Smart Investment 03-09 Mar 2024

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

VOL : 17 • Issue No: 4 RNI No : GUJENG / 2008 / 24320 3rd March 2024 to 9th March
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
26-02-24 12525.31 12810.46 -285.15
27-02-24 16400.68 17909.84 -1509.16
28-02-24 11058.91 12938.14 -1879.23
29-02-24 54592.29 51024.18 3568.11
1-3-24 15712.62 15583.68 128.94
TOTAL 110289.81 110266.3 23.51
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
26-02-24 8526.82 8532.15 -5.33
27-02-24 11803.41 8941.85 2861.56
28-02-24 10124.97 8297.52 1827.45
29-02-24 11405.24 11635.45 -230.21
1-3-24 11987.98 8173.45 3814.53
TOTAL 53848.42 8268.00 45580.42
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

RNI No : GUJENG / 2008 / 24320
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Financial Weekly TM

Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
BACK ON TOP
BULLS COME BACK IN STYLE
Just when it looked that the market would consolidate further, Bulls showed their might and came back in
style. Wednesday and Thursday took Support of the 20dma (21984) and the all important Trendline Support
at 21907. On both the days, these Supports held on closing basis. As a result, Nifty has managed to form
higher bottom at 21860, before staging the pull-back on Friday. Friday saw Nifty making a big Opening White
body Marubuzo and closing above the life-high levels. Ascending Triangle pattern remains intact and has a
target of 22734- 23111. Trends across short term, medium term and long term continue to be positive and as
a result, every decline in the Market should be treated as a Buying Opportunity.
OPENING WHITE BODY MARUBUZO :- Friday saw Nifty opening with a gap up and moving higher and in
the process forming a big Opening White body Marubuzo. Friday's candle came on the back of bullish Spin-
ning Top formed on Thursday but more importantly support was provided by the 20dma. On the weekly
timeframe, Nifty has formed white body candle with a longer lower shadow, which indicates buying at lower
levels. Thus daily as well as weekly candlestick analysis suggests a bullish bias in the near term.
22734-23111 : ASCENDING TRIANGLE TARGET :- Last week, Nifty completed a very important pattern
i.e. Ascending Triangle which is a bullish continuation pattern. The Targets as per pattern analysis are placed
at 22734-23111. The above mentioned
targets will be achieved as long as Nifty
stays above 21530. On the weekly
timeframe, Nifty completed a Bullish
Penant formation which suggests a tar-
get of 24155-25411. These targets will
be achieved as long as Nifty stays above
21137.
S-ZONE : 21984-21860 :- This week
saw the Nifty taking Support at the
confluence of short term average of
20dma (21984) and rising Trendline
(21907) and the critical higher bottom
at 21860. Thus 21984-21860 will act as
strong S-Zone in the near term. In case,
This Week Recommendations Nifty breaks this S-Zone, then there is
another strong Support Zone at 21530-
Stocks CMP SL Tgt-1 Tgt-2 21448 which is a strong confluence zone
Buy TataComm 1914 1874 1975 2039 formed due to the confluence of recent
Buy Sobha 1625 1589 1681 1744 higher bottom (21530) and multiple in-
termediate bottoms at 21448. Below this,
Buy NaLcO 165 162 171 178 the Nifty can test another S-Zone at
Buy PNB 125 122 130 136 21137-20950 which is due to combina-
Buy TataSteeL 155 152 160 166 tion of Bullish Gap (21074-20950) and
intermediate bottoms.
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 21834 21969 22126 22378 22494 22662 22843
SENSEX 72081 72720 73223 73805 74362 74938 75574
Financial Weekly TM

SMALL BUT BEAUTIFUL IDEAS
Brijesh Barot, Surat (9723108999) brijesh_3011@yahoo.com
Mishtann Foods Ltd

(539594) (Face Value Re.1) (21)
Incorporated in 1981 Mishtann Foods Ltd is primarily into manufacturing and processing of Rice, wheat,
Company is in the business of processing and packaging of fast moving consumer goods, viz. Basmati rice,
wheat and marketing and selling of pulses and salt. It does processing and marketing of unbranded Basmati
of different grades, sizes, flavors and fragrance. Apart from this, company procures finished pulses and edible
salt from third party manufacturers and markets and distributes them. At present, company has 15 Super
Stockist in 10 states with 70000 plus Retailers.
New Plans :- Company is planning to increase its presence on leading online grocery delivery
platforms to further penetrate its product into urban pockets.
Company has signed a MOU with Government of Gujarat on 27th December, 2021, for the proposal of
manufacturing of grain based ethanol. The estimated project cost is to the tune of Rs. 2250 Crores, and is
expected to generate annual revenue of apx. Rs. 3500 Crores by setting up Ethanol project of 1000 KLPD in
Gujarat.With an aim to commence the operations of the plant from the second quarter of 2024.
Ethanol Project :- On 27th December 2021, company signed a Memorandum of Understanding
with Government of Gujarat for producing pf grain-based ethanol.1000 KLPD project would cost around Rs.
2250 lac
Production Capacity :- Company has a fully integrated and automated plant with capacity of 45
MT/hour at Himatnagar, Talod.
Technical Speaking : Currently company's share price quoting at 21.03. Investor can accumulate
in zone of 21 to 17 for immediate target of 28 and medium-term target of 36 and long-term target of 44+.
Financial Weekly TM

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

(Ring : 97690 37711) Twitter : @Kj_TechTrades
GLENMARK (Rs 930)

Targets 1490 , Time frame 9 to 24 months
Glenmark was founded with a vision to emerge as a leading integrated research-based,

global pharmaceutical company.
Their branded generics business has a significant presence in markets across emerging
economies including India.
The generics business services the requirements of developed markets like US and Western
Europe. Company's API business sells products in over 65 countries including the US,
various countries in the EU, South America and India.
With 14 manufacturing facilities and 4 R&D centers spanning across GPL and GLS, dedi-
cated to the goal of enriching lives across the globe Company believe that the real force
behind their continued successes are dedicated employees from across 60 nationalities.
Rapid Fire Stocks

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

SUNPHARMA ADVANCE RESEARCH (383.00)
Targets of 484 time frame 6 to 9 months (Accumulate)
Sun Pharma Advanced Research Company (SPARC) is a clinical stage bio-pharmaceuti-

cal company focused on continuously improving standards of care for patients globally,
through innovation in therapeutics and delivery. SPARC was formed in 2007 through a demerger
from SUN PHARMA, a global leader in speciality generics. We strive to build an enduring
innovation engine built on strong scientific execution, high value analytics and aggressive
portfolio management.
A robust mix of internal ideation and strategic partnering with academic innovators and
bio-pharma entrepreneurs fuel our engine with potentially high impact ideas. We partner with
thought-leading clinicians across the world for ideas and access. Innovation through integra-
tion of partner knowledge and efficient internal execution shapes our future. Our aim is to
consistently lower costs and improve operational efficiencies to advance availability and
affordability of cures for patients across the world. We realize our dream when we help
patients lead more fulfilling lives.
SPARC is a vibrant innovation community spread over three locations globally. We en-
deavour to develop a meritocracy which takes pride in continuous learning and re-invention.
Our aspiration hinges on creating a culture which can attract high quality talent globally,
develop them into passionate drug developers & creative problem solvers and empower
them with a smart toolset. We are committed to our pursuit of excellence.
SPARC is a responsible public company committed to maintaining highest standards of
ethics and transparency. Our accountability to patients we seek to serve and investors who
enable us and our commitment to sustainable human progress are key components of our
identity – A responsible innovator inspired by life’s amazing ability to learn, evolve and
survive. We exist because we seek to be part of the solution.
Financial Weekly TM
Hilton Metal Forging Limited

Eyeing Big Business for Railway Forged Wagon Wheel
Corporate Feature
Hilton Metal Forging Limited is a prominent manufac-
turer and distributor in the steel forging industry, special-
izing in products such as railway forged wagon wheel,
flanges, fittings, and oilfield and marine products. It has
successfully expanded its portfolio by manufacturing tur-
bine blades, and making inroads into the railway industry
Hilton Metal Forging
with the production of forged wheels. Company has com-
plete in-house facility of Forging, Machining, Heat Treat- A Multibagger stock
ment and Lab Testing under one roof at it’s manufactur- Shares of Hilton Metal Forging Ltd have rallied and has be-
ing facility spread across 5 acres at Wada, Maharashtra. come multibagger for the investors. The stock hit 52-week high of
The company is eying big business for Railway Forged Rs.173 on 22nd June, 2023 and its 52-week low is Rs.92. So, the
Wagon Wheel. stock has almost doubled in last one year. The stock seems to have
Hilton Metal Forging Limited has installed capacity to compledted consolidation and poised for another huge rally as it
manufacture 48,000 Wheels annually and aims to meet rallied in past. The stock, which closed at just Rs 8.69 on May 22,
the increasing demand in the replacement market. Com- 2020 is now trading at around Rs.150. An amount of Rs 1 lakh
pany is also looking forward to bigger Railway Forged invested in the shares of multibagger Hilton Metal four years ago
Wagon Wheel Orders in the near future through tender would have turned into almost Rs 18 lakh today.
route. Over the last five years, returns on capital employed (ROCE)
The company had initiated development of technically have risen substantially to 13%. The amount of capital employed
specialized product - Railway Forged Wagon wheel busi- has increased too, by 50%. So we're very much inspired by what
ness in early 2022. In the last 18 months the company has we're seeing at Hilton Metal Forging thanks to its ability to profitably
supplied more than 2000 Railway Forged Wagon Wheels reinvest capital.
and Rail Gear Blanks. Company supplies Railway Forged
Wagon Wheel for the replacement market across various
Indian Railway Workshops in India.
With the demonstrated quality and delivery, Railway
Forged Wagon Wheel has been approved by the Third
Party Inspection agency- RITES Ltd. Hilton Metal Forgings
Limited with proven successful track record makes it a
strong bidder for the Global Wheel Tender floated by In-
dian Railways. Company is also looking forward to big-
ger Railway Forged Wagon Wheel Orders in the near
future through tender route.
The Board of Directors has announced that the com-
pany has successfully developed and supplied railway
wheels to the Indian Railways, achieving the distinction
Company is also looking forward to bigger
of being the first Indian MSME company to produce Indig- Railway Forged Wagon Wheel Orders in
enous Forged Railway Wheels. The company is now eli-
gible to participate in Global tenders. the near future through tender route
In a significant development, Jupiter Wagons has placed an order for 250 Forged Wagon Wheel sets with Hilton Metal
Forging Ltd as a trial order. Following the successful supply of the initial 250 sets, Jupiter Wagons has issued a Letter of Intent
(LOI) for procuring 6000 Forged Wagon Wheel sets annually, highlighting the company's growing recognition and potential in
the market. Additionally, Hilton Metal Forging Ltd identifies other Wagon Manufacturing OEMs as potential clients for Forged
Wagon Wheelsets, indicating the company's expanding market reach and promising future in the railway industry.
Hilton Metal has reported exceptional operational and financial performance over the years. Net Profit of the company for
FY23 was reported at Rs. 5.85 crore, 3 fold growth from net profit of Rs. 1.76 crore in FY22. Total income also rose 25% to Rs.
105.4 crore in FY23 as against Rs. 84.2 crore in FY22. Net profit margin of the company has improved to 6.71% in FY23 as against
2.1% in FY22 on account of increase in operating performance. For nine months of FY24, company has reported net profit of Rs.
6.14 crore with Y-o-Y growth of 82% and total income of Rs. 105.3 crore with Y-o-Y growth of 41%. The anticipation of substantial
railway orders for the company is on the horizon as India gears up to manufacture over 2,000 locomotives domestically. Addition-
ally, the expansion of new rail tracks presents promising opportunities for casting foundries to contribute to the growing needs of
the railway infrastructure.
Cont...
Financial Weekly TM

Company has
installed
Indian Railways : Huge opportunity for the company
• The Indian Railways is set to receive a capex push of Rs. 2.52 lakh crore for the financial year 2024-
capacity to 25, an increase of 5 percent from Rs 2.4 lakh crore allocated a year ago. The funds will be spent on
manufacture building railway tracks, wagons, trains, electrification, signalling, and developing facilities at sta-
tions while focusing on safety.
48,000 Wheels • Finance Minister Nirmala Sitharaman announced three new corridors for the railways— Energy,
annually Mineral and Cement corridor, Port Connectivity Corridor and a High Traffic Density Corridor. These
corridors were identified under the scheme to enable multi-modal connectivity. These corridors will
The demand for reduce costs and improve efficiency, according to the finance minister.
wheels in the railway • Additionally, the Finance Minister also announced that 40,000 bogies would be converted to Vande
sector is significant, Bharat standard to improve safety and convenience for passengers.
with an annual re- • The railway ministry is targeting 100 percent electrification of its network by July 2024 and laying of
quirement reaching at least 2,000 km of new tracks, as well as rolling out the new Vande Bharat trains.
approximately • The government is also expected to invite tenders to cover 4,000-5,000 km of railway tracks with its
3,80,000 wheels. This collision prevention system, Kavach. By June 2024, the Indian Railway plans to coveraround 3,500
demand stems from km of railway tracks and around 500 locomotives with Kavach.
the production needs • Under Mission 3000, the Indian Railways intendsto doubleitscargo loading to 3,000 million tonnes
of new coaches, wag- (mt) by 2027. It iswidely understood that DFCs will play akey role in this endeavour.
ons, and locomotives, • All these developments are a huge opportunity for the companies like Hilton Metal
accounting for around
2,80,000 wheels,
while the replacement
market necessitates
an additional 1,00,000
wheels. The manda-
tory overhaul mainte-
nance every 4.5 years
for all wagons and freight adds to the continuous demand for wheels.
Presently, the combined annual production of casting and forged
wheels stands at around 2,75,000, resulting in a shortfall of roughly
1,05,000 wheels per year based on the current requirements of wagon/
coach production and the replacement market. To address this shortfall,
India currently relies on imports. In line with this, the Indian Government
is actively encouraging domestic companies to engage in the produc-
tion of railway wheels, aligning with the 'Make in India' initiative to pro-
mote self-sufficiency.
Looking ahead, the annual demand for forged wagon wheels is ex-
pected to be around 30,000 in FY24 and approximately 45,000 in FY25.
This demand is projected to grow incrementally each year, reaching
over 60,000 forged wagon wheels in FY26. This growth is particularly
attributed to the replacement market, with LHB wagons completing 5
years of operation. The phased increase in demand signifies a continu-
ous opportunity for domestic manufacturers to enhance production ca-
pacities and contribute significantly to the objectives of the 'Make in
India' initiative.
Hilton Metal Forging Limited is an investor-friendly company with
proven record of dividend as well rights issue also. The com-
pany came with rights issue in 2022 for its shareholders. The
company issued 60 lakh shares at Rs.55 per share at that
time in the ratio of 2:5. At that times the stock was trading at
around Rs.80. So, the company offered huge discount to its
shareholders. Those who invested and applied for rights is-
sue are now enjoying huge return as the stock has seen
huge rally.
***
The annual demand for forged wagon wheels is

expected to be around 30,000 in FY24 and approxi-
mately 45,000 in FY25. This demand is projected to
grow incrementally each year, reaching over
60,000 forged wagon wheels in FY26
Financial Weekly TM

Research Report Het Zaveri
- Ahmedabad
PRAVEG
Praveg Ltd (Formerly known as Sword & Shield CMP Rs. 886.00
52 - week high Rs.1300
Pharma Ltd) was incorporated on March 23, 1992 52 - week low Rs.409
Dividend % (consolidated) 0.5%
with the Registrar of Companies, Gujarat State. ROE 25.28%
BVPS (Rs.) 53.75
Thereafter, the name of the Company changed from Sales (Rs.) (Q3FY24) 33cr.
Debt to Equity 0
Sword & Shield Pharma Ltd to 'Praveg Communica- P/E ratio 31.48
EPS (consolidated) 14.78
tions (India) Ltd' dated December 2, 2020. Further, P/B ratio 8.66
Market Cap 2,063Cr.
the Company changed the name from 'Praveg Com-
Face value Rs.10
munications (India) Ltd' to 'Praveg Ltd' on November 28, 2022. The Company is a renowned
name for offering creative solutions across varied media and domains on a turnkey basis
and presently, it is engaged in business of providing services of Advertising, Hospitality,
Management and Organization of Events and Exhibitions. The company is a pioneer in eco-
responsible luxury hospitality. Its resorts are in areas of significance from a cultural and
heritage point of view and places of exotic and natural beauty. The company's luxury tents
allow access to locations, where no traditionalconstruction is possible, which allows tourism
to flourish while ensuring the preservation of delicate local ecosystems. Due to thepremium
quality of the company's tents and the high-end experience, the resorts enjoy very high
occupancy, strong pre-sales at luxuryhotel rates and a high return on capital due to the non-
permanent structure of the resort.The company is also a strong player in events due to its
roots in event management and expertise in creating large, non-permanent, world-
classstructures in very short periods of time. The company's Events division has recently
diversified into Weddings and Banquets hotels. Company has 20+ Years of Experience and
currently managing more than 10 resorts with over 680+ rooms and spread across 4.26 lakh
Sqm. It has managed 1000+ events and 2000+ Exhibitions for more than 160+ clients. It has
a well-diversifiedclientele of Government and Private sector clients which are as shown
below: Cont...
Financial Weekly TM

Government Sector Clients:
Cont...
Financial Weekly TM

Private Sector Clients:
Company's Tourism and Hospitality segment includes Tent City Narmada near the Statue of
Unity, Kevadia is operated and managed by Praveg successfully since 2018 in association with
Gujarat Tourism, 'White Rann Resort', is the Tent and Bhunga operations at Dhordo, Kutch in
association with Gujarat Tourism for an internationally-acclaimed Rann Utsav Festival.Tent City
Varanasi, in association with Varanasi Development Authority, is the only luxurious tented resort,
beautifully located right on the banks of holy Ganga River. Company also owns Beach Resorts, a
seaside resort with panoramic sea views at the Lighthouse Beach and Jampore Beach in Daman
which offers 33 independent luxury cottages with rich interiors, top-notch amenities, and breathtak-
ing panoramic sea-views and 28 luxurious Cottages with refreshing interior and 7 Machans Cot-
tages that rise 8 feet above the ground overlooking the sea respectively in Daman. It also owns
beach resorts at Diu are beautifully positioned on Chakratirth and Ghoghla beaches
respectively.Praveg Resort Dholavira located in Dholavira UNESCO World Heritage Site is a
wholesome package with easy access to everything that the destination has to offer. Company has
recently opened a new 5-star hotel in Ahmedabad with 76 rooms named Praveg's Grand Eulogia
and a Tent City in Ayodhya with 30 rooms capacity. Company's upcoming projects includes re-
sorts in Jawai, Udaipur and Ranthambhore in Rajasthan, Adalaj Theme Park in Gujarat, resort in
Velavadar, Gujarat, Jalandhar House in Diu, Damanganga Circuit House in Silvassa, Praveg
Attol'slakshwadweep in Agatti Islands, Lakshwadweep and Tent Cities atGanga Garden and
Cont...
Financial Weekly TM

Kachigam in Daman, at Nagoa Beach in Diu, at Kashid and Kihim inRaigadh District and at Ayodhya,
Saryu.
In Exhibitionand Event Management segment manyexhibitions areregularly organized by Praveg,
nationallyand internationally, and its portfolioincludes projects in the USA, China, SouthKorea,
Africa, Europe and in the MiddleEast. Company has alsoorganized many Stateevents on turnkey
basis to the fullestsatisfaction of its clients.
Cont...
Financial Weekly TM

Financial Results:
Company's Net Saleswas at Rs 32.89 crore in December 2023 up 16.11%, Quarterly Net Profit
was at Rs. 8.09 crore in December 2023 down 29.73% andEBITDA stands at Rs. 13.26 crore in
December 2023 down 22.64%ascompared to December2022.Company's EPShas decreased to
Rs. 3.55 in December 2023 from Rs. 5.99 in December 2022.
Key Updates:
Praveg recently received 3 Work orders for Nagoa Beach at Diu, Jalandhar House at Diu,
andDamanganga Circuit House at Silvassa
It also received Work order for Developing Tents at Agatti Island, UT of Lakshadweep under
Development, Operation, Maintenance and Management basis.
Company recently launched two properties namely Praveg's Tent City at Ayodhya, Brahmakund,
UttarPradesh and Beach Resort at Ghoghla Beach, Diu on the auspicious day of Deepavali 2023.
Company has also received a WorkOrder from Department of Tourism, U.T. Administration
ofDadra & Nagar Haveli and Daman & Diu for Operation, Maintenance and Management
ofJalandhar House, Diu on license basis.
It has also received a WorkOrder from Maharashtra Tourism Development Corporation(MTDC)
for set up and operate Tent City at Kihim in Raigad District of Maharashtra.
Praveg has also received a Work Order from Maharashtra Tourism Development
Corporation(MTDC) toset up and operate Tent City at Kihim in Raigad District of Maharashtra.
It has also bagged work order from Department of Tourism, U.T. Administration of Dadra& Nagar
Haveli and Daman & Diu for Development and Operation of Damanganga GardenKachigam,
Daman.
It has also been selected by Department of Tourism, U.T. Administration of Dadra& Nagar Haveli
and Daman & Diu for Development, Operation, Maintenance andManagement of Tent City at Nagoa
Beach, Diu.
In last3 Years the stock gave a return of 1,246.64%as compared to the rise of Sensex and Nifty
in the same period.
Spiritual tourism in India is on the rise and for the last few years, Indians have chosen religious
sites against recreational destinationsbecause of places like Varanasi, Mathura, and Ayodhya
received more tourists than destinations like Goa.The government of India's Pro-Tourism policies
have resulted in an unprecedented surge in spiritual tourism in the country and in less than a
decade, tourists have opted for religious tours ditching recreational travels which brings PRAVEG
in a very good position to enjoy growing stream of revenue in upcoming years.
Cont...
Financial Weekly TM

HOSPITALITYIndustry in India is currently valued at USD 23.50B in 2023 and it is expected to
grow at CAGR of 4.73% to reach USD 29.61B in 2028 and the EVENTS & EXHIBITIONIndustry in
India is currently valued at USD 4.75B in 2023 and it is expected to grow at CAGR of 4.73% to
reach USD 8.71B in 2028 and PRAVEG is well poised to enjoy a sweeter part due to growth in
both industries. Considering growth in hospitality sector of India with the backing of Government's
push for developing Devotional tourism across India, company's existing resorts and tent cities
along with its upcoming projects in strategic locations across India, huge and diversified clientele,
growth of Events and Exhibition industry and company's long-term experience in all segments,
investors can park their funds in this company for mid-term period.
HET ZAVERI
info@smartinvestment.in
(Disclosures: At the time of writing this article, author, his clients & dependent family members may have
positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family
members may make purchases or sale of the securities mentioned in website. Author may have positions in
above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody. Investors must take
advice from their financial advisors before investing in any stocks.)
Buy... Buy... Buy on Dips Hold Sell on High

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Coal India 448.00
Indo Rama 50.00 Astral 2105.00 Tatva Chintan 1226.00
Bliss GVS 126.00
City Union Bank 138.00 Godrej Consumer 1270.00 InfoEdge 5216.00
Railtel 459.00
Financial Weekly TM
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Performance Report - Mid-term / Long-term

Co. Name Recomm. Target SL Time Frame Return Recomm. Target Day
Date
Parag Milk 95 121 79 2-12 weeks 27% 15/05/2023 23/06/2023 39
Rainbow Children 881 987 770 10-12 days 12% 16/05/2023 30/06/2023 45
LaOpala 379 420 365 2-4 weeks 11% 16/05/2023 07/06/2023 22
L&T Finance 99.5 106.5 88 6-8 weeks 7% 16/05/2023 02/06/2023 17
Teamlease 2280 2480 2250 2-4 weeks 9% 17/05/2023 16/06/2023 30
MEDANTA 575 601 550 2-4 weks 5% 23/05/2023 01/06/2023 9
IOC 89 93 77 4-6 weeks 4% 25/05/2023 14/06/2023 20
Indian Hotel 384 403 350 4-6 weeks 5% 25/05/2023 16/06/2023 22
BSE 573 602 548 2-4 weeks 5% 01/06/2023 22/06/2023 21
IRCTC 634 670 625 2-4 weeks 6% 01/06/2023 19/06/2023 18
Minda Corp 293 278 278 2-4 weeks -5% 02/06/2023 12/06/2023 10
Mankind pharma 1400 1650 1325 2-4 weeks 18% 05/06/2023 13/06/2023 8
MAZDOCK 920 1042 840 4-6 days 13% 05/06/2023 06/06/2023 1
Texrail 57 66.5 52 6 months 17% 06/06/2023 08/06/2023 2
Varroc 307 326 290 2-4 weeks 6% 07/06/2023 13/06/2023 6
Hudco 60 59 64 2-4 weeks -2% 07/06/2023 15/06/2023 8
SULA 446 480 420 4-6 weeks 8% 08/06/2023 09/06/2023 1
FMGOETZE 350 395 320 2-4 weeks 13% 09/06/2023 12/06/2023 3
POLYMED 1086 1284 913 4-6 weeks 18% 15/06/2023 21/06/2023 6
Axis Bank 935 984 911 4-16 weeks 5% 21/06/2023 28/06/2023 7
REDINGTON INDIA 194 210 185 4-6 weeks 8% 22/06/2023 30/06/2023 8
Average Return 9% Average Hold. 14.42
Performance Report - Futures

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

CANARA BANK 328 319 336 2-4 days 3% 24/01/2023 25/01/2023 1
JINDAL STEEL 603 592 614 2-4 days 1% 24/01/2023 25/01/2023 1
Average Return 1.2% Averge Hold. Period 1
Subscriber will receive recommendation through Telegram

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Financial Weekly TM

VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 64: Many Uses Of Charts (Part 11)

Multiple Methods To Get Better Conclusions
Let us try to learn today a dual way of determining a probable top of the current rally through two
methods. The first method used here is Fibonacci retracement.
1) Fibonacci Retracement of Nifty to understand important supports and resistances. What we
did here was that we took the past significant peak and valley. Through these points we did a
Fibonacci retracement which has given us the following conclusion:
a) The probable top of Nifty seems to be near 23398.
b) Today Nifty has closed above an important Fibonacci support level of 22198. This will be
immediate support for Nifty.
Cont...
Financial Weekly TM

c) Other important support for Nifty will be 21084. (Long Term Support)
2) The next thing we can do to determine the possible top is try to connect top of the recent
weekly candles and bottoms of recent weekly candles. While doing so can see that probable top of
spot Nifty near 24359.
Thus through various models you can try to determine tops of current rally or trend. You can
reverse the process and try find of the probable bottom in case of downturn. Trend lines / Peaks /
Valleys and Fibonacci levels will also give you probable supports and resistances in the path. You
can become an expert by studying and drawing and reading charts every day. The more you prac-
tice the better accuracy you can achieve.
Disclaimer: Investment in stocks and mutual funds is subject to market risks, please consult your investment advisor before
taking financial decisions. The data provided above is for the purpose of analysis and is purely educational in nature. The names of
the stocks 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.
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
Bank Of Mah. 532525 60.00 Intellect Design 538835 1091.00
NBCC 534309 134.00 APL Apollo 533758 1532.00
Guj ToolRoom 513337 56.00 Indigo 539448 3160.00
Sadbhav Engi 532710 34.00 SML Isuzu 505192 2224.00
PC Jew. 534809 63.00 Grasim 500300 2248.00
Tata Steel 500470 155.00 Havells India 517354 1575.00
Suzlon 532667 43.00 Kaynes Techno 543664 3008.00
Jamna Auto 520051 135.00 RIL 500325 2980.00
HubTown 532799 143.00 L&T 500510 3654.00
Finolex Ind 500940 223.00 Bharti Airtel 532454 1131.00
Motherson Sumi 543498 71.00 United Bre 532478 1707.00
Indus Tower 534816 265.00 Ethos 543532 2688.00
JSW Energy 533148 505.00 Pidilite 500331 2740.00
Triveni Turbine 533655 513.00 Tata Consumer 500800 1210.00
SonaBLW 543300 693.00 Dixon Tech 540699 7037.00
SUNTV 532733 630.00 Ingersoll Rand 500210 3799.00
Hind Recti 504036 797.00 Ultratech Cement 532538 10096.00
Jio Fin 543940 328.00 Tata Investment 501301 8016.00
Zen Techno 533339 953.00 MRF 500290 145550.00
Financial Weekly TM

Financial Weekly TM

Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
Gold, Crypto currency & US averts shutdown

Last week, we have discussed how global market continues to trade at recent high on hope of
interest rate peaked out and hope of economic stability. This week we will focus on Gold which
has now trading around $2050 & BITCOIN which is now above $60000 almost after two years. We
will also discuss China's continues effort to boost economy.
Congress Approves Interim Funds to Avert U.S. Government Shutdown
The Senate passed the bill on a 77-13 vote on Thursday night, hours after the House acted on
it.Congress approved temporary funding to avert a Saturday partial US government shutdown,
sending the bill to President Joe Biden for his signature.
Fed Officials emphasize Data to Guide Pace of Interest-Rate Cuts
Three Federal Reserve officials said the pace of interest-rate cuts will depend on incoming
economic data, suggesting the path to lower borrowing costs may look different than in previous
rate-cutting cycles.
Boston Fed President Susan Collins and New York's John Williams said the Fed's first-rate cut
will likely be appropriate "later this year," while Atlanta's Raphael Bostic said he's currently pencil-
ing in a cut for sometime this summer. But the policymakers also offered some insight into how the
Fed will assess the timing of future rate reductions.
U.S. Fed's Preferred Inflation Metric Increases by Most in A Year
The Federal Reserve's preferred gauge of underlying inflation rose in January at the fastest
pace in nearly a year, helping explain policymakers' patient approach to start cutting interest rates.
The so-called core personal consumption expenditures price index, which strips out the volatile
food and energy components, increased 0.4% from December, data out Thursday showed. From a
year ago, it advanced 2.8%. Economists consider this to be a better gauge of underlying inflation
than the overall index.
Bitcoin Scales $60,000 As ETF Demand Puts Record High in Sight
A wild 24 hours for the cryptocurrency market saw Bitcoin jump as much as 13% on Wednesday
to $63,968 - its first trip above $60,000 since November 2021. Along the way, leading US digital-
asset exchange Coinbase suffered outages as traffic surged before eventually restoring services.
Gold trading above $2050
Gold has been trading around $2000 level for some time now, gold price would rally if interest
rate decline or any economic uncertainty. Gold is considered as safe heaving and asset class
which comes into focus in case of any economic uncertainty.
Cont...
Financial Weekly TM

China's Big Policy Meet to Chart Course for Commodities Markets
China's growth target for the year - and how it plans to get there - plus the speed of the energy
transition will be top of mind for commodities investors as the government gathers for its annual
legislative meetings in Beijing next week.
Japanese Currency Official Warns Against Unstable FX At G-20
Japan kept up its drumbeat of warnings against currency volatility, with a top finance ministry
official saying that foreign exchange rates should reflect fundamentals, and authorities in Tokyo
are watching moves closely.
Japanese financial authorities have regularly used verbal intervention to put a floor under Japan's
currency as it traded around the threshold of 150. The finance ministry last entered the market to
buy the yen in 2022, in a move that largely gained the tacit approval of its peers.
Equichain Wealth Advisors: Market View & Opinion
This week's news focus on another round of stimulus from China, US Congress deal to avert
shutdown can been seen as another round of expansion. We remain cautious on Japan 's change
in monitory policy which was -0.10 interest rate since 2016. Japanese currency official warning
against unstable FX at G-20 needs to see with cautious.
Global market and risk-on sentiment remains very much strong;however, we have been cau-
tious for past weeks, but market momentum seems to be very strong. Incoming economic data due
next week could provide further cues as we remain neutral with balance view. Recent up move in
Gold & Bitcoin is interesting to watch as incoming economic data needs to be watched carefully
ahead US Fed meeting on 20-Mar-24.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472
Telegram channel: https://t.me/Equichain
Nikunj Vithlani
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

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Chart Check
Your Stock Our Recommendation
DATA PATTERN :
Buy at cmp with Sl of 2705 target 3200
Zen Technologies :
Buy at cmp with sl of 850 target 1281…1430…1618
Financial Weekly TM

Buy Hind Rectifiers :
Buy above 800 with sl of 750 target 900…1000…1100
This are some stocks we received from our subscribers,

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Future Options Diary
Nilesh Kotak (Ph. : 9227204076, 8866004076)
E :dhanvarshafincap@gmail.com / W : www.dhanvarshaindia.com
Next week Nifty range should go between 21900 to 22550
BUY MOMENTUM OPTION BUY

MOMENTUM CASH MARKET IDFC FIRST BANK (82)
CALL OPTION PREMIUM (3.25)
Honeywell automation (38180)
28.03.2024 expiry
Buy range :37500 -37700 Buy range : 2 - 2.25
Stoploss : 36800 Stoploss : 1
7 to 12 trading sessions 7 to 12 trading sessions
Target one :38600 book 50% Target one :5.50 book 50%
Target two :39000 balance 50 % Target two :6.00 balance 50 %
TECHNICAL CASH MARKET BUY Sell
Karur vysya bank ( 186.00 ) MOMENTUM INDEX SELL
Buy range :178 -180 Nifty 2244328.03.2024 expiry
Stoploss : 168 Sellrange :22550 - 22600
7 to 12 trading sessions Stoploss : 22800
Target one :192 book 50% 7 to 12 trading sessions
Target one :22200 book 50%
Target two :198 balance 50 %
Target two :22100 balance 50 %
MOMENTUM INDEX BUY Technical future sell
Finnifty (20950 ) 26.03.2024 expiry HUL (2422) 28.03.2024 expiry
Buy range :20750-20800 Sellrange :2450 - 2460
Stoploss : 20500 Stoploss : 2530
7 to 12 trading sessions 7 to 12 trading sessions
Target one :21200 book 50% Target one :2380 book 50%
Target two :21300 balance 50 % Target two :2360 balance 50 %
MOMENTUM FUTURE BUY Momentum option buy
HOLDING PERIOD TCS (4120)
Balrampur Chini (376) Put option price cmp (103)
28.03.2024 EXPIRY premium 28.03.2024 expiry
Buy range :85-90
Buy range :360-365
Stoploss : 60
Stoploss : 345 7 to 12 trading sessions
7 to 12 trading sessions Target one :120 book 50%
Target one :392 book 50% Target two :140 balance 50 %
Target two :398balance 50 %
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

Financial Weekly TM

SMART BANKING & FINANCIAL SERVICES
Tracking the pulse of Active & Passive Mutual Funds
By Dr. Vijaya Kittu M, https://vijaykittu.com
Tracking the pulse of the Indian and Global Banking and Financial Services - so that the typical Indian Investor can benefit from it.His Ph.D. in Finance
thesis topic specialized on Mutual funds. He is pursuing his second Ph.D. in Computer Science with a specialization in Blockchain.
INDIAN CREDIT CARDS issued are inching towards the 100 million credit card issues mark as
per RBI data. The total number of credit cards issued by all credit card issuers hasbeen reported to be 97.9
million as of the end of January 2024. As many as 1.9 million new cards were issued in January 2024 alone.
Credit card leader HDFC Bank widened the gap with its rival SBI Cards. Overall, the penetration of credit
cards is still low, at 3.5% of the population. Meanwhile, SBI Cards announced changes to its credit card
minimum day bill calculation process. The changes are effective March 1, 2024.
Media reports suggest that HDFC BANK and ICICI Bank are considering meeting with investors
in London, Singapore, and Hong Kong to offer a range of currency hedging products and custodian ser-
vices. The duo is trying to capture a piece of the inflow of funds likely to come to India because of the
inclusion of Indian bonds in the JPMorgan Chase & Co Emerging Markets Debt Index.
JIO FINANCIAL SERVICES (JFS) is grabbing attention for the possibility of being included
in Nifty Next 50 in the index adjustments likely to happen on March 28. If this happens, the script is likely to
see inflows worth $67 to $89 million, according to media reports. Meanwhile, the script was added to the
S&P BSE Largecap Index and the BSE Allcap Index. JFS is reportedly working on a corporate financing
product called Device as a Service (DaaS), allowing companies to lease devices like airfiber, phones, and
laptops, thereby giving better asset management and preserving essential cash flow.
BITCOIN's bullishjourney rose to new highs, with the crypto making decent gains and reaching a
recent high of $61,820 after getting some resistance at about $63,644. Jeff Bezos selling $8.5 billion in
Amazon stock and meeting Michael Saylor has sparked speculation that Bezos will invest in Bitcoin. Con-
sidering this was a mysterious 26,200 BTC transaction, Bezos made it.Meanwhile, Bank of America Corp.'s
Merrill arm and Wells Fargo & Co.'s brokerage unit reportedly offer access to ETFs that invest directly in
Bitcoin. This move shows that Bitcoin is getting more penetration and mainstream adoption.
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Financial Weekly TM

SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
ALPA LABORATORIES LTD

BSE code 532878 & NSE SYMBOL - ALPA
Rs.101 Face Value Rs.10
ALPA manufactures a range of products such as ethical drugs, generic drugs, over the counter drugs
(OTC) and veterinary products in various dosage forms and markets them.
ALPA also manufacture formulations for a number of other pharmaceutical companies of national
& international repute such as Cipla, Zydus Cadila, Lupin, Glenmark, Genom Biotech, Jenburkt, etc.
(under their own brands) located both in India and abroad in countries such as Philippines, Iran, Iraq,
Sierra Leon, Madagascar, Kenya, Liberia, Puerto Rico, Haiti, Sudan, Ghana, Nigeria, Srilanka etc.
Further, it also undertakes contract manufacturing of a large variety of pharmaceuticals. It manu-
factures various dosage forms which include injectables (vials / ampoules both liquid and dry),
tablets, capsules, eye / ear drops, ointment and creams and dry syrups.
ALPA has an established product-marketing network covering both metro and mini metro cit-
ies, which enable it to reach its existing and potential customers through its network of distributors
and dealers spread across the country.
The Company has equity of Rs.21.04 cr. & huge reserve of Rs.122 cr. Promoters hold 57.29%,
NRI hold 1.56% & 32 HNIs hold 6.82% stake in the company.
It had reported superb numbers for 9MFY24. During 9MFY24, net profit soared 66% to Rs.13.24
cr. from Rs.7.99 cr. in 9MFY23 on 139.21% higher sales of Rs.96.06 cr., fetching an EPS of Rs.6.31 in
9 months & available at very attractive PE of only 12.
Based on the mind-blowing performance, ALPA looks quite attractive at the current level. Investors can
invest in this stock with a strict stop loss of Rs.75. The stock can give very good returns in short to medium term.
On 12th November in Dipawali issue Morepen Lab was given at Rs.36 hit Rs.56.35, a return of
56%. On 24th December Electrosteel was given at Rs.113 hit Rs.204, a return of 81% & Man Ind.,
given at Rs.251 hit Rs.459, mind blowing gain of 83%. On 27th Novemer Hindusta Adhesives was
given at Rs.285 hit Rs.539, a mind blowing returns of 89%. On 11th Feb Shetron was given at Rs.127
hit Rs.154. Last week on 25th February ABC India was given at Rs.136 hit Rs.159 & National Plastic
was given at Rs.72 hit Rs.88 during the week. Indian stock markets are at life time high, so it is better
to book partial profits in 5-6 parts at every rise where you are getting very good profit in short time.
Cont...
Financial Weekly TM

Dark Horse-2
H G INFRA ENGINEERING LTD.
BSE CODE - 541019 NSE SYMBOL
HGINFRA Rs.899 FV. Rs.10
Established in 2003, HG Infra having expertism in providing EPC services on turnkey basis and HAM
(Hybrid Annuity Model), excelling in civil construction and related infrastructure projects. HG Infra proudly
incorporate cutting-edge technology, positioning HGIEL at the forefront of innovation in infrastructure devel-
opment, ensuring efficiency and precision in every endeavor. Today, with execution capabilities spanning
PAN India across 11+ states, HGIEL stands as a formidable force in the infrastructure development sector,
seamlessly delivering excellence across diverse projects in roads, highways, railways and metro infrastruc-
ture.
Expertise and Recognition :- As a pre-qualified bidder for large EPC and HAM projects, HG
Infra proudly hold a grade AA Class contractor registration with PWD, Rajasthan, and an SS Category with
Military Engineering Services (MES). HGIEL remains committed to driving excellence, innovation, and sus-
tainable infrastructure development across roads, highways, railways and metro projects.
Pursuant to Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, HG Infra wish to inform you that H.G. Infra Engineering Limited has incorporated a wholly owned subsidiary
company named "H.G. Solar Projects Private Limited" on February 17, 2024.
As per announcement on 1st March 2024, Friday, H.G. Infra has been declared as L-l bidder by East
Central Railway for the Project East Central Railway worth Rs.772 cr. to be completed in 36 months.
HG Infra has equity of Rs.65.18 cr. & huge reserve of Rs.1713 cr. For Q3FY24 its PAT jump by to
Rs.205.48 cr. against Rs.6.14 cr. in Q2FY24. In first 9MFY24 PAT is Rs.385.53 cr. against Rs.272.42 cr.
in 9MFY23. EPS in 9M is 59. Company has very impressive ROCE of 25.4 & ROE of 29.4. Its 52 weeks
high is Rs.1019 & low is Rs.721. Promoters holding is 74.53%, Mutual funds & altemate investment
funds holding is 12.44% in which Abakus Emerging fund hold 1.47%.
Based on the mind-blowing performance & big order worth Rs.772 cr. received on 1st March Friday, HG
Infra looks quite attractive at the current level. Investors can invest in this stock with a strict stop loss of
Rs.811. The stock can give very good returns in short to medium term.
On 12th November in Dipawali issue Morepen Lab was given at Rs.36 hit Rs.56.35, a return of 56%.
On 24th December Electrosteel was given at Rs.113 hit Rs.204, a return of 81% & Man Ind., given at
Rs.251 hit Rs.459, mind blowing gain of 83%. On 27th Novemer Hindusta Adhesives was given at
Rs.285 hit Rs.539, a mind blowing returns of 89%. On 11th Feb Shetron was given at Rs.127 hit Rs.154.
Last week on 25th February ABC India was given at Rs.136 hit Rs.159 & National Plastic was given at
Rs.72 hit Rs.88 during the week. Indian stock markets are at life time high, so it is better to book
partial profits in 5-6 parts at every rise where you are getting very good profit in short time.
Building Partnerships :- HGIEL has established a prestigious clientele network, collaborating with both
government and private the National Highways Authority of India (NHAI), Delhi Metro Ra in the industry.
Financial Weekly TM

Financial Weekly TM

SMART SME STOCK WATCH
BSE SME - BRISK TECHNOVISION LTD
BSE CODE - 544101 BSE SYMOL - BRISK
Rs.153 FV. Rs.10 LOT SIZE 800 SHARES
Incorporated in March 2007, Brisk is a company that specializes in providing information tech-
nology solutions to corporate clients in India. The company's main focus is to offer third-party hard-
ware products such as servers, desktops, personal computers, and laptops, as well as third-party
software to Indian corporate customers. In addition, they also provide other services including de-
sign, supply, and installation of data centers, enterprise networking management, email manage-
ment, system integration & annual maintenance contracts (AMC) for hardware & system mainte-
nance, monitoring, and managed services.
The clients of the company includes Saraswat Bank, Ipca Laboratories, DNS bank,
Ambarnath Jaihind Co Op Bank, Bharat Gears, SVC Bank, Inox Air Products, Union Bank of
India, Siro, Wockhardt, Zoroastrian Bank, Asian Heart Institute and New Bombay Hospital.
The company has been awarded two certifications: Quality Management System and IT-
Infrastructure Management, Information Security Services, and Data Centre Management
Services. These certifications are by ISO standards ISO 9001:2015 and 20000:2013, respec-
tively. as of January 2024, the company has no debt. The company has been profitable with
an asset-light business model for over a decade.
The Brisk Technovision IPO came in January 24 at Rs.156 & subscribed 47.10 times & after
listing it touched Rs.192 & now available around its IPO rate. Very impressive ROCE of 65.8% &
ROE of 50.6%. Investor can watch Brisk with a strict stop loss of Rs.144. The stock can give very
good returns in short to medium term.
On 5th November BSE SME COSMIC CRF was given at Rs.263, hit Rs.1085, a bumper
gain of 312%. On 12th November NSE SME QMS Medical was given at Rs.141 hit Rs.189. On
3RD December BSE SME Jayant Infratech was given at Rs.131 hit Rs.344. On 17th Decem-
ber BSE SME RESGEN was given at only Rs.67 hit new 52 weeks high Rs.105. On 14th
January NSE SME SYSTANGO was given at Rs.275 hit 408. When market is at new high, it is
better to book partial profit at every rise in 4-5 parts, where you are getting fast returns in
short time.
Financial Weekly TM

- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 22443. As informed earlier,
Nifty looks to make new highs and it indeed made new high. Even Now Nifty is at all time high
and looking bullish. Near Support for Nifty is 22150 levels While far support is at 21700 levels.
Since Nifty is at all time high, we cannot give any resistance levels.
Bank Nifty Overview : In Last Trading Session, Bank Nifty closed at 47578. With such
a drastic reversal move, its any guess that Bank Nifty looks bullish. Good level to buy would be
at 47200 levels. Resistance for Bank Nifty is at 48500 levels.
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Crompton 539876 297 287/292 300 310 280
Idea 532822 14 11/12 18 24 9
IEX 540750 145 138/143 150 160 132
ITC 500875 411 400/405 420 435 392
Laurus Labs 540222 411 400/405 415 430 392
PEL 500302 942 925/935 945 970 912
Note : All calls are momentum calls based on technical analysis and all levels as per future prices (If scrip not available
in futures then BSE Cash price). All these calls are given based on daily charts but intra-day signals are equally important
to enter the trade in a timely manner. Timing is very important and we at shareinfoline.com give you timely calls based on
intra-day charts. Read Disclaimer at ShareInfoline.com
Financial Weekly TM

Smart Education - Yog Joshi
Technical Analysis
From
Basic to Advance
Nifty Fibonacci Analysis - 22350 Strong Resistance

Hello Friends,
Hope you all are doing well...!!!
As discussed in our previous article, if NIfty able to close above 22150 and sustain above this level, it will
be a sign of new Upper Side movement in Nifty Chart and same we observed in last day of this week
Now considering current high and close on the Nifty, it made a high of 22353 and finally closed at 22338
at the end of the Friday session
Now let's talk about new upper side and down side level with the help of Fibonacci extension and
retracement tool
If we apply Fibonacci extension of the current daily chart of Nifty, it indicate upper side levels like
22500(21.6%), 22600(38.2%), 22700(50%) golden ration level at 22800 (61.8%)
Now let's think about the resistance, it has been clearly observed that 22350 will be the strong resis-
tance for NIfty on current position, If NIfty unable to cross this level in coming days and faced resistance
with down side movement, then it might be goes in correction phase and might me come down probably up
to 21950
21950 will be the strong support level for the NIfty if it undergoes in correction phase
So we can conclude this as if Nifty able to cross resistance level of 22350 in coming days then as per the
Fibonacci, upper side level will be like 22500(21.6%), 22600(38.2%), 22700(50%) and golden ratio level at
22800 (61.8%) and if it face resistance at 22350 and come down then support level will be 21950.
Hope, this article helps you to know about the coming resistance and support level of the NIfty for the
coming days.
Financial Weekly TM

TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections are Temporary, Growth is Permanent
NIFTY (22338.00) :- From 21 December 2023 Nifty trading in the sideways zone was
trading between 21000 to 21900 for more than one month. It's trading in the sideways zone making
new high but not settling above 21900. On 15 January it crossed 21900 making a new lifetime high
but on the second day it came down and from that date it's trading between horizontal consolida-
tion zone 21000 to 22200. Right now we are seeing Nifty touching new all time highs almost every
week. Right now We are part of the big bullish rally and we should take advantage of it.
Today on Friday Nifty opened with a gap up and closed with a 1.62%gain. Today the Nifty hit a
new lifetime high and closed with a good bullish candle with a big Volume. Now Nifty is trading
uptrend channel consolidation which is indicating it will go upside slowly. Next upside rally will
come in Realty , Infrastructure, Chemical, Pharma, finance, Paper and Power sector and PSU
companies so, find out stocks to trade from these sectors.
Cont...
Financial Weekly TM

OIL INDIA LIMITED (Rs 589.00) :-
Oil india limited is fully integrated exploration
and production company. The company is a
Maharashtra company. The company is a state
of enterprises of the government of india under
the administrative control of ministry of petroleum
and natural gas and the second largest national
overland gas company in india. All india private
limited was incorporated on 18th February 1959 to expand and develop the newly discovered oil
field of india in 1961 it became a joint venture company of government of india and burma all is
company limited UK in 1981. CARE RATINGS and CRISIL have given the highest rating to the
company.
On the daily price chart this stock made a good bullish price pattern with good buying volume.
As per this price pattern target of the stock will be 740. We can buy this stock in between 575 to 595
with daily closing the stop loss of 550 for the period of 18 days.
PAISALO DIGITAL LTD (184.00) :- Paisalo digital Limited is a non-deposit taking,
non- banking financial company which is engaged in providing loans. It operates through the fi-
nancing segment. The company provides several financial products such as business loan small
and medium enterprises and micro small and medium enterprises loan, income generation loans
for business and self employment purposes. It offers small income generation loans, mobility loans
and entrepreneurship loans.
Its lending product provides accessible and affordable financing options for individuals seeking
to purchase mobility products. This loan offers accessible financing solutions to fuel business growth
and expansion. The company earned good from the last four quarters as well as from the last 4
years its increasing revenue increasing operating profits and also increasing net profits. The last
bonus Company announced for March 2024 in the ratio of 1:1. The share has been quoting ex-
bonus from March 20 2024.
On the daily price chart this stock made a good bullish price pattern and as per this bullish price
pattern stock indicating more upside in price. Target of the stock will be 204-210. We can buy this
talk in between 175 to 185, with a stop loss of 164 for the period of 7 days.
Financial Weekly TM

Techno Funda Sachin Shah : (Mumbai)
growyourwealthwithsachin@gmail.com
sound stocks M. : 9372277340
UNION BANK (Rs 146.00) (Code : 532477)
Union Bank of India is engaged in the Business of Banking Services, Government Business
,Merchant Banking, Agency Business Insurance, Mutual Funds, Wealth Management etc.
Presently, bank has a network of 8580 branches and 10835 ATMs across India. Its network
almost doubled from 4,281 branches and 6,895 ATMs before the merger with Andhra Bank and
Corporation Bank.
The bank has a customer base of 15+ crore customers post the merger with Andhra and Corpo-
ration Bank. Presently, corporate advances account for 45% of the total loan book, followed by
MSME (19%), Retail (18%) and agriculture (18%).
Retail Book - Home loans account for 54% of the retail advances, followed by mortgage loans
(10%), vehicle loans (7%), education loans (6%), personal loans (4%) and others (19%).
The bank has exposure to various industries. Infrastructure advances account for 16% of total
domestic advances, followed by NBFCs and HFCs (11%), Basic metals (3%), food processing
(3%), textiles (2%), construction (2%) and all engineering (2%). Advances to these industries ac-
count for 42.5% of total domestic advances.
The bank has a minor presence outside India. The overseas business accounts for ~2% of total
business of the bank.The Bank has presence in the world’s major financial centers of Hong Kong,
DIFC, Dubai and Sydney.
Accumulate on dips for : Target of 195 within 15 to 18 months
Financial Weekly TM

BETWEEN THE LINES
RAVI B GUPTA (SEBI REGISTERD RESEARCH ANALYST)
111GUPTARAVI@GMAIL.COM
From last weeks recommendation 4 out of 4 are able to provide profit.
After considering various observations, there are some options and stocks
which may provide benefits with good risk reward. Do work with the stoploss
method, if SL has not been provided then trade with your own risk rewarding
method. Please note that levels may affect any global uncertain event on which
technical charts are subject matter of re-study.
NIFTY : 22450 PE Current Expiry, Buy : 115-125 , SL : 85 , Target : 135 150
170 195+
BANKNIFTY : 47500 PE Current Expiry, Buy : 225- 250 , SL : 160
AXISBANK : 1100 PE Current Expiry, Buy : 16-17, SL : 13
AMBUJACEM : Future Sell Current Expiry, Sell : Below 619 , SL : 625 ,
Target : 615 610 603 597 590.

Financial Weekly TM

Terrific Shots - Dilip K. Shah
ICICI Prudential (Rs. 539.00) (Code: 540133) :- Promoted by ICICI Bank and
Prudential Life, the company is a leading player name in life insurance sector. The shares touched
a 52-week high of Rs. 615 and low of Rs. 381. Its market cap is Rs. 77,596 crore. Promoter holding
is 73.27%. FIIs hold 14.73% and DIIs own 6.92% stake. Public shareholding is only 5%. It report
stable numbers in the December quarter with profit rising from Rs. 222 crore to Rs. 227 crore. In the
first nine months of the year, profit increased from Rs. 579 crore to Rs. 677 crore. Its equity is Rs.
1439 crore and reserves are Rs. 8651 crore. The company’s first premium income is growing. It is
expected to benefit from increasing penetration of insurance. The stock can be a good pick.
APL Apollo (Rs. 1550.00) (Code: 533758) :- APL Apollo operates in the steel sec-
tor. The A group listed shares have a face value of Rs. 2. The shares touched a 52-week high of
Rs. 1806 and low of Rs. 1046. Its equity is Rs. 55 crore and reserves are Rs. 3225 crore. Promoter
holding is 29.56%. FIIs and DIIs hold 29.25% and 13.75% shares respectively. The company’s
income in the last quarter declined from Rs. 4327 crore to Rs. 4178 crore, and profit from Rs. 169
crore to Rs. 166 crore. In the first nine months, income rose from Rs. 11,383 crore to Rs. 12,939
crore, and profit from Rs. 440 crore to Rs. 562 crore. The shares are trading at a P/E ratio of 55.8,
which is on the higher side, but its growth record justifies the valuation. The company’s market cap
is Rs. 43,024 crore. The stock can be bought in 2-3 tranches. Its RoI is 23.5% and RoCE is 26.9%.
Kaynes Techno (Rs. 2946.00) (Code: 543664) :- The shares of this electronics
sector company touched a 52-week high of Rs. 3080 and low of Rs. 858. Market cap is Rs. 18,891
crore. Promoter holding is 57.83%. Kaynes is an end-to-end and IoT solutions-enabled integrated
electronics manufacturer. It serves 350 clients in automotive, aerospace and defence, outer space,
medical, railways, information technology and other segments in 26 countries. Some of its clients
include Hitachi, Tonbo Imaging, Canyon, Agape, etc. The company issued shares at Rs. 587 in its
IPO in November 2022. The stock has given excellent returns to shareholders. In the December
quarter, the company reported income of Rs. 509.29 crore and profit of Rs. 45.19 crore. The stock
can be bought with a long-term target of Rs. 3942 with a stop-loss of Rs. 2490.
Coal India (Rs. 446.00) (Code: 533278) :- The Maharatna is the world’s single-
largest coal producer. Its equity is Rs. 6162.73 crore and reserves are Rs. 63,523 crore. The com-
pany is almost debt-free. The Centre holds 66.13% stake and public shareholding is 33.87%. Coal
India’s income in the December quarter went up from Rs. 35,169 crore to Rs. 36,154 crore. Net
profit rose from Rs. 7719 crore to Rs. 9094 crore. The A group listed shares touched a 52-week
high of Rs. 487 and low of Rs. 207. The company’s market cap is Rs. 2,95,780 crore. The company
paid 140% dividend (Rs. 14) for 2022 and 242.5%, i.e. Rs. 24.25 per share for FY 2023. The
company also aims to foray into other segments. There is strong momentum in the stock and any
dip can be a buying opportunity.
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this stocks • I/My family have no financial
interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable
for any loss arising out of investment based on tis advices • Past performance may or may not be substainedin future "
(Dilip K. Shah) Research Analyst SEBI Regn No. : INH000002152
Financial Weekly TM

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

72590 and Nifty Future at 22180
BSE Index (73745.35) :- It is moving upward from the bottom of 70809.83. It shows an overbought
position on a daily, weekly and monthly basis. On the upward movement, beyond 73820 it may go up to
74075, 75360, 76000. On the downward movement, below 73427 it may get support at 72780, 72590. Scrip-
based improvement can be seen.
Bank Nifty Future (47598.95) :- It is moving upward from the bottom of 44404. It shows an oversold
position on a daily basis, while a neutral position on a weekly basis and towards an overbought position on
a monthly basis. On the upward movement, beyond 47637 it may go up to 48020, 48440, 48625, 48870. On
the downward movement, it may get support at 47160, 46740, 46630, 46387.
Nifty Future (22451.25) :- It is moving upward from the bottom of 21600.85. It shows an oversold
position on a daily basis, while an overbought position on a weekly and monthly basis. On the upward
movement, beyond 22453 it may go up to 22460, 22570, 22670, 22770. On the downward movement, below
22345 it may go down to 22180, 22029.
Havells (1515.60) :- It is moving upward from the bottom of 1276.93. It shows an overbought position
on a daily and weekly basis, while a neutral position on a monthly basis. On the upward movement, beyond
1550 it may go up to 1570, 1600, 1628, 1657. On the downward movement, below 1473 it may get support
at 1453. It is not advisable to buy at current price. However, it can be bought in panic.
IOB (64.60) :- It is moving downward from the top of 83.75. It shows an oversold position on a daily
basis, while towards neutral from an overbought position on a monthly basis and towards an overbought
position on a monthly basis. On the upward movement, beyond 68 it may go up to 72.50 and further up to 78,
81, 84. On the downward movement, below 62 it may go down to 60, 57 and 54.
Maharashtra Bank (60.75) :- It is moving downward from the top of 69.45. It shows an oversold
position on a daily basis, an overbought to a neutral on a weekly basis and towards an overbought position
on a monthly basis. On the upward movement, beyond 64 it may go up to 69 and further up to 73 and 81. On
the downward movement, below 57 it may get support at 54.
Reliance (2984.28) :- It is moving downward from the top of 2999.90. It shows towards an oversold
position on a daily basis, while an overbought position on a weekly and monthly basis. On the upward
movement, beyond 3012 it may go up to 3027, 3068, 3109, 3150. On the downward movement, below 2900
it may go down to 2884, 2839, 2800.
Union Bank (146.70) :- It is moving downward from the top of 155.35. It shows an overbought to
neutral position on a daily and weekly basis, while an overbought position on a monthly basis. On the
upward movement, beyond 151 it may go up to 155.30 and 165. On the downward movement, below 138 it
may get support at 132.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
: Golden quotes :
To love and be loved is to feel the sun from both sides
Financial Weekly TM

Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
Third Positive week with volatile trades

Mega gains for final session turns the corner
The concluded week :- The derivatives expiry week opened on a negative note for the
first session and marked loss, but posted gains for the following session. Mid-week session
posted mega loss following SEBI action on Mutual funds about small and mid-cap holdings
by them. The derivatives day posted volatile trades and closed with minor gains on short
covering. But the final session, i.e. beginning of March 2024 derivatives surprised one and
all with single day mega gains amidst all odds, but on an expected line. In fact, the rally was
seen only on index based counters while side market remained listless.
Punters opined that this final month of FY 24 will see highly volatile trades on account of
year-end adjustments by one and all as well as a pre-cursor of pre-election rally. Keep your
fingers crossed for a surprise movement in the market for this critical month. Yes, with the
positive closing of the week, we witnessed hat trick of positive weeks. Get ready to see
more action in coming weeks.
The weekly movement of benchmarks was as per the table given below:
For the week, while BSE Sensex moved in the range of 73819.21 - 72099.32, NSE Nifty
hovered between 22353.30 - 21860.65.
The week marked GAINs of 602.55 points for BSE Sensex and 126.05 points for NSE
Nifty.
EX-BONUS EX-RIGHTS The ensuing week :- Brent crude once

DRC Syst (2 for 1), S I Bank
Fiem Ind. (1 for 1). again firmed up to close the week at 83.07$
RIGHTS ISSUE
Veer Energy (1 for 3), per barrel, and Rupee moved in a narrow
BONUS ANNOUNCEMENT Sawaca Business (4 for 1).
Grauer & Well (1 for 1). range to close the week around Rs. 82.94
Integrated Ind. (1 for 1), BONUS MEET
Sunrise Efficient (1 for 2), Naapbooks (07.03.24), a dollar. For the ensuing week, we have
Shukra Pharma (3 for 1), ThinkInk (15.03.24- revised)
about 50 corporate meets.Domestic and
DIVIDEND ANNOUNCEMENTS Global economic data will have bearing on
Stovec Ind. (170%), DCM Shriram (200%), Marico (650%),
KSB Ltd. (175%), Autoriders (5%), IIFL Secur (150%), etc. Cont...
Financial Weekly TM

the market sentiment as usual. We have just four sessions week ahead as all markets will
remain close on 08.03.24 (Friday) following "Mahashivratri" holiday. For the coming two
weeks, market men will have on radar global economy data and domestic advance tax data
for the final quarter of the fiscal.
Amidst such scenario the BSE Sensex may move in the range of 74400 - 72000 and NSE
Nifty in the range of 22900- 20900 for the coming week.
DISCLAIMER : No financial information whatsoever published anywhere here should be con-
strued 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 advi-
sor 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
26-02-2024 73,044.81 73,092.26 72,666.82 72,790.13 -352.67
27-02-2024 72,723.53 73,161.30 72,660.13 73,095.22 305.09
28-02-2024 73,162.82 73,223.11 72,222.29 72,304.88 -790.34
29-02-2024 72,220.57 72,730.00 72,099.32 72,500.30 195.42
01-03-2024 72,606.31 73,819.21 72,591.14 73,745.35 1,245.05
Net Weekly Gains 602.55
NSE - Nifty Open High Low Close Diff
26-Feb-24 22,169.20 22,202.15 22,075.15 22,122.05 -90.65
27-Feb-24 22,090.20 22,218.25 22,085.65 22,198.35 76.30
28-Feb-24 22,214.10 22,229.15 21,915.85 21,951.15 -247.20
29-Feb-24 21,935.20 22,060.55 21,860.65 21,982.80 31.65
01-Mar-24 22,048.30 22,353.30 22,047.75 22,338.75 355.95
Net Weekly Gains 126.05
Financial Weekly TM

Kishore Purswani
(Email: kishore.purswani@gmail.com)
Warren Buffet and Interpretation of

Financial Statements-A Summary
Introduction
"Warren Buffett and the Interpretation of Financial Statements: The Search for the Company
with a Durable Competitive Advantage" is a book co-authored by Mary Buffett and David Clark.
The book focuses on providing insights into Warren Buffett's approach to interpreting financial
statements and identifying companies with a durable competitive advantage. Learnings from the
book were shared in a series of thirty eight articles. Here is a summary of the key themes from the
book:
1. Emphasis on Business Fundamentals:

The book emphasizes the importance of understanding the fundamental aspects of a business
before making investment decisions. Warren Buffett advocates for a clear understanding of the
business's economic characteristics and competitive strengths.
2. Search for a Durable Competitive Advantage:

Buffett looks for companies that have a sustainable competitive advantage or an economic moat.
A durable competitive advantage protects a company from its competitors and allows it to maintain
profitability over the long term.
3. Financial Statements&Use of Ratios and Metrics:

The book provides insights into how Warren Buffett analyzes financial statements, including the
income statement, balance sheet, and cash flow statement.The key financial ratios and metrics
used by Buffett such as return on equity (ROE), profit margins, debt levels etc. and the implications
of these ratios are explained in detail. These ratios help in assessing a company's financial strength
and profitability.
Cont...
Financial Weekly TM

4. Long-Term Investment Perspective:
Warren Buffett's approach to investing is long-term oriented. The book underscores the impor-
tance of adopting a patient and disciplined investment strategy. Short-term market fluctuations are
viewed as noise, and the focus is on the enduring strength of the business.
5. Cash Flow Analysis:

The book highlights the significance of cash flow in determining a company's financial health.
Buffett prefers companies that generate consistent and growing free cash flow, as it provides flex-
ibility for future growth and shareholder-friendly activities.
6. Focus on IntrinsicValue:
Buffett lays emphasis on estimating the intrinsic value of a company, which is the true worth of a
business based on its fundamentals. The book explains how to calculate intrinsic value using
various financial metrics and qualitative factors.
Conclusion
"Warren Buffett and the Interpretation of Financial Statements" serves as a guide for investors
seeking to understand and apply Warren Buffett's investment philosophy. It provides practical in-
sights and tools for evaluating companies and making informed investment decisions. The book
includes illustrative case studies and examples to demonstrate how Buffettology principles are
applied in real-world scenarios
Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: kishore.purswani@gmail.com

Financial Weekly TM

Maharashtra Corporation Ltd,
CMP - Rs. 1.64, BSE - 505523
Maharashtra Corporation Ltd.Completes Acquisition ofLand at Naranpura,
Projects Revenues of Rs. 120 Crore post Completion of Development
Maharashtra Corporation Ltd has recently made a significant an-
nouncement that has the potential to redefine its market stance. Corporate
Maharashtra Corporation Ltd has announced the completion of pay-
ments for plots in Naranpura, Ahmedabad, earmarked for a commercial
SCAN
project where the average property rates are anywhere in between Rs.
33,000 /sqFt. To Rs. 56,000 /sqFt. This development, situated in a prime
commercial locale and near Sardar Vallabhbhai Patel Stadium, is ex-
pected to generate significant revenue, with projections around Rs. 120
Crores from sales post-development. Such a move not only diversifies
the company's portfolio but also taps into the burgeoning real estate
market of Ahmedabad. The strategic location for the commercial project places the company in a
vantage point within a rapidly growing real estate market, potentially leading to increased visibility
and demand. With an estimated revenue of Rs. 120 Crores, the project is set to bolster the company's
financials, providing a substantial boost to its capabilities. Venturing into real estate development
represents a diversification of the company's portfolio, reducing dependence on its traditional sec-
tors and mitigating sector-specific risks.
Maharashtra Corporation Ltd has shown remarkable earnings per share growth.The company
operates debt-free with zero promoter pledges. This reflects the confidence of the promoters in the
company. The consistent increase in quarterly profits underscores the company's ability to navi-
gate market dynamics effectively, ensuring sustainable growth.
The company's strategic foray into the real estate sector, combined with its robust fundamen-
tals, positions it well for future growth. The recent announcement regarding the Ahmedabad com-
mercial project highlights the company's proactive approach to capturing emerging market oppor-
tunities, promising significant revenue streams ahead.
In light of its strategic initiatives, Maharashtra Corporation Ltd. Is poised for growth. The company's
latest project in Ahmedabad is set to propel its growth, backed by a track record of increasing
profitability and a strong financial foundation.
***
Financial Weekly TM

Scrip Watch - Siddharth Shah
Vijaya Diagnostics (Rs 630.00) (Code : 543350) : Vijaya Diagnostics reported

a 58 percent year-on-year rise in consolidated net profit at Rs 25.8 crore for the December quarter
of the current financial year. The company reported a net profit of Rs 16.4 crore in the same period
a year ago. The revenue of the company, whose operations predominantly relate to providing
diagnostic services in pathology services, came in at Rs 132.7 crore, up 17.3 percent from last
year's Rs 113.1 crore. EBITDA were at Rs 52.3 crore. The EBITDA margin was at 39.4 percent
against 39.1 percent in the year-ago period. Vijaya Diagnostics' non-Covid revenue growth was
essentially volume driven. Furthermore, the uptrend both in radiology and pathology segments
reinforces the effectiveness of integrated business model. Buy.
United Spirits (Rs 1166.00) (Code : 532432) : Social gatherings is increasing,
alcohol consumption is rising. Millennials are now preferring branded and better prices ones for
consumption. All these indicate that United Spirits will be a relative performer. The valuations may
look straight. The company has 53% of the market share and Diageo has been actually laughing
his way since it picked up the steel because of Vijay Mallya's preference to not let go of Kingfisher
and give up McDowell. That was the game changer. Diageo-controlled liquor maker United Spirits
Ltd (USL) reported a 63.5% year-on-year (YoY) jump in net profit at ?350.2 crore for the third quar-
ter that ended December 31, 2023. The company's revenue from operations increased 8% to ?3,002
crore as against Rs 2,778.7 crore. EBITDA jumped 30.8% to ?486.5 crore in the third quarter of this
fiscal over Rs 371.8 crore. Buy.
TVS Motors (Rs 2242.00) (Code : 532343) : Automaker TVS Motor Company an-
nounced that its best-selling TVS HLX line of two-wheelers has crossed the milestone of 3.5 mil-
lion units in sales in international markets, and that it is launching the TVS HLX 150F, with added
features, to mark the occasion. The TVS HLX line was first made available 10 years ago in Africa
and is now available in 50 countries across Latin America, Africa and Asia. The features include
trapezoidal LED headlights that are brighter yet energy efficient, pillion handle rail for better grip, a
rear load carrier and tubeless tyres. Meanwhile, the company has recorded monthly sales of 368,424
units in February 2024 with a growth of 33% as against 276,150 units in February 2023. Total two-
wheelers registered a growth of 34% with sales increasing from 267,026 units in February 2023 to
357,810 units in February 2024. Domestic two-wheeler registered growth of 21% with sales in-
creasing from 221,402 units in February 2023 to 267,502 units in February 2024. Motorcycle regis-
tered a growth of 46% with sales increasing from 126,243 units in February 2023 to 184,023 units
in February 2024. Scooter registered a growth of 26% with sales increasing from 104,825 units.
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

Market Tips - Het Zaveri
Bharti Airtel (Rs 1128.00) (Code : 532454) : There's been a sharp rise in market
share for Bharti Airtel in its Hexacom markets, according to Jefferies latest report. The analysts
believe that this trend will continue given the lower teledensity in the regions--Rajasthan and North
East--in which the subsidiary operates.Bharti Hexacom is a wholly owned subsidiary of Bharti
Airtel. The company's 70 percent is held by Bharti Airtel and 30 percent by the Government of India
through Telecommunication Consultants of India Ltd (TCIL). This January, Bharti Hexacom filed
for an IPO issue, which will allos the government to sell its stake, as the 10 crore shares that are to
be offered for sale are currently held by TCIL. Notably, while Bharti gained 740bps market share
since FY20, when tariffs started to rise, to become the market leader in Hexacom's circles. Bharti
Airtel has been the biggest beneficiary of tariff hikes, witnessing a 13% CAGR in ARPU (based on
active subs) over Dec-19 to Dec-23 period. The company has already indicated that further tariff
hike is in pipeline. Buy.
SKF India (Rs 4698.00) (Code : 500472) : SKF India, one of the leading technology
and solutions providers of bearings and units, condition monitoring, and services, has announced
its financial results for the Q3 FY2024. The company reported revenue of Rs 1,092 crore, a flat
growth compared to Rs 1,077 crore for the same period last year. The net profit came at Rs 132
crore, up 13 percent YoY, as compared to Rs 116 crore a year ago. SKF India is one of the leading
bearing manufacturers known for its deep groove ball bearings and has a presence across the
industrial & auto sector. Auto & industrial have been contributing 50% each to SKF’s topline over
the years, with a slight tilt on either side depending on macros. SKF boasts a debt free balance
sheet, coupled with consistent RoCE & RoICs upwards of 20%. Accumulate.
Coromandel International (Rs 1086.00) (Code : 506395) : The Union Cabinet,
on Thursday, approved the Nutrient Based Subsidy (NBS) rates for the upcoming Kharif season
on Phosphatic and Potassic (P&K) fertilizers and to include three more fertilizer grades under the
NBS scheme. The Centre said tentative budgetary requirements for the scheme would be about
?24,420 crore. The subsidy on Nitrogen (N) has been fixed at ?47.02 per kilogram, phosphatic (P)
at ?28.72 per kg (?20.82 per kg in 2023 rabi season), potassic (K) at ?2.38 per kg, and Sulphur (S)
at ?1.89 per kg. With this subsidy, DAP which is sold currently at ?1,350 per bag (50 kg), will
continue to be available at the same rate in the upcoming 2024 Kharif season. It will benefit Coro-
mandel and its sales will increase. As the stock has corrected after weak Q3 numbers, it is a good
opportunity to enter into this counter.
Dixon Technolgies (Rs 7007.00) (Code : 540699) : Dixon Technologies surged
to an all-time high last week. This remarkable upswing came as a result of the company's an-
nouncement of signing a contract with Compal Smart for mobile phone manufacturing. Padget
Electronics, a subsidiary fully owned by Dixon Tech, has signed a contract manufacturing deal
with Compal Smart Device India for the production of mobile phones. Furthermore, Dixon Tech
revealed the inauguration of a fresh manufacturing facility in Dehradun, Uttarakhand, scheduled
for February 23, 2024, dedicated to the production of washing machines. Dehradun plant is set to
operate with an impressive annual production capacity of 2.4 million washing machines. Buy. Buy
more at decline.
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
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Financial Weekly TM

SMART TIPS Smita N. Zaveri
Jio Financial (Rs. 317.00) (Code: 543940) :- The company’s shares touched a 52-week high of
Rs. 348 and low of Rs. 204. Jio Insurance Broking is the company’s subsidiary. Its other subsidiaries
include Jio Payment Solutions and Jio Payments Bank. The company has formed a joint venture
with Blackrock to foray into mutual fund business. The consumer also gives loans to salaried and
self-employed persons through its app and consumer durable loans in 300 cities. It also plans to
merchant loans, home loans, vehicle loans and other segments. Its equity is Rs. 2 crore and reserves
are Rs. 17,698 crore. In the December quarter, Jio Financial reported income of Rs. 134 crore and
profit of Rs. 70 crore. The company has launched savings accounts in its payment bank and will also
offer debit card service soon.
Samvardhana Motherson Sumi (Rs. 119.00) (Code: 517334) :- This is India’s largest auto an-
cillary player and makes components, modules, and systems. Its portfolio includes electrical distribu-
tion systems, polymer products, and complete module systems. It is the largest supplier of EDS to the
automotive segment with clients including Volkswagen, Hyundai, Renault, Maruti Suzuki, BMW,
Mercedes Benz, Nissan, GM, and Tata. The company is investor-friendly with a consistent track
record of paying attractive dividends. Since 1997, it has issued bonus shares 11 times. It de-merged
its wiring business and listed it as an independent entity recently. Promoter holding is 68.16%. Its
equity is Rs. 677 crore and reserves are Rs. 21,773 crore. Market cap is Rs. 80,774 crore. The A
group listed shares touched a 52-week high of Rs. 123 and low of Rs. 62. In the December quarter,
profit rose 58% to Rs. 167 crore. Income was up from Rs. 1686 crore to Rs. 2117 crore. The company
is acquiring France’s Cirma Enterprise for 7.2 million euros (Rs. 62 crore). It has acquired an 81%
stake in Honda Motor’s subsidiary Yachiyo Industry’s four-wheeler business for 15 crore dollars. It
has also invested 14 million dollars in Prism Systems’ optionally convertible debentures.
Triveni Engg. (Rs. 322.00) (Code: 532356) :- The company makes sugar, ethanol and alcohol
and is a part of the BSE Smallcap Index. The A group listed shares touched a 52-week high of Rs.
416 and low of Rs. 250. Its market cap is Rs. 7220 crore. Promoter holding is 60.98%, while FIIs
and DIIs hold close to 13%. India has become the largest sugar producer. Ethanol production is
also at a record high. Sugar companies are poised to benefit from higher ethanol blending with
petrol. The stock can be a good pick on dips for the long term. In the December quarter, Triveni’s
income increased from Rs. 1463 crore to Rs. 1553 crore, and profit from Rs. 147.28 crore to Rs.
214.88 crore.
CG Consumer (Rs. 295.00) (Code: 539876) :- The shares of this household appliances maker
are listed in A Group and have face value of Rs. 2. The shares touched a 52-week high of Rs. 327
and low of Rs. 251. The company makes electrical appliances like fans, lights and pumps, and has
made a strong entry into the kitchenware segment with the take-over of Gandhimathi Butterfly. Its
equity is Rs. 127 crore and reserves are Rs. 2392 crore. In the December quarter, the company’s
income increased from Rs. 1537 crore to Rs. 1709 crore. However, profit declined from Rs. 88
crore to Rs. 85 crore. The company is planning to foray into two or three new segments, which will
bolster its performance.
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 1st March, 2024 unless
specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though, every care has been taken,
we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

Smart super duper - Het Zaveri
Sona BLW (Rs. 670.00) (Code: 543300) :- Established in 1995, Sona BLW Preci-
sion Forgings is a leading automotive technology company. It has nine manufacturing plants and
also caters to the US, Europe and China. The shares touched a 52-week high of Rs. 718 and low
of Rs. 401. Its market cap is Rs. 33,335 crore. Promoter holding is 29.76%, while DIIs and FIIs hold
27.90% and 32.88%. Public shareholding is 9.51%. Sona BLW reported excellent numbers for the
December quarter with income going up from Rs. 675 crore to Rs. 782 crore, operating profit going
up from Rs. 176 crore to Rs. 233 crore, and net profit from Rs. 107 crore to Rs. 134 crore. Sona
BLW also supplies EV components and is benefiting from growth in the segment. The stock had
risen sharply but has corrected quite a bit and can be considered with a long-term view. The stock
can deliver strong returns. It is the first company in the auto ancillary segment to receive the PLI
certification.
Intellect Design (Rs. 1113.00) (Code: 538835) :- The shares are listed in the A
group and have a face value of Rs. 5. The shares touched a 52-week high of Rs. 1129 and low of
Rs. 388. Its market cap is Rs. 15,211 crore. Promoter holding is 30.38%. The company’s products
are used in the banking sector, and global banks are among its clients. As India transitions towards
a digital economy, the demand for software is set to rise. The company also serves insurance and
other financial services companies. The RBI and the Central Bank of Sweden are its clients. Its
profit in the December quarter went up from Rs. 63 crore to Rs. 85 crore, and income from Rs. 547
crore to Rs. 634 crore. Operating profit increased from Rs. 96 crore to Rs. 131 crore. Its RoI is
13.8% and RoCE is 18.8%. FIIs hold 25.99% stake and DIIs 3.84%. The stock is a good pick for the
long term.
Latent View (Rs. 516.00) (Code: 543398) :- The shares are listed in the A group and
touched a 52-week high of Rs. 544 and low of Rs. 311. The company’s market cap is Rs. 10,626
crore. Its equity is Rs. 20 crore and reserves are Rs. 1259 crore. Promoter holding is 65.42%. In the
December quarter, Latent View’s income went up from Rs. 145 crore to Rs. 166 crore, operating
profit fell from Rs. 43 crore to Rs. 37 crore, while net profit declined from Rs. 52 crore to Rs. 47
crore. Its RoI is 13.8% and RoCE is 16.7%. The company operates in segments like data analysis,
consulting, advanced predictive analysis, data engineering and data solutions. The stock had surged
to Rs. 755 but has corrected significantly. Buying at lower levels has added momentum to the
stock. Money can be put in the stock in tranches.
Indus Tower (Rs. 263.00) (Code: 534816) :- Promoted by Bharti Airtel, Bharti Infratel
was one of the largest telecom tower companies globally but was merged with Indus Towers. The
A group listed shares touched a 52-week high of Rs. 264 and low of Rs. 135. It has more than 2
lakh towers in 22 telecom circles. Its equity is Rs. 2695 crore and reserves are Rs. 21,004 crore.
Promoter holding is 68.99%. FIIs hold 20.71% and DIIs 7.08%. Indus Towers’ income in the last
quarter increased from Rs. 6765 crore to Rs. 7099 crore. It reported a profit of Rs. 1540 crore
compared to a loss of Rs. 708 crore last year. The company’s market cap is Rs. 70,917 crore. Its
RoI is 9.71% and RoCE is 11.3%. The company had written off dues of Vodafone, which had
impacted its numbers. However, the performance has not stabilised. Vodafone’s fund-raising plans
augur well for the company.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of
his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up
or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived
from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses
made by anybody.
Financial Weekly TM

A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Welcome to the new milestone

It looked tough for the market to cross 22300, which opened the door to welcome the new
milestone as the Nifty closed at 22338 on Friday. Elections remain an important factor. The
court has shown that it is difficult to do anything wrong after the results of the mayor election
of Punjab. Courts also look into donation bonds given to parties. Last Tuesday, an analyst at
a major brokerage sent me a copy of a foreign magazine. It was clearly written that investing
in India at this stage is more risky. After this, on the next day, the market index fell by 700
points and Nifty by 200 points. As the market enters new bullish zones, it becomes impera-
tive to be cautious. Given the way inflation is going to rise in the US, there is no possibility
that the Fed will cut interest rates.
Reliance : - Last Thursday, Reliance stopped the market from falling by keeping 2930
closed. Investors responded well to the Reliance Disney merger.
HDFC Bank : - I don't want to withdraw investment from this leading bank of India, but this
stock is not running after the mega merger. It is expected to fall to 950 in the low. Delta Corp
fell to 135. 130 to buy gradually for investment.
Patanjali : - If these shares are bought at a low price, they can be sold slowly at a higher
price. It is difficult to know when the bubble of this company will burst, but the bubble is sure
to burst.
Asian Paints : - Grasim entry into the paint industry will also give a big competition to
Asian Paints. Birla can offer huge discounts to market its products. Those who have Asian
paint should stand up if they invest in it. It is an old company, so don't beat me. If it comes to
2500, do some averaging.
Financial Weekly TM

Primary Market - Dilip K. Shah
India emerged as global leaders in IPOs: Total 92 IPOs including 31 Mainline, 61 SME entered the market in the third quarter
Investor's positive sentiment, strong economy and possibility of downward trend in inflation and
Interest rates in 2024: Number of IPOs and above average growth rate will boost the growth
This week total 16 issues are in the market including 4 Mainboard, 5 SME, 5 Rights, 2 NCDs
Mainboard IPO of Mukka Proteins entered the market on Feb 29 and R.K.Swamy to enter on March 4
Two mainboard IPO - JG Chemicals, Gopal Snacks to enter the market on March 5
NSE SME IPO M.V.K. Agro entered the market on Feb 29, VR Infra on March 4, Sona Machine on march 5 and Shree Karni on March 6
Huge response to NSE SME IPOs: PurvFlexipack 4.22x, Owais 2.21x and Sadhav 136x oversubscription
Juniper Hotels listed with just 1% premium, while GPT HC listed with 15% premium
NSE SME IPO's robust listing: Deem Roll 55%, Zenith 39%, Sadhav 42% premium
Mainboard IPO subscription: Platinum 99x, Exicom 134x, Bharat Highway 6.74x
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

Platinum Ind. Main Line IPO 87 162 to 171 105 to 107
Small HNI 80,000
Big HNI 5,500 80,000
Exicom Tele Main Line IPO 100 135 to 142 152 to 155 175 Buyer 12,500
300 Seller --
Small HNI 1,95,000
BIg HNI 5,600 1,95,000
Bharat Highways InvIT 150 98 to 100 2.10
Mukka Proteins Main Line IPO 525 26 to 28 28 to 29
Small HNI 85,000
Big HNI 6,000 85,000
R K Swamy Main Line IPO 50 270 to 288 52 to 55
JG Chemicals Main Line IPO 67 210 to 221 50 to 55
Small HNI 40,000
Big HNI 3,000 40,000
Gopal Snacks Main Line IPO 37 381 to 401 103 to 105 200 2,400
Small HNI (H : 160) -- 33,500
Big HNI (L : 83) 2,900 33,500
SME IPOs
Owais Metal and NSE SME 1600 83 to 87 132 to 135 -- 1,55,000
Purv Flexipack NSE SME 1600 70 to 71 122 to 125 1,30,000
M.V.K. Agro Food NSE SME 1200 120 8 to 10 35,000
V R Infraspace NSE SME 1600 85 13 to 15
Sona Machinery NSE SME 1000 136 to 143 48 to 50 20,000
Shree Karni Fabcom NSE SME 600 220 to 227 53 to 55
Pune E-Stock BSE SME 1600 78 to 83 81 to 83 95,000
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Cont...
Financial Weekly TM

- When and how will be listing and allotment in Mukka Proteins, RK Swamy, JG Chemical, Gopal Snacks
- BSE SME IPO of Pune E-Stock will close on march 12
- Listing of mainboardIPosExicom, Platinum and SME IPOs - Purv, Owais, Pune will be with a bang
- This week Rights issues of Affordable, Dipma Pharma, Scanpoint, Silgo, SI Bank are in the market
- NCDs issue subscription: Navi Fin. 1.35x, Chempur 0.88x: Nido Home closed with 1.87x subscription
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. Mukka 29-2-2024 8,00,00,000 Shares 26 to 28 Fedex Securities 29%
Proteins 4-3-2024 Rs 224 Cr FV Rs 1 High Risk - High Return
2. R K Swamy 4-3-2024 Fresh : 60,06,944 Sh. 270 to 288 SBI Capital, IIFL Sec., 30%
Limited 6-3-2024 OFS : 87,00,000 Shares FV Rs 5 Motilal Oswal May Apply
Total : 1,47,06,944 Shares (Average)
Rs 423.56 Cr
3. JG Chemicals 5-3-2024 Fresh : 74,66,063 Sh. 210 to 221 Centrum Capital, 33%
7-3-2024 OFS : 39,00,000 Shares FV Rs 10 Emkay Global, Apply for Mid Term
Total : 1,13,66,033 Shares Keynote Financial
Rs 251.19 Cr
4. Gopal Snacks 5-3-2024 1,62,09,476 Shares 381 to 401 Intensive Fiscal, 32%
7-3-2024 Rs 650 Cr FV Rs 1 Axis Capital, JM Financial Apply for Long Term
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. M.V.K. 29-2-24 54,90,000 Shares 120 1200 Shares Horizon 26%
Agro Food 4-3-24 Rs 65.88 Cr (FV Rs 10) Rs 1,44,000 Management Avoid
2. V R 4-3-24 24,00,000 Shares 85 1600 Shares Beeline 28% ; Wait for Listing
Infrapsace 6-3-24 Rs 20.40 Cr (FV Rs 10) Rs 1,36,000 Capital (Risky Bet)
3. Sona 5-3-24 36,24,000 Shares 136 to 143 1000 Shares Hem 32%
Machinery 7-3-24 Rs 51.82 Cr (FV Rs 10) Rs 1,43,000 Securities Apply for Long Term
4. Shree 6-3-24 18,72,000 Shares 220 to 227 600 Shares Horizon Next Week
Karni Fab 11-3-24 Rs 42.49 Cr FV Rs 10 Rs 1,36,200 Management
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. Pune 7-3-24 46,06,400 Shares 78 to 83 1600 Shares Share India 34% ; Apply for Shor Term
E-Stock 12-3-24 Rs 38.23 Cr (FV Rs 10) Rs 1,32,800 (Listing Gain)
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. Affordable 26-2-2024 10,66,666 450 46 Shares for every BSE Saffron, Phillip Risky Bet
Robotic & to Shares (F.V. Rs.1) 439 Shares held on Registrar
Automation 7-3-2024 (Rs 48 Cr.) 29-1-2024 Cameo Corporate
2. Dipna 26-2-2024 1,29,67,500 10 13 Shares for every BSE -- Stay
Pharmachem to Shares (F.V. Rs.10) 2 Shares held on Registrar Away
7-3-2024 (Rs 12.97 Cr.) 12-2-2024 Bighsare Services
3. Scanpoint 28-2-2024 6,93,07,248 5 1 Shares for every BSE -- Next Week
Geomatics to Shares (F.V. Rs.2) 1 Shares held on Registrar
7-3-2024 (Rs 34.65 Cr.) 19-2-2024 --
4. Silgo 28-2-2024 1,02,70,000 10 1 Shares for every NSE Srujan Alpha Next Week
Retail to Shares (F.V. Rs.10) 1 Shares held on Registrar
12-3-2024 (Rs 25.68 Cr.) 22-2-2024 Bighsare Services
5. The South 6-3-2024 52,31,85,254 22 1 Shares for every NSE -- Next Week
Indian Bank to Shares 4 Shares held on BSE Registrar
20-3-2024 (Rs 1151 Cr.) 27-2-2024 --
Cont...
Financial Weekly TM

Listing Information of SME & Main Line IPOs
Co. Name Listing Code Offer Listing Listing Listing Listing CMP
Date Price Price Day Day Day 1st
(Rs.) (Rs.) High Low Close March
Zenith Drugs (NSE SME) 27-2-2024 ZENITHDRUG 79.00 110.00 114.50 104.50 104.50 91.95
Deem Roll (NSE SME) 27-2-2024 DEEM 129.00 200.00 210.00 190.00 210.00 190.00
Juniper H (Main Line) 28-2-2024 544129 360.00 361.20 397.30 361.20 397.30 479.60
GPT HC (Main Line IPO) 29-2-2024 544131 186.00 216.15 219.70 196.10 200.75 191.60
Sadhav Sh. (NSE SME) 1-3-2024 SADHAV 95 135.00 141.75 135.00 141.75 141.75
Subscription Figures of SME IPO (Dt.1-3-2024)

IPO Listing Day Subscribed
Sadhav Shipping NSE SME Issue Closed on 27-2-2024 135.69x
Owais Metal and NSE SME Issue Closed on 28-2-2024 221.18x
Purv Flexipack NSE SME Issue Closed on 29-2-2024 421.78x
M.V.K. Agro Food NSE SME 2nd Day Subscribed 2.92x
V R Infraspace NSE SME Issue Opens on 4-3-2024
Sona Machinery NSE SME Issue Opens on 5-3-2024
Shree Karni Fabcom NSE SME Issue Opens on 6-3-2024
Pune E-Stock Broking BSE SME Issue Opens on 7-3-2024
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
Platinum Ind. Main Line IPO 29-2-2024 1-3-2024 4-3-2024 4-3-2024 5-3-2024
Exicom Tele-Sys. Main Line IPO 29-2-2024 1-3-2024 4-3-2024 4-3-2024 5-3-2024
Bharat Highway Main Line IPO 1-3-2024 4-3-2024 5-3-2024 5-3-2024 6-3-2024
Mukka Proteins Main Line IPO 4-3-2024 5-3-2024 6-3-2024 6-3-2024 7-3-2024
RK Swamy Main Line IPO 6-3-2024 7-3-2024 11-3-2024 11-3-2024 12-3-2024
JG Chemicals Main Line IPO 7-3-2024 11-3-2024 12-3-2024 12-3-2024 13-3-2024
Gopal Snacks Main Line IPO 7-3-2024 11-3-2024 12-3-2024 12-3-2024 13-3-2024
SME IPOs
Owais Metal NSE SME 28-2-24 29-2-24 1-3-24 1-3-24 4-3-24
Purv Flexipack NSE SME 29-2-24 1-3-24 4-3-24 4-3-24 5-3-24
M.V.K. Agro Food NSE SME 4-3-24 5-3-24 6-3-24 6-3-24 7-3-24
VR Infrapace NSE SME 6-3-24 7-3-24 11-3-24 11-3-24 12-3-24
Sona Machinery NSE SME 7-3-24 11-3-24 12-3-24 12-3-24 13-3-24
Shree Karni Fab NSE SME 11-3-24 12-3-24 13-3-24 13-3-24 14-3-24
Pune Stock Broking BSE SME 12-3-24 13-3-24 14-3-24 14-3-24 15-3-24
Cont...
Financial Weekly TM

Subscription Figure of Mukka Proteins Subscription Figure of
Application Shares Amount
GPT Healthcare (Rs)
Platinum Industries
No. Shares Issue Subscribed Retail (Min) 535 14,980 No. Shares Issue Subscribed
Offered/ 22-2-24 23-2-24 26-2-24 Retail (Max) 6955 194,740 Offered/ 27-2-24 28-2-24 29-2-24
Reserved S-HNI (Min) 7,490 209,720 Reserved
QIB 56,46,665 0.00x 0.19x 17.30x S-HNI (Max) 35,310 988,680 QIB 27,52,375 0.07x 0.90x 151.00x
HN I 42,34,999 0.18x 0.79x 11.02x B-HNI (Min) 35,845 1,003,660 HN I 20,64,184 13.66x 42.97x 141.79x
R eta il 98,81,663 0.68x 1.24x 2.44x R eta il 48,16,429 10.40x 25.76x 50.92x
Total 1,97,63,327 0.38x 0.85x 8.52x Total 1,37,61,225 8.15x 22.35x 98.99x
Subscription Figure of Subscription Figure of

RK Swamy Limited
Exicom Tele-Systems Application Shares Amount
Bharat Highways
No. Shares Issue Subscribed (Rs) No. Shares Issue Subscribed
Offered/ 27-2-24 28-2-24 29-2-24 Retail (Min) 50 14,400 Offered/ 28-2-24 29-2-24 1-3-24
Reserved Retail (Max) 650 187,200
Reserved
QIB 90,63,365 0.84x 5.13x 124.82x S-HNI (Min) 700 201,600
QIB 6,64,50,000 0.00x 0.00x 6.59x
HN I 45,31,682 19.93x 56.73x 159.29x S-HNI (Max) 3,450 993,600
Others 4,68,24,000 0.82x 2.24x 6.93x
R eta il 30,21,121 29.04x 68.35x 124.27x B-HNI (Min) 3,500 1,008,000
Total 10,30,12,800 0.37x 1.02x 6.74
Total 2,91,54,968 11.17x 30.70x 133.56x
Subscription figure of
Subscription figure of Subscription Figure of
Nido Home Finance
Chemmanur Credits Mukka Proteins Main Line IPOs
Category No. of Bond Issue
Category No. of Bond Issue No. Shares Issue Subscribed
(Issue Closed on Offered/ Subscribed
Offered/ Subscribed Offered/ 29-2-24 1-3-24
26-2-2024) Reserved 26-3-2024
Reserved 1-3-2024 Reserved
Institutional 50,000 1.40x
Institutional 50,000 0.00x QIB 2,39,99,565 1.01x 1.86x
HN I 1,20,00,000 1.60x 6.26x
Non Inst. 50,000 1.44x
Non -Inst. 2,00,000 0.58x HNI 2,00,000 1.75x
R eta il 2,80,00,000 4.05x 10.37x
Retail 2,50,000 1.30x Retail 2,00,000 2.22x
Total 5,60,00,435 2.66x 7.06x
Total 5,00,000 0.88x Total 5,00,000 1.87x
Subscription figure of
JG Chemicals Limited
Gopal Snacks Navi Finserv NCDs Issue Application Shares Amount
Application Shares Amount (Rs)
(Rs)
Category No. of Bond Issue
Offered/ Subscribed Retail (Min) 67 14,807
Retail (Min) 37 14,837 Retail (Max) 871 192,491
Retail (Max) 481 1,92,881 Reserved 1-3-2024 S-HNI (Min) 938 207,298
S-HNI (Min) 518 2,07,718 Institutional 6,00,000 1.28x S-HNI (Max) 4,489 992,069
S-HNI (Max) 2,479 9,94,079 Non Inst. 7,50,000 2.61x B-HNI (Min) 4,556 1,006,876
B-HNI (Min) 2,516 10,08,916 HNI 7,50,000 1.04x
Retail 9,00,000 0.60x
Total 30,00,000 1.35x
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. Chemmanur 20-2-2024 Base Size Rs 50 Cr. 1,000/- 10 NCDs BSE IND BBB-/Stable Avoid
Credits 4-3-2024 Total Size Rs. 100 Cr (Rs.10,000) By
Lead manager : Vivro Fin. India Rating
Registrar : KFIN Techno
2. Navi 26-2-2024 Base Size Rs 300 Cr. 1,000/- 10 NCDs BSE CRISIL A/Stable
Finserv 7-3-2024 Total Size Rs. 600 Cr (Rs.10,000) by CRISIL Risky Bet
Lead manager : JM Financial
Registrar : Link Intime
Cont...
Financial Weekly TM

Grey Market Movement
Grey market is witnessing huge volatility in premium rates
Total 13 counters including 6 mainboard and 7 SMEs have become active
Mainboard IPOs :- Huge deals are taking place in mainboard board IPOs. Platinum Ind
witnessed 100%, Exicom Tele-Systems witnessed 50% and Mukka Proteins witnessed
more than 80% spurt in the premiums in just one week.
Platinum Industries :- Last week the deals were taking place around Rs. 50-55 but now
it has gone up to Rs. 105-107.
Bharat Highways InvIT :- There was no movement in the issue till now but after 6.74x
subscription, deals have started taking place with premium of Rs2 to Rs. 2.10 per unit.
RK Swamy :- There is no fancy. Premium are Rs. 50-52, but hardly any deals taking
place. No deals in interest rates or subject to segments.
JG Chemicals :- The premiums are Rs50-55 but hardly any deals taking place.
Gopal Snacks :- Issue witnessed huge volatility before launch. Premiums are Rs. 160
which touched bottom of Rs. 83 and now it is around R.s 103/105. Interest rates are Rs.
200 and subject to rates are Rs. 2400. BHNI and SHNI deals rates are Rs. 33500.
* SME IPOs:- Out of total 7 SME IPOs, 6 belongs to NSE SME.
Premiums are high in Owais Metal and Mineral Processing from the beginning. As against
offer price of Rs. 83-87, the premium are Rs. 135, i.e. 140%.
Pune E-Stock premium are Rs. 82-83, i.e. 100%.
Shree KarniFabcom premium are Rs. 53/55, i.e. 85%.
MVK Agro premiums are 8%, VR Infraspaceprmeiums are 15%. Sona Machiner SME
IPO premiums have goe up from Rs. 38/40 to Rs. 53/55. Deals are taking place at 35%
premium.
Cont...
Financial Weekly TM

Indian stock exchanges topped in number of IPOs in 2023 :- The Indian stock exchanges
BSE and NSE witnessed a significant surge in initial public offerings (IPOs), with a total of 92 IPOs
launched, in the quarter ending December 2023.
A new report, which highlights key trends in the fourth quarter of calendar year 2023, the Indian
stock exchanges, including the Bombay Stock Exchange (BSE) and the National Stock Exchange
(NSE), have emerged as global leaders in IPOs for the year 2023. India's stock exchanges have
secured the top position worldwide in terms of the number of IPOs, with no cross-border deals
reported. In a notable development, the primary markets, comprising BSE and NSE, recorded 31
IPOs (including one InvIT) in the fourth quarter of 2023, marking a significant uptick compared to
the same period in 2022 and the third quarter of 2023. This represents a remarkable 72% increase
over Q4 2022 and a substantial 41% increase over Q3 2023. Similarly, the Small and Medium
Enterprises (SME) markets showcased remarkable growth, witnessing 61 IPOs in Q4 2023, as
compared to 34 and 47 IPOs in Q4 2022 and Q3 2023, respectively. This demonstrates a robust
79% and 30% increase compared to Q4 2022 and Q3 2023, respectively.
"Looking ahead to Q4FY24, the Indian IPO market is anticipated to continue its upward trajec-
tory, buoyed by optimistic investor sentiment, a robust economy, and expectations of lower infla-
tion and rate cuts in 2024. This positive environment is expected to fuel further growth in both the
number and average size of mainboard and SME IPOs," said Adarsh Ranka, Partner and Finan-
cial Accounting Advisory Services Leader, member firm of EY Global.
The report further highlighted that the fourth quarter of 2023 as a standout period, representing
nearly 40% of the year's total listings. After a sluggish beginning in the first half, IPO activity surged
notably in the latter half, with over 18 companies filing their Draft Red Herring Prospectus (DRHPs)
in Q4 2023, hinting at a potentially brighter outlook for 2024.
* Last week's mainboard IPOs:
Platinum Ind. :- Rs. 235.32 crore issue closed on Feb 29 with total 98.99x subscription includ-
ing 151x in QIB, 141.79x in HNI, 138.46x in BHNI, 148.46x in SHNI and 50.92x in retail. It may list
on March 5 around Rs. 250-275 and may touch Rs. 300 level.
Exicom Tele-System :- Rs. 429 crore issue closed on Feb 29 with total 133.56x subscription
including ktQIB : 124.82x, HNI : 159.29x, bHNI : 163.95x, SHNI : 149.95x and Retail : 124.27x. It
may list on March 5 around Rs. 270-290 and may touch Rs. 300. It may give 100% return on listing.
MukkaProteins :- Rs. 224 crore issue opened on Feb 29 and will close on March 4. It has got
Cont...
Financial Weekly TM

total 7.06x subscription including QIB : 1.86x, HNI : 6.26x, bHNI : 3.12x, SHNI : 12.52x and Retail
: 10.36x. It may list around Rs. 80-100 and may go higher. However, Jain and Hindu community
may keep distance. Still it may get 20-25x subscription in retail.
Bharat Highways InVIT :- Rs. 2500 crore issue closed on March 1. It has got total 6.74x sub-
scription, including 6.59x in QIB and 6.93x in others. It may list around Rs. 102-105.
* Last week's SME Issues:-
Owais Metal Mineral (NSE SME) :- Rs. 42.69 crore issue closed with total 211.18x and in retail
248.50x subscription. It may list on March 4.
PurvFlexipack (NSE SME) :- Rs. 40.21 crore issue closed on March 29. It got total 421.78x and
in retail 448.73x subscripton. It may list on March 5.
MVK Agro (NSE SME) :- Rs. 65.88 crore issue opened on Feb 29 and will close on March 4. It
has got 2.92x and in retail 5.06x subscription. It may list on March 7.
* Listing:
Juniper Hotels (NSE SME) :- As against offer price of Rs. 360 it listed at Rs. 365, i.e. premium
of 1.39%.
Zenith Drugs Ltd. (NSE SME) :- Data repeated of Juniper hotel
Deem Roll-Tech (NSE SME) :- As against offer price of Rs. 129 it listed with 55.04% premium at
Rs. 200.
Sadhav Shipping (NSE SME) :- As against offer price of Rs.95 it listed at Rs. 135, i.e. 42.11%
premium.
* This week's mainboard IPOs:-
• R.K. Swamy (Mainboard) :- Rs. 423.56 crore issue with a price band of Rs. 270-288 will open
on March 4 and close on March 6.
Subscription :- It may get 2-3x subscription in retail and good response in QIB.
Allotment / Refund :- Allotment may be on March 7, refund on march 11 and share credit on
March 11.
Listing :- It may list around Rs. 325-340 and may touch Rs. 350 level in a good market on March
12.
• J.G. Chemicals Ltd (Mainboard) :- Rs. 251.19 crore issue with aprice band of Rs. 210-221
will open on March 5 and close on March 7.
Subscription :- It may get lukewarm response in retail and HNI as it lacks fancy. However, QIB
segment may witness 4-5x subscription.
Cont...
Financial Weekly TM

Allotment/Refund :- Allotment may be on March 11, refund on March 12 and share credit on
March 12.
Listing :- Listing on March 13 could be around Rs. 250-275 and may go up to Rs. 300.
• Gopal Snacks Ltd. (Mainboard) :- Rs. 350 crore issue with a price band of Rs. 381-401 will
open on March 6 and close on March 11.
Susbcription :- It may get 10-12x subscription in retail, 3x in SHNI and 4-5x in BHNI.
Allotment/Refund :- Allotment may be on March 12 and refund-share credit on March 13.
Listing :- Listing on March 14 could be around Rs. 490-500.
* Last week's SME IPOs:-
• V.R. Infra space (NSE SME) :- Rs. 20.40 crore issue with a fixed price of Rs. 85 will open on
March 4 and close on March 6. Listing on March 12.
• Sona Machinery (NSE SME) :- Rs. 51.82 crore issue with a price band of Rs. 136-143 will
open on March 4 and close on March 6. Listing on March 12.
• Pune E-Stock Borking (BSE SME) :- Rs. 38.23 crore issue with a price band of R.s 78-83 will
• Shree KarniFabcom (NSE SME) :- Rs. 42.49 crore issue with a price band of Rs. 220-227 will
* NCDs issues:-
• Nido Home Finance :- Issue with a base price of Rs. 50 crore and total size of Rs. 100 crore
entered the market on Feb 13 and closed on Feb 26. It got 1.87x subscription.
• Chemmanur Credit and Investment :- Rs. 100 crore issue with a base price of Rs. 50 crore
opened on Feb 20 and will close on March 4. It has got 0.88x subscription till now. Rating is BBB-
/Stable. Coupon rates are 9.50 to 11.50.
• Navi Finserv :- Rs. 600 crore issue with a base price of Rs. 300 crore opened on Feb 26 and
close on March 7. It has got 1.35x subscription till now. Rating is A/Stable and coupon rates are
10% to 11.19%.
• Rights Issue :- Last week five rights issues - Manglam Ind., Affordable Robotic, Dipna Pharma
and Scanpoint Geomatics, Silgo Retail - were in the market, of which Mangalam Ind has closed.
• Three Rights issues - Mistu Chem, Affordable, Dipna - opened on Feb 26. SilgoTerail and
Scanpoint opened on Feb 28. South Indian Bank's Rights Issue is opening on March 6.
Cont...
Financial Weekly TM

Mukka Proteins Limited Main Line IPO
Opens on 29th Feb & Closes on 4th March 2024
Price Band Rs. 26 to 28; Listing on BSE & NSE
The company has registered a continuous growth in financial performance during the mentioned period
On the valuation front, the issue price seems reasonable considering all the parameters
A number of litigation proceedings are pending against the Company
Legal action has been taken against the company for alleged violation of environmental norms
As the company manufactures non vegetarian items
Jain and Hindu community may completely avoid it
Incorporated in March 2003, Mukka Proteins Limited manufactures fish protein products. The company produces
and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for the production of aqua feed (for
fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food). The company exports its
products to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China,
Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.
Issue Details Financial Performance : Consolidated Basis
th th
• Issue Opens on 29 Feb. & Closes on 4 March 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Object of the issue : Funding working capital requirements of the Total Revenue 609.95 776.15 1183.80 612.88
Company; Investment in the Associate, viz. Ento Proteins Private Profit After Tax 11.01 25.82 47.53 32.98
Limited, for funding its working capital requirements; and EPS 0.41 1.10 2.00 1.47
General Corporate Purposes. RONW (%) 13.91 27.75 34.19 20.32
• Issue Size Rs 225 Cr • Face Value Rs. 1 • Offer price Rs. 26 to 28
• Minumum Lot Size : 535 Share • Listing on : BSE & NSE
• BRLM : Fedex Securities • Registrar : Cameo Corporate Services
• Company Management : Kalandan Mohammed Haris, Kalandan Mohammad Arif and Kalandan Mohammed Althaf.
• Market Cap : Rs. 840 Cr.
• Pre Issue Promoter Holding : 100% • Post Issue Holding : 73.33%
• Issue constitutes 26.67% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 1.44 & RONW : 28.66%
• Pre IPO Eq. Capital Rs. : 22.00 Cr. • Post IPO Eq. Capital Rs. 30.00 Cr.
• Pre IPO : P/BV Ratio 3.87 (NAV : 7.23)
• Post Issue : P/BV Ratio : 2.19 (NAV : 12.77)
• Pre IPO P/E Ratio : 12.96 • Post IPO asking P/E on fully diluted : 12.73
• Industry Peer Group PE Ratio : 26.29
• BRLM’s Performance : This is 27th Issue from BRLM in Last 4 Years. In Last 10 Listing 8 Issue Opened with
Premium & 1 Issue with Discount and 1 Issue with at par.
OTHER SIDE OF THE COIN
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 0.98 and the offer price is
Rs. 26 to 28 per share.
• The company had issued bonus shares in the ratio of 3:1 in January 2022. (Above the base of face value Rs. 1)
• The face value of equity shares is Rs. 1. If is converted in to face value of Rs 10, Then offer price will be Rs. 260 to
280 per share.
• Issue size is Rs. 224 Cr. which is below of Rs 250 Cr. hence it will be listed in T2T Category
• Pending litigation involving company promoters, directors and group companies.
• Legal action was taken against the company regarding alleged violation of environmental norms.
• Many group companies have shown losses in the past.
• The past cash flow of the company has been negative.
Recommendation : - The Company has recorded consistent growth in top and bottom
lines in the last 3 financial years and in H1FY24. On the valuation front, the issue price seems
to be reasonable considering the P/BV of 2.19 and PE of 12.73. As the company manufac-
tures non-vegetarian products, especially the Jain and Hindu community will out or will com-
pletely avoid this IPO.
Financial Weekly TM

R K SWAMY Limited Main Line IPO
Opens on 4th March & Closes on 6th March 2024
Price Band Rs. 270 to 288; Listing on BSE & NSE
Growing figures of revenue in all three fiscals
Good growth in PAT but a sudden 6 fold jump in FY23 is surprising
On valuation front considering poor performance of H1Fy24 and
other parameters issue appears aggressively priced
Company operates in capital intensive and highly competitive segment
Considering good client base & growth of the media marketing segment
Investors may consider to apply for long term rewards
Founded in 1973, R K Swamy Limited is engaged in the business of integrated marketing communications, customer data
analysis, full-service market research and syndicated studies. In FY2023, the company published more than 818 creative
campaigns on behalf of its clients across various media. It also processed more than 97.69 terabytes of data and conducted over
2.37 million consumer interviews in the form of quantitative, qualitative and telephone surveys.
Issue Details
• Issue Opens on 4th March & Closes on 6th March 2024
• Object of the issue : Funding working capital requirements of our Company;, Funding capital expenditure to be incurred by the
Company for setting up a digital video content production studio ("DVCP Studio")
• Fresh Issue : 60,06,944 Shares ; Rs 173 Cr., OFS : 87,00,000 Shares Rs 250.56 Cr, Total Issue Size : 1,47,06,944 Shares ;
Rs 423.56 Cr
• Face Value Rs. 1 • Offer price Rs. 270 to 288 Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• BRLM : SBI Capital Markets, Iifl Securities Ltd, Motilal Oswal Investment Total Revenue 183.22 244.97 299.91 142.55
• Registrar : Kfin Technologies Limited Profit After Tax 3.08 19.26 31.26 7.93
• Company Management : Srinivasan K Swamy (Sundar Swamy) and EPS 0.69 4.33 7.03 1.78
Narasimhan Krishnaswamy (Shekar Swamy). RONW (%) 3.13 17.20 22.20 5.41
• Market Cap : Rs. 1453.37 Cr.
• Pre Issue Promoter Holding : 83.03% • Post Issue Holding : 53.89%
• Average of last 3 Yrs. EPS Rs. 5.07 & RONW : 17.36
• Pre IPO : P/BV Ratio 8.73 (NAV : 32.99)
• Post Issue : P/BV Ratio : 4.73 (NAV : 60.93)
• Pre IPO P/E Ratio : 46.53
• Post IPO asking P/E on fully diluted equity : 91.63
• Industry Peer Group PE Ratio : 69.50
• BRLM’s Performance : This is 65th Issue from BRLM in Last 3 Years. In Last 64 Listing : 43 Issue opened with premium & 21
Issue with Discount.
• Average cost of acquisition by selling shareholder is in the range of Rs. 0.96 to 781.6 per share and cost of acquisition of
Promoters is in the range of NIL - 13.32 while the issue price band is Rs. 270 - 288 per share.
• Company has also issued Bonus Issue in the ratio of 1:1 in April 1982, March 1987, 4:1 July 2023.
• The Price band of the issue is Rs. 270 - 288 per share at a FV of Rs. 5, if we convert it to FV of Rs. 10 then the Price band of issue
will become Rs. 540 - 576.
• Company operates in highly competitive and capital-intensive segment.
• Its business is cyclical in nature and derives majority of the business from Digital media marketing which has became very
competitive and fragmented market.
• EBITDA Margins, Net profit margins, ROCE & RONW are lower compared to Affle India and Latent View.
Recommendation :- Company has reported continuous growth in Top lines in all three fiscals and its Bottom
line has also reported continuous growth but a sudden over fold jump in FY22 raises eyebrows and looks
unlikely to sustain going further. If we annualize H1FY24 financials then it will be below the figures of Fy23. On
valuation front P/Bv comes to 4.73 on NAV 60.93 of and PE is 91.63 while the industry average is 69.50 so, issue
appears aggressively priced. Company derives majority of its income from Digital media marketing business
which has become highly competitive and fragmented market. Considering good client base and growth of
Digital media marketing agency, Investors may apply for long term period.
Financial Weekly TM

JG Chemicals Limited Main Line IPO
Opens on 5th March & Closes on 7th March, 2024 ; Offer price Rs. 210 to 221
Good financial performance in all three fiscals, On valuation front issue looks fully priced
Company is the leading manufacturer of Zinc Oxides in India
Investors can apply in this IPO for mid-term period
JG Chemicals Limited was founded in 1975 and is a zinc oxide manufacturer using the French process.
The company produces more than 80 grades of zinc oxide. This product is used in various industrial appli-
cations such as ceramics, paints and coatings, pharmaceuticals and cosmetics, electronics and batteries,
agrochemicals and fertilizers, specialty chemicals, lubricants, oil and gas, and animal feed. The company
has served the needs of more than 200 local and 50 international customers in more than 10 countries. As
of December 31, 2023, the company employed 112 permanent employees, over 100 workers and appren-
tices. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 9MFY24
• Issue Opens on 5th March & Closes on 7th March 2024 Total Revenue 440.41 623.05 794.19 491.10
• Object of the Issue : Investment in Material Subsidiary, Profit After Tax 28.80 43.13 56.79 18.51
viz. BDJ Oxides (i) repayment or pre-payment, in full or in part, EPS 7.39 12.61 17.32 5.60
RONW (%) 21.61 27.09 27.49 8.16
of all or certain borrowings availed by its Material Subsidiary;
(ii) funding capital expenditure.
• Fresh Issue : 74,66,063 Shares ; Rs 165 Cr • OFS : 39,00,000 Shares ; Rs 86.19 Cr.
Total Issue Size : 1,13,66,063 Shares ; Rs 251.19 Cr
• FV Rs. 10 • Offer price Rs. 210 to 221 • Lot Size : 67 Share • Listing on : BSE & NSE
• BRLM : Centrum Cap., Emkay Global, Keynote Financial Services •Registrar : Kfin Tech
• Promoter : Suresh Jhunjhunwala, Anirudh Jhunjhunwala and Anuj Jhunjhunwala.
• Market Cap : Rs 866.01 Cr. • Pre Issue Promoter Holding : 100%
• Pre IPO : P/BV Ratio 3.22 (NAV : 68.68) • Post Issue : P/BV Ratio : 2.26 (NAV : 97.70)
• Pre IPO P/E Ratio : 16.25 • Post IPO asking P/E on fully diluted equity : 20.08
• Industry peer Group PE Ratio : 31.48
• BRLM’s Performance : This is 3rd Issue from BRLM in Last 3 Years. In Last 3 Listing : 2 Issue Opened
with premium & 1 Issue Opened with Discount.
• Average cost of acquisition by selling shareholder is Rs. 0.38 per share and cost of acquisition of Pro-
moters is in the range of NIL - 0.39 while the issue price band is Rs. 210 - 221 per share.
• Apart from issuing equity at par company has further allocated equity capital at the price of Rs. 100
between March 2002 to March
• Company has also issued Bonus Issue in the ratio of 25:1 in June, 2022.
• Company's revenue depends on single product and its substitutes that is Zinc Oxides.
• Company is significantly dependent on the business operations of Its material subsidiary i.e. BDJ Oxides
Private Limited as it generates a significant portion of its revenue from operations, profits, and cash flows.
• Company faces competition from few organised manufacturers which produce competing products, both
in India and internationally.
• Company is depended on overseas suppliers for its raw materials.
• Experienced negative net cash flows of Rs 7.34 cr. in operating activities in FY 2021.
Recommendation :- Company has reported growth in Top and Bottom lines in all three fiscals. If
we annualize the 9MFy24 earnings then it will be below the financials of FY23. On valuation front P/
Bv comes to 2.26 on NAV 97.70 of and PE is 20.08 while the industry average is 31.48 so, issue
appears fully priced. Considering company being leading manufacturer of Zinc Oxide and good
financial track record investors can apply in this IPO for mid-term period.
Financial Weekly TM

Gopal Snacks Limited Main Line IPO
Opens on 5th March & Closes on 7th March, 2024 ; Offer price Rs. 381 to 401
The FV of Equity shares Rs. 1 if it is converted to 10, the offer price will be Rs. 3810 to 4010
Low capacity utilization, EBITDA, EBITDA & Profit margins are lower than peers
Exports are limited, Totally OFS hence company will not receive any revenue from this offer
The company has registered steady growth in top-bottom lines for the last three financial years
If we annualized earnings of H1FY24, It is not in line with previous year
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 1999, Gopal Snacks Limited is an FMCG company that deals in ethnic and Western snacks, and other
products in India and internationally. The company offers a variety of snack products including ethnic snacks like
namkeen and gathiya, as well as western snacks such as wafers, extruded snacks, and snack pellets. They also
provide fast-moving consumer goods such as papad, spices, gram flour or besan, noodles, rusk, and soan papdi. As of
November 2023, the company had 276 SKUs along with 84 products from different categories, catering to various tastes
and preferences. As of September 2023, the company has sold its products to over 523 locations across 10 states and
two Union Territories. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Issue Opens on 5th March & Closes on 7th March 2024 Total Revenue 1128.86 1352.16 1394.65 676.19
• Object of the Issue : The Company will not receive any proceeds Profit After Tax 21.12 41.54 112.37 55.56
From the Offer and all the Offer Proceeds will be EPS 1.70 3.33 9.02 4.46
received by the Selling Shareholders, in proportion to the Offered RONW (%) 15.56 23.38 38.63 16.05
Shares sold by the respective Selling Shareholders as part of the Offer.
• Total Issue Size : 1,62,09,476 Shares • FV Rs. 1 • Offer price Rs. 381 to 401
• Lot Size : 37 Share • Listing on : BSE & NSE • Industry Peer Group PE Ratio : 121.27
• BRLM : Intensive Fiscal Services, Axis Capital, Jm Financial • Registrar : Link Intime India
• Promoter : Bipinbhai V. Hadvani, Dakshaben Bipinbhai Hadvani and Gopal Agriproducts
• Market Cap : Rs 4996.64 Cr. • Pre Issue Promoter Holding : 95.50%
• Pre IPO : P/BV Ratio 14.43 (NAV : 27.78) • Post Issue : P/BV Ratio : 14.43 (NAV : 27.78)
• BRLM’s Performance : This is 83rd Issue from BRLM in Last 3 Years. In last 82 Listing : 58 Issued opened with
premium and 24 Issue with Discount.
• The average cost of acquisition of equity shares by the selling shareholders is Rs. 158.22 per share. While the offer
price is Rs. 401 per share.
• It has also issued bonus shares in the ratio of 10:1 in January 2023. Before the company filed the DRHP.
• Apart from initial issue at par, it has also issued further equity shares Rs. 100 to 110 from January 10 to March 12
• The face value of equity shares is Rs. 1, if it is converted in to Rs. 10, then offer price will be Rs. 3810 to Rs. 4010
Per Share.
• The offer comprises on offer for sale aggregating Rs. 650 cr. and company will not receive any proceeds form this
offer.
• Its Manufacturing facilities are under - utilized and it is declined from 40.08% in FY21 to 27.56% in FY23.
• The Average shelf life of products is 3 months to 6 months.
• The company has received eight notices under relevant provisions of the Food Safety and Standards Act, 2006 for
substandard and misleading advertisement.
• Sales are concentrated in the main market of Gujarat and its revenue share is 76.49 percent.
• Export of products is minimal.
• Its EBITDA, EBITDA Margins, PAT & PAT Margins are lower than Bikaji Food.
Recommendation : - The Company has posted steady growth in top line & bottom line in
the last 3 financial years. However if we annualized H1FY24 earnings, it is not in line with
previous years. On valuation front considering P/BV of 14.43 & PE 44.46, Issue appears fully
pried. Investors may consider to apply for long term.
Financial Weekly TM

M.V.K. Agro Food Product Ltd NSE SME IPO
Opened 29th Feb & Closes on 4th March 2024 ; Offer Price Rs 120
It has posted inconsistent financial performance during the period indicated
Considering all the parameters on the valuation front, Issue appears exorbitantly price
Investors should stay away from these highly leveraged and expensive issues
Incorporated in February 2018, MVK Agro Food Product Limited is a manufacturer of integrated sugar
and other related products. The company has a licensed crushing capacity of 2,500 TCD and sells its by-
products, Molasses, Bagasse, and Pressmud. The company operates a zero-waste manufacturing facil-
ity. Waste generated is either sold or used to generate power. The company's manufacturing facility is
located in Nanded District, Maharashtra. As of September 2023, the company has 160 employees across
various departments.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Issue Opened on 29th Feb. & Closes on 4th March 2024 Total Revenue 25.83 132.64 93.94 60.44
• Object of the issue : Setting up a greenfield unit in Nanded, Profit After Tax 1.40 3.20 3.77 4.30
Maharashtra for (i) manufacturing Ethanol and (ii) generation EPS 1.67 3.20 3.77 4.30
RONW (%) 35.48 39.96 32.85 27.70
and bottling of Bio-CNG and Fertilizer 5,238.17 and
General corporate purposes
• Issue Size : 54,90,000 Shares ; Rs 65.88 Cr • Face Value Rs. 10 • Offer price Rs. 120
• BRLM : Horizon Management Private Limited • Registrar : Mas Services Limited
• Management : Marotrao Vyankatrao Kawale, Sagarbai Marotrao Kawale, Ganeshrao Vyankatrao Kawale,
Kishanrao Vyankatarao Kawale and Sandip Marotrao Kawale
• Pre Issue Promoter Holding : 100% • Post Issue holding : 64.56%
• Pre IPO Equity Capital Rs. 10.00Cr. • Post IPO Equity Capital Rs. 15.49 Cr.
• Pre IPO P/BV Ratio 3.40 (NAV : 35.35) • Post Issue : P/BV Ratio : 2.22 (NAV : 53.94)
• Post IPO asking P/E on fully diluted equity : 31.79
• Market Cap : Rs. 185.88 Cr. • Industry peer group PE Ratio : 18.81
• BRLM’s Performance : This is 3rd Issue from BRLM in Current years. In last 2 Listing : 1 Issued opened
with Discount & 1 Issue Opened with at par.
• Average cost of acquisition of equity shares by the promoters of the company is Rs. 2.71, Rs. 5.66, Rs.
7.25 and Rs. 9.95 while the offer price is Rs. 120 per share has been fixed.
• Company had issued bonus shares in the ratio of 1:1 in Dec 2023 before filing the claim.
• Company has less experience in Ethanol and Bio CNG as well as Fertilizers.
• The company is yet to place 100 percent order for plant and machinery.
• Company's business is seasonal.
• Company faces competition from small and big players.
• A company requires significant amount of needs working capital
• Past cash flows are negative.
Recommendation : - Established in February 2018, this company is engaged in the pro-
duction of agro food, sugar and related products. The company has recorded volatile finan-
cial performance in the last 3 and H1FY24. On the valuation front, Considering P/BV of 2.22
& PE 21.62, Issue appears exorbitantly priced compared to peer group average PE ratio of
18.81, Only high risk taking investors may apply, others may avoid this expensive issue with
very high debt / equity ratio.
Financial Weekly TM

V R Infraspace Limited NSE SME IPO
Opens on 4th March & Closes on 6th March 2024; Offer Price Rs 85
The company has recorded steady growth in the last 3 financial years
The sudden three-fold jump in FY23 bottom line is surprising
Annualized results of H1FY24 indicates decline in top/bottom lines
On the valuation front, the issue appears to be fully priced considering all the parameters
Risk taking Invesotrs may apply for long term
Incorporated in December 2015, V R Infraspace Limited is a real estate development company primarily
focused on constructing and developing residential and commercial projects in and around Vadodara, Gujarat.
The company's registered office is situated at Vadodara, Gujarat, India As of August 31st, 2023, the com-
pany has 9 employees at the construction site and registered office, including key management personnel.
Issue Details
• Issue Opened on 4th March & Closes on 6th March 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Object of the issue : Investment into our subsidiary Total Revenue 13.49 13.88 18.76 7.32
namely M/s Narnarayan Enterprise, To Meet Working Profit After Tax 0.72 0.80 2.62 0.90
Capital Requirement,. General Corporate Purpose and EPS 1.11 1.23 4.05 1.38
RONW (%) 8.28 8.40 21.66 6.94
To Meet the Issue Expenses
• Issue Size : 24,00,000 Shares ; Rs 20.40 Cr • Face Value Rs. 10 • Offer price Rs. 85
• BRLM : Beeline Capital Advisors Pvt Ltd • Registrar : Link Intime India Private Ltd
• Company Management : Mr. Vipul Devchand Rupareliya and Mrs. Sumitaben Vipulbhai R
• Pre Issue Promoter Holding : 100% • Post Issue holding : 72.97%
• Pre IPO Equity Capital Rs. 6.48 Cr. • Post IPO Equity Capital Rs. 8.88 Cr.
• BRLM’s Performance : This is 31st Issue from BRLM in last 3 years. In last 30 Listing : 28 Issued opened
with premium & 2 Issue Discount.
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 9.90 and Rs. 10
while the offer price is Rs. 85 per share.
• In July 2020, the company issued bonus shares in the ratio of 19:1.
• Apart from initial equity capital it has issued further equity shares as a Right issue at Rs. 116 ion June
2014.
• The post IPO equity capital is only 8.88 crores so it may take a long time for the company to migrate to the
main board.
• The past cash flow of the company has been negative. o The company has some operating risks.
• It is a capital and labor intensive industry. o The outstanding debt of the company is Rs. 9.72 crores is as
high
• The company faces competition from organized and unorganized players.
• In the past, the company has repeatedly delayed the filing of statutory documents.
Recommendation : - The Company has recorded steady growth in the last three financial
years. However the sudden three-fold jump in the bottom line of FY23 is surprising. Annual-
ized earnings for H1FY24 have seen a decline in its top-bottom line. On the valuation front,
the issue seems fully priced at P/BV 2.27 and PE 42.08. Risk Taking Investors may apply for
long term.
Financial Weekly TM

Sona Machinery Limited NSE SME IPO
Opens on 5th March & Closes on 7th March 2024 ; Offer Price Rs 136 to 143
Exponential growth in Top and Bottom lines of all three fiscals raises eyebrows
On valuation front issue looks fully priced
Company operates in highly competitive segment and its business is seasonal
Investors may apply in this IPO for Midterm
Sona Machinery Limited, founded in 2001, manufactures machinery for agricultural processing. Sona Machinery's
service offering includes engineering, installation, supervision and machine commissioning, providing a complete solu-
tion for the milling sector, ranging from grain unloading and milling to pre-crushing for ethanol distilleries and from paddy
unloading to rice packing for the rice milling industry. As of September 30, 2023, the company employed over 390
employees, including semi-skilled workers at various levels of the organization.
Issue Details Financial Performance : Consolidated Basis
• Issue Opened on 5th March & Closes on 7th March 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 8MFY24
• Object of the issue : Funding the Capital Expenditure requirements Total Revenue 6.04 44.52 80.97 62.75
of the company towards setting up a new manufacturing unit at Profit After Tax 0.28 3.26 7.68 6.48
Ghaziabad. General Corporate Purpose EPS 0.28 3.23 7.61 6.41
• Issue Size : 36,24,000 Shares ; Rs 51.82 Cr • FV Rs. 10 RONW (%) 74.14 89.70 67.86 36.39
• Offer price Rs. 136 to 143
• BRLM : Hem Securities Limited • Registrar : Maashitla Securities Private Limited
• Company Management : Mr. Vasu Naren and Ms. Shweta Baisla
• Market Cap : Rs. 196.25 Cr. • Pre Issue Promoter Holding : 100%

• Average cost of acquisition of Promoters is in the range of 0 - 0.03 while the issue price band is Rs. 136 - 143 per
share.
• Company has increased its Authorized Share Capital from ? 10.00 Lakhs to ? 1,500.00 Lakhs recently in September
2023.
• Company has also issued Bonus Issue in the ratio of 100:1 in September, 2023.
• Company was incorporated in on February 12, 2019 as a private limited company and started its business operation
in January, 2021 by purchasing the fixed assets and stock from "M/s Sona Foods India", which is a proprietorship
company of Narender Kumar, father of the promoter, Vasu Naren.
• Company operates in agricultural sector which is seasonal in nature due to which it experiences fluctuations in its
financials.
• Registered office, manufacturing unit and warehouse are not owned by the company, they are on lease and even the
trademark of the company is not registered.
• Company generates majority of its from sales of material handling, milling, cleaning and grading Equipments which is
highly competitive segment.
• Company has registered negative operating cashflows in past.
• Capacity utilization of its manufacturing facilities stands at 67.19% in Fy23 and 76.25% in November 30, 2023.
• Company total debt stands at ? 112.94 lakhs as on November 30, 2023.
Recommendation :- Company has posted exponentially growing financials with almost
13-fold and 7-fold jump in Top lines of Fy23 and Fy22 respectively and 27x jump and 15x
jump in Bottom lines of Fy23 and Fy22 respectively when compared with Fy21 which raises
eyebrows and looks unlikely to sustain going further. If we annualize 8MFy24 figures then it
will be ahead of Fy23 figures. On valuation front P/Bv comes to 2.82 on NAV 50.73 of and PE
is 20.19 so, issue appears fully priced. Company faces very high competition from orga-
nized as well as unorganized players. Investors may apply in this IPO for mid term period.
Financial Weekly TM

Pune E-Stock Broking Limited BSE SME IPO
Opens on 7th March & Closes on 12th March 2024 ; Offer Price Rs 78 to 83
Inconsistent financial performance with setback in Top and Bottom lines in FY23
On valuation front considering the super earnings of H1FY24 issue looks fairly priced
Company operates in highly competitive segment
Investors may apply for short term rewards or listing gains
Incorporated in 2007, Pune E-Stock Broking Limited (PESB) is a corporate broking house. The com-
pany offers : Client Broking, Depository facility, Mutual funds, Corporate Deposits, Currency trading ser-
vices, The company offers its services via its web-based trading platform Aero and its mobile trading app.
Users can manage their investments, keep up to date with market trends and make trades on the go.
Issue Details
• Issue Opened on 7th March & Closes on 12th March 2024 Financial Performance : Consolidated Basis
• Object of the issue : To meet working capital requirements; Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
Total Revenue 34.75 46.66 41.03 30.11
and General Corporate Purpose.
Profit After Tax 6.50 10.12 9.65 6.11
• Issue Size : 46,06,400 Shares ; Rs 38.23 Cr EPS 5.69 8.35 8.16 5.43
• FV Rs. 10 • Offer price Rs. 78 to 83 RONW (%) 11.20 14.98 12.60 7.39
• BRLM : Share India Capital Services • Registrar : Bigshare Services Pvt Ltd
• Management : Mr. Vrajesh Krishnakumar Shah, Mr. Devendra Ramchandra Ghodnadikar, Mr. Vrajesh
Navnitbhai Shah, Mr. Sandip Sunderlal Shah, and Mr. Paresh Sunderlal Shah
• Pre Issue Promoter Holding : 72.75% • Post Issue holding : 51.34%
• Pre IPO P/BV Ratio : 1.10 (NAV : 74.79)
• Average cost of acquisition of Promoters is in the range of 6.67 - 21.24 while the issue price band is Rs.
78 - 83 per share.
• Apart from allotting equity at par company has allocated shares in the private placement at price of Rs.
33.7 in February 2016 and the issue price band is Rs. 78 - 83 per share.
• Company has allotted Bonus shares in ratio of 1:2 in September 2023.
• Company's EPS and RONW are very low compared to its peer group companies.
• Company has reported negative cash & cash equivalent generated in FY23 and FY21.
• Company has been penalized in past for not complying with regulations by the Stock Exchanges /SEBI.
The exchange levied the total monetary penalty of Rs. 1,85,000/- for observed violations in the letter
dated 31st July, 2023.
• SEBI has Suspended the certificate of registration of the Group Company of Pune E-Stock broking ltd.
i.e. Pune E Commodities Broking Private Ltd.
• Company's branch offices are on lease.
• Company has Rs. 4174.67 lakhs worth of contingent liabilities.
Recommendation :- Company has posted setback in Revenue and Pat of FY23 compared
to Fy22 and FY21. If we annualize H1FY24 then company has reported turnaround com-
pared positions to FY23. On valuation front P/BV comes to 1.10 on NAV 74.79 of and PE is
11.79 while the industry average is 17.90 so, issue appears fairly priced. Company faces
competition from many listed as well as unlisted broking houses. Investors may apply for
short term rewards or listing gains.
Financial Weekly TM

Affordable Robotic & Automation Ltd Rights Issue
Openes on 26th Feb. & Closes on 7th March; Offer price Rs. 450
BSE Code : 541402 (FV Rs 10) • CMP : 501 (26-2-24) • 52WH : 851.04 / L : 290.58
The company has reported unstable financial performance during the period indicated
The company has reported losses in FY21 and H1FY24: In addition,
There has been a setback in FY23 bottom line.
So far the company has not declared any dividend:
The rights offer is at an 11% discount compared to the CMP
Considering poor performance; share holders may avoid this risky bet
Affordable Robotic & Automation Limited was founded in 2010 and programs and automates
the functions of machines used in the manufacturing process of the automotive industry. The
company's product list includes one-stop parking solutions, industrial automation and warehouse
automation solutions. Affordable Robotic & Automation's assembly plant is located in Pune,
Maharashtra, and covers an area of 13,646 square meters. As of September 30, 2023, the com-
pany had 331 employees. Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY 21 FY 22 FY 23 H1F Y 24
Issue Details
Total Revenue 56.28 81.23 114.00 42.89
• Issue Opened on 26th Feb. & Closes on 7th March 2024 Profit After Tax -(3.53) 2.37 2.16 -(6.79)
• Object of the Issue : Investment in Material Subsidiary i.e., ARAPL RaaS Private Limited for
augmenting the working capital requirement; and To augment the existing and incremental work-
ing capital requirement of the company.
• Issue Size : 10,66,666 • Shares ; Rs 48.00 Cr • Face Value Rs. 10
• Issue Price : Rs. 450 per Share • Market Lot : 1 per Share • Listing on : BSE
• Terms of payment : The entire amount of the Issue Price of Rs 450/- per Rights Equity Share shall
be payable at the time of Application.
• Entitlement : 46 Rights Equity Share(s) for every 439 fully paid-up Equity Shares held on Record
Date : 12-2-2024 • Deemed Date of Allotment : 15-3-2024
• Lead Manager : Saffron Capital Advisors Private Limited, PhillipCapital India Pvt Ltd.
• Registrar : Cameo Corporate Services Limited
• Pre IPO Equity Capital Rs. 10.18 Cr. • Post IPO Capital Rs. 11.25 Cr.
• Cum Right basis at Rs. 533.40 (9-2-24) ; • ex Right basis at Rs. 518 (12-2-2024)
• Since then, It has marked a high/low of Rs. 523.85/ Rs.492.25;
• It last closed at Rs. 508.40 (23-2-2024)
• 52 Weeks high / Low of Rs. 851.04/ Rs. 290.58
Recommendation :- The company entered the market with its first IPO in 2018. The com-
pany has recorded volatile growth in financial performance during the period indicated. The
company reported losses in FY21 and H1FY24. So far the company has not declared a single
dividend. Considering the company's very poor financial performance and all parameters, it
would be imperative for shareholders to stay away from this risky rights issue.
Financial Weekly TM

Dipna Pharmachem Ltd. Rights Issue
Openes on 26th Feb. & Closes on 7th March; Offer price Rs. 10
BSE Code : 543594 (FV Rs 10) • CMP : 12.20 (26-2-24) • 52WH : 24.13 / L : 8.22
It has posted consistent growth in top line but set back in Bottom line in FY24 and H1FY24
This rights offer is at a 22 percent discount compared to the year: Dividend not on the list
Considering all the parameters,
It would be imperative for shareholders to stay away from this rights offer.
Incorporated in 2011, Dipna Pharmachem Limited (DPL) is an India-based company that trades,
imports, and exports industrial chemical and pharmaceutical raw materials.These include active
pharmaceutical ingredients (APIs), excipients, and chemical formulation products. The company
exports its products globally. Dipna Pharmachem Limited offers import and export services to cus-
tomers worldwide.
Particulars (Rs. Cr.) FY 21 FY 22 FY 23 H1F Y 24
Issue Details Total Revenue 31.02 72.77 99.93 74.18
Profit After Tax 0.02 1.17 0.91 0.05
• Issue Opened on 26th Feb. & Closes on 7th March 2024
• Issue Size : 1,29,67,500 Shares
Rs 12.97 Cr
• Face Value Rs. 10 • Issue Price : Rs. 10 per Share • Market Lot : 1 per Share
• Listing on : BSE • Entitlement : 13 Rights Equity Share(s) for every 12 fully paid-up Equity Shares
held on Record Date : 12-2-2024 • Registrar : Bigshare Services Pvt Ltd
• Pre IPO Equity Capital Rs. 11.97 Cr. • Post IPO Capital Rs. 24.94 Cr.
• Cum Right basis at Rs. 15.22 (9-2-2024) ; • ex Right basis at Rs. 12.52 (12-2-2024)
• Since then, It has marked a high/low of Rs. 14.53/ Rs.11.90;
• It last closed at Rs. 13 (23-2-2024)
• 52 Weeks high / Low of Rs. 24.13/ Rs. 8.22
Recommendation : - Company has recorded growth in top lines but setback in bottom-
line of FY21 and H1FY24. Prompter's holding has decreased from 66.56 percent to 57.19
percent. So far the company has not declared any dividend. This rights offer is at a 22 per-
cent discount compared to the current one. Shareholders all parameters risk taking share-
holders may consider to apply.
Financial Weekly TM

Smart Best Buy S. N. Zaveri
MCX : UBS maintains Buy rating with upward target
Ethos : Profit up 23%, EBITDA up 29%
Affle India : Eyeing Rs.1800 crore revenue
KPR Mills : Garments Brownfield expansion will benefit
ACC Ltd : Expansion will continue to improve
MCX (Rs 3819.00) : Shares of Multi Commodity Exchange of India Ltd. (MCX), which have
rallied 135% in the last six months, gained another 2% in Monday's trade after global broking firm
UBS said the rally is not over yet. UBS has maintained a 'Buy' rating on the MCX stock and also
revised its target price to Rs 4,300 from Rs 3,000 per share earlier, citing strong growth to flow into
profitability in the current quarter. The revised target implies a potential upside of nearly 10% from
Friday's closing levels. The brokerage said that MCX's new product launches will be a key driver
for near to medium-term growth. Volatility will support both volume and realisation for options, UBS
said in its latest note to clients. The brokerage also expects compounded earnings of 20% in FY24
to FY26, which is adjusted for one-offs in FY24. Buy.
Ethos (Rs 2577.00) : Ethos has reprted much better Q3 numbers. Its net sales was Rs
281.22 crore in December 2023 up 22.44% from Rs. 229.68 crore in December 2022. Net profit
was at Rs. 25.52 crore, up 23.51% from Rs. 20.66 crore. EBITDA stands at Rs. 50.77 crore, up
28.5% from Rs. 39.51 crore. Ethos EPS has increased to Rs. 10.84 from Rs. 9.54. Ethos is the
largest luxury and premium watch retailer in India, which delivers luxury watches through websites,
social media platforms and physical stores. It operates on an omnichannel model and allows cus-
tomers to order products either offline or online. The company's watch portfolio has 50 premium
brands including Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie,
Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil,
Louis Moinet and Balmain. The company has over 50 physical retail stores in 17 cities in India.
Mukul Agrawal owns 6,40,000 equity shares and Singhania's Abakkus Growth Fund-II continued
to hold 3,02,663 equity shares of the company. Buy.
Affle India (Rs 1115.00) : In Q3 FY24, Affle India Ltd. posted revenue of Rs 499 crore,
registering a growth of 15.6% on a QoQ basis and 32.6% on a YoY basis. Its consolidated Ebitda
for the quarter grew by 10.9% QoQ to Rs 97 crore, led by the sharp recovery in the International
business. However, the company’s Ebitda margins declined by 120 basis points QoQ to 19.4%. It
Cont...
Financial Weekly TM

reported a net income of Rs 77 crore, up 15% QoQ. From a long-term perspective, we believe Affle
India has strong device and client additions. We also believe that the company has superior pen-
etration in the International business and strong revenue growth potential going ahead. CEO of
Affle (India), shared optimistic financial projections for the global technology solutions firm, aiming
to surpass Rs 1,800 crore in revenues by April 2024. Acquisition of YouAppi significantly bolstered
Affle's growth. YouAppi was profitable at the time of purchase, and has contributed 15% to Affle's
quarter-on-quarter (QoQ) revenue increase. Buy.
KPR Mills (Rs 774.00) : KPR Mill Ltd.'s revenue fell 13% YoY and 18% QoQ to Rs 12.4
billion, 11% lower than our estimate, as revenue in the Textiles/Sugar & Ethanol division fell 13%/
16% YoY and 10%/43% QoQ, respectively. ADVERTISEMENT Gross margin expanded 734 ba-
sis points YoY and 817 bps QoQ to 46.8%, boosted by soft raw material prices. Ebitda rose by
mere 1% YoY and fell 8.9% QoQ to Rs 2.7 billion. Company has started the garments brownfield
expansion which will increase the total capacity to 177 million pieces. Near term, KPR expects to
focus on investments in the textiles division, given the uncertainty and restrictions imposed on the
use of sugar syrup/juice for ethanol. Buy.
ACC Ltd (Rs 2696.00) : ACC reported a standalone net profit at Rs 527.48 crore in Q3FY24,
surged 377.57 per cent on a year-on-year basis (YoY), as against Rs 110.45 crore in the same
period last fiscal. Revenue inched up 7.44 per cent to Rs 4,918.34 crore. Ebitda surged 140 per
cent to Rs 903.2 crore with margins coming in at improved 18.4 per cent. ACC has performed
consistently over the last five quarters. Ebitda per ton grew by 105 per cent YoY to Rs 1,015 in
3QFY24 from Rs 498 in 3QFY23. The cost levers of raw material sourcing, network optimization,
sourcing of renewable energy and WHRS capacity expansion will continue to improve over the
coming quarters but at a gradual pace, said Nirmal Bang Institutional Equities. Buy.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
1st March, 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

Thinkink Picturez Ltd : BSE - 539310, CMP - Rs. 73.6
SocieteGenerale Fund and Bank of America
Securities Europe SA Pick Stake in ThinkInk Picturez Ltd.
In a series of strategic moves, ThinkInk Picturez Ltd. (BSE: Corporate
THINKINK) has positioned itself for exponential growth.
Renowned financial giants Bank of America (BofA) Securities SCAN
Europe SA and Societe Generale Fund have acquired stakes in
ThinkInk Picturez Ltd. BofA acquired 307,654 shares at Rs. 78.84,
while Societe Generale acquired 300,837 shares at Rs. 78.65, as
per bulk deal data available on BSE.
ThinkInk has expanded its footprint internationally with the acqui-
sition of Think Star Entertainment Technology LLC and secured a
substantial contract for Korean Drama content production worth over
20 Million Dirham (approximately INR 45 crores). This move not
only diversifies the company's revenue streams but also positions it as a key player in the
global entertainment market.
In a move to reward shareholders and enhance investor confidence, ThinkInk recently
announced that its board will meet to consider Split, Bonus, and Dividend of Rs. 3 per share,
subject to necessary approvals. The company's growth is attributed to the company's suc-
cessful track record, strategic partnerships, and expanding portfolio of high-impact projects.
ThinkInk Picturez Ltd. demonstrates consistent revenue growth, prudent financial man-
agement, and a diversified portfolio of projects spanning film, television, and web content.
The recent influx of foreign investments and international expansion further solidify the
company's position in the entertainment industry.
Over the past fiscal year, ThinkInk has witnessed impressive financial growth, with rev-
enues climbing to new heights and profitability soaring. The company's expansion into inter-
national markets and securing lucrative contracts are poised to drive revenue growth and
bolster shareholder value in the coming years.
ThinkInkPicturezLtd. Is led by strategic initiatives and robust financial performance. As
the company continues to expand its presence, it looks to deliver captivating content to
audiences worldwide.
***
Financial Weekly TM

Dalal Street Whispers Dilip K. Shah
Yes Bank (Rs 24.00) :- Paytm has likely signed a deal to move its merchant accounts to
Yes Bank. Paytm has also likely applied for a third-party application provider licence from NPCI
with Yes Bank and Axis Bank, the report said.
L&T (Rs 3634.00) :- L&T has commissioned its first hydrogen electrolyser at the green
hydrogen plant at Hazira, Gujarat.
Tata Group stocks :- The Union Cabinet has approved Rs 1.26 trillion worth of invest-
ments in three semiconductor plants, including a Tata group proposal to build the country's first
major chip fabrication facility at Dholera in Gujarat.It also cleared a separate Tata proposal for a
chip assembly plant in Morigaon, Assam.
CG Power And Industrial Solutions (Rs 464.00) :- CG Power and Industrial

Solutions is investing Rs 7,600 crore to set up a semiconductor unit in Gujarat in partnership with
Renesas Electronics Corp.
Tips Industries (Rs 507.00) :- Warner Music has announced it has expanded its agree-
ment with Tips Industries. The new deal will now see Warner Music take on the commercial and
distribution responsibilities for all Tips Music's frontline and catalogue music on all audio stream-
ing apps.
Bharti Airtel (Rs 1128.00) :- Bharti Airtel has set a target of achieving a Rs 300 average
revenue per user (ARPU) by the end of the fiscal year 2024-25 (FY25), he told CNBC-TV18. He
also said users will not pay anything extra for 5G.
Suven Pharma (Rs 690.00) :- Suven Pharma has approved the amalgamation scheme
of Cohance Lifesciences with Suven, creating one of India's largest integrated contract develop-
ment and manufacturing organisation (CDMO) players.
Biocon (Rs 273.00) :- Biocon's arm , Biocon Biologics has signed a settlement and li-
cense agreement with Janssen Biotech Inc, and Johnson & Johnson (collectively Janssen) that
clears the path to commercialise Bmab 1200, a proposed biosimilar to Stelara in the US.
Cont.....
Financial Weekly TM

RIL, ONGC, Oil India :- The government hiked its windfall tax on petroleum crude to Rs
4,600 per ton from Rs 3,300 with effect from March 1. Windfall tax on diesel has been cut to zero
from 1.50 per litre.
Dilip Buildcon (Rs 457.00) :- Dilip Buildcon's unit has won an order worth Rs 1,955
crore from the NHAI.
Avantel (Rs 112.00) :- Avantel has bagged an order worth Rs 5.48 crore from Garden
Reach Shipbuilders.
Adani Enterprises (Rs 3317.00) :- Adani Enterprises has divested its 100 percent
stake in subsidiary Vizag Tech Park to Adani Infrastructure and Developers for Rs 150.81 crore.
With this, Vizag Tech Park has ceased to be a subsidiary of the company.
Godrej Industries (Rs 810.00) :- Godrej Industries has increased its stake in subsid-
iary Godrej Capital to 89.48 percent, up from 87.23 percent earlier. It has bought the said 2.25
percent stake from June 2023 to February 2024. Godrej Capital is a core investment company that
holds equity shares of Godrej Housing Finance and Godrej Finance.
TVS Motor Company (Rs 2242.00) :- TVS Motor's Subsidiary TVS Motor (Singapore)
Pte Ltd. has paid 2 million euros and initiated the acquisition of 8,000 equity shares in Killwatt
GmbH. Post-acquisition, the shareholding of TVS Motor (Singapore) in Killwatt GmbH will be in-
creased from 39.28 percent to 49 percent via newly issued shares of Killwatt GmbH.
MOIL (Rs 273.00) :- MOIL has raised the prices of ferro grades with manganese content
below Mn-44 percent by 5 percent on the prevailing prices, with effect from March 1 to March 2024.
Lemon Tree Hotels (Rs 141.00) :- Lemon Tree Hotels has opened Lemon Tree
Resort, Kumbhalgarh, in Rajasthan. This is the seventh property in Rajasthan under the company's
umbrella.
Chalet Hotels (Rs 797.00) :- Chalet Hotels has received approval from the Board of
Directors for the acquisition of partners' shares in Ayushi and Poonam Estates LLP for Rs 315
crore. Ayushi & Poonam Estates is the owning entity of Courtyard by Marriott, Aravalli, in the Na-
tional Capital Region.

Cont.....
Financial Weekly TM

HCL Technologies (Rs 1644.00) :- HCL Tech has launched FlexSpace 5G, an ad-
vanced digital workplace experience-as-a-service that boosts efficiency and security for global
businesses.
Craftsman Automation (Rs 4280.00) :- Craftsman Automation will commence the

commercial operations of its new plant at Sriperumbudur, with effect from March 1.
Reliance Industries (Rs 2986.00) :- Viacom 18 Media and The Walt Disney Com-
pany have signed binding definitive agreements to form a joint venture (JV) that will combine the
businesses of Viacom 18 and Star India. Reliance has agreed to invest Rs 11,500 crore in the JV
for its growth strategy. The transaction values the JV at Rs 70,352 crore ($8.5 billion) on a post-
money basis, excluding synergies. After completion of this deal, Reliance will hold a 16.34% stake
in the joint venture, Viacom 46.82%, and Disney will hold 36.84%. Nita Mukesh Ambani will be the
chairperson of the JV, with Uday Shankar as vice-chairperson.
Coal India (Rs 446.00) :- Coal India has signed a joint venture agreement (JVA) with
BHEL to undertake the coal-to-chemicals business. Initially, they will set up a coal-to-2,000-TPD
ammonium nitrate plant using BHEL's in-house-developed PFBG (pressurised fluidised bed gas-
ification) technology. Coal India will hold a 51% stake, and the remaining 49% stake will be owned
by BHEL.
PB Fintech (Rs 1116.00) :- The Insurance Regulatory and Development Authority of

India (IRDAI) has granted a Certificate of Registration to Policybazaar Insurance Brokers
(Policybazaar), a wholly owned subsidiary of PB Fintech, to act as a composite insurance broker
with effect from February 28. With this, the category of Policybazaar has been changed from Direct
Insurance Broker (Life & General) to Composite Insurance Broker.
NTPC (Rs 343.00) :- NTPC Green Energy, a wholly owned subsidiary of NTPC, has
signed a joint venture agreement with Maharashtra State Power Generation Company
(MAHAGENCO) for the development of renewable energy parks in Maharashtra. The joint venture
will develop GW-scale renewable energy parks and undertake projects of this scale in a phased
manner.
Cont.....
Financial Weekly TM

JSW Steel (Rs 835.00) :- JSW Steel has incorporated a new wholly-owned subsidiary,
JSW Green Steel, in Mumbai.
Cyient (Rs 2035.00) :- Cyeint has incorporated its wholly owned subsidiary, Cyient Glo-
bal Captive Solutions, to carry on the business of providing manpower placement.
Oil India (Rs 589.00) :- The board meeting of Oil India will be held on March 8 to consider
the second interim dividend for the financial year 2023-24, if any.
Venus Pipes & Tubes (Rs 1911.00) :- Venus Pipes and Tubes has announced its
foray into the fittings business and capacity expansion for seamless and welded pipes and tubes.
The company will be spending Rs 175 crore for the next phase of growth.
Punjab & Sind Bank (Rs 64.00) :- Punjab and Sind Bank has received approval from
the board of directors to raise capital up to Rs 2,000 crore through public issue, rights issue, quali-
fied institutional placement(s), preferred issue, or any other mode in one or more tranches within a
period of 12 months.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
1st March, 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
Buy or Sell, Confused ?

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Financial Weekly TM

Public sector stocks to watch
Col Ajayastromoneyguru
Mobile 9414056705
As per Col Ajay CEO of www.ajayastromoneyguru.com Ninth week of calendar year 2024
is represented by planet known as Mars and year 2024 represented by planet known as
Saturn.
This week Mars and Venus an are making conjunction in Saturn house.
Right now Sun, Saturn and Mercury are in Saturn house.
As per Astro Economics this combination may lead mixed result in global stock market.
Our advance prediction for weakness in banking stocks previous week proved correct.
Around 3% weakness was seen in bank nifty and major banking stocks as per advance alert
giving in previous week .Hope readers must have enjoyed big profit base on unique system
of Analysis.
This week keep eyes on public sector stocks .keep eyes on SCI, NHPC and REC for
investment.
We happy to inform that we are conducting online financial astrology course, interested
person can talk to us.
As per Astro Economics this is time for patience and profit booking expected.
The above recommendations are purely for research purpose, take advice for your finan-
cial advisor for taking any financial decision.\

Financial Weekly TM

Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com
Nifty Predictions ; 4-3-2024 to 8-3-2024
" 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.
04-03-2024 Monday :- " 9.15 to 11.40 Nifty remained soft overall. " Up jump occurs
between 11.40 to 12.20. " 12.20 to 13.40 Nifty once again caught a soft trend. " 13.40 to 14.15 Nifty
comes up. " Selling pressure may come after 14.15.
05-03-2024 Tuesday :- " Let's go with the idea of speculation today, which is high-risk -
high-gain. " Sell Nifty around 9.50, exit around 10.30. " Buy around 11.20 and count fast exit.
(Which may be around 12.12.) " Sell around 14.00 and if you get 2 rupees then fast exit intraday.
06-03-2024 Wednesday :- " First 30 minutes stay near surface or light up side. " Profit
booking comes in Nifty from 9.45 to 11.15. " 11.15 to 14.30 Nifty overall view is positive for this slot,
but volatility will be seen solid. " Last one hour again profit booking comes.
07-03-2024 Thursday :- " There is a holiday in the market trading for the next 3 days, so
don't take any risk to buy any stock. " Today is not a day to hold much hope. " Nifty remains up from
9.15 to 10.05. " From 10.05 to 11.25 the previous slot will come down as much as it is up. " 11.25
to 13.25 Nifty time pass. " Nifty remains up from 13.25 to 14.00. " Nifty remains down from 14.00 to
15.15. " Last 15 minutes can be nifty in slight recovery mode.
08-03-2024 Friday :- " There will be a holiday in the market today.

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Only Financial Weekly Published in

Editor : Dilip K. Shah

Phone : 079 - 2657 66 39

3rd March 2024 to 9th March 2024 2

3rd March 2024 to 9th March 2024 3

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

FII ACTIVITY (Rs. in Cr.)

Click on our website : www.smartinvestment.in

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

According to the Indian Newspaper Society,

3rd March 2024 to 9th March 2024 6

:::: INDEX LEVELS ::::

3rd March 2024 to 9th March 2024 7

Mishtann Foods Ltd

3rd March 2024 to 9th March 2024 8

Kalpna J (Email- Kjtech79@gmail.com)

GLENMARK (Rs 930)

Glenmark was founded with a vision to emerge as a leading integrated research-based,

Rapid Fire Stocks

3rd March 2024 to 9th March 2024 9

Sun Pharma Advanced Research Company (SPARC) is a clinical stage bio-pharmaceuti-

3rd March 2024 to 9th March 2024 10

Hilton Metal Forging Limited

3rd March 2024 to 9th March 2024 11

The annual demand for forged wagon wheels is

3rd March 2024 to 9th March 2024 12

3rd March 2024 to 9th March 2024 13

3rd March 2024 to 9th March 2024 14

3rd March 2024 to 9th March 2024 15

3rd March 2024 to 9th March 2024 16

3rd March 2024 to 9th March 2024 17

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

3rd March 2024 to 9th March 2024 18

Download our app

3rd March 2024 to 9th March 2024 19

Performance Report - Mid-term / Long-term

Performance Report - Futures

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

JINDAL STEEL 603 592 614 2-4 days 1% 24/01/2023 25/01/2023 1

Average Return 1.2% Averge Hold. Period 1

Subscriber will receive recommendation through Telegram

3rd March 2024 to 9th March 2024 20

Smart School Article 64: Many Uses Of Charts (Part 11)

methods. The first method used here is Fibonacci retracement.

1) Fibonacci Retracement of Nifty to understand important supports and resistances. What we

Fibonacci retracement which has given us the following conclusion:

a) The probable top of Nifty seems to be near 23398.

immediate support for Nifty.

3rd March 2024 to 9th March 2024 21

spot Nifty near 24359.

tice the better accuracy you can achieve.

article is educational. Please do not consider this as a recommendation of any sorts.

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

3rd March 2024 to 9th March 2024 22

3rd March 2024 to 9th March 2024 23

Gold, Crypto currency & US averts shutdown

3rd March 2024 to 9th March 2024 24

English & Gujarati Edition Gujarati Edition

3rd March 2024 to 9th March 2024 25

3rd March 2024 to 9th March 2024 26

This are some stocks we received from our subscribers,

3rd March 2024 to 9th March 2024 27

Next week Nifty range should go between 21900 to 22550