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DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
8th August 2023
1. DANLAW TECHNOLOGIES LIMITED BSE: 532329
(1st time covered: 29th May 2023)
Recent filing: (EXCELLENT RESULTS) For the quarter ending Jun-23, sales up 24% YoY from INR 37.3
Cr to INR 46.4 Cr. Net profit up 4x from INR 0.9 Cr to INR 3.7 Cr.
Company Description: Danlaw Technologies Limited is a global leader in connected car and automotive
electronics. The world class vehicle solutions make Danlaw one of the largest suppliers of connected
gadgets in the world. The product portfolio of the company includes Telematics Control Unit - 2G,
Telematics Control Unit - 4G, Diagnostic Tool, Body Control Unit and Data Logger.
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Danla 233 198 204 254 231 284 409 443 479 558 714 735
• MCap of INR 281 Crore (share price = INR 759/ share) (as on 8th Aug ‘23)
• TTM PE of 28.1x (as on 8th Aug ‘23) Retail float = 31.1% (Jun-23)
(In INR Cr) Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Sales 13.6 28.7 33.8 37.3 38.0 43.6 48.3 46.4
Op Profit 1.1 1.0 1.4 1.3 3.4 5.8 8.4 6.7
Net Profit 0.6 -0.8 3.2 0.9 1.2 2.8 2.4 3.7
OPM 8% 3% 4% 6% 9% 13% 17% 14%
NPM 4% -3% 9% 4% 3% 6% 5% 8%
Promoter % 49.9% 49.9% 49.9% 49.9% 49.9% 49.9% 49.9% 49.9%
(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales 18 26 15 28 52 167 176
Op Profit 1 0 -3 -2 2 20 24
Net Profit 1 0 -3 -3 4 7 10
Website: https://www.danlawtechnologies.com/
PE Low
HNI / Institutional
/ Promoter No
Buying
Special Situation No
Future Visibility No
Recent filing: (INSTITUTIONAL BUYING) Nomura Singapore ODI hiked its stake in Mishtann Foods from
1.28% to 2.19%.
Company Description: Incorporated in 1992, Mishtann Food Limited, is India's leading FMCG company
with primary focus on various types of Basmati rice. The company also has a sizeable presence in Salt,
Wheat and Pulses segment.
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Mishta 10.8 9.0 9.2 10.0 9.1 9.4 8.2 7.7 7.7 8.2 10.5 12.7
• MCap of INR 1,366 Crore (share price = INR 14 / share) (as on 8th Aug ‘23)
• TTM PE of 12.6x (as on 8th Aug ‘23) Retail float = 17.4% (Jun-23)
(In INR Cr) Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Sales 125 148 153 158 160 164 169 294
Op Profit 11 13 22 18 18 23 23 73
Net Profit 6 8 13 11 11 14 14 69
OPM 9% 9% 14% 11% 11% 14% 14% 25%
NPM 5% 5% 8% 7% 7% 9% 8% 23%
Promoter % 49.3% 49.3% 49.3% 49.3% 49.3% 49.8% 49.8% 49.8%
(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales 388 482 482 351 499 650 787
Op Profit 13 23 6 7 52 83 137
Net Profit 6 12 0 1 31 50 108
Website: https://www.mishtann.com/
PE Very low
Futuristic Sector No
Product offered by the company
Above +
HNI / Institutional Promoter Buying: Jun ‘23: 4.8L shares 10.2/share totaling to INR 49L
/ Promoter Yes
Dec ‘22: 23.4L shares bought at INR 9.1/share totaling to INR 2.1Cr
Buying
Nov ‘22: 24.4L shares bought at INR 9.5/share, totaling to INR 2.3Cr.
Special Situation No
Company Description: SML Isuzu is a reliable and a trusted OEM for commercial vehicles based in India
since 1983. It has now over 40 years of experience in producing Light & Medium commercial vehicles to meet
the Indian customer needs. SMLI is a first company to manufacture and supply state of the art fully built
Buses, Ambulances and customized vehicles.
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
SML 751 815 779 746 677 760 697 743 957 1,084 1,118 1,082
• MCap of INR 1,787 Crore (share price = INR 1,235/ share) (as on 8th Aug ‘23)
• TTM PE 36.4x (as on 8th Aug ‘23) Retail float = 16.4% (Jun-23)
(In INR Cr) Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Sales 233 250 342 500 410 328 583 632
Op Profit -16 -10 2 17 6 16 43 47
Net Profit -29 -26 -11 2 -9 0 27 32
OPM -7% -4% 1% 3% 1% 5% 7% 7%
NPM -12% -10% -3% 0% -2% 0% 5% 5%
Promoter % 44.0% 44.0% 44.0% 44.0% 44.0% 44.0% 44.0% 44.0%
(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales 1,135 1,409 1,154 591 924 1,822 1,953
Op Profit 45 74 12 -69 -41 82 111
Net Profit 8 20 -21 -133 -100 20 49
Website: https://www.smlisuzu.com/
PE Moderate
Futuristic Sector No
HNI / Institutional
Apr ‘23: Navodya Enterprises bought 95k shares at INR 835/share,
/ Promoter Yes aggregating to INR 7.9 Cr
Buying
Special Situation No
Future Visibility Yes Jan ‘23: In the Auto Expo 2023, company presented 4 of its latest
products – 1 in cargo segment and other 3 in passenger segment
Recent filing: (ORDER) Company wins order worth INR 2,210 Cr for supply, installation and commissioning
of 21.77L smart prepaid meters on Design, Build, Finance, Own, Operate, Transfer basis under RDSS. Post
this, total order book of the Company stands at INR 8,200 Cr.
Company Description: Genus Power Infrastructure Limited has two business divisions offering highly
innovative and sustainable solutions to the power sector. The products and solutions provided by the
company includes Metering, Engineering, Construction & Contracts and Hybrid Microcircuits.
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Genus 85 80 89 94 85 93 89 85 91 92 126 183
• MCap of INR 4,992 Crore (share price = INR 194/ share) (as on 8th Aug ‘23)
• TTM PE of 172x (as on 8th Aug ‘23) Retail float = 13.4% (Jun-23)
(In INR Cr) Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 130 178 196 181 187 219 200 202
Op Profit 5 15 21 19 14 17 20 27
Net Profit 24 -2 15 21 12 7 22 11*
OPM 4% 8% 11% 10% 7% 8% 10% 13%
NPM 18% -1% 8% 12% 6% 3% 11% 5%
Promoter % 50.5% 50.5% 50.5% 50.5% 50.4% 50.4% 50.4% 50.4%
* Adjusted for Other Income of INR -22 Cr
Website: https://www.genus.in/
Yes
Futuristic Sector
(Smart Meter)
HNI / Institutional
/ Promoter No
Buying
Jul ‘23: Company signed an agreement for investment by Chiswick
Investment, an affiliate of GIC, of up to INR 519 Cr by way of a
preferential allotment of warrants (4.6 Cr warrants) which shall
Special Situation Yes
constitute (if and when GIC elects to exercise such warrants) 15% of
the issued and paid-up share capital of Genus on a fully diluted/as
converted basis.
Above +
Jul ‘23: Company received a letter of award worth INR 2,208 Cr for
appointment of Advanced Metering Infrastructure Service Provider.
Recent filing: (EXCELLENT RESULTS) For the quarter ending Jun-23, sales up 2.5x YoY from INR 295 Cr
to INR 753 Cr. Similarly, net profit was up 5x from INR 13 Cr to INR 63 Cr. EBITDA margin improved from
10.6% to 13.2% over the same period.
Company Description: Jupiter Wagons is a complete transportation solutions engineer and one of the
fastest-growing in India's railway sector. It is one of few players in India's railway
wagons sector with a captive foundry, one of the highest capacity complements and India's largest
manufacturer of 25 tonnes wagons.
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
JWL 80 72 73 86 92 123 93 92 105 131 174 205
• MCap of INR 9,026 Crore (share price = INR 233/ share) (as on 8th Aug ‘23)
• TTM PE of 52.7x (as on 8th Aug ‘23) Retail float = 5.0% (Jun-23)
(In INR Cr) Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Sales 252 299 363 295 417 644 712 753
Op Profit 34 22 31 30 49 79 91 97
Net Profit 16 9 14 13 24 45 39 63
OPM 13% 7% 9% 10% 12% 12% 13% 13%
NPM 6% 3% 4% 4% 6% 7% 5% 8%
Promoter % 60.7% 60.7% 60.7% 74.6% 74.6% 74.6% 74.6%
(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales 996 1,178 2,068 2,526
Op Profit 106 114 249 316
Net Profit 53 50 121 171
Website: https://www.cebbco.com/
PE High
Yes
Futuristic Sector
(Railways)
HNI / Institutional
/ Promoter No
Buying
May ‘23: Company approved the allotment of 1.2L equity shares to
Special Situation Yes eligible Qualified Institutional Buyers at an issue price of INR 104/share,
aggregating to INR 125 Cr.
Recent filing: (PREFERENTIAL ALLOTMENT) BoD has considered and approved the issuance of 11L
equity shares and 12.5L warrants at INR 295 each, by way of preferential allotment, aggregating to around
INR 70 Cr, to both promoters and non-promoters.
Company Description: Incorporated in 2016, Annapurna Swadisht Limited is a manufacturer of snacks and
food products, namely Fryums, cakes, candy, namkeen, chips, and Gohona Bori catering to the customers
residing in the rural areas of India. Since then, the company has reached 5 lacs+ retailers in 100+ towns and
more than 1.5 lacs villages. These villages are spread across eastern India, covering West Bengal
Jharkhand, Bihar, North East and Odisha.
350 600
Volume (in '000) - RHS
300 Share price (INR) - LHS 500
250
400
200
300
150
200
100
50 100
0 0
12-Oct-22 12-Dec-22 12-Feb-23 12-Apr-23 12-Jun-23
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Annap 116 135 140 142 135 138 193 249 259 274 289
• MCap of INR 515 Crore (share price = INR 314/ share) (as on 8th Aug ‘23)
• TTM PE 72.5x (as on 8th Aug ‘23) Retail float = 14.6% (Mar-23)
(In INR Cr) Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23
Sales 36.7 65.6 94.6
Op Profit 2.9 4.9 8.2
Net Profit 1.2 2.9 4.3
OPM 8% 7% 9%
NPM 3% 4% 5%
Promoter % 51.9% 51.9%
Website: https://www.annapurnasnacks.in/
This page is created for information purpose. It is not a BUY/SELL recommendation. 13
Please do your own due diligence before making any investment decisions.
8th August 2023
Futuristic Sector No
Products of the company
HNI / Institutional Dec ‘22: Msp Sponge Iron bought 1.4L shares at INR 135/share,
/ Promoter Yes totaling to INR 1.9Cr
Buying
Above +
Mar ‘23: BoD considered and approved the raising of funds through
Special Situation Yes issuance of warrants up to INR 50 Cr. The fund will be used for
setting up of new manufacturing facilities in Uttar Pradesh, Odisha
and Assam, to meet the working capital requirement and also to
repay the high-cost debt of the Company.
Jun ‘23: The company forays into Uttar Pradesh through exclusive
contract manufacturing agreement with Gopal Food Product,
Mathura, UP. The new facility is having capacity of 1,000 MT of
Biscuits, 60 MT of Namkeen and 150 MT of Snacks per month.
The new manufacturing facility will enable ASL to cater the East
and North Rajasthan, Whole of Haryana, West and Central UP,
Delhi NCR, North Madhya Pradesh, and South and West
Uttarakhand.
Future Visibility Yes
Apr ‘23: Company has acquired exclusive Selling Right of Brand
“MY NOODLES” from its manufacturer and brand owner
Millenium Exim Pvt. Ltd. The brand recorded a turnover of INR 24
Crore in FY23.
Recent filing: (LARGE ORDER) Company has received the contract for procurement of spares of TWA MCA
62.5 System worth INR 3.4 Cr from Eastern Naval Command, Visakhapatnam, to be delivered by Jun 2024.
Company has also received a 3-year contract for Annual Maintenance of TWA MCA 62.5 System of Indian
Navy Submarines aggregating to INR 23.44 Cr.
Company Description: CFF Fluid Control Limited, specializes in fluid control products for submarines, tanks
and missiles, offering a range of equipments such as isolation valves, control valves, pressure relief valves,
reducing stations, fittings and orifice plates.
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
CFF 175 319
• MCap of INR 679 Crore (share price = INR 349 / share) (as on 8th Aug ‘23)
• TTM PE 67.9x (as on 8th Aug ‘23) Retail float = NA (Mar-23)
(In INR Cr) Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23
Sales 39 32
Op Profit 10 8
Net Profit 6 4
OPM 26% 25%
NPM 15% 13%
Promoter %
Website: https://www.cffdefenseys.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 15
Please do your own due diligence before making any investment decisions.
8th August 2023
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend No
High
PE
Yes
Futuristic Sector
(Defence)
Above +
• MCap of INR 2,050 Crore (share price = INR 1,720/ share); TTM PE 58.5x (as on 8th Aug ‘23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Manora 1,282 1,249 1,226 1,079 1,022 1,009 937 1,027 1,102 1,490 1,534 1,676
• MCap of INR 203 Crore (share price = INR 136/ share); TTM PE 29x (as on 8th Aug ‘23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Lehar 60 80 100 91 89 81 81 76 95 126 132 141
• MCap of INR 3,000 Crore (share price = INR 693/ share); TTM PE 21.6x (as on 8th Aug ‘23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Sanghv 255 225 224 314 324 333 362 352 387 444 481 635
• MCap of INR 817 Crore (share price = INR 900/ share); TTM PE 9.2x (as on 8th Aug ‘23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Nitta 493 514 549 683 617 590 655 889 879 833 812 790
• MCap of INR 293 Crore (share price = INR 414/ share); TTM PE 9.4x (as on 8th Aug ‘23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
India-G 143 174 160 181 227 201 242 274 286 307 350 346
• MCap of INR 133 Crore (share price = INR 392/ share); TTM PE 14.7x (as on 8th Aug ‘23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
KPT 155 191 199 217 211 234 297 294 352 294 287 326
• MCap of INR 1,200 Crore (share price = INR 975/ share); TTM PE 19.6x (as on 8th Aug ‘23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Talbros 493 473 474 457 568 492 412 409 488 567 744 882
• MCap of INR 1,389 Crore (share price = INR 216/ share); TTM PE 46.3x (as on 8th Aug ’23)
Price Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
HPL 72 71 98 99 100 97 85 85 92 93 131 202
India's Services Sector Surges: S&P Global India Services PMI at 62.3
In a surprising turn of events, India's services sector exhibited remarkable resilience, as revealed
by the S&P Global India Services Purchasing Managers’ Index (PMI). July 2023 witnessed an
unexpected surge to 62.3, gracefully rising from June's three-month low of 58.5. This leap surpassed
market predictions of 58, illuminating the sector's strongest expansion in over 13 years.
50
40
30
20
10
0
Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23
The driving forces behind this meteoric rise are the surges in new orders, predominantly stemming
from international sales. The new export business attained a milestone, boasting the most significant
growth since the series' inception in September 2014. Bangladesh, Nepal, Sri Lanka, and the UAE
played key roles in this spectacular feat. Meanwhile, the sector's employment landscape exhibited
a subtle growth, with job creation pacing itself in alignment with the prior two months.
However, this rise wasn't without its complexities. On the pricing front, input cost inflation
experienced an acceleration to a 13-month high. The culprits behind this surge included elevated
costs of food, labour, and transportation. In contrast, efforts to safeguard new business dynamics
contributed to the easing of output cost inflation to a three-month low.
As the services sector unfurled its wings, there emerged a nuanced narrative of sentiment. Business
optimism, which had soared to a six-month pinnacle in June, faltered slightly. This shift was
attributed to concerns revolving around extreme weather conditions, a reminder of the
interconnectedness between economic activities and environmental resilience.
Takeaway: India's services sector has embarked on a remarkable journey of resurgence, defying
expectations and orchestrating a symphony of growth. The upward trajectory, from 58.5 to 62.3,
echoes the sector's adaptability and allure, magnetizing international orders. Yet, amid the
celebration, challenges surface - the duet of inflation, the balancing act of costs, and the delicate
dance of sentiment. This symphonic tale accentuates the sector's vitality and underscores the need
for holistic resilience in the face of evolving economic landscapes.
PE classification:
Less than 20 Very low
20 – 30 Low
30-50 Moderate
50-70 High
More than 70 Very high
Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.
Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.
Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.