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82
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

VOL : 16 • Issue No: 44 RNI No : GUJENG / 2008 / 24320 10th Dec. to 16th Dec. 2023

FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
04-12-2023 18705.23 16632.02 2073.21
05-12-2023 17190.73 11967.22 5223.51
06-12-2023 11836.42 11916.3 -79.88
07-12-2023 13934.88 15498.91 -1564.03
08-12-2023 19329.28 15696.98 3632.3
TOTAL 80996.54 71711.43 9285.11
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
04-12-2023 16342 11544.85 4797.15
05-12-2023 11467.11 12866.29 -1399.18
06-12-2023 12323.18 10951 1372.18
07-12-2023 9313.11 9322.77 -9.66
08-12-2023 9533.13 9967.15 434.02
TOTAL 58978.53 54652.06 5194.51

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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 3

Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 4

D(en)O(f)W(ealth)
Superb Performance of our latest Recommendations
Date Stocks Recom. Remark
3rd November 22 REDINGTON Buy at 159 with stop loss of 140 Book full profit on 24th November at 175
7th November 22 NELCAST Buy at 93 with stop loss of 78 Book full profit on 5th December at 108
23rd November 22 RCF Buy at 109 with stop loss of 97 Book full profit on 24th November at 124
23rd November 22 WPIL Buy at 1215 with stop loss of 952 Book full profit on 13th Frbruary at 1631
25th November 22 FLEX FOOD Buy at 105 with stop loss of 95 Book full profit on 25th November at 109
25th November 22 IRB INFRA Buy at 255 with stop loss of 240 Book full profit on 29th November at 274
30th November 22 SIGACHI IND Buy at 290 with stop loss of 265 Book full profit on 9th January at 350
5th December 22 ARIES AGRO Buy at 150 with stop loss of 125 Book full profit on 28th December at 194
5th December 22 AMD IND Buy at 48 with stop loss of 41 Book full profit on 8th December at 57
9th December 22 DEEPAK SPINNERS Buy at 246 with stop loss of 225 Book full profit on 12th December at 261
12th December 22 COCHIN MINERALS Buy at 282 with stop loss of 245 Book full profit on 12th January at 316.55
13th December 22 MOREPEN LAB Buy at 32.3 with stop loss of 28 Book full profit on 22nd December at 36
22nd December 22 RDB RASAYAN Buy at 95 with stop loss of 75 Book full profit on 9th January at 104
28th December 22 CLSEL Buy at 135 with stop loss of 115 Book full profit on 6th February at 153
5th January 23 M&M Finance Buy at 237 with stop loss of 215 Book full profit on 6th February at 261
5th January 23 FLEX FOOD Buy at 99 with stop loss of 80 Book full profit on 9th January at 120
11th January 23 NCC Buy at 94 with stop loss of 83 Book 50% profit on 25 April at 115 and full profit on 3rd May at 125.5
8th March 23 NCC Buy at 95 with stop loss of 85 Book 50% profit on 25th April at 115 and full profit on 3rd May at 125.5
3rd April 23 VA TECH WABAG Buy at 363 with stop loss of 330 Book 50% profit on 25th April at 397 and full profit on 11th May at 421
5th April 23 DENIS CHEM LAB Buy at 72 with stop loss of 61 Book 50% profit on 10th April at 80 Then made a high of 141.3
25th April 23 EXIDE IND Buy at 191 with stop loss of 175 Book full profit on 17th May at 206
26th April 23 Gulshan Poly Buy at 253 with stop loss of 225 Book 50% profit on 3rd May at 273 later stop loss of cost clicked
2nd May 23 Star Cement Buy at 121 with stop loss of 105 Book full profit on 25th May at 135-136
16th May 23 TAJ GVK HOTELS Buy at 231 with stop loss of 205 Book full profit on 10th July at 268
24th May 23 HSCL Buy at 124 with stop loss of 110 Book full profit on 19th June at 134
7th June 23 IOLCP Buy at 457 with stop loss of 425 Book loss on 26th June at 425
15th June 23 MIDHANI Buy at 253 with stop loss of 235 Book full profit on 19th June at 278
21st June 23 HUDCO Buy at 61.5 with stop loss of 53 Book 50% profit on 25th July at 64.5 and rest 50% on 8th August at 69
27th June 23 GPPL Buy at 119 with stop loss of 110 Book 50% profit on 25th July at 124 and rest 50% on 8th August at 123
27th June 23 BDH IND Buy at 152 with stop loss of 142 Book 50% profit on 28th June at 160 and rest 50% on 4th July at 161
4th July 23 HCC Buy at 21.80 with stop loss of 17.5 Book 50% profit on 11th August at 26.3 and rest 50% on 22nd August at 26.25
20th July 23 SATIN CREDITCARE Buy at 184 with stop loss of 165 Book 50% profit on 25th July at 206 and rest 50% on 8th August at 224
27th July 23 GRANULES Buy at 317.5 with stop loss of 300 Book loss on 11th August at 300
1st August 23 IDBI Buy at 61.75 with stop loss of 54 Book 50% profit on 8th August at 64.5
10th August 23 JAIN IRRIGATION Buy at 52 with stop loss of 45 Book 50% profit on 21st August at 57 and rest 50% on 22nd August at 59
16th August 23 UFO MOVIES Buy at 108 with stop loss of 95 Exit at 106.5 level due to shifted in ESM 1
18th August 23 PENNAR IND Buy at 95 with stop loss of 85 Book 50% profit on 21st August at 103.5 and rest 50% on 22nd August at 109
18th August 23 RUCHIRA Paper Buy at 127 with stop loss of 115 Book 50% profit on 21st August at 130 and rest 50% on 22nd August at 137
18th August 23 SHILP GRAUER Buy at 127.5 with stop loss of 115 Book full profit on 21st August at 137
22nd August 23 NELCAST Buy at 127 with stop loss of 115 Book 50% proffit on 25th August at 136 and rest 50% on 1st September at 141
28th August 23 IOLCP Buy at 390 with stop loss of 360 Book 50% profit on 29th August at 410 and rest 50% on 30th August at 430
29th August 23 HFCL Buy at 72 with stop loss of 64

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RNI No : GUJENG / 2008 / 24320

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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 6

Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
[email protected]

BULLS ON STEROIDS
1000 POINTS IN A JIFFY
The Bull party is in full swing as Nifty took just 8 sessions to conquer another 1000 points and reach the
21000 milestone. Sharp rally in small and mid cap stocks is now translating to large cap stocks. One
common analysis factor is that majority of the stocks and the indices are now in over-bought territory.
Hence we do expect some Retracements happening on stocks and indices in near term, but that should not
deter market participants in participating in the momentum rally. Any Retracement should be treated as an
entry opportunity.
BULLISH TRI-STAR :- Nifty has managed to form a Bullish Tri-Star formation at the top of the Uptrend.
This formation occurs at the bottom and hence cannot be given significance. A real white body candle on
Monday will confirm the pattern as Bullish continuation. On the weekly timeframe, both the indices have
formed a big White body candle showcasing the power of the Bulls. Thus, both daily as well as weekly
formations are suggesting Bullish bias in the near term.
MEASURING GAP TARGET : 21504-21961 :- The week, Nifty has left behind critical Gaps on daily as
well as Weekly timeframe. Weekly Bullish Gap at 20507-20291 will act as strong Support in the near future.
Besides this there is one more gap at 20183-20158 which should help us get the target. Using both the
above gaps as Measuring Gaps, targets for the Nifty are 21504-21961.
BULLISH PATTERN FORMA-
TIONS :- Last Friday, Nifty completed
a Rounding Bottom pattern which is
now having a target of atleast 21078
and 21607 on the higher side. Besides
this, Nifty has already completed sec-
ond degree Rounding Bottom, which
has targets at Nifty 20466-20759 &
Sensex 69408-70515. The bigger pat-
terns for the Nifty are Bullish Cup &
Handle and Weekly Rounding Bottom.
The Targets for Weekly C&H are
placed at Sensex 66978 (161.8%) - This Week Recommendations
70769 (pattern) & Nifty 19925 - 21045.
Majority of the above mentioned tar- Stocks CMP SL Tgt-1 Tgt-2
gets are achieved or in the process of Buy KotakBank 1838 1809 1883 1929
being achieved. The Targets for Buy BajajFinserv 1710 1674 1765 1823
Weekly RB are still intact and are at
69243-73569 for the Sensex & 20718- Buy CochinShip 1265 1236 1311 1359
22025 for the Nifty. Buy IRCTC 749 734 773 798
Buy GMRInfra 68 66 72 77

:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 20507 20686 20808 20969 21144 21323 21504
SENSEX 68274 68865 69320 69825 70262 70688 71126
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 7

SMALL BUT BEAUTIFUL IDEAS
Brijesh Barot, Surat (9723108999) [email protected]

Large performance by Small but beautiful ideas

Reco Date Stock Name Reco Rate High after Reco Appreciation in
%
28-05-2023 HIND COPPER 106.9 192 80%
09-07-2023 ASHOKA BUILDCON 82.05 151.65 85%
16-07-2023 JUPITER INFO 20.4 30 47%
03-09-2023 PAISALO DIGITAL 63.55 96.5 52%
03-09-2023 HLV 18.25 31 70%

Vardhman Acrylics Ltd

(Trading at NSE) (Face Value Rs.10) (58.15)
Vardhman Acrylics Ltd is a leading
manufacturer and supplier of Acrylic
Fibre and Tow in India.
The company's products primarily
include fibre and tow which are made
from acrylonitrile. Its products are mar-
keted under its own brand 'VARLAN'.
Its products are used for the manu-
facturing of various apparel and house-
hold use items such as clothes, sweat-
ers, t-shirts, carpets, woven blankets,
rug bed sheets, draperies, socks, etc..
The co. is one of the top three play-
ers with an installed capacity of 21,000
TPA. These top three players hold
around 90% of the total operational
capacity in the domestic acrylic fibre industry.
Vardhman Textiles Ltd (VTL) holds a ~71% stake in the company. VTL is engaged in the business of manufacturing
yarn, fabric, acrylic fiber, and garments. It has a presence in 75+ countries across the globe.
The company's future plan of action entails the development of new products for newer market segments, indigenization
of imported consumables and spares, improvement in product quality parameters, and improvement and increase in
solvent filtration capacity.
o Company has reduced debt.
o Company is almost debt free.
o Company has been maintaining a healthy dividend payout of 480%
o Company's working capital requirements have reduced from 23.0 days to 15.4 days
o ROCE: 18.19%
" ROE :14.14%
Technical Speaking: Currently company's share price quoting at 58.15. Investor can accumulate in zone of 59 to 50
for immediate target of 85 and medium-term target of 125 and long-term target of 165+. it has very good support around
44 levels.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 8

Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 9

Rapid Fire Stocks

Kalpna J (Email- [email protected])

(Ring : 97690 37711) Twitter : @Kj_TechTrades

LANDMARK CARS
Buy at cmp 784 for the Targets of 865 to 990,
Timeframe 2 to 4 Months
Conceptualized in 1998, Group Landmark has be-
P/E 57.5
come India's leading dealership for premium and luxury P/B 6.02
cars. A remarkable footprint of 115 state-of-the-art fa- FACE VALUE Rs. 5
DIV. YIELD 0.31 %
cilities operating in 32 cities across eight states and BOOK VALUE (TTM) Rs. 120.51
union territories allows them to serve a broad clientele CASH Rs. 6.21 Cr.
DEBT Rs. 28.73 Cr.
range. PROMOTER HOLDING 53.05 %
Their collaboration with trusted global and national EPS (TTM) Rs. 12.61
SALES GROWTH 21.50%
partners fulfils your demand for passenger and com- ROE 13.31 %
mercial vehicles. Mercedes-Benz, Jeep, Honda, ROCE 15.65%
PROFIT GROWTH 136.26 %
Volkswagen, Renault, and BYD are our 7 trusted part-

ners for passenger cars. Ashok Leyland is our choice to cater to the market for commercial ve-
hicles.
As part of the comprehensive service portfolio, they offer after-sales service, pre-sales consulta-
tion, roadside assistance, insurance, and easy financing options.
The revenue for the June 2023 quarter is Rs. 1112.03 millions, about 16.67% up against Rs.
953.17 millions recorded during the year-ago period.
The company has shown a good profit growth of 91.28% for the Past 3 years.
The company has significantly decreased its debt by 77.56 Cr.
Company has a healthy Interest coverage ratio of 8.76.
The company has an efficient Cash Conversion Cycle of 27.52 days.
The company has a good cash flow management; CFO/PAT stands at 2.56.
The company has a high promoter holding of 53.05%
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 10

THYROCARE
Buy at CMP 608 ( Add in Dips )
Targets of 695 to 750, Time frame 2-4 months
Thyrocare Technologies Limited is an India- based MARKET CAP Rs. 2,602.83 Cr.
ENTERPRISE VALUE Rs. 2,590.83 Cr.
healthcare service provider. Company has been main- NO. OF SHARES 5.29 Cr.
P/E 45.69
taining healthy ROE of 26.73% over the past 3 years. P/B 5
FACE VALUE Rs. 10
Company has been maintaining healthy ROCE of DIV. YIELD 3.02 %
BOOK VALUE (TTM) Rs. 98.44
36.64% over the past 3 years. CASH Rs. 12 Cr.
DEBT Rs. 0 Cr
Company is virtually debt free.

Company has a healthy Interest coverage ratio of 88.13. The Company has been maintaining

an effective average operating margins of 40.17% in the last 5 years. The company has an efficient

Cash Conversion Cycle of 21.59 days. Company has a healthy liquidity position with current ratio

of 3.83. The company has a good cash flow management; CFO/PAT stands at 1.03

The company has shown a good profit growth of 16.88% for the Past 3 years

The Company operates with a centralized processing laboratory (CPL) in Mumbai, India for

esoteric tests, and regional processing laboratory in metro cities of India and other of Asia.

Rapid Fire Stocks

Whatsapp@ 9769037711
to Join My Elite Annual Membership for
Short to Medium Term Stock Ideas in
Cash Equity and Futures n Options
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 11

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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 12

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

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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 13

VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: [email protected]

Smart School Article 54 ; Many Uses Of Charts : Part 4

(Look at a Particular Index Is Going and
decide your stock action based on it's chart)
The Index we will study today is It Index. The index we will study and try to analyze this week is

IT Index. Once we have identified the direction of that particular index you can search the compo-

nents of the index or the stocks that are part of the index or the stocks that will give the identified

direction to that index. For example, we will have a look at chart of IT Index below.

Having look at the chart we can understand that IT Index is trying to give a major trend line

breakout. If the IT Index can give a closing above 33449 next week what looks probable is a decent

come back in large cap IT stocks. The IT Index made a bottom near 26192 and has been consis-

tently moving positively since April 23. It got a much needed correction between September 23

and October 23 but is again trying to move positively after having take support of 50 Weeks EMA

during end of October 23. The range between 33449 and 34298 will prove to be a major hurdle but

once we get a closing above both levels IT index can see a major move in the next few months

leading to General election in April/May 24. The up move can be around 10 to 20% in the next 6

months to 1 year. Somewhere in the range we might also see a support retest / consolidation /

reversal but overall correction phase in It index seems to be over for now.

In order to capitalize on the future prob-

able move in the IT Index One can have a

look at the companies which constitute this

index. Some of which are: Infosys, TCS, HCL

Tech, Tech Mahindra, Wipro, LTIM, Mphasis,

Oracle and Coforge. Amongst these compa-

nies you can select the companies that gave

great result and are looking good in Techno-

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 14

Funda Evaluation. To learn more about Techno-Funda evaluation of the company you can contact

us and follow our content on Tradingview and our other Social Media Accounts.

Post identification of a strong index what you can do is try to look at the charts of each constitu-

ent of the index individually and select the stocks with best EPS, PE ratio, Good Cash flow from

operations, Revenue and Net Profit growing year on year and quarter on quarter.

Remember that now all the stocks in an index will move equally some will move faster, some

will move at the same pace, some will move slowly and some will not move at all or move nega-

tively. You have to be smart in selection of your stocks from the particular index and you will surely

be able to beat the market and Ace the art of investing.

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 pur-

pose of analysis and is purely educational in nature. The names of the stocks given in the above

article and chart of IT Index is only for analysis. Purpose of this article is educational. Please do not

consider this as a recommendation of any sorts.

- Vishal Baliya

(Co-Founder-Happy Candles Investment)

- Mobile Number: +91 7043469423,

YouTube: Happy Candles Investment Financial Guidance

- Twitter Handle: @candles_happy, Instagram: happycandlesinvestment

- Email: [email protected]
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 15

Equichain Wealth Advisors
Global Markets Nikunj Vithlani
[email protected]

US Fed meeting on 13-Dec-23 &

US CPI & Core CPI Inflation in focus
Last week we have discussed how global market which is trading at recent highs ahead
economic data which was due to be released in first week of December. Economic data
released this was strong, however market will wait for US Fed meeting outcome next week.

This week, we would focus on economic data CPI & Core CPI inflation data due to be
US Economic data in last week & Upcoming week released on 12-Dec-23 ahead of US Fed
Date Actual Forecast Previous
Fri USD ISM Manufacturing PMI 46.7 47.9 46.7
meeting. We would focus on economic
Dec 1 USD ISM Manufacturing Prices 49.9 46.1 45.1
Tue USD ISM Services PMI 52.7 52.2 51.8
Dec 5 USD JOLTS Job Openings 8.73M 9.31M 9.35M data released this week and whether this
WedDec 6 USD ADP Non-Farm Employment Change 103K 131K 106K
ThuDec 7 USD Unemployment Claims 220K 221K 219K narrative of interest rate peaking will
FriDec 8 USD Average Hourly Earnings m/m 0.40% 0.30% 0.20%
USD Non-Farm Employment Change 199K 184K 150K
USD Unemployment Rate 3.70% 3.90% 3.90%
change or not
USD Prelim UoM Consumer Sentiment 69.4 62 61.3
USD Prelim UoM Inflation Expectations 3.10% 4.50% JOLTS Jobs opening and ADP Non-
MonDec 11 USD 10-y Bond Auction 4.52|2.5
TueDec 12 USD Core CPI m/m 0.30% 0.20%
USD CPI m/m 0.00% 0.00%
Farm employment data released earlier
USD CPI y/y 3.20%
USD 30-y Bond Auction 4.77|2.2 this week were below estimate, while jobs
WedDec 13 USD Core PPI m/m 0.20% 0.00%
USD PPI m/m 0.10% -0.50% data and average hourly were strong. Un-

employment rate came at 3.70% Vs forecast of 3.70%.

Global market continues to trade near its recent high as optimism on interest rate hike
cycle may have ended and interest rate would remain at current level from some time and
expectation of rate to come down is later in 2024.

Equichain Wealth Advisors: Market View & Opinion :- We read this week U.S. economic
data as neutral. Strong U.S. economic data means interest rate will remain high in near term
which will be negative for risk on sentiment. Weak economic data will mean that interest
rate has peaked out and interest cut could be expected.

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 16

Key data is yet to be released next week, a day ahead of US Fed meeting outcome, we
assume that US Fed will be well aware about the trend which will be considered in the US
Fed meeting outcome due on 13-Dec-23. Currently Fed fund rate monitor tool indicate
94.3% probability of rate to remain unchanged on 13-Dec-23.

We remain cautiously optimistic and we are not expecting any surprise in US Fed decision
or any big movement in any of the asset classes as reaction to US Fed meeting outcome.
We expect US Fed to keeps interest rate unchanged and commentary of US Fed chair
Jerome Powell will be important.

Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472

Telegram channel: https://t.me/Equichain

Nikunj Vithlani

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

Co. Name Code Price Co. Name Code Price
Motherson Sumi 543489 61.00 Shobha 532784 1034.00
Itl Ind 522183 296.00 Bharat Forge 500493 1176.00
Alok Ind 521070 23.00 Century Tex 500040 1304.00
Ujjivan SF Bank 542904 59.00 Bata India 500043 1664.00
Sail 500113 98.00
Prestige Estate 533274 1186.00
IDFC First BK 539437 88.00
City Union Bank 532210 155.00 SBI Life 540719 1465.00
SJVN 533206 88.00 BirlaCorp 500335 1417.00
HFCL 500183 68.00 Coforge 532541 5780.00
JSW Energy 533148 451.00 PVR Inox 532689 1745.00
Apollo Tyre 500877 458.00 HAL 541154 2733.00
Himadri Spe 500184 297.00 Godrej Consumer 532424 1021.00
LIC HF 500253 532.00 L&T 500510 3378.00
HPCL 500104 377.00 TCS 532540 3626.00
Alembic 506235 91.00 JKCement 532644 3800.00
Sun Pharma 524715 1235.00
Titan 500114 3634.00
Tata Power 500400 323.00
Garden Reach 542011 831.00 Navin Flu 532504 3800.00
ABB India 500002 4745.00
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 17

Chart Check
Your Stock Our Recommendation
Life insurance corporation of india (LIC):
Buy above 786 with sl of 745 target 920…950…980

LIC HOUSING FINANCE:

Buy above 555 with sl of 530 target 786
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 18

ULTRATECH CEMENT :
Buy at cmp with sl of 9122 target 11400

This are some stocks we received from our subscribers,

You can also send your to get featured in next week
For any query email us on
[email protected]
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 19

Future Options Diary
Nilesh Kotak (Ph. : 9227204076, 8866004076)
E :[email protected] / W : www.dhanvarshaindia.com

As long as Nifty stays above 20700, the overall trend of the market will be positive,
while 21350 will act as an important resistor for the market.

Buy SELL
IRCON LTD.( 160.65) MOMENTUM INDEX SELL
BUY RANGE :153 -155 FIN NIFTY FUTURE
STOPLOSS : 145 21323 26.12.2023 EXPIRY
7 TO 12 TRADING SESSIONS BUY RANGE :21375 - 21400
TARGET ONE :168BOOK 50% STOPLOSS : 21650
TARGET TWO :145 BALANCE 50 %
7 TO 12 TRADING SESSIONS
TECHNICAL CASH MARKET BUY
TARGET ONE :21000 BOOK 50%
PTC INDIA LTD (170.35 ) TARGET TWO :20800 BALANCE 50 %
BUY RANGE :163 -165
STOPLOSS : 156 TECHNICAL FUTURE SELL
7 TO 12 TRADING SESSIONS ULTRATECH CEMENT
TARGET ONE :177.50 BOOK 50% ( 9422 ) 28.12.2023 EXPIRY
TARGET TWO :182.00 BALANCE 50 % BUY RANGE :9480 - 9500
STOPLOSS : 9850
MOMENTUM INDEX BUY 7 TO 12 TRADING SESSIONS
BSE SENSEKS 7002615.12.2023 TARGET ONE :9200 BOOK 50%
EXPIRY TARGET TWO :9100 BALANCE 50 %
BUY RANGE :69700 - 69750
STOPLOSS : 69200
7 TO 12 TRADING SESSIONS
MOMENTUM OPTION
TARGET ONE :70700 BOOK 50% NIFTY 21100PUT OPTION PRICE
TARGET TWO :70900 BALANCE 50 % CMP (21.40) PREMIUM
28.12.2023 EXPIRY
MOMENTUM FUTURE BUY RANGE :175 - 180
HDFC BANK LTD.( 1661 ) STOPLOSS : 110
28.12.2023 EXPIRY 7 TO 12 TRADING SESSIONS
BUY RANGE :1645–1650 TARGET ONE :260 BOOK 50%
STOPLOSS : 1610 TARGET TWO :275 BALANCE 50 %
7 TO 12 TRADING SESSIONS
TARGET ONE :1695 BOOK 50%
TARGET TWO :1720 BALANCE 50 %
MOMENTUM OPTION BUY
BHARTI AIRTEL LTD CALL OPTION 1000 PREMIUM ( 21.40 ) 28.12.2023 EXPIRY
BUY RANGE :18 - 19 ; STOPLOSS : 11 ; 7 TO 12 TRADING SESSIONS
TARGET ONE :33 BOOK 50% ; TARGET TWO :37 BALANCE 50 %
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 20

Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 21

Presstonic Engineering Limited comes
out with Rs.23 crore SME IPO
Presstonic Engineering Limited is under the
implementation of Rs 68.46 crores of orders in
the Rail and Metro Railway Segment
Objects of the Issue
1. Funding Capital Expenditure towards the purchase of additional plant and
machinery
2. Prepayment in full of certain borrowings availed by the Company
3. To meet the Working Capital Requirements
4. To meet the Issue Expenses
5. General Corporate Purposes.

Corporate Feature Presstonic Engineering IPO Details

IPO Date : December 11, 2023 to December 13, 2023
Presstonic Engineering Limited manufactures Metro Face Value : Rs 10 per share
Rail Rolling Stock Products, Metro Rail Signalling Prod- Price : Rs 72 per share
ucts, Infrastructure Products and supplies to renowned Lot Size : 1600 Shares
Global and Domestic OEM’s engaged in the Rail and Total Issue Size : 3,236,800 shares
Metro Rail Rolling stock and Signalling equipments (aggregating up to Rs 23.30 Cr)
manufacturing and servicing companies. Its manufac- Fresh Issue : 3,236,800 shares
turing facility is spread over approx. 28,317.50 sq.ft. (aggregating up to Rs 23.30 Cr)
situated at Sy. No. 2, Khatha No. 145, Hoysala Main Issue Type : Fixed Price Issue IPO
Listing At : NSE SME EMERGE
Road, Pillappa Industrial Layout, Srigandhadakavalu,
Share holding pre issue : 4,470,680
Sunkadakatte, Viswaneedam, Bangalore, North Ban- Share holding post issue : 7,707,480
galore, Karnataka – 560091. It is equipped with latest Market Maker portion : 163,200 shares
machineries, equipment and instruments which is ca- Nikunj Stock Brokers
pable of manufacturing of diverse products for Rail- Lead Manager : Finshore Management Services Limited
ways and Metros. Registrar : Cameo Corporate Services Limited
The Company is under the implementation of Rs
68.46 crores of orders in the Rail and Metro Railway
Segment. Further, its management estimates through
its Business Development Team, total orders for Roll-
ing Stock Products of Metros on Presstonic Engineer-
ing Limited in the next two to three years on a very
conservative basis.
Presstonic Engineering Limited is coming out with
an SME IPO. It will issue 32,36,800 equity shares of
face value of Rs.10 each. It will raise Rs 23.30 crore
through this IPO. The Issue Price is Rs 72 per share.
The IPO will open for subscription on December 11,
2023, and close on December 13, 2023.
Cont...

Presstonic Engineering Limited manufac-

tures Metro Rail Rolling Stock Products,
Metro Rail Signalling Products,
Infrastructure Products
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 22

Investors can bid for a minimum of 1600 equity

shares and in multiples of that. After allotment, shares
will be listed on NSE EMERGE Platform. Finshore Man-
agement Services Limited is lead manager to the is-
sue, while Cameo Corporate Services Limited is the
Presstonic Engineering Financial Information registrar of the Issue. Nikunj Stock Brokers is the mar-
Period Ended 30 Sep. 31 March 31 March 31 March ket maker which has been allotted 1,63,200 equity
Amount in Rs. Lakh 2023 2023 2022 2021 shares at Rs.72 per share.
Income 1431.67 2113.27 1272.21 769.44 Presstonic Enigneering offers a wide range of prod-
Ex penses 1228.10 1757.71 1250.77 791.25 ucts, including Rolling Stock Interior Products such
Profit Before Tax 203.57 355.55 21.44 (21.80) as Saloon Bucket/Plain Type Seats, Custom Colored
Profit After Tax 152.21 256.14 14.06 (16.94) Engineered Handles, Grab Pole Systems, Hand Rail
PAT Margin (%) 10.69 12.18 1.11 (2.22) Systems, Emergency Evacuation Ramps, and Hon-
EPS 3.40 5.73 0.31 (0.38) eycomb Partition Panels. They also manufacture IP-
Return on Networth(%) 23.58 51.92 5.93 (7.59) rated enclosures, beacon mounting brackets,
ballastless support brackets, DCS masts, ladder as-
semblies with DCS mast platforms, Steel Structures,
Promoters of Presstonic Engineering Aluminum Murals, Support Structures for Solar Pan-
Mr. Herga Poornachandra Kedilaya els, Wire Forms, and Cable Trays.r Panels, Wire
Aged about 52 years, he is the Promoter and Forms, and Cable Trays.
Managing Director of the company. He holds Presstonic Engineering has applied for Design
Bachelor’s Degree in Engineering from Bangalore Patent for its products like Retractable Ramp Assem-
University, Karnataka. As a young graduate employee
itself, he has won many accolades in his brief stint as bly (Design Patent Approved), Stainless Steel Bucket
a Design Engineer. He along with Mr. Yermal Giridhar Type Seat and Frame Assembly, Flip-up Seat Assem-
Rao founded M/s. Presston Engineering Corpora- bly.
tion, a partnership firm in the year 1996. Before found- Company is compliant with quality management
ing Presston Engineering Corporation, he started his career in the field of
petrochemical industry as a design engineer for a couple of years, which system of ISO 9001:2015 and also received certifica-
was directly followed by an entrepreneurship spanning more than 26 years. tion according to EN 15085-2 Certification level CL2 in
He also has an in-depth knowledge of product pricing, Life Cycle Costing the type of Activity P for welding of railway vehicles
(L.C.C), RAMS (Reliability, Availability, Maintainability and Safety), Channel and components.
and Retail distribution networking pan India and all the facets of commercial
banking like handling bank guarantees, Letter of credits, export financing, Currently, India boasts of a total operational metro
taxation and other statutory requirements. He is a visionary and provides network of 868 km, across 15 cities. Further, around
valuable strategies and guidance to his teams. He has a unique techno- 714 km is under construction and 1425 km has been
commercial knowledge of handling both B2B and B2C models and is very proposed. If things work to plan, India will have a total
well versed in product pricing and in establishing product channel partner-
ship networks for accelerating scalability. metro network spanning around 3942 km in the next
few years. The Government has allocated a total of
Mr. Yermal Giridhar Rao Rs 19,518 crores to all metro projects across India in
Aged about 53 years, he is the Promoter and
Wholetime Director of the company who has been the Union Budget 2023-24. Presstonic bags orders from
designated as the Joint Managing Director of the Com- these reputed OEM’s and its major revenue share
pany. He holds a Master of Technology from comes from these OEM’s only. On the basis of pro-
Mangalore University in the year 1994. He is an ac- posed additional metro rail network, the company ex-
complished Director with a distinguished educational
background. He started his career at M/s. Alfred pects enormous opportunity in the near future in Metro
Herbert India Ltd. as Executive – Industrial Engineering from September’ Rail Segment. With a view to provide better travel
1993 to April’ 1994 and then at M/s. Shetron Ltd. in Bangalore as Jr. Execu- experience to the passengers, Indian Railways has in-
tive – Maintenance from May’ 1994 to August’ 1996 before co-founding troduced Vande Bharat trains with modern coaches
Presston Engineering Corporation in 1996. As the Director of Presstonic
Engineering Pvt. Ltd, he has led cross functional teams like design, product
having following enhanced safety features and ameni-
development and manufacturing. He has played a pivotal role in strategic ties. 400 new generation Vande Bharat Trains to be
planning, business development and fostering a culture of innovation, lead- manufactured during the next three years. There are
ing the company to sustained growth. many more Tenders / Orders in the pipeline.
***
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 23

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 REITs had a cheerful moment during the week after the government announced
changes to SEZ regulations, allowing for the denotification of an SEZ area floorwise.Denoficiation
is earlier building-wise, leading to large portions of SEZs remaining idle. Experts believe the
amended rules will bring new office space into supply, bringing leasing prospects. Developers feel
the new rule will allow them to bring in export and domestic markets under one roof. Mindspace
REIT and Embassy REITs have close to 20 percent vacancies in their SEZs, which can now attract
some leasing activity. One of the biggest reliefs is that vacant spaces can now be used for purposes
other than IT and ITES. Ofcourse, there are riders and a nod to be taken from the Board of Approval.
Meanwhile, SEBI issued a set of new guidelines for the calculation of dividends in REITs/InvITs
IDFC FIRST BANK had a bit of turbulence after Warburg Pincus divested a 1.3 percent
stake in the bank for Rs. 790 crores. The sale happened through an affiliate named Dayside
Investment, which exited all its holdings in the bank after the sale. Warburg Pincusholds another
2.74 percent in the bank via another affiliate,Cloverdell Investment.
LIC OF INDIA shares are in the limelight after the company stock crossed the Rs. 5 trillion
market capitalization during the week. Life insurers' data for November 2023 showed a fall of 25.3%
in premium collections compared to last year. A fall in group premiums and a change in tax laws
related to policies of higher ticket size are reported to be the main reasons for the fall.
BITCOIN touched the $44k mark during the week after a stellar recovery from the $37k levels.
The $44k levels are the highest in 2023 after starting the year at $16,500. Trends show that the bull
rally will soon attract more bets at a possible $50k. The rise in Bitcoin also has fuelled enthusiasm
for other cryptocurrency tokens and altcoins. Ether has touched $2350 - a 2023 high. New research
showed that Bitcoin uses 278% more water than it did in 2020, attracting criticism from sustainability
enthusiasts. Meanwhile, Block Inc. is launching Bitkey, a self-custody bitcoin wallet in 95 countries
worldwide. The system will allow individuals to own, manage, and store bitcoins off exchanges.
Bitkey uses hardware, mobilephone app, and recovery tools (in case the customer forgets the
password).

Stock Market Online Training Program

Learn Personal Finance, MF, Retirement, and investing in Equity shares
Live Online Zoom Sessions with Printed Study Material and hand-holding support
To Register, WhatsApp +91 98495 19188
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 24

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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 25

SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
ALPA LABORATORIES LTD
BSE code 532878 & NSE SYMBOL - ALPA
Rs. 95 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 coun-
tries 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
cities, 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.21.04crore & huge reserve of Rs.122 crore. Promoters
hold 57.29%, NRI hold 1.56% & 32 HNIs hold 6.82% stake in the company.
It had reported superb numbers for Q2FY24 & H1FY24. During Q2FY24, net profit soared
2795% to Rs.5.79 cr. from Rs.0.20 cr. in Q2FY23 on 139.21% higher sales of Rs.32.39 cr,
fetching an EPS of Rs.2.75. During H1FY24, its PAT grew 205.94% to Rs.8.75 cr. from Rs.2.86
cr. in H1FY2 on 61% higher sales of Rs57.82 cr. fetching an EPS of Rs.4.18.
Based on the mind-blowing performance, ALPA looks quite attractive at the current level. Inves-
tors 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.
In Dipawali issue Morepen Laboratories was given at Rs.36 hit Rs.48 in less than a
month & now close Rs.43, a mind blowing return of 33% in less than a month.
Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 26

Dark Horse-2
IND-SWIFT LABORATORIES LTD.
BSE CODE - 532305 & NSE SYMBOL - INDSWFTLAB
Rs.91 Face value Rs.10
IND-SWIFT Laboratories Ltd. today is a global manufacture & exporter of APIs towards
cardiovascular,antihistamine, antidiabetic, antipsychotic, antimigraine, parkinson's, antineoplas-
tic, ADHD symptoms, analgesics, alcohol abstinence, bone resorption, marcrolide
antibiotic,Intermediates & formulations.
In Q2FY24 its net profit is up by 76% to Rs.31.65 cr. against Rs.17.24 cr. in Q1FY24. In
H1FY24 EPS is Rs.8.28 which might lead to FY24 EPS of Rs.17. Now IND-SWIFT Lab trades
at PE of only 5.5. It has a ROCE of 13.3% & ROE of 9.59%. Book value is Rs.123 & available at
attractive valuations around Rs.92. Investment funds hold 19.49% & HNIs Ashokkumar
Chandak hold 18,64,176 shares 3.15% stake in this company. Its 52 weeks high is Rs.123.
As per announcement on 29th November, "Pharma major IND-SWIFT Lab has collabo-
rated with the council of scientific and industrial research (CSIR)- institute of microbial tech-
nology (IMTECH0, a premier microbial institute under the aegis of the Ministry of Science &
Technology, Government of India, for development of Biotransformation process ( Enzy-
matic Process ) for its products. The field of biotransformation process ( Enzymatic process
) is an alternative to traditional chemical processes. This collaboration presents a unique
opportunity to enhance our capabilities, drive innovation & optimize production processes.
This approach aligns with the growing demand for eco-friendly & efficient manufacturing in
the pharmaceutical sector."
Based on the above financials & developments IND-SWIFT Lab looks quite attractive at the
current rate. Investor can watch this stock at a strict stop loss of Rs.81. The stock can give very
good returns in short to medium term.

In Dipavali issue Mangalore Chemicals & Ferti. Was given at Rs.112 hit
Rs.121 & Morepen Lab was given at Rs.36 hit Rs.48 in less than a month.
 Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 27

Chart Check
Your Stock Our Recommendation
Want to get recommendations based on Technical Analysis on your
selected stock? Then Send us following details. We will give recom-
mendation based on it.
Required Details :
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Note: This service is exclusively for Smart Investment Subscribers.
We will take maximum 3 recommendations per week so if you want
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paper then send the required details on our email id:
[email protected].
For any query email us on
[email protected]

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

JSW Energy 451.00 ICICI Bank 1010.00 Glenmark 795.00
Jindal Stainless 540.00
Swan Energy 463.00
JSW Steel 839.00 ITC 449.00
Mirza Int 47.00
BPCL 470.00 M&M Fin 273.00
Mahindra Logistics 381.00 GMR Airports 68.00
Infosys 1490.00 Balrampur Chini 392.00
REC 405.00 DCM 80.00 HDFC Bank 1653.00 Escorts 3144.00
Ahluwalia 849.00 MMTC 58.00 RBL Bank 267.00 Bhel 176.00
Puravankara 182.00 Bliss GVS 136.00 Axis Bank 1131.00 Piramal Ent 918.00
PTC India 170.00 IB Real 89.00 Bharti Air 999.00 Zydus Life 638.00
KIOCL 375.00 Zee Ent 278.00 HUL 2521.00 Torrent Pharma 2053.00
Kamat Hotel 237.00 Infibeam 22.00 L&T Techno 4940.00 AB Fashion 233.00
Bombay Super 258.00 Andhra Cement 106.00 Wipro 422.00 Chambal Ferti 341.00
Elgi Equipment 535.00 Patel Engg. 61.00 Apollo Hospital 5549.00 Dr Lal 2638.00
Nelco 796.00 Brigade 822.00 Mphasis 2426.00 Dhampur Sugar 240.00
India Cement 271.00 Nagreeka Exp 76.00
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 28

SME STOCK WATCH
Hemant Surgical Industries Ltd.
BSE SME: CODE - 543916
BSE SYMBOL - HSIL Rs.165 Face Value Rs.10
LOT SIZE - 800 SHARES.
HEMANT SURGICAL INDUSTRIES LIMITED was established in the year 1985 in Mumbai,
Maharashtra, with the main object of Importing, Manufacturing, and Marketing Quality surgical &
Pharmaceutical Products at an Economical price. 30+ years of teamwork & continued persever-
ance towards improving the lives of people, made HSIL an internationally acclaimed manufacturer
of medical disposable, surgical equipment, pharmaceutical products & exporter/importer as well
as a marketer in India and around the world. In the journey of the last 3 decades, they achieved
many milestones & it is currently the exclusive importer of JMS surgical products (JAPAN)
and an authorized agent of JMS Singapore. HSIL have successfully done a turnkey setup of
a 99 units of dialysis machines in association with the Delhi Sikh Gurdwara.

The Company has an equity of Rs.10.44 crore backed by reserves of around Rs.38.45 crore.
Promoters hold 73.56%, DIIs hold 4.26%, Eight HNIs hold 2.74, among reputed HNI Hem Chand
Jain hold 105600 shares (1.01) & NRI hold 2.10% stake in this company.

HSIL has delivered very good profit growth of 148% CAGR over last 3 years & reduced the debt.
HSIL has a very good return on equity. 3 years ROE is 35%.

During H1FY24, it recorded 69.69% higher PAT of Rs.3.92 crore on income of Rs.47.51
crore fetching an EPS of Rs.4.15. Its 52 weeks high is Rs. 260 & Monthly high is Rs.199 &
now available at very attractive valuations.

Based on the above financial & performance parameters, the HSIL share looks quite attractive.
Investors can watch HSIL with a strict stop loss of Rs.142. The stock can give very good returns in
short to medium term.

On 26th November NSE SME Annapurna Swadisht was given at Rs.320 hit Rs.375 &
close Rs.366. On 5th November BSE SME Cosmic CRF was given at Rs. 263 hit Rs.407 &
close Rs.366 just in a month 55% mind blowing return.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 29

- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789

Nifty Overview : In Last Trading Session, Nifty closed at 21075. Nifty crossed the
resistance & is now bullish. However, it crossed resistance way too quickly and thus correction or
consolidation may be seen. Safe bet would be to wait before you enter buy trade. Support is way too
far in daily charts and thus we will have to rely on intra-day charts for support & resistance.

Bank Nifty Overview : In Last Trading Session, Bank Nifty close at 47500. Simi-
lar to Nifty, even Bank Nifty is in bullish zone and the support levels are way too far in daily charts.
Thus, we will have to check intra-day charts to enter any trade.

Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop

Code Close Between Tgt. Tgt. Loss

Aarti Ind 524208 570 560/565 580 595 552

Crompton 539876 300 277/283 295 315 272

Delta Corp 532848 137 127/132 140 150 122

Gujarat Gas 539336 443 430/435 447 465 422

IBulsHsgFin 535789 202 185/192 205 225 174

IEX 540750 153 135/140 155 175 127

Laurus Labs 540222 385 370/375 390 410 357

Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop

Code Close Between Tgt. Tgt. Loss

REC 532955 407 422/427 415 405 432

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

10th Decemebr 2023 to 16th December 2023 30

Buy or Sell, Confused ?
Let the EXPERTS Help You
Join our Service for 1 Month & We are
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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 31

TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST

Corrections are Temporary, Growth is Permanent

NIFTY (20969.00) :- Last week on Friday Nifty closed above past Life time high that was
the perfect sign of starting a new uptrend and next trading day means Monday of this week Nifty
opened a big gap up and closed with a gain of 2.07% with big Volume. It was another sign of
confirmation of uptrend and as per this confirmation uptrend to be continued.
Today on Friday Nifty opened with a small gap up and closed with minor gain. Now the nifty
trend started upside trend. I wrote in the previous article that if nifty will achieve Target of 19600 as
per my prediction it achieved 19600 going continue upside. Today Nifty made a new LIFETIME
HIGH of 21006. As per chart nifty will achieve 21100 And then it will trade in the sideways zone for
some days. Next upside rally will come in the Realty , Chemical, Paper and Power sector and
PSU companies, so, find out stocks to trade from these sectors.

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 32

BANKNIFTY
(47262.00) :- Last
month BANKNIFTY started
a downside rally from 46310
BANKNIFTY made low
which was near to past sup-
port of 42000 Next day it
opened gap up and closed

with gain of 1.19% and started upside. This week BANKNIFTY closed above past lifetime high
which is a very clear sign of a new uptrend in Bank Nifty.
Today the nifty closed with 0.90% gain and closed with a strong Bullish candle. BankNifty can
achieve 48000-49000 soon.

PRAKASH PIPES LTD (439.00)

Prakash pipe limited is engaged in manufacturing polyvinyl chloride pipes and fittings it oper-
ates PVC business under Prakash brand. It operates through two segments PVC pipe and fittings
and flexible packaging. PVC pipes and fittings division includes and plastics polyvinyl chloride
pipes, plumbing pipes, polyvinyl chloride pipes and rain pipe, plumbing UPVC pipes fittings and
water tanks. Operating profit increased from the last 3 quarters by 26% per quarter. Net profit also
increased well. The company increases quarter by quarter .
On daily price Chart company made one good bullish price pattern as per this price pattern
target of this stock is 550--570. We can buy this stock for a month with a daily close basis stop loss
of 405.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 33

ASTRAMICRO (607.00) :- Extra microwave products limited is engaged in the busi-
ness of designing, developing and manufacturing subsystems for radio frequency and microwave
systems used in defence, space, meteorology and telecommunication. The company's principal
activities is to manufacture , produce, assemble, repair, maintain, import, export, buy, sale or other-
wise deal in all kinds of electronics item and components including various kinds of filters, power
dividers, directional couplers, amplifiers, circulators, isolators, power combiners, sources, voltage
controller, oscillators terminations and loads among other systems. Revenue of the company in-
creased, operating profit and net profit also increased well.
Net profit also increased by 30% in this quarter.
On a daily price Chart company made a good bullish price pattern as per this price pattern price
target of this stock is 667-684 we can buy this stock with daily close basis stop loss 578 for 21 days.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 34

Axita Cotton
Invest and get benefit of bonus shares
Corporate SCAN
Axita Cotton is one of the leading suppliers of
organic cotton and organic yarn in domestic and
international markets. The company is also help-
ing educate farmers on sustainable cotton and or-
ganic cotton production to get better rates for their
products. Axita Cotton Limited is a member of Glo-
bal Organic Textile Standard (GOTS), Organic
Content Standard (OCS) and Global Recycle
Standard(GRS). The company has presence
across the country and also in Bangladesh, China,
Indonesia, Thailand, Vietnam, Europe, Morocco,
Singapore. Axita Cotton Limited's board has, re-
Axita Cotton Limited’s board of directors held cently, announced 1:3 bonus equity
meeting on 23rd November, 2023 in which they
considered and approved proposal for bonus shares, marking yet another stride in
shares. The board declared bonus shares for its enhancing shareholder value
eligible shareholders in 1:3 ratio, which means one

bonus share will be rewarded to its eligible shareholders for every three stocks held on bonus share record
date, which will be announced later. However, the company made it clear that the record date will be within 2
months from the date of approval of Board of Directors. So, there might be momentum in the stock.
The pre-bonus issue paid-up equity share capital as on date of this letter is Rs. 19,56,60,000/- consisting
of 19,56,60,000 equity shares of Rs. 1/- each. The post-bonus issue paid up equity share capital will be Rs.
26,08,80,000/- consisting of 26,08,80,000 equity shares of Rs. 1/- each. Axita Cotton went on to add that
?6,52,20,000/- will be utilized from Balance of Free reserves (Retained Earnings) for implementation of this
Bonus Issue. This move is anticipated to further bolster the company’s market standing and is seen as a
strategic step towards rewarding and retaining investor trust and loyalty.
Axita Cotton has received new order worth Rs 89 crore on November 22, 2023 from multiple vendors. The
company has received various contracts / awards of supplying cotton bales worth of Rs 89.22 crores in Indian
Raw Cotton categories under the terms of the agreement, Axita Cotton Limited will deliver cotton bales over a
period of time.
Axita Cotton Ltd. Has recently demonstrated remarkable financial growth, with a significant increase in net
sales and profitability. The company’s net sales reached Rs 388.77 crore in September 2023, a substantial
increase from previous quarters. The quarterly net profit stood at Rs. 6.51 crore, up by 183.97% from the
previous year, showcasing the company’s strong financial health. The company announced its EBITDA at Rs
9.18 crore in September 2023, up 152.89% as against Rs 3.63 crore announced in September 2022. The
company declared its EPS (earning per share) came down to Rs 0.33 in Sept 2023 from Rs 1.17 in Sept 2022.
The proposed declaration of bonus equity shares is expected to further strengthen the company’s relation-
ship with its shareholders. This move, coupled with the recent interim
Recently, the company also announced 10 per cent dividend for the shareholders. Dividend announce-
ment reflects Axita Cotton’s ongoing commitment to enhancing shareholder value and its confidence in sus-
tained financial growth.
Axita Cotton Limited’s decision to consider the declaration of bonus equity shares is a clear indication of its
robust financial position and its dedication to rewarding its shareholders. As the company continues to navi-
gate through its growth trajectory, this upcoming board meeting is poised to add another chapter to its story of
success and investor-centric approach.
Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 35

Axita Cotton is one of the leading suppliers of organic cotton and
organic yarn in domestic and international markets. The company
is also helping educate farmers on sustainable cotton and organic
cotton production to get better rates for their products

Axita Cotton Limited has been exporting raw

cotton and cotton yarn to Bangladesh, China,
Vietnam and some European countries for the
past 6 years and has built strong relationships
with its customers in the country. The company's
commitment to quality, timely delivery and cus-
tomer satisfaction has helped it become one of
the preferred suppliers. The company's focus
on innovation and sustainability has helped it
maintain its position as a leading raw cotton pro-
ducer and exporter.
Axita Cotton Limited stands at the forefront
of financial prudence and shareholder value en-
hancement, with its latest move to consider bo-
nus equity shares further solidifying its position
as a leading player in the Indian consumer
durables sector.
Axita Cotton stock looks attractive at current
price. Price to Earning Ratio is 33.93, lower than
its sector PE ratio of 73.16. eturn on Equity(ROE)
for the last financial year was 32.52%, more than
20% in the last financial year, indicating an effi-
cient use of shareholder's capital to generate
profit. Interest Coverage Ratio is 72.24, higher
than 1.5. This means that it is able to meet its
interest payments comfortably with its earnings
(EBIT). Debt to Equity Ratio is zero as the com-

pany is debt-free. Promoter Share Holding stayed the same in the most recent quarter at 69.97%.
Promoter Pledges are zero. So, there are number of positives for this counter on which you can bet on.

***
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 36

BETWEEN THE LINES
RAVI B GUPTA (SEBI REGISTERD RESEARCH ANALYST)
[email protected]

From last weeks recommendation 3 out of 5 are able to provide profit.

After considering various observation there are some options and stocks which may pro-
vide benefit with good risk reward. Do work with stoploss method, if SL has not been pro-
vided then trade with your own risk rewarding method.

Please note that levels may affected on any global uncertain event on which technical
charts are subject matter of re-study.

NIFTY : Nifty is trending at all time high price. Short nifty at 21150. Stoploss is 21170.
Targets are 21050 20960 20800 and 20680.

BANKNIFTY : BankNifty can move for 47500 on Wednesday, but may get rejected
around that levels. We can buy PE of strike price 47000 around 50-60 if available. Stoploss
is 0 and targets are 110 145 and 200 on the day of Wednesday weekly expiry.

BAJFINANCE : Finance leader is under performing in the booming market. Sell below
7310 with stoploss of 7335. Targets are 7270 7230 7170 and 7100 in 2-3 days.

NIFTY OPTION :
Current Expiry : BUY 21000 CALL around 35-40

SELL 20900 CALL around 100-110

Margin required : 60000 Rs

Max Loss : 5000 Rs

Max Profit : 3500 Rs

Holding Period : 2 Days.

SBIN : Among all banks, state bank of India is near its resistance of 614-620. Those who
want to take risk thay can sell this bank around 614 or others can wait for 620 price to take
short position in this stock. Targets are 610 603 595 and 588 in 2 days. Stoploss is 624.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 37

Terrific Shots - Dilip K. Shah

L&T (Rs. 3378.00) (Code : 500510) :- L&T is a L&T is an A /T+1group, Civil Construc-
tion company with having Face value of Rs. 2. Larsen & Toubro is a USD 23 billion Indian multina-
tional engaged in EPC Projects, Hi-Tech Manufacturing and Services with operations in over 50
countries worldwide. In FY23 company's Promoters, FIIs, DIIs, Public and Others holding were
0%, 25.72%, 37.52%, 37.76% and 0% respectively. Company's dividend yield was 0.72%, ROE
was 11.72%, BVPS was Rs.736.87and Revenue was 183340cr. in FY23. Company's P/E ratio
was 29.05x, EPS was Rs 74.51, Market cap was Rs 471,704Cr. and P/B ratio was 3.41x in
FY23.Larsen & Toubro Ltd (L&T) and Megha Engineering & Infrastructures Ltd (MEIL)'s consor-
tium has secured jobs worth Rs 14,000 crore to build the ambitious Thane-Borivali twin tunnel
project in Mumbai.Recently the company has announced the divestment of its 100% stake in L&T
Infrastructure Engineering Limited (LTIEL), a provider of standalone engineering consultancy ser-
vices for the infrastructure sector in India to STUP Consultants Private Limited, a subsidiary of
Assystem SA of France.The company has also partnered with BAE Systems Inc. to bring the world-
leading Articulated All-Terrain Vehicle (AATV), the BvS10, to the Indian market offer the BvS10 for
an Indian Armed Forces programme.Company's Net Sales was Rs 51,024.04 crore in September
2023 up 19.32%, Quarterly Net Profit at Rs. 3,222.63 crore in September 2023 up 44.58%and
EBITDA stands at Rs. 6,764.97 crore in September 2023 up 7.88% as compared to September
2022. Company'sEPS has increased to Rs. 22.94 in September 2023 from Rs. 15.86 in Septem-
ber 2022.Digital Energy Solutions arm of L&T Construction's Power Transmission & Distribution
business has signed a Memorandum of Understanding with IIT Indore for advancing its Renew-
able Energy Integration and Control technology reach.The company has already forayed into Green
Hydrogen Energy and commissioned its first Green Hydrogen Plant at its AM Naik Heavy Engi-
neering Complex in Hazira, Gujarat. The plant will produce 45 Kg of Green Hydrogen daily, which
will be used for captive consumption in the company's Hazira manufacturing complex. L&T has
also joined the Hydrogen Council, a powerful and diverse global CEO-led coalition of 140+ multi-
national companies dedicated to advancing the role of hydrogen in the global energy transition.Other
than the company has also signed an agreement with the Indian Institute of Technology Bombay to
jointly pursue research and development work in the Green Hydrogen value chain.IndianOil, L&T
and ReNew formed JV for development of Green Hydrogen Business with equal stake in it by all
the three companies along with a a separate JV with IOCL to manufacture Electrolyzers. Both JVS
will enable India's transition from a grey hydrogen economy to a greener one under Aatmanirbhar
Mission and Green Hydrogen Policy announced by GOI.Considering company's fundamentals,
strong order book in India as well as overseas, good financial performance and its foray into new
businesses such as Green Hydrogen, Semi Condusctors, Aerospace and Defence investors look-
ing for safe investments and healthy returns in upcoming years can add this company in their
portfolios for long term period with a target potential of 20% upside.
Adani Total Gas (Rs. 1155.00) (Code: 542066) :- The shares of this city gas
distribution company are listed in A Group and have face value of Rs. 10. The shares touched a
52-week high of Rs. 3998 and low of Rs. 522. Its market cap is Rs. 1,27,116 crore. Promoter hold-
ing is 74.80%, of which Adani Group owns 37.40% and Total Group 37.40%. FII and DIIs hold
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 38

13.94% and 6.15% stake respectively. In the September quarter, its income fell from Rs. 1116
crore to Rs. 1096 crore. Profit, however, increased from Rs. 160 crore to Rs. 173 crore. For the first
half of the year, income declined from Rs. 2158 crore to Rs. 2152 crore, while profit rose from Rs.
298 crore to Rs. 323 crore. Its equity is Rs. 109.28 crore and reserves are Rs. 3126 crore. The stock
has more than doubled from the lows seen earlier this year. The stock can be considered on de-
clines.
HPCL (Rs. 377.00) (Code: 500104) :- The decline in crude oil prices in the past month
has sparked a rally in OMC stocks. The A group listed shares touched a 52-week high of Rs. 396
and low of Rs. 211. HPCL’s market cap is Rs. 53,543 crore. Its equity is Rs. 1419 crore and re-
serves are Rs. 43,636 crore. Promoter holding is 54.90% and public shareholding is 9.23%. In the
September quarter, HPCL’s income declined from Rs. 1,08,462 crore to Rs. 95,752 crore. It re-
ported an operating profit of Rs. 8240 crore as against a loss of Rs. 1771 crore last year. Net profit
was Rs. 5827 crore as compared with loss of Rs. 2476 crore last year. On a TTM basis, the company’s
net profit of Rs. 16,645 crore is its highest ever. Despite the sharp rally, the stock is trading at a low
PE multiple of 3.22. The stock’s book value is Rs. 318.
Narayana Hrudayalaya (Rs. 1175.00) (Code: 539551) :- Established by Dr.
Deviprasad Shetty in 2000, this Bengaluru-based company has hospitals across the country, es-
pecially in south India, central and North-west India. Its network comprises 21 hospitals, six heart
centres, and 19 primary care facilities. It also has a facility in the Cayman Islands. The group has
more than 5,850 operational beds. Its centres provide advanced treatment in cardiology and car-
diac surgery, cancer care, neurology, orthopaedic, nephrology, urology, and other specialities.
The Joint Commission International has awarded its first Enterprise Accreditation in India to
Narayana Hrudayalaya, the first healthcare player in India to receive this certification. For the Sep-
tember quarter, the company reported income of Rs. 1323.65 crore, net profit of Rs. 226.7 crore,
and EPS of Rs. 11.09 crore. It had invested Rs. 398 crore by September as against the whole
year’s capex target of Rs. 132 crore. The stock can be bought with a target price of Rs. 1442 in 9-
12 months with a stop-loss of Rs. 1060.
Garden Reach (Rs. 831.00) (Code: 542011) :- Garden Reach Shipbuilders is a
PSU operating in the shipbuilding and repairing sector. The A group listed shares touched a 52-
week high of Rs. 974 and low of Rs. 391. The company’s market cap is Rs. 9528 crore. Promoter
holding in the company is 74.50%. DIIs and FPIs hold 5.96% and 3.34% shares respectively. Ace
investor Ramesh Damani also holds 1.09% stake. Its equity is Rs. 115 crore and reserves are Rs.
1449 crore. Its income in the last quarter went up from Rs. 682 crore to Rs. 898 crore and profit from
Rs. 59 crore to Rs. 81 crore. EPS was Rs. 7.05. All three listed PSUs in this sector have given
excellent returns this year. The company has an excellent order book, ensuring revenue visibility
for many years. The company’s RoI is 16.4% and RoCE is 20.3%. The stock is trading at a PE
multiple of 34.4. Any decline can be treated as a buying opportunity for the long term.
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

10th Decemebr 2023 to 16th December 2023 39

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

Important support for

Index at 69320 and Nifty Future at 20800
BSE Index (69825.60) :- It shows an improvement from the bottom of 63092.98. It shows an overbought
position on a daily and weekly basis, while towards an overbought position on a monthly basis. On the
upward movement, beyond 69894 it may go up to 69960, 70300, 70640, 70975 and 71315. On the down-
ward movement, below 69320 it may get support at 69800 and 68800. Below this level, it may go down to
68200, 67564 and 67149. The market is highly overbought, so correction is expected.
Bank Nifty (47590.00) :- It shows an improvement from the bottom of 42067. It shows an overbought
position on a daily and weekly basis, while a neutral position on a monthly basis. On the upward movement,
beyond 47600 it may go up to 47940, 48180, 48147, 48660 and 48900. On the downward movement, below
46961 it may get support at 46600 and further downward movement may take it to 46300, 45300 and 45230.
Nifty Future (21090.20):- It shows an upward movement from the bottom of 18840.55. It shows an
overbought position on a daily and weekly basis, while towards an overbought position on a monthly basis.
On the upward movement, beyond 21107 it may go up to 21120, 21230, 21340. On the downward move-
ment it may get support at 20940 it may get support at 20800 and may further go down to 20400.
IDBI (66.00) :- It shows an improvement from the bottom of 59.50. It shows an overbought position on a
daily basis, neutral on a weekly basis and an overbought to neutral on a monthly basis. On the upward
movement, beyond 68, it may go up to 75 and may touch 90 amid ups and downs. On the downward
movement, it may get support at 63.
IOB (42.65) :- It shows an improvement from the bottom of 36.65. It shows an overbought position on a
daily basis, a neutral on a weekly basis and towards neutral from an overbought on a monthly basis. On the
upward movement, beyond 45 it may go up to 51, 53 and further up to 58, 63 and 68. On the downward
movement, it may get support at 40.
IEX (152.70) :- It shows an improvement from the bottom of 121.35. It shows towards an overbought
position on a daily, weekly and monthly basis. On the upward movement, beyond 160 it may go up to 163,
165, 177 and 190. Beyond 177 indicates long term bullish wave. Amid ups and downs, it may go up to 214
and 237. On the downward movement, below 147 it may get support at 142.
IRCTC (749.55) :- It shows an improvement from the bottom of 633.20. It shows an overbought position
on a daily and weekly basis, while towards an overbought position on a monthly basis. On the upward
movement, beyond 770 it may go up to 777, 800, 822 and 835. On the downward movement, below 730 it
may get support at 711.
Voltas (855.45) :- It shows an improvement from the bottom of 811.15. It shows an overbought position
on a daily basis, while a neutral position on a weekly and monthly basis. On the upward movement, beyond
870 it may go up to 915 further up to 924, 965, 1000 and 1035. On the downward movement, below 840 it
may get support at 833.

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

: Golden quotes :
There is no such thing as failure ; There are only results
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 40

Dilip Davda
e-mail Expert’s Eye
[email protected]

A week of smart gains by benchmarks

The concluded week :- After the BJP win in three states report of five state elections
results, market opened higher with a gap on expected lines on Monday and the euphoria
continued for the week except for Thursday, when markets closed in red. Even RBI an-
nounced status quo as expected, it also helped market mood to sustain the gaining momen-
tum. But the gains were largely with a smart move on heavy weights index based counters
and thus the gain was limited to front running fancy counters. The side market marked
lackluster trades.
The side market fared poorly indicating at a smart gains marked by the benchmarks with
planned game by the operators. FIIs were net buyers for the three sessions except for
EX-SPLIT
EFC (India) (5 for 1) Wednesday and Thursday, while DIIs were net buyers only for first
and third session.
RIGHTS ISSUE
Veeram Securities (1 for 2) Amidst volatile trades, we marked all-time high for Sensex and
DIVIDEND Nifty and this euphoria may continue for a while in the final month of
ANNOUNCEMENTS
Hindustan Zinc (300%), etc.
calendar year 2023.

EX-BONUS For the week, while BSE Sensex moved in the range of 69893.80
Dhyaani Tile (9 for 5),
Pooja Entertainment (6 for 1) - 68274.47, NSE Nifty hovered between 21006.10 - 20507.75.

BONUS MEET The week marked Gain of 2344.41 points for BSE Sensex and
Kanani Ind (09.12.23),
Akshar Spintex (15.12.23), 701.50 points for NSE Nifty.
Sandur Manganese (18.12.23),
Maagh Advertising (20.12.23) The ensuing week :- While Brent crude oil prices continued its
Shreeji Trans (21.12.23)
slide and closed the week at 75.45$ per barrel, Rupee hovered in a
EX-RIGHTS
Asit C Mehta. narrow range to end the week at Rs. 83.45 a dollar. Now all eyes will
BONUS ANNOUNCEMENT
be on advance tax data for the third quarter of FY24. As usual the
M Lakhamsi (1 for 50),
M K Exim (1 for 2), global trends will keep tempering with the sentiment as usual. We
SBC Exports (1 for 2)
Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 41

are entering in a final fortnight of the calendar year 2023 and FIIs move will have some
trigger in the crucial periods ahead.
Amidst such scenario the BSE Sensex may move in the range of 70500 - 68500 and NSE
Nifty in the range of 21500 - 19500 for the coming week.
DISCLAIMER : No financial information whatsoever published anywhere here should be construed as

an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is

purely for educational and information purposes only and under no circumstances should be used for mak-

ing investment decisions. Readers must consult a qualified financial advisor before making any actual

investment decisions, based on the information published here. Any reader taking decisions based on any

information published here does so entirely at its own risk. Investors should bear in mind that any invest-

ment 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
04-12-2023 68,435.34 68,918.22 68,274.47 68,865.12 1,383.93
05-12-2023 69,168.53 69,381.31 68,954.88 69,296.14 431.02
06-12-2023 69,534.93 69,744.62 69,395.01 69,653.73 357.59
07-12-2023 69,694.15 69,695.33 69,320.53 69,521.69 -132.04
08-12-2023 69,666.38 69,893.80 69,506.12 69,825.60 303.91
Net Weekly Gains 2,344.41
NSE - Sensex Open High Low Close Diff
04-Dec-23 20,601.95 20,702.65 20,507.75 20,686.80 418.90
05-Dec-23 20,808.90 20,864.05 20,711.15 20,855.10 168.30
06-Dec-23 20,950.75 20,961.95 20,852.15 20,937.70 82.60
07-Dec-23 20,932.40 20,941.25 20,850.80 20,901.15 -36.55
08-Dec-23 20,934.10 21,006.10 20,862.70 20,969.40 68.25
Net Weekly Gains 701.50
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 42

PHYSICAL SHARE
• I.E.P.F. • Succession Certificate
• The physical share will be transferred in the name of the heir.
• Duplicate shares, missing shares
• Trasmission • Inheritance Certificate

310, Arista Business Space, Opp. Stellar, Sindhubhavn Road,

Boadakdev, Ahmedabad-380054.

+91-91737 15886
www.iepfadviser.com
www.smartinvestment.in
Smart Investment Website Index
66,666 hits only 1 Week
Total number of Hits
2,07,86,666
Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 43

Kishore Purswani
(Email: [email protected])

Interpretation of Financial Statements-XXIX

Balance Sheet- Debt to Equity Ratio
Introduction
Mary Buffett in Chapter 42 of her book "Warren Buffett and Interpretation of Financial State-
ments" has delved into the importance of total liabilities and debt to equity ratio.This provides a
snapshot of a company's financial risk and leverage.Different industries have different average
ratios. Comparing a company's ratio with industry standards helps in assessing its position and
competitiveness within the sector.
Debt to Equity Ratio
Debttoequity ratio is a financial metric that provides insight into a company's capital structure
and financial health by comparing its debt to its shareholders' equity. It is calculated by dividing a
company's total liabilities (debt) by its shareholders' equity.

The formula for the debt-to-equity ratio is:

Debt-to-Equity Ratio=Total Liabilities/Shareholders' Equity
A high debt-to-equity ratio indicates that a company has been financing its growth and opera-
tions primarily through debt rather than through shareholder equity. This can be risky because it
means the company has higher financial leverage and may struggle to meet its debt obligations if
financial conditions worsen.
Conversely, a low debt-to-equity ratio implies that the company relies less on debt financing
and may be in a better position to weather financial downturns.
Different industries have different typical debt-to-equity ratios, so what's considered high or low
can vary. High-tech or fast-growing industries might have higher acceptable ratios compared to
stable, mature industries. Investors use this ratio to assess a company's financial health and risk
level before making investment decisions.
The problem with using this ratio as a financial metric is that economics of companies with a
durable competitive advantage are so great they don't need a large amount of equity/ on their
balance sheets for operations. In view of this such companies use their retained profits to buy back

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 44

their stocks which decreases their equity base. As such their debt to equity ratio increases and
gives a misinterpretation. In such cases the equity needs to be adjusted by adding back the equity
bought back and then calculating the debt to equity ratio. Many a times adjustments are to be made
in total liabilities also to account for specific items that might not be included in the conventional
calculation.
The adjusted debt-to-equity ratio is a modification of the traditional debt-to-equity ratio that aims
to provide a more accurate picture of a company's financial structure by incorporating certain ad-
justments.
However, determining what to include or exclude in the adjustment requires careful analysis
and discretion. Different analysts might make different adjustments based on their judgment, which
could lead to variations in the calculated adjusted debt-to-equity ratio.
Banks and other finance companies borrow large amounts of money and then loan it back to
make money. As such this ratio should be compared with companies operating in the same sector.

Conclusion
The debt to equity ratio is a vital tool for stakeholders, management, lenders, and investors,
aiding in understanding a company's financial structure, risk exposure, and overall health. It is
used as a part of comprehensive financial analysis to make informed decisions and predictions
about a company's future prospects.
The simple rule here is that the companies (excluding finance companies) having an adjusted
debt to equity ratio below 0.8 (the lower the better) have the coveted competitive advantage.
Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: [email protected]

Financial Weekly
Every Sunday Every Wednesday

English & Gujarati Edition Gujarati Edition

 Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 45

Benchmark Computer Solutions Limited
Enters into the capital market with an SME IPO
Benchmark Computer Solutions Limited is an IT infrastructure solutions, technology
consulting, and software development company. The company provides service
models such as IaaS (Infrastructure as a Service) and SaaS (Software as a Service)
Benchmark Computer Solutions Limited is an IT in-
frastructure solutions, technology consulting, and soft-
ware development company. The company leverages
its deep understanding of its customers' businesses and
applies a combination of advanced technologies and
expertise to develop customized solutions that deliver
differentiated results. The company has deep domain expertise across all industries and
technological expertise in traditional and emerging technologies. Corporate
Benchmark provides end-to-end technology and technology-related services includ-
ing IT Infrastructure and Software Development Services. The company provides service
models such as IaaS (Infrastructure as a Service) and SaaS (Software as a Service). The
SCAN
company is an authorized partner to multiple OEMs including HP (Under HP amplify Objects of the Issue
membership program), SafeAeon (SafeAeon Partner Ecosystem Program), Veeam, Vertiv,
1. Capital Expenditure
Lenovo, Konika Minolta Business Solutions, and Dell Technologies.
2. Working Capital Requirement
Benchmark Computer Solutions Limited is coming out with an SME IPO. It will issue
3. General Corporate Purpose
18,54,000 equity shares of face value of Rs.10 each. It will raise Rs 12.23 crore through
4. To meet Public Issue Expenses
this IPO. The Issue Price is Rs 66 per share. The IPO will open for subscription on
December 14, 2023, and close on December 18, 2023. Investors can bid for a minimum of 2000 equity shares and in
multiples of that. After allotment, shares will be listed on BSE SME platform. Beeline Capital Advisors Private Limited is the
book-running lead manager to the issue, while Kfin Tech-
Benchmark Computer Solutions IPO Details nologies Limited is the registrar of the Issue. Spread X
IPO Date : December 14, 2023 to December 18, 2023 Securities is the market maker which has been allotted
Face Value : Rs 10 per share 96,000 equity shares at Rs.66 per share.
Price : Rs 66 per share Benchmark Computer Solutions provides the follow-
Lot Size : 2000 Shares ing services: -IT Infrastructure Solutions, Software and
Total Issue Size : 1,854,000 shares Web-Based Application Development Services, Annual
(aggregating up to Rs 12.23 Cr) Maintenance Contract (AMC) and Facility Management
Fresh Issue : 1,854,000 shares Services (FMS).
(aggregating up to Rs 12.23 Cr)
Benchmark Computer Solutions recorded total rev-
Issue Type : Fixed Price Issue IPO
enue from operations of Rs. 1,297.65 lacs, Rs. 3,194.69
Listing At : BSE SME
lacs, and Rs. 1,864.32 lacs for the period ended Septem-
HNI Quota : 8,78,000 shares
Retail Quota : 8,80,000 shares ber 30, 2023, and for the financial years 2022-23 and
Market Maker portion : 96,000 shares 2021-22 respectively.
Spread X Securities ***
Lead Manager : Beeline Capital Advisors Pvt. Ltd.
Registrar : KFin Technologies Limited

Services Provided
1. IT Infrastructure Solutions
2. Software and Web Based Application Development Services
3. Annual Maintenance Contract (AMC) and Facility Management Services
(FMS)
Company's Snapshot
o Benchmark is an IT Infrastructure solutions and technology consultancy
and Software development Company.
o Company provides end-to-end technology and technology related ser- Benchmark Computer Solutions Limited will issue
vices including IT Infrastructure and Software Development Services. 18,54,000 equity shares of face value of Rs.10 each. It will
o Company is certified with ISO 9001:2015 and ISO 27001:2013 for Installa- raise Rs 12.23 crore through this IPO. The Issue Price is Rs
tion of Hardware of IT Related products and providing Services as per cus- 66 per share. The IPO will open for subscription on
tomer equipments. December 14, 2023, and close on December 18, 2023.
o Promoters have more than 40 years of combined experience in IT Infra-
structure Industry.

INVESTORS MAY CONSIDER TO APPLY FOR LONG TERM

Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 46

Scrip Watch - Siddharth Shah

Alkem Laboratories (Rs. 4796.00) : Alkem’s September quarterly earnings high-

lights, its revenue grew by 11.7% on a year-on-year (YoY) basis in the three months, with a lower
contribution coming in from India’s business, which rose 5% to ?2,327.8 crore YoY. The domestic
business was impacted by a slower acute season. Alkem Laboratories’ US contribution came in
higher for the second quarter of the financial year 2024 (Q2FY24), rising by a healthy 27.1% on
YoY to ?767.5 crore, with the region’s price erosion stabilising at 5-6% as compared to a high teen
figure seen last year. The pharma company also witnessed its best margins in the September
2024 quarter since Q2FY23, while its gross margins grew by 180 basis points (bps) on a quarter-
on-quarter (QoQ) basis to 61.4% due to softening API (active pharmaceutical ingredient) prices
and a better product mix in the US. The company has retained its guidance of high single-digit
growth for India in FY24 while slightly raising its margin guidance for the fiscal year to 16.5% from
16% earlier. Buy.

Titan (Rs. 3634.00) : Over the last three decades, Titan has expanded into underpenetrated
markets and created lifestyle brands across different product categories including fragrances
(SKINN), accessories and Indian dress wear (Taneira) and thoughtfully designed Women Bags
(IRTH). In Jewellery, Titan holds 7 per cent market share in the Indian jewelry market and target to
achieve double-digit share in next 3-4 years. The division's five-year CAGR for revenue/EBIT stood
at 22 per cent/24.6 per cent. It enjoys a significant share in the organised market of watches and
wearables and launch products in the premium category of Eye Care. Buy in phased manner. In
the past six months, the stock has rallied more than 25 per cent. Still, it is good stock to buy.

Bata India (Rs. 1664.00) : Bata India reported a consolidated net profit of Rs 34 crore for
the July-September period, down 38 per cent compared with the corresponding period a year ago.
The earnings included an exceptional expense of Rs 41 crore related to a voluntary retirement
scheme (VRS) . Its revenue declined to Rs 819 crore for the second quarter of the current financial
year, from Rs 830 crore for the year-ago period. EBITDA were up 12 per cent at Rs 182 crore, and
margin improved by 270 basis points to 22.1 per cent. The company reported aggressive network
expansion during the quarter under review, with the opening of 30 stores in close to 25 cities. 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

10th Decemebr 2023 to 16th December 2023 47

Market Tips - Het Zaveri

Voltas (Rs. 855.00) : Six domestic brokerage firms have been bullish on the share
price of Tata group company Voltas Ltd since August. Motilal Oswal, IDBI Capital, Geojit
BNP Paribas, Prabhudas Liladhar, ICICI Securities and BOB Capital Markets hold positive
views on the stock price of the company. Voltas, after a stellar run to a lifetime high of
?1,356 on 19 October, 2021 lost ground. IDBI Capital has placed the longest call with a target
price of ?1,050, trailed by Motilal Oswal. Voltas is now trading around ?820, down 2% on the
BSE. Air conditioners enjoy a production-linked government incentives scheme (PLI) that
are meant to boost domestic manufacturing. Tata Sons Private Ltd, the promoter, owns
26.6% of Voltas. Life Insurance Corporation Of India owns 10.3% and T. Rowe Price Emerg-
ing Markets Stock Fund owns 2.8%. Hdfc Life Insurance Company Limited, Sbi Mutual
Funds (Various Accounts), Mirae Asset Mutual Funds and Nippon Life India Mutual Funds
own 2% each. Buy.

L&T Technology (Rs. 4940.00) : L&T Technology Services Limited (LTTS), a global
digital engineering and R&D services company, has announced its collaboration with Nasscom
GenAI Foundry initiative. This collaboration is expected to contribute to the growth of Gen-
erative AI in India by providing support to startups operating in this field. LTTS aims to
accelerate the growth of startups in the generative AI sector, assisting them to pivot, scale,
and make a substantial impact both locally and globally. The company is leveraging Amazon
Web Services (AWS) to help global automotive manufacturers accelerate the transition to-
wards Software Defined Vehicles (SDVs) using generative artificial intelligence (AI). SDVs
rely on software to control and manage their operations, including performance and comfort,
using sensors and computer systems to make driving safer and more efficient. The stock in
on upward journey. Buy.

Grasim (Rs. 2069.00) : The Board of Grasim Industries has approved raising up to
Rs 4,000 crore through a rights issue to eligible shareholders. Grasim Industries, a flagship
company of the Aditya Birla Group is a diversified player and a global producer of viscose,
Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 48

chemicals, linen yarn and fabrics in India. The company recently entered the paints business
and is setting up six plants across pan India locations. Meanwhile, Grasim will launch its
paints business under the brand name 'Birla Opus' in the fourth quarter of the current finan-
cial year (Q4FY24). It will offer a full suite of high-quality products in the decorative paints
segment. Ahead of the launch, the company claims that it has successfully piloted the first-
of-its-kind painting services in key metros and introduced a range of imported wood finishes.
A research and development R&D facility has already been set up in Maharashtra. Grasim
had previously committed an investment of Rs 10,000 crore towards setting up the paints
business. Invest.

GMR Airports Infrastructure (Rs. 68.00) : Shares of GMR Airports Infrastruc-

ture zoomed 14 per cent on Friday to hit the highest level in over 12 years. The stock
touched Rs 70.22 on the BSE after over 10 per cent equity of the company changed hands on
the exchange. GQG Partners acquired a 4.7 per cent stake in GMR Airports Infrastructure.
The US-based boutique investment firm, which has gained prominence because of its suc-
cessful investments in Adani group stocks, purchased shares at Rs 59.1 each, amounting to
a total outgo of Rs 1,672 crore. GMR Airports is the largest private airport operator in Asia
and 2nd largest in the world with a passenger handling capacity of over 189 million annually.
GMR Airports, a subsidiary of GMR Airports Infrastructure (formerly known as GMR Infra-
structure) has Groupe ADP as its strategic partner, which is holding a 49 per cent stake.
GMR Airports operates the Delhi Airport, which is the largest and fastest-growing airport in
India. It also runs Hyderabad Airport, and operates Manohar International Airport, Goa (Mopa).
Expanding its overseas footprint, the company is developing and operating Kualanamu Inter-
national Airport in Medan, Indonesia, in collaboration with Angkasa Pura II (AP II). 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

10th Decemebr 2023 to 16th December 2023 49

SMART TIPS Smita N. Zaveri

Shemaroo (Rs. 167.00) (Code: 538685) :- The company is in the business of media
and entertainment. The B group listed shares touched a high of Rs. 188 and low of Rs. 101 in the
last 52 weeks. It was established in 1962 and started as a business in video libraries. It pioneered
the distribution of home video rights in the country. It subsequently forayed into the broadcast syn-
dication business. It became an integrated media company with digital post-production facilities,
entered overseas film distribution, and forayed into animation films, and digital distribution across
multiple platforms. It also ventured into the OTT industry with ShemarooMe. Promoter holding is
65.88%. Its equity is Rs. 27 crore and reserves are Rs. 562 crore. In the September quarter, income
was Rs. 199 crore and profit was Rs. 5 crore. The share is trading at 45 times the annual earnings.
JSW Energy (Rs. 451.00) (Code: 533148) :- A part of the OP Jindal Group, JSW
Energy is a leading private power generation company. It has acquired several power projects. Its shares
are listed in the A group. The shares touched a 52-week high of Rs. 476 and low of Rs. 205. Besides power
generation, it has a presence in transmission, mining, power plant equipment manufacturing, and power
trading. From 260 MW in the beginning, it has reached a capacity of 9792 MW. Its equity is Rs. 1641 crore
and reserves are Rs. 18,236 crore. Promoter holding is 73.39%. In the September quarter, its income
increased from Rs. 2387 crore to Rs. 3259 crore, and profit from Rs. 457 crore to Rs. 857 crore. Quarterly
EPS was Rs. 5.17. JSW Energy is constantly increasing its capacity. It is also backed by a solid promoter
group. Investment can be made in the stock in tranches.

BHEL (Rs. 176.00) (Code: 500103) :- The shares of this heavy electrical equipment com-
pany are listed in the A group and have a face value of Rs. 2. The shares touched a 52-week high of Rs. 184
and low of Rs. 66. Promoter holding is 63.17%. It is the largest defence electrical equipment manufacturer
in the country. It operates in core sectors and provides a range of services including designing, engineer-
ing, construction, testing, and commissioning. BHEL and Concor have set up a rail-based logistics terminal
at Haridwar. It has bagged orders of Rs. 3,200 crore for hydro projects and lift irrigation schemes in Andhra
Pradesh and Telangana. BHEL is a supplier of critical equipment and services to defence and aerospace
segments. It has bagged orders for supplying two Super Rapid Gun Mounts for all Navy warships. It has
also emerged as the lowest bidder in a tender floated by the Nuclear Power Corporation of India. Its market
cap is Rs. 63,826 crore. Its reserves are Rs. 26,131 crore. For the September quarter, it reported income of
Rs. 5305 crore and loss of Rs. 250 crore. BHEL has also won an order to supply Compact Heat Exchanger
sets for 83 LCA Tejas MK1A aircraft from HAL. The stock can be seen touching new levels soon.

SJVN (Rs. 90.00) (Code: 533206) :- Formerly known as Satluj Jal Vidyut Nigam, SJVN is
a JV between the governments of India and Himachal Pradesh. It owns the 1500 MW hydro project in
Himachal, the country’s largest such plant. It has eight plants having total capacity of 2091.5 MW. The A
group listed shares touched a 52-week high of Rs. 91 and low of Rs. 30. Its market cap is Rs. 35,721 crore.
SJVN plans to increase its capacity to 5000 MW by 2024, 25000 MW by 2030, and t0,000 MW by 2040. Its
equity is Rs. 3930 crore and reserves are Rs. 9930 crore. It reported income of Rs. 878.36 crore, net profit
of Rs. 439.64 crore, and EPS of Rs. 1.12 in the September quarter. The government had sold a minor stake
in the company some weeks back through an OFS. The rally in power stocks is also rubbing off on hydro-
power companies. SJVN can be a good bet with a long-term view.
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 8th December, 2023 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

10th Decemebr 2023 to 16th December 2023 50

Smart super duper - Het Zaveri

Tata Power (Rs. 323.00) (Code: 500400) :- The shares of this power company
touched a 52-week high of Rs. 335.8 and low of Rs. 182.45. The company is engaged in power
generation, transmission, and distribution business. It is targeting one lakh solar rooftop customers
and one lakh electric vehicle charging stations by 2025. The company expects renewable and
clean energy to account for 80% of its power generation portfolio by 2030. Promoter holding in the
company is 46.86%. Its equity is Rs. 320 crore and its reserves Rs. 29817 crore. For the Septem-
ber quarter, Tata Power reported an income of Rs. 15738 crore and profit of Rs. 1017 crore. Be-
sides power generation, transmission, and distribution, the company is also focusing on opera-
tions & management and EPC business. DII hold 15.68% and FII hold 10% stake in the company.
Swan Energy (Rs. 463.00) (Code: 503310) :- Swan Group is among India’s leading
private sector business houses serving the nation for more than a century across textile, real estate
and oil & gas sectors. Swan group is headquartered in Mumbai. The group adheres to its
guiding principle- Building a better future for India. The company had a composite textile mill in
Mumbai which was later converted to real estate when the company decided to penetrate the
realty business and moved its textile operations to Ahmedabad, the textile hub of India. Swan
continued its innovation-centric, exponential growth in the oil & gas vertical by entering the
clean fuel business and setting up India’s first FSRU-based 5 MMTPA LNG terminal at Jafrabad,
Gujarat. It is a part of BSE 500 Index. In the September quarter, the company’s income increased
from Rs. 143 crore to Rs. 1223 crore, while operating profit increased from Rs. 1 crore to Rs. 257
crore and it witnessed profit of Rs. 166 crore as against losses of Rs. 58 crore. The company’s
future seems bright. It has made an upfront payment for takeover of Reliance Naval in a joint ven-
ture with another company. It is a positive sign. Currently a brokerage as given very high target.
UNO Minda (Rs. 653 .00) (Code: 532539) :- The company was earlier known as
Minda Industries But now it is known as Uno Minda Industries. The company’s market cap is Rs.
38893 crore. As against equity of Rs. 115 crore, the company has reserves of Rs. 4041 crore. For
the September quarter of financial year 2024, the company’s income increased from Rs. 2877
crore to Rs. 3621 crore, While profit increased from Rs. 182 crore to Rs. 238 crore. The company is
active in the auto ancillary segment. It has recently completed expansion of its facility which may
benefit the company in the future. The auto sector is in revival mode and it has been witnessing a
good growth for quite some time. As a result, the auto companies are witnessing a bullish wave,
which has led to good movement in the auto ancillary market. The company paid interim dividend
of 25% for the financial year 2023. The company’s book value is Rs. 72.5.
Home First (Rs. 1035.00) (Code: 543259) :- It is active in the home finance segment
and currently the higher demand in the real estate sector may benefit the home finance segment. It
has presence in 13 states including Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka,
Tamil Nadu, etc with 120 branches. As against equity of Rs. 18 crore, the company has reserves of
Rs. 1929 crore. In the September quarter, the company’s incme increased from Rs. 189 crore to
Rs. 273 crore, while profit increased from Rs. 54 crore to Rs. 74 crore. On the TTM basis, the
company recorded net profit of Rs. 266 crore on income of Rs. 961 crore. The stock has recently
touched a 52-week high price, still it can be bought at any correction in the current price consider-
ing the growth prospects. The book value is Rs. 221.
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

10th Decemebr 2023 to 16th December 2023 51

GM Polyplast Ltd ; CMP - Rs. 141 ; Scrip Code - BSE: 543239
Reports Earnings for H1FY24,
Board approves Dividend & Increase in Authorized Capital
GM PolyplastLtd.(BSE: 543239),one of the premier manufacturers of HIPS,
ABS, PET, PP, HDPE Sheets, and premium quality Granules, has announced
its earnings for H1FY24. The board further approved dividend of Rs. 0.50,
which was paid on or before 05 December 2023. Subject to the approval of
members, board approved the Increase of Authorised Capital from INR
15,00,00,000 to INR 25,00,00,000. The company announced robust earn-
ings for the half year ended 30 September 2023. EBITDA increased by 82.14%
from Rs. 393.65 Lakhs in H1FY23 to Rs.716.98 Lakhs in H1FY24. EBITDA Corporate
margins improved from9.06% in H1FY23 to 16.54% in H1FY24 by 748 bps.
SCAN
PAT increased from Rs. 253.49 Lakhs in H1FY23 toRs. 509.05 Lakhs in H1FY24. PAT margins grew from
5.83% in H1FY23 to 11.75% in H1FY24, by 591 bps. The basic & diluted EPS was reported at Rs. 3.78 for
H1FY24.
GM Polyplast Limited (BSE: 543239) stands as a premier manufacturer of HIPS, ABS, PET, PP, HDPE
Sheets, and premium quality Granules, commencing operations in 2003. Dedicated to remaining at the fore-
front of technological advancements, the company consistently integrates the latest innovations into its opera-
tions. GM Polyplast Limited places a high priority on customer satisfaction and product quality, as well as
advancing existing products. The company has garnered the trust of customers,fostering substantial busi-
ness growth and establishing itself as a leading organization with a robust client base spanning diverse indus-
tries, including pharma, food packaging, bus body, farming, and interior design. Guided by a team of young,
dedicated technocrats and professional directors, GM Polyplast operates from a centrally located manufac-
turing plant in Silvassa, complemented by its office in Mumbai. These leaders channel their full-time efforts
toward fostering growth, overseeing operations, and emphasizing critical areas such as research, develop-
ment, marketing, and quality control. Recognizing the significance of each customer in a competitive market
with varying budgetary constraints, the company ensures competitive pricing without compromising on quality
standards. Offering personalized, customized products for every client, GM Polyplast Limited's stringent qual-
ity assurance measures guarantee that every product undergoes meticulous scrutiny before reaching the
customer. The company boasts a substantial production capacity of 21,600 tons, poised to fulfill varied quan-
tity requirements, with plans underway to expand production capacity further to meet increasing demands. At
GM Polyplast Limited, fostering strong relationships
with customers remains a priority. In the event of
any customer challenges, the company takes pro-
active measures, dispatching dedicated teams to per-
sonally address and resolve issues, exemplifying its
unwavering commitment to customer satisfaction.
***
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 52

Primary Market - Dilip K. Shah
In the first nine months of FY2023, total 170 IPOs worth Rs. 848 crore entered the market; More than 25 companies submitted DRHP to SEBI
Indian Share Market is marching ahead to all time high level; Investors' interest increases after robust listing of IPOs
T+3 listing increases liquidity and margin subscriptions; Sentiments improve after victory of BJP in three states
Bullish wave in the Secondary Market may result in flooding of IPOs in the second half of current CY
This week total 13 issues including 2 mainboard, 4 SME, 2 Rights and 5 NCDs issues are in the market
Mainboard IPO of DOMS and India Shelter to open on December 13
NSE SME Accent with an offer price of Rs. 133-140 Opened and SJ Logistics (Rs. 121-125) opens on Dec. 12
PresstonicEngg.'s NSE SME IPO with a fixed price of Rs. 72 may open on December 11 and close on December 13
Siyaram Recycling's BSE SME IPO with a price band of Rs. 43-46 to open on December 14
SME IPO Net Avenue got listed with 133%, Deepak Chemtex and AMIC Forging got listed with 90% premium
TCS's Rs. 1700 crore buyback issue got more than 7x standing; Issue price is fixed at 4150
IRCON's OFS of 7.63 crore equity share got oversubscribed with 3x subscription in retail and Rs. 2400 applications in non-retail
Good news for subscribers of TCS buyback offer: Obligation date is revised as 11/12/2023
How and when will be subscription and allotment in DOMS Ind and Indian Shelter IPOs
SwasthikPlascon got listed with 40% and Marinetrans got listed at 15% premium
Accent Microcell's NSE SME IPO got 42x subscription on the first day
Currently 5 NCDs - ICL Fincorp., Muthoot Mercantile, IIFL Samasta, ArkaFincap, I.B.HSF. Fin. - are in the market
This week 2 Rights - SEPC, Asit C. Mehta are in the market

In the first nine months of FY2023-24, total 170 IPOs hit the market to raise Rs. 848
crore. Moreover, more than 25 companies have filed DRHPs for the IPO with SEBI. It
means that primary market may be flooding in the second half of the year.
The main reasons for the high movement in the primary market could be the bullish
wave in the Indian Share Markets, which are soaring high to touching newer heights
every day. Besides, majority of the issues are getting listed with a high premium. Some
of the SME IPOs got more than 100-500x subscription and got listed with more than
100% premium. The new system of T+3 listing, implemented from December 1, 2023,
has resulted in high liquidity in the market so the trading volume has also gone up
drastically. It has also saved the interest cost. Moreover, the improved market senti-
ment thanks to victory of BJP in three states can also be considered as a factor.
Current situation :- Out of 4 NSE SME IPOs two issues - Net Avenues and
Marinetrans got listed, while two more issues Graphisads and Sheetal Universal have

Listing Information of SME IPO

Co. Name Listing Code Offer Listing Listing Listing Listing CMP
Date Price Price Day Day Day 8th
(Rs.) (Rs.) High Low Close Dec.
Swashthik Plascon (BSE SME) 5-12-2023 544035 86.00 120.10 126.10 115.25 126.10 123.03
Deepak Chemtex (BSE SME) 6-12-2023 544036 80.00 152.00 159.60 152.00 159.60 144.04
AMIC Forging (BSE SME) 6-12-2023 544037 126.00 239.40 251.35 239.40 251.35 277.05
Net Avenue (NSE SME) 8-12-2023 CBAZAAR 18.00 42.00 42.00 39.90 39.90 39.90
Marinetrans (NSE SME) 8-12-2023 Marinetran 26.00 30.00 31.50 28.50 31.50 31.50

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 53

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

DOMS Main Line 18 750 to 790 480 to 485 225 6,000
Small HNI 1,300 97,200
Big HNI 7,200 97,200
India Shelter Finance Main Line 30 469 to 493 180 to 200
Small HNI
Big HNI
Suraj Estate Main Line
Muthoot Micro Main Line

SME IPOs
Graphisads NSE SME 1200 111 0.00
Sheetal Universal NSE SME 2000 70 13 to 15 20,000
Accent Microcell NSE SME 1000 133 to 140 180 t 185 -- 1,53,000
Presstonic Engg. NSE SME 1600 72 23 to 25 32,000
SJ Logistics NSE SME 1000 121 to 125 90 to 95 78,000
Siyaram Recycling BSE SME 3000 43 to 46 18 to 20 -- 42,000
Shree OSFM E-Mob. NSE SME -- -- -- -- --
Benchmark Computer BSE SME -- -- - - -

Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO

sailed through. Three NCDs Issue - ICL Fincorp, Muthoot Mercantile, IIFL
SamastaandAerpaceIndustries closed.
This week total 5 SME IPOs are in the market.
Graphisads (NSE SME) :- The issue with a fixed price of Rs. 111 closed on Decem-
ber 5 with total 3.86x subscription including 5.52x subscription in retail. It may list
around Rs. 105-115 and may slip in discount on December 13.
Sheetal Universal (NSE SME) :- The issue with a fixed price of Rs. 70 closed on
December 6 with total 179.20x subscription including 129.73x in retail. It may list around
Rs. 80-90 and may touch Rs. 100 level on December 11.
* Last week's listing:-
AMIC Forging (544037) :- Issue with an offer price of Rs. 126 listed on December 6
with 90% premium.
Deepak Chemtex (544036) :- Issue with an offer price of Rs. 80 listed on December
6 with 90% premium.
Net Avenue (NSE SME) :- Issue with an offer price of Rs. 18 listed on December 8
with 133.33% premium.
Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 54

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 DOMS 13-12-23 Fresh Rs 350 Cr. 750 to 790 JM Financial, BNP Paribas 33%
15-12-23 OFS : Rs 850 Cr. (F.V. Rs. 10) ICICI Securities, IIFL Sec., Listing Gain
Total : 1,51,89,873 Shares (Long Term)
Rs. 1200 Cr.
2 India 13-12-23 Fresh Rs 800 Cr. 469 to 493 ICICI Securities, Citigroup, 29%
Shelter 15-12-23 OFS : Rs 400 Cr. (F.V. Rs. 10) Kotak Mah., Average
Finance Corp. Total : 2,43,40,771 Shares Ambit Pvt. Ltd. (Long Term)
Rs. 1200 Cr.
3 Suraj Estate 18-12-23 Total Issue Size -- ITI Capital, Anancd Rathi NEXT WEEK
Developers 20-12-23 Rs. 400 Cr. (F.V. Rs. 5)

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. Accent 8-12-23 56,00,000 Shares 133 to 140 1000 Shares Corporate 32% ; Listing Gain
Microcell 12-12-23 Rs.78.40 Cr. (FV Rs. 10) Rs. 1,40,000 Capitalventures (Short Term)
2. Presstonic 11-12-23 32,36,800 Shares 72 1600 Shares Finshore 30% ; Apply for
Engineering 13-12-23 Rs.23.30 Cr. (FV Rs. 10) Rs. 1,15,200 Management Mid Term
3. SJ Logistics 12-12-23 38,40,000 Shares 121 to 125 1000 Shares Hem 31% ; Listing Gain
14-12-23 Rs.48 Cr. (FV Rs. 10) Rs. 1,25,000 Securities (Short Term)
4 Shree OSFM 14-12-23 37,84,000 Shares 65 -- First Next Week
Mobility 18-12-23 Rs 24.60 Cr FV Rs. 10 Overseas

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. Siyaram 14-12-23 49,92,000 Shares 43 to 46 3000 Shares Hem Next Week
Recycling 18-12-23 Rs.22.96 Cr. (FV Rs. 10) Rs. 1,38,000 Securities
2. Benchmark 14-12-23 18,54,000 Shares 66 2000 Shares Beeline Next Week
Computer 18-12-23 Rs.12.23 Cr. (FV Rs. 10) Rs. 1,32,000 Capital

Marintrans (NSE SME) :- Issue with an offer price of Rs. 26 listed on December 8
with 15.38% premium.
* Insight into this week's issues:-
* The two mainstream public offers :- DOMS Industries and India Shelter Finance
-- will open for public subscription on December 13 and close on December 15.
• DOMS Industries : It will open for public subscription on December 13 and close
on December 15. The IPO of DOMS Industries comprises fresh equity of Rs 350 crore
and an offer for sale (OFS) of Rs 850 crore. Under the OFS, promoters FabbricaItaliana
Lapis, Sanjay Mansukhal Rajani and Keta Mansukhal Rajani will offload shares.
Subscription :- Only 10% shares will be offered to retail investors so it may get
around 20-25x subscription in retail category.
Allotment-refund :- Allotment may be on December 18, refund on December 19
and share credit on December 19.

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 55

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
DOMS Main Line IPO 15-12-23 18-12-23 19-12-23 19-12-23 20-12-23
India Shelter Main Line IPO 15-12-23 18-12-23 19-12-23 19-12-23 20-12-23
Suraj Estate Main Line IPO 20-12-23 21-12-23 22-12-23 22-12-23 26-12-23
Graphisads NSE SME 5-12-23 8-12-23 11-12-23 12-12-23 13-12-23
Sheetal Universal NSE SME 6-12-23 7-12-23 8-12-23 8-12-23 11-12-23
Accent Microcell NSE SME 12-12-23 13-12-23 14-12-23 14-12-23 15-12-23
Presstonic Engg. NSE SME 13-12-23 14-12-23 15-12-23 15-12-23 18-12-23
SJ Logistics NSE SME 14-12-23 15-12-23 18-12-23 18-12-23 19-12-23
Siyaram Recycling BSE SME 18-12-23 19-12-23 20-12-23 20-12-23 21-12-23
Shree OSFM Mobility NSE SME 18-12-23 19-12-23 20-12-23 20-12-23 21-12-23
Benchmark Comp. BSE SMe 18-12-23 19-12-23 20-12-23 20-12-23 21-12-23

Subscription Figures of SME IPO (Dt. 8-12-2023)

IPO Listing Day Subscribed
Graphisads NSE SME Issue Closed on 5-12-2023 3.86x
Sheetal Universal NSE SME Issue Closed on 6-12-2023 179.20x
Accent Microcell NSE SME 1st Day Subscribed 42.25x
Presstonic Engg. NSE SME Issue Opens on 11-12-2023
SJ Logistics NSE SME Issue Opens on 12-12-2023
Siyaram Recycling BSE SME Issue Opens on 14-12-2023
Shree OSFM Mobility NSE SME Issue Opens on 14-12-2023 --
Benchmark Computer BSE SME Issue Opens on 14-12-2023

Listing :- it may list on December 20 around Rs. 1275 to 1300 and may cross Rs.
1300 level in a good market condition.
India Shelter Finance : It will open for public subscription on December 13 and
close on December 15. includes a fresh equity issue of Rs800 crore and an OFS of Rs
400 crore. The company has fixed a price band ofRs 469-473, where investors can bid
for 30 shares in one lot.
Subscription :-It has not been witnessing fancy in the primary market so may get 2-
3x subscription in the retail segment and good response in QIB.
Allotment-Refund :- Allotment may be on December 18, refund on December 19
and share credit on December 19.
Listing :- It may get listed on December 20 around Rs. 500-525. If market is not
supportive on listing day, it may go below offer price.

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 56

• Accent Microcell (NSE SME) :- Rs. 78.40 crore issue with an offer price of Rs.
133-140 opened on December 8 and will close on December 12. On the first day, it has
got 43.49x subscription including 60.43x in retail. It may list with more than 100%
premium around Rs. 275-300 and may soar higher after listing.
• Presstonic Engineering (NSE SME) :- Rs. 23.30 crore issue with a fixed price of
Rs. 72 will open on December 11 and close on December 13. It may list on December
18 at around Rs. 80-90 and may cross Rs. 100 in a good market.
• SJ Logistics (NSE SME) :- Rs. 48 crore issue with an offer price of Rs. 121-125
will open on December 12 and close on December 14. It may list on December 19 at
around Rs. 220 and may touch Rs. 225 level.
• Siyaram Recycling (BSE SME) :- Rs. 22.96 crore issue with a price band of Rs.
43-46 will open on December 12 and close on December 14. Leadmanager is Hem
Securities. Listing may be around Rs. 55-60 and may cross Rs. 75 level in a good
market.
* NCDsIssues:-
• ICL Finance :- Issue with a base price of Rs. 100 crore opened on November 28
and will close on December 11. It has got 1.37x subscription till now.
• MuthootMercentile :- Issue with a base price of Rs. 100 crore and green shoe
option of Rs. 100 crore opened on December 4 and will close on December 15. It has
got 0.64x subscription till now.
• IIFL SmastaFinance :- Issue with a base price of Rs. 200 crore and green shoe
option of Rs. 800 crore opened on December 4 and will close on December 15. It has
got 1.64x subscription till now.
• AkraFincap :- Issue with a base price of Rs. 150 crore and green shoe option of
Rs. 150 crore opened on December 7 and will close on December 20. It has obtained
AA-/negative rating from CRISIL. It has got 0.69x subscription till now.
• IB Housing Finance :- Issue with a base price of Rs. 100 crore and green shoe
option of Rs. 100 croreentered the market on December 7. It has obtained AA/Stable
rating from CRISIL and ICRA. It has got 0.28x subscription till now.

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 57

Grey Market Movement
With entry of mainboard IPOs in the primary market, grey market witnesses movement
DOMS IPO premiums are soaring high
India Shelter issue premiums are zero due to lack of buyers
NSE SME Accent Microcell premiums skyrocketed
SJ Logistics, Siyaram Recycling, Presstonic Engg. premiums are robust from beginning
Sheetal Universal IPO premiums improved after good response from subscribers
The grey market has swung into action once again with entry of mainboard IPOs of
DOMS and India Shelters in the primary market. This week Suraj Estate Developers and
Muthoot Microfin are also entering the market. Some of the SME IPOs are witnessing
skyrocketing premiums.
Mainboard IPOs :- DOMS is witnessing high volatility as the premiums are nearing 60%
on the offer price of Rs. 790. It is witnessing huge deals in interest rates and subject to
segments. However, there is no movement in India Shelter Finance,Suraj Estate Develop-
ers, MuthootMicrofin IPOs due to lack of buyers.
SME IPOs :- Currently 7 SME IPOs are in the market. Accent Microcell is witnessing
more than 100% premium and it is skyrocketing.
SJ Logistics premiums are around 60%, while Siyaram Recycling premiums have started
at Rs. 10 and may go up. Sheetal Universal premiums are stable at Rs. 15. Presstonic
Engineering premiums are at Rs. 15 and may go up. There are no deals in Graphisads and
Marinetrans India IPOs.

* TCS Buyback :- Rs. 1700 crore offer has got 7x tendering. As against, 40.1 million
shares on offer, the company has got tendering of 2.69 million shares. The company
has fixed Rs. 4150 a share, which is 15% higher than market price. The allotment and
obligation dates have been revised. Obligation date will be 11/12/2023 and settlement
date will be 12/12/2023.
* IRCON OFS :- Railway PSU has put 7.53 crore share on offer with a floor price of
Rs. 154. The government will raise Rs. 1100 crore. In the non-retail segment, bids
worth Rs. 2400 crore has been received, while in retail segment subscription is 3.1x as
on Friday. In this OFS issue, retail clearing could be 158.70.
***

Cont...
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 58

Non Convertible Debenture (NCD) Issues at a Glance
Sr Company Issue Open Bond size PriceMin. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.)App.
1. ICL 28-11-2023 Base Size Rs100 Cr. 1,000/-
10 NCDs BSE ACUITE Apply for
Fincorp. 11-12-2023 Shelf : 100 Cr. (Rs.10,000) BBB- with
Mid Term
Lead manager : Saffron Cap. Stable
Registrar : Cameo Corporate Outlook
2. Muthoot 4-12-2023 Base Size Rs100 Cr. 1,000/- 10 NCDs BSE IND BBB/Stable Stay Away
Mercentile 15-12-2023 Shelf : 200 Cr. (Rs.10,000) by
(Risky Bet)
Lead manager : Vivro Fin. India Rating
Registrar : KFin Techno
3. IIFL 4-12-2023 Base Size Rs1000 Cr. 1,000/- 10 NCDs BSE CRISIL AA-/ Apply for
Samasta 15-12-2023 Shelf : 2000 Cr. (Rs.10,000) NSE Positive 36 Month
Lead manager : JM Fin., IIFL Sec., by CRISIL
Tenor
Nuvama Wealth, Trust Investment
4. Arka 7-12-2023 Base Size Rs 300 Cr. 1,000/- 10 NCDs BSE CRISIL AA-/
Apply for
Fincap 20-12-2023 Shelf : 500 Cr. (Rs.10,000) Positive
Lead manager : JM Fin., Nuvama by CRISIL
Mid Term
Registrar : Link Intime
5. Indiabulls 7-12-2023 Base Size Rs 200 Cr. 1,000/- 10 NCDs BSE CRISIL AA/St. Apply for
Housing 20-12-2023 Shelf : 2000 Cr. (Rs.10,000) NSE by CRISIL 24 to 36
Finance Lead manager : Nuvama, Elara, Trust ICRA Month
Registrar : KFin Technologies AA (Stable)
Tenor

Subscription figure of Subscription figure of

ICL Fincorp. NCDs Issue Indiabulls HF NCDs Issue
Category No. of Bond Issue Category No. of Bond Issue
Offered/ Subscribed Offered/ Subscribed
Reserved 8-12-2023 Reserved 8-12-2023
Institutional 10,000 0.00x Institutional 3,00,000 0.00x
Non Inst. 40,000 0.27x Subscription figure of Non Inst. 1,00,000 0.81x
HNI 2,00,000 1.46x HNI 3,00,000 0.26x
Retail 7,50,000 1.42x Arka Fincap NCDs Issue Retail 3,00,000 0.41x
Total 10,00,000 1.37x Category No. of Bond Issue Total 10,00,000 0.28x
Offered/ Subscribed
Reserved 8-12-2023
Institutional 3,75,000 0.00x
Non Inst. 3,75,000 0.84x
Subscription figure of HNI 3,75,000 1.64x Subscription figure of
Retail 3,75,000 0.29x IIFL Samasta NCDs Issue
Muthoot Mercantile Total 15,00,000 0.69x
Category No. of Bond Issue Category No. of Bond Issue
Offered/ Subscribed Offered/ Subscribed
Reserved 8-12-2023 Reserved 8-12-2023
Institutional 1,00,000 0.00x Institutional 2,00,000 5.35x
Non Inst. 4,00,000 0.64x Non Inst. 2,00,000 1.73x
Retail 5,00,000 0.74x HNI 8,00,000 0.85x
Total 10,00,000 0.62x Retail 8,00,000 1.39x
Total 20,00,000 1.60x

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. SEPC 6-12-2023 3,83,84,615 13 1 Shares for every BSE --
Limited to Shares (F.V. Rs.10) 36 Shares held on NSE Registrar AVOID
18-12-2023 (Rs. 49.90 Cr.) 28-11-2023 Cameo Corporate
2. Asit C. Mehta 15-12-2023 32,93,452 137.40 133 Shares for every BSE --
Financial to Shares (F.V. Rs.10) 200 Shares held on Registrar Next Week
Services 22-12-2023 (Rs. 49.88 Cr.) 15-12-2023
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 59

DOMS Industries Limited IPO
Opens on 13th Dec. & Closes on 15th Dec.
Price Band Rs. 750 to 790; Listing on BSE & NSE
Company has posted good growth in its Top and Bottom lines in
financials in FY22 and FY23 except the in FY21 (COVID affected year)
If we annualize Q2 earnings of FY24 then it will be ahead of FY23 earnings
On valuation front issue is fully priced
Looking at 2nd Largest player in Stationery and Expansion projects
Investors may apply for listing gain or long term perspective
Incorporated in 2006, DOMS Industries Limited is a stationery and art product company primarily engaged in designing, develop-
ing, manufacturing, and selling a wide range of these products under the flagship brand, DOMS. As of March 31, 2023, the company
has marked its presence in over 40 countries. The company held 29% and 30% market share, respectively, in Fiscal 2023 for its core
products for pencils and mathematical instrument boxes.
Issue Details : • Issue Opens on 13th Dec. & Closes on 15th Oct. 2023
• Object of the issue : 1. Proposing to partly finance the cost of establishing a new manufacturing facility to expand its
production capabilities for a wide range of writing instruments, watercolour pens, markers, and highlighters and General
corporate purposes.
• Issue Size : Fresh Issue : 44,30,380 Shares, Rs. 350 Cr. Financial Performance : Consolidated Basis
OFS : 1,07,59,493 Shares, Rs. 850 Cr. Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
Total Issue Size : 1,51,89,873 Shares ; Rs. 1200 Cr. Total Revenue 408.79 686.23 1216.52 764.22
• Face Value Rs. 10 • Offer price Rs. 750 to 790 Profit After Tax -6.03 17.14 102.87 73.91
• Minumum Lot Size : 18 Share • Listing on : NSE & BSE EPS 1.07 3.05 18.29 13.14
• BRLM : Jm Financial, Bnp Paribas, ICICI Securities, Iifl Securities RONW (%) -3.86 5.81 28.39 17.76
• Registrar : Link Intime India Private Ltd
• Company Management : Santosh Rasiklal Raveshia, Sanjay Mansukhlal Rajani, Ketan Mansukhlal Rajani Chandni Vijay
Somaiya and Fabbrica Italiana Lapis ed Affini S.p.A
• Market Cap : Rs. 4793.77 Cr. • Pre Issue Promoter Holding : 100% • Post Issue holding : 92.70%
• Issue constitutes 25.03% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 9.98 & RONW : 15.49%
• Pre IPO Eq. Capital Rs. : 56.25Cr. • Post IPO Eq. Capital Rs. 60.68Cr.
• Pre IPO : P/BV Ratio 11.18 (NAV : 70.69) • Post Issue : P/BV Ratio : 6.41 (NAV : 123.20)
• Pre IPO P/E Ratio : 43.19 • Post IPO asking P/E on fully diluted equity : 32.80
• Industry peer Group PE Ratio : 35.98
• BRLM’s Performance : This is 91th Issue from BRLM. In last 90 Listing : 64 Issued opened with premium & 26 Issue Discount.

OTHER SIDE OF THE COIN

• Average cost of acquisition by Promoters / selling shareholders i.e. FILA, Sanjay and Ketan Rajani, Santosh Rasiklal Raveshia
and Chandni Vijay Somaiya is 101.53, 0.03, 0.07 and 0.07 respectively and the offer price is in the range of Rs. 750 - 790.
• Company has also issued bonus shares in ratio of 150:1 in July 2023, before filing DRHP.
• Apart from issuing equity at par company has also issued further equity shares of at a price of Rs. 5242.38 per share from 2012
to 2015 at FV of Rs. 10.
• Company operates in highly competitive market and experiences competition from listed peers such as Kokuyo Camlin, Linc,
Navneet and Flair Writing.
• Company's Net Debt in Q2 of FY24 is Rs. 126.5 cr. which is almost double to its FY23's net debt.
• It has allocated only 10% share to Retail investors
• Company is mainly in Stationery and Children Art marketing. As technology is developing and will going to use Tabs &
Laptops in Coming year may adversely impact to sustain growth.
• At Present FILA Owns 51% equity stake and Post IPO it will reduced to 40%. If FILA ceases to be promoter or diluted all equity
stake it will adversely affect R&D & Exports.
Recommendation : DOMS Ind. Is a profit making and dividend paying company, it has posted consistent growth in its
financial performance for reported periods, except incurred loss in FY21 due to Covid. Sudden 500% jump in bottom line of
FY23 despite only 77 growths in top line is surprising. On valuation front based on FY23 earnings, issue is priced at P/BV of
11.18 & PE of 43.19 issues appears aggressively priced. If we annualize it then considering P/BV of 6.41 and PE of 32.80
issues is fully priced. Looking to the strong fundamentals with fastest growth, 2nd largest leader in the market and expansion
projects, Investors may apply for listing gain or long term perspective.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 60

India Shelter Finance Corporation Limited Main Line IPO
Opens on 13th Dec. & Closes on 15th Dec.
Price Band Rs. 469 to 493; Listing on BSE & NSE
Company has posted consistent growth in its top and bottom lines for all three fiscals ;
Recently RBI has also released a circular related to
lending business which may affect the company's financials
Considering fancy in Loan and related segment
only risk taking investors may apply in this IPO
Incorporated in 1998, India Shelter Finance Corporation Limited is engaged in the business of housing finance. The company
provides loans for house construction, extension, renovation, and purchase of new homes or plots. The company also offers
loans against property (LAP). The company offers loan amounts between Rs. 5 Lakhs to Rs. 50 Lakhs for a tenure of up to 20
years. As of 30th Nov 2023, IndiaShelter has disbursed over Rs. 5500 Crores in loans, helping families own, extend, or improve
their homes.
Issue Details Financial Performance : Consolidated Basis
• Issue Opens on 13th Dec. & Closes on 15th Oct. 2023 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Object of the issue : To meet future capital requirements towards onward lending, Total Revenue 322.80 459.81 606.23 398.58
• Issue Size : Fresh Issue : 1,62,27,181 Shares ; Rs. 800 Cr. Profit After Tax 87.39 128.45 155.34 107.35
OFS : 81,13,590 Shares ; Rs. 400 Cr.
EPS 9.93 14.63 17.47 12.00
Total Issue Size : 2,43,40,771 Shares ; Rs. 1200 Cr.
• Face Value Rs. 10 • Offer price Rs. 469 to 493 RONW (%) 9.8 12.8 13.4 8.2
• Minumum Lot Size : 30 Share • Listing on : NSE & BSE
• BRLM : ICICI Securities, Citigroup Global Markets, Kotak Mahindra Capital, Ambit Private Limited • Registrar : Kfin Technologies Limited
• Company Management : Anil Mehta, WestBridge Crossover Fund, LLC, and Aravali Investment Holdings.
• Market Cap Rs. 5277.62 Cr.
• Pre Issue Promoter Holding : 56.75% • Post Issue holding : 48.17%
• Issue Constitutes 22.74% of the post issue paid up capital.
• Average of last 3 Yrs. EPS Rs. 15.27 & RONW : 12.6%
• Pre IPO Eq. Capital Rs. : 45.41 Cr. • Post IPO Eq. Capital Rs.53.53 Cr.
• Pre IPO : P/BV Ratio : 3.23 (NAV : 152.70)
• Post Issue : P/BV Ratio : 2.43 (NAV : 203.17)
• Pre IPO P/E Ratio : 27.27
• Post IPO asking P/E on fully diluted equity : 25.20
• Industry peer Group PE Ratio : 37.70
• BRLM’s Performance : This is 72 Issue from BRLM in Last 3 Years. In last 72 Listing : 52 Issued opened with premium & 20 Issue Discount.
OTHER SIDE OF THE COIN
• Average cost of acquisition by Promoters / selling shareholders is in the range of Rs. 52.41 - Rs. 236.7 and the offer price is in the range of
Rs. 469 - 493.
• Company has also issued rights shares twice in 2015 at a price of Rs. 153, thrice in 2016 at Rs. 161.
• Company has also undergone private placements 5,606,854 equity shares to recent selling shareholders at price of Rs. 347 and FV Rs. 10
in October, 2017 and 2018 and recently for 355,000 equity shares of face value of ?10 each to Anil Mehta at a price of Rs. 83.2 in July 2023.
• Apart from issuing equity at par company has also issued further equity shares of at a price of Rs. 10 in 2007 to 2010 at FV of Rs. 10.
• Offer price of Rs. 469 - 493 is on the base of FV of Rs. 5 but if we convert FV into Rs. 10 then the offer price band will become Rs. 938 - 986.
• Company has experienced negative cash flows in past.
• Company focuses on Tier 2 and Tier 3 cities and its target audience are low- or middle-class self-employed customers due to which company
may have to face the risks of defaults.
• Company's operations are limited to Rajasthan, Maharashtra and MP which contributed 63.4% of total assets managed by the company in
FY23.
• Co. faces very high competition from listed as well as unlisted peers.
• Minor setback in company's ROA in FY23 as compared to FY22.
Recommendation :- Company has posted consistent growth in its Top and Bottom lines in all
three fiscals along with the growth in H1FY24. If we annualize the earnings of H1FY24 then it will
be higher than FY23. On valuation front considering Post IPO PE of 26.85 and P/Bv of 2.42 on
NAV of 203.17 issue looks fully priced. Recently RBI has announced a regulatory to take control
over the risky loan disbursements which may affect the financials of the company going ahead.
Considering fancy in Loan and related segments and good financials only risk-taking investors
may apply for long term period.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 61

Accent Microcell Limited NSE SME IPO
Opened on 8th Dec. & Closes on 12th Dec.
Offer price Rs. 133 to 140; Listing on NSE SME Platform
AML is a profit making and dividend paying company
It has posted consistent growth in its top-bottom lines for last three fiscals
Sudden jump in EBITDA from 10% in FY23 to 16% in H1FY24 is unlikely to sustain
On the valuation front, the issue price seems reasonable considering all the parameters
Investors may consider applying for short term or listing gain in this issue
Incorporated on April 10, 2012, Accent Microcell Limited produces high-quality cellulose-based excipients mainly for
the Pharmaceutical, Nutraceutical, Food, Cosmetic and other industries. The Company has carved a niche in producing
high-quality cellulose-based excipients, that meet international quality standards. The company operates two state-of-
the-art manufacturing facilities at Pirana Road in Ahmedabad and Dahej SEZ in Bharuch. These facilities have enabled
the development of a robust global sales model, serving customers across India and in more than 45 countries world-
wide, including the USA, Canada, Germany, UK, Japan, China, Australia, Korea, Netherlands, Turkey, Vietnam, Italy,
Indonesia, Poland, Egypt, France, Thailand, New Zealand, Brazil, Russia, Mexico, Chile, Zimbabwe, Denmark, and
Greece.
Issue Details
• Issue Opened on 8th December & Closes on 12th December 2023
• Object of the issue : To Set up a plant at Navagam Kheda for manufacturing Croscarmellose Sodium ("CCS"), Sodium
Starch Glycolate and Carboxymethylcellulose (CMC); and General Corporate Expenses.
• Issue Size : 56,00,000 Shares, Rs 78.40 Cr.
• Face Value Rs. 10 • Offer price Rs. 133 to 140 Financial Performance : Consolidated Basis
• Minumum Lot Size : 1000 Share • Listing on : NSE SME Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• BRLM : Corporate Capitalventures Pvt Ltd Total Revenue 134.82 167.54 206.97 59.93
• Registrar : Kfin Technologies Limited Profit After Tax 4.80 5.89 13.01 7.06
• Promoter : Mr. Vasant Vadilal Patel, Ghanshyam Arjanbhai Patel, EPS 3.72 4.57 10.06 5.45
Mr. Nitin Jasvantbhai Patel and Mr. Vinodbhai Manibhai Patel RONW (%) 18.04 18.36 29.44 13.77
• Market Cap Rs. 294.60 Cr.
• Pre Issue Promoter Holding : 73.13% • Post Issue Promoter Holding : 53.67%
• Issue constitutes 26.61% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 7.17 & RONW : 23.85%
• Pre IPO Eq. Capital Rs. : 15.44 Cr. • Post IPO Eq. Capital Rs.21.04 Cr.
• Pre IPO : P/BV Ratio 3.54 (NAV : 39.60) • Post Issue : P/BV Ratio : 2.07 (NAV : 67.55)
• Pre IPO P/E Ratio : 13.92
• Post IPO asking P/E on fully diluted equity : 10.44
• Industry peer Group PE Ratio : 16.70 (Sigachi)
• BRLM’s Performance : This is 10th Issue from BRLM in last 3 years. In last 9 Listing : 7 Issued opened with premium
& 2 Issue with Discount.

OTHER SIDE OF THE COIN

• The Average cost of acquisition of equity shares by the promoters of the company is Rs. 0.00 and Rs.10.60 per
share while offer price is Rs. 140
• In March 2022, the company issued bonus shares in the ratio of 2:1.
• Apart from initial equity shares at par, the company issued further equity shares in the price range of Rs. 30 to Rs.
50 between June 2022 and August 2023.
• ROCe margins declined from 16.04% (FY21) to 12.03 (Q1FY24)
• Company depends on limited suppliers.
• It has issued preferential allotment at only Rs. 50 on 21st August 2023 before filing DRHP.
Recommendation : - Accent Microcell is profit making and dividend paying company. The company has
posted consistent growth in its financial performance for the last three fiscals. However top line growth in FY23
is only 23% but bottom-line growth of 121% is surprising. Sudden jump in EBITDA from 10% in FY23 to 16% in
Q1FY24 is unlikely to sustain going forward. On valuation front considering P/BV of 2.07 & PE of 13.92 (based
on FY23) issue appears fairly priced compared to peer Sigachi. Investors may consider to apply for short or
listing gain.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 62

Presstonic Engineering Limited NSE SME IPO
Opens on 11th Dec. & Closes on 13th Dec.
Offer price Rs. 72; Listing on NSE SME Platform
Company has posted consistent growth in reported periods except FY21
It has order booking of Rs. 69 Cr. which 3 times to FY23 revenue
The company's order book is 69 crores, which is 3 times the revenue of FY23
Considering all valuation parameters, issue appears fairly priced
Looking to its huge order and fancy in railway stocks
Investors may apply for midterm perspective in this issue
Incorporated in 1996, Presstonic Engineering Limited manufactures products for Metro Rail Rolling Stock, Metro Rail
Signalling, and Infrastructure. The company offers a wide range of products, including Rolling Stock Interior Products
such as Saloon Bucket/Plain Type Seats, Custom Colored Engineered Handles, Grab Pole Systems, Hand Rail Sys-
tems, Emergency Evacuation Ramps, and Honeycomb Partition Panels. They also manufacture IP-rated enclosures,
beacon mounting brackets, ballastless support brackets, DCS masts, ladder assemblies with DCS mast platforms,
Steel Structures, Aluminum Murals, Support Structures for Solar Panels, Wire Forms, and Cable Trays.r Panels, Wire
Forms, and Cable Trays.
Issue Details
• Issue Opens on 11th December & Closes on 13th December 2023
• Object of the issue : Funding Capital Expenditure towards the purchase of additional plant and machinery, Prepayment
in full of certain borrowings availed by the Company, To meet the Working Capital Requirements, To meet the Issue
Expenses and General Corporate Purposes.
• Issue Size : 32,36,800 Shares, Rs 23.30 Cr. Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 72 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Minumum Lot Size : 1600 Share • Listing on : NSE SME Total Revenue 7.69 12.72 21.13 14.32
• BRLM : Finshore Management Services Limited Profit After Tax -0.17 0.14 2.56 1.52
• Registrar : Cameo Corporate Services Limited EPS -0.38 0.31 5.73 3.40
• Promoter : Herga Poornachandra Kedilaya, Yermal Giridhar Rao. RONW (%) -7.59 5.93 51.92 23.58
• Market Cap Rs. 55.49
• Pre Issue Promoter Holding : 99.97%
• Post Issue Promoter Holding : 57.99%
• Issue constitutes 42 % of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 2.91 & RONW : 26.67%
• Pre IPO Eq. Capital Rs. : 4.47 Cr. • Post IPO Eq. Capital Rs.7.71 Cr.
• Pre IPO : P/BV Ratio 4.99 (NAV : 14.44)
• Pre IPO P/E Ratio : 6.28
• Post IPO asking P/E on fully diluted equity : 17.60
• BRLM’s Performance : This is 23rd Issue from BRLM in last 4 years. In last 10 Listing : 6 Issued opened with
premium, 3 Issue Opened with Discount and 1 Issue opened with at par.

OTHER SIDE OF THE COIN

• The average cost of acquisition of equity shares by the promoters of the company is Rs. 5 per share while the offer
price is Rs. 72 has been determined.
• It has also issued bonus shares in the ratio of 1:1 in May 2023.
• Post IPO 7.71 Cr. Equity capital indicates it will take longer gestation period to migrate main board.
• Debt to equity ratio is 0.98 which is very low.
• Equity dilution is 42 percent which is very high.
Recommendation : - The Company has registered strong growth in financial performance
for the reported periods except a loss in FY21. It has 68.47 Cr. orders booking which is almost
more threefold to its revenue of FY23. On valuation front considering P/BV of 1.97 and PE of
17.60 (based on FY24). Issue appears reasonably priced. Looking to huge order booking and
fancy in railway related stocks, Investors may apply for midterm perspective.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 63

S J Logistics (India) Limited NSE SME IPO
Opens on 12th Dec. & Closes on 14th Dec.
Offer price Rs. 121 to 125; Listing on NSE SME Platform
Company has reported inconsistent growth in its Top lines with a set back in FY22
while its Bottom line have been constantly growing in all three Fiscals
On valuation front issue is fairly priced
Considering the growth of logistics business in India and Good financials of the company
Investors may apply for short term period or listing gains
Incorporated in December 2003, S J Logistics (India) Limited provides logistics and supply chain solutions to its
customers. The company provides freight forwarding, customs clearance, and transportation handling services. S J
Logistics also established cooperative agreements with partners in Ecuador, Brazil, Chile, Peru, the United States,
Paraguay, Bolivia, Hong Kong, China, Taiwan, Vietnam, and others for logistics and freight forwarding. The company
has two subsidiary companies: SJA Logisol India Private Limited (SJALIPL) and S. J. L. Group (Singapore) Pte. Ltd.
Issue Details
• Issue Opens on 12th December & Closes on 14th December 2023
• Object of the issue : Repayment and/or pre-payment, in whole or part, of certain borrowings availed by the Company,
To meet working capital requirements and General Corporate Purpose.
• Issue Size : 38,40,000 Shares, Rs 48 Cr. Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 121 to 125 Particulars (Rs. Cr.) FY20 FY21 FY22 H1FY23
• Minumum Lot Size : 1000 Share • Listing on : NSE SME Total Revenue 124.03 105.31 135.01 103.39
• BRLM : Hem Securities Limited Profit After Tax 0.86 1.86 7.62 9.31
• Registrar : Maashitla Securities Private Limited EPS 1.30 2.83 8.84 9.62
• Promoter : Rajen Hasmukhlal Shah. RONW (%) 6.40 12.26 24.41 16.51
• Market Cap Rs. 181.04 Cr.
• Pre Issue Promoter Holding : 67.55% • Post Issue Promoter Holding : 49.64%
• Issue constitutes 26.51% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 5.58 & RONW : 17.36%
• Pre IPO Eq. Capital Rs. : 10.64 Cr. • Post IPO Eq. Capital Rs. 14.48Cr.
• Pre IPO : P/BV Ratio 2.14 (NAV : 58.30)
• Post IPO asking P/E on fully diluted equity : 9.72
• Industry peer Group PE Ratio : 31.88
• BRLM’s Performance : This is 34th Issue from BRLM in last 3 years. In last 10 Listing all 10 Issued opened with
premium.
OTHER SIDE OF THE COIN
• Average cost of acquisition by Promoters is Rs. 7.80 and the offer price is in the price range of Rs. 121 to 125.
• Company has also issued bonus shares in ratio of 3:1 in January 2014 and in ratio of 2:1 in May 2023.
• Apart from issuing equity at par company has also issued further equity shares of at a price of Rs. 90 - Rs. 92.3
between May 2022 and September 2023.
• Company has also allotted shares on private placement at price of Rs.90 and FV of Rs. 10 between June to
September 2023.
• Company is dependent on third party service providers and suppliers to effectively carry out logistics operations.
• Company does not have Custom House Agent license.
• As company is involved in exports it is susceptible to risks relating to fluctuations in currency exchange rates.
• Company's top 10 clients contributed 68.54%, 42.53%, 45.11% and 36.61% respectively, to the total revenue from
operations in September 30, 2023 and for the Fiscals 2023, 2022 and 2021 respectively.
• Company's registered office and other offices from where they carry out business activities are not owned by the
company.
• Company operates in competitive environment and faces competition from many listed peers.
Recommendation :- Company has posted consistent growth in its Bottom lines but with a dent
its Top lines in FY22. If we annualize the earnings of H1FY24 then it will be ahead of earnings of
FY23. On valuation front considering Post IPO PE of 9.72 and P/Bv of 1.73 on NAV of 72.09 issue
looks fairly priced. Considering good financial performances and growth of Logistics and supply
chain business in India, investors may apply for short term period or listing gains.
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10th Decemebr 2023 to 16th December 2023 64

SEPC Limited Rights Issue
Opened on 6th Dec. & Closes on 18th December
Offer price Rs. 13 per Share; Listing on BSE & NSE
BSE Code : 532945 / CMP : 19.36 / 52WH : 26 • Low : 7.38
SEPC is entering the market for the second time with a rights offer
It has incurred huge losses during last three fiscals & turns the corner
Carried forward losses is so high it will take longer time for breakeven point
Post Issued high equity base will create problem: NAV is negative
Shareholder may stay away from this offer even though its 49% discount to CMP
Incorporated in 2000, Shriram EPC Limited is an end-to-end solutions provider for Engineering, Procure-
ment, and Construction (EPC) projects, offering multi-disciplinary services and project management solu-
tions. SEPC Limited, which stands for "Solution Engineering Procurement Construction," focuses on pro-
viding turnkey solutions in two main business areas: 1. Infrastructure, including Water and sewer and Road
projects. 2. Process and Metallurgy, which includes Process Plants, Steel Plants, Mine Development, and
Power Plants.
Issue Details
• Issue Opened on 6th Dec. & Closes on 18th Dec. 2023
• Object of the Issue : To augment the existing and incremental working capital requirement of our Com-
pany; and General Corporate Purposes.
• Issue Size : 3,83,84,615 Shares ; Rs. 49.90 Cr. Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Face Value Rs. 10 • Issue Price : Rs. 13 per Share Total Revenue 606. 13 340. 59 398. 88 284. 63
Profit After Tax -179.47 -263.70 -4.90 10.58
• Market Lot : 1 per Share • Listing on BSE & NSE
• Terms of payment : Rs. 13/- per Rights Equity Share including premium of Rs. 3/- per Rights Equity Share
shall be payable on Application.
• Entitlement : 1 Rights Equity Share(s) for every 36 fully paid-up Equity Shares held on Record Date : 28-
11-2023
• Deemed Date of Allotment : 22-11-2023
• Lead Manager : Self Managed
• Registrar : Cameo Corporate Services Limited
• Pre IPO Equity Capital Rs. 1371.43 Cr.
• Post IPO Equity Capital Rs. 1409.81 Cr.
• Cum Right basis at Rs. 20.51 (24-11-2023)
• ex Right basis at Rs. 20.30 (28-11-2023)
• Since then, It has marked a high/low of Rs. 20.65/ Rs. 18.52
• It last closed at Rs. 19.33 (1-12-2023)
• 52 Weeks high / Low of Rs. 26/ Rs. 7.38
Recommendation : - Shriram EPC is entering the market for the second time with rights offer.
The first rights issue was an At Par. It has incurred losses for FY21 to FY23 and Carry forward
losses are so huge that it may take a long time for the company to break even. The company has
moved into a turnaround position in H1FY24. NAV is negative. Post issue high equity base will
create problem for servicing, shareholder may stay away from this rights offer eventhoug share
are available at 49% discount to current market price.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 65

Arka Fincap Limited NCDs Issue
Opened on 7th Dec. & Closes on 20th Dec.
Offer price Rs. 1000 per NCD; Listing on BSE
Arka Fincorp is a financial company of Kirloskar Group ; Coming out with maiden Issue
It has posted strong growth in top & bottom lines for the reported period
Considering 9% to 10% coupon rates and AA-/Positive rating apply for mid term
Incorporated in 2018, Arka Fincap is an NBFC providing secured and unsecured financing to
MSMEs, SMEs, developers, and corporates.

The company has four main lines of business: corporate lending, real estate and urban infra-
structure financing, MSME lending, and personal lending. Arka operates in 17 Indian cities across
West, South, and North regions with over 300 employees.
Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
Issue Details Total Revenue 102. 93 203. 09 372. 89 258. 48
Profit After Tax 16.88 32.52 61.36 35.32
• Issue Opened on 7th Dec. & Closes on 20th Dec. 2023

• Object of the issue : For onward lending, financing, and for repayment of interest and principal of
existing borrowings of the Company; and General corporate purposes.

• Issue Size : Base Issue : Rs. 300 Cr., Shelf Size : Rs. 500 Cr.

• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs

• BRLM : Jm Financial Limited, Nuvama Wealth Management Limited

• Registrar : Link Intime India Private Ltd

• Rating : “ CRISIL AA-/ Positive” by CRISIL Ratings Limited

• Tenor : 24, 36 and 60 Months

• Coupon Rate : 9.00 % to 10.00%

• Category : Institution : 25%, Non Inst. : 25%, HNI : 25% and Retail 25%

Recommendation : - Arka Fin cap is Kirloskar group Financial Company. The Company enter-
ing in the debt market with Rs. 300 crore NCDS issue. It has posted consistent growth in its top
lines & bottom lines for the last three fiscals and H1FY24. Its Net NPA is 0.05% and Post IPO its
debt equity ratio will increase to 3.20. Though company free reserve is very low compared to its
equity capital. Considering the strong growth in its financial performance and AA-/Positive rating
and 9% to 10% coupon rates, Investors may consider to apply for midterm (36 Months tenor)
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 66

Indiabulls Housing Finance NCDs Issue
Opened on 7th Dec. & Closes on 20th Dec.
Offer price Rs. 1000 per NCD; Listing on BSE & NSE
This is 12th debt offering from the company & last offer was Oct. 2023
The company has posted consistent de-growth in reported period
Considering the AA/Stable rating and coupon rate from 8.88% to 10.25%
Investors May apply for short to midterm (24 to 36 months) in this NCDs issue
Incorporated in 2005, Indiabulls Housing Finance Limited provides mortgage lending services. It is a
non-deposit-taking housing finance company ("HFC") registered with the NHB. Indiabulls Housing Finance
Limited is one of India's largest housing finance companies and is the flagship company of Indiabulls Group.
The company offers housing loans and loans against property to (i) salaried employees; (ii) self-employed
individuals; (iii) micro, small, and medium-sized enterprises ("MSMEs"), and (iv) corporates. It also offers
mortgage loans to real estate developers in India in the form of lease rental discounting for commercial
premises and construction finance for the construction of residential premises.

Issue Details Financial Performance : Consolidated Basis

Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
th th Total Revenue 10030. 12 8993. 90 8525. 79 4157. 92
• Issue Opened on 7 Dec. & Closes on 20 Dec. 2023 Profit After Tax 1201. 59 1177. 74 1127. 68 594. 17

• Object of the issue : For onward lending, financing, and repayment of interest and principal of existing
borrowings of the Company. and General corporate purposes

• Issue Size : Base Issue : Rs. 200 Cr., Shelf Size : Rs. 2000 Cr.

• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs

• BRLM : Nuvama Wealth Management Limited, Elara Capital (India) Private Limited, Trust Investment
Advisors Private Limited

• Registrar : Kfin Technologies Limited

• Rating : “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited

• Tenor : 24, 36, 60, 84 and 120 Months

• Coupon Rate : 8.88% to 10.25%

• Category : Institution : 30%, Non Inst. : 10%, HNI : 30% and Retail 30%

Recommendation : - This is the 12th debt offer from the company after September 2016.
The last NCD offer was in October 2023. The company has recorded a continuous decline in
top-bottom lines in the last 3 financial years. The financial performance of H1FY24 is incon-
sistent compared to its previous financial year. Its NPA stands at 1.94 and the post-issue
company's debt equity ratio will increase from 2.63 to 2.64. Compared to the equity capital,
its reserve is as huge as 194 times. Considering AA/stable ratings and coupon rate of 8.88
to 10.25 percent, investors may apply for short to midterm (24 to 36 months tenure).
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 67

Smart Best Buy S. N. Zaveri
PVR Inox : Blockbuster releases makes remarkable revival for PVR Inox
Havells’ brand Lloyd enters into the Middle East
Happiest Minds : Strong EPS growth, Reasonable valuations
Balkrishna Industries: Lean Balance Sheet makes stock attractive
CIL : Coal India management aims to deliver sustained volume growth,
PVR Inox (Rs. 1745.00) : The box office is experiencing a remarkable revival this year,
thanks to a string of blockbuster releases. The resurgence began with the much-anticipated Pathan,
followed by Jawan, Gadar 2 and the recently released Ranbir Kapoor starrer Animal. This suc-
cessful box office run of the movie is injecting new life into dormant theatre companies, reflected in
the recent rally in national multiplex chain operators like PVR INOX Ltd. Analysts foresee substan-
tial growth potential in these shares. Brokerage Nuvama has set a target price of Rs 2,210 per
share on PVR INOX, citing the upcoming releases of blockbuster films such as Dunki, Salar, and
Hollywood's Aquaman early next year. various brokerage firms offering optimistic targets. Further-
more, Trendline, a market monitoring website, predicts a rise in PVR's stock, setting a target of Rs
1,940, an 11% increase from the current price. In addition, top brokerage firms like Sharekhan,
ICICI Securities, and Prabhudas Lilladher have also set ambitious targets at Rs 2200, Rs 2,240
and Rs 1,984 per share, respectively. Buy.
Havells (Rs. 1342.00) :- Fast-moving electrical goods (FMEG) manufacturer Havells
India announced that its consumer durables brand Lloyd had forayed into the Middle east through
a partnership deal with Dubai-based distribution conglomerate TeknoDome. Lloyd's focus in the
Middle East encompasses a range of technologically advanced and energy-efficient products. The
launch portfolio includes a premium range of ACs, front-load and semi-automatic washing ma-
chines, frost-free and side-by-side refrigerators, and LED TVs, meticulously designed to meet the
diverse needs of consumers, seamlessly blending innovation with functionality. Havells operates
in more than 70 countries through a network of distributors and long-standing strategic channel
partners. Invest.
Happiest Mind (Rs. 881.00) :- Happiest Minds provides end-to-end solutions in the
digital space. The company has progressed well in both mining its customers as well as adding
large logos. It asserts that the ask rate of market share gains for Happiest Minds is plausible and
well within the historical market share displacement for companies that have scaled 5x. It has
augmented its capabilities with acquisitions to build a healthcare vertical and will continue to tap
the inorganic route.The company's shares witnessed an unprecedented rally between December
Cont...
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10th Decemebr 2023 to 16th December 2023 68

2020 and September 2021, soaring from Rs 313.95 apiece to Rs 1,380, delivering a staggering
return of 340%. However, the stock has since gone through a fall, falling by approximately 40%.
From its all-time high of Rs 1,568, the stock is down 46%. The company's revenue and EPS will
grow at 21% CAGR and 24% CAGR, respectively, over FY24-26E, which is in line with the mid-tier
average. PEG standing at 1.8x. Buy in phased manner.
Balkrishna Industries (Rs. 2602.00) : Balkrishna Industries (BKT) is the leader in
the niche tyre segment (OHT: Off highway tyres) used in heavy machinery for mining & agriculture
purposes. Exports form lion's share of its sales at 80% of its revenues . Replacement account for
70% while OEM share is pegged at 28%. Agriculture accounts for 63% of volumes with OTR share
at 34%. The company has consistently operated with high margins & return ratios. It has lean
Balance Sheet with net debt to Equity ratio at 0.2 as of FY23. The company reported EBITDA at Rs
518 crore in Q2FY24 against estimate of Rs 509 crore. Management has guided for a stable de-
mand scenario in H2FY24 compared to demand pattern in H1FY24. Buy.
Coal India (Rs. 351.00) :- Amid noises to shift towards green energy across the world,
India's leading coal producer Coal India still remains a favoured stock, with the brokerages main-
taining bullish calls following an investor call. Coal India management aims to deliver sustained
volume growth, as the Centre ensures that power plants across the country receive adequate coal
supply, noted Jefferies. Coal India supplies around 90 percent of its production to the power sector.
Thermal power accounts for around 83-85 percent of the total power generated in India. In order to
meet the growing power requirement, the company has set a target of 1000 MT coal production by
FY 26-27, said Motilal Oswal. Coal India has guided that it will achieve its production target of 780
MT in the current fiscal year, which would imply a year-on-year growth of 16 percent during the
months of November to March. The coal mining firm believes it will achieve a volume target of 850
MT in FY25, and 1000 MT by FY26. Coal India slashed its employee count by 39 percent over
FY11-23, allowing it to offset the effect of big quinquennial wage hikes. The miner is looking to
reduce its employee count by 5 percent per annum over the next ten years. Invest.

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
8th December, 2023 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

10th Decemebr 2023 to 16th December 2023 69

Dalal Street Whispers Dilip K. Shah

IIFL Securities (Rs. 124.00) :- The Securities Appellate Tribunal (SAT) has set aside
the order by Sebi restricting IIFL Securities from taking new clients for two years. The tribunal has
also reduced the penalty imposed on the stockbroker to Rs 20 lakh from Rs 1 crore.
Tata Motors (Rs. 714.00) :- Tata Motors is pressing Indian officials not to lower import
taxes of 100 per cent on electric vehicles and to protect domestic industry and its investors, as the
government reviews Tesla's plans to enter the market, reported Reuters. Read
Titagarh Rail (Rs. 1002.00) :- Titagarh Rail has launched a QIP issue to raise up to Rs
700 crore. The floor price is Rs 976 and indicative issue price is Rs 933.
Jindal Saw (Rs. 434.00) :- Jindal Saw's board of directors will meet on December 14 to
consider and approve a proposal of raising funds.
Olectra Greentech (Rs. 1231.00) :- Olectra Greentech has received a letter of award
from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 Electric
Buses. The contract is valued at Rs 63 crore.
Bharat Forge (Rs. 1176.00) :- Bharat Forge's unit Kalyani Strategic Systems proposed
to acquire a majority stake in Zorya Mashproekt India, which is engaged in the development of
indigenous capabilities for build-ups and repair and overhaul of all types of gas turbine engines.
Container Corp (Rs. 842.00) :- Container Corp has signed an MoU with NTPC Vidyut
Vyapar Nigam to develop solar projects at its terminals.
IRB Infrastructure Developers (Rs. 40.00) :- IRB Infra's recorded toll collection of
Rs 437 crore in November against Rs 366 crore in the same period last year.
Shriram Finance (Rs. 2032.00) :- Shriram Finance has executed a co-lending agree-
ment with Small Industries Development Bank Of India (SIDBI) for providing loans to MSME bor-
rowers.
IRCON International (Rs. 160.00) :- IRCON has decided to exercise the greenshoe
option in the offer-for-sale (OFS) issue of IRCON International with an additional 4 percent stake
sell in the OFS. The OFS issue, which opened for non-retail investors on December 7, was sub-
scribed to 4.6 times the base issue size. The OFS will open for retail investors on December 8.
Five-Star Business Finance (Rs. 736.00) :- Matrix Partners is likely to sell a 5.87
percent stake in Five-Star Business Finance via block and Matrix can increase the stake sale size
up to 8.81 percent. The issue price has been set at Rs. 730 per share.
GlaxoSmithKline Pharmaceuticals (Rs. 1690.00) :- GlaxoSmithKline Pharma
has established an omnichannel team to expand its reach and coverage to the target segments by

Cont.....
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10th Decemebr 2023 to 16th December 2023 70

leveraging technology and improving productivity. Continuing its focus on improving operating
efficiencies, it has also completed the voluntary retirement scheme (VRS) (for commercial function
employees in field sales and HO) and spent Rs 156.57 crore as the one-off cost of the VRS.
Paytm (Rs. 651.00) :- Paytm will slow down disbursing loans under Rs 50,000, weeks
after the central bank tightened rules on consumer lending. This could be a reduction of 50 per
cent, it said.
Delta Corp (Rs. 137.00) :- The Calcutta High Court has granted interim relief to a unit of
Delta Corp relating to the Rs 6,384 crore payment for the shortfall of goods and services tax. It
directed that no effect shall be given to any order passed by the Tax Authority in relation to this tax
demand.
Bharti Airtel (Rs. 999.00) :- Warburg Pincus is offering 17.5 million shares in Bharti
Airtel, via a block deal today, at a floor price of Rs 1,005 per share. It plans to raise $211 million
through the stake sale.
Dr Reddy's (Rs. 5763.00) :- Dr. Reddy's has entered into an exclusive collaboration
with Coya Therapeutics for development and commercialisation of COYA 302, an investigational
combination therapy for treatment of Amyotrophic Lateral Sclerosis (ALS).
Bharat Electronics (Rs. 158.00) :- BEL has won orders worth Rs 580 cr from the
Indian Army for AMC of Radars.
RITES (Rs. 476.00) :- RITES has inked a pact with Meghalaya Industrial Development
Corporation to develop multi-modal logistics projects in Meghalaya.
Brigade Enterprises (Rs. 822.00) :- Brigade Enterprises has signed joint develop-
ment agreement to develop a Grade A office space in Bengaluru's CBD with development value of
Rs 500 cr.
TV18 Broadcast (Rs. 49.00) :- Network18 Media & Investments and TV18 Broadcast
have announced a scheme of arrangement. As per the scheme, TV18 and e-Eighteen.com will
merge with Network18.
Axiscades Technologies (Rs. 610.00) :- Axiscades Technologies has acquired
100 per cent stake in Hyderabad-based Epcogen.
Canara Bank (Rs. 438.00) :- Canara Bank is looking to raise up to Rs 3,500 crore via
tier-I bonds.
Patanjali Foods (Rs. 1602.00) :- Patanjali Foods is aiming at sales of Rs 1,000 crore
in the masala business. Baba Ramdev, non-executive director at Patanjali Foods, said the com-
pany was looking to build the biscuits and edible oil business, which would not only drive growth
but build good margins.

Cont.....
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10th Decemebr 2023 to 16th December 2023 71

State Bank of India (Rs. 614.00) :- The Executive Committee of the Central Board
(ECCB) of the Bank has accorded final approval for acquiring 20 % stake held by SBICAPS in
SBIPFPL by SBI.
Somany Ceramics (Rs. 737.00) :- Somany Ceramics December 15, 2023, as the
Record Date for share buyback.
Kajaria Ceramics (Rs. 1385.00) :- Kajaria Ramesh Tiles Limited, Nepal (Joint Ven-
ture Company) has got sanction of loan of an aggregate amount of Nepalese Rupees of 218 crores
from the Consortium of Nepalese Banks towards setting up manufacturing facility in Nepal. Kajaria
Ceramics, meanwhile, has provided a Standby Letter of Credit of Rs 68.12 crore against the said
loan.
Max Healthcare (Rs. 677.00) :- Max Healthcare Institute will buy 550 bedded Sahara
Hospital in Lucknow, Uttar Pradesh for an enterprise value of Rs 940 crore ($112.76 million).
Maruti Suzuki (Rs. 10600.00) :- Maruti Suzuki, is set to introduce its first electric car,
the eVX, in the Indian market by next year and it will also have a Toyota version, just as there is a
Glanza for Baleno and an Urban Cruiser for Brezza. The eVX will not only be made for the Indian
market but also be exported.
IOC (Rs. 118.00) :- Nearly 10,000 fuel pumps across the country are now offering electric
vehicle charging facilities, signalling the traditional energy suppliers are in no mood to be left be-
hind in India's rapid shift to electric vehicles. The country's top fuel retailer, Indian Oil, is leading the
race in setting up EV charging facilities offered at fuel stations with more than 6,300 stations by
Hindustan Petroleum 2,350 stations, while Bharat Petroleum has 850 plus fuel stations that offer
EV charging facilities.
Vedanta (Rs. 244.00) :- Vedanta Resources (VRL) is on the verge of securing a private
loan amounting to $1.25 billion from various international investors which is strategically timed
ahead of its $1 billion debt maturity in January 2024.

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
8th December, 2023 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

10th Decemebr 2023 to 16th December 2023 72

Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : [email protected]

Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(11th December to 17th December 2023)

In this week, Rahu in Pisces, venues in Libra, and ketu in Virgo, Jupiter in Aries, Saturn in

Capricorn, Mars, mercury and sun in Scorpio, Moon occupies Libra, Scorpio and Sagittarius. On

11th December and 12th December 2023, Jupiter in Aries taking seventh position towards venues

in Libra may favor the market. On 13th December and 14th December 2023, Saturn in Capricorn

taking fourth position towards Jupiter in Aries may bring volatility in the market. On 15th December

2023, moon in Sagittarius taking fifth position towards Jupiter in Aries may favor the market. Tele-

communication, Banking, Information technology, sugar industry may boom.

GOLD PRICE MOVEMENTS

(11th December to 17th December 2023)
11th December and 12th December 2023, Jupiter in Aries taking seventh position towards ven-

ues in Libra may favor the market.

13th December and 14th December 2023, Saturn in Capricorn taking fourth position towards

Jupiter in Aries may bring volatility in the market.

15th December 2023, moon in Sagittarius taking fifth position towards Jupiter in Aries may

favor the market.

Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 73

Senior Astrologer
Dharmesh Joshi

Mob. : 9909941816 • E-mail : [email protected]

Nifty Predictions ; 11-12-2023 to 15-12-2023

" 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.

11-12-2023 Monday
" Nifty remains positive overall from 9.15 to 11.30. " Nifty remained down from 11.30 to 13.15. "

13.15 to 14.30 Nifty up. " 14.30 to 15.30 Jobbing for nifty mix, you will get good money.

12-12-2023 Tuesday
" Let the Nifty settle in the opening. " Short Nifty around 9.30 and exit around 12.30. " Buy Nifty

around 14.30 and exit around 15.05.

13-12-2023 Wednesday
" 40 minutes of opening today is very unpredictable, where if you don't know then don't do

intraday. Which is the time of 9.15 to 9.50. " Average Nifty remains positive from 9.50 to 10.50. "

Divide into two parts from 10.50 to 13.50 - the first part has a down time and the second part has an

up time slot. " 13.50 to 14.20 "No Position Zone". " 14.20 to 15.30 Nifty will bounce lightly.

14-12-2023 Thursday
" 14-12-2023 and 15-12-2023 Ganesha is finding these two days market soft side. " Today and

next 3 days both opening and closing are becoming unpredictable pattern outside your system, So

Please Alert !! " There is a possibility of gap up opening. " Nifty up from 9.15 to 11.11. " 11.11 to

12.50 will give more momentum to "A" group stocks than Nifty, which will have a positive effect on

Nifty. " 12.50 to 15.30 can be called overall mix to time pass but it is the best time zone for jobbing.

15-12-2023 Friday
" Today 15 minutes up opening and 15 minutes down closing pattern is being seen. " Slot - 1 =

9.15 to 11.15 Nifty will be up. " Slot - 2 = 11.15 to 12.15 Nifty will be down. " Slot - 3 = 12.15 to 13.30

Nifty will be up. " Slot - 4 = 13.30 to 15.30 Nifty remains soft overall.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 74

News Track

Maagh Advertising and Marketing Services

Ltd to consider Bonus Issue and Stock Split
Mumbai-based, advertising and marketing solutions company, Maagh Advertising and Marketing Ser-
vices Ltd (BSE – 543624) is considering bonus issue and stock split. Meeting of board of directors is
scheduled to be held on 20th December to consider and approve for bonus shares and stock split subject
to regulatory approvals and shareholders’ approval.
Incorporated in 2013, Maagh Advertising And Marketing Services Ltd is an advertising agency primary
offering creative and media services. The company offers a complete range of designing, media, creative
services and social media advertising. For H1FY24 ended September 2023 company reported 80% rise in
the total income to Rs. 21.55 crore as against total income of Rs. 11.99 crore in H1FY23. Operating profit for
the six months ended September 2023 was reported at Rs. 2.15 crore, 153% rise Y-o-Y as compared to
operating profit of Rs. 85 lakh in H1FY23. Net Profit for H1FY24 grew multifold to Rs. 1.27 crore as com-
pared to Net Profit of Rs. 32.8 lakh in H1FY23 – growth of 286% Y-o-Y.

BigBloc commences work on the

2nd Phase of AAC Blocks expansion at Wada
Bigbloc Building Elements Pvt Ltd, wholly owned subsidiary of BigBloc Construction Limited, one of the
largest manufacturers of Aerated Autoclaved Concrete (AAC) Blocks, Bricks and Panels in India has initi-
ated work on the 2nd phase of AAC blocks plant at Wada in Palghar, Maharashtra. Company aims to
double the production capacity of Wada plant to 5 lakh cubic meter per annum of AAC blocks from existing
2.5 lakh cubic meter per annum.
In Phase 2 of Wada project, company is adding 2.5 lakh cubic meter per annum of AAC block capacity
by investing around Rs. 30 crore by mix of internal accruals and debt. Company expects to complete the
project within six month. Company has established 2.5 lakh cubic meter per annum capacity of AAC block
at Wada in Phase I of the project. In April 2023, the company commenced commercial operations of the
plant which is currently operating at 85% capacity utilisation. Post completion of phase 2 of Wada plant, total
production capacity of the AAC block plant will increase to 5 lakhs cubic meter. At full capacity, Wada plant
is expected to generate annual revenues of Rs. 200 crore per annum. The company is eligible for 60%
subsidy from the state government for the Wada project.

RACE Eco Chain Ltd

Advances India's Vision for Equitable Clean Energy Transition
Ghaziabad, India, 01 December 2023: As the world converges at COP28 in Dubai to navigate the critical
discourse on clean energy transition, RACE Eco Chain Ltd., one of the leading companies in waste lifecycle
management, stands resolutely in support of India's passionate plea for an equitable and just approach to
this global imperative. India's vision for a sustainable future, especially considering the unique challenges of
the Global South, aligns seamlessly with the company's commitment to revolutionizing the environmental
sector.
The company offers a comprehensive waste management solution powered by AI and Blockchain, en-
suring traceability from waste collection to disposal. With the improvement of waste management pro-
cesses, India's pursuit of a cleaner, greener future is directly aligned with resource optimization, cost-
efficiency, and environmental sustainability.
Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 75

Performance of “SMART PLUS NEWS LETTER”
Amazing 26% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
4-12-23 Recomm. (%) 4-12-23 Recomm. (%)
Stock Picks Technical Stocks
TCS 3457 3493 1.04 MCX 2929.15 3195 9.08
GRASIM 1946 2004 2.98 Bharti Airtel 977 1014 3.79
Metroplish 1658 1702 2.65 Hind. Copper 164 173 5.49
HAL 2146 2382 11 BPCL 410 435 6.1
Affle (India) 1096.25 1114 1.62 ONGC 188 194 3.19
E-Clerx Services 2586.95 2689 3.94 Hindalco 504 515 2.18
Titan 3408 3491 2.44 Gujarat Gas 426 433 1.64
Tata Investment 4144 4235 2.2 Laurus Lab. 374 380 1.6
Stock Watch Ashok Leyland 176 183 3.98
L&T 3054 3111 1.87 Balrampur Chini 469 473 0.85
KEI Ind. 2805 2879 2.64 Mid Cap Stocks
Newgen Soft 1280 1444 12.81 EIL 145 147 1.38
Varun Beverages 1055 1105 4.74 RailTel 286 290 1.4
Lumax Ind. 2631 2752 4.6 Rallis India 227 232 2.2
Amara Raja Batt. 678 709 4.57 Delta Corp. 137 142 3.65
Fundamental Stocks Manappurm Fin. 149 163 9.4
Suntec Realty 488 498 2.05 INOX Wind 272 293 7.72
HDFC Life 665 690 3.76 Small Cap Stocks
Welspun Corp. 506 530 4.74 Union Bank 106 109 2.83
Ramkrishna Forging 760 800 5.26 IEX 142 143 0.7
BEL 140 145 3.57 MK Exim (India) 100.8 128 26.98
Aarti Ind. 531 554 4.33 NMDC 174 182 4.6
PTC India 156 164 5.13
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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 76

REVIEW OF Smart Bonanza
Issue No. : 33 • Date : 29-11-2023

Company Reccom. High after Ch. Company Reccom. High after Ch.
6-12-23 Recomm. (%) 6-12-23 Recomm. (%)
IDFC 117 118 0.85 Hero Moto 3622 3819 5.44
Gail 125 136 8.80 Muthoot Fin 1343 1483 10.42
Hind Copper 168 173 2.98 Ultratech 8725 9000 3.15
Kesoram Ind 126 173 37.30 M&M 1566 1647 5.17
Tata Steel 126 127 0.79 MCX 3129 3195 2.11
India Cement 229 251 9.61 JK Laxmi Cement 790 815 3.16
L&T Fin 144 148 2.78 Varroc Engg. 546 573 4.95
HPCL 340 347 2.06 SRF 2352 2415 2.68
Bandhan Bank 217 226 4.15 Data Patern 1942 2053 5.72
New India Ass 226 254 12.39 Cochin Ship 1132 1171 3.45
HDFC Life 674 690 2.37 Amar raja 700 772 10.29
Godrej Pro. 1844 1877 1.79 Presitge Estate 958 1037 8.25
HAL 2287 2382 4.15 D-Mart 3906 3987 2.07
Cummins India 1873 1910 1.98 PI Ind 3731 3809 2.09

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Financial Weekly TM

10th Decemebr 2023 to 16th December 2023 77

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