Author: Sovrenn Financial Technologies Pvt. Ltd.

10th May 2024

Aditya Joshi, Co-founder and CEO

Akriti Swaroop, Co-founder and COO

SOVRENN TIMES

DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
 10th May 2024
IMPORTANT: How to use Sovrenn Times

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SOVRENN FRAMEWORK

Please look at the following parameters to assess any company for investment:

(1) Company type: Evergreen or Seasonal sector is preferable over Cyclical. This is because it is difficult
to predict upswing in Cyclical stocks.

(2) Profit uptrend: The revenue, operating profit and net profit should ideally be following an increasing
trajectory and company must not be loss making.

(3) PE: TTM PE or Trailing 12m Price to Earnings ratio should ideally be on the lower side of the sector
PE range, unless the growth prospects are compelling to justify a higher PE.

(4) Futuristic Sector: A futuristic sector (eg: Solar, Wind EV, Railways, Defence, 5G, Electrification, New
Age IT, etc.) enjoys sector tailwinds and usually has higher growth potential.

(5) HNI / Institutional / Promoter Buying: If a known HNI enters the Company by picking equity stake in
it, it can add to one’s conviction building. Similarly, promoters buying their company’s shares is
generally a positive signal of them demonstrating confidence in their business.

(6) Special Situation: If a company is raising funds through preferential issuance of shares to a select
group of investors, or through Rights issuance where all the current shareholders have the right to
buy additional shares in the company, it signals incoming cash into the company. This cash is
generally used for future growth and hence signals increased possibility of higher future profits.

(7) Future Information: If we have information about future growth drivers of a company, it can help build
conviction before making investment decisions. Examples of such events include: (a) capacity
expansion which indicates future increase in sales, (b) new product launches, (c) large orders, (d)
partnerships and agreements, (e) acquisitions, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 2

Please do your own due diligence before making any investment decisions.
 10th May 2024
Sovrenn Times Summary
1. EMS LIMITED
Filing: (ORDER) EMS is the lowest bidder (L-1) in the tender for Supply, Installation, Testing &
Commissioning of Infrastructure Works Loss Reduction on turnkey basis under “Revamped Reforms-
Linked Results-Based Distribution Sector Scheme, Circle Rural Dehradun. The estimated order value is
INR 148 Cr.
MCap: INR 2,318 Cr PE: 16.4x
Number of LinkedIn Employees: 83 Members.
Number of EPFO Employees: No Data found.
GSTR3B: Last filed Mar ‘24.
Client: Delhi Jal Board, Ghaziabad Development Authority, etc.

2. MAGELLANIC CLOUD LIMITED

Filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Mar-24 for Magellanic Cloud, Sales
up 19% YoY from INR 115 Cr in Mar-23 to INR 137 Cr in Mar-24. Similarly, Net Profit up 2.2x from INR
18 Cr to INR 39 Cr. On a QoQ basis, Sales up 5% and Net Profit up 70%.
MCap: 7,436 Cr PE: 72.2x
Number of LinkedIn Employees: 98 Members
Number of EPFO Employees: 118 as per Mar ‘24 data.
GSTR3B: Last filed Mar ‘24.
Company’s Subsidiary has received design and specification license i.e. type certification from
Directorate General of Civil Aviation for Cargo and Logistic Drones.
3. NUVAMA WEALTH MANAGEMENT LIMITED
Filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Mar-24 for Nuvama Wealth
Management, Sales up 51% YoY from INR 613 Cr in Mar-23 to INR 927 Cr in Mar-24. Similarly, Net Profit
up 2.1x from INR 85 Cr to INR 181 Cr. On a QoQ basis, Sales up 10% and Net Profit up 3%.
MCap: INR 17,490 Cr PE: 28.6x
Number of LinkedIn Employees: 1,442 Members
Number of EPFO Employees: 234 as per Mar’24 data.
GSTR3B: Last filed Mar’24.
Awards: Best Wealth Manager – The Asset Triple A Private Capital Award.

4. SUNITA TOOLS LIMITED

Filing: (FUND RAISE) BoD of Sunita Tools has considered and approved the issuance of 5L equity
shares and 2L warrants. The price for these shares and warrants has not yet been determined.
Subscribers include Sandeep Singh, Rakesh Laroia, WOW Investments, and Ten Eighty Investments.
MCap: INR 202 Cr PE: 51.8x
Number of LinkedIn Employees: No Data found
Number of EPFO Employees: 2 as per Mar’24 data.
GSTR3B: Last filed Mar’24.
Clients: LG, TVS, L&T, etc.

5. S J LOGISTICS (INDIA) LIMITED

Filing: (ORDER) SJ Logistics has received two orders totaling INR 78 Cr from a T&D player. The first
order is to complete within 9 months, worth INR 62 Cr for end-to-end logistics service, and the second
one is to be completed in 10 months, worth INR 16 Cr for port-to-port logistics service.
MCap: INR 610 Cr PE: 35.1x
Number of LinkedIn Employees: 3 Members.
Number of EPFO Employees: 32 as per Mar’24 data.
GSTR3B: Last filed Mar’24.
Clients: Trident Group, Sterling & Wilson.
This page is created for information purpose. It is not a BUY/SELL recommendation. 3
Please do your own due diligence before making any investment decisions.
 10th May 2024
1. EMS LIMITED NSE: EMSLIMITED (1st time covered: 27th Sep 2023)
Recent filing: (ORDER) EMS is the lowest bidder (L-1) in the tender for Supply, Installation, Testing &
Commissioning of Infrastructure Works Loss Reduction on turnkey basis under “Revamped Reforms-Linked
Results-Based Distribution Sector Scheme, Circle Rural Dehradun. The estimated order value is INR 148 Cr.

SUMMARY: 4y Operating Profit uptrend | PE 16.4x (Sector PE range 20-50) | Institutional entry | EPC

• MCap of INR 2,318 Crore (share price = INR 418 / share) (as on 10th May ‘24)
• TTM PE 16.4x (as on 10th May ‘24) Retail float = 14.0% (Mar-24)

FOOD FOR THOUGHT: Negative Operating cash flow for FY ’23.

Company Description: EMS Limited is a multi-disciplinary EPC company, headquartered in Delhi that
specializes in providing turnkey services in water and wastewater collection, treatment and disposal. EMS
provides complete, single-source services from engineering and design to construction and installation of
water, wastewater and domestic waste treatment facilities.

Share price and Volume (last 1 year):

Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
EMS - - - - 266 293 435 424 527 498 402 456

(In INR Cr) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sales - 75 121 151 191 138 211 200
Op Profit - 13 43 43 50 32 57 47
Net Profit - 13 30 30 36 23 45 37
OPM - 17% 36% 29% 26% 23% 27% 23%
NPM - 17% 25% 20% 19% 17% 19% 19%
Promoter % - - - - - - 69.7% 69.7%

(In INR Cr) Mar-20 Mar-21 Mar-22 Mar-23 TTM

Sales 326 331 360 538 740
Op Profit 96 99 113 149 186
Net Profit 72 72 79 109 141
Website: https://ems.co.in/

This page is created for information purpose. It is not a BUY/SELL recommendation. 4

Please do your own due diligence before making any investment decisions.
 10th May 2024

Company Type Evergreen

LT OP uptrend Yes
ST OP uptrend No
PE 16.4 (EPC: 20-50)
Below sector range

No
Futuristic Sector

HNI / Institutional
/ Promoter Yes Mar ’24: Abakkus Diversified Alpha Fund is holding 3.5% stake.
Buying

Special Situation No

Feb ’24: Company received the Letter of Acceptance (LoA) worth INR
34.7 Cr for the Construction of Proposed Multi Level Car Parking at
Nagar Nigam Office, Distt- Meerut (U.P). It was declared as the lowest
bidder earlier this month.

Jan ‘24: EMS is the lowest bidder (L-1) in the tender worth INR 479 Cr
for the Development of Water Supply and Sewerage System with 18y
of O&M, in Vikas Nagar, Uttarakhand. The awarding body is
Future Visibility Yes Uttarakhand Urban Sector Development Agency.

Dec ‘23: Company has received LoA worth INR 359 Cr from Urban
Development Department, Uttarakhand for the Development of
Sewerage System for Raipur with 5 years of O&M.

Oct ‘23: Company has been awarded a contract worth INR 271 Cr from
Office of Municipal Corporation, Jaipur Heritage for Providing, Laying,
Jointing, Testing and Commissioning of Sewerage System.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 5

Please do your own due diligence before making any investment decisions.
 10th May 2024
2. MAGELLANIC CLOUD LIMITED BSE: 538891
(1st time covered: 14th Feb 2024)

Recent filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Mar-24 for Magellanic Cloud,
Sales up 19% YoY from INR 115 Cr in Mar-23 to INR 137 Cr in Mar-24. Similarly, Net Profit up 2.2x from INR
18 Cr to INR 39 Cr. On a QoQ basis, Sales up 5% and Net Profit up 70%.

SUMMARY: 3y Operating Profit uptrend | 3q Operating Profit uptrend | PE 72.2x (Sector PE range 30-50) |
Excellent Mar-24 results | Fund Raise | IT

• MCap of INR 7,436 Crore (share price = INR 636 / share) (as on 10th May ‘24)
• TTM PE 72.2x (as on 10th May ‘24) Retail float = 5.3% (Mar-24)

FOOD FOR THOUGHT: PE is above sector range.

Company Description: Magellanic Cloud is a holding company invested in entities offering cloud solutions,
IT services, and advanced drone technology. It connects excellent technology and their implementation
processes worldwide. The company is represented by multiple brands with office locations in Europe, USA
and Asia.

Share price and Volume (last 1 year):

Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Mage 215 227 333 408 443 459 455 459 532 615 476 608

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 82 91 133 115 138 154 131 560
Op Profit 19 23 34 32 39 41 51 184
Net Profit 10 29 17 18 19 22 23 141
OPM 23% 25% 26% 28% 28% 27% 39% 33%
NPM 12% 32% 13% 16% 14% 14% 18% 25%
Promoter % 60.6% 60.6% 60.6% 58.7% 58.6% 58.6% 58.6% 58.6%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 161 204 174 212 253 427 560
Op Profit 7 10 11 2 7 108 184
Net Profit 4 8 7 2 29 74 103
Website link: https://magellanic-cloud.com/

This page is created for information purpose. It is not a BUY/SELL recommendation. 6

Please do your own due diligence before making any investment decisions.
 10th May 2024
Company Type Evergreen Drone Solutions
LT OP uptrend Yes
ST OP uptrend Yes
PE 72.2 (IT: 30-50)
Above sector range
Yes
Futuristic Sector
(New age IT)
HNI / Institutional /
No
Promoter Buying
Mar ’23: BoD considered and approved the allotment of 11.3L
Special Situation Yes equity shares at INR 395/share to strategic investors being non-
promoters on a preferential basis, aggregating to INR 44.8 Cr. It
also approved the issuance of bonus shares in the ratio 4:1.
Apr ’24: Company has secured its first major logistics drone order
worth INR 43 Cr. This order entails delivery of 45 CargoMax series
drone kits - along with RTF Quadrotor Airframe, Flight Controllers,
RC Controllers, EO Payload and Transport Case - that will be
manufactured in its state-of the-art facility in Bangalore. Company
aims for a 5% share in the USD 6bn last-mile delivery segment in
India, capitalizing on the first-mover advantage to corner a sizeable
share of USD 300mn in market share within the first 3 years.

Feb ‘24: Company’s Subsidiary has received design and

specification license i.e. type certification from Directorate General
of Civil Aviation for Cargo and Logistic Drones.

Dec ‘23: Company has secured a contract worth INR 42 Cr over 5

years from a well-known public sector bank for the end-to-end
implementation and management of e-surveillance services for
2000 ATM sites across India. The contract, awarded through a
competitive bidding process, involves the supply, installation and
commissioning of alert-based monitoring and control system for e-
Future Visibility Yes surveillance of the bank’s ATM sites.

Apr ‘23: Magellanic Cloud’s subsidiary Scandron Private Limited

partners with CriticaLog India to tap B2B and hub-to-hub market in
India. The partnership is anticipated to generate business valued
at Rs 500-600 Cr within the next 2 years and encompass drone
deliveries from hub-to-hub across 160 cities throughout India.

Mar ‘23: BoD approved the opening of branch offices of the

Company in UAE and Singapore.

Mar ‘23: Magellanic Cloud Ltd. has acquired 70% shares of

Scandron Private Limited, via Share Purchase Agreement via
cash. The target company is engaged in the business of designing
and manufacturing of drones which can be used in varied
businesses and commercial applications.

10th March 2023: Company through its 100% subsidiary, Provigil

Surveillance, secured order to provide implementation and
management of E-surveillance of 3,032 ATM sites in 8
geographical circles. Potential revenue INR 13 Cr/y over 5y.
This page is created for information purpose. It is not a BUY/SELL recommendation. 7
Please do your own due diligence before making any investment decisions.
 10th May 2024
3. NUVAMA WEALTH MANAGEMENT LIMITED NSE: NUVAMA
(1st time covered: 22nd Feb 2024)

Recent filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Mar-24 for Nuvama Wealth
Management, Sales up 51% YoY from INR 613 Cr in Mar-23 to INR 927 Cr in Mar-24. Similarly, Net Profit
up 2.1x from INR 85 Cr to INR 181 Cr. On a QoQ basis, Sales up 10% and Net Profit up 3%.

SUMMARY: 3y Operating Profit uptrend | 7q Operating Profit uptrend | PE 28.6x (Sector PE range 20-50) |
Excellent Mar-24 results | Ace Investor | Institutional entry

• MCap of INR 17,940 Crore (share price = INR 5,056 / share) (as on 10th May ‘24)
• TTM PE 28.6x (as on 10th May ‘24) Retail float = 6.6% (Mar-24)

FOOD FOR THOUGHT: The wealth management sector faces volatility due to market fluctuations and
regulatory risks. Changes in regulations, like banning upfront commissions, can erode margins of a company.

Company Description: Nuvama Group, formerly known as Edelweiss Wealth Management, boasts a
reputable presence in the Indian market with a rich history spanning over 25 years. The firm has established
itself as a key player in the financial services industry like Wealth Management, Asset Management, Capital
Markets.

Share price and Volume (last 1 year):

Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Nuvam - - - - 2410 2923 3143 3590 3575 4136 4672 5227

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 461 563 579 613 648 735 841 927
Op Profit 163 231 243 235 290 360 445 464
Net Profit 47 85 87 85 123 145 176 181
OPM 35% 41% 42% 38% 45% 49% 53% 50%
NPM 10% 15% 15% 14% 19% 20% 21% 20%
Promoter % - - - - - 56.2% 56.0% 55.8%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales - - 780 1,384 1,778 2,223 3,151
Op Profit - - 499 444 646 883 1,559
Net Profit - - 286 -475 857 305 625
Website: https://www.nuvama.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 8
Please do your own due diligence before making any investment decisions.
 10th May 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 28.6 (Financial Services: 20-50)
Lower end of sector range
Futuristic Sector No
Mar ’24: Mukul Mahavir Agrawal is holding 1.4% stake.
HNI / Institutional
/ Promoter Yes Jan ‘24: Societe Generale bought 70k shares at INR 3,380 each,
aggregating to INR 23.7 Cr in a Block Deal, seller being Bnp
Buying Paribas Arbitrage.

Special Situation Yes IPO in Sep ‘23

Jan ‘24: Nuvama Asset Management, the alternatives-focused

asset management arm of Nuvama Wealth Management Ltd, and
Cushman & Wakefield, a leading global commercial real estate
services firm, announced the formation of a new 50:50 joint venture
entity, Nuvama and Cushman & Wakefield Management Private
Limited (“NCW”).
Future Visibility Yes
The joint venture will initially focus on providing investment
opportunities to domestic investors in the Indian commercial real
estate market, a space which has traditionally been dominated by
global investors. As a unique offering to investors, NCW is planning
to launch its first real estate fund – PRIME Offices Fund (PRIME)
and aims to raise INR 3000 Cr to invest in prime commercial offices
across India’s high-growth markets.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 9

Please do your own due diligence before making any investment decisions.
 10th May 2024
4. SUNITA TOOLS LIMITED BSE: 544001 (SME: Lot Size = 500 shares)
(1st time covered: Today)

Recent filing: (FUND RAISE) BoD of Sunita Tools has considered and approved the issuance of 5L equity
shares and 2L warrants. The price for these shares and warrants has not yet been determined. Subscribers
include Sandeep Singh, Rakesh Laroia, WOW Investments, and Ten Eighty Investments.

SUMMARY: 3y Operating Profit uptrend | PE 51.8x (Sector PE range 30-60) | Fund raise | Capacity
Expansion| Acquisitions | Industrial Products

• MCap of INR 202 Crore (share price = INR 358 / share) (as on 10th May ‘24)
• TTM PE 51.8x (as on 10th May ‘24) Retail float = 20.6% (Mar-24)

FOOD FOR THOUGHT: Negative Operating cash flow for FY ’23.

Company Description: Founded in 1988, the company specializes in the production of mold bases and
machining parts catering to Automotive, Pharmaceutical, Electronics, Consumer Goods, and Manufacturing
Sectors. Its product line includes Custom Mould Bases, Plastic Mould Bases, Mould Bases for Caps &
Closures, Standard Mould Bases, and Die Casting Mould Bases.

Share price and Volume (last 1 year):

Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Sunita - - - - - 167 212 237 238 273 266 367

(In INR Cr) Mar-20 Mar-21 Mar-22 Mar-23 Sep-23* Dec-23** TTM
Sales 6.4 6.7 8.7 13.8 8.6 8.9 20.9
Op Profit 2.0 1.8 2.2 5.1 2.7 2.3 6.3
Net Profit 0.5 0.3 0.8 3.4 1.6 1.4 3.9
OPM 30% 26% 25% 37% 32% 26% 30%
NPM 8% 4% 9% 24% 19% 16% 18%
*Semi-annual data, **quarter data, rest is annual.
Promoter Holding is 73% as on Mar-24.

Website: https://www.sunitatools.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 10
Please do your own due diligence before making any investment decisions.
 10th May 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 51.8
(Industrial Products: 30-60)
Higher end of sector range
Futuristic Sector No
HNI / Institutional
/ Promoter No
Buying
Special Situation Yes As stated above.
May ‘24: Subsidiary of the company has acquired Leo-Quip Engineering
Works, a Precision Machining and CNC machining firm specializing in
aerospace parts and air compressor cylinders manufacturing. The
acquisition, settled at INR 94.7 Lakhs, aims to expand business
operations significantly. Leo-Quip's expertise includes pattern and die
making, as well as jig, fixture, VMC, and CNC work. Leo-Quip reported a
turnover of 79.7L for FY24.
May ‘24: Ministry of Corporate Affairs has approved the incorporation of
a subsidiary named "Sunita Leoquip Aerospace" to take over the running
business of Leoquip Engineering Works. The subsidiary will focus on
designing, developing, assembling, manufacturing, and trading
aerospace and defense components, including air compressors, CNC
machining, and engineering parts. The Company owns 55% of the
shareholding in the new entity.
Apr ‘24: Company has announced the acquisition of its largest machine
to date, showcasing a significant advancement in manufacturing
capabilities. With dimensions of 2500 x 1500 x 800mm and a load
Future Visibility Yes capacity of 20 tonnes, the technology enables precision engineering
across industries. Clients can expect tailored solutions.
Mar ‘24: Company’s subsidiary will be dedicated to the manufacturing of
defense and aerospace parts and components, Air Engineering parts,
Precision Pumps and Compressor parts. This strategic move signifies
Sunita Tools Limited's commitment to diversifying its offerings and
tapping into new markets with specialized expertise. The new subsidiary
will establish strategic partnerships with key players in the defense and
aerospace industries, facilitating collaboration and knowledge exchange
to stay at the forefront of technological advancements and industry best
practices.
Mar ‘24: Company has received a contract worth INR 0.8 Cr for different
kind of mould base. These spares need to be delivered as early as
possible.
Mar ‘24: Company launched a subsidiary focused on defense and
aerospace parts manufacturing, signaling a strategic diversification
move. Leveraging precision engineering expertise, the subsidiary aims
to tap into high-growth sectors, forge partnerships, and drive

This page is created for information purpose. It is not a BUY/SELL recommendation. 11

Please do your own due diligence before making any investment decisions.
 10th May 2024
technological advancements. This expansion is expected to create jobs
and fuel regional economic development while ensuring operational
efficiency.
Feb ‘24: Company has received a contract worth INR 2.1 Cr for steel
mould products. These spares needs to be delivered as early as
possible.
Dec ‘23: Company has received a contract worth INR 4.5 L for export of
sample lot for machined and ground plates to Europe. These spares
need to be delivered by Jan ‘24.
Dec ‘23: Company has received a contract worth INR 0.8 Cr for different
kind of mould base. These spares need to be delivered by Jan ‘24.
Nov ‘23: Company has received a contract worth INR 3.54 Cr for different
kind of mould base. These spares need to be delivered by Dec ‘23.
Nov ‘23: Company has received a contract worth INR 1.6 Cr and it needs
to be delivered in 3 months.
Oct ‘23: Company has received a contract worth INR 3.54 Cr from BS
Steel Traders for the procurement of spares including EN 19 Rounds,
SAE 4140 Rounds, and C 45 Rounds. These spares need to be delivered
by Nov ‘24.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 12

Please do your own due diligence before making any investment decisions.
 10th May 2024
5. S J LOGISTICS (INDIA) LIMITED NSE: SJLOGISTIC
(SME: Lot Size = 1,000 shares) (1st time covered: 5th Jan 2024)

Recent filing: (ORDER) SJ Logistics has received two orders totaling INR 78 Cr from a T&D player. The first
order is to complete within 9 months, worth INR 62 Cr for end-to-end logistics service, and the second one is
to be completed in 10 months, worth INR 16 Cr for port-to-port logistics service.

SUMMARY: 3y Operating Profit uptrend | PE 35.1x (Sector PE range 10-40) | Excellent Dec-23 results | Ace
Investor | Institutional Entry | IPO | Logistics

• MCap of INR 610 Crore (share price = INR 421/share) (as on 10th May ‘24)
• TTM PE of 35.1x (as on 10th May ‘24) Retail float = 19.5% (Mar ‘24)

FOOD FOR THOUGHT: Negative Operating cash flow for FY ’23.

Company Description: The Company specializes in logistics and supply chain solutions, offering services
like freight forwarding, custom clearance, and transportation handling.

Share price and Volume (last 1 year):

Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
SJ - - - - - - - 164 213 314 279 355

(In INR Cr) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23* Dec-23
Sales - - - - - - 103 79
Op Profit - - - - - - 13 8.7
Net Profit - - - - - - 9.3 6.2
OPM - - - - - - 13% 11%
NPM - - - - - - 9% 8%
*half year data

(In INR Cr) Mar-21 Mar-22 Mar-23 TTM = (1/4*Mar-23) + Sep-23+ Dec-23
Sales 124 104 134 213
Op Profit 4 5 12 24.7
Net Profit 0.8 1.7 7.6 17.4
OPM 3% 5% 9% 12%
NPM 1% 2% 6% 8%
Current Promoter Holding = 49.6%
Website: https://www.sjlogistics.co.in/
This page is created for information purpose. It is not a BUY/SELL recommendation. 13
Please do your own due diligence before making any investment decisions.
 10th May 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 35.1 (Logistics: 10-40)
Higher end of sector range

Futuristic Sector No

Mar ’24: India-Ahead Venture Fund is holding 1.1% stake. Ashika

Global Finance is holding 1.1% stake
HNI / Institutional
Jan ‘24: Sandeep Singh bought 75k shares at INR 177/share,
/ Promoter Yes aggregating to INR 1.3 Cr.
Buying
Dec ‘23: Viney Equity Market Llp bought 2.15L shares at INR
168/share, aggregating to INR 3.6 Cr.

Special Situation Yes IPO in Dec ‘23

Feb ‘24: Company has reduced its borrowings. Earlier, the Company
had availed Term Loan from Federal Bank, a portion of which was paid
off using the proceeds from the IPO, as outlined in the IPO document
and communicated on 29th Dec 2023. Additionally, on 20th Feb 2024,
Company made a further payment of INR 3.1 Cr, resulting in the
Future Visibility Yes complete repayment of the term loan from Federal Bank. As a result,
the term loan from Federal Bank is now closed.

Feb ‘24: Company received order worth INR 70 Cr from a T&D Player,
to be completed within 6 months for Project Cargo.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 14

Please do your own due diligence before making any investment decisions.
 10th May 2024
Others
FROG CELLSAT LIMITED
(GOOD RESULTS) For the quarter ending Mar-24, Sales up 43% YoY from INR 31.1 Cr in Mar-23 to INR
44.5 Cr in Mar-24. Similarly, Net Profit up 86% from INR 4.0 Cr to INR 7.4 Cr. On a QoQ basis, Sales
remained flat and Net Profit up 2.6x.

• MCap of INR 353 Cr (share price = INR 229 /share); TTM PE 22.8x (as on 10th May ‘24)
Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Frog 170 247 304 255 230 228 181 174 206 164 165 186

SHARE INDIA SECURITIES LIMITED

(AVERAGE TO GOOD RESULTS) For the quarter ending Mar-24, Sales up 36% YoY from INR 341 Cr in
Mar-23 to INR 465 Cr in Mar-24. Similarly, Net Profit up 8% from INR 107 Cr to INR 116 Cr. On a QoQ basis,
Sales up 24% and Net Profit remained flat.

• MCap of INR 6,424 Cr (share price = INR 1,653 /share); TTM PE 15x (as on 10th May ‘24)
Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Share 1,295 1,307 1,200 1,398 1,304 1,500 1,690 1,857 1,932 1,879 1,605 1,699

TIRUPATI FORGE LIMITED

(WEAK RESULTS) For the quarter ending Mar-24, Sales up 42% YoY from INR 23.39 Cr in Mar-23 to INR
33.11 Cr in Mar-24. Similarly, Net Profit down 10% from INR 2.14 Cr to INR 1.92 Cr. On a QoQ basis,
Sales up 2% and Net Profit down 6%.

• MCap of INR 186 Cr (Share Price = 19 INR / Share); TTM PE 28x (as on 10th May ‘24)
Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Tirup 9 8 9 8 10 11 11 15 16 19 16 19

JTL INDUSTRIES LIMITED

(WEAK RESULTS) For the quarter ending Mar-24, sales remained flat while net profit decreased by 19%
from INR 37 Cr to INR 30 Cr. On a quarter-over-quarter basis, sales decreased by 18% and net profit
remained flat.
• Mcap of INR 3,900 Cr (share price = INR 227 /share); TTM PE 34.5x (as on 10th May ‘24)
Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
JTL 165 179 188 204 230 216 217 238 270 260 183 233

SERVOTECH POWER SYSTEMS LIMITED

(WEAK RESULTS) For the quarter ending Mar-24, Sales up 18% YoY from INR 115 Cr in Mar-23 to INR 136
Cr in Mar-24. Similarly, Net Profit down 43% from INR 6.1 Cr to INR 3.5 Cr. On a QoQ basis, Sales up 2.6x
and Net Profit up 3.1x.

• MCap of INR 1,766 Cr (share price = INR 83 / share); TTM PE 150x (as on 10th May ‘24)
Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Serv 54 78 94 82 78 77 78 76 90 99 78 86

This page is created for information purpose. It is not a BUY/SELL recommendation. 15

Please do your own due diligence before making any investment decisions.
 10th May 2024
KNOWLEDGE MARINE & ENGINEERING WORKS LIMITED
(ORDER) Company has received an order worth INR 73 Cr from Inland Waterways Authority of India for
dredging operations along the 74 km stretch of National Waterway - 1, from Barh to Digha for a period of
three years and further extendable by 2 more years.

• MCap of INR 1,378 Cr (share price = INR 1,276 /share); TTM PE 28.8x (as on 10th May ‘24)
Price May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Knowle 1,109 1,147 1,124 1,724 1,508 1,351 1,410 1,497 1,597 1,557 1,405 1,297

IPO
SME / Subs
Company Status Open Close Listing GMP
Mainboard (x)
Digit General Insurance Mainboard Upcoming 15-May-24 17-May-24 23-May-24 18% NA
Quest Laboratories SME Upcoming 15-May-24 17-May-24 23-May-24 _ NA
Indian Emulsifier SME Upcoming 13-May-24 16-May-24 22-May-24 152% NA
Veritaas Advertising SME Upcoming 13-May-24 15-May-24 21-May-24 48% NA
Mandeep Auto Industries SME Upcoming 13-May-24 15-May-24 21-May-24 22% NA
ABS Marine Services SME Open 10-May-24 15-May-24 21-May-24 68% 1
Piotex Industries SME Open 10-May-24 14-May-24 17-May-24 21% 0
Premier Roadlines SME Open 10-May-24 14-May-24 17-May-24 45% 1
Aztec Fluids SME Open 10-May-24 14-May-24 17-May-24 45% 3
Energy-Mission Machineries (INDIA) SME Open 09-May-24 13-May-24 16-May-24 101% 18
Aadhar Housing Finance Mainboard Close 08-May-24 10-May-24 15-May-24 18% 27
TGIF Agribusiness SME Close 08-May-24 10-May-24 15-May-24 _ 35
TBO Tek Limited Mainboard Close 08-May-24 10-May-24 15-May-24 59% 86
Silkflex Polymers SME Close 07-May-24 10-May-24 15-May-24 23% 36
Finelistings Technologies SME Close 07-May-24 09-May-24 14-May-24 17% 37
Refractory Shapes SME Close 06-May-24 09-May-24 14-May-24 52% 255
Winsol Engineers SME Close 06-May-24 09-May-24 14-May-24 267% 682
Indgene Mainboard Close 06-May-24 08-May-24 13-May-24 61% 70

Company Sector Revenue growth (YoY) Profit growth (YoY) Issue PE

Digit General Insurance Insurance 4.4x 4.8x _
Quest Laboratories Pharmaceuticals 34% 2x 18x
Indian Emulsifier Speciality Chemicals 58% 2.3x 5x
Veritaas Advertising Advertising Agency 9% 3.9x 20x
Mandeep Auto Industries Auto Ancillary -26% 2.7x 29x
ABS Marine Services Marine Services 21% 2.5x 15x
Piotex Industries Textiles 37% 4% 16x
Premier Roadlines Logistics 0% 23% 24x
Aztec Fluids Printing Services 27% 84% 17x
Energy-Mission Machineries (INDIA) Industrial Product 18% 42% 17x
Aadhar Housing Finance Housing Finance 24% 34% 20x
TGIF Agribusiness Fruits & Vegetables Cultivator 11% -6% 19x
TBO Tek Limited Travel Services 28% 38% 52x
Silkflex Polymers Textile Printing Inks 28% 38% 22x
Finelistings Technologies Luxury Car Reseller & IT 60% 2x 18x
Refractory Shapes Building Material 1% 2.4x 21x
Winsol Engineers EPC 6% 74% 11x
Indgene Digital services 11% 21% 35x
Note: GMP keeps updating till listing on exchange. Subscription (x) keeps updating till Issue is Open.
Revenue and Profit growth is calculated after annualizing last period growth.

This page is created for information purpose. It is not a BUY/SELL recommendation. 16

Please do your own due diligence before making any investment decisions.
 10th May 2024
Sovrenn SME Index: 0.77%

Sovrenn SME Index was up 0.77% today. Please note that the constituents of the Index are private.
Also, the Index is only an indication of the movement of the broader SME market and not available
for replication or commercialization in any form. Sovrenn has the right to make changes to Index
constituents or change weightages of the constituents as per its own discretion.

This page is created for information purpose. It is not a BUY/SELL recommendation. 17

Please do your own due diligence before making any investment decisions.
 10th May 2024
Sovrenn Macro

India's Fiscal Outlook for FY24: A Closer Look

In a recent announcement, a senior government official revealed promising insights into India's fiscal health
for 2024 (FY24), suggesting that the nation is on track to surpass the projections outlined in the Union Budget.
Let's delve into the key takeaways:

1. Fiscal Deficit Projection:

• The government aims to curtail the fiscal deficit, which signifies the variance between its revenue and
expenditure, to 5.8% of the Gross Domestic Product (GDP) for FY24. This marks a decline from the
6.4% recorded in the previous fiscal year.
• Notably, the initial fiscal deficit target for FY24 was set at 5.9% of GDP during the vote-on-account
budget but has since been revised downwards.

2. Progress Towards Fiscal Goals:

• Encouragingly, the government official hinted at surpassing the projected fiscal deficit target of 5.8%
for FY24.
• Data from the Controller General of Accounts highlights that India's fiscal deficit for the first 11 months
of FY24 amounted to ₹15.01 trillion, comprising 86.5% of the revised annual estimate.

3. Factors Influencing Fiscal Trends:

• Despite heightened government spending to stimulate economic growth, a reduction in the fiscal deficit
was observed, primarily attributed to augmented tax receipts and increased non-tax revenue.
• It's imperative to acknowledge that a lower fiscal deficit alleviates the burden of debt and minimizes
expenditure on debt servicing, thus fostering economic stability and investor confidence.

4. Capital Expenditure (Capex) Endeavors:

• The government's commitment to bolstering capital expenditure is evident, with a revised target of ₹9.5
trillion set for FY24, a substantial increase from the previous fiscal year.
• Notably, nearly 85% of the revised capex target for FY24 has been achieved, with ₹8.06 trillion
expended during the first 11 months of the fiscal year.

5. Future Projections and Preparedness:

• Looking ahead, the government has amplified its central capex allocation to ₹11.11 trillion for FY25,
underscoring its dedication to infrastructure development.
• Furthermore, preparations for the upcoming full-year budget presentation in July are underway, post
the announcement of general election results, ensuring readiness to navigate potential economic
fluctuations.

6. Global Economic Dynamics:

• Amidst rising global oil prices and geopolitical tensions, including those in the Middle East and Ukraine,
the government remains vigilant. However, it asserts confidence in the resilience of India's budget to
withstand external volatilities.

Conclusion:
India's fiscal landscape for FY24 showcases promising strides towards achieving prudent fiscal management.
With an emphasis on fiscal discipline, bolstered capex endeavors, and a proactive approach to global
economic challenges, the nation is poised for sustained economic resilience and growth.

This page is created for information purpose. It is not a BUY/SELL recommendation. 18

Please do your own due diligence before making any investment decisions.
 10th May 2024
Companies declaring results on 10th, 11th, 12th & 13th May 2024
Sl. No. Name of the Company Date
1 Aarti Industries Ltd 10-May-24
2 ABB India Ltd 10-May-24
3 AD Manum Finance Ltd 10-May-24
4 Ami Organics Ltd 10-May-24
5 Artemis Medicare Services Ltd 10-May-24
6 Ashirwad Capital Ltd 10-May-24
7 Atishay Ltd 10-May-24
8 Bajaj Hindusthan Sugar Ltd 10-May-24
9 Bank of Baroda 10-May-24
10 Bank of India 10-May-24
11 BFL Asset Finvest Ltd 10-May-24
12 Birla Cable Ltd 10-May-24
13 Blue Cloud Softech Solutions Ltd 10-May-24
14 Cholamandalam Financial Holdings Ltd 10-May-24
15 Cipla Ltd 10-May-24
16 Dharni Capital Services Ltd 10-May-24
17 Dilip Buildcon Ltd 10-May-24
18 Dr Lal Pathlabs Ltd 10-May-24
19 Eicher Motors Ltd 10-May-24
20 ETT Ltd 10-May-24
21 Excel Realty N Infra Ltd 10-May-24
22 Fine Organic Industries Ltd 10-May-24
23 Finolex Industries Ltd 10-May-24
24 Gallops Enterprise Ltd 10-May-24
25 Great Eastern Shipping Company Ltd 10-May-24
26 Haryana Capfin Ltd 10-May-24
27 Hester Biosciences Ltd 10-May-24
28 Hi-Tech Winding Systems Ltd 10-May-24
29 IDream Film Infrastructure Company Ltd 10-May-24
30 IND Renewable Energy Ltd 10-May-24
31 Indo Thai Securities Ltd 10-May-24
32 Inspirisys Solutions Ltd 10-May-24
33 ISMT Ltd 10-May-24
34 Jaykay Enterprises Ltd 10-May-24
35 JTL Industries Ltd 10-May-24
36 Jupiter Life Line Hospitals Ltd 10-May-24
37 Kalyan Jewellers India Ltd 10-May-24
38 Kalyani Steels Ltd 10-May-24
39 Konstelec Engineers Ltd 10-May-24
40 Kuber Udyog Ltd 10-May-24
41 Madhav Infra Projects Ltd 10-May-24
This page is created for information purpose. It is not a BUY/SELL recommendation. 19
Please do your own due diligence before making any investment decisions.
 10th May 2024
42 Manaksia Coated Metals & Industries Ltd 10-May-24
43 Menon Bearings Ltd 10-May-24
44 NCL Industries Ltd 10-May-24
45 Nettlinx Ltd 10-May-24
46 Neuland Laboratories Ltd 10-May-24
47 Nitta Gelatin India Ltd 10-May-24
48 Novartis India Ltd 10-May-24
49 Nuvama Wealth Management Ltd 10-May-24
50 P.E. Analytics Ltd 10-May-24
51 Pacheli Industrial Finance Ltd 10-May-24
52 PCS Technology Ltd 10-May-24
53 Piramal Pharma Ltd 10-May-24
54 Polycab India Ltd 10-May-24
55 Premium Capital Market & Investments Ltd 10-May-24
56 Punjab & Sind Bank 10-May-24
57 Rajnandini Metal Ltd 10-May-24
58 Remedium Lifecare Ltd 10-May-24
59 Repro India Ltd 10-May-24
60 Rose Merc. Ltd 10-May-24
61 SagarSoft (India) Ltd 10-May-24
62 Sangam (India) Ltd 10-May-24
63 Sapphire Foods India Ltd 10-May-24
64 Sarla Performance Fibers Ltd 10-May-24
65 Satchmo Holdings Ltd 10-May-24
66 Shantidoot Infra Services Ltd 10-May-24
67 Sharda Cropchem Ltd 10-May-24
68 Shreyans Industries Ltd 10-May-24
69 Shri Niwas Leasing & Finance Ltd 10-May-24
70 Shyam Telecom Ltd 10-May-24
71 SIL Investments Ltd 10-May-24
72 Spencers Retail Ltd 10-May-24
73 STEL Holdings Ltd 10-May-24
74 Sterling Tools Ltd 10-May-24
75 Subex Ltd 10-May-24
76 Sundaram Clayton Ltd 10-May-24
77 Suraj Ltd 10-May-24
78 Suvidha Infraestate Corporation Ltd 10-May-24
79 Syrma SGS Technology Ltd 10-May-24
80 Systematix Corporate Services Ltd 10-May-24
81 Tata Motors Ltd 10-May-24
82 Tata Motors-DVR 10-May-24
83 TCI Express Ltd 10-May-24
84 The Investment Trust of India Ltd 10-May-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 20

Please do your own due diligence before making any investment decisions.
 10th May 2024
85 Thermax Ltd 10-May-24
86 Tirupati Forge Ltd 10-May-24
87 Transcorp International Ltd 10-May-24
88 Uni Abex Alloy Products Ltd 10-May-24
89 Union Bank of India 10-May-24
90 V I P Industries Ltd 10-May-24
91 Venky's (India) Ltd 10-May-24
92 Waaree Renewables Technologies Ltd 10-May-24
93 WSFX Global Pay Ltd 10-May-24
94 Yash Trading & Finance Ltd 10-May-24
95 3P Land Holdings Ltd 11-May-24
96 Advanced Enzyme Technologies Ltd 11-May-24
97 APL Apollo Tubes Ltd 11-May-24
98 ATV Projects India Ltd 11-May-24
99 Banswara Syntex Ltd 11-May-24
100 Bridge Securities Ltd 11-May-24
101 CCL Products (India) Ltd 11-May-24
102 Control Print Ltd 11-May-24
103 De Neers Tools Ltd 11-May-24
104 Dharani Finance Ltd 11-May-24
105 DJ Mediaprint & Logistics Ltd 11-May-24
106 D-Link India Ltd 11-May-24
107 Dolphin Offshore Enterprises (India) Ltd 11-May-24
108 Ganga Forging Ltd 11-May-24
109 Gayatri BioOrganics Ltd 11-May-24
110 Goldcoin Health Foods Ltd 11-May-24
111 Goldkart Jewels Ltd 11-May-24
112 Gujarat Containers Ltd 11-May-24
113 Hi-Tech Pipes Ltd 11-May-24
114 India Tourism Development Corporation Ltd 11-May-24
115 Jaiprakash Associates Ltd 11-May-24
116 Krishana Phoschem Ltd 11-May-24
117 Madhya Bharat Agro Products Ltd 11-May-24
118 Meghmani Organics Ltd 11-May-24
119 Panchmahal Steel Ltd 11-May-24
120 Progrex Ventures Ltd 11-May-24
121 Ras Resorts & Apart Hotels Ltd 11-May-24
122 Savita Oil Technologies Ltd 11-May-24
123 Scan Steels Ltd 11-May-24
124 Shalimar Agencies Ltd 11-May-24
125 Sheetal Cool Products Ltd 11-May-24
126 Siyaram Silk Mills Ltd 11-May-24
127 TVS Srichakra Ltd 11-May-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 21

Please do your own due diligence before making any investment decisions.
 10th May 2024
128 V R Infraspace Ltd 11-May-24
129 Vaswani Industries Ltd 11-May-24
130 Vishwaraj Sugar Industries Ltd 11-May-24
131 EKI Energy Services Ltd 12-May-24
132 Equippp Social Impact Technologies Ltd 12-May-24
133 J K Cements Ltd 12-May-24
134 Aarcon Facilities Ltd 12-May-24
135 Aarti Pharmalabs Ltd 13-May-24
136 Aarvi Encon Ltd 13-May-24
137 Aditya Birla Capital Ltd 13-May-24
138 Advani Hotels & Resorts (India) Ltd 13-May-24
139 Albert David Ltd 13-May-24
140 Alembic Ltd 13-May-24
141 Ascensive Educare Ltd 13-May-24
142 Ashika Credit Capital Ltd 13-May-24
143 Avadh Sugar & Energy Ltd 13-May-24
144 Avon Mercantile Ltd 13-May-24
145 Balkrishna Paper Mills Ltd 13-May-24
146 BEML Ltd 13-May-24
147 BEW Engineering Ltd 13-May-24
148 BLS E-Services Ltd 13-May-24
149 Bombay Burmah Trading Corporation Ltd 13-May-24
150 Bombay Super Hybrid Seeds Ltd 13-May-24
151 Bright Brothers Ltd 13-May-24
152 C.E. Info Systems Ltd 13-May-24
153 Captain Pipes Ltd 13-May-24
154 Cera Sanitaryware Ltd 13-May-24
155 Chalet Hotels Ltd 13-May-24
156 Darjeeling Ropeway Company Ltd 13-May-24
157 Dhanlaxmi Cotex Ltd 13-May-24
158 DLF Ltd 13-May-24
159 Eiko Lifesciences Ltd 13-May-24
160 Electrosteel Castings Ltd 13-May-24
161 Ethos Ltd 13-May-24
162 GIC Housing Finance Ltd 13-May-24
163 Gillanders Arbuthnot & Company Ltd 13-May-24
164 IB Infotech Enterprises Ltd 13-May-24
165 Indo Cotspin Ltd 13-May-24
166 Ind-Swift Laboratories Ltd 13-May-24
167 Inox India Ltd 13-May-24
168 Iris Clothings Ltd 13-May-24
169 Jay Bharat Maruti Ltd 13-May-24
170 JBF Industries Ltd 13-May-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 22

Please do your own due diligence before making any investment decisions.
 10th May 2024
171 Jindal Steel & Power Ltd 13-May-24
172 John Cockerill India Ltd 13-May-24
173 Karur Vysya Bank Ltd 13-May-24
174 KJMC Financial Services Ltd 13-May-24
175 Ludlow Jute & Specialities Ltd 13-May-24
176 Lykis Ltd 13-May-24
177 Manali Petrochemicals Ltd 13-May-24
178 Manorama Industries Ltd 13-May-24
179 Marshall Machines Ltd 13-May-24
180 Mask Investments Ltd 13-May-24
181 Maxposure Ltd 13-May-24
182 Nelcast Ltd 13-May-24
183 Olympic Management & Financial Services Ltd 13-May-24
184 Pentokey Organy (India) Ltd 13-May-24
185 Phoenix Township Ltd 13-May-24
186 Presstonic Engineering Ltd 13-May-24
187 Qgo Finance Ltd 13-May-24
188 Saint-Gobain Sekurit India Ltd 13-May-24
189 Sanjivani Paranteral Ltd 13-May-24
190 Sanofi India Ltd 13-May-24
191 Shanti Spintex Ltd 13-May-24
192 Shree Vasu Logistics Ltd 13-May-24
193 Shriram Pistons & Rings Ltd 13-May-24
194 SMC Global Securities Ltd 13-May-24
195 TCFC Finance Ltd 13-May-24
196 TCI Industries Ltd 13-May-24
197 Tube Investments of India Ltd 13-May-24
198 UPL Ltd 13-May-24
199 Varun Beverages Ltd 13-May-24
200 Vishal Bearings Ltd 13-May-24
201 Waa Solar Ltd 13-May-24
202 Welcast Steels Ltd 13-May-24
203 Yasho Industries Ltd 13-May-24
204 Zim Laboratories Ltd 13-May-24
205 Zodiac Ventures Ltd 13-May-24
206 Zomato Ltd 13-May-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 23

Please do your own due diligence before making any investment decisions.
 10th May 2024
Annexure
Sector specific PE classification:

This page is created for information purpose. It is not a BUY/SELL recommendation. 24

Please do your own due diligence before making any investment decisions.
 10th May 2024
Retail float calculation:
Shareholding percent for resident individuals holding nominal share capital up to INR 2L.

Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.

Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.

Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 25

Please do your own due diligence before making any investment decisions.