in year 2023 (10,173 tonnes)
, which was double compared to the previous year. Also if we consider the first quarter of year 2024 (Jan to
Mar), then we can see that the exports of red chilli by Vietnam has increased by 17.6% (3141 tons) comparing
to the same period last year. During March the total export of red chilli from Vietnam has increased by 72.3%
(1523 tons), comparing to February month, from which 88% shipment has exported to China.?
The May Month Market: A Calculated Spice Blend
In conclusion, May month presents a potential opportunity for investors and traders in the spice market.
While there are both positive and negative factors at play, a calculated approach can be fruitful. Turmeric and
cumin, backed by global demand and production limitations, appear to be headed for price increases. Corian-
der and red chilli require closer monitoring, with their price movements hinging on demand fluctuations but
overall their prices are expected to increase. Careful analysis of market trends and a keen understanding of
supply-demand dynamics will be crucial for navigating this dynamic spice market landscape.
Financial Weekly TM

5th May 2024 to 11th May 2024 86

Senior Astrologer
Dharmesh Joshi

Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com

Nifty Predictions ; 13-5-2024 to 17-5-2024

" 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. " https://
products.ganeshaspeaks.com/product/fortune-mantra/
13-05-2024 Monday :- " Today is still not reliable as it is a zero weightage day, so be cautious
in intraday. " 9.15 to 11.00 is a high-risk - high-gain slot with solid fluctuations, you will get both
side momentum. " 11.00 to 13.40 Overall up side jobbing done. " 13.40 to 15.30 can be called
overall mix to time pass.
14-05-2024 Tuesday :- " Even today the overall is soft. " Doing practically nothing from 9.15 to
10.40 and letting Nifty settle, as you have no idea what the market is doing, is so confusing and
risky. " Buy Nifty around 10.40, exit around 12.10. " Buy Nifty at 12.30, exit around 13.25. " Short
Nifty around 13.30 and walk away with Rs 2.
15-05-2024 Wednesday :- From 16-05-2024 to 12-06-2024, read once what is written in this
slot in the book and in the monthly PDF file, so that you get clarity. " If you have brought something
yesterday to make the opening positive, make profit in the opening. " 9.30 to 11.00 selling pressure
in Nifty. " 11.00 to 12.45 passes a slight positive side time in a fixed micro range, which can be
called boring. " From 12.45 to 13.45 this slot is for side jump. " 13.45 to 15.15 starting first part
down and second part up. " Selling may come in the last 15 minutes, so avoid this slot.
16-05-2024 Thursday :- From the market opening till 10.35 the downside is jobbing around a
fixed psychological figure. (-0.05) " 10.35 to 13.35 "A" group stocks will be bought, which will have
a positive effect on Nifty. " 13.35 to 14.35 try to go down to Syed. " Last phase has same boring
pattern as previous but some hope of intraday jobbing can be kept.
17-05-2024 Friday :- " 20-05-2024 shows the General Election (Lok Sabha) holiday in the
trading holiday list. " Therefore, since the next 3 days are a holiday, do not keep any position large,
fresh positions can be taken on Tuesday. " Get ready to play fast today- " Slot - 1 = Temporary
opening up. " Slot - 2 = 9.30 to 10.30 Nifty remains down. " Slot - 3 = 10.30 to 12.00 up side jobbing
up side with small margin. " Slot - 4 = 12.00 to 12.30 "T break" small correction will come. " Slot -
5 = 12.30 to 13.30 Buying Phase. " Slot - 6 = Last 2 hours are not calculated to get much rupees, so
finalize the contract note, rest Nifty remains soft side.
With Ganesha's Grace
Shri Dharmeshh Joshi, 9909941816
Financial Weekly TM

5th May 2024 to 11th May 2024 87

News Track

BigBloc Construction Ltd reports Net Profit of

Rs. 8.65 crore in Q4 FY24, rise of 55.65% Y-o-Y
BigBloc Construction Limited, one of the largest manufacturers of

Aerated Autoclaved Concrete (AAC) Blocks, Bricks, and Panels in In-

dia has reported consolidated net profit of Rs. 8.65 crore (PAT margin

12.05%) for Q4 ended March 2024, growth of 55.65% Y-o-Y as com-

pared to the net profit of Rs. 5.56 crore (PAT margin 11.76%) in Q4

FY23. Revenue from Operations during Q4 FY24 was reported at Rs.

67.95 crore, a rise of 46% Y-o-Y as compared to revenue of Rs. 46.55

Mr Naresh Saboo,
crore reported in Q4 FY23. EBITDA for Q4 FY24 stood at Rs. 12.55 Managing Director,
crore (EBITDA Margin 18.47%), rise of 18.35% as compared to EBITDA BigBloc
Construction Ltd
of Rs. 10.60 crore (EBITDA Margin 22.78%) during Q4 FY23. EPS for

Q4FY24 stood at Rs. 1.22 per share. The Company has recommended a final dividend at the rate

of 20% for the FY 23-24 subject to the approval in the Annual General Meeting.

Incorporated in 2015, BigBloc Construction Ltd is one of the largest and only listed company in

the AAC Block Space with an installed capacity of 10.75 lakh cubic meters per annum. Company’s

manufacturing plants are located in Umargaon (Vapi) and Kapadvanj (Ahmedabad) in Gujarat and

Wada (Palghar) in Maharashtra. It is among very few company in AAC industry to generate carbon

credits.
Financial Weekly TM

5th May 2024 to 11th May 2024 88

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Financial Weekly TM

5th May 2024 to 11th May 2024 89

News Track

Hester Biosciences Ltd reports Consolidated

Revenue growth of 18% at Rs. 79.3crore
EBITDA up 37% to Rs. 16.4 crore and
Net Profit up 12% to Rs. 6.40 crore in Q4FY24
Recommends dividend of Rs. 6 per equity share of
Rs. 10 each (60%) for the financial year 2023-24
Q4 FY
Hester Biosciences Limited, one of Particulars FY24 FY23 Ch. FY24 FY23 Ch.
REVENUE FROM OPE. 79.26 67.30 18% 304.55 266.09 14%
EBITDA 16.40 11.97 37% 58.26 55.02 6%
India's leading animal health company, PAT 6.40 5.71 12% 21.17 28.04 -25%
EPS (NOT ANNUALIZED) 7.52 6.72 12% 24.88 32.96 -25%
manufacturing vaccines and health

products has reported consolidated revenue from operations of Rs.

79.26 crore for the Q4FY24, growth of 18% Y-o-Y from revenue of
Rs. 67.30 crore in Q4FY23. Operating profit during the quarter ended
March 2024 was reported at Rs. 16.40 crore, 37% growth Y-o-Y
from Rs. 11.97 crore in Q4FY23. Net Profit of the company for
Q4FY24 was up 12% to Rs. 6.40 crore as compared to the net profit Mr. Rajiv Gandhi
CEO & MD,
of Rs. 5.71 crore in Q4 FY23. Company has recommended dividend Hester Biosciences

of Rs. 6 per equity share of Rs. 10 each (60%) for the financial year 2023-24, subject to
approval of members at the ensuing Annual General Meeting.
Financial Weekly TM

5th May 2024 to 11th May 2024 90

News Track
Standard Capital Markets Ltd
Incorporates Subsidiary for Insurance Broking
Standard Capital Markets Ltd., a leading player in the financial services sector, has announced
that it has incorporated a subsidiary to act as a Direct broker under the Insurance Regulatory and
Development Authority of India (Insurance Brokers) Regulations, 2018.
Recently, the company’s board approved the declaration of special dividend at the rate of 1%.
The board also approved the preferential Issue of 26,00,00,000 Equity Shares of face value of Re.
1/- each towards the conversion of outstanding unsecured loans, for an aggregate loan amount of
Rs.70,72,00,000/- at an issue price of Rs. 2.72/- each, as per the applicable laws, subject to the
approval of members of the Company. Earlier, the company effected a stock split in 10:1 ratio
(subdivision of 1 equity share of FV Rs. 10 into 10 shares with FV of Re. 1 each) and bonus issue
in 2:1 ratio (two bonus share of FV Re.1 for every existing equity share of FV Re. 1 held).
Standard Capital Markets Limited is a leading player in the financial services sector.Embracing
the uniqueness of each client, the company consistently strives to deliver personalized, profes-
sional services. It upholds an unwavering commitment to every client while adhering rigorously to
the best professional norms and practices, exuding dynamism in every interaction. The company
offers a diverse range of Personal Loans, ensuring not only competitiveness but also flexible re-
payment terms. With their support, clients can confidently pursue their goals without confusion or
worry. For businesses seeking financial support, the company extends Business Loans with flex-
ible overdraft options.

One Point One Solutions Ltd.’s Subsidiary Secures

New Client Win in the European Region
ITCube Solutions Pvt. Ltd. (Subsidiary of One Point One Solutions Limited), a prominent player
in the technology solutions provider space has announced that it has secured a new client-win in
European region a renowned global player specialising in providing solutions against brand threats
utilizing advanced AI-driven tools to combat online piracy, counterfeiting, and intellectual property
infringement. The company's AI-powered platform allows for automated detection, enforcement,
and removal of infringing content across digital platforms. With a global presence including NewYork,
Barcelona, Beijing & Salt Lake City and providing scalable, cost-effective SaaS solutions, newly
acquired client is changing the industry landscape.
Under the terms of the agreement with the brand, ITCube has been entrusted to manage detec-
tion and enforcement services for copyright and intellectual property rights. Combined with ITCube’s
expertise and advanced AI platform of new client, the partnership is set to deliver comprehensive
protection against unauthorized use of brands and copyrighted content together. This strategic
alliance underscores the commitment of ITCube to provide best-in-class technology driven solu-
tions for its clients and enhance its service offerings in the field of intellectual property protection.
Earlier, the company had announced that it has secured a client-win with one of the prominent
players in the asset management sector. Concurrently, One Point One has also augmented the
seat capacity for the leading Fintech player in the country.
Financial Weekly TM

5th May 2024 to 11th May 2024 91

TM
Financial Weekly

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completeness are not guaranteed. Smart Investment or the analyst / writer do not accept any
liability for the use of this column for the buying or selling of securities. Readers of this column who
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featured herein
 Financial Weekly TM

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