Smart-Investment 07-13 May 2023

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7th May
:: Shree Ganeshay Namh :: 2023 to 13 th
May 2
2023 Page
Only Financial Weekly Published in English & Gujarati
78
TM
GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

VOL : 16 • Issue No: 13 RNI No : GUJENG / 2008 / 24320 7th May to 13th May 2023
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
01-05-2023 HOLIDAY -- --
02-05-2023 9972.5 7975.15 1997.35
03-05-2023 7498.33 6160.83 1338
04-05-2023 7311.04 5896.31 1414.73
05-05-2023 8242.95 7465.27 777.68
TOTAL 33024.82 27497.56 5527.76
FII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
01-05-2023 HOLIDAY - -
02-05-2023 5649.54 6043.59 -394.05
03-05-2023 5390.76 5974.75 -583.99
04-05-2023 5611.15 5169.59 4411.56
05-05-2023 4956.49 7155.26 -2198.77
TOTAL 21607.94 24343.19 1234.75
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Financial Weekly TM
7th May 2023 to 13 th

May 2023 3
Analysis of the
last 43 years of data of Sensex
There were around 11,000 Category wise returns for
trading days in the last 43 years. 20 years (CAGR)
Hybrid 15.96%
Observations on positive and negative
Diversified 16.25%
return occurrences.
ELSS 18.20%
Daily 53% time Positive and 47% time Negative.
*All Funds 16.41%
Weekly 56% time Positive and 44% time Negative
** excluding LIC and few AMCs
Monthly 61% time Positive and 39% time Negative
Sensex was at 3800 in June 1996 (26 years back).
Quarterly 64% time Positive and 36% time Negative In the last 26 years, average-ex MF delivered 18%
CAGR.
Yearly 72% time Positive and 28% time Negative
Had Sensex delivered as much as average MF
3 years 89% time Positive and 11% time Negative schemes then the value of BSE Sensex should have
been:
5 years 96% time Positive and 4% time Negative At 16.4% CAGR,
10 years 100% time Positive and 0% time Negative SENSEX should be around 1,70,000 levels
SENSEX delivered 15.5% CAGR returns over the last 43 years.

At 18% CAGR,
Decadal returns dispersion (CAGR) SENSEX should be around 2,38,000 levels.
1980-1990 21.6%
1990-2000 14.3%
Isn't this amazing!!!
2000-2010 17.8%
2010-2020 8.8%
2020~2022 24.8%
• BSE Sensex returns 15.5%, if we add an average dividend yield of 1.4% for the last 43 years.
• At 16.9% compounding the value of BSE is actually around the 800,000 level.
• Longest period without returns was from 1994 to 2003. 9 years in total.
• Since 2002, in the last 18 years NO single 7 years of rolling returns were without returns.
This means since 2002 if you ever invested and kept money for a minimum period of 7 years then you would have never
lost money.
But what is most surprising and rewarding has been the performance of actively managed equity funds. Here are the
data:
https://forms.gle/Q6PG4V5J2PWvvWR59
Financial Weekly TM

May 2023 4
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May 2023 5
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May 2023 6
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Financial Weekly TM

May 2023 8
Analysts Cut AMBUJA Targets on Analysts Have mixed views on
Weak Prospects, Rich Valuations RELIANCE After a Record Q4
Brokerages Rating Price Targets Brokerages Rating Price Targets
BeforeQ4 After Q4 BeforeQ4 After Q4
Investec Buy 504 495 Nuvama Buy 3205 3205
Jefferies Buy 490 480 Jefferies Buy 3100 3125
Citi Buy 440 455 CLSA Buy 2970 2970
Nuvama Buy 458 458 JP Morgan Overweight 2960 2960
Morgan Stanley Equal W. 380 380 JM Financial Buy 2900 2900
I-SEC Inst. Hold 395 410 Goldman Sachs Buy 2875 2890
Motilal Oswal Neutral 390 390 Nomura Buy 2850 2850
JP Morgan Neutral 405 385 Kotak Equitas Buy 2900 2800
Macquire Outperform 472 472 BNP Paribas Buy 2750 2800
Bernstein Outperform 451 451 Motilal Oswal Buy 2833 2800
CLSA Reduce 400 395 I-Sec Inst. Add 2802 2650
Kotak Inst. Sell 340 340 HSBC Hold 2530 2550
Analysts Stay Upbeat on INDUSIND,

Expect Gains of up to 38%
Analysts Bullish on
Brokerages Rating Price Targets
BeforeQ4 After Q4
ICICI After Strong Q4
Brokerages Rating Price Targets
Goldman Sachs Buy 1411 1522 BeforeQ4 After Q4
Jefferies Buy 1550 1550 CLSA Buy 1200 1175
Kotak Inst. Buy 1350 1350 Jefferies Buy 1180 1150
Nuvama Buy 1180 1115
Nomra Buy 1460 1400 JP Morgan Overweight 1150 1150
Nuvama (Edelweiss) Hold 1230 1230 Motilal Oswal Buy 1150 1150
BNP Paribas Buy 1130 1130
CLSA Buy 1500 1500
JM Financial Buy 1115 1115
Morgan Stanley Overweight 1525 1525 Goldman Sachs Buy 1100 1076
JP Morgan Neutral 1060 1060 Citi Buy 1100 1100
Nomura Buy 1100 1100
Citi Buy 1420 1380 Kotak Inst. Buy 1070 1070
JM Fin. Inst. Buy 1470 1375 HSBC Buy 1060 1050
Buy... Buy... Buy on Dips Hold Sell on High

Man Ind. 104.00 Goodyear 1202.00 Manappuram Fin. 105.00
Gabriel India 165.00
J&K Bank 57.00 JBM Auto 832.00 RBL Bank 148.00
Vishnu Chem 308.00
BHEL 80.00 Dabur 505.00 Tata Elxsi 6661.00
Bharat Wire 165.00
AB Capital 170.00 MRF 98587.00 HDFC 2701.00
Power Finance 168.00
New India Ass. 118.00 Indusind Bank 1074.00 Voltas 798.00
TD Power 179.00
Binani Ind 21.00 Foseco India 2520.00 HDFC Bank 1625.00
GIC 173.00
Patel Engg. 23.00 ABB India 3718.00 Max Fin 635.00
TCNS 520.00
M&M 1212.00 Petronet LNG 226.00
Mirza Intl. 65.00 Rane Engie 314.00
Tata Steel 108.00 Ambuja Cement 400.00 NMDC 108.00
Chemplast 456.00
Hitachi Engi 3740.00 ITC 428.00 VST Tiller 2441.00
KAMAT Hotel 177.00
Hind Coppr 104.00 Metropolish 1285.00 Gujarat Gas' 461.00
Thirumalai 204.00
Financial Weekly TM

May 2023 9
https://on-app.in/app/home?orgCode=vgfob
Financial Weekly TM

May 2023 10
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Consolidation Necessary for Further rally
Trend Still Positive

Just when it seemed that Nifty would run away towards higher targets, Bears had other ideas. Friday saw
Nifty forming an Inverted Hammer on the daily timeframe. It is a Bullish Reversal pattern but cannot be
considered as that, as it should have occurred in a downtrend but here it is forming in an Uptrend. On the
Weekly timeframe, both Sensex and Nifty have formed a Shooting Star like formation. But again it cannot be
considered as one, because of the shorter upper shadow. The Upper Shadow is indicative of the Selling
Pressure at higher levels, should be atleast 3 times the length of the body whereas here it is not. Hence
closing above 18267 will negate the bearish view and help Nifty move higher towards 18400-18772. Since the
Trend remains Upwards across all timeframes, the Market still remains a Buy on Decline.
18100 : Key Level to Watch :- 18100 remains a key level to watch as it is not only the 61.8% Retracement
level but also the key Trend Reversal level A close above 18100-18134 will confirm a Trend Reversal. This will
pave the way for Nifty to move higher and a possible retest of the life-highs.
S-Zone : 17695 - 17524 :- This
week, Nifty overcame strong Resis-
tances and as a result those resistances
have now turned into good supports.
Strong Support Zone exists at 17695-
17524 which is due to the confluence of
Long Term Average of 200dma (17695),
Medium Term Average of 50dma
(17524), recent Bottom at 17553 and the
Bullish Gap (17573-17529).
Near Term pattern Targets :- This
week, not only did the Nifty complete a
Rounding Bottom pattern but also a Bull-
ish Head and Shoulders with rising Neck-
This Week Recommendations line. Rounding Bottom targets fall at
18400-18772, whereas Bullish Head and
Stocks CMP SL Tgt-1 Tgt-2 Shoulders target is at 18886. Long tern
Bullish Patterns still remain intact. The
Buy MRF 98614 96778 101723 104888 Targets for Weekly C&H are placed at
Sensex 66978 (161.8%) and 70769
Buy TVSMotors 1214 1192 1247 1281 (pattern) & Nifty 19925 - 21045. The
Buy AmbujaCem 400 392 413 427 Targets for Weekly RB are still intact and
are at 69243-73569 for the Sensex &
Buy Syngene 695 678 721 749 20718-22025 for the Nifty. The above
Targets will be done as long as Nifty re-
Buy IOC 82 80 86 91 mains above 16747.
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 17612 17772 17916 18069 18267 18442 18604
SENSEX 59510 60007 60583 61054 61797 62567 63148
Financial Weekly TM

May 2023 11
SMALL BUT BEAUTIFUL IDEAS
Brijesh Barot, Surat (9723108999) brijesh_3011@yahoo.com
FSN E-Commerce (NYKAA)

(Rs. 129.00) (BSE Code : 543384) (F. V. Rs. 1.00)
FSN E-commerce Ventures Ltd. (FSNEV) popu- (Rs. Cr.) Dec.21 Dec.22
Sales 44.00 54.00
larly known as ”Nykaa” is a digitally native con-
Net Profit 16.00 19.00
sumer technology platform, delivering a content-led, lifestyle retail experience to consumers. The
company has a diverse portfolio of beauty, personal care, and fashion products, including owned
brand products manufactured by it.
Nykaa is an Indian e-commerce company, founded by Falguni Nayar in 2012 and headquar-
tered in Mumbai. It sells beauty, wellness and fashion products across websites, mobile apps and
100+ offline stores.[4] In 2020, it became the first Indian unicorn startup headed by a woman.
Nykaa sells products which are manufactured in India as well as internationally. In 2015, the
company expanded from online-only to an omnichannel model and began selling products apart
from beauty. As of 2020, it retails over 2,000 brands and 200,000 products across its platforms.
· Promoters Holding 52.28%
· FII Holding 12.26 % (increased from 5.98 % to 12.26% in last 1 year)
· DII Holding 7.86% (increased from 3.13% to 7.86% in last 1 year)
· Technical Speaking : Currently companies share price quoting at 129.85 Stock is in buy
mode on Super trend, MACD, ADX and Parabola Sar on daily Charts. Investor can accumulate in
zone of 130 to 120 with daily closing Stop loss of 110for immediate target of 145 and medium-term
target of 160 and long-term target of 185+.

Financial Weekly TM TM

May 2023 12
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Financial Weekly TM

May 2023 13
Rapid Fire Stocks
Kalpna J (Email- investwithkalpnaj@gmail.com)

Twitter : @Kj_TechTrades
Past few recommendations Performance

Stock Name Reco. Reco. High Gains Stock Name Reco. Reco. High Gains
Price Date Made (%) Price Date Made (%)
Bector food 441 6th Jan. 659 49.43 Elecon 384 20th Jan 444 15.625
Schneider 151 4th April 210 39.07 Cholamandalam 700 20th Jan 999 42.71
RK forge 282 4th April 345 22.34 Eicher Motors 2962 31st Mar. 3355 13.26
Sanghvi Movers 368 11th Feb. 401 8.96
SHRIRAM FINANCE LIMITED

Accumulate in 2-3 parts at CMP 1318 to 1255, for the targets of 1695 ,
SL 1140, Time frame 2-12 Months
Shriram Finance Limited, formerly known as Shriram Transport
Market Cap Rs. 49,370 Cr.
Finance Company Limited, is an India-based company, which is re- Current Price Rs. 1,319
tail non-banking finance company (NBFC). High / Low Rs. 1,509 / 1,047
Stock P/E 8.21
Quarterly Revenue of Shriram Finance Ltd. Mar-2023 is Rs 7,769 Book Value Rs. 1,162
Cr which is growth of 52.7% YoY. Dividend Yield 2.65 %
ROCE 12.1 %
Quarterly Net Profit of Shriram Finance Ltd. For Mar-2023 is Rs
ROE 17.3 %
1,308 Cr which is growth of 20.5% Face Value Rs. 10.0
The Company is engaged in offering credit solutions for commercial vehicles, two-wheeler loans,
car loans, home loans, gold loans, and personal and small business loans.
The Company through its cutting-edge technology, it is a digital financial institution that reflects
the banking needs of Millennial and Generation Z customers.
Shriram Transport Finance Company Ltd is a part of the SHRIRAM Group conglomerate which
has a significant presence in the financing business.
STFC is engaged in the business of commercial vehicle financing mainly focusing on trucks
from preowned to new ones. It's a Deposit-taking NBFC comprising 1,758 branches, 831 rural
centers, and partnerships with ~500 private financiers Company has delivered good profit growth
of 19.5% CAGR over last 5 years Company has been maintaining a healthy dividend payout of
20.0%
Investment plan of Rs. 75,000 crores on major transport infrastructure projects announced by
the company in the month of May 2023. It offers priority financial services to those in the unbanked
and underbanked sectors. It offers fixed deposits and recurring deposits. Cont....
Financial Weekly TM

May 2023 14
Rallis India
Accumulate CMP 190 for the targets of 295
Time frame 2-12 months
Market Cap Rs. 3681.30
A trusted solutions provider Rallis, a subsidiary of Tata Chemi- Current Price Rs. 189.30
cals, has established a reputation of being a trusted solutions pro- High / Low Rs. 270 / 182
Stock P/E 40.04
vider for agri-inputs, globally, with an accent on innovation, a thor- EPS (TTM) 4.73
ough knowledge of farm science and a penetrative distribution net- CEPS (TTM) 9.43
PB 2.13
work. ROE 5.31 %
The company has established a presence across the value chain, Face Value Rs. 1.00
with a healthy pipeline of sustainable products and services.

Rallis boasts of a robust product portfolio offering comprehensive crop care solutions, including
formulations for crop protection and nutrition. It manufactures and markets a range of agri-inputs,
which include pesticides, fungicides, insecticides, seeds, and plant growth nutrients. The product
portfolio under each category covers a broad spectrum of crop-related requirements.
Rallis has evolved its innovation strategy on 'Serving Farmers through Science'. Accordingly, it
develops innovative solutions to enable farmers to improve their productivity.
A strong distribution network with over 6000 + Dealers and 70000 + retailers reaches a vast
multitude of India's farmers covering 80% districts and exports to over 58 countries; over various
crop segments and across the cultural and linguistic borders.
Rallis India, a subsidiary of Tata Chemicals Limited which is a global company with interests in
businesses that focus on LIFE: Living, Industry and Farm Essentials.
The story of the company is about harnessing the fruits of science for goals that go beyond
business. Tata Chemicals is the world’s second largest producer of soda ash with manufacturing
facilities in Asia, Europe, Africa and North America.
The company’s industry essentials product range provides key ingredients to some of the world’s
largest manufacturers of glass, detergents and other Industrial products.
Rapid Fire Stocks

For My Personal Assistance with
My Elite Membership At a Nominal Cost
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Financial Weekly TM

May 2023 15
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Financial Weekly TM

May 2023 16
D(en)O(f)W(ealth)
Performance of our latest Recommendations
Date Stocks Recom. Remark
16th August 22 MIDHANI Buy at 179 with stop loss of 165 Booked 50% profit at 191 on 24th August and rest 50% booked on
16th September at 225
24th August 22 CAPACITE INFRA Buy at 157 with stop loss of 140 Booked 50% profit at 173 on 29th August and rest 50% booked on
6th September at 184
5th September 22 MIDHANI Buy at 210 with stop loss of 185 Booked 50% profit at 225 on 16th September and rest 50% booked
on 10th October at 250
14th September 22 H T MEDIA Buy at 24.75 with stop loss of 22 Stop loss clicked
15tth September 22 J M FINANCE Buy at 69 wth stop loss of 63 Booked full profit on 23rd September at 76.25
19th September 22 VARDHMAN ACRYLICS Buy at 59 wth stop loss of 54 Stop loss clicked
4th October 22 SKM EGG Buy at 103 with stop loss of 92 Book 50% profit on 9th December at 144
11th October 22 HCC Buy at 15.75 with stop loss of 13 Book full profit on 18th November at 18
12th October 22 BHARAT SEATS Buy at 83 with stop loss of 77 Book full profit on 13th October at 89
25th October 22 RVNL Buy at 39 with stop loss of 35 Book full profit on 4th November at 44
27th October 22 BBL Buy at 2160 with stop loss of 1850 Book full profit on 25th November at 2350
3rd November 22 REDINGTON Buy at 159 with stop loss of 140 Book full profit on 24th November at 175
7th November 22 NELCAST Buy at 93 with stop loss of 78 Book full profit on 5th December at 108
23rd November 22 RCF Buy at 109 with stop loss of 97 Book full profit on 24th November at 124
23rd November 22 WPIL Buy at 1215 with stop loss of 952 Book full profit on 13th Frbruary at 1631
25th November 22 FLEX FOOD Buy at 105 with stop loss of 95 Book full profit on 25th November at 109
25th November 22 IRB INFRA Buy at 255 with stop loss of 240 Book full profit on 29th November at 274
30th November 22 SIGACHI IND Buy at 290 with stop loss of 265 Book full profit on 9th January at 350
5th December 22 ARIES AGRO Buy at 150 with stop loss of 125 Book full profit on 28th December at 194
5th December 22 AMD IND Buy at 48 with stop loss of 41 Book full profit on 8th December at 57
9th December 22 DEEPAK SPINNERS Buy at 246 with stop loss of 225 Book full profit on 12th December at 261
12th December 22 COCHIN MINERALS Buy at 282 with stop loss of 245 Book full profit on 12th January at 316.55
13th December 22 MOREPEN LAB Buy at 32.3 with stop loss of 28 Book full profit on 22nd December at 36
22nd December 22 RDB RASAYAN Buy at 95 with stop loss of 75 Book full profit on 9th January at 104
28th December 22 CLSEL Buy at 135 with stop loss of 115 Book full profit on 6th February at 153
5th January 23 M&M Finance Buy at 237 with stop loss of 215 Book full profit on 6th February at 261
5th January 23 FLEX FOOD Buy at 99 with stop loss of 80 Book full profit on 9th January at 120
11th January 23 NCC Buy at 95 with stop loss of 83
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Financial Weekly TM

May 2023 17
Het Zaveri - Ahmedabad
Stocks Near to 52 weeks Low

What to do now? (Part - 3)
Post correction in Sensex has correction from its All Time High of 63583.07 on 01/12/2022, recently the
Sensex has bounced back a much covering a long gap to its all-time high but still many Large Cap and Mid
Cap which are currently trading near their 52 weeks. 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 6 companies i.e., Indus
Towers, Wipro, Hero Motor Corp, Tata Power, Affle India and Nykaa were given in previous article available
in our newspapers, newsletters and even on our website and application. Now this week we will cover 3
more large cap companies which are near to their 52 Week low is given below:
Infosys (CMP: 1259 ,52 Week H/L :1672/1185, M. Cap: 5,22,345 Cr., In-
dustry/ Sector: IT Software / IT Consulting & Software)
Infosys is the 2nd largest Information Technology company in India behind TCS which provides
consulting, technology, outsourcing and next-generation digital services to enable clients to ex-
ecute strategies for their digital transformation. Infosys generates 32% of its total revenue from
financial services and its Retail, Communication, energy, manufacturing, Hi-tech, Lifesciences and
other businesses contribute 15%, 13%, 12%, 11%, 8%, 7% and 3% of its total revenue respec-
tively. Its 62% of business comes from North America and 25% from Europe while only 3% is
generated from India. As only 3% business is from India and rest from USA and Europe due to the
long going recession the company’s share price is beaten down as its businesses have slowdown
from overseas. The company caters to 185 of Fortune 500 companies including companies/ orga-
nizations like ICICI Bank, Daimler Mercedes-Benz, HSBC Bank, Goldman Sachs, J&J, Accenture,
US Army, US Navy, Lockheed Martin, IBM Corporation, Deutsche Bank and many others.
Company’s subsidiary Edge Verve Systems Ltd which contributes~2.5% of revenue is a global
leader in AI, Automation and Analytics which helps businesses with their business processes,
documents and supply chain and all the three domains are going a very high pace across the
globe and its demand is rising each and every year. Recently it signed a MoU with Aramco to boost
AI in its human resource technology. Though being adversely affected from recession in overseas
the company has reported good results with Net Sales at Rs 37,441.00 crore in March 2023 up by
16%, Quarterly Net Profit at Rs. 6,128.00 crore in March 2023 up by 7.77%, EBITDA at Rs. 9,669.00
crore in March 2023 up by 13.98% compared to same quarter in March 2022. Its EPS also in-
Cont...
Financial Weekly TM

May 2023 18
creased to Rs. 14.79 in March 2023 from Rs. 13.56 in March 2022. Considering good financial
performance of the company backed by its long-term agreements with marquee clients and futuris-
tic business verticals, the company is good to have in portfolio so those who have already invested
in can hold their positions and those who want to make entry then this is the best chance to add this
in your portfolio for long term period.
LIC (CMP: 560 ,52 Week H/L: 949 / 530.05, M. Cap: 3,54,231 Cr., Indus-
try/ Sector: Financial Service / Insurance – Life)
Life Insurance Corporation (LIC) owned by Government of India is the largest insurance provider com-
pany in India with a market share of above 66.2% in new business premium. The company offers participat-
ing insurance products and non-participating products like unit-linked insurance products, saving insur-
ance products, term insurance products, health insurance, and annuity & pension products. It is ranked fifth
globally by life insurance GWP and 10th globally in terms of total assets. It is the largest asset manager in
India with an AUM of Rs 40.1 lakh crore as of Dec 2021, which accounts to 17.0% of India's GDP. Its
investments in listed equity represented around 4% of the total market capitalization of NSE and more
government bonds than the RBI. Though being the largest it is failing to generate returns of retail investors
of market. LIC faces significant competition from private insurers as from FY2016 to FY2021, the total
premium for private sector players in the life insurance industry increased at a CAGR of 18% while LIC's
total premium in India increased at a CAGR of 9% for the same period. LIC debuted in market last year in
2022 with a price band of ?902 to ?949 per share but since then it’s been in a continuous down fall washing
out the wealth of investors. On the contrary Company has a good return on equity (ROE) track record of 3
Years with ROE of 76.4% and it reported stellar financial performance with Net Sales at Rs 196,957.97
crore in December 2022 up 13.02%, Quarterly Net Profit at Rs. 6,334.20 crore in December 2022 up 2596.4%
and its EBITDA at Rs. 10,623.80 crore in December 2022 up 8110.05% compared to same quarter in
December 2021. It is a zero-debt company and dividend paying company with promoter holding of 96.5%
and good valuations, considering this investor who are still invested in LIC may have to hold their positions
for very long-term period and those who want to make fresh entry are having a good chance of investment
for long term period.
GR Infra (CMP: 1006 ,52 Week H/L: 1,570.00 / 930.00,

M. Cap: 9,731.27 Cr., Industry/ Sector: Construction)
GR Infraprojects Ltd is an integrated road Engineering, Procurement, Construction company
(EPC) with experience in the design and construction of various road/highway projects across 16
States in India and has designed and constructed over 100 road projects. As on 31st March 2022,
the order book of the Company stood at Rs 13,100 cr which comprises of 14 road EPC projects, 12
HAM projects, and 3 Railway projects. Its 2.5 times offers good revenue visibility over the medium
term. Recently it has diversified into projects in the railways/metro and power transmission sector
considering the growth in those sectors. The company got listed on July 19, 2021, with a 105%
premium over the issue price. GRIL has a track record of completing projects ahead of schedule
and in FY22 the company has been awarded 10 projects with combined order value of ~ Rs. 9,350
Cont...
Financial Weekly TM

May 2023 19
Crores including 8 HAM Projects, 1 metro project and 1 was power transmission project. It got
listed on July 19, 2021, with a 105% premium over the issue price but in past 1 year it has corrected
a lot and generated negative ROE of -31.5 %. Its Debt-to-Equity ratio is 0.95 which is almost in line
with the peer companies. It has a low PE of 7.25 and high ROCE of 16.33 compared to peer
companies. It generates 90% of revenue from orders books of central government agencies out of
which 89% of orders are from NHAI. Recently, GR Infraprojects has bagged orders for 'six laning of
Surat-Nashik-Ahmednagar-Solapur-MH/KNT border greenfield stretch in the State of Maharashtra,
a Rs 737.17 crore bid for the construction of a four-lane highway in Kausambi, Uttar Pradesh and
construction of 4/6 Lane Bypass for Belagavi City in the state of Karnataka with a project cost of Rs
897.37 crore. Company reported Net Sales at Rs 2,191.88 crore in December 2022 up 10.72%,
Quarterly Net Profit at Rs. 323.65 crore in December 2022 up 122.47% and its EBITDA stands at
Rs. 612.24 crore in December 2022 up 58.38% compared to same quarter in December 2021. Its
EPS has increased to Rs. 33.47 in December 2022 from Rs. 15.05 in December 2021. Consider-
ing the robust financial performance backed by order inflows and government’s constant push
towards infrastructure development, investors may add this company in their portfolio at this price
and stay invested for long term period.
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 & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody. Investors must take
advice from their financial advisors before investing in any stocks.)
Financial Weekly TM

May 2023 20
https://t.me/PREMIUMJACKPOTOPTIONS
Financial Weekly TM

May 2023 21
Vivanta Industries Rising With orders
Vivanta Industries Limited is in the field of Newer Technology/Agro & Bio-tech
Product Development, Project Management Consultancy (PMC), and Turnkey Projects
Corporate Feature
Vivanta Industries Limited is in the field of Newer
Technology/Agro & Bio-tech Product Development,
Project Management Consultancy (P.M.C.), and Turn-
key Projects. Vivanta Industries Ltd, with its head-
quarter in Gujarat, India, was founded in April 2013.
A small-cap Infrastructure/Technology transfer/ Turn-
key Project has market capitalization worth Rs 56.20
Crore.
Vivanta is expecting to reach sales worth around
$10 million and above after establishment of E.V.
partnership with Electric vehicle organizational Cen-
tre North America Corporation for accelerating devel-
opment and commercialization of electric vehicle tech-
nologies, which include vehicle to-grid. Vehicle to -
building and vehicle to - load capabilities, by validat-
ing the technologies and demonstrating the commer-
cial viability of such technologies.
The plant will be established in 18-24 months & The company is expecting to reach sales
the software will be established in 6-12 months from
the date of Receipt of Order. The company is ex-
worth around $10 million and above after
pecting to reach sales worth around $10 million and establishment of E.V. partnership with
above after establishing the project.
Vivanta has reported strong Q4 numbers last
Electric vehicle organizational Centre
week. Its net sales was at Rs 17.69 crore in Janu- North America Corporation.
ary-March 2023 quarter, which is up 2350.35% from
Rs. 0.72 crore in January-March 2022 quarter. EBITDA stands at Rs. 0.25 crore in Q4 2022-23, which is up 4.17%
from Rs. 0.24 crore in Q4 2021-22 2022.Vivanta Industries shares closed at 6.48 on May 03, 2023 (BSE) and has
given 262.01% returns over the last 6 months and 202.80% over the last 12 months.
Vivanta has signed a contract for designing, building, financing and operating a multi-specialty hospital in the city
of Dahod, Gujarat for providing affordable healthcare. The project is spread over 80,000 sq. Feet area which is second
largest facility of Dahod. This project will also cater to secondary care services on cost effective model for middle
strata of the population.
Cont...
Financial Weekly TM

May 2023 22
PARAMETER ANALYSIS
• Annual Revenue rose 1,232.8%, in the last year to Rs. 24.7
Crores. Its sector's average revenue growth for the last fiscal
year was 15.9%.
• Quarterly Revenue rose 2,350.7% YoY to Rs. 17.7 Crores. Its
sector's average revenue growth YoY for the quarter was 14.8%.
• Annual Net Profit rose 266.7% in the last year to Rs. 1.5 Crores.
Its sector's average net profit growth for the last fiscal year was
158.4%.
The Company has also entered into joint ven- • Stock Price rose 218% and outperformed its sector by 195% in
the past year.
ture with Tamy General Trading Co. Ltd. The
• Debt to Equity ratio of 0.3 is less than 1 and healthy. This implies
joint venture will conduct its business under the that its assets are financed mainly through equity.
name of Equator Bioscience Limited. The Joint • Interest Coverage Ratio is 199, higher than 1.5. This means that
Venture shall be formed. With this project, it is able to meet its interest payments comfortably with its
earnings (EBIT).
Vivanta is aiming to increase its geographical
• In last 1 month, Vivanta Industries share price moved up by
footprint in more Tier II & Tier III region in East- 114.41%. (BSE Code : 541735)
African countries. • Vivanta Industries share has a market capitalization of Rs. 58.90
Vivanta has bagged the order to set-up and Crore. Within construction sector, it's Market cap rank is 42.
establish Bio-Gas Projects similar to recently
developed Sabar Dairy, Bio-Gas Electrification
CNG and Fertilizer. The said project is said go-
ing to come up in Sabarkantha and will be fol-
lowed by Banaskantha and North Gujarat with
40 MT capacity. With this project Vivanta is aim-
ing to focus on strengthening its green portfolio
as it chart its decarbonisation path. The de-
mand for power generated through biogas
power plant, is ever increasing. Vivanta is go-
ing ahead in establishing power generation
through bio organic waste having immense op-
portunities for commercial growth and develop-
ment. In addition to this, it also plans to gener-
ate power through waste management which
would be favourable for the company.
***
Financial Weekly TM

May 2023 23
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May 2023 24
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May 2023 25
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

May 2023 26
VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 27

A year has 52 weeks and for last 26 weeks we have been covering various topics related to
Techno-Funda investments. The topics we discussed under Red Pills (Fundamentals) which an
investor should evaluate before/while /after making investment in a company where:
Debt
Pledging
PE ratio
Business Moat
Promoter holding pattern
Balance sheets (quarterly & annual).
Dividend yield
MF holding pattern
FII holding pattern
Cash flow
The topics we discussed under Blue Pills (Technicals) which an investor should evaluate be-
fore/while /after making investment in a company where:
Candlesticks
Different kind of candlesticks
Supports
Resistances
SMAs, EMAs
Father Mother & Small kid theory
Trends
Volume analysis
Parallel Channels
MACD
RSI
Although there is much more to learn, unlearn and relearn these particular topics can be the
starting point for you in the journey to gain financial wisdom. There are 1000s of more parameters
to be learned on Technical and Fundamental side but even if the investor focuses on the above
mentioned parameters and studies them at depth they should make him strong enough to create
wealth and enrich himself through investment in equities. Always remember the famous quote of
Bruce Lee who said, “I am not afraid of someone who knows 10,000 different kicks, I fear the one
who has practiced 1 kick 10,000 times.”
Master some of these basic technical indicators to begin with, start reading about companies,
their products, their management, their business moat, take interest in their account books, look at
their trajectory of growth, how sustainable the growth is, cultivate curiosity around the companies
Cont...
Financial Weekly TM

May 2023 27
where you want to invest etc. This disciplined approach should lead you to success in stock and
securities market. Investing in education (Smart School), subscribing to good financial weeklies
like Smart Investment, Smart Plus and Smart Bonanza etc. will help you to become an aware
investor. You should also try to follow top personalities and institutions which give you knowledge,
information and keep you / make you financially aware.
In future article we will try to focus on topics like financial awareness, trading and investing
psychology, we will talk about success stories and how one should cultivate disciplined approach
towards investing. The journey of Smart School will continue and through this column we will keep
enriching your knowledge and experience through which you will get more and more confidence
and knowledge as an investor. The more aware, active, conscious, informed, sensible, mindful
and organized an investor is more will he benefit from stock market. Smart School will continue to
guide you with an aim to enrich.
Vishal Baliya (Co-Founder-Happy Candles Investment)

Mobile Number: +91 7043469423
Twitter Handle: @candles_happy
Email: info@happycandlesinvestment.com
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
Bhanusali 500052 113.00 Birla Corp 500335 979.00
KarurVysya BK 590003 95.00 Havells India 517354 1285.00
LT Foods 532783 108.00 Titan 500114 2734.00
RVNL 542649 141.00 Cummins India 500480 1597.00
EIL 532178 97.00 TVS Motors 532343 1214.00
Himadri Spe 500184 114.00 Kansai Nerolac 500165 394.00
Sona BLW 543300 500.00 BlueStar 500067 1436.00
Sukhjit Starch 524542 401.00 Anupam Rasayan 543275 1138.00
Bajaj Consumer 533229 174.00 Escorts 500495 2068.00
AB Fashion 535755 214.00 Thermax 500411 2341.00
Indian Hotel 500850 358.00 HAL 541154 2944.00
Duncan Engi 504908 415.00 Akzo Nobel 500710 2408.00
Cochin Shipyard 540678 549.00 India Mart 542726 5942.00
Adani Port 532921 684.00 Ceat 500878 1716.00
IRCTC 542830 625.00 Britannia 500825 4623.00
Tata Chem 500770 959.00 ION Exchange 500214 3619.00
Financial Weekly TM

May 2023 28
Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
US Fed comment & Fed fund rate monitor tool

indicate rate cut by Dec-23
Last week we have discussed how US corporate earnings – most of them came above market
estimate. Global market went into US Fed event with expectation of 25-bps rate hike and expected
pause in policy rates. US Economic data continues to remain mix and shows softness in eco-
nomic activity.
This week we will discuss the action taken by US Fed and indicative pause by US Fed and we
see bond yield indicating softening in economy and fed fund rate monitor tool indicate rate cut by
end of 2023.
US Fed decision on 3-May-23

• Fed raises rates by 25 bps as expected to 5.25%
• Policy statement softens the rate guidance in a way consistent with past pauses
• Deletes reference to “some additional policy firming may be appropriate”
• Unanimous decision
• Fed Chair Powell: a decision on a pause was not made today
• Powell: we'll make decisions meeting by meeting, based on data
US Fed on debt ceiling limit

• FED CHAIR POWELL: no one should assume the fed can protect the economy from a
failure to pay bills on time
• POWELL: economic consequences 'highly uncertain' if no debt deal
US Fed chair Jerome Powell – on inflation and potential rate cuts & future guidance
• FED CHAIR POWELL: if inflation stays high, we won't cut rates
• POWELL: FOMC's inflation outlook doesn't support rate cuts.
• Fed chair Powell: we will take a data depended approach to determine extent of further rate
hikes
• Powell: we will make rate determination meeting by meeting.
• Fed chair Powell: inflation pressures continue to run high
• Powell: strongly committed to bringing inflation back down to 2%
• Fed chair Powell: U.S. Banking system is sound and resilient
• Powell: bank conditions `broadly improved' since early march
Cont..
Financial Weekly TM

May 2023 29
US Fed decision & US regional banking crisis– impact on gold price
• PACWEST SHARES FALL 56% POSTMARKET
• WESTERN ALLIANCE BANCORP SHARES DROP 28%
• Gold Prices Jump To $2050 To Reach Highest Since March 2022 Amid Banking Turmoil
Fed rate monitor tool – showing US Fed 13-Dec-23 meeting
Currently US Fed continues to focus on long term inflation target of 2% and has removed this
reference from this policy statement – “some additional policy firming may be appropriate” and
have guided for decision to be taken meeting by meeting.
Equichain Wealth Advisors: Market View & Opinion

Since COVID-19, we have observed US Fed is behind the curve and taking many sharp rever-
sals in its decision then earlier guided. In 2021, US Fed guided to maintain rate low till end of
2022, but there was swift reversal in policy since January 2022 & March 2022. This rate hike cycle
by US Fed is one of the steepest rate hikes by US Fed and with last rate hike of 25-bps rate hike on
3-May-23. US interest rate is highest in last 4-decades.
US Fed has guided for pause and not pivot as of now, there is banking crisis going in regional
banks in US which is taken care by US regulator. We believe market has not factored in any
banking crisis in big US banks. We have earlier also seen US Fed changing its view based on
incoming data and we would prefer to focus on incoming US economic data.
Equichain Wealth Advisors – SEBI registration number (RIA): INA000016472

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

May 2023 30
Financial Weekly TM

May 2023 31
Financial Weekly TM

May 2023 32
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 - LOW-DURATION FUNDS
" UTI Treasury Advantage Fund
" ABSL Low Duration Fund
" HDFC Low Duration Fund
" HSBC Low Duration Fund
" Nippon India Low Duration Fund
GROWW completed the acquisition of Indiabulls Mutual Fund for Rs. 175 crores. The deal included a cash
equivalent of Rs. 100.62 crores investment. Nextbillion Technology runs Groww. A definitive agreement for the
deal was made back in May 2021. The Competition Commission of India approved in September 2021.Indiabulls
Housing Finance retained the alternative investment fund.
RETAIL INVESTOR' saverage ticket size has come down by 3 percent - from Rs. 70,199 in March 2022 to
Rs. 68,321 in March 2023, as per AMFI data. The Indian Mutual Fund industry has 42 players. MF inflows have
grown 7 percent from Rs. 37.70 lakh crores to Rs. 40.05 lakh crores. The industry accumulated Rs. 63,000
crores from 253 NFOs during the year compared to Rs. 1.08 lakh crores it collected the previous year. This
means a decline of 40% in NFO collections.
NEW STRUCTURE to increase the penetration of Mutual Funds in B30 cities. SEBI ED recently reported
that B30 incentives will continue to exist since SEBI has confirmed that it has not done away with them. Industry
buzz is that the CEO of MFs has to give in writing to SEBI that the B30 incentive structure will not be let to be
misused by distributors.
A NEW TOTAL EXPENSE RATIO STRUCTURE (TER) is on the cards. SEBI is likely to issue a consultation
paper on the new TER structure soon. One proposal is to include a market-linked performance structure to
counter the issue of underperforming schemes.
FINANCIAL INFLUENCERS use to be put to minimum use on social media platforms by distributors and
fund houses, SEBI is considering, according to media sources.
MUTUAL FUND NEW FUND OFFERS DURING THE WEEK

Scheme Name NFO Closing Date
UTI Nifty 500 Value 50 Index Fund May 8, 2023
WhiteOak Capital Multi Asset Allocation Fund May 17, 2023
NJ ELSS Tax Saver Scheme June 9, 2023
MUTUAL FUND DRAFT OFFER DOCUMENT FILINGS BEFORE SEBI

Scheme Name Date of Filing
Navi Cash Fund May 3, 2023
Financial Weekly TM

May 2023 33
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
RELIANCE INDUSTRIES LIMITED board has approved the demerger of Reliance Stra-
tegic Ventures. The firm will now be renamed Jio Financial Services Limited (JFSL). JFSL will
focus on the consumer and merchant lending business. Industry experts say JFSL will use propri-
etary data analytics to complement and supplement traditional credit bureau-based
underwriting.Banking expert KV Kamath is driving the company. Hitesh Sethi was roped in to be
the CEO.Reliance Jio already holds a payment gateway and non-bank lending license.
HDFC LIMITED reported its Q4 numbers. Profit is up 20% at Rs. 4,425 crores, aided by good
net interest income numbers. Growth is in the mid-income segment and high-end properties. In-
crease in staffing expenses, IT, and one-time merger-related expenses. Home loan demand con-
tinues to be strong. Individual loans form 83% of AUM. Asset quality improved. HDFC is evaluating
multiple bids for the sale of its subsidiary HDFC Credila Financial Services. As per RBI directives,
HDFC has to bring down the stake in the subsidiary to 10% within two years and stop customer
acquisitions.
INDUSIND BANK appears to be a compelling candidate for inclusion in MSCI in the August
revision owing to the legroom it will have for FPIs. The banking stock was underperforming to ICICI
Bank and Axis Bank. Its quality and valuations are attractive too.
FEDERAL BANK reported a net profit grew by 67% Yoy to Rs. 903 crores. GNPA and
NNPA have decreased to 2.36% and 0.69%, respectively. Total Advances increased by 20.14%,
and Total Deposits grew 17% YoY. Its Capital Adequacy Ratio (CRAR) of the Bank stood at 14.81%.
Total fresh slippages have gone up primarily because of Agri and BuB segments. Its partnership
with Paisabazaar for cross-selling personal loans is working well.
SBI CARDS AND PAYMENTS SERVICES reported flat quarterly results aided by
significant gross card additions, stronger spends (and stronger receivables) on one side, and higher
credit costs on the otherside. Management expectations are that credit costs will get moderated in
the coming quarters.
UPI transactions declined in volume and value terms in April 2023 after peaking in March
2023. PhonePewent live with UPI LITE to enable low-value transactions. With this, UPI payments
below Rs. 200 will not require a pin.
BITCOIN remained flat, trading around $29,000 and struggling to cross $30,000 decisively.
Standard Chartered reported that Bitcoin would hit $100k due to the 'crypto winter' being over.
Coinbase said it would be halting Bitcoin-based loans.
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

May 2023 34
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Financial Weekly TM

May 2023 35
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
BF UTILITIES LTD
(532430 & NSE) (339.75) (Face Value Rs.5)
BF Utilities Ltd. (BFUL) is a part of USD Particulars 9 Months End
2.4 billion Kalyani Group. BF Utilities Lim- 9MFY23 9MFY22 % Var.
ited, together with its subsidiaries, oper-
Sales 520.46 334.68 55.5
ates as a power producer in India. The com-
PBT 212.78 60.09 254.1
pany generates electricity through non-con-
ventional sources, such as wind. BF Utili- PAT 203.22 54.73 271.3
ties also engages in the development of infrastructure facilities. The company primarily
undertakes toll roads and expressways. BF Utilities Limited was incorporated in the year
2000 and is headquartered in Pune.
The Company has an equity of Rs.18.83 crore. The promoters hold 56.74% while the
investing public holds 43.26% stake in the company.
During 9MFY23 it has reported superb numbers. For 9MFY23, BFUL posted 271.3% higher
PAT of Rs.203.22 crore as against PAT of Rs.54.73 crore in 9MFY22 on 55.5% higher sales
of Rs.520.46 crore fetching an EPS of Rs.25.59.
Currently, the stock trades at a P/E of just 10.9x.
Investors can watch this stock with a stop loss of Rs.310. It may give
very good returns in medium to long term.
Cont...
Financial Weekly TM

May 2023 36
Dark Horse-2
NELCAST LTD
(532864 & NSE) (100.55) (Face Value Rs.2)
Incorporated in 1982, Nelcast manufac- Particulars 9 Months End
tures grey and ductile castings for the M&HCV 9MFY23 9MFY22 % Var.
and tractor industry segments. Around 25% Sales 964.90 667.40 44.6
EBITDA 74.70 46.60 60.3
of its overall revenues is also generated from
PAT 25.3 7.5 238.1
export markets. Key products supplied to its
M&HCV clients include differential carriers, differential cases, bogie suspension brackets, and
conventional brackets, among others. For the tractor segment, the company’s major products are
transmission casing, centre housing, axle housing and hydraulic lift cover. It also supplies base
plates and brake discs for metro rail projects and the railways respectively. Nelcast has an aggre-
gate installed production capacity of 160,000 tonnes per annum. Its factories are located at Ponneri
in Tamil Nadu, and at Gudur and Pedapariya in Andhra Pradesh.
It has an equity base of Rs.17.40 crore that is supported by reserves of around Rs.441 crore.
The promoters hold 74.87% of the equity capital, which leaves 25.13% stake for the investing
public.
During 9MFY23 it has reported superb numbers. For 9MFY23, it posted 238.1% higher PAT of
Rs.25.3 crore as against PAT of Rs.7.5 crore in 9MFY22 on 44.6% higher sales of Rs.964.9 crore
and an EPS of Rs.2.90. It paid 15% dividend for FY22.
Investors can watch this stock with a stop loss of Rs.85. It may give
very good returns in medium to long term.
Financial Weekly TM

May 2023 37
Smart Education - Yog Joshi
Technical Analysis
From
Basic to Advance
Various Sector Chart Analysis

Nifty MNC Sector Chart Analysis
Hello Friends, Hope you all are doing well...!!!
Last time we done a Technical Analysis of Nifty FMCG chart, hope you find that informative
In this sector chart analysis series, with the help of EMA Crossover, MACD, RSI and Fibonacci,
today we are going to analysis for NIfty MNC Sector Chart on weekly time frame
EMA Crossover Analysis :- Looking at the Nifty MNC Chart in the weekly
time frame, first start with EMA crossover. Its clearly shows that price close above 5 days and 21
days EMA, which is known as a positive crossover and
It indicate that in coming days Nifty MNC Chart might show bullish momentum
MACD Analysis :- Looking at the MACD analysis, it shows that MACD line and
Signal line both are trying to come up above zero line, which means both are trying to come in
positive zone and to make a positive crossover in positive zone, this sign is considered as a good
sign for bullish sentiment, in coming days Nifty MNC chart might be show bullish momentum
Financial Weekly TM

May 2023 38
RSI Analysis :- Looking on the RSI Analysis, its clearly shows that RSI is above
middle line, it means is above RSI 50 level and growing, which is considered as a bullish sign for
the upcoming days for this Nifty MNC chart
Fibonacci Analysis :- Looking at the Fibonacci analysis, the price bounced

back from retracement level 50% and is growing, if it closes resistance level 20630 then its pos-
sible to achieve upper side levels like 21500 to 22000 in this year.
Summary :- So looking at the 5-21 EMA Crossover, MACD. RSI and Fibonacci analy-
sis its observed that Nifty MNC Chart are indicating bullish momentum in coming days
I am sharing with you the list of companies which are part of the Nifty MNC Sector, we can keep
this company in our watch list as all these companies are part of the Nifty MNC Sector Chart which
is showing bullish positive momentum.
I hope you find this article informative...!!!
List of NIFTY MNC

Company Name Industry Last Change %Chg Mkt Cap
Nestle Consumer Food 22,019.85 326.1 1.5 2,12,305.96
Maruti Suzuki Passenger Cars 8,948.65 148.05 1.68 2,70,320.87
Bosch Auto Ancillaries - 19,324.85 131.6 0.69 56,996.02
Sanofi India Pharmaceuticals & Drugs 5,551.05 105.45 1.94 12,784.41
ABB India Electric Equipment 3,718.85 73.5 2.02 78,805.55
Abbott India Pharmaceuticals & Drugs 22,650.80 65.35 0.29 48,131.37
Siemens Electric Equipment 3,634.45 56.1 1.57 1,29,430.13
Britannia Consumer Food 4,626.00 38.95 0.85 1,11,425.67
AAVAS Financier Finance - Housing 1,438.20 38.8 2.77 11,369.96
Ambuja Cements Cement 400.55 12.25 3.15 79,535.02
GlaxoSmithKline Pharmaceuticals & Drugs 1,249.15 5.2 0.42 21,161.35
United Spirits Breweries & Distilleries 787.05 3.45 0.44 57,246.15
Vodafone Idea Telecommunication - 6.9 -0.1 -1.43 33,588.99
Kansai Nerolac Paints 394.15 -0.15 -0.04 21,241.52
Ashok Leyland Automobile - Trucks/LCVs 144.5 -0.95 -0.65 42,427.04
Nippon Finance - Investment 235 -1.65 -0.7 14,644.93
Castrol Lubricants 118 -1.9 -1.58 11,671.64
Vedanta Metals - Non Ferrous 274.7 -3.45 -1.24 1,02,111.46
HUL Household & Personal Products 2,500.75 -6 -0.24 5,87,574.03
Pfizer Pharmaceuticals & Drugs 3,785.70 -8.6 -0.23 17,318.72
Cummins Auto Ancillaries 1,595.90 -11.1 -0.69 44,238.35
Whirlpool Domestic Appliances 1,325.65 -15.85 -1.18 16,818.76
Colgate Household & Personal Care 1,567.45 -17 -1.07 42,632.39
P and G Household & Personal Care 13,949.85 -22.8 -0.16 45,282.24
MphasiS IT Services & Consulting 1,820.00 -24.9 -1.35 34,288.81
Bata India Footwear 1,478.10 -26.95 -1.79 18,997.66
Oracle Fin Serv IT Services & Consulting 3,665.90 -27 -0.73 31,705.43
Honeywell Autom Electronic Goods 36,330.45 -31.9 -0.09 32,121.65
CRISIL Ratings 3,508.30 -85.35 -2.38 25,644.27
3M India Diversified 23,387.55 -142.4 -0.61 26,346.24
Financial Weekly TM

May 2023 39
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Financial Weekly TM

May 2023 40
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections are Temporary, Growth is Permanent

NIFTY (18069) :- In the last article I shared a daily chart of NIFTY and exactly the same hap-
pened with Nifty movement this week. It was really amazing prices were given respect to all price
levels which is shown in the chart. Last week Nifty crossed down trend channel with a good bullish
movement which is showing upside direc-

tion of price trend, price crossed resistance
of downtrend channel which was not bro-
ken from last 4 month and this week took
support exactly on support line. From 1st
Dec 2022 Nifty clearly trading in down trend
channels and giving respect to every price
resistance and support. Nifty is trading be-
tween 15000 to 19000 from more than the last 1.8 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.
Last week yesterday on the daily chart Nifty made one good bullish price pattern inverted head
and shoulder pattern as per this pattern price target of NIFTY is coming 18832 and in next month
Nifty can achieve this target. In the article of last week I wrote that Next crucial level is 18150 if it
will cross then nifty will go upside to make new target but in this week Nifty touched that level and
exactly came down from that level and came down today on Friday it made inverted hammer on
daily chart as well as on weekly chart also nifty made in inverted hammer at top and as per this
candlestick pattern nifty can come down. Next good support for nifty is 17850.
BANKNIFTY (42161) :- On the weekly chart

BANKNIFTY was trading in a Horizontal side-
ways zone from last one year . Banknifty gave a
good breakout of that horizontal zone as well as
in last week it crossed the downtrend channel
on a daily basis. BANKNIFTY trading above the
down trend channel and giving respect to every resistance and support. In the article from last
week I wrote that BANKNIFTY is looking bullish for next week. Last week on the daily chart
BANKNIFTY made a good bullish price pattern that is a bullish flag and as per this flag it was going
upside down it achieved Target and came down from residence. Today itself failed by 2.34%. Next
support for BANKNIFTY will be 42000.
Financial Weekly TM

May 2023 41
Techno Funda Sachin Shah :
growyourwealthwithsachin@gmail.com
(Mumbai)
sound stocks M. : 9372277340
BALKRISHNA INDUSTRIES LTD

(502355 & NSE) (2142.2) (Face Value Rs.2)
For over 30 years, BKT has led the way in the creation and manufacture of safe, innova-
tive and performance-focused tires for a range of specialist sectors, including the agricul-
tural, construction, earthmoving, port and mining industries. Its pioneering technology and
dedication to continuous improvement has made them the partner of choice for those operat-
ing in some of the most challenging environments on the planet. With distribution partners in
over 160 countries on five continents, Company is proud to serve a truly global customer
base. It has Diversified Product Portfolio, spread across Agriculture, Industrial, Construc-
tion, Earthmoving, Mining, Port, Lawn and Garden and ATV tires. Company has current
achievable capacity is 335,000 MTPA and will increase back to 360,000 MTPA by H1FY24
post commissioning of the Waluj brownfield project. Company has Gross Cash and Cash
equivalents of Rs. 2,082 Cr as on 31st December, 2022
Accumulate on dips with target of 2700 within 15 to 18 months.
Financial Weekly TM

May 2023 42
Terrific Shots - Dilip K. Shah
Birla Corporation (Rs. 979.00) (Code: 500335) :- Birla Corporation is a part of the
MP Birla Group and is mainly engaged in cement production. It also has a presence in segments
like jute goods, PVC floor covering, auto trim parts, and iron & steel casting. The shares touched a
52-week high of Rs. 1142 and a low of Rs. 822. Its equity is Rs. 77.01 crore, and reserves of Rs.
5,876 crore. Promoter holding in the company is 62.90%. For the December quarter, income went
up from Rs. 1750 crore to Rs. 2016 crore. It reported a loss of Rs. 50 crore as against a profit of Rs.
60 crore in the same quarter of the previous year. The company’s annual cement production ca-
pacity is 15.5 million tpa. It has a market cap of Rs. 7538 crore. The stock is trading at just 1.2 times
the book value of Rs. 773. Considering the performance of the cement sector, the stock can be a
good pick.
Spandana Sphoorty (Rs. 655.00) (Code: 542759) :- The shares of this NBFC are
listed in the A group and have a face value of Rs. 10. The shares touched a 52-week high of Rs.
692 and low of Rs. 288. Promoter holding in the company is 63%. With an experience of more than
two decades, Spandana Sphoorty is one of the largest microfinance institutions in the country. It is
a lender to rural-centric NBFCs and microfinance companies. It mainly extends loans to women
from the economically weaker sections. It began operations in Guntur in 1998 and converted into
an NBFC in 2004. It received a license as an NBFC-MFI from RBI in 2015. The company has a
strong presence in large parts of rural India. It added 8.8 lakh customers in 2023 to increase the
overall number to 23 lakh. Gross NPA level has improved from 18.7% at the end of fiscal 2022 to
2.07%, while net NPA has improved from 10.5% to 0.64%. For the March quarter, it reported in-
come of Rs. 498.13 crore, net profit of Rs. 105.54 crore, and EPS of Rs. 14.83. It aims to increase
its AUM from Rs. 8800 crore to Rs. 15,000 crore in two years. It aims to open 400 new branches
and close disbursals of Rs. 11,500 this fiscal. The stock can be bought with a target price of Rs.
940 in 4-5 quarters and a stop-loss of Rs. 545.
Macrotech Developers (Rs. 896.00) (Code: 543287) :- The shares of this top real
estate developer touched a 52-week high of Rs. 1191 and low of Rs. 711. It was earlier known as
Lodha Developers. Its sales have jumped due to the launch of new projects in south and central
Mumbai and Pune. The company increased prices by two per cent and is expected to further hike
prices by 5-6 per cent. It has reduced its debt to Rs. 8800 crore and is expected to bring it down further
to Rs. 6000 crore due to improved cash flows. Promoter holding is 74.99%. The company’s equity is
Rs. 481 crore and it has reserves of Rs. 12,087 crore. For the March quarter, income declined from
Rs. 3516 crore to Rs. 3271 crore, while profit increased from Rs. 538 crore to Rs. 749 crore.
Bajaj Finance (Rs. 6388.00) (Code: 500034) :- The company is a part of Nifty. It has
delivered excellent returns in the last 12 years. It is a part of the Bajaj group and a subsidiary of
Bajaj Finserv. It operates in consumer durables finance, personal finance, home loans, loan against
shares, credit cards, gold loans, two-wheeler loans, business loans, and other segments. Pro-
moter holding in the company is 55.91%. The company has a market cap of Rs. 3,86,764 crore. For
the March quarter, income went up from Rs. 8626 crore to Rs. 11,360 crore, and profit from Rs.
2125 crore to Rs. 3158 crore. For the whole fiscal, income increased from Rs. 31,633 crore to Rs.
41,397 crore, and profit from Rs. 7028 crore to Rs. 11,508 crore. Bajaj Finance is the fastest-grow-
ing company in the NBFC space and has a very high market share in the consumer durable fi-
nance segment. Any decline in the stock should be seen as a buying opportunity.
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this stocks • I/My family have no financial
interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable
for any loss arising out of investment based on tis advices • Past performance may or may not be substainedin future "
(Dilip K. Shah) Research Analyst SEBI Regn No. : INH000002152
Financial Weekly TM

May 2023 43
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Selling pressure may increase

with an upward movement
BSE Index (61054.25) :- It shows an upward movement from the bottom of 59412.81. It
shows an overbought position on a daily and weekly basis, while towards a neutral position on a
monthly basis. On upward movement, beyond 61585 it may go up to an important level of 61798.
On downward movement, below 61002 it may go down to 60320, 60030, 59730 and 59440.
Bank Nifty Future (41720.00) :- It shows a downward movement from the top of 43695.
It shows an overbought position on a daily and weekly basis, while towards an overbought position
on a monthly basis. On upward movement, beyond 42810 it may go up to 43090, 43230 and 43585.
On downward movement, below 42630 it may go down to 42780, 42170, 41830, 41560 and 41260.
Nifty Future (18130.10) :- It shows an upward movement from the bottom of 17583. It
shows an overbought position on a daily and weekly basis, while a neutral position on a monthly
basis. On upward movement, beyond 18225 it may witness important levels of 18267 and 18315.
On downward movement, below 18115 it may go down to 18000 and further down to 18040, 17950,
17860, 17770, 17680 and 17590.
Jubilant Food (465.15) :- It shows an upward movement from the bottom of 420.30. It
shows an overbought position on a daily and weekly basis, while an oversold position on a monthly
basis. On upward movement, beyond 476 it may go up to 487 and 504. On downward movement,
below 456 it may get support at 450.
L&T Finance (94.85) :- It shows an upward movement from the bottom of 78.95.It shows an
overbought position on a daily and weekly basis, while a neutral position on a monthly basis. On
upward movement, beyond 97 it may go up to 99, 107, 113 and 122 and beyond that to 126, 135,
144, 153, 163 and 172. Support may be at 90.
CIPLA (924.80) :- It shows an upward movement from the bottom of 852. It shows an
overbought position on a daily and weekly basis, while an oversold position on a monthly basis.
On upward movement, beyond 936 it may go up to 956 and 979. On downward movement, below
920 it may get support at 915.
Havells India (1285.80) :- It shows an upward movement from the bottom of 1131.80. It
shows an overbought position on a daily , weekly and monthly basis. On upward movement, beyond
1295 it may go up to 1301, 1307, 1330, and 1355. On downward movement, below 1245 it may get
support at 1232.
IndiaMart (5946.90) :- It shows an improvement from the bottom of 4087. It shows an overbought
position on a daily, weekly and monthly basis. On upward movement, beyond 6097 it may go up to
6313, 6690, 7066 and 7400. On downward movement, below 5935 it may get support at 5600.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
Quality is not an act, it is a habit
Financial Weekly TM

May 2023 44
Radhika Jeweltech on a strong growth momentum
(BSE: 540125, NSE : RADHIKAJWE, CMP - Rs. 176)
Corporate Feature
Radhika Jeweltech Ltd (BSE – 540125, NSE – RADHIKAJWE) leading brand in the gold jewellery
is expected to continue its strong growth momentum. Company is expected to post robust growth
and earnings in FY24 on the back of sales ramp up from the new store.
Radhika Jewellers is a one-stop shop with both lightweight and heavy pieces in 22 karats and 18
karats gold collections. Company manufacture the staples that traditionally define Indian jewellery.
Conforming to global styles, company create trendsetting designs and concepts whether traditional,
semi-traditional or contemporary.
Radhika Jewellers is a brand that is coveted for its trust and promise of crafting unprecedented
designs in the most spectacular pieces. Company’s exemplary work of craftsmanship spans more
than 3 decades where Mr. Ashok Zinzuwadia along with his father Mr. Mathurbhai Zinzuwadia laid the s trong foundation for Radhika
Jewellers way back in 1987. The journey started with a small shop of 200 sq. ft. with 7 employees. In 1995, Mr. Ashok's brother, Mr.
Haresh Zinzuwadia joined the family business and they both took the business to the next level of ex cellence. Company believes that
building a strong bond with the customers is fundamental in creating a legacy along with the right amount of business acumen. Radhika
Jewellers became a Public Limited company with effect from 22nd July 2016. The brand is listed on Bombay Stock Exchange & National
Stock exchange under the name of Radhika Jeweltech Ltd.
The journey from 1987 to 2022, from a small establishment in Soni Bazar at Rajkot to a 2,500 sq ft showroom at Palace Road, Rajkot,
and the new 10,000 sq. ft showroom at Kalawad Road, Rajkot captures the passion, commitment, courage, strength, and optimism that
brand stands for. The brand has since then grown rapidly and established a reputation for Indian Gold and Diamond jewelry with exquisite
craftsmanship and magnificent jewelry creations. Over the de-
cades, Radhika Jewellers showcased an exclusive style made
with pure gold and elegant designs that exquisitely balanced
volumes and unmistakable motifs that pay homage to the an-
cient roots of the company. While always reverting to its cul-
tural legacy, Radhika Jewellers introduced innovations that
sparkled in the world of the jewelry industry and launched novel
trends that stood out as icons of contemporary design.
3Q FY23 Update Results Analysis :- Company reported
flattish sales on a y-o-y basis whilst recording solid sequential
growth in 3Q FY23. Revenues were up 3.3% y-o-y and 66.2%
q-o-q to Rs 95.0 crore. The muted y-o-y growth is attributable
to a high base-effect with a strong turnaround in sales seen in
3Q FY22, driven by pent-up demand as the second wave of
Covid-19 waned.
3Q FY23 EBITDA remained flat on a y-o-y basis whilst
jumping by more than 2.5x sequentially to Rs 15.2 crore as
EBITDA margin expanded by 865 bps q-o-q to 16.0%.
Quarterly PAT was lower by 3.7% y-o-y as it went up by
2.3x q-o-q and 129.9% q-o-q to Rs 10.9 crore. PAT margin fell
by 82 bps y-o-y whilst expanding by 572 bps to 11.4%.
9M FY23 revenue growth was healthy whilst profits ex-
Khambatta Securities recommends Buy on Radhika Jeweltech
panded by a fair margin. target of Rs 290, Potential upside of 50-60%
Outlook & Valuation : The most important driver for
company’s growth in the near-to-medium term is its new and
second showroom which opened in late November. Expected
to be serviced by 150 sales representatives at near-term opti-
mum capacity, the 10,000 sq ft showroom in Rajkot city’s up-
mark et Kalawad Road neighbourhood will inc reas e the
company’s total retail space to 5x its current area, pushing
company’s revenues to a significantly higher trajectory. As sales
ramp up from the new store, company is expected to post
robust growth in FY24.
With a history of over 3 decades in Rajkot, the Radhika
brand has built considerable goodwill amongst its customers
and in the local market. The stock currently trades at an attrac-
tive FY24E forward P/E ratio of 6.7x.
Khambatta Securities recommends BUY with a target
of Rs. 290 :- Khambatta Securities is bullish on Radhika
Jeweltech has recommended buy rating on the stock with a
target price of Rs 290, Based on an unchanged target multiple
of 10x FY24E EPS, Khambatta Securities reiterate a BUY rating
with a price target of Rs 290, an upside potential of 60% from
current levels of Rs. 175 per share.
***
Financial Weekly TM

May 2023 45
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
A week of consolidation
Index based
(Concluded week report):
game is on
The truncated week marked both side movements with a see-saw mode and finally ended the
week with a divergent note. Stock specific trades were the order of the day as we have yearly result
season on. While FIIs emerged as the net buyers for the week, DIIs were the net sellers except for
Thursday. Rate hike by US Federal bank dented the sentiment a bit but based on the market
trades, it appears that the market is under consolidation mode for a while. The only sigh of relief
RIGHTS ISSUE BONUS MEET was benchmarks remained above sentimental

Enbee Trade (20 for 1), Kansai Nerolac (08.05.23), barriers. Sensex continued it move above 61K
Clara Ind (2 for 3). Bhansali Engg (14.05.23)
and Nifty remained above 18K for the week.
EX-RIGHT EX-SPLIT
Samor Realty. Apollo Micro (10 for 1), For the week, while BSE Sensex moved
Comfort Fin (5 for 1)
in the range of 61797.91 – 61002.17, NSE
BONUS ANNOUNCEMENT
Blue Star (1 for 1), EX-BONUS Nifty hovered between 18267.45 – 18042.40.
Ashirwad Capital (1 for 2). SRU Steel (1 for 2) Cont...
DIVIDEND ANNOUNCEMENTS
Adani Total Gas (25%), Ambuja Cement (125%), Astec Life (15%), Birla Cable (25%), Cigniti Tech (30% + 25%),
Control Print (50%), DCM Shriram (180%), GNA Axles (60%), GHCL (175%), Gravita India (217.499%), High
Energy (175%), Home First Fin (130%), IDBI Bank (10%), Jaysynth Dye (25%), Khaitan Chem (30%), Kotak Mahindra
Bank (30%), Kuantum Papers (300%), L G Balkrishnan (160%), Macrotech Develop (20%), Meghmani Org (140%),
Mold-Tek Tech (70%), Newgen Soft (50%), Punjab & Sind (4.8%), RBL Bank (15%), Rossari Bio (25%), Sasken
Tech (130%), Seshasayee Paper (300%), Shilchar Tech (100%), SKP Secur (10%), Tata Steel (360%), Yash Pakka
(24%), Yasho Ind (5%), Z F Steering (50%), Anupam Rasayan (15%), Bajaj Consumer (500%), Cholamandalam Inv
(35%), Havells India (450%), Jyothi Lab (300%), KPR Mill (200%), MRF (1690%), Mold-Tek Pack (40%), Plastiblends
(80%), Petronet LNG (30%), Rane Brake (250%), Solar Ind (400%), Sona BLW (15.3%), Sula Vine (262.5%), Tata
Chem (175%), Titan Co (1000%), Vimta Lab (100%), Vishnu Chem (20%), 360 One (400%), Adani Enterprise
(120%), AGI Green (250%), Aptus Value (100%), Blue Star (600%), Ceat Ltd (120%), Dabur India (270%), De Nora
(20%), Entertainment Network (10%), Filatex India (15%), Hero Moto (1750%), HDFC (2200%), Paushak (175%),
Punjab Chem (30%), Responsive Ind (10%), Rushil Décor (5%), Sundram Fasteners (306%), Tata Power (200%),
Transformers and Recti (15%), United Brew (750%), Vinyl Chem (500% + 500%), VTM Ltd (70%), Alembic Pharma
(400%), Artemis Medi (45%), Bharat Forge (275%), Blue Dart (300%), DCB Bank (12.5%), Equitas SFB (10%),
Federal Bank (50%), Guj Fluoro (200%), Indag Rubber (75%), J & K Bank (50%), Mercury Lab (35%), Olectra
(10%), Piramal Enterprise (1550%), PTL Enterprises (175%), Shakti Pump (20%), Sutlej Text (100%), Symphony
(50%), Tata Invest (480%), Tatva Chintan (20%), Vardhman Text (175%), Windlas Bio (80%), etc.
Financial Weekly TM

May 2023 46
For the week that ended on a divergent note, BSE Sensex marked a net weekly Loss of – 58.15
points and NSE Nifty reported a net weekly Gains of just 4.00 points.
Weekly Movements of benchmarks:
Monday – All markets were closed on account of Maharashtra/Gujarat Day as well as Labour
day holiday.
Tuesday – After long weekend, we marked beginning of the week with a gap up opening and
the day ending with some gains. BSE Sensex scored 242.27 points to close at 61354.71 and NSE
Nifty gained 82.65 points to end the day at 18147.65. Value buying in Metal, IT, Auto, Oil and Gas,
Capital Goods, NBFC, Metal counters kept market in green zone for the day. As Mid and Small cap
indices outperformed benchmark and the side market too marked value buying, market breadth
remained positive. While FIIs were the net buyers, DIIs were the net sellers for the day. India turned
most preferred destination for investments by global players.
Wednesday – Second session of the week started on a red note and after trading on a negative
trend, benchmarks finally closed with some losses. BSE Sensex marked deficit of 161.41 points to
end the day at 61193.30 and NSE Nifty lost 57.80 points to close at 18089.85. Go Air filing for
insolvency, changed norms for day trading and delivery adjustments kept a tab on general sentiment.
New additional margin provisions too kept a tab on the market mood. 25 bps rate hike by US
Cont...
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
01-05-2023Maharashtra Gujarat Day Holiday NA
02-05-2023 61,301.61 61,486.24 61,255.00 61,354.71 242.27
03-05-2023 61,274.96 61,274.96 61,024.44 61,193.30 -161.41
04-05-2023 61,258.13 61,797.91 61,119.56 61,749.25 555.95
05-05-2023 61,163.10 61,585.50 61,002.17 61,054.29 -694.96
Net Weekly Loss -58.15
NSE Nifty Open High Low Close Diff
01-May-23Maharashtra Gujarat Day Holiday NA
02-May-23 18124.8 18180.25 18101.75 18147.65 82.65
03-May-23 18113.8 18116.35 18042.4 18089.85 -57.8
04-May-23 18081 18267.45 18066.7 18255.8 165.95
05-May-23 18117.3 18216.95 18055.45 18069 -186.8
Net Weekly Gain 4
Financial Weekly TM

May 2023 47
Federal bank also raised concern. Market men went on profit booking on index based counters
that kept benchmarks on slide. Positive reports fuelled sugar counters. Mid cap and Small cap
indices outperformed benchmarks and got help from the side market and thus kept market breadth
positive. FIIs continued to be the net buyers and DIIs remained as net sellers for the day.
Thursday – After divergent opening for the day, benchmarks moved both ways amidst volatile
trades and finally ended in green with good score. BSE Sensex gained 555.95 points to close at
61749.25 and NSE Nifty scored 165.95 points to end the day at 18255.80. Short covering by weekly
players and value buying in select counters brought rally across the board. Bajaj twins lead the
rally and got support from IT, Healthcare, Banking counters. US Fed hinting at pause on rate hike
also fuelled sentiment. Though Mid and Small cap indices underperformed benchmarks, bullish
undercurrent in the side market kept market breadth marginally green. FIIs and DIIs both were the
net buyers for the day.
Friday – The last session of the week started with a gap down opening and traded in red to close
with mega losses. BSE Sensex marked deficit of 694.96 points to end the day at 61054.29 and
NSE Nifty lost 186.80 points to close at 18069.00. With this trends, market posted a see-saw mode
for the week. The only relief was both benchmarks closing above sentimental levels. Consumer
Durables, Auto, FMCG, Cement and Pharma counters lead the rally while HDFC duo lead the
doom and got support from metal counters that eased drastically and overshot the gainers and kept
market in red. Though Mid and Small cap indices outperformed benchmarks, weak trends in the
side market and the index based trades kept market breadth negative. FIIs continued to be the net
buyers and DIIs turned net sellers for the day.
The week ahead:
Brent crude further eased and mark 75.55$ a barrel by the weekend. Rupee hovered in a narrow
range and ended the week at Rs. 81.80 a dollar. We have around 400+ corporate meetings for the
ensuing week that will keep market in a stock specific mode as usual. Market men have an eye on
global and domestic macro-economic data.
Amidst such a scenario, BSE Sensex may move in the range of 62250 – 60250, and NSE Nifty
between 18500-17600.
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

May 2023 48
Kishore Purswani
(Email: kishore.purswani@gmail.com)
Learn & Earn- XXVI

Reading The Numbers-Understanding Balance Sheet
Introduction :- Peter Lynch in appendix two of his book – "Learn to Earn" has laid
emphasis on understanding how to read numbers and decipher a balance sheet. It is said a picture
is worth a thousand words, and so are the numbers in business. It may or may not matter what the
CEO has to say in his statements but what certainly matters are the numbers. An investor needs to
know how to decipher the numbers. In this article, we shall discuss some of the salient aspects of
a balance sheet.
Balance sheet :- A balance sheet is a financial statement that shows a company's

assets, liabilities, and equity at a particular point in time. It provides a snapshot of a company's
financial position and helps investors and stakeholders understand the company's financial health.
The three components of a balance sheet are Assets, Liabilities and Equity:
Assets : Assets are resources that a company owns or controls, which have economic
value and are expected to provide future benefits to the company.
Liabilities : Liabilities are obligations that a company owes to others, such as loans,
accounts payable, and accrued expenses.
Equity : Equity represents the residual interest in the assets of the company after deduct-
ing its liabilities. It includes the funds that shareholders have invested in the company, as well as
any retained earnings or profits that the company has accumulated over time.
The balance sheet equation is Assets = Liabilities + Equity.

This means that the value of everything the company owns must be equal to the amount of debt it
owes plus the value of its equity.
The balance sheet is important because it gives a snapshot of the company's financial health.
For example, if a company has a lot of debt and not enough assets, it may be at risk of bankruptcy.
On the other hand, if a company has a lot of assets and not much debt, it may be in a strong
financial position.
Cont...
Financial Weekly TM

May 2023 49
Investors can analyse a balance sheet by studying the following sections:
Assets : The assets section lists all the things a company owns, such as cash, invest-
ments, inventory, and property. Investors should review this section to get an idea of the company's
resources and the type of business it operates.
Liabilities : The liabilities section lists all the debts that a company owes, such as loans,
accounts payable, and taxes. Investors should review this section to get an idea of the company's
financial obligations and whether it can meet its financial obligations in the future.
Equity : The equity section lists the value of the company's assets after all liabilities have
been paid. It includes things like retained earnings and shareholder equity. Investors should re-
view this section to determine how much value the company has created for its shareholders.
Financial Ratios : Investors can calculate financial ratios using information from
the balance sheet to get a deeper understanding of the company's financial health. For example,
the current ratio (current assets divided by current liabilities) measures the company's ability to pay
its short-term debts. Some of the important ratios that can be derived from a balance sheet include
Debt to Equity, Return on Equity, Return on Capital Employed, Gross Profit Margin, Net Profit
Margin etc. Valuation ratios are financial metrics that provide investors and analysts with an under-
standing of a company's valuation and help them make investment decisions. Although most valu-
ation ratios are based on the income statement, some can be derived from the balance sheet and
these include Price to Book Value, EPS, PE, PEG etc
Comparison with Industry Standards: Investors can compare a company's balance sheet with
industry standards to get an idea of how it stacks up against its peers. This can help investors
identify companies that are undervalued or overvalued.
Conclusion:
A balance sheet is a financial statement that shows what a company
owns, what it owes, and what its overall value is. It helps investors and
analysts understand the company's financial health and make informed
decisions about investing or lending money to the company.
Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: kishore.purswani@gmail.com
Financial Weekly TM

May 2023 50
Scrip Watch - Siddharth Shah
Tata Chemicals (Rs. 959.00) (Code : 500770) : Speciality products Tata Chemi-
cals reported a 62 percent year-on-year growth in consolidated profit at Rs 709 crore for the March
quarter of FY23. Consolidated revenue from operations at Rs 4,407 crore grew 26.6 percent from
the year-ago period, with the basic chemistry products segment growing 32 percent and the speci-
ality products reporting a 4.4 percent rise. EBITDA jumped 47 percent on-year to Rs 965 crore with
a margin expansion of 300 basis points at 21.9 percent, as input costs dropped 12 percent in the
same period. The company has announced a dividend of Rs 17.50 per share for the financial year
gone by. For the financial year 2022-23, Tata Chemicals has registered an 84.2 percent growth in
profit at Rs 2,317 crore and a 33 percent increase in revenue at Rs 16,789 crore compared to the
previous year. Buy.
Cummins India (Rs. 1596.00) (Code : 500480) : Cummins India said the budget
2023-24 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 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. Q4 is expected to be much better. Buy.
ACC Ltd (Rs. 1764.00) (Code : 500410) : Adani-owned ACC Ltd on Thursday re-
ported 40% decline in consolidated net profit at Rs 236 crore for the quarter ended March 31, 2023
due to higher expenses. It reported consolidated net profit of Rs 396 crore in the year-ago period.
The cement producer's consolidated revenue from operations rose 8% at Rs 4,791 crore in Q4FY23
as against Rs 4,427 crore in the year-ago period. ACC's earnings before interest and taxes (EBIT)
margins fell to 8.6% from 12.2%, a year ago. For ACC, power and fuel expenses fell 9.4%, while
total expenses rose 14% on the back of higher input costs.
It also saw a one-off expense of 664.2 million rupees related to a restructuring cost. ACC shares
have fallen about 26% since Jan. 24 after US short seller Hindenburg Research's scathing note on
Adani Group companies. The stock is worth accumulation.
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

May 2023 51
Market Tips - Het Zaveri
Varun Beverages (Rs. 1452.00) (Code : 540180) : Shares of Varun Beverages

Ltd. were trading higher last week, after Jefferies anticipated 'strong' earnings-per-share growth for
the company. Varun Beverages "has demonstrated strong execution in the growing packaged
beverages category. It has an opportunity to expand distribution, gain share in the South & West
and drive strong EPS growth," the brokerage said. For the Q4, the company’s Net profit was up
62% at Rs 438.57 crore vs Rs 271.09 crore. Revenue was up 38% at Rs 3,952.59 crore vs Rs
2,867.48 crore. Ebitda was up 50% at Rs 798.04 crore vs Rs 531 crore. Ebitda margin was at
20.2% vs 18.5%. The company also announced announced a 1:2 stock split. i.e. it will split one
existing equity share of face value Rs 10 into two equity shares of face value Rs 5 each. The stock
is already in strong momentum mode. Buy.
Sona BLW (Rs. 500.00) (Code : 543300) : Sona BLW Precision Forgings (Sona
Comstar) reported a 14.5% rise in consolidated net profit to Rs 119.81 crore on 35.5% surge in
revenue from operation to Rs 742.59 crore in Q4 FY23 over Q4 FY22.EBITDA jumped 49% year
on year to Rs 201 crore in quarter ended 31 March 2023. The rise in the EBITDA was mainly due
to positive impact from operating leverage and product mix. EBITDA margin improved to27.1% in
Q4 FY23 as compared to 24.6% registered in Q4 FY22. In financial year ended March 2023, the
company's consolidated net profit rose 9.3% to Rs 395.30 crore on 25.8% increase in revenue to
Rs 2,655.01 crore. The net order book jumped 15.59% to Rs 21,500 crore as of 31 March 2023
from Rs 18,600 crore as of 31 March 2022. The company said that the EVs programs contribute
77% to the net order book. Sona Comstar said that it has added twelve new EV programs and
seven new EV customers in FY23. The number of awarded programs increased to 42 across 26
different customers. Sona BLW Precision Forgings is one of the world's leading automotive tech-
nology companies. The company has emerged as a global supplier with nine manufacturing and
assembly facilities across India, USA, Mexico and China. It is primarily engaged in designing,
manufacturing and supplying highly engineered, mission-critical automotive systems and compo-
nents to automotive OEMs. Buy.
Bata India (Rs. 1477.00) (Code : 500043) : Bata India, has unveiled its latest 24x7
Glam Collection with a campaign film featuring its brand ambassador, Disha Patani. With the launch
of this new collection featuring Bata Red Label, Bata Comfit and Naturalizer, Bata India has solidi-
fied its position as a fashion-forward brand that offers stylish and comfortable on-trend footwear.
Management of Bata India said it is looking for innovative ways to engage with customers and
integrate technology to enrich the customer experience. Further, over 300 stores have been reno-
vated in FY23 with Sneaker Studios offering a wide collection of sneakers, upgraded music and
Cont...
Financial Weekly TM

May 2023 52
jukebox innovations to improve customer experience. Also, in select stores, new experiences are
being trialled, like 3D holographic unit, Lift technology, digital LED screens, and QR codes for
better online experiences. Invest.
Gillette India (Rs. 4645.00) (Code : 507815) : Shaving is an essential part of a

man's daily grooming routine and a quality razor is essential for a close and comfortable shave.
Razors for men come in a variety of styles and designs, from classic double-edged safety razors to
modern cartridges. There comes Gillette India. Gillette sells razors n blades, shaving gel, shaving
cream and after shave through various modes like drug stores, department stores, grocery stores,
mass merchandisers, membership club stores. Gillette has a bouquete of well recognised brands
under which it sells its various products. Fusion5, SkinGuard Sensitive, MACH3, Guard3, Styler &
Presto. The Procter & Gamble Company USA is the ultimate holding company and holds 75%
through its subsidiaries. Company has reduced debt and is almost debt free. Company has a good
return on equity (ROE) track record: 3 Years ROE 32.9%. Company has been maintaining a healthy
dividend payout of 90.7%. Gillette India has an equity capital of Rs.33 crore and Reserve of Rs.874
crore. The stock has started its upward journey. Accumulate.
Akzo Nobel (Rs. 2412.00) (Code : 500710) : Akzo Nobel India Limited is a mid-size
company that operates in the consumer discretionary industry. The largest coatings firm in the
world, AkzoNobel has dominant market mastery and well-known brands in several nations. Since
its establishment more than 60 years ago, Akzo Nobel India has supplied reputable and popular
brands including Dulux, Sikkens, International, and Interpon. Crude oil prices slid further last week.
Brent crude has come down below 80 dollars. It is a major relief for Akzo Nobel. During Q3FY23,
the company posted revenue from operations of Rs 986.8 crore, up by 8% YoY from Rs 914.40 Cr
recorded in Q3FY22. Net profit was at Rs 97.4 crore which is up by 16% from Rs 83.90 Cr in
Q3FY22. Buy this stock for medium to longer term perspective.
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

May 2023 53
SMART TIPS Smita N. Zaveri
JK Tyre (Rs. 205.00) (Code: 530007) :- The shares of this tyres and rubber company
are listed in the A group and have a face value of Rs. 2. The shares touched a 52-week high of Rs.
213 and low of Rs. 96. Promoter holding in the company is 56.26%. This JK group company is a
leading tyre manufacturer and has three plants in Mysore, and one plant in Bangalore, Chennai,
and Kankroli. It is the leading manufacturer of bus tyres in the country. Strong demand for commer-
cial vehicles due to growing cargo demand is expected to boost its margins. For the December
quarter, consolidated income went up by 17.45% to Rs. 3,612.92 crore, and net profit was up 15.19%
to Rs. 65.59 crore. Quarterly EBITDA was Rs. 349.04 crore and EPS was Rs. 2.66. The stock can
be seen touching new highs in the medium to long term.
LT Foods (Rs. 108.00) (Code: 532783) :- The shares of this packaged foods company
are listed in the A group and have a face value of Re. 1. The shares touched a 52-week high of Rs.
135 and low of Rs. 66. LT Foods is engaged in the milling, processing, and marketing of branded and
non-branded basmati rice. Apart from India, its products are sold in 65 countries globally, including
North America. Its popular brands include Daawat, Gold Seal, India Valley, Rozana, and 817 El-
ephant basmati rice. Daawat brand commands a 22% market share. It has a diversified portfolio and
also sells premium quality regional rice, rice-based snacks, and other products. It has a JV with
Japan’s Kameda Seika. It has also launched the snack brand, Kari Kari. It is trying to increase sales
in Europe and other overseas markets. Promoter holding in LT Foods is 56.81%. It has a market cap
of Rs. 3763 crore. Its equity is Rs. 31 crore and its reserves are Rs. 1965 crore. For the December
quarter, consolidated income went up from Rs. 1368 crore to Rs. 1778 crore, and profit from Rs. 78
crore to Rs. 92 crore. Geojit Brokers has a buy rating with a target price of Rs. 120.
Sona BLW (Rs. 500.00) (Code: 543300) :- The company has recently acquired a
majority stake in another company, which experts believe could lead to a re-rating of the stock.
Block deals were also seen in the company some time back. Established in 1995, Sona BLW
Precision Forgings is a leading automotive technology company. It has nine manufacturing plants,
and along with India, it also caters to the market in US, Europe and China. The shares touched a
52-week high of Rs. 640 and low of Rs. 397. The company’s market cap is Rs. 29,036 crore.
Promoter holding is 33%, while DIIs and FIIs hold 31.28% and 11.1% stakes respectively. Public
shareholding is 24.69%. The company’s equity is Rs. 584 crore and it has reserves of Rs. 1382
crore. For the December quarter, income went up from Rs. 444 crore to Rs. 628 crore, and profit
from Rs. 76 crore to Rs. 95 crore. Sona BLW supplies many components to electric vehicles and
will benefit from the growth in the EV segment. The stock had run up significantly but it has cor-
rected quite a bit and can be considered for investment in tranches with a long-term view. The
stock can deliver strong returns, according to experts.
M&M Fin. (Rs. 286.00) (Code: 532720) :- A part of the Mahindra group, Mahindra
Finance is one of India’s leading non-banking finance companies. The shares have a face value of
Rs. 2 and touched a 52-week high of Rs. 289 and low of Rs. 160. The company’s equity is Rs. 246
crore and its reserves are 16,606 crore. Promoter holding in the company is 52.16%. The company
has paid a dividend of Rs. 3.60 per share. The company’s market cap is Rs. 35,626 crore. For the
December quarter, its income went up from Rs. 2974 crore to Rs. 3324 crore, even as profit fell
from Rs. 992 crore to Rs. 664 crore. For the March quarter, income was Rs. 2994.15 crore, net profit
Rs. 684.12 crore, and EPS was Rs. 5.55. Sharekhan Brokerages has a buy rating on the stock with
a target price of Rs. 315. 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 5th May, 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

May 2023 54
Smart super duper - Het Zaveri
Cochin Shipyard (Rs. 549.00) (Code:540678) :- The government of India-owned

company hit the stock market with IPO in 2017. It has given good returns despite poor listing. It is
the biggest shipyard company on account of the dock capacity. It also manufactures vessels for the
defense and shipping industry along with repairing ships. It also runs a marine training program. It
may get the optimum benefit of Make in India and stress on defense manufacturing for being a PSU
company. The company’s financials are strong and there is no competitor that can come near to it.
In the December quarter, the company witnessed a net profit of Rs. 118 crore on an income of Rs.
631 crore. The company has huge orders on hand and promoters hold a 72.86 % stake in the
company. It paid an interim dividend of 140% for FY2023. It can be considered at any correction in
the current price as it is making a new move for quite some time.
Duncan Engg. (Rs. 415.00) (Code: 504908) :- Duncan Engineering Ltd. (Formerly
known as Schrader Duncan Ltd.) is a subsidiary of Oriental Carbon and Chemicals Ltd. And JP
Goenka Group of companies and is India's pioneer in the field of industrial pneumatics and off-
highway tire valves and accessories. Duncan Engineering also has a full range of rotary actuators
with torque capacity 4Nm to 4000Nm. It has its plant at Ranjangaon near Pune. In the industrial
pneumatic segment, the company caters the demand of metals, energy, environment, cement, print-
ing, packaging, pharma, machine tools, material handling, construction machinery, general engi-
neering and other industries. As against equity of Rs. 3.70 crore, the company has reserves of Rs.
38.36 crore. In the first nine months of FY2023, the company’s income increased by 33 at Rs.
51.63 crore and net profit increased by 110% at Rs. 7.73 crore.
Birla Soft (Rs. 281.00) (Code: 532400) :- The company is listed in the ‘A’ group and
share’s face value is Rs. 2. It is part of S&P BSE 500 Index. It got separated from KPIT Technolo-
gies before some time. As against equity of Rs. 54 crore, the company has reserves of Rs. 2278
crore. In the December quarter, the company’s income increased from Rs. 1072 crore to Rs. 1222
crore, while profit increased to Rs. 114 crore from the losses of Rs. 16 crore. The IT sector compa-
nies are doing good for quite some time but following a strong correction from the top the midcap IT
stocks have become attractive. This midcap IT company has given good returns compared to its
peers. The share may be a good option for investment in phased manner.
Chennai Petro (Rs. 306.00) (Code: 500110) :- It is a subsidiary of IOC. It owns a
refinery and sells crude oil after refining it. The company’s results have been volatile for quite some
time as a result fancy decreased in the sector. However, it has declared robust results in the last
quarter. As against equity of Rs. 149 crore. In the March quarter, the company’s income increased
from Rs. 16414 crore to Rs. 18009 crore, while profit increased from Rs. 1002 crore to Rs. 1013
crore. In the Financial Year 2023, the company’s income increased from Rs. 43068 crore to Rs.
76735 crore, while profit increased from Rs. 1352 crore to Rs. 3532 crore. Considering the hand-
some dividend payout by the company, the stock can be considered at lower level.
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

May 2023 55
Investment Ideas Nayan Patel
SINCLAIRS HOTELS (523023) (105.90) (Face Value Rs.2)

Sinclairs is the preferred destination for business and leisure travellers going to Burdwan, Siliguri,
Darjeeling, Kalimpong, Chalsa in Dooars, Gangtok, Port Blair, Ooty and Yangang. The company
operates in the hospitality sector and runs a chain of nine hotels and resorts under the brand Sinclairs,
namely Sinclairs Burdwan, Sinclairs Siliguri, Sinclairs Darjeeling, Sinclairs Retreat Kalimpong,
Sinclairs Retreat Dooars in West Bengal; Sinclairs Gangtok and Sinclairs Yangang in Sikkim;
Sinclairs Retreat Ooty in Tamil Nadu and Sinclairs Bayview Port Blair in Andamans.
It has an equity base just of Rs.5.57 crore that is supported by reserves of around Rs.99 crore
which is 17 times higher than equity. The Promoters hold 62.78% while the investing public holds
37.22% stake in the company. It is a debt free company and company has Rs.60 crore cash on its
hand. For Q3FY23, SHL reported PAT of Rs.4.04 crore on income of Rs.13.68 crore and an EPS
of Rs.1.49. During 9MFY23, it has reported PAT of Rs.11.33 crore as against PAT of Rs.5.04 crore
in 9MFY22 on higher income of Rs.40.36 crore fetching an EPS of Rs.4.14. Currently, the stock
trades at a P/E of 22.2x. The Company has entered into a conditional sale agreement on Decem-
ber 05, 2022, for transfer of Company’s one acre of land (approximately) situated in Action Area I B,
New Town, Kolkata 700 156. Company will get Rs.27 crore from this transaction.
Investors can watch this stock with a stop loss of Rs.90.
HINDCON CHEMICALS (Listed only at NSE) (94.40) (F.V. Rs.10)

Hindcon Chemicals Ltd. has an all-inclusive range of construction chemicals and cement addi-
tives, dedicated in its quest to attain the highest level of qualitative products in the chemicals in-
dustry. Company has introduced a number of products in the market to date including Waterproof-
ing Hind Crete Plus WPM, Mortar for Brick/AAC Block Fixing Hind Block Fix, Sealing Construction
& Expansion Joints Hind Sealant PS and Tile Fixing Adhesive Hind Fix TA. Some other popular
products produced by the company include Heat Insulation and Waterproofing Paint, Hind Hydra
Proof Ceramic, Decorative Paint Hind Plasto Guard and Rust-Proof Paint Hind Anti-Rust.
It has an equity base of Rs.10.24 crore that is supported by reserve of Rs.32.47 crore. The
Promoters hold 68.16% while the investing public holds 31.84% stake in the company. For Q3FY23,
its PAT soared 32% to Rs.1.40 crore from Rs.1.06 crore on higher sales of Rs.26.64 crore fetching
an EPS of Rs.1.84. During 9MFY23, it has recorded PAT of Rs.2.99 crore on sales of Rs.66.34
crore fetching an EPS of Rs.3.90.
Currently, the stock trades at a P/E of just 23.5x. It paid 17% dividend for FY22. Investors
can watch this stock with a stop loss of Rs.78.
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

May 2023 56
Primary Market - Dilip K. Shah
Last six months have been disappointing for the primary market: Stability in the secondary market and success of Mankind IPO has raised a new hope for the market
SEBI approval lapsed for 29 IPOs worth Rs. 55000 in FY2022-23: A dozen withdrew papers: Nine companies returned to bankers
In FY2023 15 companies have filed DRHP: SEBI gives approval to 59 companies to raise Rs. 86329 crore: 22 companies approached SEBI to raise Rs. 34330 crore
This week seven issues including 1 mainboard, 1 NSE SME and 5 Rights issues are in the market
Nexus Select Trust REIT IPO with price band of Rs. 95-100 will open on May 9 and close on May 11
This week all eyes will be on mainboard IPO of Mankind and NSE SME IPO of De Neers Tools and Innokaiz
Auro Impex’s combo issue with price band of Rs. 74-78 will enter the market next week
NSE SME IPO Quicktouch got listed with 58% premiums and Ratina Paints with 3% discount
This week Som Dist., GI Engg, Rushil Décor, Prerna, Earum Pharma Rights issues are in the market
* The Last six months have been disappointing for the primary market :- In the last six
months IPO nod lapsed for 25 companies, four withdrew the papers and SEBI returned IPO papers
of seven companies. All these companies were expected to raise Rs. 60,000 crore from the mar-
ket. However, 15 companies have filed IPO papers in the last three months, which is an encourag-
Wipro ing sign. Sensex has witnessed 0.6% growth in the last six months, after
Buy Back Detail
Issue Size 26,96,62,921 touching the all time high in December 2022. Some of the companies,
Amount Rs. 12,000 Cr.
whose IPO nod lapse include Waree Energy, Sansun Industries, Capi-
Buyback Price Rs. 445
Listing BSE & NSE tal Small Finance Bank, CMR Green Technologies.
Record Date Mid June(E)
Voting Period In FY2022-23 SEBI approval lapsed for 29 IPOs worth Rs. 55000. A
3-5-2023 to 1-6-2023
dozen withdrew papers and nine companies returned to bankers. All
Voting Result
before 3-6-2023 these companies were planning to raise more than Rs. 85000 crore. The
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
Mankind Pharma (IPO) 13 1026 to 1080 93 to 95 -- 900
(H : 110) -- --
(L : 30) -- --
Nexus Select Trust (IPO) 150 95 to 100 4 Sellers
(H : 6)
(L : 2)
Tata Technologies (IPO) -- -- 68 to 70 600
Wipro (Buyback) 445 6300
(Rs. 2L Appl)
De Neers (NSE SME) 1200 95 to 101 10 to 12
Innokaiz India (BSE SME) 1600 76 to 78 28 to 30 40,000
Auro Impex (NSE SME) 1600 74 to 78 21 to 23 900 30,000
Krishca Strapping (NSE SME) -- --
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Cont...
Financial Weekly TM

May 2023 57
Main - line IPO (Non SME)
Sr Company Issue Open Dt. Issue size Offer price Min. Listing Lead Manager Rating Remark
Issue Close Dt. (Rs. Cr.) (Rs.) App. (Out of 50)
1 Nexus 9-5-2023 Fresh Issue : Rs. 1400 Cr. 95 to 100 150 Shares BSE Bofa Sec., Axis Capital, Citigroup
34%
Select 11-5-2023 OFS : Rs. 1800 Cr. (Rs. 15000) NSE HSBC Sec., IIFL Sec., JM Finacial
Apply for
Trust REIT Total Issue Size : Rs. 3200 Cr. J.P. Morgan, Kotak Mahindra,
Morgan Stanley, SBI Capital
Long Term
Registrar : Kfin Technologies
2 Tata -- Total Issue Size -- -- -- BSE JM Financial, Citigroup Global,
Technologies -- 9,57,08,984 Shares (F.V. Rs. 2) (Rs. ---) NSE Bofa Securities Next Week
(Book Building) (Totally OFS) Registrar : Link Intime India
Nexus Select Trust REIT V/s Peers Comparison

REIT Embassy Office Mindspace Brookfiled India Nexus Select
Parks Business Parks Real Estate Trust
Issue Detail 18 to 20 March 2019 27 to 29 July 2020 3 to 5 Feb. 2021 9 to 11 May 2023
Manager Embassy Office Park K. Raheja Corp. Brook Prop. Select Mall
Management
QIB 55% 55% 55% 75%
HNI 45% 45% 45% 25%
Price Band Rs. 299 to 300 Rs. 274 to 275 Rs. 274 to 275 Rs. 95 to 100
Issued at Rs. 300 Rs. 275 Rs. 275 NA
Lot Size 400 Units 200 Units 200 Units 150 Units
Offer Size Rs. 4750 Cr. Rs. 4500 Cr. Rs. 3800 Cr. Rs. 3200 Cr.
Issue Type Fresh Rs. 4750 Cr. Fresh Rs. 1000 Cr. Fresh Rs. 3800 Cr. Fresh Rs. 1400 Cr.
OFS : Rs. 3500 Cr. OFS : Rs. 1800 Cr.
Market Cap Rs. 28450 Cr. Rs. 16308 Cr. Rs. 8327 Cr. Rs. 15150 Cr.
Issue Rating AAA/Stable AAA/Stable AAA/Stable AAA/Stable by
by ICRA by CRISIl by CRISIL by ICRA & CRISIL
Listed on April 1, 2019 August 7, 2020 February 16, 2021 NA
Debtu Price BSE : Rs. 300 BSE : Rs. 304 BSE : Rs. 275 --
NSE : Rs. 308 NSE : Rs. 302 NSE : Rs. 281.70 NA
Historical High Rs. 462 Rs. 388 Rs. 344.70 --
Historical Low Rs. 299 Rs. 290.36 Rs. 250.25 --
Last 52WH Rs. 406.69 Rs. 388 Rs. 344.70 --
Last 52 WL Rs. 299 Rs. 290.36 Rs. 250.25 NA
CMP Rs. 315 Rs. 325 Rs. 273 Yet to List
market has been volatile for last few months due to inflation, geopolitical tension and continuous
selling by the FPIs. FPIs sold shares worth $ 3.5 billion in January and $ 647 million in February
but bought shares worth $967 million in March and $ 1.4 billion in April. In last few days, market
has been stable and Sensex has witnessed 3.4% growth. Total 22 companies approached SEBI
to raise Rs. 34330 crore.
This week Nexus Select Trust REIT mainboard IPO is entering the market. Tata Techno IPO is
all set to enter the market in the near future. NSE SME Auro Impex & Chemicals and Krishna
Strapping Solution will also come up with IPO.
* Last weeks’ NSE SME IPO:
• Dee Neers Tools :- The issue closed on May 3 with 15.04x subscription. The issue with an
Cont...
Financial Weekly TM

May 2023 58
- When and how will be listing of Nexus Select and Mankind Pharma ?
- Tata Play and IDEA Forge get SEBI approval
- Fincare SFB resubmitted papers for IPO
- SEBI returned papers to Akme Fintrade Ltd
- Infra EPC Player VRRP Ltd files DRHP
- TVS Family to come up with IPO for the 1st time in 30 years: TVS Supply Chain
files paper for Rs. 750 crore
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. Auro 10-5-23 Fresh Issue 74 to 78 1600 Eq. Shares Affinity Next Week
Impex & 12-5-23 Rs. 20 Cr. (F.V.Rs.10) (Rs.1,24,800) Global
Chemicals OFS :
550000 Shares
2. Krishca -- 33,20,000 Eq. -- --- Eq. Shares Share India
Strapping -- (Rs. ---Cr.) (F.V.Rs.10) (Rs.---)
Next Week
Listing Information of
offer price of Rs. 95-101 may get listed on May 11 around Rs. 108-115.
Quicktouch Techno
NSE Code QUICKTOUCH • Innokaiz India :- Issue with the price band of Rs. 76-78 closed on
Listing Date 2-5-2023
Offer Priced Rs. 61.00 May 3 with 95.08x subscription. Listing on May 11 could be around Rs.
Listing Price Rs. 92.00 90-100. May cross 100 in good market.
Listing Day High Rs. 96.60
Listing Day Low Rs. 92.00 • Mankind Pharma :- Rs. 4326.36 crore IPO got 15.32x subscription.
Listing Day Closed Rs. 96.60
CMP (5-5-23) Rs. 105.65 However, it received only 0.92x subscription in retail so full and firm al-
Listing Information of lotment has been confirmed.

Retina Paints • Allotment/Refund :- Allotment was done on May 3.
NSE Code 543902
• Listing :- Listing on May 8 could be around Rs. 1175-1185 and may
Listing Date 3-5-2023
Offer Priced Rs. 30.00 cross Rs. 1200 level in good market. If shares have been allotted, hold
Listing Price Rs. 29.05
Listing Day High Rs. 30.50 Tentative Timetable for SME & Main Line IPOs
Listing Day Low Rs. 28.00 IPOs Name Issue Basis Refund/ Credit of Listing
Listing Day Closed Rs. 30.50 Closes of Unblock Shares Date
CMP (5-5-23) Rs. 29.92 Date Allotment Amount to Demat
Mankind Pharma IPO 27-4-23 3-5-23 4-5-23 5-3-23 8-5-23
IPOs whose validity De Neers Tools NSE SME 3-5-23 8-5-23 9-5-23 10-5-23 11-5-23
Innokaiz India BSE SME 3-5-23 8-5-23 9-5-23 10-5-23 11-5-23
lapsed in the past year Nexus Select Trust IPO 11-5-23 16-5-23 17-5-23 18-5-23 19-5-23
Month NO. of IPOs (Rs. Cr.) Auro Impex & Chem. NSE SME 12-5-23 17-5-23 18-5-23 19-5-23 22-5-23
April 2022 1 1800 Krishca Strapping NSE SME -- - - - -
May 2022 -- -- Tata Technologies IPO -- -- - - -
June 2022 2 2200
July 2 2430
August 2022 3 5000 Subscription Figures of SME IPO (Dt. 5-5-2023)
Sept. 2022 2 2550 IPO Listing Day Subscribed
Oct. 2022 4 4948
Nov. 2022 7 8950 De Neers Tools NSE SME Closes on 3rd May, 2023 15.04x
Dec. 2022 8 11682 Innokaiz India BSE SME Closes on 3rd May, 2023 95.08x
Jan. 2023 1 1500 Auro Impex & Chemical NSE SME Issue Opens on 10th May, 2023 --
Feb. 2023 6 22150
March 2023 3 2000
Krishca Strapping NSE SME --
Cont...
Financial Weekly TM

May 2023 59
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. Som 26-4-2023 34,95,952 140 10 shares for every BSE Vivro Fin. Serv. Apply for
Distilleries 11-5-2023 Shares (F.V. Rs. 10) 211 sharesh held on NSE Registrar Long Term
& Bev. (Rs. 48.94 Cr.) 14-4-2023 MAS Services
2. GI Engg. 27-4-2023 4,98,60,082 10 11 shares for every BSE -- AVOID
9-5-2023 Shares (F.V. Rs. 10) 8 sharesh held on NSE Registrar
(Rs. 49.86 Cr.) 18-4-2023 Bigshare services
3. Rushil 2-5-2023 66,35,421 162 1 shares for every BSE Saffron Capital Apply for
Decor 12-5-2023 Shares (F.V. Rs. 10) 3 shares held on NSE Registrar Short Term
(Rs. 107.49 Cr.) 13-4-2023 BigShare Ser.
4. Prerna 2-5-2023 2,40,85,020 20 2 Shares for every BSE -- Stay away
Infrabuild 18-5-2023 Shares (F.V.Rs. 10) 1 shares held on Registrar (Risky)
(Rs. 48.17 Cr.) 21-4-2023 Bigshare Services
5. Earun 2-5-2023 24,67,16,400 2 4 Shares for every BSE Axis Bank Stay away
Pharma 31-5-2023 Shares (F.V. Rs. 2) 1 Shares held on Registrar (Risky)
(Rs. 49.34 Cr.) 10-4-2023 Bighsare Services
6. Godha -- -- -- -- NSE --
Cabcon -- Shares (F.V.Rs. 1) -- Registrar Next Week
(Rs. 4.44 Cr.) --
7. Piramal -- --- -- -- BSE ICICI Securities
Pharma -- Shares (F.V. Rs. 10) -- NSE Registrar Next Week
(Rs. 1050 Cr.) -- Link Intime
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. 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.) -- --
for long time for better returns.

* Last week’s SME IPOs:-
• Quicktouch Technologies :- The issue with a fixed price of Rs. 61 listed with 58% premiums
at Rs. 92 and went up to Rs. 96.60 and down to Rs. 92 before closing at Rs. 96.60. It closed at Rs.
105.65 on May 5.
• Ratina Paints (543902) :- The issue with an offer price of Rs. 30 listed with a 3% discount at
Rs. 29.05 and went up to Rs. 30.50 and down to Rs. 28 before closing at Rs. 30.50. It closed at Rs.
29.92 on May 5.
* This week’s Mainboard IPO:
• Nexus Select Trust REIT :- Rs. 3200 crore IPO with fresh issue of Rs. 1400 crore and OFS of
Rs. 1800 crore with an offer price of Rs. 95-100 will open on May 9 and close on May 11. Minimum
application will be for 150 shares (Rs.15000). IPO analysis is given in separate table.
Subscription :- It may get 4-6x subscription in QIB, 3-5x in retail.
Allotment :-Allotment will be on May 8, refund on May 9 and share credit on May 10.
Listing :- May get listed on May 11 around Rs. 101-105.
* Upcoming SME IPOs :- NSE SME IPO of Auro Impex and Krishna Strapping will enter the
market in the near future.
Cont...
Financial Weekly TM

May 2023 60
GREY MARKET MOVEMENT
With entry of a mainboard IPO movement has increased in Grey Market
Mankind Pharma premiums witnessed a spurt: Tata Techno premiums stable
Nexus Select REIT premiums went up to Rs. 6 but came down to R.s 4
Innokaiz India and Dee Neers Tools SME IPO premiums soar high
Auro Impex SME IPO witnessed huge deals with premiums despite uncertainty over launch
Mankind Pharma :- After robust response on the last day, the premiums are going up continu-
ously. After touching Rs. 110, premiums have come down a little to Rs. 93-93. However, there is
not much movement in interest rates and subject to segments.
Nexus Select Trust REIT :- Issue with a price band of Rs. 95-100 witnessed a spurt in premi-
ums as it went up from Rs. 2 to Rs. 6 but now it is in the seller circuit at Rs. 4.
Tata Technologies :- Though launch date and price band haven’t been declared, the premi-
ums are Rs. 63065 and interest rates are Rs. 600.
* SME IPOs:
De-Neers Tools :- BSE SME IPO premiums have gone up from Rs. 9 to Rs. 12 after 15x
subscription.
Auro Impex :- NSE SME IPO launch date has been delayed but grey market premiums have
gone up from Rs. 18 to Rs. 21 and subject to rates are Rs. 30,000.
* Wipro Buyback : Premiums are around Rs. 6300 for Rs. 2 lakh application.
* Upcoming mainboard IPOs:-

• Tata Play and IDEA Forge have obtained SEBI nod for IPO.
• TVS Supply chains plans Rs. 750 crore IPO and filed papers for the same.
• Fincare Small Finance Bank has resubmitted IPO papers with SEBI. It plans fresh issue of
Rs. 625 crore and OFS of 1.7 crore shares.
• VRRP Ltd has filed papers for IPO.
• Fintrade Ltd : SEBI has returned papers to Fintrade Ltd. It filed DRHP on February 16.
* This week’s Rights Issues :- Last week five rights issues were in the market of which AF
Enterprise issue has closed, while Som Distrilleries & Beveragies, GI Engineering, Rushil Décor
and Prerna Infrabuild are in the market. Analysis of all issues was given last week.
This week, Earum Pharma’s Rs. 49.39 crore issue has entered the market, which will close on
May 31. As per the analysis given in a separate table, it is advisable to stay away from it.
***
Financial Weekly TM

May 2023 61
Nexus Select Trust REIT Main Line
Opens on 9th May & Closes on 11th May
Offer Price Rs. 95 to 100; Listing on BSE & NSE
This is the 4th REIT issue since March 2019, The three REIT go listed
NST has incurred losses for the FY20 & FY21 but
turn the corner in Dec. 2022
On valuation front offer is reasonably priced at NAV of 0.78 per Unit
Considering all aspect & bright future ahead,
Investors may apply for midterm prospective
Nexus Select Trust is India's leading real estate investment trust. Nexus Select Trust is India's leading
consumption centre platform with 17 Grade-A best-in-class Urban Consumption Centers spread across 14
cities. The company owns 17 Grade A urban consumption centres with a total Leasable Area of 9.8 msf, two
complementary hotel assets (354 keys), and three office assets of 1.3 msf as of December 31, 2022. Nexus
is also working across 50+ ESG initiatives to create a positive impact on people and the environment. Nexus
Select Trust serves across 14 cities in India including Delhi, Navi Mumbai, Bengaluru, Pune, Hyderabad, and
Chennai, which constituted 30% of India's total discretionary retail spending in FY20.
Issue Details
Financial Performance : Consolidated Basis
• Issue Opens on 9th May & Closes on 11th May 2023 Particulars (Rs. Cr.) FY20 FY21 FY22 3QSFY23
• Object of the issue : Partial or full repayment or prepayment Total Revenue 1780.19 1047.97 1398.52 1498.35
and redemption of certain financial indebtedness of the Asset Profit After Tax 206.74 -199.11 -10.95 257.02
SPVs and the Investment Entity and Acquisition of stake and redemption of debt securities in certain Asset
SPVs; and General purposes
• Issue Size : Fresh Issue : 1400 Cr. • OFS : 1800 Cr., Total Issue Size : Rs. 3200 Cr.
• Offer price Rs. 95 to 100
• Minumum Lot Size : 150 Share • Listing on : NSE & BSE
• BRLM : Bofa Securities, Axis Capital, Citigroup Global Markets, Hsbc Securities & Capital Markets, IIFL
Securities, Jm Financial, J.P. Morgan, Kotak Mahindra, Morgan Stanley India, Sbi Capital Markets
• Registrar : Kfin Technologies Limited
OTHER SIDE OF THE COIN

• The Nexus select trust does not provide any assurance or guarantee of any distributions to the Unit hold-
ers.
• NST has a limited operating history and may not be able to operate business successfully.
• Significant portion of revenue are derived from limited number of large tenants.
• It does not have any industry peers.
Recommendation : This is the 4th REIT issue since March 2019. The three REITs go listed are
embassy office parks, mind space and brook filed India. Nov Nexus select trust which has the of
retail consumption space i.e. mall development and thus differs from others.
It has incurred losses in FY20 & FY21 due to the pandemic but turn the corner in 3QSFY23. Post
issue the value of the trust will be 15150 Cr. And NAV per unit in relation to the offer price shall be 0.74
at floor price and 0.78 at cap price. Its portfolio is highly stabilized with occupancy of 96.2%.
It has a strong track record of delivering organic & inorganic growth. It is first issue from retail
consumption space. This will create fancy. Considering all parameters and bright future ahead, in-
vestors may apply for midterm prospective.
Financial Weekly TM

May 2023 62
Earum Pharmaceuticals Limited Rights Issue
Opened on 2nd May & Closes on 31st May
Offer price Rs. 2 per Share; Listing on BSE
BSE : 542724 • CMP : 2.18 • 52WKH : 4.99 • 52WKL : 1.64
EPLs Maiden IPO in June at Rs. 36, 1:1 Bonus in August 21 &
Stock Split 10 to 2 in Dec. 21
It has perform inconsistent in its top & bottom line for last 21 months
There is no promoter holding, post rights issue fivefold in-
crease in Equity capital may create problems
Rights issue offer is only 8.25% discount to cmp
Give clear avoid to this issue
Incorporated in 2012, Earum Pharmaceuticals Limited is engaged in the pharmaceutical business involv-
ing marketing, trading, and distribution of pharmaceutical formulation products. Earum Pharmaceuticals' product
range includes anti-biotic drugs, anti-malarial drugs, anti-allergic & anti-cold drugs, analgesic/antipyretic &
anti-inflammatory drugs, dermatology products, cerebral activator drugs, neurological drugs, gastrointestinal
drugs, steroids, gynecology drugs, calcium, multivitamins, anti-oxidants, and injections. Currently, the com-
pany has its presence in Indian States such as Gujarat, Maharashtra, Chhattisgarh, Uttar Pradesh, Mizoram,
Andhra Pradesh, Rajasthan, Madhya Pradesh, Manipur, Assam, Meghalaya, Kerala, Telangana, etc., and
intends to penetrate international markets as well.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY 21 FY 22 9MFY 23
• Issue Opened on 2nd May & Closes on 31st May 2023 Total Revenue 50.02 28.74 14.82
• Object of the Issue : For working capital requirements., Profit After Tax 0.09 2.22 1.77
Repayment of loan., General corporate purposes.
• Issue Size : 24,67,16,400 Eq. Shares (Rs. 49.34 Cr.)
• Face Value Rs. 2 • Issue Price : Rs. 2 per Share
• Listing on BSE
• Terms of payment : Investors will have to pay Rs. 0.50 at the time of allotment, Rs. 0.50 at the time of 1st
Call, Rs. 0.50 at the time of 2nd Call and Rs. 0.50 at the time of 3rd and Final Call.
• Entitlement : 4 Equity Shares for every 1 Equity Shares held on the Record Date : 10-4-2023
• Deemed Date of Allotment : 10-6-2023
• Lead Manager : Axis Bank • Registrar : Bigshare Services Pvt Ltd
• Market Cap : Rs. 61.68 Cr.
• Pre IPO Equity Capital Rs. 12.34 Cr. • Post IPO Eq. Capital Rs. 61.68 Cr.
• Cum Right basis at Rs. 2.48 (6-4-2023)
• ex Right basis at Rs. 2.42 (10-4-2023)
• Since then, It has marked a high/low of Rs. 2.52 / Rs. 2.15
• It last closed at Rs. 2.18 (28-4-2023)
• 52 Weeks high / Low of Rs. 4.99 / Rs. 1.64
Recommendation : EPS entered in to the markets with maiden issue at a fixed price of Rs. 36 per share
in June 2019 & issued bonus shares in the ratio of 1:1 in August 2021 & Also opted for stock split of Rs. 10 to
Rs. 2 in Dec. 2021. Now it's right issue is at par of Rs 2., It has posted inconsistent in its top lines & bottom lines
for the last 21 months. There is no promoter's holding hence counter is operated by some vested interest
players. Post rights issue fivefold increase in Equity capital may create problems goi8ng forward. Rights
shares are offered only 8.25% discount to CMP. Shareholder may give clear avoid to this issue.
Financial Weekly TM

May 2023 63
Smart Best Buy S. N. Zaveri
IndiaMart : Sales up 33 per cent, Margin up at 25 per cent
Bajaj Auto : Surplus cash of Rs.17,445 crore, Dividend of Rs.140 per share
Pidilite Industries : Falling Crude oil prices a major relief
Balkrishna Industries : Consistent outperformer in Off-the-Road Tyre Industry
Indigo airlines : Go First collapse and Crude oil prices will benefit significantly
IndiaMart (5975.00) (Code :542726) : IndiaMART InterMESH stock was up last

week following good Q4 numbers. Its consolidated revenue came in at Rs 269 crore in Q4 FY23,
registering a growth of 33 percent YoY primarily driven by a 20 percent increase in the number of
paying subscription suppliers and the addition of Rs 12 crore revenue from accounting software
services. Net profit stood at Rs 56 crore as compared to the year ago’s Rs 57 crore and the previ-
ous quarter’s Rs 113 crore. The company continued making growth investments in manpower,
product and technology, sales and servicing, resulting in growth in revenue and paying subscrip-
tion suppliers which drove IndiaMART InterMESH to report a consolidated EBITDA of Rs 66 crore
representing EBITDA margin of 25 percent. The company continued making growth investments
in manpower, product and technology, sales and servicing, resulting in growth in revenue and
paying subscription suppliers which drove IndiaMART InterMESH to report a consolidated EBITDA
of Rs 66 crore representing EBITDA margin of 25 percent. Buy.
Bajaj Auto (Rs. 4471.00) (Code : 532977) : Bajaj Auto reported consolidated net
profit for the quarter ended March 2023 at Rs 1,704.74 crore, up 11.70 percent from Rs 1,526.16
crore in the same quarter last year. Revenue from operation came in at Rs 8,929.23 crore, register-
ing a growth of 11.96 percent from Rs 7,974.84 crore in the year-ago quarter. The board of directors
of the company has recommended a dividend at the rate Rs 140 per share. The company's EBITDA
maintained its strong run, growing 26 percent YoY to Rs 1,718 crore, with margin accretion of 220
bps to 19.3 percent. Sequentially, across quarters, price realisation and material costs held flat
with favourable mix driving the slight uptick. The company's surplus cash stood at Rs 17,445 crore
as of March 31, 2023. Meanwhile, the company sold 1,81,828 units in the domestic market last
month, recording a massive 95 percent YoY growth. However, with 1,06,157 units, its exports de-
clined by 44 percent on a YoY basis. Buy in phased manner.
Pidilite Industries (Rs. 2471.00) (Code : 500331) : Pidilite Industries’ stock has
been in consolidation mode for quite some time. Now, the stock is poised for upmove as there is
more convinience for the business. Crude oil prices slid further last week. Brent crude has come
down below 80 dollars. It is a major relief for adhesives companies like Pidilite as crude oil is its
key raw material. Pidilite Industries is engaged in the manufacturing of adhesives, sealants, water-
Cont...
Financial Weekly TM

May 2023 64
proofing solutions and construction chemicals, arts & crafts, industrial resins and polymers. De-
spite consistently strong fundamentals, higher raw material costs over the past year has severely
dented operating margins which has resulted in a below average returns for Pidilite industries in
FY23. Now, crude oil price has singnificantly come down from its last year avearge. Pidilite has
very low equity capital and huge reserve. Buy. Buy more at any decline.
Balkrishna Industries (Rs. 2141.00) (Code : 502355) : Balkrishna Industries
consistently outperformed industry exports on a year-over-year basis and, after three years of an
average market share of 50%, eventually crossed the 60% threshold in H1FY23. As per the broker-
age report, distributors stocked up on excess inventory between March and July 2022 as a result of
worldwide container shortages and a nearly five-fold rise in container prices early in the calendar
year (CY) 2022. The destocking process began in August 2022, and the brokerage anticipate it to
last through Q1FY24E, after which the amount of exports should stabilise at roughly US$140-145
million per month. With raw material cost declining, EUR-INR turning favourable, container rates
down nearly 70% from April-May 2022 highs, there are enough margin triggers for the company to
boost its earnings outlook. ICICI Securities Ltd has maintained a 'buy' rating for Balkrishna Indus-
tries Ltd and sees a 20% upside for the stock. The brokerage has kept the target price unchanged
at Rs2,378. Buy.
Interglobe Aviation (Rs. 2152.00) (Code : 539448) : Shares of budget carrier
IndiGo’s parent company Interglobe Aviation Limited surged sharply on Wednesday. This comes
after smaller rival Go First filed for bankruptcy on Tuesday after facing a severe fund crunch, for
which it blamed engine maker Pratt and Whitney. Go First's bankruptcy and curtailed operations
will benefit IndiGo as it will get a larger share of the aviation market in India. It may be noted that
lessors may also be keen to allocate some of Go First aircraft to IndiGo, according to Credit Suisse
analysts. They added that the development would benefit IndiGo in terms of market share and
stronger yields in a capacity-strained environment. Analysts predict that IndiGo will gain the big-
gest market share as a result of GoFirst's bankruptcy. Additionally, a sharp decline in crude oil will
benefit aviation stocks. As brent crude oil prices are below 80 dollars and the government has also
reduced levy on ATF at Zero. It will reduce cost significantly. 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
5th May, 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

May 2023 65
Dalal Street Whispers Dilip K. Shah
Titan (Rs. 2734.00) (Code : 500114) :- Titan has reported a strong 40 % YoY growth
in Q4FY23 net profit at Rs 736 crore when compared with Rs 527 crore in Q4FY22. Total income
was up 26 % YoY at Rs 9,419 crore. Revenue from the jewellery segment surged by 24 %.
Tata Chemicals (Rs. 959.00) (Code : 500770) :- Tata Chemical’s Q4 net soared
55.5 % YoY to Rs 692 crore for the ended March 2023. Total income jumped 25 % YoY to Rs 4,482
crore.
ABB India (Rs. 3718.00) (Code : 500002) :- ABB India’s Q4 net profit dipped 33.2
per cent YoY to Rs 247.17 crore in the last quarter of fiscal year 2022-23 as against Rs 370.14
crore in the year ago period. Total income, however, increased by 22.5 per cent YoY to Rs 2,411.21
crore.
Petronet LNG (Rs. 226.00) (Code : 532522) :- Petronet LNG reported a 18.1 %
YoY decline in Q4 net profit at Rs 614.25 crore. Its Standalone revenue from operations grew by
24.3 % YoY to Rs 13,874 crore.
Sona BLW Precision Forgings (Rs. 500.00) (Code : 543300) :- Sona BLW
posted a 15.4 % YoY growth in Q4FY23 net at Rs 143.62 crore, while total income rose by 36.1 %
YoY to Rs 737.36 crore.
Sula Vineyards (Rs. 393.00) (Code : 543711) :- Sula Vineyards reported a 4.9 %
YoY growth in Q4 net at Rs 14.25 crore, backed by a 7 % rise in total revenue to Rs 120.90 crore.
KEC International (Rs. 517.00) (Code : 532714) :- KEC International reported a

35.6 % YoY fall in Q4 net at Rs 72.17 crore as against Rs 112.04 crore in Q4FY22 on the contrary
its Total income surged 29.3 % YoY to Rs 5,530.53 crore.
Cholamandalam Investment (Rs. 992.00) (Code : 511243) :- Cholamandalam

Investment posted a 24 % YoY increase in net profit during the fourth quarter of 2022-23 to Rs 853
crore compared to the same period in 2021-22. Net income rose 32 per cent YoY to Rs 2,060 crore.
Bharti Airtel (Rs. 787.000) (Code : 532454) :- Bhart Airtel recently announced the
merger of operations of Bharti Airtel Lanka with Dialog - a subsidiary of Malaysian multinational
telecommunications conglomerate Axiata Group Berhad. The move is expected to give Airtel ac-
cess to a larger user base in the island nation.
Ambuja Cements (Rs. 400.00) (Code : 500425) :- The newly acquired Adani
Group owned cement company’s Q4 % rose by 1.6 per cent to Rs 502.40 crore in the quarter
ended March 2023 as against Rs 494.91 crore in the corresponding quarter a year ago. Total
Cont.....
Financial Weekly TM

May 2023 66
income surged 11.9 % YoY to Rs 4,430.28 crore.
PSB (Rs. 33.00) (Code : 533295) :- Punjab & Sind Bank’s net profit jumped 32 % YoY
to Rs 457 crore in the January- March quarter (Q4) as its interest income rose by 17 % to Rs 2,105
crore.
Fino Payments Bank (Rs. 214.00) (Code : 543386) :- Fino Payments Bank
reported a 25.3 % YoY growth in March quarter net at Rs 22.08 crore, backed by a 13.4 per cent
increase in total income to Rs 323.43 crore.
Astec LifeSciences (Rs. 1363.00) (Code : 533138) :- Astec LifeSciences re-

ported a net loss of nearly Rs 5 crore for Q4FY23 as against a net profit of Rs 43.04 crore in
Q4FY22. Total income plunged 53.5 per cent YoY to Rs 129.54 crore.
Sasken Technologies (Rs. 824.00) (Code : 532663) :- Sasken Technologies’

Q4 net profit plunged over 36 % to Rs 17.07 crore for the quarter ended March 2023 when com-
pared with Rs 26.88 crore in the quarter ended March 2022. Total income was down 2.2 % YoY at
Rs 111.27 crore.
Blue Star (Rs. 1436.00) (Code : 500067) :- Blue Star’s Q4 net profit grew 3-fold to
Rs 225.29 crore for the quarter ended March 2023 when compared with Rs 76.27 crore in the
quarter ended March 2022. Total income rose 16.3 % YoY to Rs 2,630.48 crore. The company’s
board also approved bonus issue of equity shares in the ratio of 1:1; i.e. one free share for every
share held.
Adani Enterprises (AEL) (Rs. 1921.00) (Code : 512599) :- AEL’s Q4 PAT

zoomed 137 % YoY to Rs 722 crore, and total income was up 26 % at Rs 31,716 crore.
Hero MotoCorp (Rs. 2545.00) (Code : 500182) :- Hero Motor Corp’s consolidated
net profit surged 30.6 % YoY to Rs 810.60 crore in Q4FY23, backed by a 13.7 % growth in total
income at Rs 8,671.82 crore.
TVS Motor (Rs. 1214.00) (Code : 532343) :- TVS Motor reported a 22 % jump in net
profit for Q4FY23 at Rs 336 crore as against Rs 275 crore in Q4FY22. Total income also rose by 22
% YoY to Rs 8,031 crore.
Sundram Fasteners (Rs. 1066.00) (Code : 500403) :- Sundaram Fasteners 19

% YoY rise in consolidated net profit during the fourth quarter of FY23 to Rs 127.47 crore. Revenue
from operations grew 8.1 % to Rs 1,447.95 crore.
Ceat (Rs. 1716.00) (Code : 500878) :- The tyre-maker’s net profit soared almost 10-
fold to Rs 132 crore in Q4FY23 as against Rs 13.29 crore in Q4FY22. Total income grew 11 % to
Rs 2,864.97 crore.
Cont.....
Financial Weekly TM

May 2023 67
Coal India (CIL) (Rs. 237.00) (Code : 533278) :- Coal India to pump Rs 91,000
crore in various projects, including diversification and mine development, by 2025-26.
J&K Bank (Rs. 57.00) (Code : 532209) :- J&K bank’s net profit jumped over 4-fold
to Rs 476.33 crore for the quarter ended March 2023 as against Rs 112.20 crore in the correspond-
ing quarter a year ago. Total income was up 21.2 % YoY at Rs 2,678.48 crore.
United Breweries (Rs. 1398.00) (Code : 532478) :- UBL reported a massive 94

% YoY drop in net profit at Rs 9.73 crore in Q4FY23 as against Rs 162.96 crore in Q4FY22 while
its Total income was up 11.3 % at Rs 4,091.23 crore.
TVS Motors (Rs. 1214.00) (Code : 532343) :- TVS Motors Company hit a fresh 52-
week high of Rs 1,235 on the BSE, surging 5.5 % in an otherwise weak market. It posted a 22 %
rise in consolidated net profit during the fourth quarter of 2022-23 to Rs 336 crore, as compared
same quarter in period of 2021-22, due to a rise in sales. Electric vehicles (EV) saw sales of 43,000
units in the quarter ended March 2023 as against 6,000 during the quarter ended March 2022 and
29,000 units during the quarter ended December 2022.
Minda Corporation (Rs. 272.00) (Code: 538962) :- Minda Corporation is looking

to increase its stake in Pricol to 24.5%. In February, Minda acquired 1.91 crore shares of 15.7%
equity in Pricol. Current can be seen in the stock.
Rane Engine (Rs. 262.00) (Code: 532988) :- The stock hit the 20% upper circuit
after reporting turnaround numbers for the March quarter. It reported a profit of Rs. 4.9 crore for the
Mach quarter as against loss of Rs. 0.01 crore last year.
Welspun India (Rs. 95.00) (Code: 514162) :- The company has fixed May 10 as the
record date for its buyback offer. The company had announced last month that it would buy back
1,62,50,000 shares at Rs. 120 per share for Rs. 195 crore.
Adani Enterprise (Rs. 1943.00) (Code: 512599) :- The flagship company of Adani
group reported a net profit of Rs. 722.5 crore for the March quarter, nearly 2.5 times higher than Rs.
304.32 crore last year. Quarterly income went up from Rs. 25,141 crore to Rs. 31,716 crore.
Tata Chemicals (Rs. 961.00) (Code: 500770) :- The company’s profit for the March
quarter was Rs. 709 crore, 62% higher than last year’s Rs. 438 crore. Income grew by 26.6% from
Rs. 3098 crore to Rs. 4407 crore.
Sona BLW (Rs. 500.00) (Code: 543300) :- The company reported a profit of Rs.
119.8 crore for the March quarter, 15.4% higher than last year’s Rs. 104.6 crore. Income for the
quarter rose by 36% to Rs. 742.5 crore from Rs. 547.8 crore.
MRF (Rs. 98,215.00) (Code: 500290) :- Rubber prices have fallen to multi-year lows
Financial Weekly TM

May 2023 68
in international markets, which has boosted the performance of tyre companies. It will not be sur-
prising to see the MRF share price crossing Rs. 1 lakh soon.
KEI Industries (Rs. 1909.00) (Code: 517569) :- The company’s profit for the March
quarter increased from Rs. 116 crore to Rs. 138 crore, while income increased from Rs. 1791 crore
to Rs. 1954.5 crore.
TVS Motors (Rs. 1169.00) (Code: 532343) :- The company’s April sales of 3.06
lakh units were 4% higher than last year’s 2.99 lakh units.
Indigo (Rs. 2158.00) (Code: 539448) :- Aviation fuel prices have declined. The bank-
ruptcy filing of Go First has also added flight to Indigo shares, which are trading at their highs.
Spandana Sphoorty (Rs. 650.00) (Code: 542759) :- The company's net profit for
the March quarter nearly quadrupled from Rs. 28.4 crore to Rs. 105.5 crore. Net interest income
almost doubled from Rs. 179 crore to Rs. 349.2 crore.
Tata Steel (Rs. 111.00) (Code: 500470) :- The company’s net profit of Rs. 1566.2
crore for the March quarter was significantly higher than analysts’ expectations of Rs. 873 crore,
but 84% lower than last year’s Rs. 9835 crore. The board has declared a dividend of Rs. 3.60 per
share.
DCM Shriram (Rs. 822.00) (Code: 523367) :- The March quarter net profit of Rs.
186.7 crore was 53.5% lower than last year’s Rs. 401 crore. Income declined by a per cent from Rs
2873.3 crore to Rs. 2847.7 crore.
Ambuja Cement (Rs. 400.00) (Code: 500425) :- The Adani group company’s profit
for the March quarter was Rs. 502 crore, just higher than last year’s Rs. 494 crore, even as income
increased from Rs. 3927 crore to Rs. 4256 crore. The company will pay a dividend of Rs. 2.50 per
share.
Adani Total Gas (Rs. 930.00) (Code: 542066) :- March quarter profit of Rs. 97.91
crore was over 20% higher than last year’s Rs. 81.09 crore. Income was up by 12% from Rs.
1065.4 crore to Rs. 1197.31 crore.
SBI Cards (Rs. 800.00) (Code: 543066) :- The net profit for the March quarter was
Rs. 596.5 crore, 3% higher than last year’s Rs. 581 crore. Revenue jumped by nearly a third to Rs.
3762 crore from Rs. 2850.3 crore.
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
5th May, 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

May 2023 69
Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(8th May 2023 to 14th May 2023)
In this week, rahu, mercury, Jupiter and Sun in arise, ketu in Libra, Mars and
Venus in Gemini, Saturn in Aquarius. Moon occupies Scorpio, Sagittarius and
Capricorn houses. On 8th May and 9th May 2023, Mars and Venus in Gemini
taking fifth position towards ketu in Libra may bring volatility in the market. On
10th May and 11th May 2023, Moon in Sagittarius taking seventh position
towards mars and venues in Gemini may bring volatility in the market. On 12th
May 2023, Mars in cancer taking fourth position towards ketu in Libra may
bring volatility in the market. Banking. FMCG, defense, paper industry may
favor the market. Precision wires, Technocrat, ION exchange, Star paper mills,
Petrochem may show good movements of stock prices
GOLD PRICE MOVEMENTS

(8th May 2023 to 14th May 2023)
8th and 9th May 2023 : Moon in Scorpio taking eighth position towards mars and venues
in Gemini may bring volatility in the market
10th May and 11th May 2023 : The conjunction of Rahu, mercury, Jupiter and Sun in
arise taking seventh position towards ketu in Scorpio may bring volatility in the market
12th May 2023 : Venus in Gemini taking fifth position towards ketu in Libra may bring
volatility in the market.
Financial Weekly TM

May 2023 70
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com
8-5-2023 to 12-5-2023 Nifty Prediction

" Please consider 10 minutes plus and minus in each prediction, and act accordingly. " Ganesha
advises you to compare every prediction with the prediction of the previous time slot.
08-05-2023 Monday :- " Today may still be an up trend, but a bit more caution will have to
be exercised tomorrow. " 9.15 to 11.11 Nifty will work in mix pattern. 11.11 to 13.55 Nifty re-
mains up overall. Mix to Time Pass Nifty can remain during the closing bell from 13.55.
09-05-2023 Tuesday :- Annual average will hold the market and daily planetary sup-
port is not there so soft or down trend is likely in Nifty from today. " et ready to work with full specu-
lation calculations today. " Short Nifty around 9.40 and exit as soon as you get 3 rupees. " Short
Nifty around 13.30 and exit around 14.35. " If you trade properly here, you can get good money.
10-05-2023 Wednesday :- " Today the trend will keep changing after every 30 minutes
so you have to play fast. " Slot - 1 = 9.15 to 9.45 Nifty up. " Slot - 2 = 9.45 to 10.53 Nifty will come
down. " Slot - 3 = 10.53 to 12.17 Nifty will go up again. " A small correction between Slot - 4 = will
come around 12.30. " Slot - 5 = 13.00 to 13.40 Nifty up. " Slot - 6 = Between 13.40 to 15.30 the
overall will be soft but there may be some last minute buying.
11-05-2023 Thursday :- " 9.15 to 11.15 There is no clear trend so do jobbing you can get
good money. " Between 11.15 to 13.15 positive effect of "A" group will be seen in Nifty. " 13.50 to
closing bell can say boring, tedious, dull and monotonous time frame.
12-05-2023 Friday :- " From opening to 10.40 Nifty has no confidence so act as pure
speculation. " From 10.40 Nifty will go up step by step which will remain till 13.30 (yes considering
correction in between) " After 13.30 Nifty will come down step by step and settle down a bit in the
last.
Financial Weekly TM

May 2023 71
News Track
Fresh Fruits & Food Processing Company - Growington
Ventures India Limited going for Business expansion
Mumbai based BSE SME listed company Growington
Ventures India Limited promoted by CA Vikram Bajaj is
engaged in the business of supply chain from import of
Fresh Fruits and distribution to corporate in hospitality
and E commerce company. The Company is professional
managed with the vision to serves the fresh fruits in pan
India market by sourcing of fruits from farms with tie up in
Turkey, Vietnam, South Africa, Greece, Chile etc.
Company has wide portfolio of fruits like Apple, Or-
ange, Mandarin, Pear, Kiwi, Dragon Fruit, Avocado, Red
Globe Grapes, Plum, Nectarines, Peaches, Cherries,
Blueberries, Grape Fruit, Mangosteen, Ram Bhutan, Lon-
gan, Dates, Tamarind, Dates and so on. Considering the
health awareness and life style of Indian public, demand
for variety of imported fruits has increased such as avo-
cado, blueberry & dragon fruits. Company has created a
highly Competent, Strong Procurement & Distribution
Support team within and outside the India.
Considering the growth in business, management has
plans for business expansion by having leased cold stor- Mr. Vikram Bajaj
age facility and setting up of Fruits & Spice processing Founder & Director,
unit near in MIDC, Navi Mumbai. It has plans for FASSAI Growington Ventures India Ltd.
approved Spice processing unit with automatic grinding,
separation and packing facility. Products will be Turmeric, Coriander, Cumin, Chili powder and
other variety of Spices powder. Capital investment along with additional working capital will be
approx Rs. 1000 Lacs. It has plans to have own E- Commerce portal for B 2 B and B 2 C along with
own distribution network with cold chain to cater on national level. It has plans to become supply
chain partner to cater company like Reliance, Big Basket, Godrej Fresh, More, Amazon and others
for fruits, spices powder under own brand name.
Company has performed post covid and declared bonus shares (24:100) in March 2023. Our
company is listed on BSE SME and Equity price has improved from Rs. 14 per shares in May 2022
to Rs. 106 per shares currently. This has given good returns to Investors with long term vision.
Financial Weekly TM

May 2023 72
Performance of “SMART PLUS NEWS LETTER”
Amazing 12% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
1-5-23 Recomm. (%) 1-5-23 Recomm. (%)
PI Industries 3383 3427 1.3 TVS Motors 1137 1169 2.81
IndiaMart 5364 6042 12.64 Apollo Hospital 4519 4554 0.77
Astral 1449 1489 2.76 Tata Consumer 763 775 1.57
Bajaj Finserv 1351 1374 1.7 Syngene 677 689 1.77
Reliance Ind. 2420 2447 1.12 Tilaknagar Ind. 124 135 8.87
CEAT 1559 1655 6.16 Canar Bank 317 323 1.89
IndiGo Paints 1153 1190 3.21 AB Cpital 167 173 3.59
Asian Paints 2901 2982 2.79 REC 132 136 3.03
JK Cement 2989 3019 1 CanFin Homes 616 637 3.41
HAL 2921 2959 1.3 Laurus Lab. 307 319 3.91
Titan 2640 2669 1.1 Delta Corp. 205 213 3.9
EKI Energy 455 483 6.15 Gujarat Gas 467 473 1.28
Chola Invest 871 950 9.07 BHEL 78 86 10.26
Berger paints 609 620 1.81 IVP 170 177 4.12
Apollo Tyres 347 359 3.46 L&T Finance 92 95 3.26
HDFC Life 529 546 3.21 City Union Bank 141 142 0.71
Mahindra CIE 398 424 6.53 Sail 82 85 3.66
If you want to get benefit of it..... Subscribe

SMART PLUS NEWSLETTER publishing on Every Sunday Evening
Log on to..... www.smartinvestment.in
Financial Weekly TM

May 2023 73
REVIEW OF Smart Bonanza

Issue No. : 2 • Date : 3-5-2023
Company Reccom. High after Ch. Company Reccom. High after Ch.
3-5-23 Recomm. (%) 3-5-23 Recomm. (%)
Alok Ind 13 14 7.69 Apollo Hospital 4498 4554 1.24
Edelweiss 66 68 3.03 Bajaj Finserv 1353 1374 1.55
Zomato 64 65 1.56 Chola In 873 950 8.82
Bhel 81 86 6.17 Indian Bank 329 331 0.61
M&M Fin 267 288 7.87 AB Capital 168 173 2.98
india Cement 187 189 1.07 Polycab 3249 3269 0.62
HPCL 253 258 1.98 HAL 2937 2959 0.75
Chennai Petro 294 303 3.06 KEI Ind 1871 1909 2.03
Apollo Tyre 346 359 3.76 Automobile Corp 806 829 2.85
BEML 1234 1388 12.48 HDFC Bank 1686 1727 2.43
Indigo Paints 1160 1190 2.59 Ultratech 7456 7503 0.63
Kotak Bank 1916 1946 1.57 TVS Motors 1158 1169 0.95
Asian Paints 2902 2982 2.76 Tata Power 201 203 1.00
for more detail click the below link

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

May 2023 74
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Disclaimer :- Investment recommendations made in Smart Investment are for information
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completeness are not guaranteed. Smart Investment or the analyst / writer do not accept any
liability for the use of this column for the buying or selling of securities. Readers of this column who
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featured herein
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May 2023 76
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

FII ACTIVITY (Rs. in Cr.)

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7th May 2023 to 13 th

SENSEX delivered 15.5% CAGR returns over the last 43 years.

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

According to the Indian Newspaper Society,

7th May 2023 to 13 th

Analysts Stay Upbeat on INDUSIND,

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

7th May 2023 to 13 th

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Consolidation Necessary for Further rally

Trend Still Positive

:::: INDEX LEVELS ::::

7th May 2023 to 13 th

FSN E-Commerce (NYKAA)

brand products manufactured by it.

Nykaa is an Indian e-commerce company, founded by Falguni Nayar in 2012 and headquar-

tered in Mumbai. It sells beauty, wellness and fashion products across websites, mobile apps and

· Promoters Holding 52.28%

· FII Holding 12.26 % (increased from 5.98 % to 12.26% in last 1 year)

· DII Holding 7.86% (increased from 3.13% to 7.86% in last 1 year)

target of 160 and long-term target of 185+.

7th May 2023 to 13 th

Smart Investment Financial Weekly (English)

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Kalpna J (Email- investwithkalpnaj@gmail.com)

Past few recommendations Performance

SHRIRAM FINANCE LIMITED

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with a healthy pipeline of sustainable products and services.

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Performance Report - Mid-term / Long-term

Performance Report - Futures

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

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

Average Return 1.2% Averge Hold. Period 1