Smart Investment E Copy Vol 16 Issue No 3 26th February 2023

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

VOL : 16 • Issue No: 3 RNI No : GUJENG / 2008 / 24320 26th Feb. 2023 to 4th March 2023
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
20-02-2023 4256.62 4415.57 -158.95
21-02-2023 5465.61 4939.81 525.8
22-02-2023 6195.54 6775.36 -579.82
23-02-2023 6791.35 8208.59 -1417.24
24-02-2023 8864.6 10334.94 -1470.34
TOTAL 31573.72 34674.27 -3100.55
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
20-02-2023 4980.3 4894.07 86.23
21-02-2023 5318.43 5553.66 -235.23
22-02-2023 5711.53 5339.97 371.56
23-02-2023 7010.44 5424.38 1586.06
24-02-2023 5875.05 4474.07 1400.98
TOTAL 28895.75 25686.15 3209.6
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March 2023 3
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Financial Weekly TM

March 2023 5
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March 2023 6
Rapid Fire Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
KPIT (RS. 831)
TARGETS OF 999 TO 1050 TIME FRAME 5 TO 9 MONTHS
KPIT on track to beat FY23 growth outlook backed by CC revenue growth of 44.7% YOY and net profit growth of
43.5% YOY
Q3 FY23 Net Profit and EBITDA, Q3FY23 Net Profit at Rs. 1,005 MN, Net Profit growth of 43.5% Y-o-Y and 20.4%
Q-o-Q, Q3FY23 EBITDA at 18.5%, EBITDA growth of 47.7% Y-o-Y and 22.9% Q-o-Q, Marks 10 consecutive quarters
of steady revenue and EBITDA growth, Talent Global employee count crosses 10000, Strong hiring pipeline globally to
bring best talent for cutting edge client engagements, TCV of new engagements won during
Q3 FY23: $ 272 million
(Includes $ 100 Million from Mega Engagement with Renault)
KPIT Technologies is a global partner to the automotive and Mobility ecosystem for making software-defined ve-
hicles a reality. It is a leading independent software development and integration partner helping mobility leapfrog
towards a clean, smart, and safe future. With 10000+ automobelievers across the globe specializing in embedded
software, AI, and digital solutions, KPIT accelerates its clients’ implementation of next-generation technologies for the
future mobility roadmap. With engineering centers in Europe, the USA, Japan, China, Thailand, and India, KPIT works
with leaders in automotive and Mobility and is present where the ecosystem is transforming
KPIT Technologies, dSPACE, and Microsoft have teamed up to offer a unique solution for OEMs and Tier-1s
seeking homologation (self-certification in the USA) for advanced driver assistance systems and autonomous driving.
Certification for autonomous vehicles requires millions of miles of testing, which can only be achieved through data-
driven simulation., This is a fairly new field that requires multiple skills and tools to manage petabytes of data (e.g.,
domain expertise, software development capabilities, unique tools, and infrastructure). A collaborative approach among
experts in infrastructure, autonomous driving, and solution expertise will deliver efficiency and effectiveness through a
one-stop solution for OEMs, thereby optimizing technology spends. KPIT, dSPACE, and Microsoft combine all of these
competencies to provide a one-stop solution for the mobility industry.
KPIT will leverage decades of experience in working on the development, validation, and integration of applications
for autonomous driving for next- generation technology roadmaps. The company will contribute its expertise in software
development, integration, and validation to this collaboration. KPIT will also use a suite of virtual simulation and valida-
tion tools purpose-built for autonomous driving use cases.
dSPACE will contribute tools and solutions for data-driven development, simulation, and validation. The company
has been helping its customers improve their validation methods for more than 30 years and offers OEMs and Tier-1s
new solutions for the development of applications for autonomous driving. To this end, dSPACE recently launched
SIMPHERA, a web-based, highly scalable, cloud solution that lets users perform the computation-intensive validation of
functions for autonomous driving quickly and easily. SIMPHERA supports the collaboration of development teams that
are distributed worldwide and lets customers seamlessly integrate their applications.
Microsoft Azure Core and Services help automakers accelerate their digital transformation by providing global cloud
services and computing capabilities uniquely tailored to deliver virtualization of infrastructure and networking for ADAS
feature development and validation in a cost-performant, scalable, and repeatable manner.
Cont....
Financial Weekly TM

March 2023 7
RAJESH EXPORT LTD (RS. 699)
TARGETS OF 795 TO 990, TIME FRAME 3 TO 9 MONTHS
Rajesh Exports Limited was incorporated in 1989. The company is a global leader in the Gold
business. REL is headquartered in Bangalore, India with operations spread across the world. The
only company in the world with presence across the entire value chain of Gold from refining to
retailing. Largest processor of gold in the world, REL processes 35% of gold produced in the world.
Largest exporter of gold products from India.
Lowest cost gold jewellery producer in the world.
World's finest gold products manufacturing and R&D facilities at various places, main facility
being at Bangalore, India and the main refining facility being at Balerna, Switzerland.
Extensive marketing network covering entire India and the major gold markets of the world. REL
has one of the world's largest active jewellery design database of 29000 designs. REL has devel-
oped several innovative technologies and processes in the manufacture of Jewellery. REL is a
professionally managed company committed to the highest standards of corporate governance.
Rapid Fire Stocks

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Financial Weekly TM

March 2023 8
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

March 2023 9
Smart Report Het Zaveri
- Ahmedabad
Tata Motors- Research Report
Tata Motorsis anA /T+1groupPassenger Cars & Utility Vehiclescompany with having Face value
of Rs.2. Tata Motors Limited is a leading global automobile manufacturer of cars utility vehicles
buses trucks and defence vehicles. As

India's largest automobile company and
part of the USD 37 billion Tata Group.
Tata Motors has operations in the UK
South Korea Thailand South Africa and
Indonesia through a strong global net-
work of 86 subsidiary and associate
Fundamentals (FY22-23) companies including Jaguar Land

CMP Rs. 436.45 Rover in the UK and Tata Daewoo in
52 - week high Rs. 500.35 South Korea.In India Tata Motors is a
52 - week low Rs.366.05 market leader in commercial vehicles
Dividend % (consolidated) 0.00%
and among the top passenger vehicles
ROCE 1.04%
manufacturers with 9 million vehicles on
BVPS 57.59
Indian roads. With design and R&D cen-
Revenue 88488.59cr.
tres located in India the UK Italy and
Debt to Equity 2.89
Korea Tata Motors strives to pioneer
P/E ratio 450.05
EPS 0.97 new products that fire the imagination
P/B ratio 7.58 of GenNext customers

Market Cap 156,178cr.
Face value Rs. 10.0 Cont...
Financial Weekly TM

March 2023 10
Financial Results:
Company's Net Saleswas at Rs 88,488.59 crore in December 2022 up by 22.51%, Quarterly
Net Profit at Rs. 2,957.71 crore in December 2022 up by 295.08%andEBITDA stands at Rs.
11,950.62 crore in December 2022 up by 53.6% compared to December 2021.
List of recent updatesregarding the company:

1. Tata Motorssigned an MoU with Uber to bring 25,000 XPRES-T EVs into their premium
category service. Aligned towards its goal of a clean and green environment, Tata Motors will
be aiding Uber in electrifying their services across Delhi NCR, Mumbai, Kolkata, Chennai,
Hyderabad, Bengaluru and Ahmedabad. The Company will begin the deliveries of the cars
to Uber fleet partners in a phased manner, starting this month.
2. In July 2021, company launched the 'XPRES' brand exclusively for fleet customers, and the
XPRES-T EV is the first vehicle under this brand. The new XPRES-T electric sedan comes
with 2 range options - 315km and 277km (ARAI certified range under test conditions). It packs
a high energy density battery of 26 kWh and 25.5 kWh and be charged from 0- 80% in 59
mins and 110 mins respectively, using fast charging or can also be normally charged from
any 15 A plug point, which is easily available and convenient.
3. Tata Motors recentlycompleted the delivery of 218 Winger veterinary vans to the Govern-
ment of West Bengal.The specially customised Tata Winger will be utilised by the Depart-
ment of Animal Resource Development for animal and livestock welfare.
4. Tata Motors recently delivered the first batch of 2000 Tiago.evs, which received a stupen-
dous response from the market, surging past the 10,000 mark booking in a single day, mak-
ing it the Fastest Booked EV in India.
5. Recently at Auto Expo 2023, Tata Motors aspires net-zero emissions by 2045 for commer-
cial vehicle business. It unveiled 14 exclusive vehicles & concepts representing, India's green-
est, smartest, and most advanced range of logistics & mass mobility solutions. It also Exhib-
ited: smart digital and connected vehicle offerings: e-Dukaan, Fleet Edge & Fleet Manage-
ment Solution.
6. Tata Motors and Tata Power have entered into a Power Purchase Agreement (PPA) for a 7
MW captive solar power project at its Pantnagar plant in Uttarakhand. Collectively, this instal-
lation is expected to generate 215 million units of electricity, potentially mitigating over 1.7
lakh tonnes of carbon emissions. This is equivalent to planting over 2.72 lakh teak trees over
a lifetime.
7. Tata Passenger Electric Mobility Limited, a subsidiary of Tata Motor's Limited has com-
Cont...
Financial Weekly TM

March 2023 11
pleted acquisition of Ford India's Sanand plant which will help to ramp up its EV mobility
production and increase sales.
8. Tata Motors commenced deliveries of the all-new Ace EV, India's most advanced, zero-
emission, four-wheel small commercial vehicle. The first fleet of the revolutionary Ace EV
was delivered to leading e-commerce, FMCG and courier companies, and their logistics ser-
vice providers: Amazon, Amplus EV, Delhivery, DHL (Express & Supply Chain), FedEx,
Flipkart, Johnson & Johnson Consumer Health, MoEVing, Safexpress and Trent Limited.
9. Tata Motors bagged many orders for its Tata Star Bus Ev from different state govts' like
Delhi, Bangalore. Tata Starbus EV are are 1500 low-floor, 12-metre air-conditioned electric
buseswhichoffers superior design and best-in-class features for comfortable travel.
10. Tata Motors also signed an MoU with Everest Fleet Private Limited for the delivery of 5000
XPRES-T EVsand 2000 XPRES T EVs to Evera. Recently, it has rolled-out 50000 EV, from
its Pune facility.
11. Tata Motors will also provide eco-friendly public transport solutions to Jammu & Kashmir's
smart cities.
In past three year the stock gave a return of 175.51%as compared to Sensex which gave a
return of 46.23% and 175.39%return compared to 46.42% rise in Nifty.
Tata Motors has recently unveiled First in India: Most comprehensive range of greener sustain-
able logistics and mass mobility solutions across CV segments, powered by natural gas, electric
and hydrogen. It has revealed Unique Hydrogen propulsion concepts under names Starbus Fuel
cell EV- India's first Hydrogen fuel cell bus for commercial application, PRIMA E.55S- India's first
hydrogen fuel cell powered Tractor concept and PRIMA H.55S- India's first hydrogen ICE powered
concept truck. Considering the Government'spush for faster adoption of EV and Green Hydrogen
as a fuel under schemes such as FAME and Green Hydrogen Mission, Tata Motors is well poised
to be benefited under these schemes. Tata Motors has been the first Indian company to launch its
EV fleet and grabbed the opportunity of being Early Mover in this space and with its ambitious plan
of becoming net zero in near future by converting its entire fleet into net zero emission backed by
healthy financial books and trust of Tata group's legacy. Investors looking for safe investments and
healthy returns can add this company's stock into their portfolios for long term period.
- HET ZAVERI
info@smartinvestment.in
(Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned
above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in
website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true &
correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsi-
bility 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

March 2023 12
ITCONS E-Solutions Limited
Providing Human Recsource Services
IEL has well-known and reputed clients from the Information Technology, Staffing &
Recruitment, Food, and FMCG space amongst others, which include MNCs as its cli-
ITCONS E-Solutions Limited is a New Delhi-situ- Corporate

ated company engaged in the business of provid-
ing human resource services. The company offers
Feature
its services mainly in the organized sector to both
public and private organizations. The service of the
Objects of the Issue
entity are primarily in the domain: Manpower Sup- 1. To meet the working
ply/Recruitment Services; Manpower Sourcing/ capital requirements
Staffing Services. Incorporated in 2007, it has grown 2. To meet the Issue
to an 800+ staff team (including contractual em- Expenses
ployees). IEL has well-known and reputed clients
3. General Corporate
from the Information Technology, Staffing & Recruit-
ment, Food, and FMCG space amongst others, Purposes
which include MNCs as its clients. Presently its Man-
power Supply Services account for a majority of rev-
enues, and Manpower Souring Services contrib- ITCONS E-Solutions IPO Details
utes to the rest of its revenues. As of November 30, IPO Date Feb 28, 2023 to Mar 2, 2023
2022, it had 38 employees on its payroll and 871 Face Value Rs10 per share
associate employees. ITCONS E-Solutions Lim- Price Rs51 per share
ited has been developing its service offering so as Lot Size 2000 Shares
to support its clients in their end-to-end HR needs Issue Size 1,700,000 shares of Rs 10
(aggregating up to Rs 8.67 Cr)
through its services.
Fresh Issue 1,700,000 shares of Rs 10
ITCONS E-Solutions Limited is coming out with
(aggregating up to Rs 8.67 Cr)
an SME IPO. It will issue 17,00,000 equity shares
Market Maker portion 86,000 shares
of Rs. 10 each at a fixed price of Rs. 51 per share. Issue Type Fixed Price Issue IPO
It will raise Rs. 8.67 crore. The issue opens on Listing At BSE SME
February 28, 2023, and will close on March 02, NII (HNI) Shares Offered 50% of the Net Issue
2023. The minimum application is to be made for Retail Shares Offered 50% of the Net Issue
2000 shares and in multiples thereon, thereaf- Market Maker Nikunj Stock Brokers Ltd.
ter. Post allotment, shares will be listed on BSE Lead Manager Finshore Management Services Ltd.
SME. The issue constitutes 33.81% of the post- Registrar Cameo Corporate Services Ltd.
IPO paid-up equity capital of the company. IEL is
spending Rs. 1.27 crore for this IPO. From the Top 10 customers are contributing over 98% to its
net proceeds, it will utilize Rs. 6.00 crore for work- top line. Around 90% of revenue is from the IT
ing capital and Rs. 1.40 crore for
staffing business and the rest from other activities
general corporate purposes.
Finshore Management Services
ITCONS E-Solutions Limited Financial Information
Ltd. is the sole lead manager and (Restated Standalone) (Amount in Rs. Lakh)
Cameo Corporate Services Ltd. is Period Total Total Profit Net Reserves Total
Ended Assets Revenue After Worth and Borowing
Tax Surplus
31-Mar-20 351.17 834.95 10.57 96.78 95.64 145.06
31-Mar-21 341.21 842.48 7.53 104.31 103.17 136.33
31-Mar-22 470.71 1,820.36 119.11 223.42 222.28 106.23
30-Sep-22 792.37 1,605.05 106.12 462.23 129.36 176.7
Financial Weekly TM

March 2023 13
Promoters of ITCONS E-Solutions
Mr Gaurav Mittal, aged about 48 years, is
the Promoter and Managing Director of the company.
He has been on the Board of Directors since incep-
tion. He holds Bachelor’s Degree in Electrical Engi-
neering from Dr Ram Manohar Lohia Avadh Univer-
sity, Uttar Pradesh. Doctorate Degree in Ayurveda
Astrology Vastu Science from Good News Interna-
tional University, USA. Post Graduate Diploma in
the registrar of the issue. Nikunj Stock Brokers
Business Administration from Hindu Institute of Management, Sonepat.
Ltd. is the market maker for this company. Microsoft Certified Professional as Solution Developer from Microsoft
On financial front, for the last three fiscals, Project Management Professional from Project Management Institute. He
IEL has posted a turnover/net profit of Rs. 8.35 has more than 22 years of experience in in IT industry
cr. / Rs. 0.11 cr. (FY20), Rs. 8.42 cr. / Rs. 0.08 Mrs Swati Jain, aged about 48 years, is the
cr. (FY21), and Rs. 18.20 cr. / Rs. 1.19 cr. Promoter of the company. She holds Post Graduate
(FY22). For H1 of FY23, it earned a net profit of Certificate Programme in ‘Strategic Management’
from Indian Institute of Management ( Nagpur) and
Rs. 1.06 cr. on a turnover of Rs. 16.05 cr. After Masters’ in Computer Application from Delhi Univer-
suffering a setback for FY 21 due to the pan- sity. She has more than 15 years of experience in
demic, it is poised for a fast-forward mode. various field and is actively involved in day to day
For the last three fiscals, IEL has reported affair of the company.
an average EPS of Rs. 2.23 and an average
RoNW of 30.88%. The issue is priced at a P/BV
of 3.67 based on its NAV of Rs. 13.89 as of Sep-
The range of services of
tember 30, 2022, and at a P/BV of 1.93 based ITCONS E-Solutions Limited
on its post-IPO NAV of Rs. 26.43 per share.
If we annualize FY23 earnings and attribute
it to the post-IPO fully diluted equity capital, then 1. IT Staffing
the asking price is at a P/E of around 12.09. 2. General Staffing
Top 10 customers are contributing over 98% 3. Re-badging
to its top line. Around 90% of revenue is from 4. Recruitment Process Outsourcing
the IT staffing business and the rest from other 5. Pass through Services
activities. 6. Payroll Services
IEL is a Brand Name in Contingent Workforce 7. Managed IT Services
Services, Technology Automation and Support 8. Product Installation & Servicing Solutions
Services with industry know-how & learning for 9. Permanent Hiring
more than 15 years. The excellent Management
team of profession-
als from premier in-
stitutes with more
IT Staffing Industry grew at 30.7% (YoY)
than 5000 person- IT Staffing Industry Employ- IT Staffing Industry Employ-
>> IT Staffing Industry witnessed
years of experi- ment Grwoth Trend a sharp grwoth at 30.7% YoY, ment Grwoth Trend
ence. SLA/KPI- YoY (2021-22) with a +16.6% grwoth from QoQ (Q4 22)
based business So- 35
the previous year at 14.1% 14
12.6
lutions with Project 12
30.7 30
Management- >>
10
oth
based support ser- IT Staffing industry post Q2 also started wit-

25
QoQ Grw
nessing a stabilisation in the demand with Q4

oth
vices for clients of 8

bringing a sharp response from geopolitical
Grw
6.1 6
India and the USA. 20
scenario developing across the world from the 6
Full-service Staffing 14.1
Ukrain war, impact of global financial mar-
15 4
& Recruitment Ser- kets among others.
3.2
vices. 10
2
***
>> IT Staffing Industry grew with demands 0
5 fro digital adoption across sectors. A Few Q421 Q122 Q222 Q322 Q422
promising impact sectors to continue will
be Fintech, IT, Infra, etc. Headcount (abs) QoQ Grwoth
0
Mar-20 Mar-21 Mar-22 (+/-%)
Headcount (abs) Grwoth REFERENCE : Q422 : JAN-MAR 22
Financial Weekly TM

March 2023 14
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Financial Weekly TM

March 2023 15
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Financial Weekly TM

March 2023 16
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
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Financial Weekly TM

March 2023 17
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Weekly falling three methods

200 DMA to be tested
Last seven days have formed seven black body candles on the Nifty and as a result Nifty has gone
down by almost 700 points. The fall gained strength after a Bearish Gap creation on Wednesday, which will
now act as strong Resistance. On Friday, Nifty has formed a Real Black body candle which is Engulfing
previous days black body candle. Bearish Engulfing at the bottom has little significance. On the Weekly
timeframe, both the indices have formed a big Black body candle, which is completing a Bearish Falling
Three Methods. Closing of this Weeks candle is below the closing of last three weeks and hence has
bearish implications. Current positioning of Nifty is such that Nifty is nearing the Long Term Support of
200dma (17368) and a close below that will turn the Long Term Trend of the Market down. Short and
Medium Term Trend continues to remain down.
BEARISH GAP AS R-ZONE :- On Wednesday, both Sensex and Nifty opened with a Gap down and
formed a Bearish Gap at Nifty 17772-17800 and Sensex 60462-60583. This Bearish Gap also encloses the
Short Term Average of 20dma. This makes the Bearish Gap more relevant and hence will act as strong
Resistance Zone. A close above this, will turn the Short Term Trend Bullish and propel the Nifty towards
higher Resistance Zone of 18134-
18265.
CRITICAL LONG TERM SUP-
PORT :- Nifty has a critical Long Term
Support Zone at the Bullish Gap at
17434-17328. This is a critical Support
Zone as it also encloses 200dma
(17368) along with recent intermittent
bottom (17353) formed on Budget day.
Besides 50 WeeklyMA (17339) is also
within this Gap, which makes the Gap
a strong Support Zone. A close below
this, will turn the Long Term Trend into
This Week Recommendations Down.
WEEKLY C&H STILL ACTIVE :-
Stocks CMP SL Tgt-1 Tgt-2 The Targets for Weekly C&H are
placed at Sensex 66978 (161.8%) and
Buy Dixon 2796 2736 2887 2979 70769 (pattern) & Nifty 19925 - 21045.
Buy Mphasis 2197 2151 2267 2339 The Targets for Weekly RB are still in-
tact and are placed at 69243-73569 for
Buy PBFinTech 576 564 595 615 the Sensex and 20718-22025 for the
Buy PaYTM 623 610 645 669 Nifty. The above Targets will be done
as long as Sensex remains above
Buy IEX 143 140 148 154 56147 & Nifty above 16747.
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 17018 17196 17328 17465 17652 17838 18016
SENSEX 57708 58291 58816 59463 60063 60583 61059
Financial Weekly TM

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

Blue Pills (Technical Analysis Part 6)
(SMA, EMA and Mother, Father & Small Kid Theory Part 1)
Simple Moving Average is simply the average of price over a specified time. Why is it
called moving? Because it is plotted on a chart. The Average keeps moving along with
movement of time on X-Axis of the chart. 10 SMA is average of closing price of last ten
working days. It keeps moving forward because on the next day 10th day will become the
11th day so the chart plotting has to move forward. We can use many SMA for deducing our
analysis for various purpose. 21 SMA, 50 SMA, 100 SMA and 200 SMA are some of the
important and interesting averages of analysis.
The only difference between SMA and EMA is that EMA is more sensitive towards most
recent trend and follows the recent price closely. SMA gives equal weightage to recent and
past prices. For Example, while calculating 50 days SMA emphasis on price of the previous
day of 50th day is same. While calculating 50 days EMA emphasizes more on previous day
price and least on 50th day. (In the decreasing order). Which of the 2 moving averages to
use? Well whichever you use, use it consistently. >> hkn Ãkfz íkq yuf [÷[÷ Ãkkòyuøkk {Äwþk÷k >>
I Personally use EMA in my charts for the purpose of decision making. Studying Moving
Average in depth is very important. Specially the 50 EMA and 200 EMA work like Mothers
and Fathers of all the other support lines discussed in the last week's article. I have a
Theory/Explanation related to how price moves with respect to 50 and 200 EMA which I call
'Mother, Father & their 3 year old kid'- Theory. We will learn more about this theory in the
next article. This theory will constitute in my opinion a very important part of your learning.
More about it next week.
For courses related to Stock market analysis visit website

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

March 2023 19
Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
Core CPI Inflation data in US & Europe

NEXT PROBLEM
Last week, we have discussed how strong economic data from US & Europe was driving senti-
ment in global market, concern on monitory policy to remain tight and European market which are
trading near its recent high on positive corporate earnings.
This week, we will discuss Core CPI inflation data from US & Europe, which will set the stage
from next monitory policy action by US Fed, BOE, ECB & BOJ. Global market continues to find
cues and navigate around whether there will be soft landing or hard landing.
Core CPI, Core Retail sales, Core PPI & Core PCE Price Index
Today we will focus on data which does not include fuel and food price index in inflation, retail
sales or Producer price index (PPI) data. In recent times we have seen crude oil & natural gas
prices has come down bringing some relief in US & European countries.
We have seen peak inflation in US at 9.1% in June 2022 and around October / November in
European countries including U.K. Back then Core Inflation was under control and concern was
surrounding to fuel prices due to Russia-Ukraine crisis. Now the stubbornness in inflation is due to
other components which does not include fuel & food price rise.
Currency Description Actual Forecast Previous

EUR CPI Flash Estimate y/y 8.50% 9.00% 9.20%
EUR Core CPI Flash Estimate y/y 5.20% 5.10% 5.20%
CHF CPI m/m 0.60% 0.50% -0.20%
USD CPI m/m 0.50% 0.50% -0.10%
USD CPI y/y 6.40% 6.20% 6.50%
USD Core CPI m/m 0.40% 0.40% 0.30%
USD Core Retail Sales m/m 2.30% 0.90% -0.90%
USD Empire State Manufacturing Index -5.8 -18.2 -32.9
USD Retail Sales m/m 3.00% 1.90% -1.10%
USD Core PPI m/m 0.50% 0.30% 0.30%
USD PPI m/m 0.70% 0.40% -0.20%
USD Prelim GDP q/q 2.70% 2.90% 2.90%
USD Unemployment Claims 192K 200K 195K
USD Core PCE Price Index m/m 0.60% 0.40% 0.40%
Cont..
Financial Weekly TM

March 2023 20
Here are some of the economic data from US & Europe, highlighted part is Core CPI, Core retail
sales & Core PPI data and Core PCE Price index data released on 24-Feb-23 which is key con-
cern now.
Equichain Wealth Advisors: Market View & Opinion

Global market was expecting inflation and Core inflation and other key data such as retail sales,
PPI & Core PCE Price index to continues softening but in the month of February, we have seen
reverse trend as Core CPI, Core Retail sales, Core PPI & Core PCE Price index has come above
expectation.
The strong data in this month will compel US Fed, BOE, ECB & BOJ to maintain its tight moni-
tory policy. Next round of central banks meeting starts from BOJ on 10-Mar-23, ECB on 16-Mar-23,
US Fed on 22-Mar-23, BOE on 23-Mar-23 & RBI MPC on 3-Apr-23.
We believe, globally market has not factored in continuation of strong monitory policy and an-
other round of strong rate hike followed by hawkish commentary could be negative for risk-on
sentiment and bring fresh round of downward move in global asset classes. We would turn cau-
tious as after this week data which is clearly indicating inflation more sticky than earlier market
estimate.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472

Telegram channel: https://t.me/Equichain
Nikunj Vithlani
Buy... Buy... Buy on Dips Hold Sell on High

Spice Jet 39.00 Ambuja Cement 345.00 Wockhartd 194.00
GNFC 551.00
MegaSoft 27.00 Aurobindo Pharma 468.00 Honeywell Auto 36162.00
Deepak Ferti 627.00
SCI 123.00 Dr Reddys 4499.00 Grasim 1574.00
J&K Bank 48.00 AGI Greenpac 348.00
ITC 384.00 Adani Ent 1314.00
IB Real 59.00 Fredun Pharma 887.00 Hindalco 415.00
Persistent Sys 4894.00
HBL Power 104.00 Divis Lab 2915.00
PB Fintech 576.00 Asian Paints 2738.00
Patel Integrated 12.00
Mirza Intl 286.00 AU Small BK 598.00
BLB Ltd 25.00 Bajaj Auto 3850.00
Adani Green 486.00
Modern Dairies 20.00 Venkeys 1646.00 HDFC Bank 1588.00
Nalco 78.00
Pressman Adv 68.00 Olectra Green 481.00 ICICI Bank 839.00
IGL 438.00 Laxmi Machine 10684.00
GE Shipping 575.00 Kotak Bank 1697.00
BCPL Railway 45.00
Glenmark Pharma 438.00
Financial Weekly TM

March 2023 21
Financial Weekly TM

March 2023 22
Chart Check
Your Stock Our Recommendation
Mahindra CIE:
It is in uptrend buy above 450 with sl of 380 target 500..550…600
ISMT LTD :
It is in consolidation phase buy above 75 with sl of 62 target 112…129
Financial Weekly TM

March 2023 23
ITC:
It is in uptrend buy above 390 with sl of 360 target 450…500…550
This are some stocks we received from our subscribers,

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

March 2023 24
Financial Weekly TM

March 2023 25
SMART FUNDS
Tracking the pulse of Active & Passive Mutual Funds
By Vijaya Kittu M, GetPaidIndia.com
The author is a stock market trainer and helps investors realize their investment goals using ETFs and
Mutual Funds. He submitted his PhD in Management (Finance) thesis on Mutual Funds.
2. MUTUAL FUND DRAFT OFFER DOCUMENT FILINGS BEFORE SEBI: No new Mutual Fund
Draft Offer Documents werefiled before SEBI during the week.
3. SMART FUNDS PICKS -DIVIDEND YIELD THEMATICFUNDS CATEGORY
" HDFC Dividend Yield Fund
" ICICI Prudential Dividend Yield Fund
" Templeton India Equity Income Fund
" ABSL Dividend Yield Fund
" UTI Dividend Yield Fund
SEBI has expanded the ESG MUTUAL SCHEME offering with five new sub-categories. It recently released a
consultation paper regarding this. It asked fund houses to mention the sub-category's name with the scheme's name
for ease of understanding. The name of the ESG rating provider is to be mentioned. ESG schemes must have 65%
of assets in companies that disclose Business Responsibility and Sustainability Reporting (BRSR).
Sub-category Brief Description
ESG exclusion scheme Invests in securities after excluding it basis certain parameters like ESG-
related activities, business practices or business segments
ESG integration scheme Invests in companies after considering ESG-related factors
positive screening scheme to evaluate risk and return of investment along with financial factors Invests
ESG best-in-class & in companies that perform better than peers in terms of ESG parameters
ESG impact investing scheme Invests in companies that bring positive, measurable social or environmental
impact
ESG sustainable objective scheme Invests in companies that are likely to benefit from the long-term macro or
structural ESG-related trends
5. Aditya Birla Sun Life AMC announced the successful start of its ABSL MULTI ASSET ALLOCATION
FUNDin which over 70,000 investors have invested Rs. 1574 crores during the NFO period.
6. Motilal Oswal MF has introduced a new feature in the SWP facility called Motilal Oswal Fixed Amount
Benefit (FAB) Plan. The plan helps mimic regular cash payouts at a fixed percentage level and at a
predefined frequency.
MUTUAL FUND NEW FUND OFFERS DURING THE WEEK

Scheme Name NFO Closing Date
Axis Fixed Term Plan - Series 112 (1143 Days) February 28, 2023
Navi ELSS Tax Saver Nifty50 Index Fund February 28, 2023
Kotak FMP Series 307 February 28, 2023
Nippon India Nifty G-Sec Oct 2028 Maturity Index Fund February 28, 2023
HDFC MNC Fund March 3, 2023
SBI Dividend Yield Fund March 6, 2023
Financial Weekly TM

March 2023 26
Smart Banking & Financial Services
By Vijaya Kittu M, GetPaidIndia.com
By Vijaya Kittu M, GetPaidIndia.com, WhatsApp: +91 98495 19188
Tracking the pulse of the Indian and Global Banking and Financial Services - so that the typical Indian
Investor can benefit from it
KOTAK MAHINDRA BANK is happy that its microfinance loan book will grow from Rs. 5,000 crores to
Rs. 7,000 crores once the Sonata Finance acquisition is completed. The bank acquired Sontata for Rs. 537
crores. KMB entered into microfinance business in 2017 with the acquisition of BSS Microfinance. With one
million customers on its books, it plans to put its recent acquisition - Sonata as a subsidiary, just like BSS
Microfinance. KMB launched Kotak fyn for its business banking and corporate clients, thereby giving a
smoother user experience compared to multiple logins and disparate user interface that is currently there.
KMB has engaged consulting firm Egon Zehnder to replace CEO Uday Kotak. Two internal candidates who
can fit the job include Group presidents and whole-time directors Shanti Ekambaram and KVS Manian.
KMB withdrew an ad featuring comedian Tanmay Bhat after the latter's decade-old tweet on a Hindu God
resurfaced on social media. KMB was in recent news after being picked up for inclusion in the FTSE
Russell indices. KMB is also in the news for being in the fray to acquire IDBI Bank.
AXIS BANK - CITI BANK deal that involved Axis Bank acquitting the Indian consumer finance business
of Citi Bank is likely to be completed by March 1, 2023. The Rs. 12,325 crores deal between the two was
entered in March 2022. Axis Bank will become a stronger institution in terms of branches, ATMs and, more
importantly, a good credit card user base. Axis Bank said it would enable real-time cross-border transac-
tions with the UPI-PayNow Singapore link. The bank recently launched an enhanced loyalty reward points
conversion for debit and credit cards with 13 loyalty program partners.
BIS Chief Agustin Carstens says CRYPTOCURRENCIES havelost the 'battle'against fiat currency and
that technology does not make for trusted money. His comments came up after increased cryptocurrency
company bankruptcies and the general turmoil in the sector. Meanwhile, the IMF rolls out a nine-point crypto
assets action plan that can potentially help countries deal with cryptocurrencies. The first point in the advi-
sory is not to give cryptocurrencies such as Bitcoin a legal tender status.
BITCOIN struggled to cross the $25k mark during the week, turned bearish and is currently trading sub
$24k.
FTX founder SAM BANKMAN-FRIED is facing additional charges, including bank fraud allegations,
under a new indictment. He is now facing charges ofbank fraud and operating an unlicensed money trans-
mitter in addition to the eight counts he already faced in the FTX cryptocurrency exchange case.
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

March 2023 27
Hard Copy is available on Every Sunday Morning at your nearest book-stall

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Financial Weekly TM

March 2023 28
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
TYCHE INDUSTRIES LTD
(532384) (137.2) (Face Value Rs.10)
Tyche is a leading manufacturer of APIs & Particulars Three Months Ended
Advanced Intermediates of API's, headquar- Q3FY23 Q3FY22 % Var.
tered in Hyderabad, the Pharmaceutical and Sales 20.04 14.57 37.54

Operating Profit5.43 1.46 271.91
Biotech hub of India.Tyche has established
PAT 4.57 1.81 152.48
itself as a reliable manufacturer of APIs and
Advanced Intermediates driven by efficient R&D and manufacturing team dedicated to the com-
mon cause of taking the company to heights of excellence.
It has an equity base of just Rs.10.25 crore that is supported by reserves of around Rs.98 crore.
The Promoters hold 61.97%, while the investing public holds 38.03% stake in the company.
Company has reported fantastic numbers for Q3FY23 and 9MFY23. For Q3FY23, its PAT zoomed
152.48% to Rs.4.57 crore from Rs.1.81 crore on higher income of Rs.20.04 crore fetching an EPS
of Rs.4.46. During 9MFY23, its PAT grew 29.26% to Rs.10.07 crore from Rs.7.79 crore on higher
income of Rs.50.10 crore fetching an EPS of Rs.9.83. At CMP stock is trading at PE ratio of 11.6x.
It paid 15% dividend for FY22.
Investors can WATCH this stock with a stop loss of Rs.115.It may give
very good returns in medium to long term.
Cont...
Financial Weekly TM

March 2023 29
Dark Horse-2
LINCOLN PHARMACEUTICALS LTD

(531633 & NSE) (348.35) (Face Value Rs.10)
Lincoln Pharmaceuticals Limited is one of Particulars Three Months Ended
the leading healthcare companies in Gujarat, Q3FY23 Q3FY22 % Var.
India.Established in the year 1979, the com- Sales 133.77 119.88 11.58
Operating Profit 27 23 17.39
pany develops and manufactures affordable
PAT 21.61 17.60 22.78
and innovativemedicines for healthier lives.
The company has developed 600 plus formulations in 15 therapeuticareas and has a strong prod-
uct/brand portfolio in anti-infective, respiratory system, gynaecology,cardio & CNS, anti-bacterial,
anti-diabetic, anti-malaria among others. The company has its strongpresence in Domestic market
with good strength of own field force and also exports to more than60 Countries.
It has an equity base of just Rs.20.03 crore that is supported by reserves of around Rs.449 crore.
The Promoters hold 46.34%, while the investing public holds 53.66% stake in the company.
Company has reported fantastic numbers for Q3FY23 and 9MFY23. For Q3FY23, its PAT zoomed
22.78% to Rs.21.61 crore from Rs.17.60 crore on higher income of Rs.133.77 crore fetching an
EPS of Rs.10.79. During 9MFY23, it reported higher PAT of Rs.60.34 crore on higher income of
Rs.397.85 crore fetching an EPS of Rs.30.12. At CMP stock is trading at PE ratio of 9.8x. It paid
15% dividend for FY22.
Investors can WATCH this stock with a stop loss of Rs.320. It may give
very good returns in medium to long term.
Financial Weekly TM

March 2023 30
Patel Engineering Ltd.
BSE Code : 531120 • NSE : PATELENG • CMP : Rs. 13.4
Patel Engineering bags projects worth Rs 1,026 cr
Corporate Feature Sharing more details on top three
strategic objectives, Mr. Rupen
Patel said, "The first and foremost
objective of the company is to con-
tinue to build on and improve the or-
der book position and continue bid-
ding for all major self-sustainable
high margin projects. The Company
has a vast experience of over seven
decades and is technologically driven which keeps us ahead and
Patel Engineering on Wednesday said it has helps us achieve this goal. The second objective would be to con-
tinue and keep improving our execution capabilities to improve our
bagged a water tunnel and an irrigation project revenue whilst giving importance to overall cost reduction which
totalling Rs 1,026 crore in Maharashtra and shall give a good boost to overall growth of the company and hence,
Karnataka. With the latest contract, the improve its profitability." Over the last few years, the company has
company's total order book has increased to Rs managed to reduce the total debt by more than Rs. 3,000 crores
from peak levels of around Rs. 5,000 crores to currently levels of
18,600 crore, Patel Engineering said in a state-
below Rs. 2,000 crores. We are continuously looking to sell our real
ment. estate and other non-core assets to repay and reduce debt further.
This would take our share of order wins in There are also a large number of arbitration awards / claims which
this financial year to more than Rs 5,400 crore. are currently in advance stages and inflows from this would also
Our order book including all the L1 orders of Rs help in further debt reduction. We have also been bidding for self-
sustainable high margin projects and focusing on improving our
1,802 crore would stand at Rs 18,600 crore operational execution efficiency and improve our profitability which
which gives us a good revenue visibility for the will help to repay the debt further and reduce it from current levels.
next 4-5 years," Rupen Patel, CMD, Patel Engi- Company is building up a good base of equipment fleet which
neering said. shall enable us to execute various projects going forward. We have
also been focusing on increasing our workforce which is increase
The Mumbai-based engineering, procure-
to approximately 4,200 from around 2,000 last year. Most of the
ment, and construction (EPC) firm has a strong Capex expenditure is funded from the advances that we receive
presence in tunnels and underground works for from clients in respect of the new projects that have been awarded
hydroelectric and dam projects to us and hence enable us to keep the debt position under control.
"Patel Engineering declared L1 (lowest bid-
der) for a water tunnel project and a micro irriga- • Patel Engineering Ltd has bagged a water tunnel and
tion project worth Rs 1,026 crore," it said. an irrigation project totalling Rs 1,026 crore in
The water tunnel project worth Rs 555.83 Maharashtra and Karnataka. With the latest contract,
crore has been ordered by the City and Indus- the company's total order book has increased to Rs
trial Development Corporation (CIDCO) in 18,600 crore
Maharashtra. The project includes design and • Patel Engineering declared L1 (lowest bidder) for a
construction of a long treated water tunnel from water tunnel project and a micro irrigation project
Sai village to Vindhane village in Raigad district worth Rs 1,026 crore," it said.
of the state. • The water tunnel project worth Rs 555.83 crore has
The micro irrigation project of Rs 470.67 crore been ordered by the City and Industrial Development
has been awarded by Visvesvaraya Jala Nigam Corporation (CIDCO) in Maharashtra. The project
Ltd (VJNL) in Karnataka. It includes survey, de- includes design and construction of a long treated
sign, supply, installation, testing and commis- water tunnel from Sai village to Vindhane village in
sioning of a micro irrigation system under Raigad district of the state.
Tumkur branch canal in Karnataka.
ANALYST'S EXPECTATION
*** Short Term Target Rs. 25 • Positional Target Rs. 40
Financial Weekly TM

March 2023 31
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections are Temporary, Growth is Permanent

Nifty : 17465 :- This week
Nifty closed within downtrend
channel with a big Bearish Candle
which is showing downside direc-
tion of price trend. This Candle in-
dicates downside trend so the di-
rection of Nifty looks bearish. Nifty
is trading between 15000 to 19000
from more than the last 1.5 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 Pierc-
ing pattern on weekly chart and again came down. This week it made a neutral setup on the weekly
and Daily chart. On the daily Chart it was trading in the Falling Wedge Pattern. Last week it tested
price resistance and came down from that line. On Friday it closed within falling Wedge Pattern.
17980 is its Upper resistance and 17000 is a good support on daily price chart. Further direction
will be downside and the next target is 17000.
BANKNIFTY : 39909 :- In the article from Last week I was clearly told that Bank NIFTY is
looking bearish as per charts it's came down. On the weekly chart BANKNIFTY was trading in a
Horizontal sideways zone from last one year . Banknifty gave a good breakout of the horizontal
zone and maintained an upside of the resistance of the horizontal zone for 2.5 months but because
of many bad news it came down this week BANKNIFTY took good support on 39600. BANKNIFTY
has good horizontal support on 39500 and if it breaks the BANKNIFTY will go more downside but
if it does not break then reversal trend is possible.
Financial Weekly TM

March 2023 32
FINCABLE : CP-720 :- Finolex cable limited is India's largest and leading manufacturer
of electrical and telecommunication cables with a turnover in excess of ?26 billion. The company
started manufacturing various types of cables in 1950. The company is also manufacturing lighting
products , electrical accessories ,switchgear, fan and water heaters. Company established its repu-
tation as an innovative leader and quality manufacturer by continuously upgrading technology,
modernising manufacturing facilities and maintaining the highest standard of quality and services.
Today the name finolex has become synonymous with quality and enjoys overwhelming confi-
dence of the customers.
As per daily price chart it made one nice bullish price pattern as per this pattern Price target of
the stock is 810. We can buy this stock between 700-720 for 14 days with a daily close base Stop
loss of 780.
Financial Weekly TM

March 2023 33
Terrific Shots - Dilip K. Shah
PB Fintech (Rs. 576.00) (Code: 543390) :- PB Fintech is an online insurance seller.

Its subsidiary Paisabazaar has a significant market share of online loans and insurance businesses.
The company issued shares at Rs. 980 in its IPO in October 2021. The shares rose to a high of Rs.
1470, but it was among the new-age companies whose shares crashed. The A group listed shares
touched a 52-week high of Rs. 828 and low of Rs. 356. The company’s market cap is Rs. 25,931
crore. Promoter holding is zero, while FIIs and DIIs hold 47.99% and 14.90% stakes respectively.
The stock has recovered from the lows as a result of decent numbers for the December quarter. Its
income went up from Rs. 367 crore to Rs. 610 crore, while net loss fell from Rs. 298 crore to Rs. 88
crore. Analysts see the company breaking into profit very soon. Considering the prospects of online
insurance and loan segments, the stock can be a good bet for risk-takers.
Barbeque Nation (Rs. 738.00) (Code: 543283) :- Barbeque Nation is a restaurant

chain. The company issued shares at Rs. 500 per share in its IPO in March 2021. The shares
surged post-listing but it has corrected significantly from the highs. The A group listed shares touched
a 52-week high of Rs. 1358 and low of Rs. 686. The company’s market cap is Rs. 2879 crore.
Promoter holding in Barbeque Nation is 33.78%, FII holding 17.65% while DIIs own 26.06% shares.
Jubilant Foodworks owns 9.37% stake and noted investor Ashish Kacholia 1.43%. For the De-
cember quarter, its income went up from Rs. 287 crore to Rs. 328 crore, operating profit was down
from Rs. 66 crore to Rs. 62 crore, and net profit from Rs. 15 crore to Rs. 7 crore. On a TTM basis, the
company achieved its highest operating profit. Shine can be seen in the stock in the coming days.
M&M (Rs. 1295.00) (Code: 500520) :- Mahindra & Mahindra is the country’s leading
corporate group and has a presence in various sectors. M&M operates in the automobile segment
and has created a name for itself in the SUV and tractor segment. The A group listed shares touched
a 52-week high of Rs. 1396 and low of Rs. 671. Its equity is Rs. 556 crore and it has reserves of Rs.
46,343 crore. Promoter holding is 19.39%. FIIs and DIIs own 39.16% and 27.72% shares respec-
tively. For the December quarter, its consolidated income increased from Rs. 23,785 crore to Rs.
30,920 crore, and profit from Rs. 2066 crore to Rs. 2602 crore. British International Investment, the
developmental financial institution of the UK government, will invest Rs. 1925 crore in M&M’s new
4-wheeler passenger EV company. M&M has a market cap of Rs. 1,63,479 crore. The company’s
XUV 700 and the new Scorpio have received a bumper response. Its electric vehicle XUV 400 has
also received a very good response. The stock is attractively priced.
SBI Cards (Rs. 746.00) (Code: 543066) :- The company had come out with its IPO
just before the Covid pandemic and had issued shares at Rs. 755 apiece. The A group listed
shares have touched a 52-week high of Rs. 1028.75 and low of Rs. 656.10. The company’s market
cap is Rs. 70,490 crore. Promoter holding is 69.06%, FII holding 9.13%, and DII holding 16.72%.
For the December quarter, SBI Cards’ income went up from Rs. 2889 crore to Rs. 3507 crore, and
profit from Rs. 389 crore to Rs. 509 crore. For the first nine months of the fiscal, income rose from
Rs. 7827 crore to Rs. 9905 crore, and profit from Rs. 1035 crore to Rs. 1662 crore. In India, credit
card penetration is just 4% as against 300% in the US which suggests the untapped potential. The
stock has corrected quite a bit from its highs and is a good bet for the long term.
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this stocks • I/My family have no financial
interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable
for any loss arising out of investment based on tis advices • Past performance may or may not be substainedin future "
(Dilip K. Shah) Research Analyst SEBI Regn No. : INH000002152
Financial Weekly TM

March 2023 34
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Share prices may witness a spurt:

undertone may be down
BSE Index (59463.93) :- It shows a downward movement from the top of 63583.06. It
shows an oversold position on a daily basis, towards oversold on a daily basis, and an overbought
to a neutral position on a monthly basis. On upward movement, beyond 59910 it may go up to
60105, 60295 with resistance at 60830.
Bank Nifty (40145.00) :- It shows a downward movement from the top of 44248.55. It
shows an overbought position on a daily basis, towards an oversold position on a weekly basis,
and an overbought to a neutral position on a monthly basis. On upward movement, beyond 40622
it may witness resistance at 40835 and 41000. On downward movement, below 39718 it may go
down to 39597 and 39200.
Nifty Future (17560.00) :- It shows a downward movement from the top of 18998.15. It shows
an oversold position on a daily basis, towards an oversold on a weekly basis, and an overbought to a
neutral on monthly basis. On upward movement, beyond 17700 it may witness resistance at 17800 and
17900. On downward movement, below 17461 it may go down to 17320 and 17250.
Ashok Leyland (141.30) :- It shows a downward movement from the top of 156.30. It
shows an oversold position on a daily basis, towards an oversold on a weekly and monthly basis.
On upward movement, resistance could be at 146. On downward movement, below 139 it may go
down to 135 and further to 133, 131 and 122.
Astral (1866.85) :- it shows a downward movement from the top of 2129.95. It shows an
oversold position on a daily, weekly, and monthly basis. On upward movement, beyond 1915 it
may witness resistance at 1960. On downward movement, below 1803 it may go down to 1780
and 1713.
HDFC AMC (1815.25) :- It shows a downward movement from the top of 2314.65. It sows
an oversold position on a daily, weekly, and monthly basis. On upward movement, beyond 1853
the resistance could be at 1885. On downward movement, below 1763 it may go down to 1734,
1693 and 1652.
HDFC Life (482.85) :- It shows a downward movement from the top of 620.60. It shows an
oversold position on a daily, weekly, and monthly basis. On upward movement, beyond 501 the
resistance could be at 511. On downward movement, below 473 it may go down to 447 and 420.
L&T (2139.05) :- It shows a downward movement from the top of 2297.65. It shows towards
an oversold position on a daily basis, a neutral on a weekly basis and an overbought on a monthly
basis. On upward movement, beyond 2190 the resistance could be at 2241. On downward move-
ment, below 2118 it may go down to 2082 and 2072.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
To love and be loved is to feel the sun from both sides
Financial Weekly TM

March 2023 35
VertexPlus Technologies
Helping in rapid growth in the IT sector
Objects of the Issue
1. To Meet Working Capital
Requirement
2. General Corporate Purpose
3. To Meet the Issue Expenses
Vertexplus Technologies Limited is engaged

Corporate in consulting, outsourcing, infrastructure,
Feature and digital solutions and services
V ertexplus Technologies Limited is an ISO

Vertexplus Technologies IPO Details
Issue Opens March 02, 2023
9001:2015 and ISO/IEC 27001:2013 certified Infor- Issue Closes March 06, 2023
mation Technology company. The company is en- Issue Size 14,79,600 Equity Shares
gaged in consulting, outsourcing, infrastructure, and Price Band Rs 91 to 96/-Per Equity Share
digital solutions and services. Over the years, the
Face value Rs 10.00/-Per Equity Share
company has gained experience across various in-
dustries and sectors. Vertexplus collaborates with QIB Quota 7,02,000 Equity shares
companies to fulfill their ever-evolving Information (including Anchor Reservation)
Technology needs and support their business with HNI Quota 2,11,200 Equity shares
its enabling solutions to strengthen their current ca- Retail Quota 4,92,000 Equity Shares
pabilities and build pathways for sustainable growth. Market Maker Quota 74,400 Equity Shares
Vertexplus ensures quality and time delivery in the Lead Manager Beeline Capital Advisors Pvt. Ltd.
most cost-effective manner to determine the suc- Registrar Skyline Financial Services
cess of complex enterprise projects through five de-
livery models: Off-shore Model, On-site Model, Hy-
brid Model, Global Model, Strategic Partnerships.
STRENGTHS
Vertexplus Technologies Limited is coming out • Global Delivery Network
with an SME IPO. It will issue 14,79,600 equity • Leveraging the experience of the Promoter
shares of Rs. 10 each. Price Band is Rs. 91-96 per • Existing Client Relationship
share. It will raise Rs. 14.20 crore through this IPO. • Diversified Customer Base and Revenue Sources
The issue opens on March 02, 2023, and will close • Increasing the Efficiency and Knowledge of Employees
on March 06, 2023. The minimum application is to
be made for 1200 shares and in multiples thereon,
thereafter. Post allotment, shares will be listed at
NSE SME. Beeline Capital Advisors Private Lim-
ited is the Sole Lead Manager of the Issue and Sky-
line Financial Services Private Limited is the Regis-
trar to the issue.
VertexPlus endeavours to bring together creativ-
ity and knowledge with positive business strategy
to furnish the requirements of diverse customers with
an inclusive range of products and services which
are comprehensive and cost effective so that the
client can focus on their core-competencies to im-
prove or expand their businesses. VertexPlus has
worked for numerous industries, realized their true
potential and scale to global recognition.
The company powers up enterprises to think be-
CONT...
Financial Weekly TM

March 2023 36
Promoters of Vertexplus Technologies
Mr. Sandeep K. Pahariya : Mr. Sandeep
K. Pahariya, Founder Director at VertexPlus has an
experience in IT industry spanning over 24 years. He
leads the global operations including but not limited to
strategic planning, team mentoring and business ad-
ministration. His expertise in business expansion, plan-
ning and innovation in the technology helps achieve
organization goals and clients’business goals. He
holds a Master’s Degree in International Business
Management along with many professional certifications from C-DAC, IIQM
and other institutions with exceptional knowledge in multiple technology
domains. Before stating his entrepreneurship journey, he has also contrib-
uted to the industry by working with some of the leading IT companies.
Mrs. Niru Pahariya : Mrs. Niru Pahariya is the
Whole Time Director of the Company. She holds a Bach-
elor degree in Commerce and Diploma in Naturopathy
and Yoga. She was originally appointed on the Board in
2010 as Director, and further designated as the Whole-
Time Director of the Company in September 2022 for a
period of 5 years, liable to retire by rotation. She has an
experience of twelve years in administration and human
resources.
Vertexplus Technologies Limited Financial Information

(Restated Consolidated) Amount in Rs. Lakhs
Period Total Total Profit NetWorth Reserve Total
Ended Assets Revenue After and Borrowing
Tax Suplus
31-Mar-20 989.7 1,963.92 61.23 380.37 379.37 209.55
31-Mar-21 1,103.71 2,025.61 104.98 487.15 486.15 227.4
31-Mar-22 1,308.76 2,132.04 186.05 673.11 273.11 279.15
yond the ordinary through an integrated, intelligent, technology stack that automates the processes and accelerates
the operations. From small programming assignments, to an intensely complex project, or a niche solution, it is fully
equipped to develop dynamic, integrated applications & systems that enable business to succeed, scale, expand
along the measures they set for current and envision for ahead.
On financial front, the company is increasing its revenue and profit. For the period ended September 30, 2022,
company’s Total Consolidated Income and Restated Consolidated net profit were Rs. 1091.71 Lakhs and Rs. 91.26
Lakhs respectively. For the year ended March 31, 2022, our Company’s Total Consolidated Income and Restated
Consolidated net profit were Rs. 2132.04 Lakhs and Rs. 186.05 Lakhs respectively. For the year ended March 31,
2021, company’s Total Consolidated Income and Restated Consolidated net profit was Rs. 2025.61 Lakhs and Rs.
104.98 Lakhs, compared to our Company’s Total Consolidated Income and Restated Consolidated net profit of Rs.
1978.33 Lakhs and Rs. 61.23 Lakhs respectively, over previous year ended i.e. March 31, 2020.
VertexPlus’ goal is to build long-term sustainable business relationships with customers to generate increasing
revenues. It plans to continue to expand the scope and range of current services provided to our existing customers
by continuing to build expertise and extending capabilities. Leveraging market skills and relationships is a continuous
process in the organization and the skills that it imparts in its human resources give excellence to customers. The
company aims to do this by leveraging marketing skills and relationships and further enhancing customer base
***
Vertexplus ensures quality and time delivery in the most cost-effective manner to determine the success of
complex enterprise projects through five delivery models:
Off-shore Model, On-site Model, Hybrid Model, Global Model, Strategic Partnerships
Financial Weekly TM

March 2023 37
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
A clean sweep red week after long

(Concluded week report):
Though the week under report started the week with a positive opening, it kept closing in red for
the entire week with a mega mid-week fall. Finally, we witnessed a clean sweep red week after
long and this became a dire need of the hour as market was overdue for correction amidst weak
global cues. Market marked selling spree not only on index heavy weight counters but it was spread
to mid and small cap as well as the side market counters. We witnessed intraday new lows for the
entire week. In the process of closing in red, while BSE Sensex lost the level of 59.5K and NSE
Nifty lost 17.5K barrier.
For the week, while BSE Sensex moved in the range of 61290.19-59325.34, NSE Nifty hovered
between 18004.35-17421.80.
For the week, BSE Sensex marked a net weekly LOSS of - 1538.64 points and NSE Nifty re-
ported a net weekly LOSS of - 478.40 points.
Weekly Movements of benchmarks:
Monday-We marked cautious positive opening for the first session of the week, but after posting
week's high, the market started drifting on selling spree amidst weak global cues. BSE lost 311.03
points to close at 60691.54 and NSE Nifty marked a deficit of 99.60 points to end the day at 17844.60.
While IT, Auto, Cement counters surged, FMCG, Consumer Durables, Banking, Pharma, Oil and
Gas counters eased and kept markets on a slide. Though Mid and Small cap indices outperformed
benchmarks, weak side market kept market breadth in red. FIIs were net sellers and DIIs were net
buyers on a token basis for the day.
Tuesday- Though markets opened on a positive note for the second session, it started sliding
post noon to close in red. BSE Sensex marked a deficit of just 18.82 points to end the day at
EX-SPLIT EX-BONUS 60672.72 and NSE Nifty lost mere 17.90

IRB Infra (10 for 1), Vinny Overseas (13 for 10) points to close at 17826.70. Though Reliance
Akashdeep Metal (5 for 1),
Karnavati Finance (10 for 1), Industries gained on a positive corporate re-
KBS India (10 for 1), BONUS MEET
Vinny Overseas (10 for 1). IFL Enterprises (09.03.23) port and got support from fancy counters like
DIVIDEND ANNOUNCEMENTS Power Grid, HDFC, doom in Oil and Gas, IT,
Elantas Beck (50%), Ujjivan SFB (7.5%), Ksolves (30%),
Mahindra CIE (25%), KSB (150%), Sanofi India (1940% + 1830%) Cont...
Financial Weekly TM

March 2023 38
Banking counters kept market on a slide. Capital goods marked mixed trends. Market breadth
remained negative as Mid and Small cap indices underperformed benchmarks and the side mar-
ket too turned listless. FIIs were the net buyers and DIIs were the net sellers for the day.
Wednesday-Mid-week turned a wrecking day as markets opened in lower with gap and traded
in red. BSE Sensex lost 927.74 points to close at 59744.98 and NSE Nifty marked a deficit of
272.40 to end the day at 17554.30. Thus both benchmarks broke the sentimental barriers of 59.8K
and 17.6K respectively. US President's Ukraine visit propelled geo-political tension and kept glo-
bal markets on their toes. We too felt tremors of the same and marked mega fall. Banking counters
lead the doom and got support from the side market. Though Mid and Small cap indices outper-
formed benchmarks, weak side market kept market breadth in red. FIIs turned net seller and DIIs
were the net buyers for the day.
Thursday - Markets opened on a cautious positive note but kept sliding post noon to close on
red. BSE Sensex lost 139.18 points to end the day at 59605.80 and NSE Nifty marked a deficit of
43.05 points to close at 17511.25. Weak global cues kept a tab on our markets. Adani group counters
lead the doom and got support from Consumer Durables, Capital Goods and overshadow surge in
Metal, Banking counters on short covering. February F & O expiry marked end on a dull note. Fund
houses preferred to unwind their long position at every rise.
Cont...
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
20-02-2023 61,112.84 61,290.19 60,607.02 60,691.54 -311.03
21-02-2023 60,770.43 60,976.59 60,583.72 60,672.72 -18.82
22-02-2023 60,391.86 60,462.90 59,681.55 59,744.98 -927.74
23-02-2023 59,777.64 59,960.04 59,406.31 59,605.80 -139.18
24-02-2023 59,859.48 59,908.77 59,325.34 59,463.93 -141.87
Net Weekly Loss -1538.64
Nifty Open High Low Close Diff
20-Feb-23 17965.55 18004.35 17818.4 17844.6 -99.6
21-Feb-23 17905.8 17924.9 17800.3 17826.7 -17.9
22-Feb-23 17755.35 17772.5 17529.45 17554.3 -272.4
23-Feb-23 17574.65 17620.05 17455.4 17511.25 -43.05
24-Feb-23 17591.35 17599.75 17421.8 17465.8 -45.45
Net Weekly Loss -478.4
Financial Weekly TM

March 2023 39
Mid cap index underperformed and Small cap index outperformed the benchmark, but weak
side market kept the market breadth in red. FIIs were the net sellers and DIIs were the net buyers
for the day.
Friday - Though the last session of week marked higher opening, it lost the grip post noon to
close in red. While BSE Sensex lost 141.87 points to close at 59463.93, NSE Nifty marked a deficit
of 45.45 to end the day at 17465.80. Thus both the benchmarks closed below the sentimental
barriers of 59.5K and17.5K respectively. Adani group flagship Adani Enterprises lead the doom
and got support from fancy counters in Auto, Metal. Gains in Pharma, Consumer Durables, Oil and
Gas counter was overshadowed by the listless side market. Market breadth remained negative as
the side market remained weak while Mid and Small cap indices outperformed the benchmarks.
FIIs remained the net seller and DIIs were the net buyers for the day. We witnessed slide for the
sixth session in a row.
The week ahead:
Brent crude hovered around to mark 82.90$ a barrel by the weekend, and the Rupee hovered in
a narrow range and ended the week at82.75 a dollar.For the ensuing week, we have around 40
corporate meetings. Marketmen have on radar macro and micro economical global data, FIIs trends
and February dispatch data for Auto and Cement sectors. Turbulence may continue for a while and
keep markets on a sliding mode.
Amidst such a scenario, BSE Sensex may move in the range of 61000 - 58000, and NSE Nifty
between 18250-16750.
DISCLAIMER : No financial information whatsoever published anywhere here should be con-
strued 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 advi-
sor 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

March 2023 40
BUY.... BUY....BUY TIPS OF THE WEEK
Co. Name Code Price Co. Name Code Price
RVNL 542649 63.00 Voltas 500757 895.00
Motherson Sumi 517334 82.00 L&T 500510 2133.00
BEL 500049 95.00 Finolex Cable 500144 721.00
GNFC 500670 551.00 APL Apollo 533758 1221.00
Gail India 532155 103.00 KSB Ltd 500249 1884.00
Nava Ltd 513022 240.00 Astral 532830 1868.00
Lumax Auto 532796 263.00 Reliance iNd 500325 2385.00
Coal India 533278 217.00 Whirlpool 500238 1322.00
Gail 532155 103.00 Thermax 500411 2147.00
HDFC Life 540777 483.00 Sanofi India 500674 5558.00
Tata Motors 500570 427.00 Dixon Tech 540699 2798.00
West Coast P. 500444 486.00 Radico Khaitan 532497 1171.00
Finolex Cable 500144 721.00 Siemens 500550 3247.00
Sandur M 504918 961.00 L&T Techno 540115 3706.00
Sonata Soft 532221 706.00 Wendt 505412 8488.00
Buy or Sell, Confused ?

Let the EXPERTS Help You
Join our Service for 1 Month & We are
Sure. You will be our Lifetime Member
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Call Us : 91-9930011789 : www.shareinfoline.com
Financial Weekly TM

March 2023 41
Kishore Purswani
(Email: kishore.purswani@gmail.com)
Learn & Earn-XVIII

The Lives of a Company- The Company When It's Old
Introduction
In the previous articles, we deliberated on the attributes of a company when it's young and in its
middle age. In this article, we shall discuss the traits of a company when it's Old based on the
learnings shared by Peter Lynch in chapter three of his book - "Learn to Earn".
The Company When It's Old
Companies that get twenty, thirty fifty years old generally have seen their glorious days. They
would have grown in the fields they could and eventually ran out of ideas which can help them
grow further. Old companies that were great earners in the past can't be expected to deliver similar
performance forever.
The author has deliberated upon US Steel, General Motors, IBM, and other companies to ex-
plain the issues of companies when they get old. US steel was once one of the favourite compa-
nies as it was performing exceedingly well. It was the first billion-dollar company on the earth. The
steel business had immense opportunities and it was required for railroads, cars, skyscrapers, etc.
US steels provided 60 per cent of the requirement and it become the most actively traded stock on
Wall Street. The stock hit an all-time high of $108+ in August 1959. However, with the advent of the
electronic age and the decline of the industrial age in the US, the steel demand got dampened.
After three decades i.e in 1995, Dow Jones had gone up by more than eight times but the stock of
US steel was trading at a price lower than it was trading at in 1959.
General Motors, the dominant car company reached a peak in October 1965 but it couldn't reach
it again for nearly thirty years. While Germans came out with their Volkswagens Japanese flooded
the markets with Toyotas and Hondas. However, GM was slow to react and it continued to make
big cars while smaller cars were in demand and selling the most. GM then spent billions of dollars
to manufacture smaller cars but by that time bigger cars were back in demand.
IBM was a top brand name and had won awards for how well it was managed, However, even-
tually, people stopped buying the big mainframe computers and switched to personal computers.
In this segment, several players offered cheaper products than IBM. IBM lost its business and the
share prices also went down.
Cont...
Financial Weekly TM

March 2023 42
There are many such examples in the Indian stock markets as well. Blue chips of the 1980s and
1990s are no more darlings of the investors. HMT, ITI etc,which were blue-chip PSUs and stocks
of these companies were actively traded earlier but are no longer investors' favourites.The share
price of HMT closed at a peak of Rs 150+ in Jan 2008 and is now being traded at around Rs 27.
Similarly, The share price of ITI closed at a peak of Rs260+ in Jan 1994 and is now being traded at
around Rs97
There are many other examples of large companies which grew at a phenomenal pace when
they were young and of middle age but growth slowed down as these companies got old. Bajaj
Auto, Reliance Industries, Bajaj Finance etc can be categorised in such categories.
However, people do continue to invest in large companies for different reasons. First investing
in large companies is less risky and generally, there is no danger of going out of business. Second,
the dividend payout is good and third they have valuable assets which might be sold off at a later
date thus unlocking the hidden valuefor the investors. Further, there's always the chance of an old
company coming back with revenge.
Conclusion:
The continued success of an old company depends on the agility of management to quickly
respond to customer requirements. Larsen & Toubro is a perfect example of a large company
diversifying and performing exceedingly well. However, if a large company falters or stumbles it
may become difficult for it to make a comeback.
Patience is a virtue in stock markets but it rarely gets rewarded when an investor invests in a
large company based on its past glory. Investors need to be cautious and vigilant when investing
in large companies.
Happy investing!
Kishore Purswani
M No 9425604104, Mail id: kishore.purswani@gmail.com

Financial Weekly TM

March 2023 43
VINNY OVERSEAS LTD- SPINNING GOLD
BSE:543670 • NSE:VINNY • CMP: Rs. 15.25
Vinny Overseas Ltd. Plans Major Expansion
Vinny Overseas shares zoom 28% in seven sessions;
Turns ex-bonus, ex-split on Feb 24
Corporate Feature
Vinny Overseas Ltd. ((BSE: 543670, NSE: 12506 (VINNY)),
one of the most advanced fabric manufacturers in the country,
is planning major expansion. The company is in the final stage of - Shares of garments maker Vinny Overseas, which have
bagging an order from Arvind Ltd. rallied 127 per cent in 2023 so far, 317 per cent in last three
The board of directors of the company has passed the
necessary resolution, on 14th February 2023 and has fixed the months and a whopping 410 per cent in last one year, turn
record date on Friday, 24th February 2023 for the purpose of ex-bonus and ex stock split today.
sub-division of 1 equity share of Rs. 10/- each into 10 equity - On February 14, the fabric manufacturer said it will con-
shares of Rs. l/-each ful1y paid up and issue of bonus shares in duct sub-division of 1 equity share of Rs 10 each into 10
the ratio of 13:10. Company has turned ex bonus, ex split today
and shares of the company closed at 52 week high and closed equity shares of Rs. each fully paid up. The firm will also
at 5% high of Rs.15.15 per share. Market capitalisation of the issue bonus shares in the ratio of 13:10.
company was valued at Rs. 352.42 crore.
The pre-bonus paid-up equity share capital was Rs
10,11,40,570, consisting of 1,01,14,057 equity shares of Rs 10
each. The post-bonus paid-up equity share capital is expected
to be around Rs 23,26,23,311 shares, consisting of 23,26,23,311
equity shares of Rs l/-each. (after considering the split of shares).
Shares of garments maker Vinny Overseas, which have rallied
127 per cent in 2023 so far, 317 per cent in last three months
and a whopping 410 per cent in last one year, turn ex-bonus and
ex stock split today.The multibagger stock has turn ex-bonus in the 13:10 ratio and ex-split from face value of Rs 10 to shares with face value
of Re 1 each. The company board had passed a resolution for the same on February 14.
Vinny Overseas is Ahmedabad-based company engaged in the business of processing of clothing fabrics. It procures Grey Fabric from the
market and dyes the same as per the client's requirements. It is also engaged in Job-Work for wholesale cloth merchants and trades in grey
cloth. Vinny Overseas caters to both domestic and international clients. It was listed on bourses in 2018.The company's productofferings are
classified under shirtnig fabrics, shooting fabrics, polyester fabics, dress materials and cotton fabrics. The company's processing unit is located
at Isanpur Road, Narol, Ahmedabad in the state of Gujarat, on

approximately 27,000 square yards of land, which comprises of
dyeing, printing and finishing processing with a capacity of pro-
cessing of 4,00,00,000 meter per annum.
The company recently reported on Q3 & 9MFY23 earnings,
with Q3FY23 total comprehensive loss falling from Rs. 1.07 Cr
(Q3FY22) to Rs. 25.64 Lakhs (Q3FY23). The 9MFY23 results
saw a massive improvement, as the company turned profitable,
recovering from a loss of Rs. 3.93 Cr (9MFY22) to a profit of Rs.
1.39 Cr (9MFY23).
Vinny Overseas Limited was established in the year 1992 by
Late Shri Mohanlalji Parekh & HIralalji Parekh. The company ex-
ports to various countries in Dubai, Bahrain, Indonesia, Sri Lanka,
U.S.A., China, Brazil, Oman etc.
The company's mission and vision is to become a global leader
by incorporating highest levels of quality through a combination of
technology, service, creative marketing, pricing and cost efficiency
and to provide continuous value through innovation, expertise,
excellence and attain highest level of customer satisfaction.
The Indian textile industry is one of the largest in the world with
ANALYST'S PROJECTIONS a large raw material base and manufacturing strength across the
value chain. The textile industry contributes to 7% if industry out-
SHORT TERM: RS. 24 • POSITIONAL:RS.35 put in value terms, 2% of India's GDP and to 15% of the country's
export earnings. With over 45 million people employed directly, the
- Will install the latest state of digital printing machinestextile industry is one of the largest sources of employment gen-
- In final stage of bagging Huge orders from Arvind ltderation in the country.
***
Financial Weekly TM

March 2023 44
Scrip Watch - Siddharth Shah
Tube Investments of India (Rs. 2550.00) (Code : 540762) : Tube Investments

of India Limited (TII), part of Murugappa Group will launch its first 3-wheeler in March and will start
ramping up from April this year. Its upcoming EV-trucks are also expected to follow the same
timelines. It has already started its marketing. On the EV truck, the 55-ton truck will follow a similar
timeline. The EV tractor is something that will still need a full homologation. So that timeline, the
company is estimating that it will get homologated in the March-April time frame, which means that
sales will only happen in the July time frame. Currently, the company has about 42 distributors,
along with the service center, and by the year-end it plans to be at about 75. The company is going
systematically and then going state-by-state. So, it is a totally new business which might definitely
increase revenue fot the company. Invest.
Johnson Control Hitachi (Rs. 1217.00) (Code : 523398) : Shares of Johnson
Control Hitachi, which is engaged in air-conditioner (AC) business, were in focus on expectations
of improvement in volume as India Meteorological Department (IMD) recently issued the first heat
wave alert of 2023. Normally, March is when temperatures rise but in February itself the trends are
showing. Dealers are highlighting that lower commodity prices have not been passed on in pric-
ing. This points to improved volume and margin outlook for Johnson Control. Hikes taken in 1HFY23
have not been rolled back, even with the softening of commodity prices. Given this, 4QFY23E-
1QFY24E should see 250 bps+ margin expansion QoQ if normal summer temperatures prevail.
Buy.
Bharat Dynamics (Rs. 957.00) (Code : 541143) : Bharat Dynamics (BDL) has
recently received an export order worth USD 255 million. The state-owned aerospace and de-
fence company entered into 10 deals with several foreign and Indian companies during Aero India,
2023.BDL entered into MoU with UK company Thales on Tuesday to set up manufacturing facili-
ties for laser-guided rocket and its major components in India. In addition, an agreement was signed
by BDL with EDGE Group entity, AL TARIQ, UAE, to jointly produce an all-weather, day or night,
long-range precision guided munition (LR-PGM) kits in India. Last year in October, Bharat Dynam-
ics and Dassault Aviation entered into a MoU for Integration of the Bharat Dynamics' Weapon
Systems like Astra and Smart Anti-Airfield Weapon on Rafale Aircraft for the Indian Armed Forces
and future export market.
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

March 2023 45
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Financial Weekly TM

March 2023 46
Market Tips - Het Zaveri
Blue Star Ltd (Rs. 1459.00) (Code : 500067) : As the hot Summer is near the
corner, AC maker Blue Star is shining even in a weak market. IMD recently issued the first heat
wave alert of 2023. Normally, March is when temperatures rise but in February itself the trends are
showing. Dealers are highlighting that lower commodity prices have not been passed on in pric-
ing. This points to improved volume and margin outlook. AC demand is increasing in the country
with Summer becoming hotter every year. The company is rapidly increasing its manufacturing
capacity. Blue Star has opened a new plant in Sri City, Andhra Pradesh. The factory's first phase
has a capacity of 3 lakh room AC units, with the potential to scale up to 1.2 million units by the
financial year 2027. Blue Star has invested Rs 350 crore in the present phase of the plant. Blue
Star is projected to end FY-23 with sales of 8 lakh room AC units. It has projected sales of a million
units in FY-24. Buy this hot stock in hot season.
Pidilite Industries (Rs. 2274.00) (Code : 500331) : Pidilite's gross margins have
declined between 800 - 1,200 basis points compared to two years ago and that is due to the "per-
fect raw material storm" that the company has gone through, according to its Managing Director
Bharat Puri. But Puri is now optimistic about the future and sees light at the end of the tunnel. The
company is now buying raw materials, which "are the correct prices." He also does not see the
need to cut prices even as inflation has moderated as the company did not hike them as much to
begin with. Brokerage firm Motilal Oswal expects healthy earnings growth from the March quarter
due to a reduction in VAM prices, which is a key raw material. Invest. Make SIP in such stock.
Asian Paints (Rs. 2738.00) (Code : 500820) : Asian Paints Ltd has signed a memo-
randum of understanding (MoU) with the Gujarat government to set up the manufacturing facility at
Dahej for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM). Both these
are mainly used for paints and coatings, adhesives, building and construction, paper coatings, and
textile finishes, among others. The company reported a 6.4 percent rise in consolidated net profit to
Rs 1,097.06 crore in the third quarter that ended December. The company had posted a consoli-
dated net profit of Rs 1,031.29 crore in the same period last fiscal. Consolidated revenue from
operations stood at Rs 8,636.74 crore against Rs 8,527.24 crore in the year-ago quarter, it added.
Total expenses in the third quarter were at Rs 7,280.75 crore compared to Rs 7,220.29 crore.
Invest.
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

March 2023 47
SMART TIPS Smita N. Zaveri
Time Techno (Rs. 87.00) (Code: 532856) :- Shares of this plastic products and indus-
trial sector company are listed in the A group. The shares touched a 52-week high of Rs. 126 and low of Rs.
63. Promoter holding in the company is 51.33%. The share’s book value is Rs. 93.97. Time Techno is an
MNC with operations in Bahrain, Egypt, Indonesia, Malaysia, UAE, Taiwan, Vietnam, Saudi Arabia, the US,
etc. with 34 facilities. Its products cater to industry segments such as industrial packaging solutions, lifestyle
products, automotive components, healthcare products, infrastructure, construction related, material han-
dling, etc. Its marquee clients include BASF, Hutson, Bayer Corp, Indian Oil, Gulf Total, Ashok Leyland,
Tata Motors, GE, L&T, etc. The company’s reserves are 90 times its equity and is a strong bonus candi-
date. The company’s Greenfield plant at Dahej in Gujarat is expected to begin operations by March. For the
December quarter, it reported income of Rs. 1130.73 crore and profit of Rs. 62.63 crore. Its PE is less than
ten. The stock can be bought with a target price of Rs. 120 with a stop-loss of Rs. 69.
Lemon Tree (Rs. 74.00) (Code: 541233) :- Shares of this hotels and resorts company
are listed in the A group and have a face value of Rs. 10. The shares touched a 52-week high of Rs. 103 and
low of Rs. 45. The hospitality sector was hit hard by the Covid pandemic. There were fears that 40% of
rooms in top hotels would close down because of the crisis. The industry was expected to witness consoli-
dation. Lemon Tree is positioned as a mid-segment hotel. Promoter holding in the company is 23.61%. It
has a market cap of Rs. 5906 crore. Its equity is Rs. 790 crore and its reserves are Rs. 40 crore. For the
December quarter, Lemon Tree’s income went up from Rs. 146 crore to Rs. 234 crore. It reported a profit of
Rs. 48 crore as against loss of Rs. 5 crore last year. The stock can be seen crossing Rs. 100 and touching
new highs in the short to medium term.
Greaves Cotton (Rs. 130.00) (Code: 501455) :- The shares of this diesel engine
company are listed in the A group. The shares touched a 52-week high of Rs. 211 and low of Rs. 124. The
company has a presence in diverse businesses such as automobile, electric, retail, mobility, and finance.
The share of new businesses has gone up to 49% and that of the diesel engine business has fallen to 48%.
The electric vehicle business is expected to do very well going ahead. In 2021-22, EVs contributed 38% of
its business. Promoter holding in the company is 55.54%. Its equity is Rs. 46 crore and reserves Rs. 697
crore. For the December quarter, it reported income of Rs. 513 crore and net loss of Rs. 4 crore. For the
September quarter, income was Rs. 713 crore and profit Rs. 33 crore. ShareKhan has given a buy call on
the stock with a target price of Rs. 183.
Mahindra CIE (Rs. 388.00) (Code: 532756) :- Shares of this other industrial products
company are listed in the A group and have a face value of Rs. 10. The shares touched a 52-week high of
Rs. 420 and low of Rs. 164. Mahindra CIE came into existence following the merger of Mahindra Forging
and CIE Automotive in 2013. The company is a leading equipment manufacturer. Promoter holding is 74.96%.
The company is slowly achieving a turnaround as a result of improved performance since its merger. Its
equity is Rs. 379 crore, and reserves are Rs. 4817 crore. The company was impacted due to a slowdown
in the automobile sector but its performance has improved due to a revival in the automobile segment. It has
a market cap of Rs. 14,632 crore. For the December quarter, Mahindra CIE’s income went up from Rs.
2081 crore to Rs. 2271 crore. It reported a loss of Rs. 658 crore as against profit of Rs. 79 crore. The
company has won Rs. 1000 crore new orders, including new electric vehicle orders of Rs. 300 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 24th February, 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

March 2023 48
Smart super duper - Het Zaveri
CCL Products (Rs. 550.00) (Code: 519600) :- It is the number two coffee producer after Tata
Coffee. However, its market cap is much higher than Tata Coffee. In the December quarter, the
company's income increased from Rs. 423crore to Rs. 525crore, while profit increased from Rs.
58crore to Rs. 73crore. As against equity of Rs. 26.61 crore, the company has reserves of Rs. 1316
crore. The company also has a production facility in Vietnam along with India. The stock has been
trading around the 52-week high in the poor market situation. Coffee prices are likely to get higher
at the global level, which may have a positive effect on the company's performance. It paid a 150%
interim dividend for FY2023. It can be considered at any correction in price.
Sonata Software (Rs. 706.00) (Code: 532221) :- The company was set up in 1986 as IT divi-
sion of Indian Organic Chemical but got independent status in 1994. As against equity of Rs. 14crore,
the company has reserves of Rs. 1858 crore. In the December quarter, the company's income
increased from Rs. 1858 crore to Rs. 12261crore, while profit increased from Rs. 98crore to Rs.
118crore. IT stocks have become a safe bet in the volatile market and this stock may give a steady
return. It has recently acquired a company in a foreign company making the analysts bullish. It paid
2025% means Rs. 20.25 dividend for FY2020, 400% interim and 1000% final dividend for FY2021
and 800% interim and 1300% final dividend for FY2022, while a 700% interim dividend for FY2023.
The company has announced to issue bonus along with June quarter results on July 25.
Finolex Cable (Rs.721.00) (Code: 500144) :- Copper is used for making cables and the drop in
copper prices have benefitted the company in huge way. One of the strongest brands in cable
market Finolex owns manufacturing units in Pune, Goa and Uttarakhand. The company is also
active in polyvinyl chloride sheets, roofing signage and interior sectors. The company holds con-
siderable market share in cable market and it is also planning to launch other products. As against
equity of Rs. 30.59 crore, the company has reserves of Rs. 3988 crore. In December quarter, the
company's sales increased from Rs. 973 crore to Rs. 1150 crore, while profit increased from Rs.
143 crore to Rs. 154 crore. The stock seems good option for investment at current market rate as
downsize seems limited. It paid 275% dividend for FY2021, and 300% dividend for FY2022. The
company's ROCE is 21.4%.
Lumax Auto (Rs. 263.00) (Code: 532796) :- Lumax group is a leading group in auto ancillary
segment. The shares of Lumax Auto are listed in the B group and have a face value of Rs. 2. The
shares touched a 52-week high of Rs. 312 and low of Rs. 141. It has 12 plants and has a 60%
market share in the lighting segment. Its equity is Rs. 13.63 crore and reserves Rs. 596crore. Pro-
moter holding in the company is 55.98%. The automobile segment is reporting strong growth. Be-
ing a leader in the auto ancillary segment, Lumax is seen benefiting from the uptick in car sales.
There is space for a further rise in the share. For the December quarter, itssales went up from Rs.
428crore to Rs. 445crore, and profit from Rs. 25crore to Rs. 28crore, while operating profit in-
creased from Rs. 45 crore to Rs. 47 crore. Investors can grab the opportunity to buy the stock at the
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
Financial Weekly TM

March 2023 49
A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Investors want to know?

Day 24/1 when report on Adani Group was published. Adani group shares tumbled very
heavily. Investor's hard earned money started vanishing. In 2023 our Index and Nifty had
bigger fall compared to world markets. Other hand all experts believe boost for better economy.
We all are waiting for a statement from Govt. What will be out come? We investors are safe?
What actions are taken by Government? But regret
At that there is no words form Government the fall in Adani group shares very fast and
huge crashed.
This group has rough Nifty and Index below 18000 and 60000 respectively. On last Thurs-
day Market 'breaths were also down. Government should do something to restrict fall in
Adani Transmission, Adani Green and Adani Gas. S&P Dow Jones announced on February
2, 2023, that Adani Enterprises shares will be removed from the Dow Jones
After steep fall in shares we do not advise short selling in shares but if shares are in
portfolio play safe and sale.
In last four days up to Thursday markets closed negative.
LIC closed below 600 is huge loss to investors. SBI came to 520 and may go to 500
marks.
If SBI goes around 535 buy March put of Rs. 500
Axis bank short above 850 with s l of 855.
In us fed increased rates steeply but inflation not under control
Any good corporate results push up that company share price
The trend is not so positive because of fear
Bata, outlook negative short on rise. Short around 1424 with s l of Rs. 10.
If marico comes around 505 buy march put.
Indian hotels buy on fall. The future is bright.
Last Thursday index went below 60000. Support is at 59250 and60250/300 is resistance.
Nifty support 17250
Financial Weekly TM

March 2023 50
Gautam Gems : BSE :540936 • CMP: Rs. 17.6
Gautam Gems Ltd to foray into renewable energy sector
Corporate Feature
Gautam Gems (BSE - 540936) , a Surat-based im-
porter, exporter and manufacturer of rough and polished
diamondshas announced that a proposal is currently
pending before the board of directors to foray into the
renewable energy sector. Company envisages a greater
and brighter future in the energy segment and intends
to add a new segment of business considering the
present and future prospects in the energy segment.
The partly paid amount of its share from the right The partly paid amount of its share from the right issue of Rs 49
issue of Rs 49 crore will be used to foray into renewable crore will be used to foray into renewable energy sector. The
energy sector. company had announced that the board is mulling approving a
The board is mulling approving a proposal to enter proposal to foray into the renewable energy sector.
into the renewable energy sector. If approved, the com-
pany would enter into sector consisting of windmills and solar energy.The Surat-based company said that it envisages
a greater and brighter future in the energy segment and intends to add a new segment of business considering the
present and future prospects in the energy segment.The board would consider and approve altering the Memorandum
and Articles of the company subject to shareholder's approval, the company said in a filing. In the company said in a
stock exchange filing that "As we know India has a massive demand for energy to fuel its rapidly growing economy.
Today, we are a power surplus nation with a total installed electricity capacity of over Four lakh MW. Keeping in mind the
sustainable development goals, our Company has decided to expand its business by entering into a new segment of
renewable energy consisting of windmill and solar energy along with its existing business (Gems and Jewellery)."
Shares of Gautam Gems have yielded multi-bagger returns to its investors. It has gained more than 70 per cent in the
past 1 year, resulting in wealth gain for shareholders. YTD, the counter has advanced 60 per cent, as per Tuesday's
closing. The Founder promoter of our Company Mr. Gautam P. Sheth is in the business of Diamond since 2002. He
along with his wife incorporated Company at Surat as "Gautam Gems Private Limited" on 18/02/2014 under the provi-
sions of the Companies Act, 2013 vide certificate of incorporation issued by the Registrar of Companies, Gujarat, Dadra
and Nagar Havelli. Subsequently the company was converted into a Public Limited Company vide fresh certificate of
incorporation dated 16th August, 2017 and the name was changed to "Gautam Gems Limited".
Our company has been principally incorporated as a Importer, Exporter and Manufacturer of rough and polished
diamonds. Our registered and corporate office is located in Surat, which is the diamond hub of India. We sell diamonds
of multiple category, shape, cut, size and color. The range of diamonds we trade in purely depends on the demand and
supply of diamonds in the local markets.Primarily, Round Brilliant and All Fancy shape, 0.18 cts upto15.00 cts Size and
D to N color with all type of Fancy color kind of diamonds is demanded by our customers. Since our business is strongly
driven by customer demand, we maintain a high/low stock with at our office or factory.
In order to compete in the diamond market, we have created and maintained an independent sales and distribution
network for our products within the Domestic markets. Further to ensure customer satisfaction, quality supply of dia-
monds, timely delivery of orders and purchase-sale of authentic diamonds, we deal with our suppliers and customers on
mutually agreed terms. Further, we have developed
and maintained long-term and stable relationships with
our key suppliers and our key customers although we
have not entered into any formal contracts with either
of them. For the quarter ended December 2022, com-
pany reported sales of Rs. 18.20 crore. Quarterly Net
Profit at Rs. 0.25 crore in December 2022 up 103.49%
from Rs. 0.12 crore in December 2021.EBITDA stands
at Rs. 0.38 crore in December 2022 up 216.67% from
ANALYST'S PROJECTIONS Rs. 0.12 crore in December 2021.
SHORT TERM: RS. 30 • POSITIONAL:RS.50

***
Gautam Gems Ltd - An Importer, exporter and manufac-
turer of rough and polished diamonds
Financial Weekly TM

March 2023 51
Investment Ideas Nayan Patel
INDRAPRASTHA MEDICAL CORP. LTD

(532150 & NSE) (80.10) (Face Value: Rs.10)
Incorporated in 1988, Delhi based Indraprastha Medical Corporation Limited provides medical
services. It is having hospital in Delhi. It has an equity base of Rs.91.67 crore that is supported by
reserves of around Rs.252 crore. The Promoters hold 51% (Apollo Hospital group hold 25% and
Government of India hold 26%), HDFC holds 6.71% stake while the investing public holds 42.29%
stake in the company.
Company has posted superb numbers for Q3FY23 & 9MFY23. During Q3FY23, its net profit
zoomed 31.28% to Rs.20.90 crore from Rs.15.92 crore in Q3FY22 on higher income of Rs.277.71
crore in Q3FY23 fetching an EPS of Rs.2.28. During 9MFY23, its PAT soared 52.68% to Rs.66.31
crore from Rs.43.43 crore in 9MFY22 on higher income of Rs.825.40 crore fetching an EPS of
Rs.7.23. Stock is trading at P/E ratio of just 9.1x which is cheapest against all peers.
IMCL is a regular dividend paying company and it has paid 25% dividend for FY22.
Investors can watch this stock with a stop loss of Rs.70.
Disclosures: At the time of writing this article, author, his clients & dependent family mem-
bers 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 men-
tioned in website. Author may have positions in above stocks so have vested interest obvi-
ously 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 respon-
sibility for any transactions undertaken by them. The author won't be liable or responsible

Financial Weekly TM

March 2023 52
Primary Market - Dilip K. Shah
After almost a month a mainboard IPO hits the primary market
Jewellery Company Joyalukkas India Ltd's Rs. 2300 crore IPO withdrawn
This week total 15 issues including 1 mainboard, 5 SME, 7 Rights and 2 NCDs issues are in the market
DivgiTorqTransfer's mainboard IPO containing fresh equity of Rs. 200 crore and
OFS of 31,46,802 share to enter the market on March 1
Last week SME ViazTyres' IPO got 5.79x, Macfos 193.87x, Sealmatic 16.61x, and Patron 1.07x subscription
BSE SME IPO SVJ Enter and Amanaya got poor response from the beginning: Listing may be in discount
BSE SME ITCONS E-Solutions with fixed price of Rs.51 may witness higher fancy
Srivasavi Adhesive's NSE SME IPO with fixed price of Rs. 41 has got 0.78x subscription
Next week NSE SME Systango and MCON Rasayan and BSE SME Santrica to enter the market
Vertexplus Technologies NSE Emerge IPO opens on 2nd March & Closes on 6th March
* Last week's SME IPOs:-
• ViazTyres :- NSE SME IPO with a fixed price of Rs. 62 closed on February 21 with a 5.79x
subscription. Listing on March 1 may be around Rs. 60-65.
• Macfos :- BSE SME IPO with a price band of Rs. 96-102 closed on February 21 with a 193.87x
subscription. Listing on March 1 could be around 160-175 giving bumper returns.
• Sealmatic :- The BSE SME IPO with a price band of Rs. 220-225 closed on February 21 with
a 16.61x subscription. It may list on March 1 around Rs. 250-260.
• Patron Exim :- BSE SME IPO with an offer price of Rs. 27 closed on February 24 with a 1.07x
subscription. It seems that the issue was managed at the last minute. Listing on March 6 could be
around Rs. 25-30. If the market doesn't support it may slip into discount.
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
Viaz Tyres (NSE SME) 2000 62.00 2 to 3
Macfos (BSE SME) 1200 96 to 102 78 to 80 -- 60,000
Sealmatci (BSE SME) 600 220 to 225 28 to 30 -- 14,000
Patron Exim (BSE SME) 4000 27.00 -- -- --
Srivasavi (NSE SME) 3000 41.00
SVJ Enter (BSE SME) 3000 36.00
Amanaya Ven. (BSE SME) 3000 23.00
ITCONS (BSE SME) 2000 4 to 5 6000
ResGen Ltd. (BSE SME) 3000 45 to 47
Systango (NSE SME) -- -- 45,000
MCON Rasayan (NSE SME) 33,000
SanTrica (BSE SME) 1000 125.00
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Cont...
Financial Weekly TM

March 2023 53
- SME IPO Listing: Indong Tea got listed with 20% discount
- Lead Reclaim got listed at-par and Agarwal Float got listed with 5% premium
- Muthoot Fin's Rs. 500 crore issue that opened on February 8 got 2.33x subscription: Will close on March 3
- KLM Axiva's issue with base price of Rs. 125 crore opened on February 20 and will close on March 3
- Crayons Advertising filed documents for NSE Emerge IPO offering 64.30 lakh equity shres
- Last week total 11 issues including 4 SME, 5 Rights and 2 NCDs were in the market,
of which 4 SME IPOs have sailed through.
Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Min. Rs. 1,00,00 Rs. 2,00,000 Listing Lead Rating Remark
Issue Close Dt. (Rs. Cr.) (Rs.) App. Limit Limit Manager (Out of 50)
1 Divgi 1-3-2023 Fresh Issue Rs. 200 Cr. -- Shares -- Shares -- Shares BSE Inga Ven. Next
TorqTransfer to OFS : 31,46,802 Shares -- -- -- NSE Equirus Cap. Week
(Book Building) 3-3-2023 (F.V.Rs. 5)
2 Signature -- (Rs. 10000 Cr.) -- -- Shares -- Shares -- Shares BSE ICICI Sec.,
Next
Global -- Fresh Issue Rs. 750 Cr. (Rs. 14800) (Rs. 88800) (Rs. 192400) NSE Axis Capital Week
(Book Building) OFS : Rs. 250 Cr. (F.V. Rs.1) Kotak Mah.
* This week's SME IPO Listing:-

• Indong Tea (543769) :-The BSE SME IPO with an offer price of Rs. 26 was listed on February
21 with 20% discount at Rs. 20.80 and went up to Rs. 21.80 and down to Rs. 19.80 before closing
at Rs. 21.80. On February 24, it closed at Rs. 19.75.
• Lead Reclaim and Rubber Product :- NSE SME IPO with an offer price of Rs. 25 was listed
on February 21 at Rs. 25 and went up to Rs. 28.50 and down to Rs. 27.15 before closing at Rs.
27.65. On February 24, it closed at Rs. 27.60.
• Agarwal Float Glass India :- NSE SME IPO with an offer price of Rs. 42 was listed on Febru-
ary 23 with 5% premium at Rs. 44 and went up to Rs. 44.50 and down to Rs. 42 before closing at
Rs. 44.05.
* Insight into this week's Issues:-
This week total 15 issues - including 1 mainboard, 5 SME, 7 Rights and 2 NCDs - are in the
market.
* Mainboard IPO:-
• Divgi Torq Transfer Systems :- The combo issue contains a fresh issue of Rs. 180 crore and
OFS of 39,34,243 shares. It will open on March 1 and close on March 3. More details are given in
a separate box.
* SME IPOs:-
• SrivasaviAdhesive :- NSE SME IPO of Rs. 15.50 crore with a fixed price of Rs. 41 a share has
opened on February 23 and got 0.78x subscription on the second day. It is good for short-term
investment. Listing will be on March 9.
• SVJ Enterprise :-Rs. 6.12 crore issue with a fixed price of Rs. 36 has opened on February 23
Cont...
Financial Weekly TM

March 2023 54
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. Srivasavi 23-2-2023 37,80,000 Eq. 41 3000 Eq. Shares Shreni 32% ; Apply for
Adhesive 28-2-2023 (Rs.15.50 Cr.) (F.V.Rs.10) (Rs. 1,23,000) Shares Short Term
2. Vertexplus 2-3-2023 14,79,600 Eq. 91 to 96 1200 Eq. Shares Beeline NEXT
Techno 6-3-2023 (Rs.14.20 Cr.) (F.V.Rs.10) (Rs. 1,15,200) Capital
WEEK
2. Systango 2-3-2023 38,68,800 Eq. 85 to 90 1600 Eq. Shares Hem NEXT

Techno 6-3-2023 (Rs. 34.81 Cr.) (F.V.Rs.10) (Rs. 1,44,000) Securities WEEK
3. MCON 6-3-2023 20,00,000 Eq. -- --- Eq. Shares GYR NEXT
Rasayan 9-3-2023 (Rs.-- Cr.) (F.V.Rs.10) (Rs. --) Capital WEEK
BSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. SVJ 23-2-23 17,01,000 Eq. 36 3000 Eq. Shares First 28%
AVOID
Enterprise 28-2-23 (Rs.6.12 Cr.) (F.V.Rs.10) (Rs. 1,08,000) Overseas
2. Amanaya 24-2-23 12,00,000 Eq. 23 6000 Eq. Shares First 24%
Clear Avoid
Ventures 28-2-23 (Rs.2.76 Cr.) (F.V.Rs.10) (Rs. 1,38,000) Overseas
3. ITCONS 28-2-23 17,00,000 Eq. 51 2000 Eq. Shares Finshore 34% ; Apply for
E-Solutions 2-3-23 (Rs.8.67 Cr.) (F.V.Rs.10) (Rs. 1,02,000) Management
Short Term
4. ResGen 28-2-23 60,00,000 Eq. 45 to 47 3000 Eq. Shares Gretex 30% ; High Risk
Limited 2-3-23 (Rs. 28.20 Cr.) (F.V.Rs.10) (Rs. 1,41,000) Corporate Low Return
5. San Trica -- 32,00,000 Eq. 125 1000 Eq. Shares First
••••
Realtors -- (Rs.40.00 Cr.) (F.V.Rs.10) (Rs. 1,25,000) Overseas
and has got 0.14x subscription. It is advisable for small investors to stay away. It has got poor
response from the beginning. It will close on February 28.
• AmanayaVentures :- Rs. 2.76 crore issue with a fixed price of Rs. 23 has opened on February
24 and will close on February 28. It has got only a 0.17x subscription on the first day. The funda-
mentals are poor so keep the distance.
• ITCONS :- BSE SME issue of Rs. 8.67 crore with an offer price of Rs. 51 will open on February
28 and close on March 2. As per the analysis given in the table, investors can consider it for short-
term investment. It may list on March 13 around Rs. 55-65.
• ResGen :- BSE SME IPO with a price band of Rs. 45-47 plans to raise Rs. 28.20. It will open
on February 28 and close on March 2. As per the analysis given in the table, high risk investors can
consider it for long term investment. IPO may list on March 13.
• Vertexplus Technologies :- Issue opens on 2nd March & Closes on 6th March, Price Band Rs. 91 to 96,
Issue will Be listed on NSE Emerge, Issue Lead manager is Beeline Capital Advisors.
* Insight into upcoming SME IPOs :- Two NSE SME IPOs Systango Technologies 38,68,800
equity shares will open on march 2 and close on March 6. MCON Rayasan of 20 lakh equity
shares will open on March 6 and close on march 9.
Cont...
Financial Weekly TM

March 2023 55
Santrica BSE SME IPO with an offer price of Rs. 125 plans to raise Rs. 40 crore. Launch date
not been announced yet.
* Rights Issues :- More than a dozen Rights Issue may hit the market in next fortnight.
Analysis of Patel Engg., Shukara Pharmaceutical, Edvenswa Enterprise was given last week.
Analysis of four issues Parvati Sweeteners and Power, Raj Oil, Mittal Life, Capir Global, Veer
Global is given in the box.
* NCDs issues :- Details of both Muthoot Fin and KLM Axiva were given last week.
Tentative Timetable for SME & Main Line IPOs

IPOs Name Issue Basis Refund/ Credit of Listing
Closes of Unblock Shares Date
Date Allotment Amount to Demat
Viaz Tyres NSE SME 21-2-23 24-2-23 27-2-23 28-2-23 1-3-23
Macfos Limited BSE SME 21-2-23 24-2-23 27-2-23 28-2-23 1-3-23
Sealmatic India BSE SME 21-2-23 24-2-23 27-2-23 28-2-23 1-3-23
Patron Exim BSE SME 24-2-23 1-3-23 2-3-23 3-3-23 6-3-23
Srivasavi Adhesive NSE SME 28-2-23 3-3-23 6-3-23 8-3-23 9-3-23
SVJ Enterprise BSE SME 28-2-23 3-3-23 6-3-23 8-3-23 9-3-23
Amanaya Ventures BSE SME 28-2-23 3-3-23 6-3-23 8-3-23 9-3-23
ITCONS E-Sol. BSE SME 2-3-23 8-3-23 9-3-23 10-3-23 13-3-23
ResGen Limited BSE SME 2-3-23 8-3-23 9-3-23 10-3-23 13-3-23
Divgi TorqTransfer IPO 3-3-23 9-3-23 10-3-23 13-3-23 14-3-23
Systango Tech NSE SME 6-3-23 10-3-23 13-3-23 14-3-23 15-3-23
Vertexplus Tech NSE SME 6-3-23 10-3-23 13-3-23 17-3-23 15-3-23
MCON Rasayan NSE SME 9-3-23 14-3-23 15-3-23 16-3-23 17-3-23
San Trica Realtors BSE SME
Subscription Figures of SME IPO (Dt. 24-2-2023)

IPO Listing Day Subscribed
Viaz Tyres NSE SME Issue Closed on 21-2-2023 5.79x
Macfos BSE SME Issue Closed on 21-2-2023 193.87x
Sealmatic India BSE SME Issue Closed on 21-2-2023 16.61x
Patron Exim BSE SME Issue Closed on 24-2-2023 1.07x
Srivasavi Adhesive NSE SME 2nd Day Subscribed 0.78x
SVJ Enterprise BSE SME 2nd Day Subscribed 0.14x
Amanaya Ventures BSE SME 1st Day Subscribed 0.17x
ITCONS E-Solutions BSE SME Issue Opens on 28-2-2023 --
ResGen Limited BSE SME Issue Opens on 28-2-2023
Systango Techno NSE SME Issue Opens on 2-3-2023
Vertexplus Techno NSE SME Issue Opens on 2-3-2023
MCON Rasayan NSE SME Issue Opens on 6-3-2023
San Trica Realtors BSE SME -- --
Cont...
Financial Weekly TM

March 2023 56
Non Convertible Debenture (NCD) Issues at a Glance
Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
8-2-2023 Base Size Rs.500 Cr. 1,000/- 10 NCDs BSE
1. Muthoot 3-3-2023 Shelf Issue Size (Rs.10,000) AA+/Stable Apply
Finance Rs. 3000 Cr. Lead manager : A.K. Capital by ICRA
Registrar : Link Intime
20-2-2023 Base Size Rs.125 Cr. 1,000/- 5 NCDs BSE IND BBB-/
2. KLM 3-3-2023 Shelf Issue Size (Rs.5,000) Stable Risky
Axiva Rs. 125 Cr. Lead manager : Vivro Fin. by IND (Avoid)
(Total Rs. 250 Cr.) Registrar : KFin Techno
Subscription figure of
• Muthoot Fin :- The issue with a base price of Rs. 500 crore
Muthoot Fin. NCDs Issue
and overall Rs. 3000 crore has got 2.33x subscription. It will close Category No. of Bond Issue
on March 3. Offered/ Subscribed
Reserved 24-2-23
• Joyalukkas IPO withdrawn :- Jewellery company Cat. 1 (Inst.) 50,000 0.00x
Joyalukkas has withdrawn Rs. 2300 crore issue. Cat. II (Non Inst.) 50,000 0.79x
Cat. III (HNI) 4,00,000 1.52x
• Crayons Advertising :- It has filed documents of NSE Cat.IV (Retail) 5,00,000 3.37x
Total (Base Issue) 10,00,000 2.33x
Emerge Issue to raise Rs. 15.28 crore offering 64.30 lakh equity
shares. The proceedings will be used for expansion of infrastructure, development of technology
and meeting working capital needs. Lead Manager is Corporate Capital Ventures and issue regis-
Listing Information of SME IPOs & Main Line IPOs trar is Skylife Fi-
Co. Name BSE Listing Offer Listing Listing Listing Listing CMP nancial Ser-
Code Date Price Price Day Day Day 24th
(Rs.) (Rs.) High Low Close Feb. vices.
Indong Tea (BSE SME)
Lead Reclaim (NSE SME)
543769 21-2-2023
LRRPL 21-2-2023
Agarwal Float (NSE SME)AGARWALFT 23-2-2023
26.00
25.00
42.00
20.80 21.80 19.80 21.80
25.00 28.50 27.15 27.65
44.00 44.50 42.00 44.05
19.75
27.60
44.05
***
Divgi TorqTransfer Systems Limited IPO
Issue Opens on 1st March & Closes on 3rd March
Listing on BSE - NSE Platform (F. V. Rs. 5)
Incorporated in 1964, Divgi TorqTransfer Systems Limited is engaged in the business
as an automotive component entity. They are among the very few automotive compo-
nent entities in India with the capability to develop and provide system-level transfer
cases, torque couplers, and dual-clutch automatic transmission solutions.
Object of the Issue : Funding capital expenditure requirements for the purchase of
equipment/machineries of our manufacturing facilities; General corporate purposes.
Issue Detail : Company Come out with combo IPO. OFS : 39,34,243 Shares and Fresh
Issue Rs. 180 Cr. Issue Opens on 1st March. The lead manager of the issue is Inga Ven-
tures Pvt. Ltd., Equirus Capital Private Limited and Linkintime is IPO Registrar. The issue
will be listed at BSe & NSE. Issue will be closed on 3rd March, 2023 The IPO offer price
has not been announced yet.
Financial Weekly TM

March 2023 57
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. Patel 14-2-2023 25,78,72,409 12.6 1 Shares for every BSE BOB, IDBI Capital,
Engineering 27-2-2023 Shares (F.V. Rs. 1) 2 shares held NSE Registrar May apply
(Rs.324.92 Cr.) on 6-2-2023 Link Intime
2. Shukra 15-2-2023 93,94,050 Shares 20 6 Shares for every BSE --
Pharma 28-2-2023 (Rs. 18.79 Cr.) (F.V. Rs. 10) 1 shares held Risky Bet
on 2-2-2023
3. Edvenswa 16-2-2023 90,80,000 25 1 Shares for every BSE Finshore Man. Apply
Enterprise 8-3-2023 Shares (F.V. Rs. 10) 1 shares held on Registrar Additional
(Rs. 22.70 Cr.) 7-2-2023 Cameo Shares
4. Parvati 21-2-2023 5,89,63,835 5 17 Shares for every BSE -- Apply for
Sweetners 8-3-2022 Shares (F.V. Rs. 5) 26 Shares held on Registrar Long Term
(Rs. 29.48 Cr.) 8-2-2023 --
5. Raj Oil Mills 21-2-2023 1,49,88,684 30 1 Shares for every BSE Saffron Capital Risky Bet
13-3-2023 Shares (F.V. Rs. 10) 1 shares held NSE Registrar
(Rs. 44.97 Cr.) On 9-2-2023 Bighsare Services
6. Mittal Life 22-2-2023 1,49,34,448 10 1 Shares for every NSE Saffron Capital AVOID
Style 3-3-2023 Shares (F.V. Rs. 10) 1 shares held Registrar
(Rs. 14.93 Cr.) On 13-2-2023 Bighsare Services
7. Veer Global 24-2-2023 8,12,000 130 1 Shares for every BSE Navigant Corp. Risky Bet
Infraconst. 10-3-2023 Shares (F.V. Rs. 10) 9 shares held Registrar
(Rs. 10.56 Cr.) On 10-2-2023 Purva Sharegistry
8. Capri Global 27-2-2023 3,03,15,789 475 11 Shares for every NSE ICICI Sec. Next Week
Capital 10-3-2023 Shares (F.V. Rs. 2) 64 shares held BSE Registrar
(Rs. 1440 Cr.) On 17-2-2023 Link Intime
9. Khfm 27-2-2023 1,00,22,299 24 1 Shares for every NSE -- Next Week
Hospitality & 10-3-2023 Shares (F.V. Rs. 10) 1 shares held BSE Registrar
Facility (Rs. 24.05 Cr.) On 10-2-2023 Bigshare Services
10. Sparc 14-3-2023 1,46,67,000 19 3 Shares for every BSE -- Next Week
Electrex 12-4-2023 Shares (F.V. Rs.10) 1 shares held Registrar
(Rs. 27.87 Cr.) On 28-2-2023 Purva Sharegistry
11. Gala Global -- 3,93,03,420 5 72 Shares for every BSE -- Next Week
Products -- Shares (F.V. Rs. 5) 100 shares held Registrar
(Rs. 46.57 Cr.) On Record Date --
12. Bright -- 46,00,000 10 9 Shares for every NSE --
Solar -- Shares (F.V. Rs. 10) 2 Shares held on Registrar Next Week
(Rs. 4.60 Cr.) 6-2-2023 --
13. Amal Ltd. -- 29,37,662 170 24 Shares for every BSE Keynote Financial Next Week
(Rs. 49.94 Cr.) (F.V. Rs. 10) 77 shares held on Registrar
21-2-2023 Link Intime
Grey Market Movement

In Mainboard IPO of Divgi Torq Transer grey market is passive due to lack of offer price
Macfos and Sealmatic SME IPOs witness downfall in premium and subject to price
SVJ Enter, Patron Exim and Amanaya SME IPO witness discounts
ITCONS BSE SME IPO witness deals at a premium of Rs.4/5 and subject to rates of Rs. 6000
Systango Techno and MCON NSE SME creates movement before launch
ViazTyre, Srivasavi premiums stable: ResGen lacks deals
Divgi Torq Transfer's mainboard issue is entering the market after a month long wait. The offer price has not been announced in this IPO
so there is no movement in the issue in the grey market. However, SME IPO premiums and subject to rates are volatile.
Macfos :- The premiums have gone down from Rs. 80/82 to Rs. 70/72. Subject to rates have come down from Rs. 80,000 to Rs. 60,000.
SelamaticIndia :- The premiums have come down from Rs. 40/30 to Rs. 15/16. Subject to rates have come down from Rs. 14000 to Rs.
5000.
ITCONS E-Solutions :- The issue premiums started at Rs. 4/5 and subject to rates at Rs. 6000.
Systango Technologies :- No offer price declared, still the subject to rates have started at Rs. 45000.
MCON Rasayan India : NSE SME IPO will open on March 6 but the counter is witnessing a huge fancy and subject to deals are taking
place at Rs. 33000.
SVJ, Patron Exim, Amanaya Ventures are not witnessing any deal and issues are in discount. ViazTyres are witnessing
premiums of Rs. 2/3.
Financial Weekly TM

March 2023 58
Srivasavi Adhesive Tapes Limited NSE SME IPO
Opened on 23rd Feb. & Closes on 28th Feb.
Offer Price Rs. 41; Listing on NSE SME Platform
It has posted consistent growth in top & bottom lines for reported periods
On valuation front considering all parameters issue is reasonably priced
Investors may consider applying for short term prospective
Incorporated in 2010, Srivasavi Adhesive Tapes Limited is engaged in manufacturing, coating, converting, and Die
cuts of industrial Specialty self-adhesive tapes. Srivasavi is an ISO 9001:2015 certified company certified by TUV Nord.
Srivasavi Adhesive Tapes Limited customized die cuts of Films, Foams, and allied products. It caters to various
industries such as Automotive, Locomotives, Aerospace, Defense, Electrical & Electronics, Renewable Energy, Print &
Paper, Food & Pharma, FMCG, White & Brown Goods, Furniture, Retail, Construction, Infrastructure, Sports & Fitness
Equipment, Textiles & Leather Industries. The company serves its customers with a wide range of pressure-sensitive
adhesive tapes, BOPP tapes, Eco-Friendly paper Tapes, Filament tapes, Double Side tapes, Packaging tapes, Spe-
cialty Protection tapes, Surface Protection tapes, Masking tapes, Specialty Foams/ Films.
Issue Details
• Issue Opened on 23th Feb. & Closes on 28th Feb. 2023 Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY20 FY21 FY22 H1FY23
• Object of the issue : Funding working capital requirements and
Total Revenue 46.35 56.67 63.92 30.73
General corporate purposes.
Profit After Tax 1.01 1.87 3.62 1.81
• Issue Size : 37,80,000 Eq. Shares (Rs. 15.50 Cr.) EPS 0.97 1.80 3.48 1.74
• Face Value Rs. 10 • Offer price Rs. 41.00 RONW (%) 20.47 27.49 34.70 14.76
• Minumum Lot Size : 3000 Share • Listing on : NSE SME Platform
• BRLM : Shreni Shares Private Limited
• Registrar : Bigshare Services Pvt Ltd
• Company Management : D N Anilkumara and Ashwini DA are the Promoters of the company.
• Pre Issue Promoter Holding : 99.84%
• Post Issue Promoter holding : 73.21%
• Issue constitutes 26.67% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 2.50 & RONW : 29.93%
• Pre IPO Eq. Capital Rs. : 10.39 Cr. • Post IPO Eq. Capital Rs. 14.17 Cr.
• Pre IPO : P/BV Ratio 3.48 (NAV : 11.78)
• Post Issue : P/BV Ratio : 2.22 (NAV : 18.49)
• Pre IPO P/E Ratio : 11.77
• Post IPO asking P/E on fully diluted equity : 15.85
• BRLM’s Performance : This is 18th Issue from BRLM in last 3 years. In last 10 Listing : 10 Issued opened with
premium.
OTHER SIDE OF THE COIN

• The average cost of acquisition of equity shares by the promoters of the company is Rs. 1.17 and Rs. 1.20 per share
while the offer price is Rs. 41 is
• The company has issued bonus shares in the ratio of 22:3 in September 2022 before filing DRHP.
• This company is working capital and labor incentive.
• Group companies have shown losses during the last few years.
• The company's cash flow has been negative in the past year.
• Objection to trademark may have adverse effect in future.
• The manufacturing activity of the company is full of risks
• The Company is yet to start its operations store the proposed manufacturing Unit-3
• Company's registered office and Manufacturing facilities are on lease.
Recommendation : - The Company has registered strong growth in top-bottom lines dur-
ing the H1FY23 are in line. Considering P/BV of 2.22 and PE of 15.85, issue is reasonably
priced. Investors may apply for short term prospective in this issue.
Financial Weekly TM

March 2023 59
SVJ Enterprises Limited BSE SME IPO
Opened on 23rd Feb. & Closes on 28th Feb.
Offer Price Rs. 36; Listing on BSE SME Platform
It has incurred loss in FY20 to turn the corner in FY21
Sudden jump in Top & Bottom lines of last 18 months seems decorative unlikely to sustain
Investors may avoid this risky bet
Incorporated in 2009, SVJ Enterprises Limited is engaged in the manufacturing of Disposable Paper Plates. Earlier,
they were in the production and trading of honey. The company carry business in India and abroad for manufacturing,
buying, supplying, importing, exporting and selling honey products, food product, grains etc.
The product portfolio of the company revolves around the manufacturing of: Disposable Silver Laminated
Plates, Aluminium Foil Food Container, Aluminium Laminated Bags & Pouches, Packaging Pouches. They have a well-
equipped infrastructure to carry out all types of jobs tailor-made to customer requirements as per international stan-
dards. The company offers high-quality materials, scheduled delivery time, cost-effective products, efficient sales and
services, and competitive prices at all times.
Issue Details
• Issue Opened on 23th Feb. & Closes on 28th Feb. 2023
• Object of the issue : To meet the working capital requirements of the company, To meet the Issue Expenses,
General Corporate Purpose
• Issue Size : 17,01,000 Eq. Shares (Rs. 6.12 Cr.) Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 36 Particulars (Rs. Cr.) FY20 FY21 FY22 H1FY23
• Minumum Lot Size : 3000 Share • Listing on : BSE SME Platform Total Revenue 0.84 1.55 5.03 2.90
• BRLM : First Overseas Capital Ltd. Profit After Tax -0.002 0.23 0.72 0.78
EPS -0.01 00.76 2.38 --
RONW (%) -0.08 9.84 23.47 --
• Company Management : Mr. Suresh Jha and Ms. Veena Jha
• Pre Issue Promoter Holding : 85.54%
• Pre IPO Eq. Capital Rs. : 3.87 Cr. • Post IPO Eq. Capital Rs. 5.57 Cr.
• BRLM’s Performance : This is 12th Issue from BRLM in last 3 years. In last 10 Listing : 7 Issued opened with premium
& 1 Issue Discount and 2 Issues opened with at par.

• The Average cost of acquisition of Equity shares by promoters of the company is Rs. 0.30 and 0.50 per share while
the offer price is Rs. 36
• The company had issued bonus shares in the ratio of 2:1 in September 2022 before filing the DRHP.
• Apart from initial equity capital at par, the company issued further equity shares at Rs. 54 per Share in July 2022.
• Due to post IPO equity capital of 5.57 crores the company may take a long time to migrate to the main board.
• There is intense competition in this segment.
• These industries are labour as well as working capital incentives.
• Some Machine are not own by the company.
Recommendation : - Company reported losses in FY20 & turn the corner in FY21. Sudden jump in
top & bottom line for last 18 months seems surprising and unlikely to sustain going forward. Consider-
ing P/BV of 1.64 & PE of 13.10. Offer price is reasonable but it appears decorative to create a fancy
valuation. Investor may avoid avoid this risky bet.
Financial Weekly TM

March 2023 60
Amanaya Ventures Limited BSE SME IPO
Opened on 24th Feb. & Closes on 28th Feb.
Financial performance for the reported period is not impressive
It has reported water thin margins. 5MFY23 growth is not in line
Considering all valuation parameters issue is aggressively priced
Investors may give clear avoid to this expensive issue
Incorporated in 2009, Amanaya Ventures Limited was formed with the objective of promoting SPOT buying and
selling of Gold across India. They are bullion traders, specializing in bars and coins of various sizes and weights of Gold
and Silver. The company also offers the Aurel Gold Purchase Plan for retail customers in order to enable them to
purchase physical gold in smaller quantities. The motive of the company is to provide a transparent, convenient, and
cost-effective manner for purchasing gold. Amanaya Ventures Limited has developed its own brand under the name
"Aurel Bullion". All of the gold jewellery offered is hallmarked by BIS except gold jewellery weighing less than two grams
which is not required to be hallmarked.
Issue Details
• Issue Opened on 24th Feb. & Closes on 28th Feb. 2023
• Object of the issue : To meet the Working Capital requirements; and General Corporate Expenses.
• Issue Size : 12,00,000 Eq. Shares (Rs. 2.76 Cr.)
• Face Value Rs. 10 • Offer price Rs. 23 Financial Performance : Consolidated Basis
• Minumum Lot Size : 6000 Share • Listing on : BSE SME Platform Particulars (Rs. Cr.) FY20 FY21 FY22 5MFY23
• BRLM : First Overseas Capital Limited Total Revenue 4.46 6.20 13.25 4.73
• Registrar : Beetal Financial & Computer Services (P) Limited Profit After Tax 0.001 0.01 0.08 0.04
• Company Management : MR. Manan Mahajan EPS 0.03 0.09 0.36 0.17
• Pre Issue Promoter Holding : 59.80% RONW (%) 4.28 0.45 0.15 1.57
• Pre IPO Eq. Capital Rs. : 2.54 Cr. • Post IPO Eq. Capital Rs.3.74 Cr.
& 1 Issue Discount and 2 issues opened with at par.
• The Average Cost of acquisition of the equity share by the promoters of the company is Rs. 1.90 per share and Offer
price Rs. 23 has been determined.
• The company had issued bonus shares in January 2017 in the ratio of 8:10 and in November 2021 in the ratio of
69:50.
• Apart from initial equity capital at par the company issued further equity shares in the price range of Rs. 31 to Rs. 175
per share between December 2009 & July 2022
• Post IPO Rs. 3.74 Cr. Equity base indicates longer gestation period for migration to main board.
• The cash flow of the company appears to be negative during the last few years.
• Company registered office corporate office and shop is not self-owned.
• EBITDA and profit margins of the company have been very thin.
Recommendation : - The financial performance of the company during the period indi-
cated herewith has not been encouraging. The company's profit margins have been very
thin. 5MFY23 performance is not in line. Considering the P/BV of 1.72 & PE of 93.50, issue is
aggressively priced. Investors may give clear avoid to this expensive issue.
Financial Weekly TM

March 2023 61
ITCONS E-Solutions Limited BSE SME IPO
Opens on 28th Feb. & Closes on 2nd March
It has posted consistent growth in the top lines for the last 30 months
However it suffered set back in bottom line for FY21 due to pandemic
Considering all valuation parameters issue is reasonably priced
Investors should apply for short to midterm rewards in this issue
Incorporated in 2007, ITCONS E-Solutions Limited is a New Delhi-situated company engaged in the business of
providing human resource services. The company offers its services mainly in the organized sector to both public and
private organizations. The service of the entity is primarily in the domain: Manpower Supply/Recruitment Services,
Manpower Sourcing/Staffing Services. Since its incorporation, ITCONS E-Solutions has grown to over 800 staff team
including contractual employees. They offer their expert services in different segments like Staffing & Recruitment,
Information Technology, FMCG, Food, etc.
Issue Details
• Issue Opens on 28th Feb. & Closes on 2nd March 2023
• Object of the issue : To meet the working capital requirements, To meet the Issue Expenses, General Corporate
Purposes,
• Issue Size : 17,00,000 Eq. Shares (Rs. 8.67 Cr.) Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 51.00 Particulars (Rs. Cr.) FY20 FY21 FY22 H1FY23
• Minumum Lot Size : 2000 Share • Listing on : BSE SME Platform Total Revenue 8.35 8.42 18.20 16.05
• BRLM : Finshore Management Services Limited Profit After Tax 0.11 0.08 1.19 1.06
• Registrar : Cameo Corporate Services Limited EPS 0.37 0.26 4.16 3.35
• Company Management : Mr. Gaurav Mittal and Mrs. Swati Jain RONW (%) 10.93 7.22 53.31 22.96
• Pre Issue Promoter Holding : 89.67% • Post Issue Promoter holding : 59.36%
& 2 Issue Discount and 1 issue opend with at par.
• The Average cost of acquisition of equity share by the promoters of the company is Rs. 1.63 and Rs. 5.31 per share
and the offer price is Rs. 51.
• The company had issued bonus shares in July 2022 in the ratio of 125:1 and in September 2022 in the ratio of 1:1,
before filing the draft.
• Apart from initial equity capital issued at par, Company issued further equity at Rs. 60 per share in August and
September 2022.
• Post IPO equity capital will stand enhanced to Rs. 5.03 Cr. It will take longer gestation for migration to main board
due to tiny equity.
• Top 10 Customers are contribution over 98% to its revenue and 90% revenue is from IT staffing business.
• It is highly competitive segment.
Recommendation : - The Company has consistently registered strong growth in top lines dur-
ing the last 30 months. However it suffered setback in bottom line of FY21 due to pandemic. Its H1
of FY23 financial performance is in line. On valuation front considering P/BV of 1.19 and PE of
11.86, issue is reasonably priced. Investors may apply for short to midterm rewards.
Financial Weekly TM

March 2023 62
ResGen Limited BSE SME IPO
Opens on 28th Feb. & Closes on 2nd March
Offer Price Rs. 45 to 47; Listing on BSE SME Platform
It has incurred loss in FY2 & Financial performance for FY21 is very poor
Super earnings for FY22 & FY23 is surprising & looking coked and decorative
On valuation front considering all parameter issue is exorbitant priced
Risk taker investors may apply for
considering high risk- low return, Other may avoid
Incorporated in 2018, ResGen Limited is engaged in the process of manufacturing Pyrolysis Oil (a substitute for
furnace oil) from all kinds of waste plastics. The company's headquarter is situated in Mumbai. The company was
envisioned to make environment-saving projects commercially viable and highly scalable. ResGen call this innovation:
PlasEco. During the manufacturing of PlasEco, they are able to repurpose the by-products generated, such as Carbon,
which substitutes for coal; and Gas, which substitutes for LPG.
Issue Details Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY20 FY21 FY22 1-4-22 to
• Issue Opens on 28th Feb. & Closes on 2nd March 2023
5-12-22
• Object of the issue : Working Capital Requirements,
Total Revenue 0.00 0.02 4.81 12.65
Purchase of the land where our Manufacturing facility is currently
Profit After Tax -0.15 0.01 0.74 2.46
situated and General Corporate Purposes. EPS -0.14 0.01 0.59 1.94
• Issue Size : 60,00,000 Eq. Shares (Rs. 28.20 Cr.) RONW (%) 0.11 0.46 20.00 16.32
• Face Value Rs. 10 • Offer price Rs. 45 to 47
• Minumum Lot Size : 3000 Share • Listing on : BSE SME Platform
• BRLM : Gretex Corporate Services Pvt Ltd
• Company Management : Mr. Karan Atul Bora and Mr. Kunal Atul Bora are the promoters of the company.
• Market Cap : Rs. 98.58 Cr.
• Pre Issue Promoter Holding : 94.15% • Post Issue Promoter holding : 67.22%
• Pre IPO : P/BV Ratio 3.95 (NAV : 11.91) • Post Issue : P/BV Ratio : 2.43(NAV : 19.35)
• Pre IPO P/E Ratio : 79.66 • Post IPO asking P/E on fully diluted equity : 28.18
& 2 Issue Discount.
• Average cost of acquisition of equity shares by the promoters of the company is Rs. 2.86 and 8.59 and offer price is
Rs. is 45 to 47.
• The company had issued bonus shares in the ratio of 5:2 in December 2022 before filing the DRHP.
• After the company had initially priced equity capital issue in June 2021 and December 2022, Rs. 24 and Rs. 45
(FV10) raised additional equity in the price range.
• The company has a large debt which can be called a large issue.
• This segment is highly competitive with large and organized players.
• Company has only 8 employees on its payroll.
• On the basis of weighted average and diluted EPS is 170.91 which is very high and expensive.
• Labor as well as working capital requirement remains high.
• The company has negative cash flow from operating activities in 2020 and 2022.
• Company has limited operational history experience.
Recommendation : - It has incurred loss in FY20 and financial performance for FY21 very poor.
Super earnings for FY22 are raise eyebrow and sudden around three fold in Top & bottom line for
1st April to 5 Dec. 2022 of FY23 is surpassing and looking like cooked & decorative. IN short finan-
cial are not supporting the raising of funds. On valuation front considering P/BV of 2.43 & PE of
28.18. Issue appears exorbitantly priced. Risk taking investors may apply for long term other may
avoid it.
Financial Weekly TM

March 2023 63
Parvati Sweetners and Power Ltd Rights Issue
Openes on 21st Feb & Closes on 8th March
Offer price Rs. 5 per Share; Listing on BSE
Code : 541347 • CMP 6.86 (20-12-23) • 52WH : 12.48 • L : 6.34
It has posted consistent growth in top line for last two & half fiscals
But setback in bottom line for FY22 & Incurred loss in H1of FY23
Considering fancy in sugar stocks & RI at 27% discount to CMP
Risk taker shareholder may apply for long term prospective
Incorporated in 2011, Parvati Sweetners and Power Limited is engaged in the Sugar manufac-
turing. They operate from Madhya Pradesh and deliver their product across different regions. The
Sugar plant of the company is located in Village Sankhini, Gwalior, Madhya Pradesh having the
capacity to crush of up to 2500 MT sugar per day.
Issue Details
• Issue Opened on 21st Feb. & Closes on 8th March. 2023 Financial Performance : Consolidated Basis
• Issue Size : 5,89,63,835 Eq. Shares (Rs. 29.48 Cr.) Particulars (Rs. Cr.) FY 20 FY 21 FY 22 H1F Y 23
Total Revenue 50.25 58.83 71.61 57.40
• Face Value Rs. 5 • Issue Price : Rs. 5 per Share Profit After Tax 0.08 1.62 1.09 -3.03
• Market Lot : 1 per Share • Listing on BSE
• Terms of payment : The full amount is payable at the time of application.
• Entitlement : 17 Equity Shares for every 26 existing Equity Shares held as on the Record Date :
8-2-2023
• Deemed Date of Allotment : 15-3-2023
• Lead Manager : Purva Sharegistry India Pvt. Ltd.
• Registrar : Link Intime (I) Pvt. Ltd.
• Pre IPO Equity Capital Rs. 45.09 Cr.
• Post IPO Equity Capital Rs. 74.57 Cr.
• Cum Right basis at Rs. 9.78 (7-2-2023)
• ex Right basis at Rs. 8.45 (8-2-2023)
• Since then, It has marked a high/low of Rs. 9.65/ Rs. 6.57
• It last closed at Rs. 6.57 (17-2-2023)
• 52 Weeks high / Low of Rs. 12.48 / Rs. 6.57
Recommendation :- It has posted consistent growth in its top line for last
two & half years but there is set back in bottom line for FY22 and Company
incurred loss in H1ofFY23. Considering fancy in sugar stocks and 27% dis-
count to CMP. Risk taker shareholders may apply for long term prospec-
tive.
Financial Weekly TM

March 2023 64
Raj Oil Mills Limited Rights Issue
Openes on 21st Feb & Closes on 13th March
Offer price Rs. 30 per Share; Listing on BSE, NSE
Code : 533093 • CMP : Rs. 47.45 (20-12-23) • 52WHL : 69.94/39.35
It has posted moderate growth in top lines for the last 18 months
But there is setback in bottom line for the FY22 & H1FY23
Reserve and NAV is negative; Promoter holding is 75% plus points
Risk taker investors may apply as RI is available at 37% discount to CMP
Incorporated in 2001, Raj Oil Mills Limited is engaged in the business of crushing, refining, and oil filtra-
tion of various types of oils. They process oils like coconut oil, groundnut oil, sunflower oil, mustard oil, and
various other oil products. Raj Oil Mills has set up a quality control facility at the manufacturing unit to
ensure supply of quality products in each of its products. The products of the company are sold under three
brands viz., 'Guinea' 'Cocoraj', and 'Raj' such as "Tilraj", "Mustraj" and "Divya Shakti". These brands exist-
ence in the market for over 7 decades.
Issue Details
• Issue Openes on 21st Feb. & Closes on 13th March 2023
• Object of the Issue : Repayment or pre-payment in full or part, unsecured loans availed by our Company
from Promoter, Promoter Group and Directors of our Company, To augment the existing and incremental
working capital requirement of our Company
• Issue Size : 1,49,88,684 Shares (Rs. 44.97 Cr.) Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY 20 FY 21 FY 22 H1F Y 23
• Face Value Rs. 10 • Issue Price : Rs. 30 per Share Total Revenue -- 103.54 118.56 59.48
• Market Lot : 1 per Share • Listing on BSE & NSE Profit After Tax -- 5.26 2.60 1.23
• Terms of payment : The full amount is payable on application.

• Entitlement : 1 Rights Equity Shares for every 1 fully paid-up Equity Share held on the Record Date : 9-
2-2023
• Deemed Date of Allotment : 20-3-2023
• Lead Manager : Saffron Capital Advisors Private Limited
• Since then, It has marked a high/low of Rs. 52.40/ Rs. 47.55
• 52 Weeks high / Low of Rs. 69.94 / Rs.39.35
Recommendation : It has posted moderate growth in top line for last 18 Months but there
is set back in bottom line for the staid period. It has a negative reserve of Rs. - (21.65) Cr.
Negative NAV -(5.42) per share. This rights offer is around 37% discount to its CMP. Only
risk taker shareholders may apply for long term rewards, offer may avoid. Plus points is
promoter holding is around 75%
Financial Weekly TM

March 2023 65
Mittal Life Style Limited Rights Issue
Openes on 22nd Feb & Closes on 3rd March
Offer price Rs. 10 per Share; Listing on NSE
NSE : CMP 11.60 (20-2-23) •52Week H ; 18.15 / Low : 9.10
Company entered in this market in March 2019 with
maiden issued at a fixed price of Rs. 21
Stock is trading below the maiden IPO price:
RI is 13% discount to CMP
Shareholder may avoid this rights shares offer
Incorporated in 2005, Mittal Life Style Limited is a trading house, dealing in Denim and Bottom
Fabrics. The company was founded by Brijeshkumar Jagdishkumar Mittal with a passion for denim
and years of experience in the denim fabric market. The company brings out the versatile nature
and durability of the fabric and presents its customers with high-quality material. Mittal Life Style
supplies its fabric products to various businesses in the textile industry and these products include:
Fashion Fabrics, Cotton Canvas denim, Dupion bottom Fabrics, Polyester Fabrics, Cotton Fabric,
Knit fabrics
Issue Details
• Issue Opened on 22nd Feb. & Closes on 3rd March 2023
• Object of the Issue : To augment the existing and incremental working capital requirement of our
Company; and General Purposes Financial Performance : Consolidated Basis
• Issue Size : 1,49,34,448 Shares (Rs. 14.93 Cr.) Particulars (Rs. Cr.) FY 20 FY 21 FY 22 3Q FY 23
Total Revenue -- 53.22 52.55 45.84
• Face Value Rs. 10 • Issue Price : Rs. 10 per Share Profit After Tax -- 0.26 0.18 0.24
• Market Lot : 1 per Share • Listing on NSE
• Entitlement : 1 Rights Equity Share for every 1 fully paid-up Equity Share held as on the Record
Date : 13-2-2023
• Lead Manager : Saffron Capital Advisors Private Limited
• Since then, It has marked a high/low of Rs. 12.40 / Rs. 11.40
• 52 Weeks high / Low of Rs. 18.15/ Rs. 9.10
Recommendation : It has posted set back in top line and bottom line for FY22 however sudden
jump in earnings for 3Qs FY23 is surprising. Company entered into the market with maiden issue
on 19th March 2018 and a fixed price of Rs. 21 & now company is offering at Rs. 10 per share. In
other wards its trading blow its maiden IPO price and now offering 13% discount to CMP. Share-
holder may avoid this rights issue.
Financial Weekly TM

March 2023 66
Veer Global Infraconstruction Rights Issue
Openes on 24th Feb & Closes on 10th March
Offer price Rs. 130 per Share; Listing on BSE
BSE : 543241 • CMP : 214 • 52WKH 234 • Low : 107
Its 3rd attempt to enter in to the equity markets
First maiden IPO, second RI at Rs. 60 and third RI with Rs. 130
Its financial performance is very unstable ; Declared 2% dividend in FY22
Risk taker shareholders may apply
as Rights shares are available at a 40% discount to CMP
Incorporated in 2012, Veer Global Infraconstruction Limited is engaged in the real estate busi-
ness. Veer Global are real estate developers, primarily focusing on the development of residential
projects in the Vasai- Virar, and Palghar districts. The company offers creative pricing and flexible
payment terms ranges within the low-income affordable housing market segment.
Issue Details
• Issue Opened on 24th Feb. & Closes on 10th March 2023
• Object of the Issue : To part finance Incremental Working Capital; To meet General corporate
purposes and expenses of the Issue.
• Issue Size : 8,12,000 Shares (Rs. 10.56 Cr.)
• Face Value Rs. 10 • Issue Price : Rs. 130 per Share
• Market Lot : 1 per Share • Listing on BSE
• Terms of payment : The entire amount of Rs. 130 is payable at the time of Application.
• Entitlement : 1 Rights Equity Share(s) for every 9 fully paid-up Equity Shares held on Record
Date : 10-2-2023 Financial Performance : Consolidated Basis
• Deemed Date of Allotment : 21-3-2023 Particulars (Rs. Cr.) FY 20 FY 21 FY 22 H1F Y 23
Total Revenue -- 13.00 7.82 2.92
• Lead Manager : Navigant Corporate Advisors Ltd Profit After Tax -- 0.21 0.39 0.23
• Registrar : Purva Sharegistry India Pvt Ltd

• Cum Right basis at Rs. 184 (9-2-23)
• ex Right basis at Rs. 180 (10-2-2023)
• Since then, It has marked a high/low of Rs. 221.95/ Rs. 180
• It last closed at Rs. 214 (23-2-2023)
• 52 Weeks high / Low of Rs. 234.01 / Rs. 107.78
Recommendation : - This Company is entering the equity market for the third time. For the first
time it came with maiden IPO at price Rs. 28 per share. Then in January 2022 it came with first
rights issue at a price of Rs. 60, now company is offer in second rights issue at a price of Rs. 130
which more than double to its first rights issue. Company has posted fluctuated financial perfor-
mance for the last 18 Months. It has reported decline in top line and increase in the bottom line for
the reported periods. It has also declared a 2% dividend for FY22. Risk taker shareholders may
apply as rights shares are available at a discount of 40% to CMP.
Financial Weekly TM

March 2023 67
Smart Best Buy S. N. Zaveri
Expleo Solutions : Profit up, Sales up

Cera Sanitarywar : Strong cash balance sheet, strong growth
Wendt Inda : Partnership with Lithos will benefit
Voltas : Hot Summer starts, demand for AC will increase
Astral Ltd: Business expected to improve in Q4 with capacity expansion
Expleo Solutions (Rs. 1392.00) (Code : 533121) : Net profit of Expleo Solutions
rose 154.31% to Rs 28.94 crore in the quarter ended December 2022 as against Rs 11.38 crore
during the previous quarter ended December 2021. Sales rose 27.66% to Rs 135.12 crore in the
quarter ended December 2022 as against Rs 105.84 crore during the previous quarter ended De-
cember 2021. Expleo Solutions Ltd is software service provider primarily delivering software vali-
dation and verification services to the BFSI industry worldwide. In FY22, the company earned 76%
revenues from time & material contracts and the rest 24% from fixed bid contracts with clients.
Europe accounted for 53% revenues, followed by India, Middle East and Australia (44%) and USA
(4%). The proportion of on-site to offshore revenue stood at 34%-to-66%. During FY22, Co. added
over 25 new customers. New client acquisition contributed 7% to revenue and the repeat business
from existing clients is 93% of revenue. Revenue from Group clients was 20%. The stock is trading
at around Rs.1300 plus. Buy on decline.
Cera Sanitaryware (Rs. 6096.00) (Code : 532443) : Cera Sanitaryware stock
jumped last week even in an overall weak market. In past one month, the market price of Cera has
outperformed the market by surging 20 per cent, as against an unmoved S&P BSE Sensex. Cera
reported better-than-expected earnings with the company’s standalone profit after tax (PAT) up 33
per cent year-on-year (YoY) at Rs 56.37 crore, on strong operational performance. Revenue from
operations grew 18 per cent YoY to Rs 455.80 crore. EBITDA (earnings before interest, taxes,
depreciation, and amortization) margin improved 170 bps to 18.4 per cent from 16.7 per cent in a
year ago quarter. Management said overall replacement demand remained quite positive with
consumers continuing to spend on home upgradation and improvement. The velocity of sales for
newly built homes and for existing residential apartments continues to be very strong. Cera
Sanitaryware has a strong net cash balance sheet with healthy growth prospects led by an uptick
in the housing and home improvement markets. Buy.
Wendt India (Rs. 8488.00) (Code : 505412) : Lithoz has announced a new sales
partnership agreement with Wendt India Ltd. (WIL), in a move that the company says will strategi-
cally extend operations to the growing 3D printing market in India. According to Lithoz, Wendt India
is an experienced market leader and by partnering together, both companies have an ‘excellent
Cont...
Financial Weekly TM

March 2023 68
opportunity’ to establish ceramic 3D printing in India. In late 2022, Lithoz launched the LithaBone
HA 480 material for 3D printed bone replacements. Wendt India was founded in 1983 and has
operated as a joint venture between German company Wendt GmbH and Carborundum Universal
Ltd (CUMI). The partnership between the company and Lithoz was inaugurated at IMTEX, a metal
cutting industry event taking place in India, where the Lithoz CeraFab System S65 printer had its
market premiere operating at the WIL booth. It is a very speciality product which has high margin
space. It will benefit Wendt India. Buy.
Voltas (Rs. 895.00) (Code : 500575) : With the advent of summer season, demand for
air conditioners will rise. Based on data sourced from India Meteorological Department, analysts at
Jefferies India said, “In the last 10 days, many districts in Gujarat and Maharashtra including Mumbai
recorded daytime temperatures 5-7 degrees higher than normal." Last couple of days, even the
northern states of Delhi, Himachal and Uttarakhand recorded higher than usual temperatures for
February. It shows this Summer will be comparatively hotter. This augurs well for Voltas as it has a
significant presence in North and the resultant demand surge would boost volumes and hence aid
market share. Q4FY23E-Q1FY24E should see over 250 basis points margin expansion quarter-
on-quarter if normal summer temperatures prevail. Buy.
Astral Ltd (Rs. 1868.00) (Code : 532830) : Astral Ltd, the maker of pipes and fittings
reported volume growth of 30% and revenue growth of 15% in the third quarter ended December.
It expects 15%–20% of overall value growth in FY2024, aided by capacity expansion. With the
company's new facility in the east already rolling out PVC and CPVC pipes while waiting next in
line, volume growth will see an uptick in Q4 as well. Despite reporting a loss of Rs 5.5 crore on
inventory and facing margin pressures, the company is confident that the next quarter will see
robust margins. PVC prices have become more stable. This motivates the dealer community to
pick up inventory, which will further help boost margin growth in Q3 and Q4. Similarly, on the
chemical side, in the adhesive and paint businesses, prices have dropped. This will give us extra
margin in Q4 and reduce high-cost inventory. 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
24th February, 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

March 2023 69
Dalal Street Whispers Dilip K. Shah
UR Sugar (Rs. 13.06) (Code : 539097)

UR Sugar Industries Ltd promoters holding up from 4 % to 26% as Sugar sector booming
due to ethanol blending. With company on major expansion plans and suhar industry
booming,analysts expect this scrip to rise .The company has a state of art sugar manufacturing
unit in sugar belt of Karnataka, which will further boost its prospects.BUY
Bharat Forge (Rs. 828.00) (Code : 500493) :- Bharat Forge will house all its
defense-related investments under one entity. It will transfer its stake in Aeron Systems to another
subsidiary Kalyani Strategic Systems.
Rail Vikas Nigam (Rs. 63.10) (Code : 542649) :- RVNL has recieved a letter of
award from M. P. Madhya Kshetra Vidyut Vitaran Co. for a project worth Rs 196.77 crore.
Kanoria Chemicals & Industries (Rs. 122.00) (Code : 506525) :- Kanoria
Chemicals and Industries is setting up a new formaldehyde plant with 300 TPD capacity at the
existing manufacturing facility at GIDC, Ankleshwar, Gujarat.
Isgec Heavy Engineering (Rs. 448.00) (Code : 533033) :- Isgec Heavy Engi-
neering has received an order for supply of Seven Waste Heat Recovery Boilers utilising Waste
Gases from DRI Sponge Iron Kiln.
Taylormade Renewables (Rs. 134.00) (Code : 541228) :- Taylormade
Renewables has won a new work order worth Rs 13.06 crore from Dodhia Chem-Tex Pvt Ltd.
Knowledge Marine & Engineering Works (Rs. 1003.00) (Code : 543273)
:- Syama Prasad Mookerjee Port, Kolkata, has extended the existing contract of the Knowlegde
Marine and Engineering Works company's arm Indian Ports Dredging for an additional period of
six months at an estimated cost of Rs. 2.52 crore for the work of dredging of lock and approach jetty
and de-siltation of grooves, cambers of lock gates and dry dock gates at KPD and NSD.
Tube Investments (Rs. 2550.00) (Code : 540762) :- Tube Investments has
acquired a 50 % stake in X2Fuels and Energy, which is an early-stage start-up engaged in devel-
oping thermochemical technologies for the conversion of any solid feedstock into storage liquid
and solid fuels.
Vascon Engineers (Rs. 30.00) (Code : 533156) :- Vascon Engineers has bagged
an order worth Rs 95.92 crore from Pune Metropolitan Region Development Authority for construc-
tion of residential quarters.
Adani Green (Rs. 486.00) (Code : 541450) :- Adani Green's Sri Lanka's Board of
Investment on Wednesday approved two wind power plants by India's Adani Green Energy Ltd
Cont.....
Financial Weekly TM

March 2023 70
with a total investment of $442 million. The two wind power plants of 350 MW are scheduled to be
commissioned in two years and accordingly, they will be added to the national grid by 2025.
Mahindra CIE (Rs. 448.00) (Code : 532756) :- Mahindra CIE has posted a consoli-
dated loss of Rs 657 crore versus a profit of Rs 80 crore a year ago, and Rs 171 crore in the
preceding quarter. Its revenue rose 34.5 per cent to Rs 2,246 crore from last year.
Orient Cement (Rs. 115.00) (Code : 535754) :- Orient Cement has terminated its
agreement with Adani Power Maharashtra to establish a cement grinding unit at Tiroda in
Maharashtra. Orient Cement said Adani Power has requested it not to pursue the venture further
as "they are not able to obtain the required MIDC clearances for sub-leasing the parcel of land
required for the cement grinding unit, due to some legal issues.
Lemon Tree Hotels (Rs. 73.00) (Code : 541233) :- Lemon Tree Hotel opened its
new hotel in Bhopal, Madhya Pradesh. The property is expected to be operational by December
2023 and shall be managed by Carnation Hotels, a wholly-owned subsidiary and the manage-
ment arm of Lemon Tree Hotels.
Hero MotoCorp (Rs. 2485.00) (Code : 500182) :- VIDA, the emerging mobility
brand of Hero Moto, has expanded its "Worry-Free EV Ecosystem" and set up public charging
infrastructure in Bengaluru, Delhi and Jaipur.
Sarda Energy and Minerals (Rs. 1120.00) (Code : 504614) :- The South
Eastern Coalfields has issued letter of acceptance to Sarda Energy and Minerals against its bid for
re-opening, salvaging, rehabilitation, development and operation of Kalyani underground mines in
Chhattisgarh on revenue sharing of 4.5 %.
Sandur Mangansese & Iron Ores (Rs. 961.00) (Code : 504918) :- The
Central Empowered Committee (CEC) constituted by the Supreme Court has granted Sandur
Mangansese and Iron Ores approval to enhance its manganese ore (Mn Ore) production from 2.86
lakh tonnes to 5.82 lakh tonnes. The company said it expects to receive consent for operation from
the Karnataka State Pollution Board and approval from SC's monitoring committee in due course
and plans to start the operations at enhanced level of production from the next financial year.
Elantas Beck India (Rs. 5000.00) (Code : 500123) :- The Gujarat Pollution
Control Board has granted Elantas Beck India consent to operate for an additional capacity of
approximately 25,000 MT/annum.
Olectra Green (Rs. 481.00) (Code: 532439) :- Olectra Greentech in technical part-
nership with Reliance has unveiled a hydrogen bus, a carbon-free alternative to traditional public
transportation. Olectra has taken the initiative to accelerate the development of hydrogen buses in
the wake of the depletion of natural resources and the negative impacts of air pollution and emis-
sions. A single fill allows the bus to travel up to 400 km while filling the fuel takes 15 minutes.
KPT Ind (Rs. 298.00) (Code: 505299) :- This engineering company's subsidiary has
Financial Weekly TM

March 2023 71
bagged orders worth Rs. 3185 crore. This includes Rs. 1481 crore in T&D business, Rs. 1509
crore in water business, and Rs. 195 crore in commercial building project segment.
TCS (Rs. 3400.00) (Code: 532540) :- TCS has been selected by Telefonica Germany
as its transformation partner to build service assurance applications and processes. TCS will
modernise the service assurance application stack using cloud-native technologies and Artificial
Intelligence or Machine Learning.
Sonata Software (Rs. 706.00) (Code: 532221) :- The company's North American
unit will make an upfront payment of $6.5 crore to acquire Quant Systems. The company will spend
up to $9.5 crore over two years on the deal.
Biocon (Rs. 226.00) (Code: 532523) :- The company has fulfilled its payment obliga-
tions and redeemed commercial papers of Rs. 2250 crore. The company has recently raised funds
from some investors, including Rs. 1000 crore from Kotak Special Situations Fund.
Tata Steel (Rs. 110.00) (Code: 500470) :- This steel giant has acquired 4.68 lakh
shares of NilanchalIspat Nigam. The company has acquired the shares for Rs. 300 crore at an
average price of Rs. 54 apiece. Its stake in the company has increased to more than 5%.
IRB Infra (Rs. 28.00) (Code: 532947) :- The company has emerged as the preferred
bidder for a 6-lane highway project in Gujarat. The shares surged 14% to a new 52-week high on
the back of the news.
LIC Housing (Rs. 350.00) (Code: 500253) :- ICICI Prudential MF has bought 1.11
crore shares of LIC Housing through open market transactions. The shares amount to 2.03% of its
equity.
Tata Motors (Rs. 427.00) (Code: 500570) :- This top EV maker has signed an MoU
with ride-sharing app Uber for 25,000 XPRES-T electric vehicles. It will start the deliveries to Uber
fleet partners in the metro cities this month.
Brigade Enterprises (Rs. 466.00) (Code: 532929) :- This real estate player is in
talks with Private Equity players for its commercial and hotel assets. The potential investors in-
clude Singapore's GIC.
GR Infra (Rs. 1077.00) (Code: 543317) :- The company has emerged as the lowest
bidder for two NHAI projects worth Rs. 3613 crore.
BEL (Rs. 95.00) (Code: 500049) :- This PSU has jointly developed the first indigenous
Train Control & Supervision System with Delhi Metro. The system will be deployed for operations
on the metro's red line.
Disclosures as per SECURITIES AND EXCHANGE 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

March 2023 72
This week may bring some
positive news for metal stocks
Col Ajayastromoneyguru
Mobile 9414056705
First week of March month 2023 represented by planet known as Mars and year 2023
represented by planet known as ketu.
Combination of ketu and Mars bring positive move in stock and commodities market in
week starts from 27Feb to 3 March 2023.
King of all planets sun will make conjunction with Saturn and Mercury
Mars will be in Venus house while Jupiter will be its own house during week with Venus
Now week starts from 27 February as per Astro Economics this week stock market may
see bounce back during first half of the week but second half of the week may bring volatility
in stock market.
This week may bring some positive news for metal stocks. Vedanta and Hindalco may
see up move during first half the week.
Previous week metal stocks were very badly affected as per our advance prediction.
Timely profit booking is mandatory for short term trading
Commodity market Copper looking positive in spot and future market.
Agro commodities Red chili, Sunflower oil, turmeric looking positive during week.
The above prediction and Analysis is done basis of Fundamental Analysis and Financial
Astrology.
Risk management is mandatory tool in stock Market.
You may use your wisdom and consult your analyst before taking any decision.
The above Analysis only for Education purpose.
Col Ajayastromoneyguru
Mobile 9414056705
Financial Weekly TM

March 2023 73
Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(27th Feb. 2023 to 5th March 2023)
In this week, Jupiter and Venus in Pisces, The speculative planet Rahu in Aries
and Ketu in Libra, Mars in Taurus, Sun in Aquarius, with mercury and Saturn in
Capricorn, Moon occupies the house of Aries, Taurus and Gemini houses. On
27th Feb. and 28th Feb 2023, the conjunction of moon and mars in Taurus taking
ninth position towards Saturn in Capricorn may bring volatility in the market. On
1st and 2nd March 2023, Moon in Gemini taking ninth position towards sun and
mercury in Aquarius may favor the market. On 3rd March 2023, Rahu in arise
taking ketu in Libra may favor the market. Health, banking, Chemicals,
pharmaceuticals, paper industry, consumer durables sector may show good
movements in the stock prices. Rajesh Exports, KPIT, Polycab, Ultratech cement,
Dr Reddy, Minda Corp, Jyothy Lab may favor the market.
GOLD PRICE MOVEMENTS

(27th Feb. 2023 to 5th March 2023)
27th and 28th Feb 2023: The conjunction of moon and mars in Taurus taking
ninth position towards Saturn in Capricorn may favor the market
1st and 2nd March 2023: Moon in Gemini taking eighth position towards Saturn
in Capricorn may bring volatility in the market
3rd March 2023: Moon in cancer taking seventh position towards Saturn in
Capricorn may favor the market
Financial Weekly TM

March 2023 74
News Track
MIL rev up 50 pc,

PAT 80 pc in Apr-Dec period of FY 23
Vadodara-based Maximus International Limited's revenue for nine-months ended Decem-
ber 31, 2022, stands at Rs 74.77-crore, up 50% as compared to the corresponding period of
the last year. Maximus has achieved a staggering increase in its EBITDA by 100 basis
points (bps) for the same nine-month period as compared to previous corresponding period.
The EBITDA for the said period is Rs 8.73-crore, around 60% leap as compared to that of the
previous corresponding period. The growth in revenue and EBITDA has led to a jump in PAT
by more than 80% to Rs 5.95 Cr for the reporting period as compared to the same period in
the previous year.
The EPS of the company has increased from Rs. 0.24 to Rs. 0.45 per share, with a face
value of Re 1 for the nine-months ended December 31, 2022, a whopping 90% climb as
compared to the corresponding period of the previous year.
The company is a leading manufacturer and distributor of specialty lubricants with a strong
presence in the African and Middle-Eastern markets. Its strategy now is to accelerate its
growth and expand its margins and profitability through a better product mix and focus on
new potential markets.
Financial Weekly TM

March 2023 75
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.
20-2-23 Recomm. (%) 20-2-23 Recomm. (%)
Schaeffler India 2943.75 2989 1.54 NOCIL 224 229 2.23
Sonata Software 680 727 6.91 Aster DM 228 229 0.44
BOSCHO 18014 18327 1.74 Zensar Techno 267 300 12.36
Bharat Dynamic 872 969 11.12 Pennnar Ind. 73 77 5.48
Somany Ceramic 539 551 2.23 Austin Engg. 122 131 7.38
Finolex Cable 672 712 5.95 Triveni Turbine 284 297 4.58
ITC 383 387 1.04 Kalyan Jewllers 111 118 6.31
TVS Motors 1104 1117 1.18 EPL 155 163 5.16
Mirza Intl. 273 288 5.49 Heidlberg Cement 170 171 0.59
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Financial Weekly TM

March 2023 76
REVIEW OF Smart Bonanza

Issue No. : 43 • Date : 22-2-2023
Company Reccom. High after Ch. Company Reccom. High after Ch.
22-2-23 Recomm. (%) 22-2-23 Recomm. (%)
Soma tex 18 20 11.11 Balkrishna Ind 2053 2058 0.24
Equitas BK 62 69 11.29 Kalyan Jewellers 116 118 1.72
Sanghi Ind 57 63 10.53 EPL Ltd 160 162 1.25
Zensar Techno 291 300 3.09 Borosil Rene 452 453 0.22
GNA Axles 915 936 2.30 Mirza Int 279 288 3.23
Syngene Int 574 583 1.57 Kalyan Jewellers 116 118 1.72
for more detail click the below link

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

March 2023 77
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March 2023 80
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Kalpna J (Email- Kjtech79@gmail.com)

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Largest exporter of gold products from India.

Lowest cost gold jewellery producer in the world.

professionally managed company committed to the highest standards of corporate governance.

Rapid Fire Stocks

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Subscriber will receive recommendation through SMS and Email

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Tata Motors- Research Report

buses trucks and defence vehicles. As

Fundamentals (FY22-23) companies including Jaguar Land

P/B ratio 7.58 of GenNext customers

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List of recent updatesregarding the company:

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ITCONS E-Solutions Limited is a New Delhi-situ- Corporate

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based support ser- IT Staffing industry post Q2 also started wit-

nessing a stabilisation in the demand with Q4

vices for clients of 8

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Download our app

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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

Subscriber will receive recommendation through Telegram

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Weekly falling three methods

:::: INDEX LEVELS ::::

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Smart School Article 18

For courses related to Stock market analysis visit website

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Core CPI Inflation data in US & Europe

Currency Description Actual Forecast Previous

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Equichain Wealth Advisors: Market View & Opinion

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

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

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This are some stocks we received from our subscribers,

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MUTUAL FUND NEW FUND OFFERS DURING THE WEEK