Smart Investment 09-15 April 2023

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April 2023 2
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

VOL : 16 • Issue No: 9 RNI No : GUJENG / 2008 / 24320 9th April to 15th April 2023
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
03-04-2023 4856.03 4534.1 321.93
04-04-2023 HOLIDAY
05-04-2023 7383.8 6576.98 806.82
06-04-2023 5655.59 5179.78 475.81
07-04-2023 HOLIDAY
TOTAL 17895.42 16290.86 1604.56
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
03-04-2023 5195.98 5524.22 -328.24
04-04-2023 HOLIDAY -- --
05-04-2023 7231.94 8179.15 -947.21
06-04-2023 5642.16 6639.24 -997.08
07-04-2023 HOLIDAY
TOTAL 18070.08 20342.61 -2272.53
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April 2023 4
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Financial Weekly TM

April 2023 6
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Nifty Closes Above 200 DMA

Bearish Gap Conquered
Even though it was a truncated week, there was no dearth of action. Bulls continued their dominance and were able
to conquer the Bearish Gap at Nifty 17451-17573. It was a critical Resistance Zone as it also contained the crucial Long
Term Average of 200dma and Medium Term Average of 50dma. Thus the Trend in the Long Term and Medium Term
Timeframe has also turned Bullish. Now the Nifty will be gunning for the next Resistance Zone which is again in the form
of Bearish Gap at 17772-17800. White body formation on Thursday helped Nifty conquer the Bearish Gap as discussed
above. On the Weekly timeframe, Nifty has formed a Real White Body candle which suggests the upward move will
continue.
PULL-BACK OR REVERSAL? :- As the Relief Rally gathers momentum, the question that arises is whether it's a
Reversal of Trend or just a Pull-Back. The Retracement levels of the entire fall are placed at Nifty 17614-17858-18100
and the equivalent levels for the Sensex are at 59567-60334-61100. Currently, Nifty is testing the 38.2% Retracement
level at 17614 and hence we are still in midst of a Pull-Back. Only if Nifty crosses and stays above 18100, we can have
a Trend Reversal.
17204-17126 : SUPPORT ZONE :- Two weeks back, both indices have left behind a Bullish Rising Gap at Sensex
58273-58124 and Nifty 17204-17126. This Gap is significant as it also encompasses the Short Term Average of 20dma.
Thus this Gap will act as strong Support

Zone in the near term. Below this, the next
Support Zone comes in at Nifty 16746-
16653, which is due to the presence of Bull-
ish Gap, intermediate bottoms and Bearish
Target of Bearish Cup and Handle.
R-ZONE : 17772-17800 :- Nifty is now
targeting the higher R-Zone at Nifty 17772-
17858 & Sensex 60334-60583. This is a
strong R-Zone as it encompasses the Bear-
ish Gap, Intermediate Peak, 50%
Retracement level and 20 Weekly MA. A
close above this R-Zone will result in break-
This Week Recommendations ing of lower top, lower bottom pattern and
will signal a Price Reversal.
Stocks CMP SL Tgt-1 Tgt-2 BULLISH PATTERNS STILL ACTIVE :-
Bullish Patterns still remain intact. The Tar-
Buy L&T 2274 2227 2349 2427 gets for Weekly C&H are placed at Sensex
66978 (161.8%) and 70769 (pattern) & Nifty
Buy LindeInd 4147 4053 4295 4447 19925 - 21045. The Targets for Weekly RB
Buy DLF 382 374 395 409 are still intact and are at 69243-73569 for
the Sensex & 20718-22025 for the Nifty. The
Buy IndHotel 326 319 337 349 above Targets will be done as long as Nifty
remains above 16747.
Buy Manappuram 126 123 131 137
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 17126 17291 17451 17599 17761 17919 18060
SENSEX 58124 58744 59262 59832 60411 61056 61682
Financial Weekly TM

April 2023 7
SMALL BUT BEAUTIFUL IDEAS
Brijesh Barot, Surat (9723108999) brijesh_3011@yahoo.com
JAYANT AGRO-ORGANICS LTD

(524330& NSE) (Face Value Rs.5) (166.30)
Jayant Agro-Organics Limited is an emerging global oleochemical company with leadership in
the castor-based specialty chemicals industry. With proven research capabilities, strict adherence
to stringent quality controls conforming to International Standards and flawless record of honoring
delivery schedules it is no wonder that Jayant Agro-Organics Ltd. is the preferred partner of choice
worldwide for sourcing of castor oil and castor oil derivatives. With the long-term approach we
have adopted to the industry it is no wonder that we balance your requirement equations not only
chemically but also economically.
o Company has reduced debt.
o Stock is trading at 1.03 times its book value
o Debtor days have improved from 26.2 to 20.4 days.
o ROCE 26.3%
o ROE 18.99%
o FACE VALUE 5
o PROMOTER HOLDING: 67.12%
Technical Speaking : Currently company's share price quoting at 166.2 Stock is in buy
mode on Super trend, MACD, ADX and Parabola Sar on Daily and Weekly and Charts. Investor
can accumulate in zone of 146 to 140 with weekly closing Stop loss of 115 for immediate target of
195 and medium-term target of 230 and long-term target of 275+.
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Financial Weekly TM

April 2023 8
Smart Report Het Zaveri
- Ahmedabad
Tata Power
Tata Poweris aA /T+2 groupIntegrated Power Utilitiescompany having Face
value of Rs 1.00. Tata Power Company Ltd is India's largest integrated private
power company with a significant international presence. The company has an
installed generation capacity of
Fundamentals (FY22-23)
13061 MW (as of September 2021)
CMP 195
52 - week high Rs. 298.05 out of which 3948 MW is from clean
52 - week low Rs 182 and green sources (Hydro waste
Dividend yield
heat recovery wind and solar)in In-
(CONSOLIDATED) 175.00%
ROCE 7.90% dia and a presence in all the seg-
BVPS 37.56 ments of power sector viz. Fuel &
Revenue 14030.72cr.
Logistics Generation (thermal hy-
Debt to Equity 2.19
P/E ratio 22.91 dro solar and wind) Transmission
EPS 9.83 Distribution and Trading.
P/B ratio 6.87
Tata Power's international pres-
Market Cap 71,958cr.
Face value Rs. 1.0 ence includes strategic invest-
ments in Indonesia through 30% stake in the leading coal company PT Kaltim
Prima Coal (KPC) in Singapore through Trust Energy Resources to securities
coal supply and the shipping of coal for its thermal power generation operations;
in South Africa through a joint venture called `Cennergi' to develop projects in
South Africa Botswana and Namibia; in Australia through investments in clean
coal technologies and in Bhutan through a hydro project in partnership with The
Royal Government of Bhutan. Cont...
Financial Weekly TM

April 2023 9
Financial Results:
Company's Net Sales Rs 14,030.72 crore
in September 2022 up 43.02%, Quarterly Net
Profit at Rs. 819.09 crore in September 2022
up 94.32% and its EBITDA stands at Rs.
1,910.79 crore in September 2022 down
6.37% compared toSeptember 2021.
List of recent updatesregarding the com-
pany:
Tata Power announced a Rs 6,000 crore capital investment by the company in Odisha. It will
also set up 1,000 electric vehicle (EV) charging points, 1,00,000 solar pumps, microgrids, rooftop
and floating solar plants in the next five years.
Tata Power is also working with Bhubaneswar Smart City Limited (BSCL) in deploying charg-
ing infrastructure at multi-level car parking lots and public utilities like hospitals, universities, malls,
and at important city hubs.The company is also in early stages to explore the development of
green hydrogen hubs in the Paradeep region to meet industrial demands. The company has al-
ready installed over 700 solar pumps in addition to 1,200 dual pumps for community drinking appli-
cation across the state with a plan to install 30,000 solar pumps over the next five years.
Recently, Power discom Tata Power Delhi Distribution Limited (TPDDL) has collaborated with
the Indian Army for installing 17 fast charging points for EVs at Delhi Cantt. The chargers will be
used for charging personal and official electrical vehicles of the Indian Army and the employees
working in the Delhi Cantonment area.
Tata Power Renewable Energy Ltd (TPREL), a subsidiary of Tata Power received the 'Letter of
Award' (LoA) from the Maharashtra State Electricity Distribution Corporation Ltd (MSEDCL) to set
up 150MW solar project in Solapur, Maharashtra. With this, the total renewables capacity of TPREL
has reached 5,786 MW with an installed capacity of 3,877 MW (solar - 2,949 MW and wind - 928
MW) and 1,909 MW under various stages of implementation.
The has already installed 150 green energy-powered EV stations across residential societies,
malls, commercial complex and petrol pumps in Mumbai. Tata Power has also collaborated with
the National Real Estate Development Council (NAREDCO), Maharashtra to install up to 5,000
EV charging points across Maharashtra.
Tata Power has kicked off an ambitious nation-wide plan of setting up electric vehicle (EV)
charging stations from North to South, connecting Kashmir to Kanyakumari and from East to West,
from Guwahati to Dwarka and Bikaner over next the next 3-5 years.
The company has Launched state-of-the-art Network Control Centre for real-time monitoring
and maintenance of its pan-India EV charging points.
Tata Power EZ Charge charging points are now present across 25+ states and 5 UTs i.e., approx.
Cont...
Financial Weekly TM

April 2023 10
60% of the national highways.It has also achieved a rare landmark of setting up 450+ EZ Charging
points across 350 + national highways in the country. Tata Power EZ Charging Points are now
present across major national highways including the longest highway (NH 44 which connects
J&K to Tamil Nadu), the busiest highway (NH 19 connecting Delhi, UP, Bihar, West Bengal, and
Jharkhand) and other highways connecting major states across south, north, east and west India
(NH 65, NH 48, NH 16 etc.).
Tata Power EZ Charge Mobile app is powering the e-mobility transition with more than 1 lakh
downloads.
Tata Power has entered a strategic partnership with Hyundai Motor India Ltd (HMIL) to build a
robust EV charging network and accelerate the adoption of electric vehicles (EVs) across India.Under
the partnership, Tata Power will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL's
existing 34 EV dealer locations across 29 cities along with supply, installation, and commissioning
of home charging for HMIL's EV customers.
Tata Power has also inked pact with many infrastructures development companies such as
Rustomjee, Kolte Patil and many more to provide charging infrastructure in their residential and
commercial projects.
In past one year the stock gave a return of 299.73% as compared to Nifty which gave a return of
55.18% and 300.00%return compared to 54.08% rise in Sensex.
The company also has a strong network of more than 13,000 home chargers (for private use)
and more than 200 electric bus charging points installed across India. The company is India's
largest EV charging solutions provider, with over 2200 public EV chargers in more than 350
cities.With the chargers powered by renewable/clean energy sources like wind, solar, and hydro-
power the company's initiative is in line with 'Do Green 'mission to encourage its customers to
embrace green and clean energy solutions in their day-to-day life.Company's new growth driven
strategies along with its JVs, partnerships and high penetration in emerging market of EV and its
solutionshas helped it to range higher and higher in past years and will continue to contribute to its
future growth too and considering this the stock is recommended for long term period.
- HET ZAVERI
info@smartinvestment.in
(Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions
in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make
purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources
believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take
their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or
responsible for any legal or financial losses made by anybody. Investors must take advice from their financial advisors
before investing in any stocks.)
Financial Weekly TM

April 2023 11
BUY.... BUY....BUY TIPS OF THE WEEK
Co. Name Code Price Co. Name Code Price
Subex 532348 33.00 KPIT Techno 542651 795.00
Menon Bearing 523828 102.00 Godrej Cons. 532424 967.00
Meghmani Org. 543331 93.00 Mahanagar Gas 539957 982.00
Pricol 540293 222.00 GR Infra 543317 1016.00
IEX 540750 150.00 HAL 541154 2767.00
Power Grid 532898 225.00 Reliance Ind 500325 2341.00
DLF 532868 382.00 Lumax Ind 517206 1891.00
Jindal Stainless 532508 288.00 Relaxo Foot 530517 833.00
Surya Roshini 500336 713.00 TTK HC 507747 1295.00
Faze Three 530079 331.00 Muthoot Fin 533398 1020.00
Adani Wilmar 543458 409.00 Godrej Pro 533150 1125.00
Atul Auto 531795 407.00 Kotak Mah. Bank 500247 1757.00
Vardhman Spe 534392 413.00 Astral Ltd 532830 1400.00
HDFC Life 540777 514.00 Bajaj Fin 500034 5935.00
Minda Corp 538962 247.00 Dynamatic Tech 505242 2876.00
Adani Port 532921 641.00 Linde Ind 523457 4145.00
Max HC 543220 430.00 Paushak Ltd 532742 7488.00
PHYSICAL SHARE
• Duplicate Shares
• Succession Certificate
• I.E.P.F. • Name
• Address
• Signature
e-mail : sharephysical@gmail.com
whatsapp 9879930075
Financial Weekly TM

April 2023 12
Het Zaveri - Ahmedabad
Stocks Near to 52 week Low

What to do now?
In past 3 months Sensex has corrected a lot from its All Time High of 63583.07on 01/12/2022
resulting due to many Large Cap and Mid Cap which are currently trading near their 52 weeks
Low. Many investors consider this as a panic situation and try to sell out their holdings even by
booking losses.
With an intention of reducing the panic situation, a small fundamental analysis for 3 Large cap
companies which are near to their 52 Week lowis given below:
Indus Towers (CMP: 142 ,52 Week H/L :231/135, M. Cap:38,174 Cr.,
Industry/ Sector:Telecomm Equipment & Infra Services)

As per December 2022 Quarterly results, company's Net Sales was Rs 6,765.00 crore down by
2.34%, Quarterly Net Loss was Rs. 708.20 crore down by 145.09% and its EBITDA was Rs. 1,275.60
crore down by 66.41% and its EPS was negative i.e., Rs. -2.63down by 54% compared to Decem-
ber 2021. Company has given negative returns of -23.44% over the last 6 months and -32.77%
over the last 12 months.Debtors' days have also increased from 71.0 to 93.0 days which indicates
company is not in a position to repay its debt in near term and most of the brokerage houses have
either given Neutral rating or reduced their targets. On the contrary Bharti Airtel has increased its
holding to 47.95 % from 24.94 % earlier and company is now focusing on diversifying into new
areas like FTTH (Fiber To The Home), Active Maintenance, and Fiber Maintenance which may
improve its balance sheet going further. Considering the government's push in Telecom sector for
making India 5G enabled country and company's healthy dividend payout of 83.0%investors who
have already invested in this company can hold for push back rally and till then enjoy dividend
earnings from the company and new investors can wait a little bit more for some positive signals
from the company and then make fresh entries.
Wipro (CMP: 367 ,52 Week H/L:594 /355, M. Cap:2,01,217 Cr.,
Industry/ Sector: IT - Software)

As per FY21, the company caters to ~1,100 customers across the globe and its Top 5 clients
contributed to 12% of its revenue. Recently, Wipro has been selected by Menzies Aviation, the
world's largest aviation services company, to transform its air cargo management services. The
Cont...
Financial Weekly TM

April 2023 13
company alsolaunched "5G Def-i" platformwhich empowers businesses to seamlessly transform
their infrastructure, networks and services. The company has also announced four strategic global
business lines (GBLs) to deepen alignment to clients' evolving business needs to capitalize on
emerging opportunities in high-growth segments of the market. As per December 2022 Quarterly
results, company's Net Sales was Rs 23,229.00 crore up by 14.34%,Quarterly Net Profit at Rs.
3,052.90 crore up by 2.83% and its EBITDA was Rs. 5,185.70 crore up by 11.35% and its EPSalso
increased to Rs. 5.57 compared to December 2021. On the contrary, company has given negative
returns of 38.2% due to recession in USA and America and Europe contributes upto60% &26% to
its Strategic Market units. Considering Good financial performance and fancy in IT sector due to
advancement in technologies for faster adoption of 5G technology, AI driven technology in various
sectors and BUY and Neutral ratings from various brokerage houses short term investors should
stay away from this companyand others can hold their investments in this company for a very long-
term period and
Hero Motor Corp (CMP: 2,426 ,52 Week H/L:2,939 /2,242,
M. Cap:48,490Cr., Industry / Sector: Automobile)

Hero Motor Corp is the world's largest manufacturer of 2 Wheelers, in terms of unit volumes sold
by a single company in a calendar year, for more than 2 decades. The overall market share of the
co. in the Indian motorcycle market is 48% and, in the two-wheeler, segment stands at 34 % as of
FY22. The company increased the technology quotient in its NEW-AGE SUPER SPLENDOR
125cc which comes loaded with features, such as Full DigitalSpeedometer with Low Fuel Indica-
tor, Service Reminder and Malfunction Indicator, Bluetooth Connectivity with Call and SMS alerts.As
per the reports of March, sold 519,342 units, 15% growth compared to same period in previous
year and 53,28,546 units in FY23, registering a healthy growth of 8 % over last year. The company
has also forayed into EV segment by introducing VIDA brand with an investment of 420 crore for its
EV fleet and has set up nearly 300 charging points at 50 locationsacross the three cities for public
use in Bengaluru, Delhi and Jaipur. It also holds 40% stake in Ather Energy which is currently one
of the leading EV brand in the country and along with it the company has also partnered with BPCL
to provide charging facility to its customers and reduce the range anxiety of the customers.As per
December 2022 Quarterly results, company's Net Sales was Rs 8,118.33 crore up by 1.31%, Quar-
terly Net Profit at Rs. 726.03 crore up by 3.17% and its EBITDA was Rs. 1,123.68 crore up by
1.85% and its EPS also increased to Rs. 36.33 compared to December 2021.Though company
has posted good financial performance it has given only 1.77% over the last 12 months and its
business also affected due to drops in its Exports.The company has also revised itsprices for its
products appliable from APRIL 1, 2023 which might show a good impact on its balance sheet
going further. Considering the faster adaptation of EV backed by FAME scheme of government,
good domestic sales, higher dividend yield, good financial performance in past years and BUY
Cont...
Financial Weekly TM

April 2023 14
ratings from almost all brokerage houses investors already holding shares may hold it for long term
period and new investors can make a fresh entry in this company at current price range.
Situation might be panicking for every investor reading this article or our Newspaper and News-
letters but we at Smart Investment will always try to help you in overcoming such situations and
Enrich your Investment Journey. Now, 3 more companies will be covered in next week's article.
So, stay connected for further updates.
- Het Zaveri
- info@smartinvestment.in
(Disclosures: At the time of writing this article, author, his clients & dependent family members
may have positions in the stocks mentioned above. The author, his firm, his clients or any of his
dependent family members may make purchases or sale of the securities mentioned in website.
Author may have positions in above stocks so have vested interest obviously in their going up or
down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & au-
thenticated sources believed to be true & correct, and also is technical analysis based on & con-
ceived 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 finan-
cial losses made by anybody. Investors must take advice from their financial advisors before in-
vesting in any stocks.)
Smart Investment Website Index
34,444 hits only 1 Week
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Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
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April 2023 15
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April 2023 16
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April 2023 17
Performance Report - Mid-term / Long-term

Co. Name Recomm. Target SL Time Frame Return Recomm. Target Day
Date
Persistent Systems 4000 4085 3920 2-4 weeks 2% 09/01/2023 13/01/2023 4
S iem ens 2975 3056 2858 8-10 weeks 3% 12/01/2023 18/01/2023 6
Adani Enterprise 3623 3720 3510 2-3 weeks 3% 12/01/2023 19/01/2023 7
Schneider Electric 205 215 201 3-5 days 5% 16/01/2023 18/01/2023 2
Anand Rathi 790 854 815 4-6 WEEKS 8% 16/01/2023 20/01/2023 4
Abans holding 241 270 224 3-5 days 12% 16/01/2023 18/01/2023 2
CCL Product 516 544 460 2-12 weeks 5% 17/01/2023 23/01/2023 6
Kaynes 791 822.4 770 2-3 weeks 4% 18/01/2023 27/01/2023 9
MOLDTEK 164 179 140 2-3 weeks 9% 19/01/2023 20/01/2023 1
Coforge 4280 4512 3869 1-2 weeks 5% 23/01/2023 02/02/2023 10
Trent 1200 1252 1150 60 days 4% 25/01/2023 01/02/2023 7
Laurus Lab 332 347.8 12 weeks 5% 31/01/2023 01/02/2023 1
KPIT TECH 795 849 780 2-4 weeks 7% 02/02/2023 09/02/2023 7
ATUL AUTO 363 375 335 2-4 WEEKS 3% 09/02/2023 09/02/2023 0
Average Return 5% Averge Hold Period 4.71
Performance Report - Futures

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

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

For more information ring to.... M. 9825306980
E : smartinvest25@gmail.com / www.smartinvestment.in
https://www.smartinvestment.in/service/8
Financial Weekly TM

April 2023 18
VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 23

Blue Pills (Technical Analysis Part 11) Volume
One of the most important aspect that will decide if the breakout is successful or not is volume.
One of the most important aspect that will decide if the attempted trend change will be successful
or not is volume. If you see a pattern of bottom formation on chart and if you observe a bounce from
bottom if that bounce will sustain, survive and qualify to a breakout will be decided by volume of
stocks trades. Similarly, the breakdown of a stock reversal of a trend breaking of important support
accompanied will a huge 'Sell' volume will indicate negativity in a counter. So any breakout or
bounce or trend change accompanies with huge 'buy' volume should be considered a very posi-
tive signal for the stock. Any breakdown, or negative trend reversal or fall from critical support
accompanied with huge 'sell' volume should be considered a negative signal for the stock.
Analysis of volume along with movement of the stock in positive or negative direction is a man-
datory aspect for a research analyst and an investor. On a chart it can be indicated in the forms of
histogram when opted for as an indicator.
Cont..
Financial Weekly TM

April 2023 19
Have a look at the example in the below picture from mid-2019 and throughout most of 2020
indicating a trend change with volumes on chart after forming a bottom near Rs.70. Say our imagi-
nary Mr.X spotted this change and invested during that time while the stock was still below 100 as
there was a massive increase in volumes and a bounce was also seen from the bottom. In the
month of January 2021 price of Tata Motors gives a break out above 50 and 200 EMA which is our
Mother and Father line along with the biggest spike in volume in almost a decade. That Breakout is
sustained in the follow-up candles. This indicates that it was no brainer and a must entry. Say Mr.Y
entered Tata Motors at this juncture.
What happened to Mr.X and Mr.Y's money by January 2022? Mr.X who invested in the stock
around Rs.100/- Increased his investment by 400-500% in almost 24 months. Mr.Y who invested in
January 2021 around Rs.250 increased his investment by about 100%. Mr.X took more risk as he
invested when the price was below 50 and 200 EMA. Comparatively Mr.Y took less risk as most
important resistance of 50 and 200 Months had been crossed and Breakout was confirmed. Both
Mr.X and Mr.Y made huge money because they paid attention to the Volume and did a Volume
analysis.
Remember any breakout, trend change or bounce accompanied by big volume will have prob-
ability and statistics on its side for success. One of the most underrated, simple and easy to under-
stand indicator which should be given lot of importance in Technical analysis is VOLUME. Giving
attention to volume and taking its confirmation is like giving Devil it's due. Pay attention to the
volume, it will tell you the most important story. Pay attention to the volume, it will help you filter out
lot of unwanted noise.
- Vishal Baliya (Co-Founder-Happy Candles Investment)

- Mobile Number: +91 7043469423
- Twitter Handle: @candles_happy
- Email: info@happycandlesinvestment.com
For courses related to Stock market analysis visit website

https://smartschool.smartinvestment.in/newApp/store/
Financial Weekly TM

April 2023 20
https://on-app.in/app/home?orgCode=vgfob
Financial Weekly TM

April 2023 21
Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
Global Market-OPEC+ nations announced

surprise production cut& US Economic data
Last week, we have discussed increased in size of US Fed balance sheet to $8.73 trillion. In
week prior we have discussed that whether this banking crisis will have domino effect or not. In
last two weeks economic data from US has been below street estimate and which was shaping
narrative of pause by US Fed in upcoming meeting on 3-May-23.
This week we will discuss OPEC+ nations decision to cut production starting from 1-May-23
and US Economic data which continues to show weakness in US Economy and important inflation
data due in next week.
OPEC+ nation announce surprise production cut starting from 1-May-23
Crude oil prices have been under pressure in last few months as economic worries has lowed
demand and US reducing its strategic reserve and supplying in market has put pressure on crude
oil prices. US strategic oil reserve was 638 million barrels at the time President Joe Biden assume
office and current oil strategic oil reserve is now at 371 million barrels. Current US strategic is at
lowest level since 1983.
Production cut announced by OPEC + nations starting from 1-May-23 till end of the year is at 1.6
million barrels per day. Here are the list of countries and production cut by countries by end of the
2023.
" Russia: 500,000 barrels per day (bpd)
" Saudi Arabia: 500,000 bpd.
" United Arab Emirates (UAE): 144,000 bpd.
" Kuwait: 128,000 bpd.
" Kazakhstan: 78,000 bpd.
" Algeria: 48,000 bpd.
" Oman: 40,000 bpd.
US Economic data this week & upcoming data next week
All economic data released this week came below market estimate, increase recession fear in US.
Cont..
Financial Weekly TM

April 2023 22
US economic data - due in 10 - 14 April 2023 week
In coming week from, starting from 12-Apr-23 when US CPI & Core CPI inflation data will be
released, it will provide further cues and US FOMC meeting minutes to be also released on 12-
Apr-23 followed by PPI & Core PPI on 13-Apr-23 and PPI & Core PPI on 14-Apr-23.
Next week will be actioned packed week as key US economic data will be released.
Equichain Wealth Advisors: Market View & Opinion
If we follow the pattern since SVB bank crisis started on 8th or 9th March 2023, most US eco-
nomic data are coming below expectation and weak, even US Fed meeting on 22-Mar-23 increase
rate by 25-bps but before these crises begins, market was expecting 50-bps rate hike.
We expect next week to be very critical as market reaction to weak economic data is sometimes
positive as hope of pause or pivot increase and there is another side of the coin which is recession
fear. In near term, market reaction could be confusing and mix but from medium to long term view,
we believe pause will good for equity market & risk-on sentiment.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472

Telegram channel: https://t.me/Equichain
Nikunj Vithlani
Financial Weekly TM

April 2023 23
Financial Weekly TM

April 2023 24
Buy... Buy... Buy on Dips Hold Sell on High

Vakrangee 18.00 HDFC Bank 1666.00 SBI Cards 752.00
Gulshan Poly 254.00
BCG 18.00 Macrotech Deve 916.00 Asian Paints 2809.00
Borosil 372.00
Coffee day 33.00 Bharat Dynamic 970.00 M&M Fin. 252.00
Shivalik Rasayan 759.00
Manali Petro 69.00 Ambuja Cement 383.00 Berger Paints 597.00
Advait Infratech 321.00
Capacite Infra 132.00 ICICI Bank 874.00 Chambal Ferti 272.00
Apcotex Ind 484.00
Manappuram Fin 126.00 HG Infra 846.00 Apollo Tyre 319.00
IGL 462.00
Royal Orchid 269.00 Anupam Rasayan 946.00 V-Mart 2103
Tata Motor 437.00
BEL 98.00 Syngene 604.00 SCI 81.00
Avanti Feeds 364.00
Tata Chem 988.00 MRF 84031.00
krebs Bio 71.00 Intrasoft Tech 132.00
Bhel 70.00 Escorts 1869.00 SML Isuzu 888.00
Chola Invest 841.00
AB Capital 157.00 Bluestar 1443.00 JK Lakshmi Cem. 801.00
JBM Auto 730.00
Financial Weekly TM

April 2023 25
SMART FUNDS
Tracking the pulse of Active & Passive Mutual Funds
By Vijaya Kittu M, GetPaidIndia.com
The author is a stock market trainer and helps investors realize their investment goals using
ETFs and Mutual Funds. He submitted his Ph.D. in Management (Finance) thesis on Mutual Funds.
SMART FUNDS PICKS - DEBT FUNDS - LONG DURATION
" Nippon Indian Nivesh Lakshya Debt Fund
" ICICI Prudential Long-Term Bond Fund
" HDFC Long Duration Debt Fund
SBI MF (AUM of 7.17 lakh crores), ICICI Prudential MF (Rs. 5 lakh crores),and HDFC MF (Rs.
4.5 lakh crores) are the top three fund houses in terms of AUM. SBI MF has widened the gap with
its followers. Mirae Asset MF has entered the top ten club by overtaking DSP MF.WhiteOak Capi-
tal MF and quant MF are the fastest-growing fund houses considering they have a modest asset
base. Quant, PPFAS, Canara Robeco reported the biggest AUM jump.
Mutual fund experts suggest that investors increase their EQUITY ALLOCATION in the next
six months, the results of which could come as superior returns in 2024 and 2025. Valuations
appearing a lot more reasonable are believed to be the main reason.
GEOJIT CREDITS launched its Loan Against Mutual Funds (LAMF), with which investors can
avail of hassle-free loans online against the units held on their mutual fund investments without
having to redeem them. The interest rate is currently at 8.99 percent per annum,applicable oncredit
opted for.
MONTHLY SIP REGISTRATIONS into mutual funds have declined, with 3.7 million investors
added in FY23 as against 10 million added in FY22. SIP Stoppages - the ratio of SIPs stopped to
fresh SIP registrations showed an increase primarily because of a fall in new SIP registrations and
an increase in discontinued SIPs. An increase in interest rates and high inflation has reduced
households' disposable/investment income. Liquidity amongst families became constrained. Eq-
uity markets are not as vibrant as in the previous two financial years. However, market data shows
that existing investors continue to hold and make their investments as usual.
MUTUAL FUND DRAFT OFFER DOCUMENT FILINGS BEFORE SEBI: No new scheme fil-
ings were done during the week.
MUTUAL FUND NEW FUND OFFERS DURING THE WEEK

Scheme Name NFO Closing Date
HDFC NIFTY Midcap 150 Index Fund April 18, 2023
HDFC NIFTY Smallcap 250 Index Fund April 18, 2023
HDFC S&P BSE 500 Index Fund April 18, 2023
NJ ELSS Tax Saver Scheme June 9, 2023
Financial Weekly TM

April 2023 26
Smart Banking & Financial Services
By Vijaya Kittu M, GetPaidIndia.com
Tracking the pulse of the Indian and Global Banking and Financial Services - so that the typical
Indian Investor can benefit from it
INDUSIND BANK reported its Business Updates for March 2023. The total deposits of IndusInd
Bank increased by 15% YoY to Rs. 3.36 lakh crores. The bank recorded a 21% YoY rise in net
advances at Rs 2.89 lakh crore. The CASA ratio stood at 40.1%.
FEDERAL BANK its business updates for March 2023. Its CASA deposits increased 3.9% at
Rs 69,739 crore, with a CASA ratio of 32.68%. Total deposits stood at Rs. 2.13 lakh crores, with a
growth of 17.4%. Gross advances grew 20.2% to Rs 1.78 lakh crore.
EQUITAS SMALL FINANCE BANK reported its business updatefor Q4 FY23. Total deposits
rose 34% to Rs 25,381 crore. CASA deposits increased by 9% to Rs 10,732 crore. Gross ad-
vances increased 36% to Rs 28,061 crore.Disbursements grew 80% to 5,917 crores.
BAJAJ FINANCE reported a 29% rise in core AUM to Rs. 2,47,350 crores. The company re-
ported that its deposit book stood at Rs. 44,650 crores reporting a YoY growth of 45%. The stock
has been underperforming for a while. The business update and some analysts speaking posi-
tively about the company are cheering its investors.
PRIVATE BANKS are slower than public sector banks in raising interest rates, said a media
report. The report cited that RBI has raised the policy repo rate by 250 basis points - from 4 percent
in May 2022 to 6.5 percent in February 2023. However, private banks are not quick to reflect it.
Banking experts say private banks have some cushion since their yields are at least 100 bps
higher than most PSU banks. Brokerage houses say that the systemic loan book is growing and
that PSBs will likely report better earnings than their public sector peers.
UPI is preparing for the next upgrade with the RBI allowing banks to offer pre-approved credit
lines. Once this gets implemented, UPI is likely to pose a threat to buy-now-pay-later and credit
cards. Further, UPI makes a physical card redundant.
BITCOIN remained flat, hovering around the $28,000 and $28,800 marks. Cryptocurrencies
had a stellar rally in March 2023 after the banking crisis erupted in the U.S. and Europe.Dubai
regulator - Virtual Assets Regulatory Authority - is reportedly tightening cryptos as it began seeking
information about board processes and auditing. Binance has a 'Preparatory MVP' crypto license
in Dubai.Binance Chief Executive Officer Changpeng "CZ" Zhao decided to make Dubai his home,
but the recent regulatory move might pose long-term headaches, say experts.
LEARN INVESTING & TRADING ONLINE

Join our LIVE Zoom Webinar classes on Personal Finance,
Mutual Funds, and Investing and Trading in Equity shares.
To Register, WhatsApp to +91 98495 19188
Financial Weekly TM

April 2023 27
AF Enterprises Limited
Comes out with attractive Rights Issue
Corporate Feature
AF Enterprises Limited (an ISO 9001:2008
certified company) is a Bombay Stock Exchange
(BSE) listed company. It is one of India's leading
manufacturers & suppliers of all kinds of Plastic
products under its registered brand name “RIDH”.
AF Enterprises manufactures moulding base
components such as industrial goggles, plastic AF Enterprises
tiles, PPE kits, plastic pallets, crates, containers, Ambitious Expansion Plans in Plastic
industrial crates and material handling contain-
ers, face shields, plastic dustbins, 3-ply masks. A.F. Enterprises Rights Issue 2023 Detail
wire spools, packaging, bottle caps, automotive
Issue Opens : Apr 5, 2023 - Apr 20, 2023
parts and components, electric equipment and
Issue Size (Shares) : 22,581,817
component, toys, pocket combs, musical instru-
Issue Size (Amount) : Rs. 42.91 Crores
ments, one-piece chairs and small tables, stor-
Issue Price : Rs. 19 per share
age containers, mechanical parts and most other
Face Value : 10 per share
plastic products.
Listing At : BSE
The company caters to industries like ware-
Terms of Payment : Full amount of Rs. 19.00 per Equity
housing, logistics, engineering & capital goods, Share is payable on application.
pharmaceuticals, FMCG, etc. AF Enterprises
also provides IT services and customizable soft- AF Enterprises is coming out with Rights Issue. It
ware to organizations operating in pan India. Its will issue 2,25,81,817 equity shares at Rs.19 per
services include: GIS Consulting, GIS Develop- share. So, the total Rights Issue size is Rs.42.91
ment, Map Making Services, Society system crore. Rights Issue has opened on 5th April, 2023
management, Data management and so on.
and will close on 20th April, 2023.
AF Enterprises Ltd has one of the biggest shop
floor in North India catering to the need of do-
mestic as well as international clients. Its team
comprises of highly qualified and experienced
design engineers, researchers, quality control
professionals and skilled workers. Its profession-
als closely monitor the latest development in the
market and upgrade our process & technology
to meet the challenging demands of the global
customers. Further, it provides its workers train-
ing on regular to upgrade their skills and capabili-
ties.
Application area of AF’s products

· Agriculture · Power
· Construction · Engineering
· FMCG · Safety & Health
· Pharma · Medical
· Packing · Consumer Goods
Cont...
Financial Weekly TM

April 2023 28
AF Enterprises' manufacturing plant is lo-

cated in Faridabad, Haryana at over 45000
square feet area with a production capacity of
delivering 100 to 850 tons of material, which is
AF Enterprises manufactures moulding base compo- equipped with CNC machines, milling machines,
nents such as industrial goggles, plastic tiles, PPE lathes, and drilling machines, among others.
kits, plastic pallets, crates, containers, industrial AF Enterprises is coming out with Rights Is-
crates and material handling containers, face sue. It will issue 2,25,81,817 equity shares at
shields, plastic dustbins, 3-ply masks Rs.19 per share. The company is offering Rights
Issue in the ratio of 8 equity shares for every 5
equity shares held as of the record date of March
Managing Director of AF Enterprises 22, 2023, to eligible stakeholders. So, the total
Mr. Santosh K. Kushwaha is Rights Issue size is Rs.42.91 crore. Rights Is-
a self-made man by all means. Mr. sue has opened on 5th April, 2023 and will close
Kushwaha ventured into the plastic manu-
facturing industry with the aim of employ- on 20th April, 2023. The Record date for the A.F.
ing automisation. Mr. Kushwaha excels Enterprises Rights Issue 2023 is Mar 22, 2023.
in adopting to the dynamic market, em- Recently, A F Enterprises Limited has se-
ploying new technology and coming up
with modern solutions. His focus is
cured major order worth Rs 63 lakh. It has been
majorly in contributing to the quality en- qualified as L1 Bidder and has received work
hancement of the products. His goals order from MP State Cooperative Dairy Federa-
and actions are completely aligned with tion Indore Sahkari Dugdha Sangh-MPCDF for
those of the company’s clients. He is fo-
cused towards meeting all the needs and manufacturing and supply of Milk Plastic Crates.
want of the clients, as along as it is in line The project caters to domestic market.
with the core values. The company is planning to expand its plas-
tic crates vertical across the globe as the plastic crates market in India is expected to grow by USD 309.5
million from 2021 to 2026 at a CAGR of 7.94% as per the latest market report by Technavio. The plastic
crates market share growth in India by the PE segment will be significant for revenue generation. PE was
the largest segment of the market in 2021 and will continue to be the largest segment of the market in 2026,
growing slower than the overall market (7.94%). Moreover, it will contribute to 33.46% of the incremental
growth in the overall market between 2021 and 2026. Such an increase in demand for the PE segment is
driving the market growth.
The Government of India intends to take the plastic industry from a current level of Rs. 3 lakh crores
(US$ 37.8 billion) of economic activity to Rs. 10 lakh crores (US$ 126 billion) in 4-5 years.
Ten Plastic Parks have been approved in the country by The Department of Chemicals and Petrochemi-
cals. Among these, 6 plastic parks have received final approval from the following states – Madhya Pradesh
(2 parks), Assam (1 park), Tamil Nadu (1 park), Odisha (1 park) and Jharkhand (1 park). These parks are
intended to boost employment and attain environmentally sustainable growth.
Overall, the total plastics exports between April September 2022 stood at US$ 6.38 billion. During this
time period, the exports of plastic raw materials, medical items, and pipes and fittings increased by 32.3%,
24.8% and 17.9% over the same time last year, respectively. AF Enterprises is expected to benefit from all
these opportunities.
***
Financial Weekly TM

April 2023 29
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Financial Weekly TM

April 2023 30
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
FRONTIER SPRING LTD

(522195) (413.75) (Face Value Rs.10)
Incorporated in 1981, Kanpur based Frontier Springs Limited manufactures and sells coil and
leaf springs, L.B. and hot coiled compression springs, and forging items in India and internation-
ally. Its forging products include bogie bolster suspension hangers, brake block hangers, hooks,
knuckle throwers, shafts for silent block, shoes, toogles, top followers, knuckle pins, screw cou-
pling for coaches and locomotives, and wedges. The company offers its products to railways, wag-
ons, locomotives, coaches, heavy engineering industries, and original earth mover equipment
manufacturers. Frontier Springs Ltd. comprises three different units all working in synergy to fulfill
the demands of clients and also developing new products periodically.
o Spring Division- In Kanpur, Uttar Pradesh and Paonta Sahib, Himachal Pradesh
o Forging Division- In Kanpur, Uttar Pradesh
o Colour Coated Roofing Sheets Division- In Paonta Sahib, Himachal Pradesh.
It has an equity base of just Rs.3.96 crore that is supported by reserves of around Rs.67 crore.
The promoters hold 51.76% while the investing public holds 48.24% stake in the company. Well-
known HNI investor Mr. Jatin Chande holds 3.02% stake in this company.
During Q3FY23, FSL posted PAT of Rs.1.51 crore on higher sales of Rs.27.76 crore fetching an
EPS of Rs.3.83. During 9MFY23, its net profit stood at Rs.5.07 crore from Rs.5.62 crore in 9MFY22
on higher sales of Rs.78.20 crore fetching an EPS of Rs.12.87.
Given the strong expansion plans of the Indian Railways and the Vande Bharat trains, Frontier
Spring's future looks good.
Currently, the stock trades at a P/E of just 23.4x.
Investors can watch this stock with a stop loss of Rs.380. It may give
very good returns in medium to long term.
Cont...
Financial Weekly TM

April 2023 31
Dark Horse-2
INDRAPRASTHA MEDICAL CORP. LTD

(532150 & NSE) (80.50) (Face Value: Rs.10)
Particulars 9 Months End
Incorporated in 1988, Delhi based
9MFY23 9MFY22 % Var.
Indraprastha Medical Corporation Limited
Sales 825.40 672.42 23
provides medical services. It is having hospi-
PBT 89.98 59.10 52
tal in Delhi.
PAT 66.31 43.43 53
It has an equity base of Rs.91.67 crore that
Stocks PE ratio
is supported by reserves of around Rs.252 crore. The Pro- Indraprastha Medical 9
moters hold 51% (Apollo Hospital group hold 25% and Narayana Hrudayalaya 31
Government of India hold 26%), HDFC holds 6.71% stake Fortis Healthcare 40
while the investing public holds 42.29% stake in the com- Max Healthcare 43
pany.
Global Health 65
Apollo Hospital 79
Company has posted superb numbers for Q3FY23 &
9MFY23. During Q3FY23, its net profit zoomed 31.28% to Rs.20.90 crore from Rs.15.92 crore in
Q3FY22 on higher income of Rs.277.71 crore in Q3FY23 fetching an EPS of Rs.2.28. During
9MFY23, its PAT soared 52.68% to Rs.66.31 crore from Rs.43.43 crore in 9MFY22 on higher
income of Rs.825.40 crore fetching an EPS of Rs.7.23. Stock is trading at P/E ratio of just 9x which
is cheapest against all peers.
IMCL is a regular dividend paying company and it has paid 25% dividend for FY22.
Investors can watch this stock with a stop loss of Rs.70. It may give
very good returns in medium to long term.
Financial Weekly TM

April 2023 32
Rapid Fire Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
KSB Pumps
Buy at CMP 2238, for the targets of 2450 to 2550,
Time frame 2 to 5 months
" Company is almost debt free.
" Company has delivered good profit growth of 20.8% CAGR over last 5 years
" Company has been maintaining a healthy dividend payout of 29.8%
KSB specializes in Centrifugal End Suction Pumps, High Pressure Multistage Pumps, Indus-
trial Gate, Globe, Check Valves, Submersible Motor Pumps, Monobloc & Mini Monobloc Pumps,
Hydro pneumatic Systems and Control Valves.
To serve better and offer wider range of products as well as design services, KSB has two
companies in India - KSB Limited and MIL Controls Ltd. KSB in India is a leading international
manufacturer of pumps, valves, systems and control valves. It has presence across the country
with its own sales and marketing companies, manufacturing facilities and service operations.
KSB Limited founded in the year 1960, is headquartered in Pune in the state of Maharashtra. To
cater to the needs of the new and emerging India, KSB India has invested in world class facilities
and technologies where it produce centrifugal pumps and industrial valves and distribute across
the Indian sub-continent.
All its facilities in India are fully equipped to advise customers, design, test, fabricate and qual-
ity-assure on all aspects of fluid mechanics in India. All the plants in Pimpri, Chinchwad, Khandala,
Vambori, Coimbatore and Sinnar are testimony to KSB's immaculate manufacturing and engineer-
ing practices.
Apart from the six manufacturing units, KSB in India has a very strong Marketing, Sales and
Service setup to offer solutions to its customers effectively.
Company has 7 Manufacturing Locations, 4 zonal offices, 18 branch offices, 4 service stations,
240 authorized service enters, 21 godowns, 1500+ authorized dealers.
Cont....
Financial Weekly TM

April 2023 33
Berger Paints
Buy at cmp.597 for.the targets of 777 to 835,
Time frame 3 to 9 months
For the full fiscal ended March 2022, Berger Paints' net profit was up 15.73 per cent at Rs 832.95
crore, compared to a net profit of Rs 719.72 crore in the previous fiscal. Its revenue from operations
climbed 28.51 per cent to Rs 8,761.78 crore from Rs 6,817.59 crore in FY21
Berger Paints India Ltd is the second largest paint company in India. The company is engaged
in manufacturing and selling of paintsvarnishes and enamels for various applications.They are
offering their customers a variety of innovative painting solutions decorative or industrial. The com-
pany is headquartered in Calcutta and services the market through a distribution network compris-
ing of about 110 stock points and more than 25000 dealers. They are having their manufacturing
facilities in West Bengal Uttar Pradesh Pondicherry Goa and Jammu & Kashmir. The company
also has an international presence in 4 countries viz. Nepal Bangladesh Poland and Russia. Pres-
ently U.K. Paints (India) Private Limited is the holding company(50.09%) of Berger Paints India.The
Company has Technical License Agreements with DuPont Performance Coatings in the area of
automotive coatings Nippon Paint Co Ltd for new generation of automotive coatings Orica Austra-
lia Pty Ltd In the area of protective coatings TIGERWERK Lack-u.Farbenfabrik GmbH & C. KG
Austria for specialized powder coatings and Nippon Bee Chemical Co Ltd for coating on plastic
auto parts and mobile phones.
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Financial Weekly TM

April 2023 34
Financial Weekly TM

April 2023 35
Stock Buzz
Subramanian Mahadevan
dolphincapital@gmail.com
Indostar Capital Finance Limited India (Rs.109)

Turned around NBFC!
IndoStar Capital Finance Limited (IndoStar) - is a non-banking finance company "NBFC" registered with
the RBI as a systemically important non-deposit taking company, professionally managed and owned by
private equity giant Brookfield (56.20%) and Everstone Capital (33.01%) primarily engaged in providing
structured term financing solutions to corporates and loans to small and medium enterprise "SME" borrow-
ers, home finance and commercial vehicles financewith 423 branches across India. It was promoted by
Everstone Group in 2011, initially started corporate lending business and beginning 2015, has started build-
ing its retail lending business which accelerated since 2018 with the set-up of CV financeand affordable
housing finance businesses to de-risk its loan book. With a loan book of 10,000+ crore, it had exited the
corporate lending business after facing difficulty in raising funds to focus only on retail loans once it has
whittled down its corporate book to zero. The decision to wind down the corporate lending and structured
finance business, which it originally started out with, comes in the wake of the IL&FS crisis that hit the
sector hard in 2018as almost all the NBFCs, could not raise institutional funds for financing real estate
developers and structured corporate finance.The shadow bank had already brought down its corporate
book portfolio from as high as 74% of its AUM in FY18 to less than 16% of its AUM in Dec 2022. Armed with
adequate capital, following funds infusion by Canadian asset management company Brookfield, IndoStar in
its new avatar version 2.0, is gearing up for a revival of demand for loans.The lender has aggressive plans
to grow its portfolio of retail loans for second-hand commercial vehicles and affordable housing. It has
already ring-fenced its balance sheet by taking aggressive write-off besides moratorium-related and COVID
19 provisions taking the PCR to 95%. IndoStar has just returned to profitability from FY23 after disaster
FY22 due to robust collections, lower credit cost provisions in the quarter resulting in consolidated PAT of
INR 149.2 crore(7.5X increase same period last FY) for 9MFY23. It also raised incremental funding of INR
1,850 crore during Q1FY23 and strengthened liquidity with cash and cash equivalents of around INR 1331
crore besides strong capital adequacy at 29.0%, up 320 bps from FY22. IndoStar's another jewel - IndoStar
Home Finance continued strong performance with AUM of INR 1,526 crore with presence across 10 states
and an average loan size of 9 lacs.
Strategy Indostar 2.0-being built around with three pillars - new customer acquisition, asset quality im-
provement and cost optimization resulting in GNPA (Gross Stage 3) and NNPA (Net Stage 3) of 7.9% and
3.6% respectively as of December 2022.
Leadership Rejig 2023 - Rebuilding senior leadership team with Karthikeyan Srinivasan as CEO and
Shreejit Menon as CEO, IndoStar Home Finance.
With continued support from well-established promoters and favorable tailwinds in CV and affordable
housing segments, Indostar is well poised for growth despite challenging macro-environments with overall
AUM of 7669 crore (Q3 FY2023) - 3469 crore in CV, 1526 for Home Finance, 1432 in SME Finance and
1218 in Corporate Lending. IndoStar is the first NBFC in India sponsored/started by a leading private equity
firm Everstone and continue to hold around 34% share with no pledges. Management is confident of grow-
ing its CV portfolio to 2X from the current base in the next two years and Indostar has every ingredient and
potential to become another Shriram Transport Finance of India. Its risk-reward is extremely favorable with
the stock currently trading less than its estimated FY23 book of Rs.220/share. Investors are advised to buy
slowly for more than 50% returns in 2 to 3 years' time frame.
Financial Weekly TM

April 2023 36
Share India Securities
on a strong growth momentum
Share India Securities Warrants (BSE: 961917 | SHAREINWARR) are
available at a price of Rs. 657.85 (closing price as on 06 April, 2023),
which is almost half of one equity share of Share India Securities Ltd.
Technology-driven financial services company Share India Securities Ltd was established in 1994.
Companyis incorporated with the idea of steady growth today to continue multiplying in the future.
Company is frontrunners in providing algo-trading solutions to clients in India and abroad and catering to
the HNI segment, however, we want our retail segment to cater to the new-age investors. It offers a wide
range of financial products and services to its over 17,500 clients.
The company in its meeting held on March 24, 2023, has, considered and approved the allotment of
6,38,131 fully paid-up Rights Equity Shares of Face Value of Rs. 10/- each at an issue price of Rs. 700/
- per Equity Share (including a premium of Rs. 690/- per Equity Share) along with 1,08,48,227Detachable
Warrants (together with the Rights Equity Shares, the "Rights Securities") for Cash at a price of Rs. 700/
- per warrant of which Rs. 175/- per Warrant has been paid-up on application.
The balance amount of Rs. 525/- per Warrant shall be payable at the time of exercise of the Detachable
Warrants. The Rights Securities has been allotted in the ratio of 1 Rights Equity Shares for every 50 fully
paid-up Equity Shares held on the Record Date along with 17 Detachable Warrants for every Rights Equity
Share allotted. Company have expanded services helping our customers grow and multiply their invest-
ments. Since our inception, company have aimed to grow and multiply to reach infinity and beyond. We've
been at the forefront of algo-trading and aim to keep leading it into the new age of trading. By acquiring
Corporate
multiple companies company have managed to grow our offerings and serve a larger client base.
Our Mission And Vision Feature
To focus on expansion of new products and creating growth opportunities by continuous improve-
ment through innovation and technology thereby protecting the financial interests of our clients and
providing them dynamically updated investment solutions.
" Building a robust foundation with diverse portfolio, smart technologies backed by continued innova-
tion across products, processes, and services.
" Disciplined approach to capital market and resilient value creation model reinforcing reputation as a
reliable player. " Consistent investments in digital tools and technologies and rationalizing resources
making the interaction for our clients simpler and optimized. At Share India, company have seen tremen-
dous growth, primarily because we have always been focused on providing an array of financial services
to everyone. Company provide tailor-made products and services for all our customers across the globe.
At Share India, company aim to cater to every Indian citizen
Financial Results (Q3 FY2023) : QoQ Comparison by providing trading technology services. Company is present
in 16 states with a network of 729 branches.
The company has reported total income of Rs. 279.5 crores during the
Share India Securities offers products and services in the
period ended December 31, 2022 as compared to Rs. 203.3 crores during
financial segment, and has been operating in the field of algo-
the period ended September 30, 2022.The company has posted net profit of
trading. With a market valuation of Rs. 3,837.25 Cr, Share India
Rs. 92.1 crores for the period ended December 31, 2022 as against net
Securities is a small-cap business that operates in the financial
profit of Rs. 48.9 crores for the period ended September 30, 2022.
services industry. Share India Securities Limited has reported
Financials Q3 FY2023 Q2 FY2023 % Change excellent results for the Q3 and 9months ended December 31,
(Rs. in Cr.) 2022.
Total Income 279.5 203.3 37.5% ***
Net Profit 92.1 48.9 88.05%
EPS 28.75 15.30 87.91%
Financial Results (9 Months Ended FY2023) ; YoY Comparison
The company has reported total income of Rs.756.1 crores during the 9
Months period ended December 31, 2022 as compared to Rs.576.2 crores
during the 9 Months period ended December 31, 2021.The company has
posted net profit of Rs.222.5 crores for the 9 Months period ended Decem-
ber 31, 2022 as against net profit of Rs.125.9 crores for the 9 Months period
ended December 31, 2021.
Financials 9 Months 9 Months Change
(Rs. in Cr.) Ended Ended (%)
Total Income 756.1 576.2 31.2%
Net Profit 222.5 125.9 76.71%
EPS 69.49 39.43 76.24%
Financial Weekly TM

April 2023 37
- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 17650. Nifty is at resistance. It
can move till 17800 whereby it can get selling pressure. Far Resistance for Nifty is at 18050 levels.
One can look to sell at rise as Nifty seems to be in negative or selling pressure zone.
Bank Nifty Overview : In Last Trading Session, Bank Nifty close at 41176. Bank Nifty
resistance remains at 41700 levels. One can look to sell Bank Nifty at rise as both Nifty and Bank
Nifty seems to be in selling pressure.
Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
ABFRL 535755 Buy 204 217 Near 1st Target
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Aarti Ind 524208 538 525/530 545 565 515
ABB 500002 3410 3375/3385 3410 3430 3355
Crompton 539876 295 280/285 300 315 274
Dixon 540699 2866 2845/2850 2900 3050 2805
IDFC 532659 80 77/80 86 95 72
IEX 540750 151 137/140 150 160 131
Indiamart 542726 5020 4940/4955 4995 5055 4905
Laurus Labs 540222 305 290/295 310 330 282
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

April 2023 38
Smart Education - Yog Joshi
Technical Analysis
From
Basic to Advance
Various Sector Chart Analysis

Nifty Infrastructure Sector Chart Analysis
Hello Friends,
Hope you all are doing well...!!!
Last time we done aTechnical Analysis of
Bank Nifty chart, hope you find that informative
In this sector chart analysis series, with the
help of EMA Crossover, MACD and RSI, today
we are going to analysis for NIfty Infrastructure
Chart
Looking on the Nifty Infrastructure Chart, first
start with EMA crossover, its clearly shows that
price close above 5 days and
12 days EMA, which is known
as a positive crossover
It indicate that in coming
days NIfty Infrastructure Chart
might show Bullish momen-
tum
Looking on the MACD
analysis, it shows that MACD
line and Signal line both are
above zero line it means both
are in positive zone and trying
to make positive crossover in
positive zone, this sign is also
indicating positive sign for up coming days that chart might be take bullish momentum in coming
days
Looking on the RSI Analysis, its clearly shows that RSI is above middle line it means is above
50 level and growing which is also considered as a bullish sign for the upcoming days for this chart
So looking on the 5 - 21 EMA Crossover, MACD and RSI analysis its observed that Nifty Infra-
structure Chart are indicating positive momentum in coming day
I am sharing with you the list of companies which are part of the Nifty Infrastructure Chart, we
can keep this company in our watch list as all these companies are part of the Nifty Infrastructure
Chart which is showing positive momentum.
I hope you find this article informative...!!!
Financial Weekly TM

April 2023 39
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections are Temporary, Growth is Permanent

NIFTY (17599.00) :- In the last article I shared a daily chart of NIFTY and exactly the
same happened with Nifty movement this week. It was really amazing prices were given
respect to all price levels which is shown in the chart. Today the Nifty closed within downtrend
channel with a good bullish Candle which is showing upside direction of price trend but not
crossing resistance of downtrend channel from last 4 month. From 1st Dec 2022 Nifty
clearly trading in down trend channels and giving respect to every price resistance and
support. Nifty is trading between 15000 to 19000 from more than the last 1.7 years. In the
last weekend of November 2022 it crossed past all time high and made new all time high but
next week it made Bearish Piercing pattern on weekly chart and again came down. On the
daily Chart it is trading in downtrend channel Pattern. Last week it tested price support and
came upside from that line and this week it traded above that support. Today On Friday it
closed within the downtrend channel Pattern with a bullish candle. 17660 is its Upper resis-
tance and 16750 is a good support on the daily price chart. If Nifty will cross resistance of
the down trend channel and close above it then 18000 possible in this month.
Cont...
Financial Weekly TM

April 2023 40
BANKNIFTY (41041) : -This week BANKNIFTY recovered well from support from the
downtrend channel. BANKNIFTY was trading in a Horizontal sideways zone for the last one year
. Banknifty gave a good breakout of the horizontal zone and maintained upside if the horizontal
zone for 2.5 months but because of many bad news it came down. Now on daily Chart BANKNIFTY
trading in down trend channels and giving respect to every resistance and support. Now
BANKNIFTY looking bullish for next week. Next price resistance is 41200 and 38400 will be a
good support. If BANKNIFTY crossed resistance of 41200 and closed Above that price with good
volume then 41900 possible soon.
FINCABLE (863.00) :- Finolex cable limited is India's largest and leading manufacturer of
electrical and telecommunication cables with a turnover in excess of ?26 billion. The company
started manufacturing various types of cables in 1950. The company is also manufacturing lighting
products , electrical accessories ,switchgear, fan and water heaters. Company established its repu-
tation as an innovative leader and quality manufacturer by continuously upgrading technology,
modernising manufacturing facilities and maintaining the highest standard of quality and services.
Today the name finolex has become synonymous with quality and enjoys overwhelming confi-
dence of the customers. As per daily price chart it made one nice bullish price pattern. As per this
pattern Price target of the stock is we can buy this stock between 850-863 for 24 days with daily
close base Stop loss of 821
Financial Weekly TM TM

April 2023 41
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Financial Weekly TM

April 2023 42
Techno Funda Sachin Shah :
growyourwealthwithsachin@gmail.com
(Mumbai)
sound stocks M. : 9372277340
INDIAN ENERGY EXCHANGE LTD

(540750& NSE) (150.8) (Face Value Re.1)
IEX is India's premier energy exchange providing a nationwide, automated trading platform for
physical delivery ofelectricity, renewable energy and certificates including renewable energy cer-
tificates as well as the energy savingcertificates. The exchange platform enables efficient price
discovery and increases the accessibility and transparency of the energy market in India while
also enhancing the speed and efficiency of trade execution. The Exchange is ISO Certified for
quality management, Information security management and environment management since Au-
gust 2016. TheExchange is a publicly listed company with NSE and BSE since October 2017 and
is approved and regulated by CentralElectricity Regulatory Commission since 27 June 2008.IEX
has a robust ecosystem of 7,300+ participants located across 29 States and 5 Union Territories
comprising of 55+ distribution utilities, 600+ conventional generators and 1,800+ RE generators
and obligated entities. It also has a strong base of 4600+ commercial and industrial consumers
representing industries such as such as metal, food processing, textile, cement, ceramic, chemi-
cals, automobiles, information technology industries, institutional, housing, and real estate, and
commercial entities.
Accumulate on dips for a yearly target of 196 in 18 to 21 months.
Financial Weekly TM

April 2023 43
Terrific Shots - Dilip K. Shah
Lumax Industries (Rs. 1891.00) (Code: 517206) :- Lumax is a leading group in

the auto ancillary segment. Its group companies have a strong name and presence in the segment.
The B group listed shares of Rs. 10 face value touched a 52-week high of Rs. 2023 and low of Rs.
840. The company makes headlamps, tail lamps, and different types of lamps and bulbs for the
automobile sector. It has nine manufacturing plants and has a 60% market share of the lighting
segment. Lumax’s equity is Rs. 9.35 crore and it has reserves of Rs. 438 crore. Promoter holding in
the company is 75%. For the December quarter, its sales increased from Rs. 435 crore to Rs. 579
crore, and net profit from Rs. 7 crore to Rs. 30 crore. Operating profit increased from Rs. 34 crore to
Rs. 56 crore. The company’s market cap is Rs. 1769 crore. The company pays generous divi-
dends. The stock can be considered with a long-term view.
Britannia (Rs. 4299.00) (Code: 500825) :- The shares of this top FMCG company
have a face value of Re. 1. The shares touched a 52-week high of Rs. 4680 and low of Rs. 3150.
Promoter holding in the company is 50.55%. The company started in 1892 as a biscuit manufac-
turer and gradually expanded its product portfolio to dairy, bread, rusk, cake, and snacks, and is
looking to expand its portfolio. It owns popular brands like Good Day, Marigold, 50:50, etc. As of
December 2022, it had 28,000 rural distributors and 26.4 lakh direct outlets. It plans to increase the
number of milk collection centres from 65 to 225. It plans to invest Rs. 750 crore for new factories in
UP, Bihar and TN. For the December quarter, Britannia reported income of Rs. 4197 crore, net
profit of Rs. 930.93 crore, and EPS of Rs. 38.71. Operating profit margin and net profit margin were
29.64% and 22.18% respectively. The company has managed its margins by increasing prices in
the wake of rising input costs. The company’s reserves are 107 times the equity. The stock is
trading at 55 times the estimated EPS of Rs. 95 for the year. The stock can be bought with a target
price of Rs. 5100 in a year with a stop-loss of Rs. 3600.
Titan (Rs. 2548.00) (Code: 500114) :- This Tata Group company started as a watch-
maker but has expanded its portfolio to jewellery, watches, eyewear, and accessories with popular
brands such as Tanishq, Titan Fasttrack, Skynn, Titan Eyeplus, Sonata, Helios, etc. Titan is con-
sidered the world’s fifth-largest watchmaker. Its shares are listed in the A group and have a face
value of Re. 1. The shares touched a 52-week high of Rs. 2790 and low of Rs. 1827. Its equity is
Rs. 88.78 crore and its reserves are Rs. 10,137 crore. Promoter holding is 52.90%, while FIIs and
domestic funds own 17.04% and 11.71% stakes respectively. For the December quarter, Titan’s
income went up from Rs. 10,037 crore to Rs. 10,609 crore, while profit declined from Rs. 1012
crore to Rs. 913 crore. The company has more than 2,400 retail stores, including 163 Fasttrack
stores, 403 Tanishq stores, and Titan Eye+’s 577 stores. Titan’s market cap is Rs. 2,26,275 crore.
The stock is a good buy at any decline.
TTK Prestige (Rs. 728.00) (Code: 517506) :- The company is famous for pressure
cookers and also makes a range of products including non-stick cookware, gas stoves, electric
appliances, pressure cookware, clean home solutions, rice cooker, etc. The pressure cooker seg-
ment accounts for 31% of its revenues. The A group listed shares touched a 52-week high of Rs.
1051 and low of Rs. 652. The company has a market cap of Rs. 10,104 crore. Promoter holding in
the company is 70.41%. DIIs and FIIs own 13.57% and 8.84% respectively. For the December
quarter, income fell from Rs. 765 crore to Rs. 695 crore and profit from Rs. 91 crore to Rs. 58 crore.
The stock has corrected quite a bit due to weak results. However, the company is a market leader
in the steadily growing segment. The stock can be considered for investment on every decline.
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

April 2023 44
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
A cautious upward trend may be witnessed in share prices
BSE Index (59832.97) :- It shows an upward trend from the bottom of 57084.91. It shows
an overbought position on a daily basis, a neutral on a weekly basis, and towards an oversold on
a monthly basis. On upward movement, beyond 59950 it may go up to 60050, 60217, 60250, and
60500. On downward movement, below 59400 it may go down to 59200, 58980, 58750, and 58560.
Bank Nifty Future (41169.95) :- It shows an upward trend from the bottom of 38831.50.
It shows an overbought position on a daily basis, a neutral on a weekly basis, and towards an
oversold on a monthly basis. On upward movement, beyond 41430 it may go up to 41615 and
41800. On downward movement, below 40990 it may get support at 40640 and 40430.
Nifty Future (17644.20) :- It shows an upward trend from the bottom of 16866. It shows
an overbought position on a daily basis, a neutral on a weekly basis, and towards an oversold on
a monthly basis. On upward movement, beyond 17740 it may go up to 17800 and 17864. On
downward movement, below 17550 it may get support at 17490, 17410, and 17220.
Coromandal (923.05) :- It shows an upward trend from the bottom of 848.55. It shows an
overbought position on a daily and weekly basis, while a neutral position on a monthly basis. On
upward movement, beyond 925 it may go up to 930 and once it crosses 937 it may go up to 944,
960, and 990. On downward movement, below 911 it may get support at 896.
L&T (2274.25) :- It shows an upward trend from the bottom of 2121. It shows an overbought
position on a daily and weekly basis, while a neutral position on a monthly basis. On upward
movement, beyond 2298 it may go up to 2351, 2405, and 240. On downward movement, below
2243 it may get support at 2217.
M&M (1171.25) :- It shows an upward trend from the bottom of 1123.40. It shows an
overbought position on a daily basis, while an oversold position on a weekly and monthly basis.
On upward movement, beyond 1175 it may go up to 1191, 1203, 1208, and 1227. On downward
movement, it may get support at 1160.
Punjab National Bank (47.20) :- It shows an upward trend from the bottom of 44.40. It
shows an overbought position on a daily basis, an oversold on a weekly basis, and towards an
oversold on a monthly basis. On upward movement, beyond 48 it may go up to 50 and 52. On
downward movement, support could be at 45.
Reliance Ind. (2292.86) :- It shows an upward trend from the bottom of 2180. It shows an
overbought position on a daily basis, a neutral on a weekly basis, and an oversold on a monthly
basis. On upward movement, beyond 2354 it may go up to 2360 and 2400. On downward movement,
support could be at 2308.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
The Most effective way to do it, is to do it
Financial Weekly TM

April 2023 45
Axita Cotton Ltd. has Received whopping
order worth USD 3.28M from Bangladesh
Corporate
Feature
Axita Cotton Ltd. (BSE: 542285, NSE: AXITA) a leading
• This adds company's recent existing orders from Bangladesh
raw cotton manufacturer and exporter, has received its or-
der worth USD 3.2 million (Approx INR 26.92 Crore) from
worth USD 2.71 M (approx. INR 22.21 Crore) from various Spin-
Bangladesh. The order comprises of 4Foreign Buyers and ning Mills of Bangladesh for Indian Raw Cotton.
which will be shipped to the country over the next 3 months. • The company's current order book as on 06 April 2023 now
The order was placed by a prominent textile company stands at Approx USD 60,00,975.64 (INR Approx. 49.20 Crore)
in Bangladesh, which is known for its commitment to quality and timely delivery. The decision to award the order to Axita Cotton
Ltd. was based on the company's reputation for producing high-quality raw cotton at competitive prices.
"This is a significant milestone for our company," said Mr. Kushal Nitinbhai Patel, the Managing Director of Axita Cotton Ltd.
"We are thrilled to receive this order from one of the leading textile companies in Bangladesh. It is a testament to the quality of our
products and the trust that our customers have in us. And we are also expecting some more orders of Yarn fromEuropean and
Far east market. "
Axita Cotton Ltd. has been exporting Raw cotton & Cotton Yarns to Bangladesh,China,Vietnam and some European coun-
tries for since last 6 years and has built a strong relationship with its customers in the country. The company's commitment to
quality, timely delivery, and customer satisfaction has helped it to become one of the preferred suppliers.The company's focus on
innovation and sustainability has helped it to maintain its position as a leading Raw cotton manufacturer and exporter.
Axita Cotton is one of the leading suppliers of Organic Cotton and Organic Yarn into domestic and international markets. The
company is also helping farmers to educate them to produce sustainable cotton and organic cotton to get better rates of their
products. Axita cotton limited is a member of the Global Organic textile standard(GOTS), Organic Content standard(OCS) and
Global Recycle standard(GRS).
The company produces cotton bales and cotton seeds, with a focus on two varieties of cotton bales: Shankar-6 and MCU-5/
MECH. The production facility is located in Kadi, in the Mahesana District of Gujarat state, which is strategically positioned near
the major cotton growing areas of Saurashtra and other regions of Gujarat.
Established in 2013 Axita Cotton (ACL, The Company) is a manufacturer and exporter of
international quality Cotton Bales & Cotton Yarn. The Company have it's cotton, ginning and
pressing plant at Kadi in Mehsana district of Gujarat. The plant is close to rich cotton growing
areas if Saurashtra and other regions of Gujarat.The production facility of our Company is
situated at Kadi in Mahesana District of Gujarat state which is close to the rich cotton-growing
areas of Maharashtra, Saurashtra, and other regions of Gujarat.
For the FY2022 company reported Net profit of Rs. 15
crore and Sales of Rs. 823 crore. Company reported ro-
bust financials and reported a strong 57% CAGR growth in
sales during the last three years, Net Profit grew at a CAGR
of 216% during the last three years with stock price too
registering growth of 178% during the last three years. Pro-
moter Group holds 69.6% stake in the company.
***
Financial Weekly TM

April 2023 46
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
Truncated week closes on green note

RBI maintains status-quo on rates
- By Dilip Davda
(Concluded week report):
A truncated week with just three trading sessions posted gains for all the days with a big score
for midweek session. With these gains, the week closed on a green note indicating rising hopes for
better yearly numbers by corporates in the results season that is round the corner. On Thursday,
with wild swing, market finally closed in green as RBI maintained status-quo on interest rates, that
brought a sigh of relief. While FIIs remained the net buyers for the entire week, DIIs were the net
sellers.
For the week of FY23, while BSE Sensex moved in the range of 59950.06-58793.08, NSE Nifty
hovered between 17638.70-17312.75.
For the week, BSE Sensex marked a net weekly GAINsof 841.45 points and NSE Nifty reported
a net weekly GAINs of 239.40 points.
Weekly Movements of benchmarks :- Monday-Markets started the week on a bullish note

with a gap up opening and after moving both ways, it closed with some gains. BSE Sensex scored
mere 114.92 points to close at 59106.44 and NSE Nifty gained just 38.30 points to end the day at
17398.05. Short covering ahead of holiday mood and informed buying in Consumer Durables,
Auto, Banking, Oil and Gas Metal counters lifted the sentiment as market recovered from the low of
the day. As Mid and Small cap indices outperformed benchmarks and got support from the side
RIGHTS ISSUE counters, market breadth remained
Som Distilleries (10 for 211) EX-RIGHT
Prerna Infra (2 for 1). MKVentures, positive. FIIs were the net buyers and DIIs
PNB Housing. were the net sellers for the day.
DIVIDEND
ANNOUNCEMENTS EX-SPLIT Tuesday- All markets were closed on
Dhampur Sugar (60%),
Shree Securities (10 for 1) account of "Mahavir Jayanti" holiday.
Visaka Ind (70%),
Britannia Ind (7200%),
G M Breweries (60%), BONUS MEET
Muthoot Fin (220%), Vardhman Spl : 12.04.23 Cont...
Financial Weekly TM

April 2023 47
Wednesday-With divergent openings for the midweek session, benchmarks moved both ways
to finally close the session with good gains.BSE Sensex gained 582.87 points to end the day at
59689.31 and NSE Nifty scored 159.00 points to close at 17557.05. Bulls and fund houses widening
their position in selected counters of Banking, IT, Capital Goods, FMCG segment lifted the sentiment
ahead of RBI policy meet. Auto counters met with hammering as Crude Oil kept boiling. Surprisingly,
we witnessed index based trades that propelled benchmarks as Mid and Small cap indices
underperformed but market breadth remained positive with the moves in fancy side market counters.
FIIs continued to be the net buyers and DIIs were the n et sellers for the day.
Thursday - We witnessed cautions flat opening in red ahead of RBI's monetary policy meet
scheduled for the day and post RBI announcing status quo, market recovered from the low of the
day to close with minor gains. BSE Sensex scored just 143.66 points to close at 59832.97 and
NSE Nifty gained mere 42.10 points to end the day at 17599.15. Bajaj groups finance companies
lead the rally and got support from Adani group counters as well as from Auto counters. However,
Private sector banks marked mixed trends while IT and consumer durables counters lead the doom.
Short coverings in Capital Goods, Oil and Gas, Auto counters helped benchmarks to sustain green
zone. Market breadth turned positive as Mid and Small cap indices outperformed benchmarks and
got support from the fancy side market counters. FIIs were the net buyers and DIIs were the net
Cont...
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
03-04-2023 59,131.16 59,204.82 58,793.08 59,106.44 114.92
04-04-2023 Mahavir Jayanti Holiday NA
05-04-2023 59,094.71 59,747.12 59,094.40 59,689.31 582.87
06-04-2023 59,627.01 59,950.06 59,520.12 59,832.97 143.66
07-04-2023 Good Friday Holiday NA
Net Weekly Gains 841.45
Date Open High Low Close Diff
03-Apr-23 17427.95 17428.05 17312.75 17398.05 38.3
04-Apr-23 Mahavir Jayanti Holiday NA
05-Apr-23 17422.3 17570.55 17402.7 17557.05 159
06-Apr-23 17533.85 17638.7 17502.85 17599.15 42.1
07-Apr-23 Good Friday Holiday NA
Net Weekly Gains 239.4
Financial Weekly TM

April 2023 48
sellers for the day. We marked hat trick of positive sessions for the week with three trading sessions.
Friday - All markets were closed on account of "Good Friday" holiday
The week ahead :- Brent crude kept boiling on reports of production curb and it mark 84.97$ a
barrel by the weekend and raised concern. However, windfall tax on petroleum products were
announced by the Government. Rupee moved in a narrow range and ended the week atRs. 81.98
a dollar.We have around 45 corporate meetingsfor the ensuing week that has four sessions as
markets will remain close on Friday i.e. 14.04.23 on account of Dr. Baba Saheb Ambedkar Jayanti.
Market men have an eye on global and domestic macro-economic data for intermittent triggers.
From the ensuing week onwards, we are set for yearly results announcements. Thus the market is
heading for a busy season with a stock specific movements.
Amidst such a scenario, BSE Sensex may move in the range of 60750 - 56750, and NSE Nifty
between 18200-16500.
DISCLAIMER : No financial information whatsoever published anywhere here should be construed as an

offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely
for educational and information purposes only and under no circumstances should be used for making
investment decisions. Readers must consult a qualified financial advisor before making any actual investment
decisions, based on the information published here. Any reader taking decisions based on any information
published here does so entirely at its own risk. Investors should bear in mind that any investment in stock
markets is subject to unpredictable market-related risks. The above information is based on RHP and other
documents available as of date coupled with market perception. The author has no plans to invest in this offer.
(SEBI registered Research Analyst-Mumbai).

Financial Weekly TM

April 2023 49
Dr. A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Hire Slow, Fire Fast!

It is essential to have a flexible approach to managing your investment port-
folio if you want to maximize your returns. Although many investors may be
afraid of making hiring and firing decisions, selecting strong stocks to work with
is crucial if you want to build a successful and profitable portfolio without dedi-
cating long hours every day.
When you make the right stock selections, your costs will be zero, as the
right stocks will help increase your profits. However, selecting the wrong stocks
will cause losses that must be borne by other stocks, resulting in reduced
portfolio profits. Therefore, it is best to eliminate poorly performing stocks as
soon as possible to limit losses. Remember, earning 50% returns is necessary
to offset a 33% loss, and earning 100% returns is necessary to compensate for
a 50% loss.
Instead of rushing to choose a stock, take a rational approach and ensure
that it has sound fundamentals and a reasonable margin of safety. The Warren
Buffett 20-Slot rule is a useful guideline to follow when adding stocks to your
portfolio. It suggests that you should imagine having only 20 investment oppor-
tunities in your lifetime and make each selection count. By being deliberate in
your stock selection process, you are likely to do much better in the long run.
Happy investing!
Dr. Anil KumarAsnani
Equity Research Analyst
Whatsapp: 9755920780
Mobile: 9131361959
Website: https://www.smartverc.com
Financial Weekly TM

April 2023 50
Kishore Purswani
(Email: kishore.purswani@gmail.com)
IPOs 2022-23
Wealth Creators and Wealth Destroyers
Introduction :- The financial year 2022-2023 has ended and it has been a volatile
year for the secondary markets. The broad indices closed on 31st March 23 with just over 0.7%
gains over 31st March 22, the primary market has given a lot of surprises to the investors. IPOs of
new age technology companies which had stolen the show attracting huge interest in 2021 could
not draw much attention in 2022 as some of the new age IPOs had been the biggest wealth de-
stroyers in 2021.
40 companies listed in the financial year 2022-23 raised over Rs. 56,000 crores through the
main board IPOs while more than Rs. 111,000 crores had been raised through 53 IPOs in the
financial year 2021-22. A few IPOs have given decent gains on listing and after listing, while a few
have disappointed the investors.
Analysis :- Out of 40 companies listed in the year 14 companies (refer to table 1) were
trading below the issue price on 31st March 2023 while the balance 26 companies (refer to table 2)
are trading above the issue price.
Data of companies listed from 1st April 2022 to 31st

March 2023 and trading at prices below the issue price
Co. Trading at prices up to 10 % below the issue price 1
Co. Trading at prices more than 10% and up to 25% below the issue price 6
Co. Trading at prices more than 25% and up to 50% below the issue price 6
Co. Trading at prices more than 50% below the issue price 1
Data of companies listed from 1st April 2022 to 31st

March 2023 and trading at prices above the issue price
Companies Trading at prices up to 25 % above the issue price 15
Trading at prices more than 25% and up to 50% above the issue price 6
Trading at prices more than 50% and up to 100% above the issue price 3
Companies Trading at prices more than 100% above the issue price 2
Cont...
Financial Weekly TM

April 2023 51
Only two companies were the best wealth creators and were trading with more than 100% gains
as of 31st March 2023. Hariom Pipes was trading 210 % above the issue prices and Venus Pipes
was trading 130% above the issue price. The issue size of Hariom Pipes was just Rs 130 Crs and
that of Venus pipes was only Rs 165 Crs and the issues were subscribed only 3.6 times and 8.6
times respectively. Venus Pipes closed with around 8% above the issue price on the listing day
but has given dream returns since then.
The biggest wealth destroyer has been Elin Electronics Limited trading at more than 51 % be-
low the issue price followed by Uma Exports (-45%), LIC (-44%), INOX Green Energy Services (-
39 %), Dharamraj Cropyard (-39%), Delhivery Limited(-32%), and DCX Systems(-30%). Delhivery
Limited and Uma Exports were listed with a positive bias and closed on the listing day with more
than 10 % and 24 % gains respectively. The biggest disappointer has been LIC as it came out with
an issue of Rs 21008 crores which was the largest ever IPO in terms of the issue size. Most of the
retail investors got a firm allotment of 15 shares and if they were not smart enough to book losses
of around 3% (considering a retail discount of 5%) would now be sitting on a loss of around 40%.
Learnings
The response of the retail investors in 2022-23 was generally lukewarm compared to the re-
sponse in the year 2021-22 as retail investors had incurred a loss in the LIC issue and a substan-
tial drop in average listing gains has been observed. Only two New Age technology Companies
(Delhivery and Tracxn Technologies) came out with IPOs but both are trading at a considerable
discount to the issue price. Some of the issues were not subscribed fully which further spoiled the
sentiment. As such companies will be very careful to approach the markets in the new financial
year until the overall sentiment of the secondary market improves. Retail investors also need to be
careful and apply only those IPOs which are brought out at reasonable valuations.
Happy investing!
Best wishes for Wealth Creation in the New Financial Year
Kishore Purswani
M No 9425604104
Mail id: kishore.purswani@gmail.com
Financial Weekly TM

April 2023 52
REVIEW OF Smart Bonanza

Issue No. : 50 • Date : 5-4-2023
Company Reccom. High after Ch. Company Reccom. High after Ch.
5-4-23 Recomm. (%) 5-4-23 Recomm. (%)
BEL 96 98 2.08 Linde India 4050 4145 2.35
Meghmani org 85 93 9.41 CreditAccess 922 954 3.47
Dhani Services 29 40 37.93 coforge 3848 4003 4.03
Andhra Petro 58 62 6.90 God Properties 1045 1125 7.66
Jagan Lamps 58 63 8.62 Paushak Ltd 6932 7488 8.02
Dilip Buildcon 173 180 4.05 BEL 96 98 2.08
ITC 378 387 2.38 AIA Engi 2651 2943 11.01
HOEC 128 134 4.69 God Properties 1045 1125 7.66
Prince Pipes 555 566 1.98 RK Forge 285 305 7.02
Tejas Network 607 614 1.15 Schneider Ele 151 165 9.27
JBM Auto 704 730 3.69 Waaree Renewable775 817 5.42
for more detail click the below link

https://smartinvestment.in/service/9
Financial Weekly TM

April 2023 53
Scrip Watch - Siddharth Shah
Tata Chemicals (Rs. 988.00) (Code : 500770) : Tata Chemicals manufactures

inorganic chemistry products with plants spread across four continents America, Europe, Africa
and Asia. Mutual Funds increased their stake in the company by 1.69% or 169 basis points in the
December quarter. ICICI Direct has recommended investors to buy Tata Chemicals Ltd with a
target price of Rs 1170 apiece. The stock's 52-week high is Rs 1214.65 apiece and 52-week low is
Rs 773.90 apiece, respectively. The company has a market capitalisation of Rs 24,707.54 crore.
The adjusted net profit of the company was at Rs 391 crore vs. Rs 301 crore in Q3FY23. The stock
rallied 3% in last 1-month, again 3% in last 6-months, and declined 14% in last 3-months. It rallied
30% in last 3-years. The mid cap stock operates in Chemicals sector and came into existence in
1939. Tata Chemicals’ shares are ttrading at around Rs.990 levels which is much below its 52-
week high of Rs.1214.
Cummins India (Rs. 1579.00) (Code : 500480) : Cummins India said the recent
budget announced by the Government of India has a stronger outlay for the infrastructure sector,
including railways, which is expected to create strong demand from various segments in the do-
mestic market. Cummins is the country's leading manufacturer of diesel and natural gas engines
for power generation, industrial and automotive markets. Cummins India stock has appreciated by
more than 70 per cent in last one year. Cummins reported robust earnings for Q3FY23. The
company’s net profit jumped 50 per cent year-on-year (YoY) and 42 per cent quarter-on-quarter
(QoQ) to Rs 479 crore during the quarter.Total sales for the quarter at Rs 2,144 crore increased by
26 per cent YoY and by 12 per cent QoQ. EBITDA margin improved 327 bps to 18.9 per cent from
15.63 per cent in Q3FY22. Buy.
Grasim Industries (Rs. 1669.00) (Code : 500300) : Aditya Birla Group’s flagship
Grasim Industries Ltd has secured a Rs 5,000 crore credit line from Axis Bank for capital expendi-
ture requirements, and repay some of its existing loans. One of the term loans, valued at Rs 4,850
crore, will be utilized for fresh capital expenditure and for the reimbursement of capital expenditure
that has already been incurred within the past year, said the company. The other two term loans
worth a total of Rs 150 crore will be unsecured and designated for specific projects. Meanwhile,
Grasim Industries has acquired leasehold rights to approximately 220 acres from Century Textiles
and Industries for Rs 254.70 crore. This acquisition will allow Grasim Industries to set up manufac-
turing facilities in the future, and the land parcel is located at the Gujarat Industrial Development
Corporation's Vilayat Industrial Estate in Bharuch district, Gujarat. The company’s Viscose busi-
ness is expected to see gradual improvement with bottoming out of prices while its long-term growth
outlook remains intact outpacing cotton and synthetic fibre growth rates. The company’s chemical
business continues to fare well.
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

April 2023 54
Market Tips - Het Zaveri
Bajaj Finance (Rs. 5935.00) (Code : 500034) : Brokerage firm CLSA has upgraded
its recommendation on Bajaj Finance to outperform from the earlier rating of underperform after the
non-bank lender released its March quarter business update last week. CLSA has also raised its
price target on Bajaj Finance to Rs 6,600 from Rs 6,000. Bajaj Finance recorded a 29% rise in core
assets under management to Rs 2,47,350 crore. The company booked its highest loan volume of
29.6 million in the financial year 2022–2023. The total deposits increased 45% annually to Rs
44,650 crore, while the consolidated net liquidity surplus stood at Rs 11,850 crore. At current
levels, Bajaj Finance trades at 20 times financial year 2025 price-to-earnings, implying a favourable
risk-reward and scope for multiple expansion if the growth remains robust, according to CLSA. Out
of the 33 analysts tracking the company, 24 maintain a 'buy' rating, three recommend a 'hold', and
six suggest a 'sell' on the stock, according to Bloomberg data. Accumulate.
Godrej Properties (Rs. 1125.00) (Code : 533150) : Godrej Properties has ac-
quired a 4-acre land parcel near Koregaon Park, Pune, where it plans to build a luxury group
housing project with a revenue potential of Rs1,000 crore. Koregaon Park has an established
physical and social infrastructure and offers good connectivity to all major social and commercial
hubs of Pune city. In Q3FY23, Godrej Properties reported record pre-sales of Rs3,252 crore, along
with robust new business development. The company added 15 new projects with an estimated
booking value of Rs27,500 crore on a year-to-date basis, surpassing its guidance of Rs15,000
crore of estimated booking value for FY23. In the nine-month period of FY23, its pre-sales stood at
Rs8,181 crore.The company also plans to widen its presence across its top four markets. The
stock has corrected significantly in last one year. Buy.
Muthoot Finance (Rs. 1020.00) (Code : 533398) : For Muthoot Finance, gold
loan portfolio forms 98.4 percent of entire portfolio comprises of gold loans. With the increase in
gold prices, people tend to pledge more gold as collateral for loans. This means that the ticket size
of loans increases, leading to loan growth for gold financiers. The incremental ticket size is benefi-
cial for both the borrower and the lender. The borrower can get more money by pledging the same
amount of gold, while the lender can increase the loan portfolio. Meanwhile, The board of Muthoot
Finance Ltd. has approved an interim dividend of Rs 22 per share with a face value of Rs 10 for the
current financial year. The company paid an interim dividend of Rs 20 during the previous fiscal.
The record date for the dividend has been fixed at April 18 .The record date for the dividend has
been fixed at April 18, the company said in its exchange filings.This is the fourth consecutive year
in which the company has declared an interim dividend above 100% of face value. 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

April 2023 55
SMART TIPS Smita N. Zaveri
Finolex Industries (Rs. 168.00) (Code: 500940) :- The shares of this plastic prod-
ucts manufacturer are listed in the A group. The shares touched a 52-week high of Rs. 194 and low
of Rs. 128. Finolex is the largest maker of PVC pipes and fittings in the country and a leading
producer of PVC resins. It also makes a range of PVC pipes and fittings for agriculture, construc-
tion, and other industries. It has two manufacturing plants in Maharashtra and one in Gujarat. Pro-
moter holding is 52.47%. The company has a market cap of Rs. 10,520 crore. Finolex has a con-
sistent track record of paying high dividends and issuing bonus shares to reward shareholders.
The company’s equity is Rs. 124 crore and reserves are Rs. 3803 crore. The stock can give very
good returns in the medium to long term. Its income for the December quarter went up from Rs.
1024 crore to Rs. 1152 crore, even as profit fell from Rs. 177 crore to Rs. 66 crore.
M&M Finance (Rs. 252.00) (Code: 532720) :- Mahindra Finance is a part of the
Mahindra Group and one of India’s leading non-banking finance companies. The shares touched
a 52-week high of Rs. 272 and low of Rs. 160. The company’s equity is Rs. 247 crore and its
reserves are 16,780 crore. Promoter holding in the company is 52.16%. For the December quarter,
its income went up from Rs. 2974 crore to Rs. 3324 crore, while profit fell from Rs. 992 crore to Rs.
664 crore. The company has been focusing especially on rural areas. Its disbursements and re-
coveries are on the rise. The stock is trading significantly lower than its all-time high price and
offers very low downside risk. FIIs and DIIs hold 16.09% and 23.76% stake respectively. The com-
pany has given a strong business update in February. The stock can be considered on any de-
cline.
AB Capital (Rs. 158.00) (Code: 540691) :- Aditya Birla Capital’s shares are listed in
the A group of BSE and have a face value of Rs. 10. The shares touched a 52-week high of Rs. 162
and a low of Rs. 85. It has a market cap of Rs. 38,180 crore. Promoter holding in the company is
71.06%. Aditya Birla Capital came into existence due to the restructuring of the Aditya Birla Group’s
businesses. It provides life insurance, health insurance, broking, asset management, and other
financial services. Its equity is Rs. 2416 crore and its reserves are Rs. 12,883 crore. Its loan book
grew by 26%. It is showing strong momentum in the affordable housing segment. The insurance
business AUM touched Rs. 2.82 lakh crore in the September quarter. For the December quarter,
revenue went up from Rs. 5714 crore to Rs. 6894 crore, and profit from Rs. 478 crore to Rs. 530
crore. Emkay Global has a buy rating on the stock with a target price of Rs. 200.
Pricol (Rs. 196.00) (Code: 540293) :- The shares of this auto parts company are listed
in the A group and have a face value of Re. 1. The shares touched a 52-week high of Rs. 230 and
low of Rs. 89. The company’s market cap is Rs. 2717 crore. Promoter holding in the company is
36.53%. Pricol makes automotive parts and equipment for commercial, passenger and off-road
vehicles. Its products are mainly divided into four categories, viz. driver information systems and
sensors, asset management solutions, telematics control and security solutions, and five mechani-
cal products. It has seven subsidiaries and operates in 45 countries. It has 43 international clients
including Harley Davidson, Honda, Suzuki, etc, and 58 domestic clients including Tata Motors,
Maruti Suzuki, and Mahindra & Mahindra. It has formed a joint venture with Hong Kong’s Zorg to
develop parking systems in India. Its equity is Rs. 12 crore and reserves are Rs. 569 crore. For the
December quarter, its income went up from Rs. 407 crore to Rs. 474 crore and profit from Rs. 17
crore to Rs. 26 crore. The stock can be seen touching a new 52-week high in the short to medium
term. 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 7th April, 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

April 2023 56
UR Sugar Industries Ltd. on Major Expansion Plans
BSE: 539097 • CMP: Rs 13.05
Corporate Feature
UR Sugar Industries Ltd promoters holding is now up from 4 per cent to 26 per cent
as Sugar sector booming due to ethanol blending. With company on major expansion
plans and sugar industry booming, analysts expect this scrip to rise. The company has
a state of art sugar manufacturing unit in sugar belt of Karnataka, which will further
boost its prospects. The government of India has taken a slew of measures that have
changed the fortunes of the sugar industry. UR Sugar Industries Ltd is amongst the
best sugar shares which are expected to benefit substantially. GST Council has de-
cided to reduce the tax rates on Ethyl alcohol from 18 per cent to 5 per cent supplied to
refineries for blending with motor spirit (petrol). This will benefit sugar industry based
companies. Mr. Lava Ramesh Katti
Mr. Lava Ramesh Katti appointed as MD :” UR Sugar Industries Ltd. will benefit Managing Director
due to GST reduction on ethanol based companies. Belgaum based Sugar Industrialist UR Sugar
Mr. Lava Ramesh Katti belongs to reputed Katti family. Recently Mr. Lava Ramesh Katti has been appointed as
Managing Director of the company.
Ethanol Blending Will Boost Prospects
Increasing sugar production will boost sugar exports. Boosting ethanol output can bring rich returns. Union Minister
Nitin Gadkari told sugar mills recently. Speaking at a conference on sugar and ethanol, organised by the Indian Sugar
Mills Association, Gadkari stated that "the future will become bleak for the industry if it continues to churn out high
quantities of sugar. We need more ethanol than sugar. Also, bio-ethanol is the way to go as it can be stored for a longer
1. Promoter holding up Q-on-Q from 4 percent to 26.67 duration as compared to conventional ethanol. If you
percent increase sugar production, it will create more problems
2. Sugar and ethanol Sunrise Sector for you. I will suggest that instead of waiting for some
3. UR Sugar Industries Ltd. will get boost due to GST reduc- government programmes, find out a system where de-
mand for ethanol can be independently created," he
tion on ethanol based companies.
said. If India achieves the target of blending 20 per
4. Sugar Sector trading at single digit forward P/E ratio, cent ethanol with petrol by 2025, it will save around Rs.
which makes this sector scrips an Attractive buy. one lakh crore of foreign exchange, Union Home Minis-
5. The worldwide sugar industry is expected to reach ter Amit Shah said recently. The production of ethanol
$76.62 billion by 2027, from USD 67.59 billion in 2021. is going to change the entire economy of the petroleum
(Survey by researchandmarkets.com) sector in the coming days. Achieving the target of 20
per cent ethanol blending will also save around Rs. one
lakh crore of foreign exchange by 2025.
***
Financial Weekly TM

April 2023 57
A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Is RBI's decision right?

RBI has decided not to raise interest rates in its April meeting. Many who come do not get to go.
In the last one year, RBI had increased the rate by 250 basis points. This increase is 6 percent
higher than the RBI's requirement despite inflation. The way the crisis is going in the world mar-
kets. UK And there are bank failures in the US. Crude prices have gone from 70 dollars to 80
dollars again. Retail inflation was 6.4 percent in February and 6.5 percent in January. RBI has
surprised the market people by not increasing the rate. Due to this, stocks of SBI, ICICI, Indusind,
IDFC and Bandhan Bank may continue to be bought.
Covid is rearing its head again. So the growth rate will be affected in the coming time. Nifty
closed at 17599 on Thursday. The nearest resistance level above is 17650, above which 17850
may come. Keep in mind support at 17560 and 17480 on the downside. At Tata Motors, maintain-
ing a target of 450 from a stop loss of 425.
ONGC is benefiting from the rise in crude oil prices, so buy only if it goes above 80 in Indian Oil.
Taken with a stop loss of 75.
Ashok Leyland comes heavily recommended. It is necessary to keep a stop loss of 132. 145 in
the short term. Disinvestment in Shipping Corporation was done from 120 to 125. Today the price
has become 81. This share may continue its journey south. Keep stoploss at 87. The price of 75
may come. Tumultuous shares KPIT fell 2.5 percent on Thursday. A break of 790 is possible at
775. Keep a stoploss of 805 above. Among steel stocks, JSW, Tata Steel, Jindal Steel is selling
higher. Lupine has received letters from the US to sell if increased. RBI's decision not to raise rates
due to Karnataka elections is in discussion.

Financial Weekly TM

April 2023 58
Investment Ideas Nayan Patel
HINDUSTAN TIN WORKS LTD

(530315) (94.85) (Face Value Rs.10)
Incorporated in 1958, New Delhi based Hindustan tin works ltd is one of the leading manufac-
turer and exporter of high performance can, printed sheets and related components to consumer
marketing companies in India and abroad. Its infrastructural strength, an unwavering commitment
to delivering the best customer experience and stringiest quality measures that are clearly defined,
strictly controlled, and firmly enforced has allowed them to continuously fulfil the expectations of
their longstanding clients like Asian Paints, Amul, Bikanerwala, DS Group, Del Monte, Danone
India, Haldiram, Nestle India Ltd, Patanjali, Reckitt Benckiser, and many more.HTW supplies di-
verse range of aerosol cans, food cans, beverage cans, baby food cans and can components to a
wide variety of foods, beverages, baby food, health, beauty and luxury companies in more than 30
countries in Africa, Australia, Europe, Middle East, New Zealand, USA, and parts of South East
Asia. HTW’s fully integrated and automated manufacturing facility is supported by high-speed au-
tomatic printing and lacquering machines. The manufacturing facility in Murthal spreads over 10
acres (40K Sq. Mt) and houses state of the art machines imported from countries like UK, Ger-
many, USA, Taiwan, Italy, Switzerland etc.
It has an equity base of just Rs.10.4 crore that is supported by reserves of around Rs.177 crore
which is almost 17 times higher against equity. The promoters hold 40.84%, Insurance Companies
hold 9.83% while the investing public holds 49.33% stake in the company. Its share book value
works out to Rs.180 and the price to book value ratio stands at just 0.53x.
For Q3FY23, HTWL posted higher PAT of Rs.2.63 crore on sales of Rs.81.73 crore and an EPS
of Rs.2.70. During 9MFY23, it recorded higher PAT of Rs.12.49 crore on higher sales of Rs.383.57
crore fetching an EPS of Rs.12.22. It paid 12% dividend for FY22.
At CMP, HTWL trades at P/E ratio of just 6.3x and is available at 33.6% discount to its recent
high of Rs.143 which was made on 26th July 2021.
Investors can watch this stock with a stop loss of Rs.80.
ITL INDUSTRIES LTD

(522183) (182.65) (Face Value Rs.10)
Incorporated in 1986, Indore based ITL Industries Limited manufactures and sells band saw
machines, CNC tube mills, and machine tools in India and internationally. The company offers
blades; cold saw fly cut offs; and double column construction horizontal bandsaw, vertical bandsaw,
Cont...
Financial Weekly TM

April 2023 59
and circular sawing machines. It also provides tube and pipe manufacturing machines, including
tube mills, tube straightening machines, accumulators, and cutting cars; and power hacksaw ma-
chines. In addition, the company offers special purpose machines comprising pipe cutting, pipe/
tube bundle cutting, rail slitting, aluminum billet cutting, ring cutting vertical band saw, keyway
slotting, heat exchanger cutting, radical tyre cutting for destructive testing, band saw for cutting
engine block for destructive testing, angle cutting, gas cylinder neck cutting, band parting, draft
gear cutting, and angular pipe end cutting machines. Further, it purchases and sells hydraulic
items. ITL's list of customers reads like who’s-who of Indian Engineering Industry. All the major
Steel Plants, Forging Industries, Defense Establishments, Railways Workshops, Bharat Heavy
Electrical Units, Steel Tube Plants, Research Organizations like BARC, NFC, DMRL, ISRO,
MIDHANI and HINDALCO etc. And Heavy Engineering Industries are the customers of ITL.
The Company has an equity of Rs.3.20 crore backed by huge reserves of around Rs.55.38
crore, which leads to a share book value of Rs.183. The promoters hold 44.98% while the invest-
ing public holds 55.02% stake in the company.
During Q3FY23 it has reported superb numbers. For Q3FY23, ITL posted higher PAT of Rs.1.51
crore as against Rs.1.45 crore in Q3FY22 on higher income of Rs.33.88 crore fetching an EPS of
Rs.4.72. For 9MFY23, it posted 31.34% higher PAT of Rs.5.28 crore as against PAT of Rs.4.02
crore in 9MFY22 on 29.04% higher income of Rs.103.13 crore and an EPS of Rs.16.48. At CMP,
ITL trades at P/E ratio of 8.2x.
Investors can watch this stock with a stop loss of Rs.160.
Disclosures: At the time of writing this article, author, his clients & dependent family members may have
positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family
members may make purchases or sale of the securities mentioned in website. Author may have positions in
above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody.
Financial Weekly TM

April 2023 60
Primary Market - Dilip K. Shah
The adverse situation in the Indian Share Markets have created challenges for the IPOs
Despite slowdown in the equity market and absence of mainboard IPOs, SMEs queue up with IPOs
This week in absence of mainboard IPO, there are 11 issues in the market - 2 SME, 4 Rights, 5 NCDs
Avalon Techno mainboard IPO gets 2.34x subscription: Full and firm allotment in retail
UdayshivakumarInfra's mainboard IPO and Maiden Forging SME IPO slip in discount after at-par listing
Pattech SME IPO with offer price of Rs. 50 opened on April 5, stay away due to poor fundamentals and high price
AU Universal's NSE SME IPO with a fixed price of Rs. 60 will open on April 11 and close on April 13
Retina Paints' Rs. 11.10 crore BSE SME IPO with a fixed price of Rs. 30 will enter the market on April 19
SME Subscription: Sotac 1.60x, Infinium 1.84x, Exhicon 1.9x5, MOS 21.4x, Sancode 3.68x
4 Rights Issue - Sparc Electrex, Brigh Solar, AF Enter, SEPC have been launched
5 NCDs Issues - I.B. Comm., Edelweiss, Kosmattam, Muthoot Fin., Muthoot Fin Corp. - enter the market
* Hurdles before mainboard IPOs :-The financial year 2022 - 2023 has almost come to a
close. Compared to recent years, FY23 has been one of the most lacklustre years as far as Initial
Public Offerings are concerned. A mix of tepid market sentiment and high valuations has damp-
ened the investors' drive to invest in IPOs. As a result, many companies have chosen to either
cancel or push their IPOs to the near future. During the last year IPOs worth Rs. 79000 crore got
SEBI nod. According to a merchant banker, big size companies may come up with IPO in near
future. Due to adverse situation in the secondary market, no IPOs entered the market in January
and February. According to Merchant banker, in the proposed offerings the valuation and price are
too high and there is a need to rationalise the same. However, the promoters are not ready to sell
the stocks at lower rates.
* SME IPOs more enthusiastic compared mainboard IPOs :- Primary Market has been ad-
versely affected by the volatility in the secondary market. However, in absence of mainboard IPOs,
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
Avalon Techno (IPO) 34 415 to 436 3 to 5 (Seller) --
Sotac Pharma (NSE SME) 1200 105 to 111 8 to 10
Infinium Pharma (NSE SME) 1000 135 3 to 4
Exhicon Events (BSE SME) 2000 61 to 64 1.50 to 2
MOS Utility (NSE SME) 1600 72 to 76 6 to 8 6000
Sancode Techno (BSE SME) 3000 47 - (4 to 5) Disc.
Pattech Fitwell (NSE SME) 3000 50 - (7 to 8) Disc.
AG Universal (NSE SME) 2000 60 --
Retina Paints (BSE SME) 4000 30 --
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Cont...
Financial Weekly TM

April 2023 61
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. Pattech 5-4-23 24,00,000 Eq. 50 3000 Eq. Shares Fedex 18%
Fitwell 12-4-23 (Rs. 12 Cr.) (F.V.Rs.10) (Rs.1,50,000) Sec. Clear Avoid
2. AG 11-4-23 14,54,000 60 2000 Eq. Shares Share 28%
Universal 13-4-23 (Rs. 8.72 Cr.) (F.V.Rs.10) (Rs.1,20,000) India Stay away
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. Retina 19-4-23 37,00,000 Eq. 30 4000 Eq. Shares Gretex Next Week
Paints 24-4-23 (Rs. 11.10 Cr.) (F.V.Rs.10) (Rs.1,20,000) Corporate
Listing Information of SME IPOs & Main Line IPOs

Co. Name BSE Listing Offer Listing Listing Listing Listing CMP
Code Date Price Price Day Day Day 6th
(Rs.) (Rs.) High Low Close April
Udayshivakumar (IPO) 543861 3-4-2023 35.00 35.00 35.00 33.25 33.39 34.70
Maiden Forgings 543874 6-4-2023 63.00 63.00 63.00 59.35 59.86 59.86
SME IPOs are flooding the market to fund their expansion. In the first three months of CY2023, only
4-5 mainboard IPOs hit the market of which only two were positive. As against that 39-40 SME
IPOs entered the market, of which 24 companies are giving positive returns. In the current month,
nearly 10-12 companies may come up with IPOs.
Last week total 7 IPOs including one mainboard IPO were present in the market, of which
mainboard IPO - Avalon Technologies and SME IPO - Sotac Pharmaceuticals,Infinium
Pharmachem, Exhicon Events, MOS Utility,Sancode Technologies have exited the market. Only
Pattech Fitwell Tube Components' NSE SME IPO is present in the market.
* Last week's Subscriptions:-
• Avalon Techno :- Issue with price band of Rs. 415-436 closed on April 6 with 2.34x subscrip-
tion.
Subscription :- It received 3.77x subscription in QIB, 0.43x in HNI and 0.88x in retail catego-
ries.
Lined up for Market Debut Subscription figure of

IPO Approved by SEBI Awaiting SEBI Approval Avalon Technologies
Estimated Size (Rs. Cr.) Estimated Size (Rs. Cr.)
Aadhar Housing Fin. 7300 Oravel Stays 8430 No. Shares Issue Subscribed
TVS Supply Chain 5000 Ebix Cahs 6000
Mankind Pharma 5000 Offered/ 3-4-23 5-4-23 6-4-23
‘Macleod Pharma 5000
Bharat FIH 5000 Indegene 3200 Reserved
Go Digit General Ins. 5000 Tata Play 2500 QIB 59,15,011 0.00x 0.00x 3.77x
Fabindia 4000 Hoasa Consumer 2100
Navi Technologies 3350 IndiaFirst Life Insurance 2000 NII 29,75,917 0.01x 0.05x 0.43x
TBO Tek 2100 SBFC Finance 1600 Retail 19,83,944 0.17x 0.48x 0.88x
Imagine Marketing 2000 Lava International 1500
Payment India 1500
Total 1,08,44,186 0.03x 0.10x 2.34x
V ikram Solar 2000
Cont...
Financial Weekly TM

April 2023 62
Subscription Figures of SME IPO (Dt. 6-4-2023)
IPO Listing Day Subscribed
Sotac Pharma NSE SME Issue Closed on 3-4-2023 1.60x
Infinium Pharma NSE SME Issue Closed on 5-4-2023 1.84x
Exhicon Events BSE SME Issue Closed on 5-4-2023 1.95x
MOS Utility NSE SME Issue Closed on 6-4-2023 21.14x
Sancode Techno BSE SME Issue Closed on 5-4-2023 3.68x
Pattech Fitwell NSE SME 2nd Day Subscribed 0.78x
AG Universal NSE SME Issue Opens on 11-4-2023 --
Retina Paints BSE SME Issue Opens on 19-4-2023 --
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
Sotac Pharma NSE SME 3-4-23 10-4-23 11-4-23 12-4-23 13-4-23
Infinium Pharma NSE SME 5-4-23 11-4-23 12-4-23 13-4-23 17-4-23
Exhicon Events BSE SME 5-4-23 11-4-23 12-4-23 13-4-23 17-4-23
MOS Utility NSE SME 6-4-23 12-4-23 13-4-23 17-4-23 18-4-23
Avalon Techno IPO 6-4-23 12-4-23 13-4-23 17-4-23 18-4-23
Sancode Techno BSE SME 6-4-23 12-4-23 13-4-23 17-4-23 18-4-23
Pattech Fitwell NSE SME 12-4-23 18-4-23 19-4-23 20-4-23 21-4-23
AG Universal NSE SME 13-4-23 19-4-23 20-4-23 21-4-23 24-4-23
Retina Paints BSE SME 24-4-23 27-4-23 28-4-23 2-5-23 3-5-23
Refund/Allotment :- IPO allotment will be on April 12, refund in April 13 and share credit will be
on April 14. Full and firm allotment will be in retail category.
Listing :- It may list on April 18 around Rs. 440-460. Investors holding the stock may get 500+
rate.
* SME IPO subscription:-
• Sotac Pharma (NSE SME) :- Issue with offer price of Rs. 105-111 closed with 1.60x subscrip-
tion. It may list on April 13 around Rs. 120-130.
• Infinium Pharmachem (NSE SME) :- Issue with fixed price of Rs. 135 closed with 1.84x sub-
scription. It may list on April 17 around Rs. 130-140.
• Exhicon Events (BSE SME) :- Issue with price band of Rs. 61-64 closed with 1.95x subscrip-
tion. It may list on April 17 around Rs. 60-70.
• MOS Utility (NSE SME) :- It closed with 21.24x subscription. It may list on April 18 around Rs.
85-90 and may cross Rs. 100 level in good market condition.
• Soncode Technologies (BSE SME) :- Issue with a fixed price of Rs. 47 closed with 3.68x
Cont...
Financial Weekly TM

April 2023 63
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. Sparc 14-3-2023 1,46,67,000 19 3 Shares for every BSE -- Clear Avoid
Electrex 12-4-2023 Shares (F.V. Rs.10) 1 shares held Registrar
(Rs. 27.87 Cr.) On 28-2-2023 Purva Sharegistry
2. Bright 3-4-2023 46,00,000 Shares 10 2 Shares for every Skyline Fin. Serv. --
Solar 10-4-2023 (Rs.4.60 Cr.) (F.V. Rs. 10) 9 shares held on 6-2-23
3. A.F. 5-4-2023 2,25,81,817 19 8 Shares for ever BSE --
Enterprise 20-4-2023 Shares (F.V. Rs. 10) 5 Shares held on Registrar Next Week
(Rs. 42.91 Cr.) Recored Date Skyline Financial
4. SEPC 10-4-2023 4,99,00,000 10 2 Shares for every BSE -- Apply for
Limited 24-4-2023 Shares (F.V. Rs. 10) 53 shares held NSE Registrar Long Term
(Rs. 49.90 Cr.) on 29-3-23 Cameo Corporate
5. PNB Housing 13-4-2023 9,06,81,828 275 29 Shares for every BSE --
Finance 27-4-2023 Shares (F.V. Rs. 10) 54 shares held NSE Registrar Next Week
(Rs. 2493.76 Cr.) on 5-4-2023 Cameo Corporate
6. MKVentures 17-4-2023 4,27,050 Shares 936 1 Shares for every NSE
Capital 25-4-2023 (Rs. 39.97 Cr.) (F.V. Rs. 10) 8 shares held on 3-4-23 Registrar
7. Gala Global -- 3,93,03,420 11.85 72 Shares for every BSE --
Products -- Shares (F.V. Rs. 5) 100 Shares held on Registrar Next Week
(Rs. 46.57 Cr.) -- --
8. Shree Rama -- --- -- -- BSE V ivro Financial
Multi-Tech -- Shares (F.V. Rs. 5) -- NSE Registrar Next Week
(Rs. 75.00 Cr.) -- KFin Techno
9. Piramal -- --- -- -- BSE ICICI Securities
Pharma -- Shares (F.V. Rs. 10) -- NSE Registrar Next Week
(Rs. 1050 Cr.) -- Link Intime
subscription. It may list on April 18 around Rs. 45-50.

* Last week's listing:-
• Udayshivakumar Infra (543861) :- Issue with an offer price of Rs. 35 got listed on April 3 at
Rs. 35 and went down to Rs. 33.25 before closing at Rs. 33.39. On April 6, it closed at Rs. 34.70.
On NSE, it listed with discounted price at Rs. 30.
• Maiden Forgings (543874) :- Issue with an offer price of Rs. 63 got listed at Rs.63 and went
down to Rs. 59.35 before closing at Rs. 59.86.
• Insight into this week's issues :- In absence of mainboard issue, only two SME IPOs - Pattech
Fitwell Tube Components and AG Universal are present in the market.
* Upcoming SME IPOs:-
• Retina Paints :- BSE SME IPO of Rs 11.10 crore offering shares at price of Rs. 30 will open on
April 19 and close on April 24. Lead Manager is Gretex Corporate.
• Pattech Fitwell Tube Components :- NSE SME IPO of Rs.12 crore with a fixed price of Rs.
50 is closing on April 12. It has got 0.78x subscription on 2nd day. As shown in the table, it is risky
due to poor fundamentals and higher price. It may list with discount on April 21.
• AG Universal :- NSE SME IPO of Rs. 8.72 crore with a fixed price of Rs. 60 will open on April
11 and close on April 13. Lead manager is Share India. Investors should stay away. It may list on
April 24 around Rs. 55-65.
* This week's Rights Issues :- Four rights issue are in the market. Of which analysis of AF
Cont...
Financial Weekly TM

April 2023 64
Non Convertible Debenture (NCD) Issues at a Glance
Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
1. Indiabulls 3-4-2023 Base Size Rs.200 Cr. 1,000/- 10 NCDs BSE CRISIL AA/Stable
Apply
Comm. 19-4-2023 Shelf Issue Size (Rs.10,000) NSE by CRISIL
for
Credit Rs. 1000 Cr. Lead manager : Edelweiss, ICRA AA/Stable
36
ELARA, Trust Investment
Registrar : KFin Technologies Month
2. Edelwiss 6-4-2023 Base Size Rs.200 Cr. 1,000/- 10 NCDs BSE CRISIL Apply for
Fin. 21-4-2023 Shelf Issue Size (Rs.10,000) AA-/Negative Mid
Services Rs. 400 Cr. Lead manager : Equirus Capital, ACUITE Term
Registrar : KFin Technologies AA-/Negative
3. Kosamattam 11-4-23 Base Size Rs.150 Cr. 1,000/- 10 NCDs BSE IND A-/Stable
Next
Finance 25-4-23 Shelf Issue Size (Rs.10,000) by India Ratings
Week
Rs. 300 Cr. Lead manager : SMC Capital
Registrar : KFin Technologies
4. Muthoot 12-4-2023 Base Size Rs.75 Cr. 1,000/- 10 NCDs BSE ICRA
Finance 26-4-2023 Shelf Issue Size (Rs.10,000) AA+/Stable
Next
Rs. 300 Cr. Lead manager : SMC Capital
Week
Registrar : KFin Technologies
5. Muthoot 12-4-2023 Base Size Rs.150 Cr. 1,000/- 10 NCDs BSE CRISIL
Fincorp. 26-4-2023 Shelf Issue Size (Rs.10,000) AA-Stable Next
Rs. 300 Cr. Lead manager : SMC Capital Week
Registrar : Integrated Registry
Subscription figure of Enterprise and SEPC Ltd has been given in the table. Sparc's
Indiabulls Comm. NCDs Issue
analysis was given last week and Bright Solar's analysis will be
Category No. of Bond Issue
given next week.
Offered/ Subscribed
Reserved 6-4-2023 * NCDs issues :- Five NCDs issues - Indiabulls Credit, Edel-
Category I (Inst.) 3,00,000 0.00x
Cat. II(Non Inst.) 1,00,000 0.00x weiss Fin., Kosamattam Fin., Muthoot Finance - are present in
Cat. III (HNI) 3,00,000 0.09x the market. Analysis of Indiabulls Credit, Edelweiss Fin. Is given
Cat. IV (Retail) 3,00,000 0.45x
Total (Base Issue) 10,00,000 0.16x in the table. Edelweiss Fin. has got 0.12x and Indiabulls Credit
has got 0.16x subscription.
Subscription figure of
* Insight into upcoming issues:-
Edelweiss Fin. Services
• ZagglePrepaid :- It filed papers in December 2022 for fresh
Category No. of Bond Issue
Offered/ Subscribed issue of Rs. 490 crore and OFS of 1.05 crore equity shares.
Reserved 6-4-2023
Cat. I (Inst.) 2,00,000 0.00x • CyietDLM :- It plans to raise Rs. 740 crore fund.
Cat. II (Non-Inst.) 2,00,000 0.16x • HealthvistaIndia :- It filed papers in July 2022 for Rs. 200
Cat. III (HNI) 8,00,000 0.08x
Cat. IV (Retail) 8,00,000 0.08x crore fresh equity and OFS of 5.62 crore shares.
Total (Base Issue) 20,00,000 0.12x
• RashiPeripherals :- It has obtained SEBI approval for Rs.
750 crore IPO.
• Indiafirst Life IPO :- It has obtained approval for fresh issue of Rs. 500 crore and OFS of 14.13
crore equity shares. Lead Managers are ICICI Sec., Amhit Capital, BNP Paribas, BOB Capital, and
HSBC Sec.
Cont...
Financial Weekly TM

April 2023 65
- How and when will be refund, allotment and listing of Avalon Techno?
- Edelweiss Fin NCDs got 0.12x and IB Comm got 0.16x subscription
- SEBI approval for Zaggle Prepaid, Cyient DLM, Healthvista, Rashi Peripherals IPOs
- Aeroflex, Cube, Nova Agritech, SPC Life, Netweb approaches SEBI for IPO
* Companies that filed DRHPs:-

• Aeroflex Ind. Ltd :- It has filed papers for Rs. 350 crore issue including fresh issue of Rs. 160
crore and OFS of 1.75 crore shares.
• Cube Highway :- It has filed papers for Rs. 5226 crore issue including fresh issue of Rs. 3803
crore and OFS of Rs. 1423 crore.
• Nova Agritech :- It has filed papers for fresh issue of Rs. 140 crore and OFS of 7758620
shares.
• SPC lifesciences :- It has filed papers for fresh issue of Rs. 300 crore and OFS of 89.39 lakh
equity shares.
• NetwebTechnologies :- It plans to raise Rs. 700 crore through IPO
***
Grey Market Movement

Grey Market losses shine in absence of mainboard IPO and meltdown in Secondary Market
Premiums crumble in Avalon Techno
Grey Market stunned due to discounted listing of SME IPOs
MOS, Sotac, Infinium Phamr,aExhicon EventsSME IPO witness deals at premiums
Pattech Fitwell SME IPO may be in discount from the beginning
In absence of mainboard IPOs, the SME IPOs are driving the primary market. However, in last
few weeks, the SME IPOs are getting listed with discounts, which has created rippled effect in the
grey market. Only a handful of SME IPOs are witnessing premiums and subject to deals.
Avalon Technology :- Issue with an offer price of Rs. 436 got 2.34x subscription. There-
fore, the premiums crumbled from Rs. 25/30 to Rs. 3/5 in seller circuit.
SME IPOs :- It is believed that premiums in MOS Utility is Rs. 6-8, Sotach Pharma Rs. 8-
10, Infinium Pharma Rs. 3-4 and Exhicon Events Rs. 1.5-2.
It is also believed that there is a possibility of discount of Rs. 7-8 in Pattech Fitwell NSE SME
IPO with an offer price of Rs. 50. Sancode Techno is also believed to be witnessing discount of
Rs. 4-5. No deals in AG Universal and Retina Paints.
Financial Weekly TM

April 2023 66
Pattech Fitwell Tube Components NSE SME IPO
Opened on 5th April & Closes on 12th April
Offer Price Rs. 50; Listing on NSE SME
It has posted inconsistent financial performance for last three fiscals
Company incurred loss for FY21 & reported set back in bottomline for 8MFY23
EPS, PE, RONW and NAV is not available for FY20 to FY22
Considering all valuation parameters, issue is exorbitantly priced
Investors should give clear avoid and stay away from this issue
Incorporated in 2022, Pattech Fitwell Tube Components Limited commenced its journey a decade ago in the year
2012. The company is engaged in the manufacturing of forging products for the non-automotive sector. Pattech Fitwell
has a total installed capacity of 14104.13 MTPA for manufacturing forged flanges, complex and specialized machined
components, and welded assemblies in the area of open die forgings. They convert semifinished/raw products to
finished products by carrying out various value-added processes like forming, bending, drilling, cutting, inspection,
polishing, painting, blasting, welding, punching, marking, testing, and packaging.
Issue Details
• Issue Opened on 5th April & Closes on 12th April 2023
Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY21 FY22 8MFY23 FY23
• Object of the issue : Funding our working capital requirements and (Projected)
General corporate purposes Total Revenue 18.45 22.63 21.06 31.59
• Issue Size : 24,00,000 Shares (Rs. 12 Cr.) Profit After Tax -0.01 1.44 0.55 0.859
• Face Value Rs. 10 • Offer price Rs. 50 EPS NA NA NA NA
• Minumum Lot Size : 3000 Share • Listing on : NSE SME
RONW (%) NA NA NA NA
• BRLM : Fedex Securities Limited
• Registrar : Bigshare Services Pvt Ltd
• Company Management : Bharatbhai Jivrajbhai Limbani and Jaysukhbhai Popatbhai Limbani
• Pre Issue Promoter Holding : 100%
• Issue constitutes 30.94% of the post issue paid up capital
• Average of last 3 Yrs. EPS NA & RONW : NA
• Pre IPO Eq. Capital Rs. : 5.36 Cr. • Post IPO Eq. Capital Rs.7.76 Cr.
• Pre IPO : P/BV Ratio NA (NAV : NA) • Post Issue : P/BV Ratio : 2.24 (NAV : 22.29)
• Post IPO asking P/E on fully diluted equity : 46.73
• BRLM’s Performance : This is 15th Issue from BRLM in last 4 years. In last 10 Listing : 7 Issued opened with
premium & 1 Issue with Discount and 2 Issues with at par.
OTHER SIDE OF THE COIN

• The company has converted its entire equity at par and its Average cost of acquisitions of Equity Shares held by the
promoter is Rs. 10 per Equity share and offer price is Rs. 50 per equity share.
• Company works in a highly competitive segment with limited number of customers and it also faces competition from
many organized and unorganized players.
• There are only 9 skilled and unskilled employees on company's payroll.
• As per the filing of November 2022, its ROE and ROCE have declined from 25.66% and 11% to 3.55% and 2.84%
respectively.
• The company is highly depended on its suppliers for raw materials and they don't have even entered into any long
term agreement with their suppliers.
• There is high volatility in the prices of raw materials used by the company which poses an adverse impact in their
business operations and financial conditions.
• Company’s its Promoter and Directors are involved in certain litigation which are currently pending at various stages
and any adverse decisions comes the Company, Promoter or Director then it may impact business and operations of
the company.
• It works in highly capital-intensive segment and it has reported negative cash flows in previous year's fillings.
Recommendation : It has incurred loss FY21 and turn the corner in FY22 but it has reported set
back in bottom line for 8MFY23 EPS, PE & RONW and NAV is not available for FY20 to FY22. On
valuation front considering P/BV of 2.24 and PE of 47.40 issues is exorbitantly priced. Investors
should give clear avoid and stay away from this very expensive issue.
Financial Weekly TM

April 2023 67
A G Universal Limited NSE SME IPO
Opens on 11th April & Closes on 13th April
Offer Price Rs. 60; Listing on NSE SME
It has posted consistent growth in its financial performance for last three fiscals
In FY23 set back in top line but sudden jump in bottomline is unlikely to sustain
Company will take longer gestation to migrate to mainboard due to tiny equity capital
On all valuation parameters issue is exorbitantly priced compared to peers
Investors may stay away from this expensive issue
Incorporated in 2008, A G Universal Limited operates as a supplier of industrial MS Tubes, GI Pipes, and Hollow Sections.
The company's product range includes Stainless Steel Pipes, Mild Steel Pipes, ERW Black Pipes, GI Pipes, Hollow Sections,
uPVC Pipes, cPVC Pipes, TMT Bars, Wire Rods, MS Wire, CR Coils, and HR Coils. A G Universal's customer base includes
Surya Roshni Limited, Jindal Supreme (India) Private Limited, Swastik Pipe Limited, Ravindra Tubes Private Limited, SKS
Ispat & Power Ltd, etc. The company was initially established as Akshata Polymers Private Limited as a petroleum (polymers)
business. The company has done dealership agreements with many organizations like Reliance Industries Ltd. for its petro-
leum products (polymers/FO/oils) business and import of polymer products from Korea, China, Saudi Arabia, etc.
Issue Details
• Issue Opens on 11th April & Closes on 13th April 2023
• Object of the issue : To meet the working capital requirements of the company and General corporate purposes and issue
expenses.
• Issue Size : 14,54,000 Shares (Rs. 8.72 Cr.) Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 60 Particulars (Rs. Cr.) FY20 FY21 FY22 8MFY23
• Minumum Lot Size : 2000 Share • Listing on : NSE SME Total Revenue 20.08 38.64 70.74 35.95
• BRLM : Share India Capital Services Private Limited Profit After Tax 0.05 0.15 071 1.14
• Registrar : Skyline Financial Services Private Ltd EPS 2.02 5.99 19.18 5.07
• Company Management : Ms. Bharti Gupta and Mr. Amit Gupta RONW (%) 2.80 7.68 27.09 17.55
• Pre Issue Promoter Holding : 95.53%
• Post Issue Promoter Holding : 69.02%
• Issue constitutes 26.51% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 9.18 & RONW : 16.72%
• Pre IPO Eq. Capital Rs. : 4.03 Cr. • Post IPO Eq. Capital Rs.5.48 Cr.
• Pre IPO : P/BV Ratio 3.58 (NAV : 16.77)
• Post Issue : P/BV Ratio : 4.87 (NAV : 12.33)
• Pre IPO P/E Ratio : 46.15
• Post IPO asking P/E on fully diluted equity : 20.10
• Industry peer group PE Ratio : 15.17
• BRLM’s Performance : This is 5th Issue from BRLM in last 6 years. In last 3 Listing : 1 Issued opened with premium & 2 issues
with at par.
OTHER SIDE OF THE COIN

" The average cost of acquisition of equity shares by the promoters is Rs. 3.31 and Rs. 5.04 per share and offer price is Rs. 60
per share.
" It has also issued bonus shares in the ratio of 6:1 in March 2021 and in the ratio of 1:1 in October 2022
" Apart from initial equity capital issued at par, company issued further equity shares in the price range of Rs. 50 to 100 per
share between March 2009 and September 2022.
" Post IPO paid up equity capital of Rs. 5.48 Cr. Indicates Company will take longer gestation for migration to main board.
" It has only 11 employees on its payroll
" This segment is highly competitive.
" Borrowings as on 30th November 2023 is Rs. 9.50 cr.
Recommendation: It has posted consistent growth in its financial performance for the last three
fiscals. If we annualized 8MFY23 results there is setback in top line and sudden jump in bottom line
is surprising, doubtful and window dressing, which is unlikely to sustain going forward. On valua-
tion front based on FY22 earnings it is at a P/BV of 3.58 and PE of 46.15, issue appears exorbitantly
priced and based on annualized FY23 earnings it is at a P/BV of 4.87 and PE of 20.10, issue appears
fully priced compared to peers average PE of 15.17. Investors may stay away from this pricey issue.
Financial Weekly TM

April 2023 68
Indiabulls Commercial Credit NCDs Issue
Opened on 3rd April & Closes on 19th April
Offer price Rs. 1000 per NCD; Listing on BSE & NSE
Company is entering in to the market with 3rd Debt offer, since Spet.2018
Posted consistent growth in bottom lines for the last three fiscals & 3QSFY23
However it has reported set back in top line for FY21;
sudden jump in PAT of FY22 & 23 is surprising
Considering AA rating, attractive coupon rate & high reserve, apply for 36 Months
Incorporated in 2006, Delhi-based India bulls Commercial Credit Limited (ICCL) is a non-de-
posit-taking NBFC. It is a 100% subsidiary of India bulls Housing Finance Limited (IHFL), which
itself rules as one of the largest housing finance companies in India. The company is also a noti-
fied financial institution under the SARFAESI Act. Retail mortgage loans to self-employed indi-
viduals, proprietorships, and small businesses. Corporate mortgage loans to developers of resi-
dential projects. The customers of the company include salaried and self-employed individuals
and small and medium businesses. ICCL has a pan-India presence with offices in Tier I, Tier II,
and Tier III cities. The company has a sales team of over 3,500 employees.
Issue Details Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY20 FY21 FY22 3QSFY23
Total Revenue 2191. 28 1632. 94 1841. 88 1426. 58
Profit After Tax 19.81 139. 04 508. 22 301. 44
• Issue Opened on 3rd April & Closes on 19th April
• Object of the issue : For the purpose of 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. 200 Cr., Shelf Size : Rs. 1000 Cr.
• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs
• BRLM : Edelweiss Financial Services Ltd, Elara Capital (India) Private, Trust Investment Advi-
sors Private Limited
• Registrar : KFin Technologies Limited
• Rating : CRISIL AA/Stable by CRISIL Ratings Limited and [ICRA]AA (Stable) by ICRA Limited.
• Tenure : 24, 36, and 60 Months
• Coupon Rate : 9.57% to 10.50%
• Category : Institution : 30%, Non Institutation : 10%, HNIs : 30% and Retail 30%
Recommendation : Company is coming out with 3rd Offer; last offer was in January
2023. It has posted consistent growth in bottom lines for last three fiscals & 3QS of
FY23. However it has reported set back in top line for FY21. Sudden jump in bottom
line for FY21 & FY22 is surprising. Its NPA is 2.31% & Post issue Debt/ Equity ratio is
1.43% Considering AA/Stable rating, Reserve of Rs. 5091 Cr. Coupon rate from 9.57%
to 10.50%. Investors may apply in this attractive for the tenor of 36 months.
Financial Weekly TM

April 2023 69
Edelweiss Financial Services NCDs Issue
Opened on 6th April & Closes on 21st April
Offer price Rs. 1000 per NCD; Listing on BSE
This is 7th debt issue since 2020; last issue was opened on 3rd Jan. 2023
It has posted inconsistent financial performance for the last thee fiscals
Net NPA up from 1.80% to 1.93% & debt/equity ratio rises from 0.50 to 0.58
Considering A Negative rating & attractive coupon rates only those
Investors having surplus fund may apply for midterm in this issue
Incorporated in 1995, Edelweiss Financial Services Limited (EFSL) is a Mumbai-based invest-
ment banking firm and Merchant Banker. Edelweiss is also involved in businesses like credit (re-
tail and corporate), wealth management, asset management, asset reconstruction, and insurance
including life and general insurance businesses through its subsidiaries. The company has a pan-
India and international network with approximately 300 offices, in approximately 126 cities in India
and three international locations and employed approximately 8,500 employees.

Particulars (Rs. Cr.) FY20 FY21 FY22 3QSFY23
Issue Details Total Revenue 9602.6 10837.8 7304. 60 5534.9
Profit After Tax -(2043.7) 253.9 212.0 233.4
• Opened on 6th April & Closes on 21st April
• Object of the issue : For repayment/prepayment of interest and principal of existing borrowings
and General corporate purposes.
• Issue Size : Base Issue : Rs. 200 Cr., Shelf Size : Rs. 400 Cr.
• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs
• BRLM : Equirus Capital Private Limited
• Registrar : KFin Technologies Limited
• Rating : CRISIL AA-/Negative by CRISIL Ratings Limited and ACUITE AA-/ Negative by Acuité
Ratings & Research Limited
• Tenure : 24, 36, 60 and 120 Months
• Coupon Rate : 8.95% to 10.45%
• Category : Institution : 10%, Non Institutation : 10%, HNIs : 40% and Retail 40%
Recommendation : This is 7th Debt offer from the company since 2020 & its last offer was
opened on 3rd January 2023. Company has posted inconsistent financial performance in last three
fiscals and it has also incurred loss in FY20. Though it has reported good growth in top line and
bottom line for the 3QSFY23. Company Net NPA has increased from 1.8% to 1.93% & debt to
equity ratio also rises from 0.50 to 0.58. It has increased its coupon rates from pervious of 8.99% -
10.46% to 8.95% - 10.45%. Crisil and ACUITE have give AA-/Negative rating. Only those inves-
tors having surplus fund may apply in this issued for midterm.
Financial Weekly TM

April 2023 70
A.F. Enterprises Limited Rights Issue
Openes on 5th April & Closes on 20th April
Offer price Rs. 19 per Share; Listing on BSE
Code : 538351 • CMP : 14.05 (4-4-23) • 52WKHL : 138.90/7.83
It has posted consistent growth for last two fiscals; Promoters stake is low
Setback in top line and sudden jump in bottom line for 3QSFY23 is surprising
Right issue is available at 26% premium to its CMP
Incorporated in 1983, AF Enterprises Limited manufactures and sells plastic products under its
registered brand name "RIDH" as well as provides IT services under the name "Aunik IT Solutions
Private Limited". The company manufactures molding base components such as industrial goggles,
plastic tiles, PPE kits, plastic pallets, crates, containers, industrial crates and material handling
containers, face shields, plastic dustbins, and 3-ply masks. The company caters to industries like
warehousing, logistics, engineering & capital goods, pharmaceuticals, FMCG, etc. AF Enterprises
also provides IT services and customizable software to organizations operating in pan India.
Issue Details
• Date 5th April & to 20th April 2023 Particulars (Rs. Cr.) FY 20 FY 21 FY 22 3Q SFY 23
Total Revenue -- 37.81 51.01 9.75
• Issue Size : 2,25,81,817 Eq. Shares (Rs. 42.91 Cr.) Profit After Tax -- 1.05 1.12 2.27
• Face Value Rs. 10 • Issue Price : Rs. 19 per Share

• Market Lot : 1 per Share • Listing on BSE
• Terms of payment : Full amount of Rs. 19.00 per Equity Share is payable on application.
• Lead Manager : Navigant Corpo and First Overseas Capital
• Registrar : Skyline Financial Services Private Ltd
• Market Cap : Rs. 69.72 Cr.
• Pre IPO Equity Capital 14.11 Cr.
• Post IPO Equity capital Rs. 36.70 Cr.
• Cum Right basis at Rs. 14.37 (20-3-2023)
• ex Right basis at Rs. 14.70 (21-3-2023)
• Since then, It has marked a high/low of Rs. 15.68 / Rs. 12.70
• It last closed at Rs. 13.68 (3-4-2023)
• 52 Weeks high / Low of Rs. 138.90 / Rs. 7.83
Recommendation : It has posted consistent growth for last two fiscals however setback in top
line & sudden jump in bottom line for 3QSFY23 is surpassing. Rights shares are available at 26%
premium to its current market price. Competitive market, post rights issue high equity base & pro-
moters low equity stake are major concerns.
Financial Weekly TM

April 2023 71
SEPC Limited Rights Issue Issue
Openes on 10th April & Closes on 24th April
Offer price Rs. 10 per Share; Listing on BSE & NSE
Code : 532945 • CMP : 11.33 (4-4-23) • 52WKHL : 15.83/6.27
It has incurred loss in last two fiscals & set back in top line for FY22
Company, turn the corner in 3QSFY23 with very nominal earnings
Considering huge curried forward losses, post IPO high equity base
Only high risk taker shareholders may apply to long term in this at par issue
Incorporated in 2000, SPEC Limited provides engineering solutions through multi-disciplinary
design, procurement, construction, and project management services. The company serves in the
Process & Metallurgy, Power, Water Infrastructure, and Mining & Mineral Processing business
segments. SPEC Limited's customer list includes Ahmedabad Urban Development Corporation,
Bangalore Water Supply and Sewerage Board, Basra Governorate, Republic of Iraq, Konkola
Copper Mines plc, Zambia, and many more
Particulars (Rs. Cr.) FY 21 FY 22 3Q SFY 23
Issue Details Total Revenue 582.79
329.46 236.62
th th Profit After Tax -(178.25)
-(220-92) 15.24
• Issue Openes on 10 April & Closes on 24 April 2023
• Object of the Issue : To augment the existing and incremental working capital requirement of our
Company and General Purposes
• Issue Size : 4,99,00,000 Shares • Rs. 49.90 Cr.
• Face Value Rs. 10 • Issue Price : Rs. 10 per Share
• Market Lot : 1 per Share • Listing on BSE & NSE
• Terms of payment : Full amount of Rs. 10 per Equity Share is payable on application.
• Entitlement : 2 Rights Equity Share(s) for every 53 fully paid-up Equity Shares held on Record
Date : 29-3-2023
• Deemed Date of Allotment : 3-5-2023
• Lead Manager : Self Managed
• Registrar : Cameo Corporate Services Limited
• Market Cap : Rs. 1371.43 Cr.
• Pre IPO Equity Capital Rs. 1321.53 Cr.
• Post IPO Equity Capital Rs. 1371.43 Cr.
• Cum Right basis at Rs. 11.27 (28-3-2023)
• ex Right basis at Rs. 11.15 (29-3-2023)
• Since then, It has marked a high/low of Rs. 12.30/ Rs. 10.21
• It last closed at Rs. 11.33 (6-4-2023)
• 52 Weeks high / Low of Rs. 15.83 / Rs. 6.27
Recommendation : It has incurred losses for the last two fiscals & there is setback in top
line for FY22. Its carried forward loss is very high, company turn the corner in 3QSFY23 with
very nominal earnings, Rights issue offer is at par and it is available at 11.73% discount to
current market price. Its maiden issue price was Rs. 300 in 2008 & now trading in heavy
discount. Considering huge carried forward losses & post IPO high equity base only high
risk taker shareholders may apply for long term prospecirtve.
Financial Weekly TM

April 2023 72
Smart Best Buy S. N. Zaveri
Oberoi Realty : Good bet in Realty for investment

Cholamandalam Investment: Stck surges on Strong Q4 numbers
Anupam Rasayn hits 52-week high on new product manufacturing announcement
Atul Auto : Vijay Kedia raises stake as sales increases
Linde India: More acquisition in Rennewables will help reduce cost
Oberoi Realty (Rs. 896.00) (Code : 533273) : Oberoi Realty is expecting to receive
OC for Commerz III (Goregaon) by end of FY24. Further, Morgan Stanley – which has leased
1.1msf (carpet area), accounting for 50% of the total area – has commenced fit-outs and likely to
start paying rentals beginning FY25. The leasing for the balance area will commence six months
prior to the completion and OBER expects to fully lease out the area by FY25. At full occupancy,
Commerz III has the potential to generate Rs 6.0-6.5b of annual rentals (including CAM) beginning
FY26. The company’s Borivali mall is on track to commence operations during Oct-Nov’23. The
structure is complete and OBER is progressing on internal finishing at this stage. The phase 1 of
residential development at Sky City with five towers occupied by 1,800 families will be delivered
by Sep’23. A total of 3,200 families are likely to reside in the vicinity with easy access to the mall.
The mall will also be connected with both the exit points of the Metro line, which will drive more
catchments. INOX has already come onboard as one of the anchor tenants with a 10- screen mul-
tiplex and the leasing for the balance area will commence soon. Buy.
Cholamandalam Investment (Rs. 841.00) (Code : 511243) : Cholamandalam
Investment and Finance Company–the financial services arm of the Murugappa group–has said
its total disbursements for Q4FY 23 stood at Rs 21,020 crore as against Rs 12,718 crore in the
corresponding quarter of last fiscal, logging a growth of 65%. For the full year of FY23, the com-
pany has witnessed a 87% jump in disbursements to Rs 66,532 crore as against Rs 35,490 crore
in the previous year, reflecting demand revival for loans in various consumer categories after the
Covid-triggered slowdown. Disbursements in vehicle finance business grew by 39% to Rs 12,190
crore in Q4 and 56% in FY23 to around Rs 39,699 crore. LAP business disbursements grew by
48% to Rs 2,762 crore in Q4 and 68% to Rs 9,299 crore in the fiscal. Disbursements in home loans
grew by 156% at Rs 1,405 crore for Q4 and 102% at Rs 3,830 crore in FY23. Disbursements in the
MSME business stood at Rs 2,104 crore for Q4 and Rs 6,388 crore in FY23, growing at 127% and
232%, respectively. The stock is worth accumulation.
Anupam Rasayan (Rs. 946.00) (Code : 543275) : Anupam Rasayan India (ARIL)
stock hit a 52-week high of Rs 951.75 last week. The company had garnered Rs 760 crore via the
public offering, and had issued shares at Rs 555 per share. In the past two months, the market
price of ARIL has zoomed 58 per cent on expectation of strong and sustainable growth in the
Cont...
Financial Weekly TM

April 2023 73
coming quarters and years. On March 23, 2023, ARIL signed Letter of Intent (LOI) worth revenue of
$120 million (Rs 984 crore) for the next 6 years with one of the leading Japanese Chemical com-
pany to supply new age advance intermediate for life science active ingredient. This product will
be manufactured in the company’s existing as well as upcoming multipurpose manufacturing
facilities.This product is being manufactured for the first time in India, and it is in line with the
government's make in India policy. ARIL is one of the leading companies engaged in the custom
synthesis (CSM) and manufacturing of specialty chemicals in India. Buy.
Atul Auto (Rs. 407.00) (Code : 531795) : Atul Auto Ltd jumped last week after the
three-wheeler manufacturer reported a sharp surge in total monthly sales. The firm reported a 114.56
percent increase in sales in March to 3,154 units from 1,470 in the year-ago period. For fiscal year
2022-23, the firm's sales climbed 59 percent to 2,5549 vehicles from 16,061 units in the previous
year. The firm informed exchanges that veteran investor and Atul Auto director Vijay Kedia raised
stake in the company to 8.4 percent. Kedia converted warrants that were issued to him at Rs 198 a
share in October 2022, raising his holding by 7.05 percentage points from the 1.35 percent held
through Kedia Securities. In Q3FY23, the company’s revenue surged 32 percent on-year to Rs
1.24 billion. Its EBITDA grew to Rs 85 million from a loss of Rs 75 million in the year-ago quarter.
The company was recently selected as one of the suppliers by the government body Convergence
Energy Services Limited (CESL) for its 100,000 units electric 3W tender.Buy.
Linde India (Rs. 4145.00) (Code : 523457) : For purpose of captive power use
Linde India has invested a sum of Rs. 4,78,79,989.65/- in FP Solar Shakti towards subscription of
16,50,465 equity shares (18.29%) of face value of Rs. 10/-each (allotted at a premium of Rs. 19.01/
- each). The purpose of acquisition is to purchase of renewable power under captive mechanism,
which will result in a lower tariff and consequent cost savings. Earlier, it had acquired 26% in FPEL
Surya for captive power use. It has invested Rs 7.69 crore in FPEL Surya towards subscription of
15,39,000 equity shares (26%) of face value Rs. 10/- each (allotted at a premium of Rs. 40/- each).
Linde India is primarily into air separation units. It is the leader in oxygen and hydrogen air separa-
tion units and feature in our portfolio. In Januarty, the company announced beginning mechanical
construction work at its new air separation unit in Ludhiana, Punjab. The upcoming plant will be
Linde’s second plant in the northern region of India, the other one being at Selaqui, Uttarakhand.
The production capacity of the new plant will be 250 TPD (tonnes per day) and the new air separa-
tion unit is expected to be operational by the end of this year. Buy.
SEBI Registered Research Analyst)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
7th April, 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

April 2023 74
Edvenswa Enterprises Ltd. Announces Receipt of Robotic Process
Automation Project from Big Four Consulting Company in US
For 9MFY23, the company reported a consolidated EPS of Rs. 4.67,
with revenues coming at Rs. 34.46 Cr, and a PAT of Rs. 4.07 Cr.
Corporate Feature
Edvenswa Enterprises Limited (formerly known as KLK Elec-
trical Limited (BSE: 517170) is a technology solutions provider that
specializes in corporate innovation through rapid prototyping and
then helps them to rapidly expand by building software applica-
tions of scale. The company is aiming to expand through inorganic
growth opportunities as it looks to complete its first acquisition of
the year in the quarter ending June 2023.
The company has also announced receipt of a new project in
strategic Robotic Process Automation (RPA) space with a Big
Four Consulting Company by its wholly owned subsidiary
Edvenswa Tech Inc, in the United States.
Edvenswa Enterprises Limited (EEL) has started out a focused initiative to capitalize on the growing demand in organizations worldwide
to transform the way the workforce productivity is enhanced by augmenting it with digital workforce (Robotic Process Agents) bolstered with
AI and also physical Robots to increase on ground productivity. Robotic process automation (RPA) is a software technology that makes it
easy to build, deploy, and manage software robots that emulate human actions interacting with digital systems and software. Just like
humans, software robots can do things like understand what's on a screen, complete the right keystrokes, navigate systems, identify and
extract data, and perform a wide range of user defined actions. Most tasks that are mundane and repetitive can be done consistently by
software robots without the need to take breaks.
Edvenswa Tech Inc, a wholly owned subsidiary of Edvenswa Enterprises Limited has bagged a multi-year project to use RPA in software
test automation to test complex software systems being developed and the integrity of the data being migrated from an older system to a new
system. This solution has potential for wider usage in multiple projects with the same client and also potential market with other clients as well.
Speaking on the occasion, Mr. Uppuluri Sreenivasa Sreekanth, the Chairman and Managing Director of the Company said, "We are pleased
to announce that we have secured a contract amidst intense competition, which has established a direct relationship with one of the Big Four
consulting firms. Our team has developed an RPA solution tailored to this specific scenario that presents extensive growth opportunities
across multiple projects at client locations, as well as similar projects with other clients. Our revenue from this emerging avenue has the
potential to reach approximately US$ 2.0 million in the next six quarters". Mr. Ramesh Reddy, the CEO of the Company, expressed further
his appreciation for our shareholders' remarkable response and support in the recent rights issue. Addressing the shareholders, he said,
"The oversubscription is a clear indication of the trust and confidence that shareholders have in the company and its future prospects. The
company remains dedicated to working tirelessly to deliver long-term value to its shareholders and stakeholders, and we assure you that we
will continue to uphold this commitment."
"We are committed to establishing a comprehensive RPA practice to capitalize on the potential of this market. Our approach involves
developing reusable components and tailored agents for a range of applications within the domain,
catering to the needs of our current clients and ensuring adaptability for new clients across various
industries" Mr Anil Boenepalli the CTO of the Company added.
About Edvenswa Enterprises Limited :- Edvenswa Enterprises Limited (formerly known as KLK
Electrical Limited (BSE: 517170), is a technology solutions provider that specializes in corporate innova-
tion through rapid prototyping and then helps them to rapidly expand by building software applications of
scale. Edvenswa's customer list includes large and medium enterprises looking to modernize their
existing systems to achieve their digital transformation goals set for their workforce, systems and
business processes. Edvneswa takes a collaborative engineering approach to bring innovation to
commercialization and to achieve digital transformation at global scale in the shortest possible time.
***
• The company is enroute to announce yearly EPS for FY23 at Rs. 6

(on its 9MFY23 trajectory).
• With its acquisition targets, the consolidated yearly EPS for FY24
could rise due to inorganic expansion, reflecting the consolidated
earnings of the newly acquired firm, if any, in addition to its cur-
rent numbers.
• According to market circles, The industry earnings multiple for a
AI and robotic automation firm is around 40
Financial Weekly TM

April 2023 75
Dalal Street Whispers Dilip K. Shah
Ujjivan Small Finance Bank (Rs. 26.50) (Code : 542904) :- Total deposits rose
39 % to Rs 25,481 crore in Q4 while CASA deposits rose 35 % to Rs 6733 crore. Company’s Gross
loan book increased by 33% to Rs 24,114 crore.
Cholamandalam Investment (Rs. 841.00) (Code : 511243) :- Disbursements

for Q4 FY23 rose 65 % YoY to Rs 21,020 crore. This was Rs 66,532 crore for FY23, up 87 % over
FY22.
Cyient (Rs. 1050.00) (Code : 532175) :- Cyient’s subsidiary Cyient DLM has recieved
SEBI nod for Rs 740 crore IPO.
Nykaa (Rs. 131.00) (Code : 543384) :- Beauty e-retailer Nykaa reported healthy
revenue growth trends in Q4 as tier 1 consumers demonstrated sustained consumption. Its beauty
& personal care (BPC) business saw higher year-on-year growth rates in Q4FY23 as compared to
Q3FY23.
Reliance Industries (Rs. 2341.00) (Code : 500325) :- Reliance Retail entered

the beauty space with the launch of Tira, an omnichannel beauty retail platform that will offer a
curated assortment of the best global and home-grown brands. The country’s leading retailer will
now compete with Nykaa, Tata, and LVMH’s Sephora in India’s growing beauty and personal care
marketplace.
Godrej Consumer (Rs. 967.00) (Code :532424) :- At a consolidated level, the

Godrej Consumer expects to deliver double-digit sales growth in Q4 led by mid-single-digit vol-
ume growth. The company's India business, which contributed over 55 % of its overall revenue in
the last quarter, had exceeded their expectations, while in Indonesia, it was recovering gradually.
Dalmia Bharat Sugar and Industries (Rs. 357.00) (Code : 500097) :-

Dalmia Bharat Sugar and Industries’ board has approved setting up of a grain-based distillery at
the Nigohi unit of the company with a capacity of 250 KLPD with a capital expenditure of Rs 400
crore, which is expected to be commissioned by September 2024. It has also approved capacity
expansion at the Ramgarh Sugar unit from 6600 TCD to 7000 TCD at a capital expenditure of Rs
14 crore.
Yes Bank (Rs. 15.38) (Code : 532648) :- Yes bank has reported a credit growth of
11.3 % at Rs 2.01 lakh crore for the March 2023 quarter. The lender registered a 12.9% growth in
deposits excluding Certificate of Deposits (CDs).
Cont.....
Financial Weekly TM

April 2023 76
Tatva Chintan Pharma Chem (Rs. 1673.00) (Code : 543321) :- Tatva Chintan
Pharma Chem has successfully commenced its commercial production from new facility at its Dahej
manufacturing plant situated at Bharuch, Gujarat.
KEC Internaional (Rs. 467.00) (Code : 532714) :- KEC International securing

orders worth Rs 1,213 crores across various businesses. The Transmission & Distribution (T&D)
business of KEC International got orders for projects in India, SAARC, the Middle East, East Asia
Pacific and the Americas. Its civil business secured an order in the urban infra segment in India,
while the cables business bagged orders within the country and overseas markets.
IOC (Rs. 77.00) (Code: 530965) :- The country’s largest OMC spent a record Rs.
35,205 crore towards capital expenditure in 2022-23. This includes investments in pipeline projects
and investments in JVs and subsidiaries. The company is in the process of investing Rs. 2.40 lakh
crore in 120 projects. Its share in the fuel market has reached 43%.
Dhanlaxmi Bank (Rs. 15.46) (Code: 532180) :- The gold loan portfolio of this
Kerala-based private bank was Rs. 2274 crore in March 2023, a year-on-year growth of 23%. The
bank’s deposits have grown by 7.45% to Rs. 13,327 crore.
Sail (Rs. 82.00) (Code: 500113) :- This PSU achieved record crude steel production in
the just concluded financial year. Its production of 1.828 crore tonnes was 5.3% higher than the
previous year.
UGRO Capital (Rs. 154.00) (Code: 511742) :- This NBFC is targeting on-tap credit
to 10 lakh MSMEs in the next three years. It has launched the GrowX app to provide collateral-free
instant credit to small traders.
NHPC (Rs. 40.00) (Code: 530098) :- The government is considering selling state-
owned NTPC’s two hydropower firms to NHPC to create a single hydropower company that would
improve efficiency and cut costs. There are many hydro PSUs and their coming together can cre-
ate a large hydropower PSU.
Tinplate (Rs. 312.00) (Code: 504966) :- This Tata Steel subsidiary has begun work
on an Rs. 2,000 crore expansion project. The expansion will take its increase its existing capacity
of 4.15 lakh tonnes per annum by 3 lakh tonnes to 7.15 lakh tonnes by 2026.
Tata Motors (Rs. 437.00) (Code: 500570) :- Amid the easing of semiconductor
shortage, sales of JLR have gone up. The luxury car manufacturer sold 1,02,889 units in the March
quarter, a year-on-year growth of 30% and a quarter-on-quarter growth of 21%. The company’s
wholesale volume grew 24% y-o-y to 94,649 units.
Cont.....
Financial Weekly TM

April 2023 77
Britannia (Rs. 4299.00) (Code: 500825) :- This leading FMCG player has announced
an interim dividend of Rs. 72 per share, one of the highest dividends it has paid in recent times.
Dhampur Sugar (Rs. 235.00) (Code: 500119) :- The board has approved an in-
terim dividend of Rs. 5 per share and a special dividend of Re. 1.
Bandhan Bank (Rs. 208.00) (Code: 541153) :- This private sector bank reported
advances of Rs. 1.09 lakh crore for the Jan-Mar quarter.
ONGC (Rs. 150.00) (Code: 500312) :- This PSU hydrocarbon producer will invest $7
billion in the next four years. The company will invest in up to 24 field development enhanced oil
recovery, and improved oil recovery projects to reverse the declining trend in oil & gas production.
L&T (Rs. 2274.00) (Code: 500510) :- This engineering behemoth’s hydrocarbon busi-
ness has secured multiple offshore contracts worth Rs. 7000 crore from The Middle East. The
scope of work includes engineering, procurement, construction and installation of various new
offshore facilities and integration with existing installations.
Equitas Small Finance Bank (Rs. 70.00) (Code: 543243) :- This small finance
bank disbursed loans of Rs. 5917 crore in the March quarter, an annual growth of 80% and quar-
terly rise of 23%. The bank's deposits grew 34% on an annual basis to Rs. 25,381 crore.
Tata Steel (Rs. 104.00) (Code: 500470) :- The company reported crude steel pro-
duction of 1.99 crore tonnes in 2022-23, an annual growth of 3%. For the March quarter, the output
was 51.5 lakh tonnes, 5.1% higher than 49 lakh tonnes in the same quarter of last year.
RVNL (Rs. 73.00) (Code: 542649) :- This railway company has emerged as the lowest
bidder for a North-Central Railway project of Rs. 121 crore.
Infosys (Rs. 1422.00) (Code: 500209) :- Infosys has extended collaboration with
data and analytics company LexisNexis to provide information services across its range of con-
tent, enterprise and product applications.
D-Mart (Rs. 3495.00) (Code: 540376) :- The company has reported standalone rev-
enue of Rs. 10,337.12 crore for the March quarter, a growth of 20% on an annual basis.
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
7th April, 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

April 2023 78
Keep eyes on Titan Industries
Col Ajayastromoneyguru
Mobile 9414056705
Second week of April month 2023 represented by planet known as Mercury and year 2023
represented by planet known as ketu.
Combination of Mercury and ketu bring positive move in Bullion in global market in week starts
from 10-14 April 2023.
King of all planets sun will make conjunction with Jupiter
Mars will be in Mercury house while Jupiter will be its own house with sun during week.
Venus will be own sign .It's important to note Jupiter and Venus are in own house.
Our previous week advance prediction proved correct. Stock Market seen power stocks IEX
seen 16%, NTPC 1.7%, Power grid corporation also seen good uptrend as per expectations.
Cummins, mustered, red chili, soybean also seen great uptrend as per expectation.
Automobile and metal stocks also seen good uptrend previous week as per our advance alert
previous week.
Hope all readers must have enjoyed big profit in stock and commodity market.
Now this week keep eyes Titan Industries, Muthu finance should be under observation.
Now this week Turmeric, Chana looking positive in Agriculture commodities.
Timely profit booking is mandatory for short term trading
The above prediction and Analysis is done basis of Fundamental Analysis and Financial As-
trology.
Risk management is mandatory tool in stock Market.
You may use your wisdom and consult your analyst before taking any decision.
The above Analysis only for Education purpose.
Col Ajayastromoneyguru
Mobile 9414056705
Financial Weekly TM

April 2023 79
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Financial Weekly TM

April 2023 80
Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(10th March 2023 to 16h April 2023)
In this week, Sun, Jupiter, in Pisces, The speculative planet Rahu and Mer-
cury, in Aries, venus in taruus, and Ketu in Libra, Mars in gemini, Saturn in
capricorn,. Moon occupies the house of scropio, Sagittarius and Capricorn
houses. On 10th April and 11th April 2023, The conjunction of rahu and mer-
cury in aries taking seventh position towards ketu in libra may bring volatility in
the market. On 12th April and 13th April 2023, Moon in sagittraius taking sev-
enth position towards mars in Gemini may favour the market. On 14th April
2023, The market remains closed due to Dr B R Ambedkar Birthday. Textiles,
Banking. FMCG, defence, paper industry may favour the market. IDFC Bank,
SBI cards, Paras defence, may show good movements of stock prices
GOLD PRICE MOVEMENTS

(10th March 2023 to 16th April 2023)
10th and 11th April 2023 : The conjunction of mercury and rahu in aries
taking seventh position towards Ketu in libra bring volatility in the market
12th April and 13th April 2023 : Moon in Sagittarius taking seventh
position towards Mars in Gemini many bring volatility in the market.
14th April 2023 : Market remains closed due to Dr B R Ambedkar Birthday

Financial Weekly TM

April 2023 81
Performance of “SMART PLUS NEWS LETTER”
Amazing 17% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
27-3-23 Recomm. (%) 27-3-23 Recomm. (%)
Stock Picks Dr. Reddy 4623 4701 1.69
Go Fashion 1003 1014 1.10 Laurus Lab. 294 304 3.40
Dalmia Bharat 1970 1998 1.42 RBL Bank 141 147 4.26
GR Infra 1003 1016 1.30 Mid Cap Stocks
SBI Cards 737 758 2.85 Arvind Smart Space 282 288 2.13
Reliance Ind. 2333 2341 0.34 Rain Ind. 149 153 2.68
Balkrishna Ind. 1955 1964 0.46 SDBL 153 158 3.27
ICICI GI 1077 1088 1.02 Duncan Engg. 346 378 9.25
Apar Ind. 2505 2724 8.74 Small Cap Stocks
Power mech 2464 2513 1.99 Subex 28 33 17.86
HG INfra 782 846 8.18 GMR Airport 40 43 7.50
Ultratech Cement 7622 7701 1.04 Conart Engg. 38 39 2.63
Dixon 2857 2887 1.05 Saurashtra Cement 50 54 8.00
Coforge 3817 4003 4.87 Fundamental Stocks
L&T 2165 2274 5.03 Va Tech Wabag 352 356 1.14
Ingersoll Rand 2619 2677 2.21 JK Laxmi Cement 791 801 1.26
Technical Shares Balrampur Chini 369 411 11.38
Hero Moto 2343 2427 3.59 Coal India 213 221 3.76
Kotak Bank 1733 1757 1.38 Action Const. 407 415 1.97
Syngene 598 604 1.00 Suprajit 345 353 2.32
Neuland Lab. 1804 2058 14.08 KEC Intl. 456 467 2.41
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April 2023 82
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Industry/ Sector:Telecomm Equipment & Infra Services)

Wipro (CMP: 367 ,52 Week H/L:594 /355, M. Cap:2,01,217 Cr.,

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Hero Motor Corp (CMP: 2,426 ,52 Week H/L:2,939 /2,242,

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- Vishal Baliya (Co-Founder-Happy Candles Investment)

For courses related to Stock market analysis visit website

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Global Market-OPEC+ nations announced

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Application area of AF’s products

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