Sovrenn Times 12 Jul 2024

Author: Sovrenn Financial Technologies Pvt. Ltd.
12th Jul 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.
12th Jul 2024
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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.
12th Jul 2024
Sovrenn Times Summary
1. BALU FORGE INDUSTRIES LIMITED
Filing: (FUND RAISE) Board meeting to be held on 16th Jul 2024, to consider fund raise.
MCap: INR 4,174 Cr PE: 44.6x
Number of LinkedIn Employees: 29 Members.
GSTR3B: Last filed May’24.
Famous Investor: Ashish Kacholia.
2. H.G. INFRA ENGINEERING LIMITED

Filing: (LEASE GRANTED) Company has been granted lease worth INR 14.6 Cr for Commercial
Development on Railway Land at Abu Road, Rajasthan Measuring 8034 sqm for a period of 60 years.
MCap: INR 11,079 Cr PE: 21x
Clients: NHAI, IRB Infrastructure Developers, Tata Projects Limited, and Adani Road Transport.
3. TEGA INDUSTRIES LIMITED

Filing: (LAND ACQUISITION) Subsidiary of Tega Industries has procured a land admeasuring 51,026
Square Meters in Region Concon, Chile for an amount of INR 21.4 Cr which will be used for future
expansion.
MCap: INR 11,889 Cr PE: 61.4x
Clients: NMDC.
4. MESON VALVES LIMITED

Filing: (ACQUISITION) Company has entered into Share Purchase Agreement with Milindpra Castings
Private Limited for the acquisition of 7,033 shares. Target Company is in the business of metal casting
and foundry. This strategic acquisition aligns with Company India's growth strategy and is expected to
strengthen its position in the metal casting industry. The move will allow Company India to expand its
capabilities and market presence in the foundry sector.
MCap: INR 1,365 Cr PE: 151x
Clients: Hindustan Petroleum, Indian Oil etc.
5. BONDADA ENGINEERING LIMITED

Filing: (ORDER) Company has received a work order worth INR 317 Cr for Operation & Maintenance of
Facility, Fiber & FTTx, and Towers from Reliance Projects & Property Management Services Limited,
needs to be executed within 3 years.
Mcap: INR 5,672 Cr PE: 127x
Number of LinkedIn Employees: 98
Clients: Bharti Airtel Limited.

12th Jul 2024
1. BALU FORGE INDUSTRIES LIMITED BSE: 531112
(1st time covered: 15th Feb 2023)
Recent filing: (FUND RAISE) Board meeting of Balu Forge to be held on 16th July ’24 to consider and
approve raising of funds.
SUMMARY: 3y Operating Profit uptrend | 7q Operating Profit uptrend | PE 44.6x (Sector PE range 30-50) |
Excellent Mar-24 results | Capacity expansion | Fund raise | Promoter Buying | Ace Investor | Institutional
Entry | Auto Ancillary
FUTURE OUTLOOK: As per FY24 concall, Company expecting Revenue to conservatively grow in the range
of 40%-45% in FY25 and EBITDA margins are expected to be in the corridor of 23%-24% in the upcoming
quarter.
• MCap of INR 4,174 Crore (share price = INR 407 / share) (as on 12th Jul ‘24)
• TTM PE 44.6x (as on 12th Jul ‘24) Retail float = 9.7% (Jun-24)
FOOD FOR THOUGHT: Large working capital cycle | Volatility in raw material cost
Company Description: Company is engaged in the manufacturing of fully finished and semi-finished
crankshafts and forged components. It has the capability to manufacture components conforming to both
New Emission Regulations & the New Energy Vehicles.
Share price and Volume (last 1 year):
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Balu 173 204 220 242 238 246 279 209 204 277 285 325
(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 50 62 89 124 112 139 147 161
Op Profit 5 5 18 21 22 30 33 34
Net Profit 7 5 11 15 17 23 25 28
OPM 10% 8% 20% 17% 20% 22% 22% 21%
NPM 14% 8% 12% 12% 15% 17% 17% 17%
Promoter % 66.2% 65.4% 65.4% 65.4% 65.4% 57.5% 56.1% 50.1%
(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales - - - 142 286 327 560
Op Profit - - - 12 37 50 119
Net Profit - - - 8 30 39 94
Website: https://www.baluindustries.com/
12th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 44.6 (Auto Ancillaries: 30-50)
Higher end of sector range
Yes
Futuristic Sector (Railways
Modernization) Crankshafts
Mar ’24: Sixteenth Street Asian Gems Fund is holding 2.4% stake.
Ashish Kacholia is holding 2.1% stake. Bengal Finance and
Investment is holding 2.1% stake.
Mar ’24: Ebene Global Opportunity Fund bought 6L shares at INR

215/share, aggregating to INR 12.8 Cr.
HNI / Institutional Jun ‘23: Ecotek General Trading LLC bought 14.5L shares at INR
109/share, aggregating to INR 15.8 Cr.
/ Promoter Yes
Buying Apr ‘23: Discovery Buildcon Pvt Ltd. bought 6L shares at INR
91/share, aggregating to INR 5.5 Cr. Moneyplant Gold & Jewellery
bought 4.3L shares at INR 92/share, amounting to INR 4 Cr.
Mar ‘23: Dream Achiever Consultancy bought 5.7L shares at INR

90, aggregating to INR 5.1 Cr. Silvertoss Shoppers bought 9.5L
shares at INR 85/share, aggregating to INR 8 Cr. Sawarnbhumi
Vanijya Pvt. Ltd. bought INR 7.6 Cr of shares of the Company at
INR 85/share.
Oct ‘23: BoD considered and approved the allotment of 25L equity
shares to Sixteenth Street Asian Gems Fund (Non-promoter) and
50L warrants to Promoter Group, at INR 183.6 per unit, aggregating
to INR 138 Cr. The issuance of these units were earlier approved
by the Board in Sep 2023.
Special Situation Yes Jun ‘23: BoD considered and approved the issuance of up to 1.37
Cr equity shares on preferential basis to non-promoters at INR
115.45/share and aggregating to INR 158 Cr. It also approved the
issuance of up to 30L warrants to promoters, each at INR 115.45
per warrant, aggregating to INR 35 Cr. Mr. Ashish Kacholia will be
subscribing up to 21.7L shares at the set price, aggregating to INR
25 Crore, and equivalent to 2.2% post subscription shareholding on
a fully diluted basis.
May ‘24: Company is expanding with a new forging capacity of

72,000 tons annually. They've acquired three state-of-the-art
forging production lines, including a 16-ton closed die forging
hammer, a 10-ton hammer, and an 8,000-ton mechanical press.
Future Visibility Yes These automated, Industry 4.0 compliant lines will be part of their
greenfield project in Belagavi, Karnataka. The new unit will integrate
with BFIL's precision machining unit from Mercedes Benz,
enhancing their product offerings in critical industries such as oil and
gas, aerospace, defense, railways, mining, and automotive.

12th Jul 2024
Mar ‘23: Balu Forge won order to supply Powertrain Sub-
assemblies to a tractor manufacturer based out of the middle east.
Company has already started the supply under the said contract and
expects to generate further revenues in upcoming quarters.
Feb ‘23: Company has proposed to set up a new manufacturing

facility at Belgaum, Karnataka. This new facility will house a state-
of-the-art precision engineering center that will increase efficiency
in production and enable an extension of the existing product
portfolio to enhance the company's offering in both the ICE & the
new energy sphere.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

12th Jul 2024
2. H.G. INFRA ENGINEERING LIMITED NSE: HGINFRA
(1st time covered: 22nd Mar 2023)
Recent filing: (LEASE GRANTED) HG Infra Engineering has been granted lease worth INR 14.6 Cr for
Commercial Development on Railway Land at Abu Road, Rajasthan Measuring 8034 sqm for a period of 60
years.
SUMMARY: 6y Operating Profit uptrend | 2q Operating Profit uptrend | Excellent Mar-24 results | PE 21.0x
(Sector PE range 8-25) | Infrastructure
FUTURE OUTLOOK: As per FY24 Con-call, Management has guided for a 15-20% growth in topline |
Orderbook INR 12,434 Cr (Mar-24), 2.3x of TTM Revenue
• MCap of INR 11,079 Crore (share price = INR 1,700 / share) (as on 12th Jul ‘24)
• TTM PE of 21x (as on 12th Jul ‘24) Retail float = 9.0% (Mar-24)
FOOD FOR THOUGHT: Client concentration risk: Road projects from NHAI and ARTL contribute to 87% of
orderbook as of Dec-23.
Company Description: With a resilient two-decade journey, HGIEL has emerged as one of India's fastest-
growing construction companies. Its dedication to quality and timely execution has been pivotal in
establishing it as a trusted leader in the infrastructure industry. It is engaged in the business of EPC and
Maintenance of roads, bridges, flyovers, etc.
HG I 950 931 942 894 850 848 932 881 909 1,189 1,507 1,763
Sales 1,106 796 1,185 1,535 1,351 955 1,365 1,708
Op Profit 199 161 238 297 281 220 228 333
Net Profit 109 82 131 171 150 96 102 190
OPM 18% 20% 20% 19% 21% 23% 17% 19%
NPM 10% 10% 11% 11% 11% 10% 8% 11%
Promoter % 74.5% 74.5% 74.5% 74.5% 74.5% 74.5% 74.5% 74.5%
Sales 1,393 2,014 2,217 2,610 3,751 4,622 5,378
Op Profit 208 305 353 484 711 895 1,062
Net Profit 84 127 167 237 380 493 539
Website: https://www.hginfra.com/
12th Jul 2024
LT OP uptrend Yes
ST OP uptrend Yes
PE 21 (Infra: 8-25)
Higher end of sector range
Futuristic Sector No
HNI / Institutional
Mar ‘24: Nippon Life India Trustee Ltd is holding 4% stake. HSBC
/ Promoter Yes
Smallcap Fund is holding 4% stake. Abakkus Emerging Opportunities
Buying is holding 1.4% stake.
Special Situation No
Jul ’24: Company has entered into a Memorandum of Understanding
with Ultra Vibrant Solar Energy Private Limited to acquire the project
development activities, which will be done through individual project
companies. The total project size is 83.02 MW (AC)/ 116.228 MW
(DC), which will be developed by the Company. The total Engineering
Procurement Construction (EPC) value for developing these
projects is INR 465 Cr.
Jun ‘24: Company has incorporated 60+ subsidiary/step-down

subsidiary companies to operate in the field of solar power in the
month of May ‘24 and Jun ’24.
May '24: Secured two projects from Maharashtra State Road

Development Corporation for the Nagpur-Chandrapur Expressway
under EPC mode. The projects, valued at INR 1,991 Cr and INR 2,151
Cr, span 28.2 km and 31.75 km, respectively, to be completed in 30
months.
Future Visibility Yes Apr '24: H.G. Solar Projects, a subsidiary, incorporated three new
subsidiaries: H.G. Jodhpur Solar Energy Private Limited, H.G. Solar
Project Developer Private Limited, and H.G. Green Hydrogen Power
Private Limited for solar power businesses.
Apr '24: Incorporated "H.G. Chennai-Tirupati (II) Highway Private

Limited" for constructing a highway in Andhra Pradesh with a project
cost of INR 862 Cr and a 2-year construction period.
Apr '24: Received two awards worth INR 156 Cr from Jodhpur Vidyut
Vitran Nigam Limited for 36.3 MW solar power plants in a consortium
with Stockwell Solar Services Private Limited.
Mar '24: Signed contracts worth INR 64 Cr with Norangdesar Solar

Developer and Rasisar Solar Developer for solar plants of 6.52 MW
and 5.04 MW.
Mar '24: Awarded a 51.76 MW solar project worth INR 220 Cr by

Jodhpur Vidyut Vitran Nigam Limited in consortium with Stockwell
Solar Services.

12th Jul 2024
Mar '24: Received LoA worth INR 534 Cr from Jodhpur Vidyut Vitran
Nigam Limited for a 125.7 MW grid-connected solar power plant
through RESCO mode.
Mar '24: Secured 4 LoAs totaling INR 1,026 Cr for EPC and
commissioning of solar power plants from Jodhpur Vidyut Vitran
Nigam Limited.
Mar '24: Subsidiary acquired a 49% stake in Norangdesar Solar

Developer Private Limited and Rasisar Solar Developer Private
Limited for solar power business.
Mar '24: Received LoA worth INR 709 Cr from East Central Railway
for a double line track project in Bihar, to be completed in 3 years.
Mar '24: Won INR 862 Cr order from NHAI for a highway project in
Andhra Pradesh.
Mar '24: Received LoA worth INR 610 Cr from NHAI for a 4-lane
elevated corridor in Jamshedpur.
Mar '24: Received LoA worth INR 447 Cr from South Central Railway
for a 44.14 km EPC project in the Nanded Division.
Feb '24: Incorporated H.G. Solar Projects to engage in solar power

business.
Feb '24: Received LoA worth INR 716 Cr from Central Railway for a
new BG line between Dhule and Nardana (49 km).

12th Jul 2024
3. TEGA INDUSTRIES LIMITED NSE: TEGA (1st time covered: 2nd Mar 2023)
Recent filing: (LAND ACQUISITION) Subsidiary of Tega Industries has procured a land admeasuring 51,026
sqm in Region Concon, Chile for an amount of INR 21.4 Cr which will be used for future expansion.
SUMMARY: 6y Operating Profit uptrend | PE 61.3x (Sector PE range 30-60) | Institutional Entry | Land
Acquisition for future expansion | Industrial Products
FUTURE OUTLOOK: As per FY24 Concall, Company sticks to guidance estimates of 15% revenue growth
for FY25 | Orderbook of INR 630 Cr (Mar-24).
● MCap of INR 11,884 Crore (share price = INR 1,786 / share) (as on 12th Jul ‘24)
● TTM PE 61.3x (as on 12th Jul ‘24) Retail float = 3.79% (Mar-24)
FOOD FOR THOUGHT: PE multiple is above sector range.
Company Description: Tega Industries, one of the leading players in the designing and manufacturing of
critical consumables for mineral processing, mining and material handling industries.
TEGA 984 955 931 912 984 1152 1156 1165 1241 1498 1488 1638
Sales 244 276 297 396 268 377 340 507
Op Profit 46 54 67 103 39 82 56 139
Net Profit 23 35 48 77 21 47 36 89
OPM 18.8% 19.5% 22.5% 26% 14.5% 21.7% 16.4% 27.4%
NPM 9.4% 12.6% 16.1% 19.4% 7.8% 12.4% 10.5% 17.5%
Promoter % 79.1% 79.1% 79.1% 79.1% 75% 74.8% 74.8% 74.7%
Sales 549 634 685 806 952 1,214 1,493
Op Profit 74 100 109 193 184 272 316
Net Profit 28 33 66 136 117 184 194
Website: https://www.tegaindustries.com/

12th Jul 2024
LT OP uptrend Yes
ST OP uptrend Yes
PE 61.3
(Industrial Products: 30-60)
Above sector range
Futuristic Sector No
Mar ‘24: SBI Large & Midcap Fund is holding 4.9% stake. HDFC
HNI / Institutional Balanced Advantage Fund is holding 4% stake. TATA Aia Life
/ Promoter Yes Insurance is holding 2.5% stake. Mirae Asset Elss Tax Saver Fund is
holding 1.9% stake. Franklin India Smaller Fund is holding 1.2% stake.
Buying Baroda Bnp Paribas Multi Cap Fund is holding 1.0% stake. Aditya Birla
Sun Life Trustee is holding 1.2% stake.
Jun ‘24: Subsidiary of Tega Industries has entered into a contract worth
INR 871 Cr as a consortium member with India's largest producer of
iron ore, NMDC Limited, for Design, Engineering, Manufacture, Supply,
Erection, Testing and Commissioning of new 7 MTPA Iron ore
Screening & Beneficiation Plant – II (SP-II) (Package -1) at Donimalai
Complex, Bellary, Karnataka on Turnkey basis, needs to be executed
within 26 Months. Subsidiary’s share of business in the said contract is
INR 120 Cr.
Future Visibility Yes
Jan ’24: Tega Industries Chile SpA, a material subsidiary of the
Company has incorporated a new subsidiary, Tega Industries Peru
SAC to purchase, sale, transformation and/or commercialization of all
kinds of movable tangible assets, and may also carry out imports,
exports and in general, any foreign trade operation, the representation
of companies and goods related to the above; the intermediation of the
same goods; the advice on technical and commercial aspects and
finally, all the operations or businesses that the shareholders agree on
and that are related to their object.

12th Jul 2024
4. MESON VALVES INDIA LIMITED BSE: 543982
(SME: Lot Size = 200 shares) (1st time covered: 23rd Sep 2023)
Recent filing: (ACQUISITION) Meson Valves has entered into Share Purchase Agreement with Milindpra
Castings Private Limited for the acquisition of 7,033 shares. Target Company is in the business of metal
casting and foundry. This strategic acquisition aligns with Company’s India growth strategy and is expected
to strengthen its position in the metal casting industry. The move will allow Company to expand its capabilities
and market presence in the foundry sector.
FUTURE OUTLOOK: As per FY24 concall, Company anticipates a 50% CAGR with strong growth and
profitability, doubling its topline. Company targeting a 10-15% EBITDA margin increase. Company has an
Order book of INR 40+ Cr.
SUMMARY: 3y Operating Profit uptrend | 1h Operating Profit uptrend | PE 151x (Sector PE range 50-100) |
Excellent Mar-24 results | Acquisitions | Partnership | Institutional Entry | Defence
FOOD FOR THOUGHT: PE is above sector range
Company Description: Meson Valves India Limited is in the business of assembling, buying, selling,
distributing, importing, exporting or otherwise dealing in products like valves, actuators, remote control
system, control cabinets, tanks, visualization system, piping, pumps, fittings, gaskets, flanges and and
services that control and manage all such products. Company got listed on 21st Sep ‘23.
Meson - - 224 324 371 611 653 698 670 997 890 1079
(In INR Cr) Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Sep-23* Mar-24*
Sales - 15.3 14.1 36.7 63.1 19.9 43.2
Op Profit - 0.6 3.8 7.0 14.8 4.1 10.7
Net Profit - 0.1 2.1 4.5 9.1 2.6 6.4
OPM - 4% 27% 19% 23% 21% 25%
NPM - 1% 15% 12% 14% 13% 15%
Promoter % - - - - 32.8% 32.8% 32.8%
* Half year data, rest is annual.
Website: https://mvi.ltd/

12th Jul 2024
LT OP uptrend Yes
ST OP uptrend Yes
PE 151 (Defence: 50-100)
Above sector range
Yes
Futuristic Sector
(Defence)
HNI / Institutional Mar ’23: India Emerging Giants Fund is holding 2.15% stake.
/ Promoter Yes Sep ’23: Blue Lotus Capital Multi Bagger Fund and India Emerging
Buying Giants Fund, each bought 1.8L shares at INR 214/share, aggregating
to INR 3.9 Cr for each of them.
Jun ’24: Company has incorporated a new subsidiary named H2O

Dynamics India Limited with 63.7% shareholding, specializing in
industrial wastewater treatment for industries such as food and
beverage, automotive, mining, pharmaceutical, petrochemical, and
power. Company offers tailored solutions to meet stringent wastewater
regulations, addressing high BOD, COD, and TSS levels. Our services
include manufacturing, designing, repairing, installing, importing,
exporting, and distributing water processing equipment and purifiers.
Depending on client needs, we use technologies such as evaporation,
filtration, clarification, and aerobic and anaerobic treatment to remove
oil, grease, heavy metals, and toxic chemicals.
Apr ’24: Company has secured an exclusive agreement with Georg

Schunemann GmHH, a respected German manufacturer known for
their expertise in special fittings and filtration systems. This partnership
grants Meson Valves access to essential knowledge and technology,
strengthening its position in various industries including Aerospace,
Future Visibility Yes Water Treatment, HVAC, Oil and Gas, and Automotive. With this
collaboration, Meson Valves can advance its manufacturing
capabilities, marketing strategies, and sales tactics, enhancing its
product range and global competitiveness, while also supporting India's
'Make in India' initiative.
Apr ’24: Company has received two export orders aggregating to INR
7 Cr from KW Engineering Solutions Pte Ltd, Singapore for the Supply
of different model of Butterfly and Ball Valves, needs to be executed
over 16 weeks.
Jan ’24: Nibe Meson Naval Limited is incorporated as an associate

company of Meson Valves India Limited. It is involved in the business
of assembling, buying, selling, distributing, importing, or otherwise
dealing in turnkey projects for piping systems, including fabricated
pipes, valves, pumps, fittings, gaskets, gauges, and the commissioning
of piping systems. The company holds a 49% stake in the associate
company.
Dec ’23: Company received a purchase order worth INR 1.35 Cr from
Garden Reach Shipbuilders & Engineers Limited for the supply of B&D

12th Jul 2024
spares for hull valves for Project ASW SWC. Additionally, a Letter of
Acceptance worth INR 2.8 Cr was received from Garden Reach
Shipbuilders & Engineers Limited for the supply of B&D spares for
underwater valves for Project SVL. The total aggregate value of the
orders is approximately INR 4.12 Cr.

12th Jul 2024
5. BONDADA ENGINEERING LIMITED BSE: 543971
(SME: Lot Size = 200 shares) (1st time covered: 2nd Oct 2023)
Recent filing: (ORDER) Bondada Engineering has received a work order worth INR 317 Cr for Operation &
Maintenance of Facility, Fiber & FTTx, and Towers from Reliance Projects & Property Management Services
Limited, needs to be executed within 3 years.
SUMMARY: 3y Operating Profit uptrend | 3h Operating Profit uptrend | PE 127x (Sector PE range 30-50) |
Excellent Mar-24 results | Fund Raise | Large Order | 5G+Solar Infrastructure
FUTURE OUTLOOK: As on 31st Mar 2024, Orderbook = INR 1,747 Cr, Orders in pipeline = INR 1,260 Cr
FOOD FOR THOUGHT: PE multiple is above sector range.
Company Description: Bondada is an infrastructure company that specializes in offering engineering,

procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services to
clients in the telecom and solar energy sectors across India. Its expertise encompasses core design and
engineering, with a focus on passive telecom infrastructure services such as construction, operation and
maintenance of telecom towers, optical fiber cables and related infrastructure.
Bonda - 156 177 275 404 397 676 915 852 1338 1710 2654
(In INR Cr) Mar-22 Jun-22 Sep-22 Dec-22 Sep-22 Mar-23 Sep-23 Mar-24
Sales - - - - 117 254 296 505
Op Profit - - - - 9 22 20 48
Net Profit - - - - 4 13 15 31
OPM - - - - 7% 8% 7% 10%
NPM - - - - 3% 5% 5% 6%
Promoter % - - - - - - 63.3% 63.3%
Sales - 224 229 287 334 371 801
Op Profit - 19 18 16 20 31 68
Net Profit - 11 10 9 10 18 46
Website: https://bondada.net/
12th Jul 2024
LT OP uptrend Yes
ST OP uptrend Yes
PE 127 (5G+Solar Infra: 30-50)
Above sector range
Yes
Futuristic Sector Tower foundation
(5G + Solar)
HNI / Institutional /
No
Promoter Buying
Jun ’24: Board has approved the issuance of 3.1L warrants at INR
1,756/share, aggregating to INR 55 Cr to Dr. Faruk G. Patel
Special Situation Yes
(Promoter of KP Group) on a private placement basis.
Jun ‘24: Company has received a work order worth INR 14.6 Cr
for Installation & Commissioning work of solar power plants and
supply of Wattpower Inverter at Jambusar, Gujrat from Goldi
Solar Private Limited.
Jun ‘24: Company has received a work order worth INR 2.1 Cr for
Supply of 6 Mtr Height GI pole Wt 60kg (Hot Dipped Galvanised)
without Base from Bharti Airtel.
Jun ‘24: Company has incorporated a Subsidiary namely,

Bondada Managed Services Private Limited with 95% stake for
Operation and Maintenance Services for all kind of Cell towers
and Fiber Optic Systems and Cables.
Jun ‘24: Company has received a Letter of Award worth INR 939
Cr from NLC India Limited for Balance of System (BOS) work for
setting up 600MW Grid Connected Solar Power Project including
the O&M for three years after SCOD at Khavda, Gujrat, needs to
Future Visibility Yes
be executed within 15 months.
May ’24: Company has received a Letter of Intent for the e-tender
towards SLA based Optical Fiber Cable Route Repair &
Maintenance (R&M) works across multiple OFC Routes covered
in Package-01 for DGM, CNTX-S, Madurai Area from Bharat
Sanchar Nigam Limited with order value amounting to INR 2.4 Cr.
May ‘24: Company has received a work order worth INR 2.3 Cr
from Shiv Shakti Constructions for Fabrication, galvanising and
supply of various types of towers, & its body / leg (equal &
unequal) extensions (complete) excluding stubs and bolts & nuts,
hangers, Dshackles, pack washer etc.
May ’24: Company has received a work order worth INR 13.3 Cr
from Morphing Inovations Opc Pvt. Ltd. for the supply of Solar
Street Light, needs to be delivered within 1 week.

12th Jul 2024
May ‘24: Company has received work orders worth INR 1.4 Cr
from Bharti Airtel for the supply of 6 Mtr Height GI pole to
Tamilnadu & Kerala.
May ’24: Atpole Technologies Private Limited, a subsidiary of

Bondada Engineering Limited (BEL), has received certification
from the International Centre for Automotive Technology (ICAT).
This certification highlights Atpole Technologies' commitment to
delivering high-quality products that meet stringent automotive
industry standards.
Apr ‘24: Company has incorporated a Wholly Owned Subsidiary

named, Bondada Green Engineering Private Limited, to
manufacture metal frameworks or skeletons for construction,
including towers, masts, trusses, bridges, and other related
components.
Mar ‘24: Company has received a Letter of Intent from The

Singareni Collieries Company Limited for the work order worth
INR 433 Cr for Design, Engineering, Supply, Construction,
Erection, Testing & Commissioning of 67.5 MW capacity ground
based Solar PV Power Plant and 10 years Plant O&M at
Mandamarri Area.
Mar ‘24: Company has received a work order worth INR 24 Cr

from Pace Digitek Infra Private Limited for supply of 40M Ground
Based Towers-200 KMPH.
Feb ‘24: Company has received a work order worth INR 81.3 Cr
from NLC India Limited for Balance of System (BOS) work for
SOMW Solar Power Project including O&M for three years.
Feb ‘24: Company has received an order worth INR 4.9 Cr from
Sundrops Energia Pvt. Ltd. to supply equipment for Solar Power
Plant as per agreement, on or before 5th May 2024.

12th Jul 2024
Others
ORIANA POWER LIMITED
(SUBSIDIARY INCORPORATION) Ministry of Corporate Affairs has approved the incorporation of three
wholly-owned subsidiaries: Truere Raj SPV Private Limited, Truere Sunrise Private Limited, and Truere Urja
Private Limited. These subsidiaries will focus on generating power, EPC of power projects, executing
operation and maintenance of power projects, and providing consultancy in manufacturing, operation, and
maintenance of power projects. They will also engage in the distribution of power, General Electric power
supply, and related activities, including constructing and maintaining power infrastructure. Additionally, they
will produce, process, and deal with power devices, solar energy products, and specialized equipment for
various sectors.
• MCap of INR 4,402 Cr (share price = INR 2,295/share); TTM PE 81.2x (as on 12th Jul ‘24)
Oriana - 357 339 335 362 470 661 793 742 1,527 2,198 2,3474
ADVAIT INFRATECH LIMITED

(FUND RAISE) BoD considered and approved the issuance of 1.4L equity shares at INR 1,776/share,
aggregating to INR 25.5 Cr
• MCap of INR 1,995 Cr (share price = INR 1,954/share); TTM PE 91.2x (as on 12th Jul ‘24)
Advait 443 427 416 370 555 595 1014 1435 1321 1527 1452 1727
KILBURN ENGINEERING LIMITED

(FACTORY ACQUISITION) Company has announced the signing of a binding term sheet for the acquisition
of a prime Factory Unit located at Thane, Maharashtra. This acquisition, from Shree Satyanarayan Industrial
Suppliers Private Limited, includes essential assets such as Plant, Machinery, Office Building, Work
Area/Shed, Amenities, and Equipment(s), for a total consideration not exceeding INR 22 Cr.
• MCap of INR 1,817 Cr (share price = INR 434/share); TTM PE 36x (as on 12th Jul ‘24)
Kilbur 163 159 178 228 287 286 275 295 335 384 403 442
SUNITA TOOLS LIMITED

(CAPACITY EXPANSION) Company announced the expansion of its manufacturing capabilities with the
acquisition of a modern, state-of-the-art CNC Surface Grinder. This new addition complements company’s
existing lineup, which includes the industry's largest Surface Grinder, boasting dimensions of 3800 x
1800mm. The newly acquired CNC Surface Grinder, with dimensions of 2800 x 1800mm, offers microlevel
accuracy, making it a versatile asset for various sectors, including Aerospace, Moulds & Dies, and Machine
Manufacturing industries. This machine's advanced technology ensures precision and efficiency.
• MCap of INR 384 Cr (share price = INR 682/share); TTM PE 79.1x (as on 12th Jul ‘24)
Sunita - - - 167 212 237 238 273 266 367 403 630
JUPITER WAGONS LIMITED

(FUND RAISE) Company will issue 1.2 Cr shares at INR 655/share, aggregating to INR 800 Cr. The QIP
demand reaching INR 2,800 Cr which was 3.5 times the size of the QIP. Participants include ASK, BOI,
HSBC, Halbis and SBI General Insurance.
• MCap of INR 28,698 Cr (share price = INR 696/share); TTM PE 86.3x (as on 12th Jul ‘24)
Jupit 205 343 327 313 348 319 404 372 92 105 602 689
12th Jul 2024
RBM INFRACON LIMITED
(ORDER)Company has received work order worth INR 5.9 Cr from Thyssenkrupp Industrial Solutions India
Private Limited, IOCL Gujarat Refinery.
RBM 52 112 146 229 278 443 631 720 573 464 489 568
EMS LIMITED
(ORDER) Company has received a letter of award worth INR 141 Cr for Supply of Plant Contract include
design, engineering, manufacture, testing, transportation, Insurance, Installation and other Services along
with supply of Installation services contract for the execution of Development of Distribution Infrastructure-
loss reduction works at EDC Dehradun rural Circle of Uttarakhand under Revamped Reforms-based and
Results-linked, Distribution Sector Scheme from Uttarakhand Power Corporation Limited.
• MCap of INR 3,630 Cr (share price = INR 654/share); TTM PE 23.8x (as on 12th Jul ‘24)
EMS - - 266 293 435 424 527 498 402 456 480 643
INSOLATION ENERGY LIMITED

(SUBSIDIARY INCORPORATION) BoDs have approved the incorporation of Subsidiary of the Insolation
Energy Limited in India to carry on the business of generating, accumulating, distributing, and supplying solar
energy, providing comprehensive EPC services for solar power plants, Maintenance of solar power plants,
to acquire, develop, and manage solar parks, and such other similar object as per the Memorandum of
Association of the proposed subsidiary company.
• MCap of INR 6,679 Cr (share price = INR 3,206 /share); TTM PE 120x (as on 12th Jul ‘24)
Insolat 202 396 390 550 604 755 1,225 1,412 1,637 1,577 2,195 3327
MAGSON RETAIL AND DISTRIBUTION LIMITED

(NEW STORE) Company has taken a strategic decision to expand its retail presence by opening a new store
in Udaipur, including the new Udaipur Store total number of stores of Magson increased to 30 stores in 11
cities across 4 states.
• MCap of INR 75 Cr (share price = INR 95.5/share); TTM PE 26.6x (as on 12th Jul ‘24)
Magso 89 82 90 85 119 124 122 109 82 109 91 99
AVG LOGISTICS LIMITED

(ORDER) Company has been awarded the tender as the authorized partner for Express parcel services by
Uttar Pradesh State Road Transport Corporation (UPSRTC). It has secured space in 9,000 UPSRTC buses
for Express parcel delivery services and expecting the lifetime revenue of INR 60 Cr over a period of 5 years.
AVG 267 254 294 277 309 376 413 634 580 564 507 490
ABHISHEK INTEGRATIONS LIMITED

(ORDER) Company has been ranked as L1 for the work contracts worth INR 1.8 Cr for Two shift operation,
technical assistance in Operation & maintenance contract of various shops of CDM & TMU and maintenance
of machine & Auxiliary systems installed at CDM & TMU, BARC, Trombay, Mumbai.
• MCap of INR 51.5Cr (share price = INR 85.5/share); TTM PE 66.9x (as on 12th Jul ‘24)
Abhish 39 29 30 31 26 28 30 39 36 41 55 66

12th Jul 2024
Sovrenn SME Index: 0.58%
Sovrenn SME Index was up 0.58% 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.
IPO
SME / Subs
Company Status Open Close Listing GMP
Mainboard (x)
Kataria Industries SME Upcoming 22-Jul-24 24-Jul-24 29-Jul-24 47% NA
Macob Technnologies SME Upcoming 16-Jul-24 19-Jul-24 24-Jul-24 0% NA
Tunwal E-motors SME Upcoming 15-Jul-24 18-Jul-24 23-Jul-24 42% NA
Aelea Commodities SME Open 12-Jul-24 16-Jul-24 22-Jul-24 47% 5
Three M Paper Boards SME Open 12-Jul-24 16-Jul-24 22-Jul-24 43% 8
Prior Viztech SME Open 12-Jul-24 16-Jul-24 22-Jul-24 57% 14
Sati Poly Plast SME Open 12-Jul-24 16-Jul-24 22-Jul-24 69% 22
Sahaj Solar SME Open 11-Jul-24 15-Jul-24 19-Jul-24 116% 97
Company Sector Revenue growth (YoY) Profit growth (YoY) Issue PE

Kataria Industries Industrial Products 5% 34% 21x
Macob Technnologies Consumer Discretionary 40% 8% 33x
Tunwal E-motors Electric Vehicle 38% 217% 28x
Aelea Commodities Agro Products Trader 15% 38% 15x
Three M Paper Boards Paper -16% 72% 12x
Prior Viztech Security and Surveillance Solutions 2.6x 26x 17x
Sati Poly Plast Packaging Material -6% 6% 20x
Sahaj Solar Solar 9% 2.1x 15x
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.

12th Jul 2024
Sovrenn Macro
US Inflation Cools for Third Straight Month at 0.1% in June

In June 2024, the US experienced a significant economic milestone as inflation cooled for the third
consecutive month, rising by just 0.1%. This decrease has increased Wall Street's confidence in potential
interest rate cuts by the Federal Reserve in September.
CPI Data and Annual Trends

The US Consumer Price Index (CPI), excluding food and energy costs, decreased by 0.1% in June, following
a stagnant reading in May. This is the smallest increase in three years, marking the weakest monthly reading
since May 2020. Annually, consumer prices rose by 3% in June, down from the 3.3% annual rate recorded
in May, marking the lowest in a year.
Major Drivers of Inflation

Several key factors contributed to this cooling trend. Prices for groceries, used cars, and gas either stabilized
or declined. Shelter prices, a major component of services, saw a modest increase of 0.2%, the smallest
since August 2021. The owners’ equivalent rent, comprising over one-third of the CPI, rose by 0.3%, the
slowest pace in three years.
Implications for Federal Reserve Rate Cuts
Fed's Stance on Interest Rates

The Federal Open Market Committee (FOMC), led by Jerome Powell, has maintained its key interest rate at
a record high of 5.25% to 5.5% for nearly a year, following aggressive hikes in 2022 and 2023 aimed at
curbing inflation by reducing demand through higher borrowing costs.
Market Expectations and Fed’s Response

The consistent cooling of core inflation raised expectations for multiple rate cuts in 2024. However, early
2024's inflationary pressures led the Fed to forecast only one rate cut this year. The latest data, showing
inflation well below its peak, supports the notion that the Fed's target of 2% inflation is achievable.
Market Bets on Rate Cuts

Wall Street has reacted positively to the cooling inflation data, with traders now predicting a 90% chance of
a rate cut in September, up from 70% earlier. Expectations for a second rate cut in November have also
increased, with some forecasting even a third cut by year-end. Major financial institutions like JPMorgan and
Macquarie have adjusted their predictions, now expecting initial rate cuts in September.
Conclusion
The cooling of US inflation in June 2024 marks a pivotal moment for the economy, potentially leading to
interest rate cuts by the Federal Reserve. This development is a positive signal for both Wall Street and
consumers, indicating a gradual easing of price pressures. As the Fed continues to monitor incoming data,
the likelihood of rate cuts soon seems increasingly probable, offering hope for a more stable economic
landscape.

12th Jul 2024
Companies declaring results on 12th, 13th, 14th & 15th July 2024
Sl. No. Name of the Company Date

1 5Paisa Capital Ltd 12-Jul-24
2 Adline Chem Lab Ltd 12-Jul-24
3 Atharv Enterprises Ltd 12-Jul-24
4 Gautam Gems Ltd 12-Jul-24
5 Golkonda Aluminium Extrusions Ltd 12-Jul-24
6 HCL Technologies Ltd 12-Jul-24
7 Indian Renewable Energy Development Agency Ltd 12-Jul-24
8 Indo Cotspin Ltd 12-Jul-24
9 Infomedia Press Ltd 12-Jul-24
10 JIK Industries Ltd 12-Jul-24
11 Oriental Hotels Ltd 12-Jul-24
12 Sanginita Chemicals Ltd 12-Jul-24
13 Setco Automotive Ltd 12-Jul-24
14 Teamo Productions HQ Ltd 12-Jul-24
15 Vipul Ltd 12-Jul-24
16 Angel One Ltd 13-Jul-24
17 Atam Valves Ltd 13-Jul-24
18 Avenue Supermarts Ltd 13-Jul-24
19 Bank of Maharashtra 13-Jul-24
20 Benares Hotels Ltd 13-Jul-24
21 Betala Global Securities Ltd 13-Jul-24
22 Bhansali Engineering Polymers Ltd 13-Jul-24
23 CRISIL Ltd 13-Jul-24
24 Davangere Sugar Company Ltd 13-Jul-24
25 Den Networks Ltd 13-Jul-24
26 Excel Realty N Infra Ltd 13-Jul-24
27 Ganesh Housing Corporation Ltd 13-Jul-24
28 Geojit Financial Services Ltd 13-Jul-24
29 Hathway Bhawani Cabletel & Datacom Ltd 15-Jul-24
30 Hatsun Agro Product Ltd 15-Jul-24
31 HDFC Asset Management Company Ltd 15-Jul-24
32 HDFC Life Insurance Company Ltd 15-Jul-24
33 J Taparia Projects Ltd 15-Jul-24
34 Jio Financial Services Ltd 15-Jul-24
35 Jiya Eco-Products Ltd 15-Jul-24
36 K&R Rail Engineering Ltd 15-Jul-24
37 KBC Global Ltd 15-Jul-24

12th Jul 2024
38 Kellton Tech Solutions Ltd 15-Jul-24
39 Kernex Microsystems (India) Ltd 15-Jul-24
40 Mishtann Foods Ltd 15-Jul-24
41 Modern Engineering and Projects Ltd 15-Jul-24
42 Monarch Networth Capital Ltd 15-Jul-24
43 MRP Agro Ltd 15-Jul-24
44 Oasis Securities Ltd 15-Jul-24
45 Plastiblends India Ltd 15-Jul-24
46 Popees Care Ltd 15-Jul-24
47 R R Financial Consultants Ltd 15-Jul-24
48 Rajoo Engineers Ltd 15-Jul-24
49 Ras Resorts & Apart Hotels Ltd 15-Jul-24
50 Rita Finance and Leasing Ltd 15-Jul-24
51 Sayaji Hotels (Indore) Ltd 15-Jul-24
52 Scanpoint Geomatics Ltd 15-Jul-24
53 Sheetal Cool Products Ltd 15-Jul-24
54 Space Incubatrics Technologies Ltd 15-Jul-24
55 SpiceJet Ltd 15-Jul-24
56 Spright Agro Ltd 15-Jul-24
57 Styrenix Performance Materials Ltd 15-Jul-24
58 Sybly Industries Ltd 15-Jul-24
59 Tahmar Enterprises Ltd 15-Jul-24
60 Tierra Agrotech Ltd 15-Jul-24
61 Tokyo Finance Ltd 15-Jul-24
62 Trinity League India Ltd 15-Jul-24
63 Udaipur Cement Works Ltd 15-Jul-24
64 Vaghani Techno-Build Ltd 15-Jul-24
65 Viceroy Hotels Ltd 15-Jul-24

12th Jul 2024
Annexure
Sector specific PE classification:
Sl. No. Sector PE range
1 Information Technology 30 - 50
2 Pharma 20 - 30
3 Commodity Trading/Metal/ Paper 5 - 15
4 Consumer Retail/ FMCG 30 - 100
5 Consumer Discretionary 30 - 70
6 Gems and Jewellery 30 - 70
7 Capital Goods - Electrical Equipment 30 - 60
8 Capital Goods - Non Electrical Equipments 30 - 60
9 Industrial Products 30 - 60
10 Wires and Cables 30 - 60
11 Infrastructure 8 - 25
12 Telecom / Solar / Power Infra 30 - 50
13 Realty 30 - 40
14 Building Material 30 - 60
15 Oil & Gas field services 10-30
16 NBFCs 20 - 40
17 Banking 10 - 20
18 Financial Services 20 - 50
19 Microfinance 10 - 20
20 Brokerage 20 - 40
21 Power generation 20 - 30
22 Electric Vehicles 80 - 120
23 Automobile Manufacturing 30 - 50
24 Automobile Ancillaries 30 - 50
25 Railways 40 - 70
26 Clean Energy 50 - 90
27 Hydro Engineering 30 - 50
28 Smart Meter 30 - 70
29 Recycling 30 - 50
30 Waste Management 25 - 50
31 Healthcare - Hospitals/ Diagnostics 40 - 80
32 Speciality Chemicals 30 - 50
33 Commodity Chemicals 10 - 40
34 FMCG 30 - 70
35 Packaging 20 - 50
36 Defence 50 - 100
37 Drone 70 - 120
38 Contract Manufacturing 40 - 100
39 EMS 50 - 100
40 Logistics 10 - 40
41 Diversified Commercial Services 30 - 50
42 Consulting Services 30 - 50
43 Travel Services 30 - 60
44 HR Services 30 - 50
45 Media 20 - 50
46 Tech Platform 50 - 100
47 Steel products 10 - 50
48 EPC 20 - 50
49 Stationery 20 - 40
50 Education 15 - 40
51 Agro-processing 15 - 30
52 Agri products 30 - 50
53 Alcoholic beverages 30 - 70
54 Event management 25 - 50
55 Entertainment 20 - 40
56 VFX 30 - 60
57 Biofuels 30 - 60

12th Jul 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.


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Author: Sovrenn Financial Technologies Pvt. Ltd.

12th Jul 2024

Aditya Joshi, Co-founder and CEO

IMPORTANT: How to use Sovrenn Times

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

2. H.G. INFRA ENGINEERING LIMITED

3. TEGA INDUSTRIES LIMITED

4. MESON VALVES LIMITED

5. BONDADA ENGINEERING LIMITED

This page is created for information purpose. It is not a BUY/SELL recommendation. 3

Share price and Volume (last 1 year):

Mar ’24: Ebene Global Opportunity Fund bought 6L shares at INR

Mar ‘23: Dream Achiever Consultancy bought 5.7L shares at INR

May ‘24: Company is expanding with a new forging capacity of

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

Feb ‘23: Company has proposed to set up a new manufacturing

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

Share price and Volume (last 1 year):

Jun ‘24: Company has incorporated 60+ subsidiary/step-down

May '24: Secured two projects from Maharashtra State Road

Apr '24: Incorporated "H.G. Chennai-Tirupati (II) Highway Private

Mar '24: Signed contracts worth INR 64 Cr with Norangdesar Solar

Mar '24: Awarded a 51.76 MW solar project worth INR 220 Cr by

This page is created for information purpose. It is not a BUY/SELL recommendation. 8

Mar '24: Subsidiary acquired a 49% stake in Norangdesar Solar

Feb '24: Incorporated H.G. Solar Projects to engage in solar power

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

FOOD FOR THOUGHT: PE multiple is above sector range.

Share price and Volume (last 1 year):

This page is created for information purpose. It is not a BUY/SELL recommendation. 10

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

FOOD FOR THOUGHT: PE is above sector range

Share price and Volume (last 1 year):

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

Jun ’24: Company has incorporated a new subsidiary named H2O

Apr ’24: Company has secured an exclusive agreement with Georg

Jan ’24: Nibe Meson Naval Limited is incorporated as an associate

This page is created for information purpose. It is not a BUY/SELL recommendation. 13

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

FOOD FOR THOUGHT: PE multiple is above sector range.

Company Description: Bondada is an infrastructure company that specializes in offering engineering,

Share price and Volume (last 1 year):

Jun ‘24: Company has incorporated a Subsidiary namely,

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

May ’24: Atpole Technologies Private Limited, a subsidiary of

Apr ‘24: Company has incorporated a Wholly Owned Subsidiary

Mar ‘24: Company has received a Letter of Intent from The

Mar ‘24: Company has received a work order worth INR 24 Cr

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. 17

ADVAIT INFRATECH LIMITED

KILBURN ENGINEERING LIMITED

SUNITA TOOLS LIMITED

JUPITER WAGONS LIMITED

INSOLATION ENERGY LIMITED

MAGSON RETAIL AND DISTRIBUTION LIMITED

AVG LOGISTICS LIMITED

ABHISHEK INTEGRATIONS LIMITED