Smart Investment (E-Copy) Vol 17 Issue No. 5 (10th March 2024)

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10::
:: Shree Ganeshay Namh March 2024 to 16th March 2024 2
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Only Financial Weekly Published in English & Gujarati
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

VOL : 17 • Issue No: 5 RNI No : GUJENG / 2008 / 24320 10th March 2024 to 16th March
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
04-03-24 13489.19 14053.25 -564.06
05-03-24 15215.15 14640.87 574.28
06-03-24 19849.42 17082.67 2766.75
07-03-24 22997.94 15693.83 7304.11
08-03-24 HOLIDAY
TOTAL 71551.7 61470.62 10081.08
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
04-03-24 11963.11 8420.24 3542.87
05-03-24 11888.65 10054.04 1834.61
06-03-24 13638.83 11488.95 2149.88
07-03-24 11886.95 9285.14 2601.81
08-03-24 HOLIDAY
TOTAL 49377.54 10129.17 39248.37
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

RNI No : GUJENG / 2008 / 24320
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Financial Weekly TM

Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Targeting 22734 - 23111

Small Caps Correct Sharply
There is no stopping the Bulls as Nifty climbed higher and in the process achieving higher targets. It was
Wednesday's big white body candle which negated the Bearish Tri-Star pattern and in the process paved the
way to progress further up. Nifty is now on track to attain the Ascending Triangle pattern target of 22734-
23111. Nifty and Mid-Cap indices underwent a short correction but the Small-Cap index corrected sharply.
The rebound on Thursday augurs well for the market as Nifty is again making fresh life-highs. Trend in the
short term, medium term and long term timeframe remains bullish and hence one should treat every decline
as a buying opportunity.
CANDLESTICK ANALYSIS :- Wednesday's big white body candle negated the Bearish Tri-Star pattern
and in the process paving the way for higher targets. Friday has formed a Bearish Doji which requires confir-
matory candle. Hence Mondays candle will hold significance. On the weekly timeframe, Nifty has formed a
smaller than real white body candle with a longer lower shadow. Length of lower shadow falls short of fulfilling
the criteria of forming a Hanging Man pattern, which augurs well for the Market. Thus candlestick analysis
suggests a cautious stance with bullish undertone.
ASCENDING TRIANGLE TARGET IN SIGHT :- Two weeks back, Nifty completed an Ascending Triangle
which is a bullish continuation pattern. The Targets as per pattern analysis are placed at 22734-23111. The
above mentioned targets will be achieved
as long as Nifty stays above 21530. On
the weekly timeframe, Nifty completed
a Bullish Penant formation which sug-
gests a target of 24155-25411. These
targets will be achieved as long as Nifty
stays above 21137.
CHECK ON S-ZONES :- Nifty has im-
mediate Support at the confluence Sup-
port Zone of 22224-22132 which is as a
result of short term average of 20dma
(22132) and higher bottom (22224).
Below this, Nifty has stronger S-Zone
coming in at 21875-21860 which is due
This Week Recommendations to the confluence of higher bottoms and
50dma. In case, Nifty breaks this S-Zone,
Stocks CMP SL Tgt-1 Tgt-2 then there is another strong Support
Buy OFSS 8301 8115 8581 8865 Zone at 21530-21448 which is a strong
Buy Havells 1543 1508 1597 1651 confluence zone formed due to the
confluence of recent higher bottom
Buy KEI Ind 3394 3315 3515 3637 (21530) and multiple intermediate bot-
Buy Tata Power 425 413 445 467 toms at 21448.
Buy RicoAuto 138 134 145 153 ***
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 22075 22224 22353 22493 22734 22923 23111
SENSEX 72720 73267 73688 74119 74762 75544 76178
Financial Weekly TM

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

(Ring : 97690 37711) Twitter : @Kj_TechTrades
BUY PRAJ INDUSTRIES

CMP 498 for the targets of 625 to 750
(Add in dips) , Time Frame 3 to 9 months
BioEnergy
Praj is a name to reckon with in the global biofuel technology solutions. Starting with India
in the early 80s, Praj’s ethanol technology serves various applications in different parts of
the world. In Chemistry terms, ethanol or ethyl alcohol is the 2nd member in the family of
molecules containing –OH (hydroxyl) group attached to a carbon atom, with chemical for-
mula C2H5OH
Praj HiPurity Systems
Praj HiPurity Systems is a leading supplier for end-to-end turnkey solutions for the
Biopharma industry, Sterile formulations, topical & oral formulations, Personal care and the
Nutraceutical industry across the globe for the past 3 decades
Rapid Fire Stocks

To Join My Elite Membership for Short Term Positional
Trades in Cash / Equity Segment
Whatsapp @ 9769037711
Telegram - @Kjtech79
Cont...
Financial Weekly TM

360 ONE WAM LIMITED
Buy at CMP 679 ( accumulate in dips till 640)
For the targets of 775 to 835 , time frame 3 to 9 months
This company is formerly know as IIFL Wealth Management Limited. Company has
maintained a good ROA of 16.19% in last 3 years.
Company has a healthy Return on Equity (ROE) track record of 22.08% The company has
been maintaining a healthy ROCE of 20.59% since last 3 years.
It is an India-based company that is primarily engaged in wealth and asset management
services, including financial asset distribution, broking, lending, credit and investment solu-
tions, and asset and portfolio management.
The Company's segments include Wealth Management and Asset Management.
The Wealth Management segment comprises distribution of financial products, advisory,
equity and debt broking, estate planning and managing financial products essentially in the
nature of advisory.
The Wealth Management segment also includes lending and investment activities, which
are complementary to wealth management activities and provided to or arise from servicing
its clients under wealth management.
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly TM

KP Green Engineering Limited
Comes out with Rs. 190 crore SME IPO
KP Green Engineering Limited is coming out with SME IPO. It will issue
13,160,000 equity shares of Rs. 10 each. It will raise Rs. ?189.50 crore
(at the upper cap) through this issue. Price band is Rs 137 to Rs 144 per
share. The issue opens on March 15, 2024, and will close on March 19, 2024
Objects of the Issue

1. Part finance the capital expen-
KP Green Engineering Limited is engaged in the manu- diture towards setting up a
facturing of fabricated and hot-dip galvanized steel prod- new manufacturing unit to ex-
ucts. The company's product portfolio includes Lattice
pand its current production
Towers Structures, Substation Structures, Solar Module
Mounting Structures, Cable trays, Earthing strips, Beam
capabilities and expand the
Crash Barriers. The company offers end-to-end solutions current product portfolio.
by providing in-house fabrication and Hot Dip Galvaniz- 2. General Corporate Purposes.
ing facilities for custom-made solutions. The company's
manufacturing facility, located in Dabhasa, Vadodara,
Gujarat, spans 200,000 sq. ft. and is fully equipped with Corporate Feature
CNC machinery and equipment.
KP Green Engineering Limited is coming out with SME
IPO. It will issue 13,160,000 equity shares of Rs. 10 each. KP Green Engineering IPO Details
It will raise Rs. ?189.50 crore (at the upper cap) through IPO Date : March 15, 2024 to March 19, 2024
this issue. Price band is ?137 to ?144 per share. The Face Value : Rs 5 per share
issue opens on March 15, 2024, and will close on March Price Band : Rs 137 to Rs 144 per share
19, 2024. The minimum application to be made is for Lot Size : 1000 Shares
1000 shares and in multiples thereon, thereafter. Post
Total Issue Size : 13,160,000 shares
allotment, shares will be listed on BSE SME Emerge. Bee-
(aggregating up to Rs 189.50 Cr)
line Capital Advisors Pvt. Ltd. is the sole lead manager of
Fresh Issue : 13,160,000 shares
this issue and Bigshare Services Pvt. Ltd. is the registrar
of the issue. Beeline Group's Spread X Securities Pvt. Ltd. (aggregating up to Rs 189.50 Cr)
is the market maker for the company. Issue Type : Book Built Issue IPO
The company is ISO 9001:2015 certified, indicating its Listing At : BSE SME
ability to provide high-quality products and services, which Share holding pre issue : 36,840,000
directly affects its reputation, customer satisfaction, and Share holding post issue: 50,000,000
long-term success. As of September 30, 2023, the com- Market Maker portion : 658,000 shares
pany has a total of 81 employees at its manufacturing Spread X Securities
facility and head office. Lead Manager : Beeline Capital Advisors Pvt Ltd
KP Green Engineering Limited’s core business can Registrar : Bigshare Services Pvt Ltd
be divided in following categories:
1. Manufacturing of Fabricated and Galvanised Prod- KP Green Engineering Limited is engaged in the
ucts manufacturing of fabricated and hot-dip galvanized
2. Services: steel products. The company offers end-to-end
• Fault Rectification Services
• Job Work for Galvanizing solutions by providing in-house fabrication and Hot Dip
1. Manufacturing of Fabricated and Galvanised Prod- Galvanizing facilities for custom-made solutions
ucts Under this vertical, the company provides fabrication and Hot-dip galvanised steel products to customers in accordance with
their needs and requirements. Product range includes Lattice Towers Structures, Substation Structures, Solar Module Mounting
Structures, Cable trays, Beam Crash Barriers, Galvanized Earthing Strips and Flats to roofing channels. We provide in-house
fabrication and Hot Dip Galvanizing facilities enabling tailormade solutions to our clients and end-to-end solutions by carrying
out engineering, designing, fabrication, galvanization, and deployment.
Cont...
Financial Weekly TM

2. Service Portfolio: The company provides Fault Rec-
tification Services w.r.t Optical Fiber Cables to various Promoters of KP Green Engineering
telecom service providers. Optical Fiber cables plays a
crucial role in ensuring the reliability and optimal perfor-
Dr. Farukbhai Gulambhai Patel
Aged 51 years,
mance of telecommunication networks. It provides FRT ser-
Promoter, Chairman & Non-Executive Director
vices via O&M Services which includes Regular Inspec-
He holds the Honorary degree of Doctorate in Inno-
tion, Preventive Maintenance, Vision Powering India by vation, Talent & Creativity Management from American
the power of Nature Mission Accelerate the adoption of East Coast University, New York, USA. He has also
renewable technology across India to conserve its envi- completed the comprehensive course in solar photovol-
ronment and provide an environment friendly and sustain- taic design, technology, and application from the Gujarat
able source of energy through economical and sustain- Energy Research and Management Institute. He has
able solar renewable energy generating models for its cus- been associated with our Company since its inception and has over fifteen
tomers and thereby transit them from fossil fuel energy to years of experience in the renewable energy sector
renewable energy Values Ethical, Transparent,
Equal[1]Opportunity to all, Respect for Diversity (gender, Mr. Hassan Faruk Patel,
geography, religion, language, etc.), Respect for the indi- Aged 20 years
Promoter and NonExecutive Director
vidual, Environmentalism KP Green Engineering Limited
He is pursuing his Bachelor of Administration from
Manufacturing of Fabricated and Galvanised Products
AURO University, Surat. He was appointed as Whole
Service Portfolio Fault Rectification Services Galvenizing
Time Director of the company for the period of five
Job Work Solar Installation Services. Fault Monitoring and years w.e.f. December 07, 2023 then after his desig-
Fault Rectification. The company also provides Galvaniz- nation was changed to NonExecutive Director w.e.f.
ing services on Job work basis as per the requirement of December 09, 2023 and shall be liable to retire by rotation. He is a fresher
clients and solar rooftop installation services. pursuing Bachelor of Business Administration.
The company is an accredited vendor with GETCO
(Gujarat Energy Transmission Corporation Limited) and MSETCL (Maharashtra State Electricity Transmission Company) for
upto 400 Kw and 220 Kw, respectively. The company operates through its manufacturing facility located at Dabhasa, Vadodara
– 391440, Gujarat, spread across an area of 200,000 sq. ft., fully equipped with CNC machinery and equipment. It is ISO
9001:2015 certified company, demonstrating its capabilities to deliver quality products and services to its end users, having direct
relationship with reputation, customer satisfaction and long-term success. It has an in-house, well equipped quality control
laboratory (for pre and post-production quality checks) to meet the demanding needs of our diversified customers. It has achieved
a strong and stable market position through a continued focus on evolving technologies, quality control and customer service.
Apart from above it also provides Fault Rectification Services (FRT) w.r.t. Optical Fiber Cables to various telecom operators, Job
work for galvanizing and Solar Installation services as part of its service portfolio. KPI Green is further planning to expand into
existing line of business along with addition of new products to its portfolio at new manufacturing plant proposed to be set up at
Matar, Bharuch. The new facility will have a capacity of more than 2,90,000 MT, a substantial increase from its current capacity of
53,000 MT at its existing plant. In addition to its product offerings, the company is planning to introduce new line of products
including High Masts, Floor Gratings, Pre-Engineered Buildings and Heavy Fabrications to meet evolving market demands.
As a part of Glasgow commitments, India plans to achieve net zero emissions by 2070. Ministry of Steel is taking all the
possible efforts for decarbonization of steel sector through policy interventions and enabling ecosystem. It is currently devising
strategy, roadmap and action plan for decarbonization of steel sector and is working on solutions ranging from carbon minimiza-
tion to carbon avoidance to carbon utilization. The green pathways to steel production have been categorized into 5 pillars of –
energy efficiency, use of renewable efficiency, material efficiency through pellets and scrap, green hydrogen and CCUS (Carbon
Capture, Utilization and Storage). It is envisaging setting up of short, medium and long-term decarbonization targets for the steel
industry aiming at incremental reduction in emission intensity of steel industry. Ministry of Steel is working on the key enablers for
this transition include policy framework, regulatory mechanism, technological innovations, R&D, global collaborations as well as
financial mechanism. All these will help companies like KP Green Engineering.
***
Financial Weekly TM

Research Report Het Zaveri
- Ahmedabad
ZEN TECHNOLOGIES
Zen Technologies Limited is a pioneer and leader in CMP Rs. 947.00
52 - week high Rs.1000.00
providing world class state of the artDefence Training
52 - week low Rs.256.45
Solutions, Drones and Anti Drones solutions and has Dividend % (consolidated) 0.02%
ROE 17.7 %
a proven and impeccabletrack record in building train- BVPS (Rs.) 32.13
Sales (Rs.) (Q3FY24) 99cr.
ing systems for imparting Defence training and mea-
Debt to Equity 0.02
suring combatreadiness of security forces. It was the P/E ratio 60.88
EPS (consolidated) 5.39
first company in India to commercialize PC-based vi- P/B ratio 10.79
Market Cap 7,276Cr.
sual simulation technology for small arms training
Face value Rs.1
simulators.Itis currently engaged in indigenous design,
development andmanufacture of sensors and simulators technology based defence training sys-
tems and provides Defence Training Solutions and seamless services to Ministry ofDefence (Armed
Forces), Security Forces Police, Para military forces sinceover three decades.
The company manufactures land based military training simulators, driving simulators, Live
rangeequipment and Anti drone Systems. With a dedicated R&D (recognized by the Ministry of
Scienceand Technology, Government of India) and production facility in Hyderabad, the company
hasapplied for over 150+ patents and shipped more than 1,000 training systems around the world.
So far the has supplied over 170 simulators to over 70 customers all over India and enjoys the
confidence of this large customer base. The main customers are, Defense Services, State Police
forces, Para Military forces and the Navy of a South East Asian country.The company's products
are Small Arms Training Simulator (Zen SATS SL), Hand Grenade Simulator (Zen HE36S), Ad-
vanced Weapons Simulator (Zen AWeSim), Tactical Engagement Simulator (Zen TacSim), 81mm
Mortar Simulator, Driving Training Simulator (Zen DTS), Zen Bus Simulator, BMP II Driving Simu-
lator (ZEN BMP-II DS) and Anti-Tank Guided Missile Simulator (Zen ATGM Sim).
As of December 2023, company's total orderbook stands at 1,434.38 Cr. which includes order
book of Rs. 1403.4 Cr. as of October, 2023 and newly bagged orders worth Rs. 129.08Cr.Company
has bagged Rs. 640.37 Cr. of Domestic orders and 159.78 Cr. of Export orders under its Training
Simulators and Equipment segment and 356. 86 Cr. Domestic orders and 277.37 Cr. of Export
Orders under its Anti Drone Systems segment out of the total outstanding order book.
Cont...
Financial Weekly TM
Financial Results :- Company's Net Sales was at Rs 99.52 crore in December 2023 up 89.6%,
Quarterly Net Profit was at Rs 30.58 crore in December 2023 up 224.08%andEBITDA stands at Rs
46.73 crore in December 2023 up 150.43%ascompared to December2022.Company's EPS has
increased to Rs 3.67 in December 2023 from Rs 1.19 in December 2022.
Key Updates:
1. Zen Technologies Limited, secures an order worth ?93 Cr from Ministry of Defence, Govt of
India in the space of Tactical Training
2. The company recently received its 15thPatentGrant of Fy23-24 in India for its revolutionary
"LASER TRANSMITTER UNIT. In the same fiscal year,the company has received Patents
for a range of cutting-edge technologies,including the Smart Target System (STS), Indoor
Tracking System, Grenade Simulator, Construction ofSpherical Screens, ACTS, Sensor
Weapon, Total Containment Trap (TCT), ZU-23 Simulator, MRTS, MMGSimulator, and an
'ILU Holder.'
3. Recently the company signed MOU with Government of Goa to set up a new state-ofthe-art
Research and Development (R&D) and manufacturing facility in Goa, India.This new facility
will be set up at the ElectronicManufacturing Cluster (EMC) Tuem, Goa at an investment of
up to ?50 crores and isexpected to create employment opportunities for approximately 800
individuals.
4. Recently the company been awarded an order valued at approximately 100 Cr (inclusive of
taxes) by the Ministry of Defense, India, for its state-of the-art Force-On-Force Tank training
system. This innovative system empowers Tank Units and Sub-Units to engage in training
on real terrains under authentic conditions using their equipment, without the necessity for
live ammunition.
5. The company bagged an order from the Ministry of Defense, Government of Indi valued at
approximately Rs 227.65 crores which includes the domestic order for the supply of Anti-
Drone systems along with Comprehensive Maintenance Contract (CMC) post-warranty, at a
cost of Rs 43.22 crores.
Cont...
Financial Weekly TM

6. In recent period, the company has bagged many orders from MoD, GOI valued at Rs 123.3
crore, Rs 72.29 crore and Rs 64.97 crores respectively.
7. Marking strides in exports the company has also bagged a significant order which are valued
at approximately 340 crores (~ 41.5 millions), Rs 202 crores and Rs 160 croresunder the
Government's Indigenous Design and Development (IDDM) initiative, which requires Indian
IP and over 60% indigenous content and all three orders from different entities.
8. The J&K Police has also awarded Zen Technologies a contract worth 5.28 crore to supply
Zen ShootEdge®Systems (Corner Shot Weapon Systems) marking it to be company's first
order for Shoot Edge®.
9. Zen Technologies Limited has also received a PSO from the Indian Army for design and
development of prototype of Integrated Air Defence Combat Simulator (IADCS). On comple-
tion of UTRR, an order towards procurement of 16 no's of IADCS will be issued by the Indian
Army for submission of their commercial offer prior to commencement of Field Evaluation
Trials.
10. Unstring Tech Solutions Private Limited (UTS), a subsidiary of Zen Technologies Limited,
has secured an order worth 61Crores from an Indian defense PSU.
11. Zen Technologies Limited has also signed an export contract worth ?35 Crores with one of
its important Middle East customers which includes Live Simulation equipment worth 19.7 Cr
and O&M worth 15.4 Cr for 4 yeaRs
12. The company also secured an order of 155 crore from Indian Air Force (IAF) for the supply of
Counter Unmanned Aircraft Systems (CUAS).
In last3 Years the stock gave a return of 925.28%as compared to the rise of Sensex and Nifty in the
same period.
Ministry of Defense (MoD) has promulgated the framework for increased utilization of simulators
by the Indian Army, Indian Air force, Indian Navy, and the Indian Coast Guard to transform to simu-
lation-based training across all military domains to achieve cost-effective, safe and smart training.
The framework emphasizes indigenous designed development as well as outsourcing simulator
operation and maintenance to Indian Companies. The policy will apply to all types of simulators
currently in use or to be purchased by the Armed Forces in the future and due to this policy Zen
Technologies will be benefited a lot and may enjoy heavy order inflow in upcoming years In recent
years the demand for Anti Drone Systems has been increasing considering the threat from Drone
attacks and GOI and as well as government of other countries have been spending high to en-
hance and strengthen their anti-drone security systems. Mutual Fund Holding in the company in-
creased by 0.04% in the last quarter to 0.04 and its Annual Net Profit rose 2,052.95% in the last
year to 42.74 Cr. while its sector's average net profit growth for the last fiscal year was 3.06%.Con-
sidering the order book position in export as well as domestic markets, market leader in simulation
and training equipments, preferred company for simulation systems and Anti drone systems by
MoD and financial positions of the company, investors can invest in this company 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 pur-
chases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest
obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources
believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their
own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or
responsible for any legal or financial losses made by anybody. Investors must take advice from their financial advisors
before investing in any stocks.)
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Performance Report - Mid-term / Long-term

Co. Name Recomm. Target SL Time Frame Return Recomm. Target Day
Date
Parag Milk 95 121 79 2-12 weeks 27% 15/05/2023 23/06/2023 39
Rainbow Children 881 987 770 10-12 days 12% 16/05/2023 30/06/2023 45
LaOpala 379 420 365 2-4 weeks 11% 16/05/2023 07/06/2023 22
L&T Finance 99.5 106.5 88 6-8 weeks 7% 16/05/2023 02/06/2023 17
Teamlease 2280 2480 2250 2-4 weeks 9% 17/05/2023 16/06/2023 30
MEDANTA 575 601 550 2-4 weks 5% 23/05/2023 01/06/2023 9
IOC 89 93 77 4-6 weeks 4% 25/05/2023 14/06/2023 20
Indian Hotel 384 403 350 4-6 weeks 5% 25/05/2023 16/06/2023 22
BSE 573 602 548 2-4 weeks 5% 01/06/2023 22/06/2023 21
IRCTC 634 670 625 2-4 weeks 6% 01/06/2023 19/06/2023 18
Minda Corp 293 278 278 2-4 weeks -5% 02/06/2023 12/06/2023 10
Mankind pharma 1400 1650 1325 2-4 weeks 18% 05/06/2023 13/06/2023 8
MAZDOCK 920 1042 840 4-6 days 13% 05/06/2023 06/06/2023 1
Texrail 57 66.5 52 6 months 17% 06/06/2023 08/06/2023 2
Varroc 307 326 290 2-4 weeks 6% 07/06/2023 13/06/2023 6
Hudco 60 59 64 2-4 weeks -2% 07/06/2023 15/06/2023 8
SULA 446 480 420 4-6 weeks 8% 08/06/2023 09/06/2023 1
FMGOETZE 350 395 320 2-4 weeks 13% 09/06/2023 12/06/2023 3
POLYMED 1086 1284 913 4-6 weeks 18% 15/06/2023 21/06/2023 6
Axis Bank 935 984 911 4-16 weeks 5% 21/06/2023 28/06/2023 7
REDINGTON INDIA 194 210 185 4-6 weeks 8% 22/06/2023 30/06/2023 8
Average Return 9% Average Hold. 14.42
Performance Report - Futures

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

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

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

VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 65: Many Uses Of Charts (Part 12)

Investing in stocks through studying chart of a particular index
(Today we study the IT-Index)
For last few weeks we have been looking at indices. By the study of a particular index we then
try to determine about investing in components of that index or the stocks that from that particular
index. In the series we will today have a look at IT Index.
IT Index is looking very interestingly poised currently. There is a Doji of indecision formed. As of
now the bias of this Doji or shadow of the candle looks a little positive. If the index can give a
closing above 37345, there is a chance that there can be an upside upto 37892, 38279 or even
38594. In case the levels of 36711 or 36098 are broken there could be drastic fall in the stocks
which form this index as the potential fall can lead index to the levels of 35675, 35094 or 34287.
Cont...
Financial Weekly TM

Keeping this information in mind you can look at individual charts of stocks like TCS, Tech
Mahindra, Wipro, LTTS, Persistent, Infosys, Coforge, Mphasis, HCL Tech, LTIM. For understand-
ing which companies to invest in amongst the bunch of IT pack leaders you will have to study
Technicals and Fundamentals of each of the company individually.
Thus through various models you can try to determine tops of current rally or trend. You can
reverse the process and try find of the probable bottom in case of downturn. Trend lines / Peaks /
Valleys and Fibonacci levels will also give you probable supports and resistances in the path. You
can become an expert by studying and drawing and reading charts every day. The more you prac-
tice the better accuracy you can achieve.
Disclaimer : Investment in stocks and mutual funds is subject to market risks, please consult
your investment advisor before taking financial decisions. The data provided above is for the pur-
pose of analysis and is purely educational in nature. The names of the stocks or index levels of
spot Nifty mentioned in the article are for the purpose of education and analysis only. Purpose of
this article is educational. Please do not consider this as a recommendation of any sorts.
- Vishal Baliya (Co-Founder-Happy Candles Investment)
- Mobile Number: +91 7043469423, YouTube: Happy Candles Investment Financial Guidance
- Twitter Handle: @candles_happy, Instagram: happycandlesinvestment
- Email: info@happycandlesinvestment.com
Buy... Buy... Buy on Dips Hold Sell on High

Bodal chem 96.00 Indusind Bank 1564.00 JM Fin 87.00
JSW Energy 515.00
Spicejet 63.00 Alembic Pharma 998.00 Zensar 592.00
KP Energy 395.00
Torrent Power 1143.00 IIFL Fin 420.00
Subex 36.00 Zydus Life 976.00
Bajaj Auto 8878.00 Yasho Ind 1768.00
Uttam Sugar 375.00 Remsons Ind 986.00
Moil 307.00 Mphasis 2492.00
NTPC 351.00 EIH 424.00
Glenmark Pharma 954.00 TFCI 219.00
Salzer 710.00 Supriya Life 346.00 BCL Ind 70.00
Tokyo Plast 116.00 Godfrey Phillips 3304.00
Kirloskar Bro 1090.00 BF Investment 575.00
Mega Soft 94.00 HDFC Bank 1446.00
TCPL Packa 2465.00 Kellton Tech 113.00
Eurotex 18.00 Aster Life 444.00
Vidhi Spe. 475.00 Salasar Techno 22.00
Magnum Ventures 60.00 TVS Motors 2260.00 Caplin Point 1365.00
Kalpataru Pro 1054.00
Nandan Denim 36.00 Balaji Amines 2340.00 Narayana Hru 1180.00
Control Print 998.00
Peninsula Land 55.00 Tata Power 424.00 Apollo Micro 120.00
Ajmera Realty 732.00
Pudumjee Paper 66.00 IGL 430.00 Sigachi 70.00
Refex Ind 660.00
Financial Weekly TM

Smart Investment Website Index
61,111 hits only 1 Week
Total number of Hits
2,16,49,999
Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
Infibeam Avenue 539807 40.00 Chola Invesat 511243 1083.00
Suzlon 532667 40.00 Ahluwalia Con 532811 1135.00
Alok Ind 521070 30.00 L&T 500510 3676.00
Droneachayra 543713 155.00 Tata Chem 500770 1314.00
Hudco 540530 202.00 KPI Green 542323 1725.00
Rico Auto 520008 138.00 Deepak Nitrite 506401 2206.00
SML Pharma 539378 25.00 Bharti Airtel 532454 1199.00
Imagicaaworld 539056 80.00 Havells India 517354 1542.00
IRB Infra 532947 61.00 Oracle Fin 532466 8305.00
Dilip Buildcon 540047 437.00 HAL 541154 3316.00
Rallis India 500355 287.00 Phoenix Mills 503100 2784.00
GPT Infra 533761 177.00 Hitachi Energy 543187 6546.00
Syrma SGS 543573 525.00 Aavas Fin 541988 1414.00
Schneider 534139 707.00 Waaree Ren. 534618 7445.00
ICICI Pru 540133 586.00 JSW Holding 532642 7177.00
Chambal Ferti 500085 372.00 Navin Fluro 532504 3059.00
Sonata Soft 532221 789.00 Force Motors 500033 6484.00
Nippon Life 540767 492.00 Tata Investment 501301 9744.00
Zensar Techno 504067 592.00 Abbott India 500488 27427.00
UNO Minda 532539 650.00 Bosch 500430 29496.00
Financial Weekly TM

Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
Gold, ECB meeting & U.S. Fed - Powell 's testimony

This week we will focus on ECB meeting outcome, ECB kept interest rate unchanged and com-
mentary is important to watch out for. U.S. Fed chair Jerome Powell testimony this week provided
further cues on interest rate trajectory and we would be focus on gold which is currently trading at
above $2150.
ECB Meeting outcome on 7-Mar-24 :- ECB kept rates unchanged at 4.50% for fourth
straight time as ECB expect softer inflation and stable economic growth, ECB guides for rate cut in
June 2024 meeting.
President Christine Lagarde said there's a definite slowdown in inflation but that she and her
colleagues aren't "sufficiently confident" at present to lower rates.
"We clearly need more evidence, more detail," she told reporters Thursday in Frankfurt. "We
know that this data will come in the next few months. We will know a little more in April, but we will
know a lot more in June."
Christine Lagarde Signals ECB Cut in June with 2% Inflation in Sight
European Central Bank President Christine Lagarde indicated policymakers may be in a posi-
tion to lower interest rates in June as fresh projections showed inflation hitting the 2% target in
2025.
The ECB, like the Federal Reserve and the Bank of England, is contemplating when to sound
the all-clear on inflation and begin undoing the unprecedented monetary tightening deployed to
subdue it. While price growth in the 20-nation euro zone is nearing the target, officials there are
wary of cutting too soon and want assurance that wage increases are under control.
U.S. Fed Chair Jerome Powell's Senate Testimony :- Powell reiterated that it's
likely the Fed will cut interest rates this year. "We're waiting to become more confident that inflation
is moving sustainably at 2%," he said. "When we do get that confidence - and we're not far from it
- it'll be appropriate to begin to dial back the level of restriction." He also said the Fed is well aware
of the risk of cutting too late.
Powell also said that the Fed is looking at innovative approaches with regard to liquidity rules -
after the sudden exodus of some banks' deposit bases during the March 2023 banking crisis. As
for commercial real estate issues, the Fed is talking with banks to make sure they are on top of
potential losses. He echoed Treasury Secretary Janet Yellen's take that there will be some fail-
ures, but the situation will be "manageable."
Cont...
Financial Weekly TM

Gold Climbs to Record on Mix of Fed Pivot and Geopolitical Risks
Gold touched an all-time high as fund buying combined with speculation over a Federal Re-
serve pivot and geopolitical and financial risks underpinned a rally in the precious metal.
Gold has risen more than 4% since Thursday, fueled by expectations for monetary easing, geo-
political tensions and the risk of an equity markets pullback. Macro funds and momentum buying
by commodity trading advisors contributed to the gain, according to TD Securities commodity strat-
egist Ryan McKay.
Equichain Wealth Advisors: Market View & Opinion
Last week, we have turned neutral to cautious with balance view last week, this week's com-
ment by U.S. Fed chair Jerome Powell in a testimony to U.S. Congress and ECB 's guidance on
expectation of first rate cut in June has provided positive trigger to risk-on sentiment. Dollar Index
is now trading below 103 level & US 10-year bond yield is below 4.10%. Recent rally in Gold &
Crypto currency also indicates risk-on sentiment on expectation of rate cut in May / June 2024.
This week global market including Indian market is trading at fresh 52-week high and momen-
tum likely to see positive triggers in coming weeks. Next U.S. Fed meeting is scheduled on 20-
Mar-24 and incoming jobs & inflation data likely to be provide much needed cues ahead of next US
FOMC meeting.
We will use any correction to add / deploy fund and recent trend looks positive. Market not
expecting any change in rate in this month, but guidance on rate cut in coming months or likely by
May 2024 meeting could provide much needed trigger and rally.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472

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

Signoria Creation Limited
comes out with an SME IPO
Corporate Feature
1. Funding working capital requirements of the Com-
pany
2. General corporate purposes.
Signoria Creation Limited (Signoria, The Company)

is one of the leading manufacturer and marketer of Signoria Creation IPO Details
women's apparel, operating under the brand name IPO Date : March 12, 2024 to March 14, 2024
"Signoria. “The company offers a diverse range of Listing Date : March 19, 2024
women's clothing, including Kurtis, pants, tops, Co- Face Value : Rs 10 per share
ord Sets, dupattas, and Gowns, known for their tradi-
Price Band : Rs 61 to Rs 65 per share
tional designs with a touch of contemporary style.
Lot Size : 2000 Shares
Signoria caters to women seeking comfortable, styl-
Total Issue Size : 1,428,000 shares
ish, and trendy clothing options, appealing to those
who want to make a statement and stand out from the
crowd. With a passion for growth, Signoria aims to (aggregating up to Rs 9.28 Cr)
expand its operations on a PAN India basis, leverag-
Issue Type : Book Built Issue IPO
ing e-commerce trends and government support to
Listing At : NSE SME
reach a wider audience. The company recently ex- Share holding pre issue : 3,330,000
panded its product portfolio by introducing Co-ord Sets
Share holding post issue: 4,758,000
for women, reflecting its commitment to innovation and
Market Maker portion : 72,000 shares
meeting evolving market demands.The company op-
Holani Consultants
erates two manufacturing units in Jaipur, Rajasthan,
Lead Manager : Holani Consultants Pvt. Ltd.
equipped with advanced technology to meet produc- Registrar : Bigshare Services Pvt. Ltd.
tion demands and uphold quality standards.
Signoria Creation Limited is coming out with SME
IPO. It will issue 14,28,000 equity shares of Rs. 10 Signoria Creation Limited is coming out with SME
each. It will raise Rs. 9.28 crore (at the upper cap) IPO. It will issue 14,28,000 equity shares of Rs.
through this issue. Price band is Rs.61- Rs.65 per 10 each. It will raise Rs. 9.28 crore (at the upper
share. The issue opens on March 12, 2024, and will
close on March 14, 2024. The minimum application to cap) through this issue. Price band is Rs.61- Rs.65
be made is for 2000 shares and in multiples thereon, per share. The issue opens on March 12, 2024,
thereafter. Post allotment, shares will be listed on NSE
SME Emerge. Holani Consultants Pvt. Ltd. is the sole
and will close on March 14, 2024
lead manager of this issue and Bigshare Services Pvt.
Ltd. is the registrar of the issue. Holani Consultants Financial Information
Pvt. Ltd. is the market maker for the company. Particulars Sept ‘23 FY23 FY22 FY21
Company’s Unit I and Unit II, located in Mansarovar Revenues 652.85 1,914.92 1,181.60 585.23
and Sanganer, Jaipur, Rajasthan. On September 08, Other Income 0.07 0.89 0.04 3.75
2022, the Company acquired a 501.33 square meter Total Income 652.92 1,915.81 1,181.64 588.98
plot at H1-74, RIICO Industrial Area, Mansarovar, Raw Material Expenses 411.51 1,302.96 843.5 390.75
Employee costs 74.73 154.73 144.47 84.17
Jaipur, Rajasthan - 302020 near the existing garment
Other expenses 49.67 74.94 47.52 38.29
manufacturing factory which is currently under con- Total Expenditure 535.91 1,532.63 1,035.49 513.21
struction. EBITDA 117.01 383.18 146.15 75.77
EBIDTA (%) 17.92 20.01 12.37 12.95
Finance Costs 15.77 57.4 39.75 22.62
Signoria Creation Limited (Signoria, The Depreciation 5.37 14.03 12.94 7.91
Company) is one of the leading manufac- PBT 95.87 311.75 93.46 45.24
Tax 31.35 80.7 25.93 12.64
turer and marketer of women's apparel, PAT 64.52 231.05 67.53 32.6
operating under the brand name ‘‘Signoria’’ NPM (%) 9.88 12.06 5.71 5.57
Cont...
Financial Weekly TM

The total opera-
tional capacity of the Promoters of Signoria Creation Limited
factory for the finan- Mr. Vasudev Agarwal
cial year 2022-2023 Chairman & Managing Director
is over 4,77,000 • Mr. Vasudev Agarwal has over a decade of
pieces of quality gar- experience in the marble industry and eight
ments. As of Febru- years in garments, with expertise in finance
ary 15, 224, Signoria and marketing.
• He holds a Bachelor's degree in Commerce
had 153 employees, from the University of Rajasthan (1986) and
including 45 perma- has managed numerous projects at differ-
nent employees, and ent levels.
108 contract employ- • He can manage the financial demand of the organization simultaneously
ees in the depart- balance the customer requirement at the optimum and competitive level.
ments of accounting • He has been a director at Signoria Fashions Private Limited since May
2022 and at Herble Prints Private Limited since October 2019.
and finance, compli- • He continues to serve these companies and was recently promoted to
ance, maintenance, Chairman and Non-Executive Director.
marketing and logis- Ms. Babita Agarwal
tics, production and Whole - Time Director
operations, quality, • Ms. Babita Agarwal has over 4 years of experience
top management and in the garment industry specializing in sales and
marketing.
permanent employees.
• She completed her Bachelor of Commerce from the
Signoria involves customers in the manufacturing University of Rajasthan in 1991.
process, creating samples and patterns to accurately • Babita Agarwal possesses a wealth of knowledge and experience in
reflect their ideas and preferences in the final prod- various aspects of organizational product sales.
ucts. They are committed to create the best designs • She has a deep understanding of procuring raw materials at competitive
and further expand its operational capacity to meet prices and excels in bridging the gap between customers and the orga-
the growing demands of their customers. nization to deliver top-tier products and services at competitive market
The women apparel market is expected to grow prices.
from INRs 1,63,291 Cr (US$ 21.8 Bn) in FY 2020 to • Babita Agarwal holds directorship positions in multiple companies. She
INR 2,53,733 Cr (US$ 33.8 Bn) by the end of FY 2025.It has been a director of Signoria Fashions Private Limited and Herble
Prints Private Limited.
is expected to be the fastest growing segment in the
apparel market in India,with a forecasted growth rate Mr. Mohit Agarwal
of 9.2% between FY 2020 and FY 2025. This market Non-Executive Director
is projected to grow owing to factors like sustained • Mr. Mohit Agarwal has more than 7 years of ex-
perience in the garments industry.
growth of Indian daily wear; casualization of fashion
• He holds a Bachelor's degree in Business Ad-
leading to growth of new categories like fusion wear, ministration from the University of Rajasthan
denims, loungewear; rising share of organized retail; (2018).
design innovations and changing consumer demo- • His expertise includes a comprehensive understanding of
graphics. manufacturing's technical aspects.
Women’ Indian wear accounted for approximately • He actively participates in various textile and garments fairs, exhibi-
71% or INR 1,15,139 Cr (US$ 15.3 Bn) (FY 2020) of tions, and IPF events.
the total Women Apparel Market, implying women
Indian wear is the mainstay for women apparel mar- Women apparel market is expected to grow from
ket in India. The balance 29% or INR 48,152 Cr (US$ INRs 1,63,291 Cr in FY 2020 to INR 2,53,733 Cr by the
6.4 Bn) was accounted for by western wear.
end of FY 2025. It is expected to be the fastest
*** growing segment in the apparel market in India,
with an 9.2% CAGR between FY 2020 and FY 2025
Financial Weekly TM

Chart Check
Your Stock Our Recommendation
Chemfab Alkalis:
Buy at 633 with Sl of 594 target 730
Kalpataru Projects:
Buy above 1071 with sl of 1025 target 1170
Financial Weekly TM

Vardhaman polytex:
Buy above 83 with sl 76 target 98
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
info@smartinvestment.in
Financial Weekly TM

Future Options Diary
Nilesh Kotak (Ph. : 9227204076, 8866004076)
E :dhanvarshafincap@gmail.com / W : www.dhanvarshaindia.com
Next week Nifty range should go between 22100 to 22750

MOMENTUM CASH MARKET MOMENTUM OPTION BUY
ITC LTD. (415) CALL OPTION
BUY
Premium ( 8.80 ) 28.03.24 Expiry
Rallis India Ltd (287)
Buy Range :7 - 7.50
Buy Range :265 -270
Stoploss : 4.50
Stoploss : 242
7 To 12 Trading Sessions
7 To 12 Trading Sessions Target One :12.50 Book 50%
Target One :305book 50% Target Two :14.00 Balance 50 %
Target Two :315 Balance 50 % SELL
Technical Cash Market Buy Momentum Index Sell
Tata Tele (Maharashtra) Ltd. ( 90 ) Banknifty 4790027.03.2024 Expiry
Buy Range :84 -85 Sellrange : 48250 - 48400
Stoploss : 78 Stoploss : 49200
7 To 12 Trading Sessions 7 To 12 Trading Sessions
Target One :97.50 Book 50% Target One :47000 Book 50%
Target Two :102 Balance 50 % Target Two :46500 Balance 50 %
Technical Future Sell
Momentum Index Buy
Maruti Suzuki (11550)
Midcapnifty (10856)
28.03.2024 Expiry
22.03.2024 Expiry
Sellrange :11675 - 11700
Buy Range :10775-10780 Stoploss : 12100
Stoploss : 10625 7 To 12 Trading Sessions
7 To 12 Trading Sessions Target One :11150 Book 50%
Target One :10975 Book 50% Target Two :11000 Balance 50 %
Target Two :11050 Balance 50 % Momentum Option
Momentum Future Buy Larsen & Toubro (3700)
Bosch (29653) 28.03.2024 Expiry Put Option Price Cmp (78)
Buy Range :29400-29450 Premium 28.03.2024 Expiry
Stoploss : 28700 Buy Range :64-66
7 To 12 Trading Sessions Stoploss : 48
Target One :92 Book 50%
Target One : 30500 Book 50%
Target Two :102 Balance 50 %
Target Two : 30700balance 50 %
In all the recommendations made by us, the first target is achieved.

And to a great extent, the second target is achieved. Investors should take note.
Financial Weekly TM

Financial Weekly TM

SMART BANKING & FINANCIAL SERVICES
Tracking the pulse of Active & Passive Mutual Funds
By Dr. Vijaya Kittu M, https://vijaykittu.com
Tracking the pulse of the Indian and Global Banking and Financial Services - so that the typical Indian Investor can benefit from it.His Ph.D. in Finance
thesis topic specialized on Mutual funds. He is pursuing his second Ph.D. in Computer Science with a specialization in Blockchain.
KOTAK MAHINDRA BANK (KMB) said that Cyber Crime Police in Gurugram started an
investigation involving three bank employees who opened 2000 bank accounts fraudulently. Meanwhile, a
decision on the fit-and-proper profiles of the bidders for IDBI Bank is likely to come during the month. Kotak
Mahindra Bank and Fairfax India Holdings (promoter of CSB Bank) are reportedly in the fray for IDBI
Bank.Once the RBI approves, the eligible bidders will do their due diligence for the bank.The Government
has given its assurance that in the SPA that the potential buyer would have a free hand in the running of the
bank such as a change in management, etc.KMB recently appointed Devang Gheewalla as CFO and Milind
Nagnur as COO. The appointment is effective April 1.
JIO FINANCIAL SERVICES LTD is in the news after two promoters reportedly plan to
acquire 14 crore shares of the financial company's subsidiary. According to an exchange filing, Sikka Ports
and Terminals Ltd. and Jamnagar Utilities and Power Pvt Ltd. will buy a 2.2% stake in Reliance Industries
Holding Pvt Ltd between March 7 and March 31.
HDFC BANK shares are catching the attention of brokerage and analyst firms, with LKP Securities
feeling that the negatives are priced in and that the stock has a 22% potential upside. HDFC Bank shares
have been underperforming in the last three years because of merger overhang, higher operating expenses,
reduced yields, and marginally reduced ROA. The recent Q3 results are muted. The brokerage firm says
the bank has a healthy balance sheet, much higher provisions than the regulatory requirements, and the
best-in-class underwriting and risk management practices.Meanwhile, Bernstein recently said that the lower
loan growth may be a positive for the bank considering the transition phase. HSBC, too, aired a similar view
and said that stock offers possible returns of 15-29% CAGR over FY24-27E.While the overall market is
rallying, HDFC Bank shares gave a -15.5% return YTD and a -5.4% return in 3years (absolute returns).
BITCOIN continues its surge after making a recent new high of $70,000. The market sentiment for
cryptocurrencies is good considering institutional buying and growth because of the recent Bitcoin ETF
and, more importantly, the upcoming halving event. CoinSwitch announced that its registered user base
has crossed the two-crore mark.BlackRock said it plans to acquire spot Bitcoin ETPs for its Strategic
Income Opportunities Fund. The fund has an AUM of $36.7B.
Stock Market Online Training Program

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

SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
SHRI BAJRANG ALLIANCE LTD.
ONLY AT BSE CODE - 526981 Rs.283 FV. 10
BSE SYMBOL - SHBAJRG
Shri Bajrang Alliance is being recognized as one of the largest structural Rolling Mill in the state of Chattisgarh
spread over 6.5 acres of land. The products of the Shri Bajrang Alliance are a model for other rolling mills in
the country. YoY increase in Production with 158.39% increase in Production from 5273 MT to 13625 MT in
Q3FY23 to Q3FY24 in steel division.
Shri Bajrang Alliance, an underdog from food processing sector is a pioneer in frozen
food under brand GOELD. It is also a supplier to Jubliant Foods, KFC and has tie up with
international Lulu Group for exports. Its associate company has 200 KLPD capacity distill-
ery and ethanol plant from grain. In small equity of Rs.9 cr. promoters hold 64% & 9 HNIs
hold 6.52% stake in SHBAJRG. The Company has formed Strategic partnership as an Ap-
proved Co-Manufacturer with Nestle India Limited for several food items. Company has suc-
cessfully completed Export Order for European Countries.
In 9MFY24 PAT is Rs.27.56 cr. & EPS of 9M is 30 & available at very attractive valuations. Its 52
weeks high is Rs.353. SHBAJRG has launched new product namely 'GREEN PEAS' in the retail market.
SHBAJRG are excited to announce their participation as part of Corporate Business Development
Strategy in "Aahar: The lnternqtionol Food and Hospitality Fair," scheduled to take place from March
7th to March 11th 2024, at Pragati Maidan, Delhi at Booth No. 13E in Hall No.4G. The company is
eyeing big growth in coming years.
Based on the above financial and performance parameters, shares of SHBAJRG looks quite attractive & at
the current level it trades at a P/E of only 6. Against its 52 weeks high of Rs.353 its available at very attractive
valuations around Rs.283. Investors can watch SHBAJRG with a stop loss of Rs.250. The stock can give good
returns in short to medium term.
On 12th November in Dipawali issue Morepen Lab was given at Rs.36 hit Rs.56.35, a re-
turn of 56%. On 24th December Electrosteel was given at Rs.113 hit Rs.204, a return of 81%
& Man Ind., given at Rs.251 hit Rs.459, mind blowing gain of 83%. On 27th Novemer Hindusta
Adhesives was given at Rs.285 hit Rs.539, a mind blowing returns of 89%. On 11th Feb
Shetron was given at Rs.127 hit Rs.154. On 25th February National Plastic was given at
Rs.72 hit Rs.88. Last week 3RD March HG Infra was given at Rs.899 hit Rs.975 during the
week. Indian stock markets are at life time high, so it is better to book partial profits in 5-6
parts at every rise where you are getting good profit.
Cont...
Financial Weekly TM

Dark Horse-2
KIRAN VYAPAR LTD

ONLY AT BSE CODE - 537750 Rs.167
Face Value Rs.10
Kiran Vyapar Ltd is engaged in the business of investments, trading , dealing in shares & securities,
mutual funds, financing and carrying on business in accordance with the regulatory framework mandated
by the laws of land.
Kiran Vypar has an equity capital of Rs.27 cr. supported by huge reserves of Rs.1568 cr.
(almost 58x its equity). With a share book value of Rs.585, its P/BV ratio stands at just 0.28x.
The promoters hold 75%, Bodies corporate hold 13.35% & reputed HNIs Amit Mehta hold
13,64,211 shares (5%) holdings. For Q3FY24, Kiran Vypar posted PAT of Rs.15.20 cr. & Dur-
ing 9MFY24, it recorded PAT of Rs.33.31 cr.fetching an EPS of Rs.12.21 in 9M.
Based on the above financial and performance parameters, shares of Kiran Vypar looks quite attractive
at the current level as it trades at a P/E of only 10. Against big book value of Rs.585 Kiran Vypar available
at attractive valuations around Rs.167. Investors can watch Kiran Vypar with a stop loss of Rs.133. The
stock can give good returns in short to medium term.
On 12th November in Dipawali issue Morepen Lab was given at Rs.36 hit Rs.56.35, a re-
turn of 56%. On 24th December Electrosteel was given at Rs.113 hit Rs.204, a return of 81%
& Man Ind., given at Rs.251 hit Rs.459, mind blowing gain of 83%. On 27th Novemer Hindusta
Adhesives was given at Rs.285 hit Rs.539, a mind blowing returns of 89%. On 11th Feb
Shetron was given at Rs.127 hit Rs.154. On 25th February National Plastic was given at
Rs.72 hit Rs.88. Last week 3RD March HG Infra was given at Rs.899 hit Rs.975 during the
week. Indian stock markets are at life time high, so it is better to book partial profits in 5-6
parts at every rise where you are getting good profit in short time.
Financial Weekly TM
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Financial Weekly TM
D(en)O(f)W(ealth)
Superb Performance of our latest Recommendations
Date Stocks Recom. Remark
11th January 23 NCC Buy at 94 with stop loss of 83 Book 50% profit on 25 April at 115 and full profit on 3rd May at 125.5
8th March 23 NCC Buy at 95 with stop loss of 85 Book 50% profit on 25th April at 115 and full profit on 3rd May at 125.5
3rd April 23 VA TECH WABAG Buy at 363 with stop loss of 330 Book 50% profit on 25th April at 397 and full profit on 11th May at 421
5th April 23 DENIS CHEM LAB Buy at 72 with stop loss of 61 Book 50% profit on 10th April at 80 Then made a high of 141.3
26th April 23 Gulshan Poly Buy at 253 with stop loss of 225 Book 50% profit on 3rd May at 273 later stop loss of cost clicked
2nd May 23 Star Cement Buy at 121 with stop loss of 105 Book full profit on 25th May at 135-136
21st June 23 HUDCO Buy at 61.5 with stop loss of 53 Book 50% profit on 25th July at 64.5 and rest 50% on 8th August at 69
27th June 23 GPPL Buy at 119 with stop loss of 110 Book 50% profit on 25th July at 124 and rest 50% on 8th August at 123
27th June 23 BDH IND Buy at 152 with stop loss of 142 Book 50% profit on 28th June at 160 and rest 50% on 4th July at 161
20th July 23 SATIN CREDITCARE Buy at 184 with stop loss of 165 Book 50% profit on 25th July at 206 and rest 50% on 8th August at 224
27th July 23 GRANULES Buy at 317.5 with stop loss of 300 Book loss on 11th August at 300
2nd August 23 GODREJ AGRO Buy at 482 with stop loss of 435 Book full profit at 492 on 12th September
10th August 23 JAIN IRRIGATION Buy at 52 with stop loss of 45 Book 50% profit on 21st August at 57 and rest 50% on 22nd August at 59
16th August 23 UFO MOVIES Buy at 108 with stop loss of 95 Exit at 106.5 level due to shifted in ESM 1
18th August 23 RUCHIRA Paper Buy at 127 with stop loss of 115 Book 50% profit on 21st August at 130 and rest 50% on 22nd August at 137
18th August 23 SHILP GRAUER Buy at 127.5 with stop loss of 115 Book full profit on 21st August at 137
28th August 23 IOLCP Buy at 390 with stop loss of 360 Book 50% profit on 29th August at 410 and rest 50% on 30th August at 430
29th August 23 HFCL Buy at 72 with stop loss of 64 Book 50% profit on 5th September at 80
4th September 23 STAR CEMENT Buy at 166 with stop loss of 155 Book 50% profit at 175 on 16th October and rest 50% at 178 on 17th October
15th September 23 TGVSL Buy at 108.5 with stop loss of 108.5 Book full profit at 115.5 on 18th September
29th September 23 INTEGRA ENG Buy at 226 with stop loss of 201 Book full profit at 234 on 29th September
5th October 23 ANANTRAJ Buy at 235 with stop loss of 215 Book full profit at 253 on 21st November
12th October 23 TGVSL Buy at 117 with stop loss of 106 Exit cost to cost at 117 on 16th October
13th October 23 HIND TIN Buy at 129 with stop loss of 115 Book full profit at 137 on 16th October
19th October 23 NIACL Buy at 145 with stop loss of 130 Book full profit at 160 on 21st November
26th October 23 COSMIC CRF Buy at 246 with stop loss of 205 Book full profit at 265 on 27th October
26th October 23 SHETRON Buy at 117 with stop loss of 108 Book full profit at 117 on 27th October
1st November 23 SATIN CREDITCARE Buy at 249 with stop loss of 225 Book full profit at 275 on 20th December
2nd November 23 COSMIC CRF Buy at 260 with stop loss of 223 Book full profit at 270 on 2nd November
8th November 23 VIJAYA DIAGNO Buy at 592 with stop loss of 550 Book full profit at 621 on 10th November
10th November 23 MOREPEN LAB Buy at 37.5 with stop loss of 30 Book full profit at 40.3 on 21st November
15th November 23 MAFATLAL IND Buy at 147.5 with stop loss of 133 Book full profit at 149.7 on 15th November
23rd November 23 TREL Buy at 51 with stop loss of 45 Book full profit at 57 on 8th January 24
24th November 23 SUPRIYA LIFE Buy at 265 with stop loss of 235 Book full profit at 284 on 28th November
24th November 23 Competent Auto Buy at 397 with stop loss of 340 Book full profit at 410 on 28th November
24th November 23 SHEMAROO Buy at 144 with stop loss of 130 Book full profit at 167 on 28th November
5th December 23 ALPA LABS Buy at 96.25 with stop loss of 88 Book 50% profit at 98 on 5th December & rest 50% at 103 on 11th Dec
8th December 23 IND SWIFT LABS Buy at 91 with stop loss of 81 Book full profit at 94 on 11th December
11th December 23 ASHOKA BUILDCON Buy at 151 with stop loss of 135 Book full profit at 163 on 9th January 24
15th December 23 SIMRAN FARM Buy at 165 with stop loss of 150 Book full profit at 182 on 18th December
18th December 23 LAXMI ORGANICS Buy at 290 with stop loss of 275 Book loss on 18th January 24 at 274
21st December 23 TYCHE IND Buy at 174 with stop loss of 151 Book full profit 185 on 21st December
29th December 23 HERANBA IND Buy at 398 with stop loss of 365 Book full profit at 422 on 5th January 24
29th December 23 MAFATLAL IND Buy at 137.5 with stop loss of 122 Book full profit at 141.5 on 1st January 24
9th January 24 SURYODAY SMALL Buy at 168 with stop loss of 150 Book full profit at 177.5 on 10th January 24
10th January 24 UFO MOVIES Buy at 138 with stop loss of 120
10th January 24 ENIL Buy at 224 with stop loss of 205 Book full profit at 253 on 17th January 24
10th January 24 AXTEL Buy at 550 with stop loss of 502 Book full profit at 585 on 15th January 24
11th January 24 APTUS VALUE Buy at 348 with stop loss of 320 Book full profit at 365 on 18th January 24
16th January 24 RALLIS INDIA Buy at 268 with stop loss of 245
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Financial Weekly TM

SMART SME STOCK WATCH
KAKA INDUSTRIES LTD.
BSE CODE - 543939 BSE SYMBOL - KAKA
Rs. 182 FV. Rs.10 LOT SIZE - 1000 SHARES
Kaka Industries Limited manufactures polymer-based profiles for application in doors, windows, parti-
tions, false ceilings, wall paneling, kitchen cabinets & other interior and exterior works. The company's
product portfolio has over 1200 SKUs covering PVC Profile, uPVC door & window profile, WPC Profile &
sheets in various sizes, specifications, and colors. It is also engaged in the fabrication of factory-made PVC
& Solid PVC doors. Except for WPC (Wood-polymer composite) profile and doors, all the products are non-
wood based, which substitutes wood products and results in the saving of trees.
Kaka Industries has three manufacturing units which has a combined installed capacity of 15,425 MT for
manufacturing PVC profile, 2,995 MT for WPC profile & sheet, 2,022 MT for uPVC door & window profile. It
also has a well-equipped laboratory, modern technology, and testing equipment with supporting environ-
ment and facilities, to ensure that the products conform with the desired quality. The company's distribution
network comprises 3 depots situated in Gagilapur (Telangana), Dadri (Uttar Pradesh), and Surat (Gujarat).
The public issue of Kaka was subscribed 358.88 times in the retail category, 72.13 times
in the QIB category, and 431.85 times in the NII category. Its 52 weeks high is Rs.252.
KAKA Industries Limited is set to revolutionize the construction industry with its entry
into PEB manufacturing. Pre-engineered buildings, known for their cost-effective and effi-
cient construction, are assembled using standardized components off-site. With an approxi-
mate investment of Rs. 165 Lakhs, funded through internal accruals, the company is poised
to establish a robust production capacity of 4800 tons.
Kaka has entered into a definite proposal to install Solar Power Plant with a capacity of 1300 KW over
Roof Top at its Manufacturing Plant located at Village-Lasundra, Kathlal, Gujarat to be met our internal
accruals. The solar power plant, projected to have an approximate lifespan of 25 years, represents a pivotal
step in KAKA's journey towards sustainable and eco-friendly manufacturing practices. This means KAKA
Industries Limited is poised to realize substantial electricity cost savings for the subsequent 21 years. The
project is scheduled to be fully commissioned by the end of January, marking the beginning of tan-
gible benefits in the fiscal year 2024-25.
Kaka posted PAT of Rs.6.49 cr. for H1FY24 which was only Rs.72 lakh in H1FY23, a mind
blowing jump of 801%. Its non- current assets shot up to Rs.22.05 cr. in H1FY24 which was
only Rs.11.13 cr. in H1FY23, a big jump of 98%. Its 52 weeks high is Rs.252 & now available
around Rs.182 at attractive valuations.
Investor can watch Kaka with a strict stop loss of Rs.160. The stock can give very good returns in short
to medium term.
On 5th November BSE SME COSMIC CRF was given at Rs.263, hit Rs.1085, a bumper gain of
312%.. On 3RD December BSE SME Jayant Infratech was given at Rs.131 hit Rs.344. On 17th De-
cember BSE SME RESGEN was given at only Rs.67 hit new 52 weeks high Rs.110. On 14th January
NSE SME SYSTANGO was given at Rs.275 hit 408. Last week BSE SME Brisk was given at Rs.153
hit Rs.176 during the week. When market is at new high, it is better to book partial profit at every rise
in 5-7 parts, where you are getting fast returns in short time.
Financial Weekly TM
Pratham EPC Projects Limited

Enters into the capital market through SME IPO
Corporate Feature
Pratham EPC Projects Limited provides end-to-end ser-
vices to oil and gas utilities in India. The company special-
izes in integrated engineering, procurement, construction,
and commissioning. The company undertakes gas pipeline
projects including welding, testing, and commissioning.
Pratham specializes in oil and gas pipelines and offshore
water distribution projects and undertakes tendering and 1. Purchase of Machinery.
management. The company has completed more than 12 2. To Meet Working Capital Requirements.
projects, with the largest projects totaling approximately ? 3. General Corporate Purpose.
13,184.10 lakhs. As of March 31st, 2023, the company has
six major projects. Five of them worth approximately
19,397.33 lakhs have been confirmed, but execution of
projects worth 16,952.80 lakhs is still pending. One project
has been completed with an order worth around 40,667.29
lakhs, indicating a healthy order book.
Pratham EPC Projects Limited is coming out with SME
IPO. It will issue 4800000 equity shares of Rs. 10 each. It
will raise Rs. 36.00 crore (at the upper cap) through this
issue. Price band is Rs.71- Rs.75 per share. The issue
opens on March 11, 2024, and will close on March 13,
2024. The minimum application to be made is for 1600
shares and in multiples thereon, thereafter. Post allotment,
shares will be listed on NSE SME Emerge. The issue con-
Pratham EPC Projects IPO Details
stitutes 27.03% of the post-IPO paid-up capital of the com- IPO Date : March 11, 2024 to March 13, 2024
pany. From the net proceeds of the IPO, it will utilize Rs. Face Value : Rs 10 per share
8.84 crore for purchase of machinery, Rs. 15.15 crore for Price Band : Rs 71 to Rs 75 per share
working capital and the rest for general corporate purposes. Lot Size : 1600 Shares
Beeline Capital Advisors Pvt. Ltd. is the sole lead manager Total Issue Size : 4,800,000 shares
of this issue and Link Intime India Pvt. Ltd. is the registrar
of the issue. Beeline Group's Spread X Securities Pvt. Ltd.
is the market maker for the company.
Cont... Issue Type : Book Built Issue IPO
Listing At : NSE SME
Pratham EPC Projects Limited provides Share holding pre issue : 12,960,000
end-to-end services to oil and gas utilities Share holding post issue: 17,760,000
in India. The company specializes in inte- Market Maker portion : 240,000 shares
Spread X Securities
grated engineering, procurement, con- Lead manager : Beeline Capital Advisors Pvt. Ltd.
struction, and commissioning Registrar : Link Intime India Pvt. Ltd.
Financial Weekly TM

Pratham EPC Projects Limited is coming Promoters of Pratham EPC Limited
out with SME IPO. It will issue 4800000 Mr. Pratikkumar Maganlal Vekariya
Mr. Pratikkumar Maganlal Vekariya aged 41
equity shares of Rs. 10 each. It will raise years is Chairman and Managing Director of the com-
Rs. 36.00 crore (at the upper cap) through pany. He holds the degree of Diploma in Mechanical
Engineering from Government Polytechnic, Amreli.
this issue. Price band is Rs.71- Rs.75 per He is having more than 16 years in the Oil & Gas and
Water Irrigation Project Management. He looks Over-
share. The issue opens on March 11, all Operations of the company.
2024, and will close on March 13, 2024 Mr. Nayankumar Manubhai Pansuriya
Mr. Nayankumar Manubhai Pansuriya aged 40
On the financial performance front, for the last years is Whole Time Director of the company. He holds
the degree of the Degree of Bachelor of Engineering in
three fiscals, the company has posted a total income/
Mechanical from the Saurashtra University. He is hav-
net profit of Rs. 30.85 cr. / Rs. 1.13 cr., (FY21), Rs. ing more than 16 years in the Oil & Gas and Water
50.63 cr. / Rs. 4.41 cr. (FY22), and Rs. 51.67 cr. / Irrigation Project Management. He looks Business Development and Pro-
Rs. 7.64 cr. (FY23). For H1 of FY24 ended on Sep- curement & Project Execution departments of the company.
tember 30, 2023, it earned a net profit of Rs. 5.23 cr.
on a total income of Rs. 35.81 cr.
On a consolidated basis, for the last two fiscals, Key Highlights
it posted a total income/net profit of Rs. 50.63 cr. / 1. Oil & Gas Infrastructure service provider
Rs. 4.42 cr. (FY22), and Rs. 51.69 cr. / Rs. 7.66 cr. 2. Providing operation & maintenance services to the City Gas
(FY23). For H1 of FY24 ended on September 30, Distribution (CGD)
2023, it earned a net profit of Rs. 5.24 cr. on a total 3. Company has projects of water distribution specifically project
income of Rs. 36.30 cr. The company marked quan- bidding & project management
tum jump in its bottom line. The surge continued for
H1 of FY24 as well. According to the management,
this is attributed to their major focus on cross-coun- 15+ Year Experience
try high margin projects.
For the last three fiscals, it has reported an aver-
age EPS of Rs. 4.23, and an average RONW of
14+ Industries Served
38.66%. The issue is priced at a P/BV of 4.19 based
on its NAV of Rs. 17.91 as of September 30, 2023, 1150+ KM Pipeline Laid
and at a P/BV of 2.25 based on its post-IPO NAV of
Rs. 33.34 per share (at the upper cap).
Company’s promoters have more than 30 years
of experience in engineering industry. Promoters lead
the company with their vision. Its management team
includes young and experience professionals. The
strength and entrepreneurial vision of the promoter
and management have been instrumental in driving
steady growth of the company and implementing our
strategies.
The company is certified by renowned organiza-
tions as follows: ISO 10002:2018 for customer sat-
isfaction, ISO 14001:2015 for environmental man-
agement, ISO 18001:2007 for occupational health
and safety, and ISO 9001:2015 for quality manage-
ment. As of September 30, 2023, the company em-
ployed 770 people in various departments.
CLIENTS
***
The company marked quantum jump in
its bottom line. The surge continued for
H1 of FY24 as well. This is attributed to
its major focus on cross-country high
margin projects
Financial Weekly TM

Smart Education - Yog Joshi
Technical Analysis
From
Basic to Advance
Hanging Man / Doji on Top - Maturity Candle

Hello Friends,
Hope you all are doing well...!!!
As we discussed in last week article, that if Nifty able to closed it resistance level 22150 then it
might be achieved new lifetime hgh and same we observed in this week that Nifty made a high of
22525. Now looking on the last candle of Thursday, it's like a Hanging Man or Doji type candle
which indicate slight correction in on going up trend.
Now considering high and low price of the last candle, the high price is 22525 and low price is
22493, now if the opening on the Monday will be above 22525 and it remain close also above the
life time high level 22525 then according to Fibonacci next levels like 22600(38.2%), 22700(50%)
golden ration level at 22800 (61.8%) might be achieved in coming days
And if Nifty closed below the lower level 22493 then lower side levels like 22400 to 22200 might
be possible in coming days.
I hope this article helps you all to know about future resistance and support of the NIfty chart.
Cont....
Financial Weekly TM

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

NIFTY (22338) :- From 21 December 2023 Nifty trading in the sideways zone was trading
between 21000 to 21900 for more than one month. it's trading in the sideways zone making new
highs but not settled above 21900. On 15 January it crossed 21900 making a new lifetime high but
on the second day it came down and from that date it's trading between horizontal consolidation
zone 21000 to 22200.
Right now we are seeing Nifty touching new all time highs almost every week. Right now We
are part of the big bullish rally and we should take advantage of it.
Today on Friday Nifty opened with a gap up and closed with 1.62%gain. Today the Nifty hit a
new lifetime high and closed with a good bullish candle with a big Volume. Now Nifty is trading
uptrend channel consolidation which is indicating it will go upside slowly. Next upside rally will
come in Realty , Infrastructure, Chemical, Pharma, finance, Paper and Power sector and PSU
companies so, find out stocks to trade from these sectors.
Cont...
Financial Weekly TM

KPIL (1051.00) :- Kalpataru projects international Limited formerly kalpataru Power transmis-
sion Limited is a engineering procurement and construction company. The company is engaged in
the business of EPC relating to infrastructure comprising buildings and factories, Power transmis-
sion and distribution, roads and bridges, water pipeline, railway track laying and electrification, oil
and gas pipelines laying and others. It delivers complete solutions which cover designing, testing,
fabrication, erection and construction of transmission lines, oil and gas infrastructure and railway
projects on the Turnkey basis. It is providing railway EPC services for executing civil infrastructure,
track laying, signaling and telecommunication and overhead electrification projects for railways in
India. On the daily chart stock made a good bullish setup. On the daily price chart it made a
triangular breakout pattern with good volume. As per this price pattern stock looks good upside.
We can buy this stock with a stop loss of 990 for the target of 1140. We can hold this stock for a
month for our target
Financial Weekly TM

BETWEEN THE LINES
RAVI B GUPTA (SEBI REGISTERD RESEARCH ANALYST)
111GUPTARAVI@GMAIL.COM
From last weeks recommendation 4 out of 4 are able to provide profit.
Trades For Monday 11 March 2024 to Friday 15 March 2024.
NIFTY :- 22500 PE Current Expiry
Buy : 75-85 , SL : 60 , Target : 100 110 125 140+
BANKNIFTY :- 47800 PE Current Expiry
Buy : 170-200
SL : 100
Target : 250 290 340 400+
BANKNIFTY :- Sell Current Future
Sell : 47370-47430
SL : 47550
Target : 47100 46800 46500
ICICIBANK :- 1080 PE Current Expiry
Buy : 12-13, SL : 10 , Target : 15 17 19+
MIDCPNIFTY :- 10925 PE Today's Expiry
Buy : 13-16 , SL : 0 , Target : 23 30 40 50+

Financial Weekly TM

Terrific Shots - Dilip K. Shah
Cello World (Rs. 804.00) (Code: 544012) :- The company issued shares at Rs. 648
in its IPO in November. The shares have touched a high of Rs. 949.3 and low of Rs. 748.6 since.
The company’s market cap is Rs. 17,066 crore. The company makes consumer houseware prod-
ucts and moulded furniture, writing products and stationery products. It has 13 units and is setting
up a glass manufacturing unit in Rajasthan. Promoter holding is. 78.06%. FIIs and DIIs own 3.02%
and 12.75% stake respectively. Cello World registered income of Rs. 527 crore, operating profit of
Rs. 132 crore, and net profit of Rs. 91 crore in the December quarter. The company’s ROE is 125%
and ROCE is 48.1%. Its equity is Rs. 98 crore and reserves are Rs. 880 crore. The stock has
corrected quite a bit and can be considered on dips.
HDFC Life (Rs. 621.00) (Code: 540777) :- The A group listed shares touched a 52-
week high of Rs. 710.6 and low of Rs. 457.95. The company’s market cap is Rs. 1,33,718 crore.
The insurance sector has been showing negative trends for long and even the stock has been
range-bound. The company is promoted by HDFC and Standard Life. Its equity is Rs. 2150 crore
and reserves are Rs. 11,518 crore. In the December quarter, HDFC Life’s profit grew from Rs. 316
crore to Rs. 368 crore. Income went up from Rs. 19,577 crore to Rs. 26,927 crore. The stock is
trading at a PE multiple of 87.8, which is on the higher side. However, the backing of a strong
promoter in HDFC and the growth prospects of insurance sector justify the valuations. Moreover,
the stock is also a part of Nifty now. Promoter holding is 50.37%, while FIIs and DIIs hold 31.28%
and 6.56% respectively. The stock can be considered for the long-term on dips.
UPL Limited (Rs. 482.00) (Code: 512070) :- Known as United Phosphorus earlier,
UPL is a leading global company in generic crop protection, agrochemicals, and seeds segment.
It has acquired Arista, an international company. It has a presence in 123 countries with 27 formu-
lation facilities and 48 manufacturing facilities. It has more than 1,020 product patents and 13,500+
product registrations. Its equity is Rs. 150 crore. Promoter holding is 32.34%. FIIs and DIIs own
substantial stakes. In the December quarter, its income declined from Rs. 13,679 crore to Rs. 9,887
crore. It reported a loss of Rs. 1607 crore as against a profit of Rs. 1360 crore last year. The company’s
performance has been weak for some time. It is also not a part of Nifty anymore. However, its
performance could improve going ahead. The stock touched a 52-week high of Rs. 760.45 and low
of Rs. 452.4. Its market cap is Rs. 36,849 crore.
TVS Motors (Rs. 2260.00) (Code: 532343) :- Shares of this 2 & 3-wheeler vehicle
company are listed in the A group. The shares touched a 52-week high of Rs. 2295 and low of Rs.
1005. Promoter holding is 50.27%. It has the highest turnover in TVS group. It has four ultramodern
plants at Hosur, Mysore, and Nalagadh in India, and Karawang in Indonesia. From mopeds to
racing bikes, TVS Motors makes the widest range of 2-wheeler vehicles. Its products are exported
to 60+ countries. Its group company Norton Motorcycles is a leader in e-bikes in Switzerland. TVS
Motors is the only 2-wheeler company to have received the prestigious Deming Prize in total qual-
ity management. Its market cap is Rs. 1,08,319 crore. The company sold 10.63 lakh units in the last
quarter. It registered income of Rs. 10,124 crore, net profit of Rs. 509 crore, and EPS of Rs. 10.71
in the December quarter. The stock can be bought with a target price of Rs. 2730 in 2-3 quarters
with a stop-loss of Rs. 1920.
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

Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Important support for Index at 73321 and

Nifty Future at 22322
BSE Index (74119.39) :- It is moving upward from the bottom of 70809.83. It shows an over-
bought position on a daily, weekly and monthly basis. On the upward movement, beyond 74245 it
may go up to 74720, 75360 and 76000. On the downward movement, below 73715 it may get
support at 73315.
Bank Nifty Future (47958.30) :- It is moving upward from the bottom of 44404. It shows an
overbought position on a daily, weekly and monthly basis. On the upward movement, beyond
48344 it may go up to 48625 and 48870. On the downward movement, below 47600 it may get
support at 47300.
Nifty Future (22552.35) :- It is moving upward from the bottom of 21600.85. It shows an over-
bought position on a daily, weekly and monthly basis. On the upward movement, beyond 22620 it
may go up to 22670, 22730, 22770, 22873, 22975. Be cautious around 22730. On the downward
movement, below 22500 it may go down to 22435, 22322.
Dalmia Bharat (1961.20) :- It is moving downward from the top of 2430.70. It shows an oversold
position on a daily, weekly and monthly basis. On the upward movement, beyond 1977 it may go
up to 2055, with resisting level at 2067. On the downward movement, below 1916 it may go down
to 1900, 1815, 1735, 1670.
HDFC Bank (1446.10) :- It is moving upward from the bottom of 1397.30. It shows an over-
bought position on a daily basis, a neutral on a weekly basis and an oversold on a monthly basis.
On the upward movement, beyond 1453 it may go up to 1453, 1464, 1481 and beyond that to 1500
and with ups and downs to 1520, 1540. On the downward movement, below 1430 it may get sup-
port at 1421.
ICICI Prudential (583.60) :-It is moving upward from the bottom of 497.30. It shows an over-
bought position on a daily and weekly basis, while a neutral position on a monthly basis. On the
upward movement, important level could be at 614. On the downward movement, below 549 it may
get support at 540.
Indusin Bank (1563.75) :- It is moving upward from the bottom of 1440. It shows an overbought
position on a daily basis, a neutral on a weekly basis and an overbought to a neutral on a monthly
basis. On the upward movement, beyond 1572 it may go up to 1577, 1594 and 1610. On the down-
ward movement, below 1535 it may get support at 1525.
Pidilite (2865.85) :- It is moving upward from the bottom of 2488.10. It shows towards an over-
bought position on a daily basis, while an overbought position on a weekly and monthly basis. On
the upward movement, beyond 2909 it may go up to 2950 and 2990. On the downward movement,
below 2823 it may get support at 2780 and 2740.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
: Golden quotes :
Life is What happens while you are busy making other plans
Financial Weekly TM

Gujarat Toolroom Limited • CMP – Rs. 59.98 • BSE: 513337
Gujarat Toolroom Ltd. Bags Rs. 290 Million
Order from Reliance Industries Ltd
Corporate SCAN
In a significant development, Gujarat
Toolroom Limited (GTL) has recently secured a
substantial order worth Rs. 290 million from Re-
liance Industries Limited, one of India's largest
conglomerates. This strategic partnership marks
a pivotal moment for GTL, signifying its entry into
the league of industry giants and opening doors
to unprecedented growth opportunities.
The order, aimed at supplying construction
materials to Reliance Industries' ongoing
projects, underscores the trust and confidence
that Reliance has placed in GTL's capabilities
and quality of service. Such order from a mar-
ket leader like Reliance not only validates GTL's
expertise but also presents a gateway to broader
market visibility and enhanced credibility.
This order is expected to have a transforma-
tive impact on GTL's business. The infusion of
a substantial order of this magnitude will signifi-
cantly bolster GTL's revenue stream, providing a solid foundation for financial stability and sustainable
growth. With a forward-looking approach, GTL is poised to leverage this opportunity to expand its market
presence and fortify its position in the industry.
Looking ahead, GTL anticipates more such orders from various clients in the coming months, further
fueling its growth trajectory. The company's strategic focus on diversifying its business portfolio, coupled
with its commitment to delivering excellence, positions it favorably to capitalize on emerging opportunities
in the market.
In line with its vision for the future, GTL is eyeing a robust revenue target of Rs. 150 billion for the
current fiscal year, with a targeted profit margin of 17-18%. These ambitious yet achievable goals under-
score GTL's confidence in its ability to deliver sustained value to its stakeholders and drive long-term
shareholder wealth.
With a track record of operational excellence, coupled with its strategic partnerships and forward-
looking initiatives, GTL is well-positioned to emerge as a key player in India's burgeoning industrial land-
scape.
This ordermarks the beginning of a new chapter in GTL's growth story. With a relentless focus on
innovation, quality, and customer satisfaction, GTL is set to redefine industry standards and create last-
ing value for its stakeholders.
Through and order from a market leader like Reliance Industries, GTL gains access to a vast network
of clients and projects, paving the way for sustained growth and profitability.
In conclusion, Gujarat Toolroom's order fromReliance Industries represents a watershed moment for
the company, signaling its ascent to greater heights in the construction supplies sector. With a track
record of excellence, a robust order book, and strategic partnerships in place, GTL is well-positioned to
capitalize on emerging opportunities.
***
Financial Weekly TM

Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
Life time high marked in truncated week

It's a 4th positive week in a row
The concluded week :- The truncated week marked highly volatile trade and also posted
life time highs for intraday and close. Mid- week mega gains helped the green closing of the
week and it turned out to be the fourth positive week in a row. Markets moved in a narrow
range and marked stock specific movements. In fact, the side market turned listless for the
major part of the week and surge was attributed to the index heavy weight counters. FIIs
turned the mega net buyers for the last three sessions.
For the week, while BSE Sensex moved in the range of 74245.17 - 73321.48, NSE Nifty
hovered between 22525.65 - 22224.35.
The week marked GAINs of 313.24 points for BSE Sensex and 115.15 points for NSE
Nifty.
The ensuing week :- Brent crude moved in a narrow rangeto close the week at 83.00$ per
barrel, and Rupee too moved in a narrow range to close the week around Rs. 82.70 a dollar.
For the ensuing week, we have about 65 corporate meets.Market men will have on radar Q4
advance tax and inflation data for trigger on the markets. FIIs turning net buyers has been
BONUS ANNOUNCEMENT BONUS MEET seen as a turning of corner in this final

Naapbooks (2 for 1) ThinkInk (15.03.24- revised)
and critical last month of the fiscal 2024.
EX-RIGHTS EX-SPLIT
Sawaca Business, Tiger Logi (10for 1), Market is expected to post high volatile
Capri Global (2 for 1),
Valencia Nutri. Manorama Ind. (5 for 1),
Sunshine Cap (10 for 1).
trades as seen in the concluded week.
EX-BONUS
RIGHTS ISSUE However, for India Modi(fied) story yet
Capri Global (1 for 1), and
Valencia Nutri (15 for 10),
Sunshine Cap (7 for 1) Mishtann Foods (31 for 1) again taking a driver seat and keeping
DIVIDEND ANNOUNCEMENTS domestic bulls on their toes.
Wonder Elect (10%), India Gelatine (100%), Sudarshan
Chem (180%), ISMT (10%), Kirloskar Ferrous (60%) Cont...
Financial Weekly TM

Amidst such scenario the BSE Sensex may move in the range of 75250 - 72250 and NSE
Nifty in the range of 23000- 21000 for the coming week.
DISCLAIMER: No financial information whatsoever published anywhere here should

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

Sensex Open High Low Close Diff
BSE - Sensex Open High Low Close Diff
04-03-2024 73,903.09 73,990.13 73,747.01 73,872.29 66.14
05-03-2024 73,767.42 73,915.54 73,412.25 73,677.13 -195.16
06-03-2024 73,587.70 74,151.27 73,321.48 74,085.99 408.86
07-03-2024 74,242.74 74,245.17 73,921.48 74,119.39 33.40
08-03-2024 Maha Shivratri Holiday NA
Net Weekly Gains 313.24
NSE - Nifty Open High Low Close Diff
04-Mar-24 22,403.50 22,440.90 22,358.30 22,405.60 27.20
05-Mar-24 22,371.25 22,416.90 22,269.15 22,356.30 -49.30
06-Mar-24 22,327.50 22,497.20 22,224.35 22,474.05 117.75
07-Mar-24 22,505.30 22,525.65 22,430.00 22,493.55 19.50
08-Mar-24 Maha Shivratri Holiday NA
Net Weekly Gains 115.15
Financial Weekly TM

Dr. A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Strategic Stock Investing

Renowned investor and vice chairman of Berkshire Hathaway, Charlie Munger, once remarked, "A lot of success in
life and business comes from knowing what you want to avoid: early death, a bad marriage, etc."
This wisdom from Munger extends beyond personal life and can be applied to the world of stock investments. This
article explores the parallels between Munger's philosophy and strategic stock investing.
Understanding Risks :- Munger's advice encourages individuals to identify and steer clear of potential pitfalls.
Similarly, successful stock investing requires a keen awareness of risks. Investors must conduct thorough research to
recognize the potential downsides associated with a particular stock or market conditions.
The Importance of Due Diligence :- Munger's counsel on avoiding life's pitfalls aligns with the need for comprehensive
due diligence in stock investing. Investors should thoroughly analyze a company's financial health, management team,
and industry trends before committing capital. This proactive approach helps avoid potential investment pitfalls. A few
such due diligence parameters can be the Dividend payout ratio, Debt/Equity ratio, Corporate governance, sector cycle
etc.
Setting Clear Investment Goals :- Knowing what you want to achieve is key in both life and stock investing.
Establishing clear investment goals, whether long-term wealth accumulation, income generation, or capital preservation,
provides a roadmap for making informed decisions and avoiding unnecessary risks. People are often not aware of their
goals.
Risk Management Strategies :- Munger's wisdom also applies to implementing risk management strategies in
stock investing. Establishing stop-loss orders, setting realistic profit targets, and having an exit plan in case of adverse
developments can help investors avoid significant financial setbacks. One has to be rational in protecting the principal
and returns.
Learning from Mistakes :- In both life and investing, mistakes are inevitable. Munger's philosophy encourages
learning from these mistakes to avoid repeating them in the future. Similarly, investors should analyze their investment
decisions, whether successful or not, to improve their strategies continuously.
Conclusion :- Charlie Munger's insightful advice on avoiding life's pitfalls holds valuable lessons for stock investors.
By understanding risks, conducting due diligence, setting clear goals, implementing risk management strategies, and
learning from mistakes, investors can enhance their chances of success in the dynamic world of stock investments.
Munger's timeless wisdom serves as a guiding principle for those seeking to navigate the complexities of the financial
markets with prudence and foresight.
Happy investing!
Dr. Anil Kumar Asnani
SEBI Reg. Research Analyst
Whatsapp: 9755920780
Mobile: 9131361959
Website: https://www.smartverc.com
Financial Weekly TM

Kishore Purswani
(Email: kishore.purswani@gmail.com)
Buffettology - An introduction
Introduction :- "Buffettology" refers to the investment philosophy and principles of Warren Buffett, one
of the most successful investors of all time. This approach to investing is based on the teachings and
strategies employed by Warren Buffett throughout his career. His approach to investing has been captured
by Mary Buffet and David Clark in their book titled ""Buffettology: The Previously Unexplained Techniques
That Have Made Warren Buffett the World's Most Famous Investor". The book delves into the investment
philosophy and strategies of Warren Buffett, aiming to decipher the principles that have made him one of the
most successful investors of all time.The book is divided into parts. Part-I delves into the qualitative as-
pects of picking quality stocks while Part-II delves the quantitative techniques.
Key aspects of Buffettology :- Value Investing: Buffett is a proponent of value investing, which in-
volves identifying undervalued stocks trading at prices below their intrinsic value. He looks for companies
with strong fundamentals, competitive advantages, and predictable cash flows.
Business Analysis :- Buffettology emphasizes thorough analysis of the underlying business behind a
stock. Buffett looks for companies with durable competitive advantages or "economic moats," such as
strong brands, low-cost production, or network effects, which allow them to maintain profitability over the
long term.
Margin of Safety:- Buffett advocates for the concept of a margin of safety, which involves buying stocks
at prices significantly below their intrinsic value to protect against downside risk.
Long-Term Perspective :- Buffett is known for his long-term investment horizon. He believes in holding
quality stocks for extended periods, allowing the power of compounding to work in his favour. Buffettology
encourages investors to focus on the underlying business performance rather than short-term market fluc-
tuations.
Circle of Competence :- Buffett advises investors to stay within their circle of competence, which
means investing in industries and businesses they understand. By sticking to areas of expertise, investors
can make more informed decisions and avoid costly mistakes.
Contrarian Thinking :- Buffettology often involves contrarian thinking, where investors take positions
opposite to the prevailing market sentiment. Buffett sees market pessimism as an opportunity to buy quality
stocks at discounted prices, while market euphoria may present selling opportunities.
Focus on Management :- Buffett places significant importance on the quality and integrity of a company's
management team. He looks for competent and shareholder-friendly management that prioritizes long-term
value creation over short-term gains.
Continuous Learning:- Buffettology emphasizes the importance of continuous learning and improve-
ment. Buffett himself is known for his voracious reading habits and lifelong dedication to studying busi-
nesses, industries, and economic principles.
Conclusion :- Buffettology is a disciplined and patient approach to investing that focuses on fundamen-
tal analysis, long-term value creation, and risk management. It advocates for investing in quality companies
with strong competitive advantages, while avoiding speculation and short-term trading.
Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: kishore.purswani@gmail.com Cont...
Financial Weekly TM

Scrip Watch - Siddharth Shah
Coromandel International (Rs 1114.00) : The Union Cabinet, recently, approved the
Nutrient Based Subsidy (NBS) rates for the upcoming Kharif season on Phosphatic and Potassic (P&K)
fertilizers and to include three more fertilizer grades under the NBS scheme. The Centre said tentative
budgetary requirements for the scheme would be about 24,420 crore. The subsidy on Nitrogen (N) has
been fixed at 47.02 per kilogram, phosphatic (P) at 28.72 per kg (?20.82 per kg in 2023 rabi season),
potassic (K) at 2.38 per kg, and Sulphur (S) at 1.89 per kg. With this subsidy, DAP which is sold currently
at ?1,350 per bag (50 kg), will continue to be available at the same rate in the upcoming 2024 Kharif season.
It will benefit Coromandel and its sales will increase. As the stock has corrected after weak Q3 numbers, it
is a good opportunity to enter into this counter.
Pidilite (Rs 2865.00) : Pidilite Industries (PIL), renowned for its leadership in adhesives and
home improvement sectors, has ventured into the decorative paints market with the debut of Haisha Paints.
Launching in select regions, Haisha Paints is designed to bridge crucial gaps and meet specific pricing
needs within the decorative paints segment. In collaboration with Sideways, the campaign for Haisha Paints
embraces a unique and endearing style of storytelling through animation, a new standard in paint advertis-
ing. This approach, featuring vibrant and engaging visuals, highlights Haisha Paints' heritage, sharing lin-
eage with esteemed brands like Fevicol and Dr. Fixit. Haisha Paints is poised to take full advantage of
Pidilite's extensive market distribution network, building on the consumer trust and recognition enjoyed by
its sibling brands. Meanwhile, the stock has broken out positively last week. It shows now the stock is
poised to cross Rs.3000 very soon. Buy and stick to it like Fevicol.
PVR Inox (Rs 1415.00) : Shares of PVR Inox traded in the green last week after the company
opened a six-screen cinema at the Mall of Faridabad, Haryana. The cinema is equipped with 4K laser
projection and Real D 3D along with five premiere auditoriums with celebrity recliners equipped with 2K
laser projection, Dolby Atmos sound and Next-Gen 3D technology. With this opening, the company un-
veiled its sixth cinema in Faridabad and plans to firm up its foothold in Haryana with 94 screens in 23
properties, keeping up its expansion in the northern part of India with 469 screens in 104 properties. The
company also re-opened the iconic Sangam cinema at Andheri East, which is equipped with the best-in-
class theatrical solutions including 2K projection, advanced Dolby 7.1 audio and Next-Gen 3D technology
for an immersive experience. Invest.
Alkem Laboratories (Rs 5141.00) : Alkem Labs, the drugmaker's shares had nosedived
last week on reports that the Income Tax Department was investigating into substantial tax evasion by the
company. Sources said that the Income Tax Department has discovered that Alkem Laboratories allegedly
made bogus and excessive deductions for its manufacturing units in Sikkim. The purported value of such
deductions is claimed to exceed Rs 1,000 crore. Numerous deductions were reportedly claimed under
various special sections like 80-IC, according to sources within the firm. The company, however, clarified
that it remains committed to compliance and transparency, and had fully cooperated with the Tax Depart-
ment officials during an earlier survey in 2023. Sometimes, negative news gives opportunity to enter into
some good stocks. Think over it and decide.
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

Market Tips - Het Zaveri
JSW Steel (Rs 829.00) : Brokerage firm JP Morgan has given JSW Steel’s stock an ‘over-
weight’ rating. The brokerage has hiked the target price for the stock. The company recently informed the
bourses via a regulatory filing that it has reported consolidated Crude Steel production for the month of
February 24 at 21.5 Lakh tonnes, grew by 5 per cent YoY. Over the last three decades, JSW Steel Steel
has grown from a single manufacturing unit to become India’s leading integrated steel company with a
capacity of 29.7 MTPA in India and the USA. The Company's manufacturing unit in Vijayanagar, Karnataka
is the largest single location steel-producing facility in India with a current capacity of 12.5 MTPA. Broker-
age firm JP Morgan is bullish on JSW Steel Steel’s stock and has given it an overweight rating. The broker-
age has set a target price of Rs 980 for the stock at 15 per cent upside over current market price. The
brokerage also said that the Indian steel industry is demonstrating the strongest growth relative to other
major economies. JSW Steel Steel is the flagship business of the diversified JSW Steel Group. Buy.
SRF Ltd (Rs 2447.00) : SRF, recently, established a wholly-owned subsidiary named SRF
Altech to build a manufacturing facility for producing aluminum foil. The company successfully commis-
sioned this facility, which has now been capitalised at a cost of Rs 536 crore. This move represents SRF's
strategic expansion into aluminum foil manufacturing. The subsidiary's setup and operational status align
with SRF's broader initiatives for diversification and growth. With an investment of Rs 536 crore, SRF
demonstrates a significant commitment to this venture, signaling confidence in the potential of the aluminum
foil market. This development not only strengthens SRF's position in the industry but also reflects its proac-
tive approach to exploring new avenues for business and staying ahead in a competitive market. Buy.
Muthoot Finance (Rs 1377.00) : Shares of gold loan company Muthoot Finance jumped
over 14% on last Tuesday, making the most out of the rival IIFL Finance's misery after the Reserve Bank of
India (RBI) barred the latter on Monday from sanctioning or disbursing any new loan. Stable yields and
assets under management growth have incrementally put the gold loan business on a much better footing.
This will potentially bolster support from higher gold prices and weaker growth in unsecured loan segment.
Non-gold businesses have also performed well for gold non-banking financial companies, which essentially
opens up structural growth opportunities beyond gold for the company. Buy.
Aavas Fin. (Rs 1414.00) : In a significant development, Kedaara Capital and Partners Group,
the promoters of Aavas Financiers, divested 12.6 per cent of their stake in the housing finance company
through open market transactions. The divestment, which amounted to Rs 1,369 crore, involved the sale of
shares by Kedaara Capital's affiliate Lake District Holdings Ltd and Partners Group's entities, Partners
Group ESCL and Partners Group Private Equity Master Fund LLC. According to the bulk deal data avail-
able on the National Stock Exchange (NSE), Lake District Holdings sold 58.39 lakh shares of Aavas Finan-
ciers, while Partners Group ESCL and Partners Group Private Equity Master Fund offloaded a total of
41.57 lakh shares of the housing finance company. Collectively, these entities sold 99,96,950 shares,
representing a 12.6 per cent stake in Aavas Financiers Ltd. The shares were disposed of within a narrow
price range of Rs 1,370 to Rs 1,370.20 per share, resulting in a combined transaction value of Rs 1,369.61
crore. Concurrently with the divestment by the promoters, SBI Mutual Fund and Amansa Holdings acquired
a total of 86.59 lakh shares, equivalent to an 11 per cent stake in Aavas Financiers Ltd. The shares were
purchased at an average price of Rs 1,370 per share, bringing the combined deal value to Rs 1,186.33
crore. Details regarding the other buyers involved in the transaction were not immediately available. The
stock is worth accumulation.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

SMART TIPS Smita N. Zaveri
JSW Infra (Rs. 250.00) (Code: 543994) :- Shares of this ports sector company are
listed in the B group. The shares touched a 52-week high of Rs. 276 and low of Rs. 141. The
company is one of the largest private port operators in India and specialises in providing efficient
port facilities. It has ten port facilities in Odisha, Maharashtra, Goa, Tamil Nadu and Karnataka with
a cargo handling capacity of 170 MTPA. The company is reporting steady growth in its port opera-
tions. Promoter holding is 85.61%. Its equity is Rs. 359 crore and reserves are Rs. 1243 crore. In
the December quarter, its income increased from Rs. 211 crore to Rs. 269 crore, and net profit from
Rs. 34 crore to Rs. 93 crore. The company has strong growth prospects considering its strategic
presence and acquisitions, growth in third-party cargo, and long-term agreements with JSW Group
companies.
Manappuram Finance (Rs. 172.00) (Code: 531213) :- This NBFC’s shares are
listed in the A group and touched a 52-week high of Rs. 199 and low of Rs. 102. The company is
based in South India and offers gold loans and loans for housing and commercial vehicles. The
quality of its gold loan portfolio has improved. It is also focusing more on housing finance segment.
It has 4,300 branches and has added 3.25 lakh new customers. It has over 26.3 lakh live gold loan
customers. Its subsidiary Ashirwad Microfinance registered 57.18% growth. Promoter holding is
35.20% and public shareholding is 64.80%. Its market cap is Rs. 14,597 crore. Its equity is Rs. 169
crore and reserves are Rs. 9461 crore. Its income in the December quarter increased from Rs.
1734 crore to Rs. 2326 crore, and profit from Rs. 393 crore to Rs. 575 crore. The stock can be seen
at new highs in the short to medium term.
Power Grid (Rs. 292.00) (Code: 532898) :- Shares of this power transmission com-
pany touched a 52-week high of Rs. 298 and low of Rs. 164. It is a Maharatna PSU and the largest
electric power transmission utility in the country. It operates more than 86% of inter-regional net-
works. It has 276 substations, 1.77 lakh circuit km transmission lines, and 99.86% system avail-
ability. Power Grid offers consultancy services to 23+ countries and has 25+ global clients. It has
also established over 1 lakh km of telecom network, with 3,000+ points of presence in 500 cities.
The central government holds 51.34% stake. Its equity is Rs. 6975 crore and reserves are Rs.
76,039 crore. Its income in the December quarter went up from Rs. 11,530 crore to Rs. 11,819
crore, and profit from Rs. 3645 crore to Rs. 4066 crore. The company has maintained EPS of Rs.
22 for the last four years, which suggests an impact on its earnings.
L&T Finance (Rs. 161.00) (Code: 533519) :- Shares of this A group company touched
a 52-week high of Rs. 179 and a low of Rs. 79. Promoter holding is 65.90% stake and public
shareholding is 34.10%. The company started with financing farm equipment and commercial ve-
hicles, before foraying into housing finance in 2012. It acquired Indo Pacific Housing Finance
Limited and Family Credit Limited in the same year. The company has enhanced lending to rural
and housing segments. L&T Finance’s market cap is Rs. 40,258 crore. Its equity is Rs 2479 crore
and reserves are Rs. 18,907 crore. In the December quarter, the company’s income rose from Rs.
3491 crore to Rs. 3581 crore and profit from Rs. 452 crore to Rs. 639 crore. The stock is trading
near the 52-week high and can be seen at a new top in the short term.
SEBI Registered Research Analyst)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on 8th March, 2024 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

Smart super duper - Het Zaveri
Zensar Technologies (Rs. 592.00) (Code: 504067) :- It is a group company of RPG

group and is active in the IT sector. It is active in the foreign country and majority of the income comes from
US. For the December quarter, the company's income increased from Rs. 1198 crore to Rs. 1204 crore
and profit decreased from Rs. 76 crore to Rs. 162 crore. The stock is being quoted at PE of 21.9, which is
quite lower than its peers. The fundamentals are very strong and the stock has also being quoted at lower
valuation. The stock has witnessed bullish wave to take it to the 52 week high. It has given good guidance
for December quarter, leading to the bullish wave. Any correction gives an opportunity to buy it.
Tata Power (Rs. 424.00) (Code: 500400) :- It is one of the leading integrated power
companies of India. It has presence in India and abroad. It generates electricity using thermal, hydro, solar
and wind sources. It owns 4000 mw ultra mega power plant at Mundra in Gujarat. Along with power genera-
tion, the company owns 30% stake in two coal mines in Indonesia. It is now also active in a big way in
electric charging and solar. For the December quarter, the company's income increased from Rs. 14129
crore to Rs. 14651 crore, while profit increased from Rs. 1052 crore to Rs. 1076 crore. As against equity of
Rs. 320 crore, the company has reserves of Rs. 29817 crore. It paid 155% dividend for 2020, 155% for
2021 and 175% for 2022, while 200% for 2023. The company has got the double the tariff hike than it
demanded.
Jupiter Wagons (Rs. 369.00) (Code: 533272) :- The stock has wintess a spike in
price recently. It was earlier known as Commercial Engineers and Body Builders. It has witnessed a turn-
around in last one year. As against equity of Rs. 399crore, it has reserves of Rs. 657 crore. For the Decem-
ber quarter, the company's profit increased from Rs. 79 crore to Rs. 123crore, while income increased from
Rs. 644 crore to Rs. 896 crore. The company manufactures wagons and it has been receiving orders from
the government. The company has orders worth Rs. 707361 lakh. The stock is witnessing a big bullish
wave so it can be considered for investment at any drop in the price.
Zydus Life (Rs. 976.00) (Code: 532321) :- The company was earlier known as Cadila
Healthcare and is now Zydus Lifesciences. The A group listed shares touched a 52-week high of Rs. 982.1
and low of Rs. 461.5. Zydus has a strong presence in the formulation business and is a leading player in the
gastroenterology, cardiovascular and women's healthcare segments. It has also a presence in other seg-
ments like group respiratory, pain management, anti-infectives, oncology, nervous system, etc. It is also
present in consumer products business through its subsidiary Zydus Wellness. The company's equity is
Rs. 101 crore. Promoter holding is 74.98%. FIIs hold 4.99% and DIIs hold 13.03% stakes. For the Decem-
ber quarter, Zydus reported income of Rs. 4505 crore, profit of Rs. 790 crore and EPS of Rs. 7.80. It has a
P/E ratio of 30.2. It is near to 52-week high.
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

A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Time to change the portfolio!

When the BSE index crossed 74000 and Nifty 22500 and now the index is moving towards
75000 and Nifty 23000 then it seems necessary to change the portfolio. The portfolio now
needs to accommodate more Tata Group stocks. First share investment in Tata Group
should be given importance. Foreign companies also want to increase the stake in the shares
found around 9700. It is a flagship company of Tata Group. Ultratech Cement, which is
considered difficult to stand against Adani Group in the coming days, should be converted
into these shares.
Tata Group's other two stocks - Tata Steel and Tata Motors - both companies are hitting
new highs. Invest both companies slowly. Tata Motors share price crossed 1000 and it still
looks good. After the Tata Steel action, this company meets at 157 and will see some
fluctuations, but in the end, it will continue its bullish march.
Reliance :- The price of 2950 has arrived. In short, this share will show the price of 3000.
Shares can give more profit in long term investment. Mahindra : From 1600, this stock has
the potential to go up to 2300 in the long term. V-Guard :- buy at Rs. 190 , it will be go Rs. 240
to 250 in the next 6 to 8 months. SBI and ICICI banks are good for investment but need to
wait for court judgment of electro bond in SBI. Cipla share in pharma companies its good for
long term. There is going to be an election campaign in India. If something strange happens,
if the above stocks fall, they should average and stand.
Financial Weekly TM

Primary Market - Dilip K. Shah
This week total 14 issues are in the market including 3 Mainboard, 8 SME, 2 Rights, 1 NCDs
Gopak Snacks got only 1.8x subscription in two day: Fancy fizzles out
Popular Vehicles’ Rs. 601 crore issue with a price band of Rs. 280-295 will open on March 12 and close on March 14
Four NSE SME IPOs - Shree Karni, Pratham, Signoria, AVP Infra – enter the market this week
Four BSE SME IPOs - Koura Fin., Pune E-Stocks, Royal Sense & KP Green Engg. – enter the market this week
Two Rigths Issues opened: Silgo on Feb 28 and South Indian Bank on March 3
Indiabulls Housing Fin’s NCDs issue with a base price of Rs. 100 crore to clos on March 18
Mainboard IPO premium listing: Exicom at 87% and Mukka Proteins at 57%
SME IPO blockbuster listign:- Purv Flex at 266% and Owais Metal at 187%
Mainboard IPO of Platinum Industries got listed with 31% premium
Grey Market Movement

Grey Market is highly volatile: Contrary trends in Mainboard and SME IPOs
Mainboard premiums crumbled, SME premiums skyrocketed
Gopal Snacks and JG Chem witness 50% dent in premiums: RK Swami may list in discount
Popular Vehicles lacks fancy: Poor start with average deals
Karni, Pune, Pratham SME IPO premiums are more than 100%
KP Green premiums are 100+ before launch
No premiums due to lack of deals in Royal Sense and AVP Infra SME IPOs
Amid the ups and downs, around 4 mainboard and 10 SME IPOs are in the market. Despite, the
crumbling premiums in the mainboard IPOs, some of the SME IPOs are enjoying over 100% premiums.
Mainboard IPOs :
RK Swamy :- Premiums were 52/55 at one point of time, which has come down to at-par. Nominal
premiums indicate listing at average premium.
JG Chemicals :- As against offer price of Rs. 221 the premiums were Rs. 50/55 which has come
down to more than 50% to Rs. 18/20.
Gopal Snacks :- Before the launch of the issue, the premiums were Rs. 160, which came down to Rs.
100/105 and now it is around Rs. 20/22.
Popular Vehicles :- It lacks fancy, so premiums may not sustain.
SME IPOs :- The trend is quite contrary in the SME IPOs. Shree KarniFabcon, Koura Fine Diamond
Jewelry, Pune E-Stock Broking, Pratham EPC Projects IPOs are enjoying around 100-120% premium
on the offer price. Sona Machinery premiums are 70-80%, Signoria Creations are at Rs.61-65. VR
Infraspace premiums are Rs. 8-10. KP Green Engineering BSE SME IPO premiums have crossed Rs.
100 level even before launch. No deals in Royal Sense and AVP Infracon.
Cont...
Financial Weekly TM

Grey Market Premium / Kostak / Subject to Prices
IPOs Name Lot Size Offer Price Premium Kostak Price Subject to
Name (Shares) (Rs.) (Rs.) *Min. Appl. Sauda
Main Line IPOs

Bharat High Main Line IPO 150 98 to 100 2 to 3 200 2,800
R K Swamy Main Line IPO 50 270 to 288 +/- 10 1,200
JG Chemicals Main Line IPO 67 210 to 221 18 to 20 2,500
Small HNI 12,000
Big HNI 2,500 12,000
Gopal Snacks Main Line IPO 37 381 to 401 20 to 22 200 1,800
Small HNI 700 8,000
Big HNI 1,800 8,000
Popular Vehicles Main Line IPO 50 280 to 295 30 to 32
Small HNI 1,300 18,000
Big HNI 18,000
Krystal IntegratedMain Line IPO ---
SME IPOs
V R Infraspace NSE SME 1600 85 8 to 10 -- 14,000
Sona Machinery NSE SME 1000 136 to 143 98 to 10 -- 80,000
Shree Karni Fabcom NSE SME 600 220 to 227 245 to 250 -- 1,20,000
Koura Fine Diamond BSE SME 2000 55 68 to 740 --- 1,05,000
Pune E-Stock BSE SME 1600 78 to 83 86 to 88 -- 1,10,000
Pratham EPC Pr. NSE SME 1600 71 to 75 90 to 92 --- 1,10,000
Signoria Creation NSE SME 2000 61 to 65 55 to 57 --- 75,000
Royal Sense BSE SME 2000 68.00 0.00 -- --
AVP Infracon NSE SME 1600 71 to 75 0.00 - -
KP Green Energy BSE SME 1000 137 to 144 105 to 110 -- 75,000
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
How and when will be allotment and listing in Gopal Snacks and Popular Vehicles
Blockbuster listing of SME IPO Pratham EPC, KP Green, Shree Karni, Koura Fin.
Krystal Integrated’s combo issue to open on March 14
MCK Agro’s NSE SME IPO got listed with 34% discount
Tata Group’s Tata Sons’ IPO to be launched next year: Valuation could be Rs. 8 lakh crore
Tata Group’s Big Basket may launch IPO in 2025: May turn profitable in 8 months
Cont...
Financial Weekly TM

Main - line IPO (Non SME)
Sr Company Issue Open Dt. Issue size Offer price Lead Manager Rating & Remark
Issue Close Dt. (Rs. Cr.) (Rs.) (Out of 50%)
1. Gopal Snacks 6-3-2024 1,62,09,476 Shares 381 to 401 Intensive Fiscal, 32%
11-3-2024 Rs 650 Cr FV Rs 1 Axis Capital, JM Financial Apply for Long Term
2. Popular 12-3-2024 Fresh : 84,74,576 Shares 280 to 295 ICICI Securities, Nuvama, 33%
Vehicles 14-3-2024 OFS : 11917075 Shares FV Rs 2 Centrum Capital Apply for Long Term
Total : 2,03,91,651 Shares
Rs 601.55 Cr
3. Krystal 14-3-2024 Fresh Issue Rs 175 Cr -- Inga Venture Next Week
Integrated 18-3-2024 OFS : 17,50,000 Shares FV Rs 10
Rs
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. Shree 6-3-24 18,72,000 Shares 220 to 227 600 Shares Horizon 35% ; Apply for Short term
Karni Fab 11-3-24 Rs 42.49 Cr FV Rs 10 Rs 1,36,200 Management (Listing Gain)
2. Pratham 11-3-24 48,00,000 Shares 71 to 75 1600 Shares Beeline 37% ; Apply for Short Term
EPC Projects 13-3-24 Rs 36 Cr FV Rs 10 Rs 1,20,000 Capital (Listing Gain)
3. Signoria 12-3-24 14,28,000 Shares 61 to 65 2000 Shares Holani 33%
Creation 14-3-24 Rs 9.28 Cr FV Rs 10 Rs 1,30,000 Consultants Apply for Mid Term
4. AVP 13-3-24 69,79,200 Shares 71 to 75 1600 Shares Share India 29%
Infracon 15-3-24 Rs 52.34 Cr FV Rs 10 Rs 1,20,000 Capital Apply for Long Term
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. Koura Fine 6-3-24 10,00,000 Shares 55 2000 Shares GYR Capital 26%
Diamond 11-3-24 Rs 5.50 Cr FV Rs 10 Rs 1,10,000 Clear Avoid
2. Pune 7-3-24 46,06,400 Shares 78 to 83 1600 Shares Share India 34% ; Apply for Shor Term
E-Stock 12-3-24 Rs 38.23 Cr (FV Rs 10) Rs 1,32,800 (Listing Gain)
3. Royal 12-3-24 14,50,000 Shares 68 2000 Shares Expert 18%
Sense 14-3-24 Rs 9.86 Cr (FV Rs 10) Rs 1,36,000 Global Clear Avoid
4. KP Green 15-3-24 1,31,60,000 Shares 137 to 144 1000 Shares Beeline 33%
Energy 19-3-24 Rs 189.50 Cr (FV Rs 5) Rs 1,44,000 Capital Apply for Mid Term
Non Convertible Debenture (NCD) Issues at a Glance

Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
1. Indiabulls 5-3-2024 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE CRISIL Apply for
Housing 19-3-2024 Total Size Rs. 100 Cr (Rs.10,000) NSE AA/Stable Mid to
Finance Lead manager : Nuvama W ICRA AA (Stable) Long Term
Elara Capital, Trust Invest
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. Silgo 28-2-2024 1,02,70,000 10 1 Shares for every NSE Srujan Alpha Risky Bet
Retail to Shares (F.V. Rs.10) 1 Shares held on Registrar (Expensive)
12-3-2024 (Rs 25.68 Cr.) 22-2-2024 Bighsare Services
2. The South 6-3-2024 52,31,85,254 22 1 Shares for every NSE -- Apply for
Indian Bank to Shares 4 Shares held on BSE Registrar more than
20-3-2024 (Rs 1151 Cr.) 27-2-2024 -- Entitlement
3. Globe 5-3-2024 15,11,41,500 3 1 Shares for every NSE -- May
Textiles to Shares FV Rs 2 1 Shares held on Registrar Apply
15-3-2024 (Rs 49 Cr.) 23-2-2024 Skyline Financial
Cont...
Financial Weekly TM

Listing Information of SME & Main Line IPOs
Co. Name Listing Code Offer Listing Listing Listing Listing CMP
Date Price Price Day Day Day 7th
(Rs.) (Rs.) High Low Close March
Owais Metal (NSE SME) 4-3-2024 OWAIS 87.00 250.00 262.50 241.00 262.50 275.00
Purv Flexi (NSE SME) 5-3-2024 PURVFLEXI 71.00 260.00 273.00 260.00 247.00 246.35
Platinum (544134) 5-3-2024 544134 171.00 228.00 237.00 219.00 220.90 205.00
Exicom Tele-Sys. (IPO) 5-3-2024 544133 142.00 264.00 274.55 219.05 225.65 237.95
M.V.K. Agro (NSE SME) 7-3-2024 MVKAGRO 120 79.00 82.95 75.05 82.95 82.95
Mukka Pr. (IPO) 7-3-2024 544135 28.00 44.00 44.00 38.24 42.26 42.26
Subscription Figures of SME IPO (Dt.7-3-2024)

IPO Listing Day Subscribed
V R Infraspace NSE SME Issue Closed on 6-3-2024 93.41x
Sona Machinery NSE SME Issue Closed on 7-3-2024 273.50x
Shree Karni Fabcom NSE SME 2nd Day Subscribed 51.27x
Koura Fine Diamond BSE SME 2nd Day Subscribed 116.43x
Pune E-Stock Broking BSE SME 1st Day Subscribed 13.09x
Pratham EPC Projects NSE SME Issue Opens on 11-3-2024 ---
Signoria Creation NSE SME Issue Opens on 12-3-2024 ---
Royal Sense BSE SME Issue Opens on 12-3-2024 ---
AVP Infracon NSE SME Issue Opens on 13-3-2024 ---
KP Green Energy BSE SME Issue Opens on 15-3-2024 ---
Subscription Figure of Subscription Figure of

Mukka Proteins R K SWAMY Limited IPO
No. Shares Issue Subscribed No. Shares Issue Subscribed
Offered/ 29-2-24 1-3-24 4-3-24 Offered/ 4-3-24 5-3-24 6-3-24
Reserved Reserved
QIB 2,39,99,565 1.01x 1.86x 189.28 QIB 43,33,959 0.01x 0.37x 20.58x
HN I 1,20,00,000 1.60x 6.26x 250.39x HN I 21,66,979 2.99x 9.76x 34.24x
R eta il 2,80,00,000 4.05x 10.37x 58.52x R eta il 14,44,652 8.12x 18.60x 33.31x
Total 5,60,00,435 2.66x 7.06x 136.99x Empl. 2,87,356 0.59x 1.47x 2.46x
Total 82,32,946 2.24x 6.08x 25.78x
Subscription Figure of
JG Chemicals Limited
No. Shares Issue Subscribed
Offered/ 4-3-24 5-3-24 6-3-24
Reserved
QIB 22,73,214 0.02x 0.46x 32.33x
HN I 17,04,910 3.03x 10.00x 47.92x
R eta il 39,78,122 3.85x 8.73x 18.03x
Total 79,56,246 2.58x 6.64x 28.52x
Cont...
Financial Weekly TM

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
Main Line IPOs

Bharat Highways Main Line IPO 1-3-2024 6-3-2024 7-3-2024 7-3-2024 12-3-2024
R K Swamy Main Line IPO 6-3-2024 7-3-2024 11-13-2024 11-3-2024 12-3-2024
JG Chemicals Main Line IPO 7-3-2024 11-3-2024 12-3-2024 12-3-2024 13-3-2024
Gopal Snacks Main Line IPO 7-3-2024 11-3-2024 12-3-2024 12-3-2024 13-3-2024
Popular Vehicles Main Line IPO 14-3-24 15-3-24 18-3-24 18-3-24 19-3-24
Krystal Integrated Main Line IPO 18-3-24 19-3-24 20-3-24 20-3-24 21-3-24
SME IPOs
V R Infraspace NSE SME 6-3-24 7-3-24 11-3-24 11-3-24 12-3-24
Sona Machinery NSE SME 7-3-24 11-3-24 12-3-24 12-3-24 13-3-24
Shree Karni Fabcom NSE SME 11-3-24 12-3-24 13-3-24 13-3-24 14-3-24
Koura Fine Diamond BSE SME 11-3-24 12-3-24 13-3-24 13-3-24 14-3-24
Pune E-Stock Broking BSE SME 12-3-24 13-3-24 14-3-24 14-3-24 15-3-24
Pratham EPC Projects NSE SME 13-3-24 14-3-24 15-3-24 15-3-24 18-3-24
Signoria Creation NSE SME 14-3-24 15-3-24 18-3-24 18-3-24 19-3-24
Royal Sense BSE SME 14-3-24 15-3-24 18-3-24 18-3-24 19-3-24
AVP Infracon NSE SME 15-3-24 18-3-24 19-3-24 19-3-24 20-3-24
KP Green Energy BSE SME 19-3-24 20-3-24 21-3-24 21-3-24 22-3-24
Pupular Vehicles Gopal Snacks

Application Shares Amount Subscription Figure of Application Shares Amount
(Rs) Gopal Snacks Limited IPO (Rs)
Retail (Min) 50 14,750 Retail (Min) 37 14,837
Retail (Max) 650 191,750 No. Shares Issue Subscribed Retail (Max) 481 1,92,881
S-HNI (Min) 700 206,500 Offered/ 6-3-24 7-3-24 S-HNI (Min) 518 2,07,718
S-HNI (Max) 3,350 988,250 Reserved S-HNI (Max) 2,479 9,94,079
B-HNI (Min) 3,400 1,003,000 QIB 32,24,439 0.00x 0.10x B-HNI (Min) 2,516 10,08,916
HN I 24,18,329 0.52x 1.71x
R eta il 50,42,768 0.97x 2.13x
Employee 96,419 1.81x 3.45x
Total 1,13,81,955 0.61x 1.48x
Subscription figure of Subscription figure of

Navi Finserv NCDs Issue Indiabulls Housing Fin.
Category No. of Bond Issue Category No. of Bond Issue
(Issue Closed on Offered/ Subscribed Offered/ Subscribed
7-3-2024) Reserved 7-3-2024 Reserved 7-3-2024
Institutional 6,00,000 1.28x Institutional 3,00,000 0.00x
Non Inst. 7,50,000 4.71x Non Inst. 1,00,000 0.00x
HNI 7,50,000 1.12x HNI 3,00,000 0.00x
Retail 9,00,000 1.03x Retail 3,00,000 0.01x
Total 30,00,000 2.03x Total 10,00,000 0.00x
Cont...
Financial Weekly TM

SME IPO stronger than mainboard IPOs: The year 2024 has kicked off with a resounding
success in the SME IPO segment, showcasing remarkable growth and investor enthusiasm.
Within the first two months of the year (as of 29th February) a total of 30 SME IPOs have
collectively raised an impressive sum of Rs. 1024 crore. This surge in activity marks a
significant leap forward for SMEs, underscoring their increasing ability to unlock their poten-
tial and access capital markets for growth. The pinnacle of this remarkable streak was
witnessed with the IPO of Maxposure Limited, which garnered unprecedented demand, and
oversubscribed by over 1000 times.
The breakdown of IPOs reveals that 21 companies opted for listing on the NSE SME
platform, while 9 chose the BSE SME platform. This diversity in listing venues indicates
widespread interest and confidence among SMEs in the Indian capital market ecosystem.
One of the most notable trends accompanying this surge is the substantial increase in the
average ticket size, which has surged by approximately 30%. In comparison to the previous
year's data, where 180 companies raised Rs 4900 crore with an average ticket size of Rs. 27
crore, the current average ticket size stands at Rs 34 crore.
Of the 30 companies that went public, 17 witnessed significant participation from QIBs,
accounting for approximately 56% of the total IPOs. This underscores the growing interest of
institutional investors in SMEs, recognizing their potential for growth and returns. This means
that a modest Rs 20 crore IPO attracted a staggering Rs 20,000 crore in primary market
participation, setting a new record in SME IPO oversubscription. As the SME IPO market
continues to expand and flourish, it signifies a robust and dynamic ecosystem where small
and medium-sized enterprises are increasingly leveraging capital markets to fuel their growth
ambitions. With such a stellar performance early in the year, the stage is set for further
excitement and opportunities in the SME segment, indicating that the game is indeed getting
bigger and stronger.
* Last week's mainboard IPOs:-
RK Swamy :- Rs. 423.56 crore issue closed on March with total 25.78x subscription
including QIB : 20.58x, HNI : 34.24x, bHNI : 35.73x, SHNI : 31.27x, Retail : 33.31x, Em-
ployee : 2.46x. It may list on March 13. Investors are advised to book profit if it gives 10%
return. It may slip into discount also.
Cont...
Financial Weekly TM

JG Chemical :- Rs. 251.19 crore issue closed on March 7 with total 28.52x subscription
including QIB : 32.33x, HNI : 47.92x, bHNI : 50.26x, SHNI : 43.24x and Retail : 18.03x. The
investors attraction in the issue is decreasing. Therefore, it may give around 10% return on
listing.
Gopal Snacks Ltd :- Rs. 650 crore issue will close on March 11. It has got 1.48x sub-
scription on the second day with QIB : 0.10x, HNI : 1.71x, bHNI : 1.28x, SHNI : 2.46x and
Retail : 2.13x, Employee : 3.45x. The fancy it witnessed before opening has fizzled out. It
may get around 3-4x subscription in retail. It may list around Rs. 420-425. It is advisable to
book profit at 10% premium.
* Last week's SME IPOs:-
VR Infraspace (NSE SME):- Rs. 20.40 crore issue closed on March 6 with total 93.41x
and in retail 90.55x subscription. It may list on March 12 around R.s 92-95.
Sona Machinery (NSE SME) :- Rs. 51.82 crore issue closed on March 7 with 273.50x
subscription including 235.6x in retail. It may give 60-70% return on listing at Rs. 225-250.
Pune E-Stock Broking (BSE SME) :- Rs. 38.23 crore issue opened on March 7 and will
close on March 12. The price band is Rs. 78-83. It has got 13.09x subscription including
18.36x in retail. It may list with 100% premium at Rs. 150-170 on March 15.
* Listing:
o Owais Metal (NSE SME) :- Issue with an offer price of Rs. 87 listed on March 4 with
187.36% premium at Rs. 250.
o PurvFlexiparck (NSE SME) :- Issue with an offer price of Rs. 71 listed on March 5 at
Rs 266.2.
o Platinum Ind. (544134) :- issue with an offer price of Rs. 171 listed on March 5 with
o Exicom Tele-Sys (544133) :- Issue with an offer price of Rs. 142 listed on march 5 with
o Mukka Protein (544135) :- Issue with an offer price of Rs. 28 listed on March 7 with
o MVK Agro Food (NSE SME) :-Issue with an offer price of Rs. 120 listed on march 7 at
Rs. 79, i.e. 34.17% discount.
Cont...
Financial Weekly TM

* This week's mainboard IPOs:-
• Popular Vehicles :- Rs. 601.55 crore issue with a price band of Rs. 280-395 will open on
March 12 and close on march 15.
Subscription :- It has not witnessed any fancy but still get 2-3x subscription. Stronger
response expected in QIB.
Allotment/Refund :- Allotment may be on March 15, refund on March 18 and share credit
on March 18.
Listing :- Listing on March 19 may be around Rs. 320-330.
• CrystelIntegrated :- Rs. 75 crore fresh issue and OFS of 17500 shares may open on
March 14 and close on march 18.
Allotment/Refund :- Allotment may be on March 19, refund on March 20 and share credit
on March 20.
Listing :- March 21.
* This week's SME IPOs:-
• Koura Fine Diamond (BSE SME) :- Rs. 5.50 crore issue with an offer price of Rs. 55
opened on March 6 and will close on March 11. It has got 116.43x subscription including
193.88x in retail. Listing could be with 110-120% premium at Rs. 120-125.
• Shree KarniFabcom (NSE SME) :- Rs. 42.49 crore issue with a price band of Rs. 220-
227 opened on March 6 and will close on March 11. It has got total 51.45x subscription
including 86.24x in retail. It may list with 100% premium at Rs. 460-475.
• Pratham EPC Projects (NSE SME) :- Rs. 36 crore issue with an offer price of Rs. 271-
275 will open on March 11 and close on March 13. It may list around 150-165 giving 110%
premium.
• Royal Sense Ltd (BSE SME):- Rs. 9.86 crore issue with a fixed price of Rs. 68 will open
on March 12 and close on march 14. It may list on March 19.
• Signoria Creation (NSE SME) :- Rs. 9.28 crore issue with a price band of Rs. 61-65 will
open on March 12 and close on March 14. Before launch, the premium is Rs. 61-65. So it
may list around Rs. 125+.
• AVP Infracon (NSE SME) :- Rs. 52.34 crore issue with a price band of Rs. 71-75 will
open on March 13 and close on March 15. It may list on March 20 around Rs. 70-80 and may
slip in discount. Cont...
Financial Weekly TM

• KP Green Engineering (NSE SME) :- Rs. 189.50 crore issue offering 13160000 equity
shares at Rs. 137-144 a share, will open on March 15 and close on March 19. Minimum
application will be for 1000 shares. Lead manager is Beeline Capital and Registrar is Bigshare
Services. It may list around Rs. 240-250 considering 100% premium.
* NCDs issues:-
Chemmanur Credit &Investment :- Rs. 100 crore issue with a base price of Rs. 50 crore
opened on Feb 20 and closed on March 4 with total 1.12x subscription.
Navi Finserv :- Rs. 600 crore issue with a base price of Rs. 300 crore opned on Feb 26
and closed on march 7 with total 2.03x subscription.
IndiabullsHous.Fin :- Rs. 200 crore issue with a base price of Rs. 100 crore opened on
March 5 and will close on March 19. Coupon rates are Rs. 9.25-10.75% and rating of AA/
Stable has got 0.01x subscription till March 7.
* Rights Issue :- Rights issues of Dipna Pharma, Silgo Retail, South Indian Bank, Global
Textile, Mercury Trade are in the market. Dipna was to close on March 7, which has been
extended till March 15. This week analysis of SI Bank has been given.
* Insight into upcoming issues:-
Tata Sons' IPO : Valuation could be Rs. 8 lakh crore:- Tata Sons Ltd is likely to fetch a
valuation of as much as Rs.8 lakh crore in an initial public offering (IPO) that could be
launched in the next 18 months. Some investment bankers page this valuation at Rs. 11 lakh
crore. Tata Sons - whose valuation is estimated at `11 lakh crore - could be looking to sell a
five per cent stake in the IPO, which is worth about Rs 55,000 crore, according to a Kotak
Securities report. The last time an IPO of this magnitude hit the market was the one by LIC,
which was worth Rs 21,000 crore. Tata Trusts, headed by Ratan Tata, holds 66 per cent
stake in Tata Sons. The Pallonji Mistry group holds an 18.4 per cent stake in the company.
bigbasket targets 2025 IPO, expects to become profitable in next 6-8 months
Online grocer bigbasket is targeting an initial public offering of its shares in 2025, Chief
Executive Officer and co-founder Hari Menon said. Probably 2025 is the date. We are leav-
ing this to the Tatas, but I think we are gunning for 2025," said Hari Mohan. Big Basket is
expected to be profitable in next 6-8 months. Issue may include primary and secondary
share offering.
Cont...
Financial Weekly TM

Popular Vehicles & Services Limited Main Line IPO
Opened on 12th March & Closes on 14th March 2024
Price Band Rs. 280 to 295 ; Listing on BSE & NSE
Stable growth in Top -Bottom line with a sudden 2x jump in FY23
On valuation front issue looked fully priced
Company faces competition from unorganized dealer networks and online channels also
Considering proven track record Investors may apply for long term period
Incorporated in 1983, Popular Vehicles and Services Limited is engaged in the business of automobile dealerships in
India. Popular Vehicles provides complete services throughout the life cycle of vehicle ownership, including sales of
new and preowned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance
product sales.
Issue Details
Financial Performance : Consolidated Basis
th th
Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Issue Opens on 12 March. & Closes on 14 Feb. 2024 Total Revenue 2919.25 3484.20 4892.63 2848.21
• Object of the issue : Repayment and/or pre-payment, in full or part, Profit After Tax 32.46 33.67 64.07 40.04
of certain borrowings, availed by the company and certain of EPS 5.17 5.37 10.22 6.38
the subsidiaries, namely, VMPL, PAWL, PMMIL, KGPL, KCPL RONW (%) 13.19 12.03 18.68 10.42
and PMPL and; General corporate purposes.
• Fresh Issue : 84,74,576 Shares ; Rs 250 Cr. • OFS : 11,91,71,075 Shares ; Rs 351.55 Cr • Total Size : 2,03,91,651
Shares ; Rs 601.55 Cr
• Face Value Rs. 10 • Offer price Rs. 280 to 295
• Minumum Lot Size : 50 Share • Listing on : BSE & NSE
• BRLM : ICICI Securities, Nuvama Wealth, Centrum Capital • Registrar : Link Intime India Private Ltd
• Company Management : John K. Paul, Francis K. Paul and Naveen
• Market Cap : Rs. 2100.28 Cr.• Pre Issue Promoter Holding : 65.79%
• Issue constitutes 28.64% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 7.76 & RONW : 15.55%
• Pre IPO Eq. Capital Rs. : 12.54 Cr. • Post IPO Eq. Capital Rs. 14.24 Cr.
• Pre IPO : P/BV Ratio 4.81 (NAV : 61.26)
• Pre IPO P/E Ratio : 3.54 • Post IPO asking P/E on fully diluted Eq. : 26.22
• Industry Peer Group PE Ratio : 34.84
• BRLM’s Performance : This is 73st Issue from BRLM in last 3 years. In last 72 Listing : 49 Issued opened with
premium & 23 Issue Discount.
OTHER SIDE OF THE COIN
• Average cost of acquisition of Promoters is Rs. 9.88 per share while the issue price band is Rs. 280 - 295 per share.
• Apart from allotting equity at par company has allocated shares as preferential allotment at price of Rs. 10 in Decem-
ber 1983, June 1985, January 2008 and December 2015 and the issue price band is Rs. 280 - 295 per share.
• Company has allotted Bonus shares in ratio of 3:1 in September, 2010, 5:17 in September 2018 and again 11: 5 in
September 2018.
• The share price of the company is Rs. 280 - 295 per share at FV of Rs. 2 so if we convert it to FV of Rs. 10 then the
share price band will become Rs. 1400 - 1475 per share.
• Company's EBITDA margins and PAT Margins have been continuously compressing for its Spare parts and acces-
sories business.
• Company's over all EBITDA margin have gone down in FY23 compared to FY22 and its PAT Margin have also
experienced congestion in FY22.
• Company has reported negative cash flow in H1FY24.
Recommendation :- Company has reported constant growth in its Top and Bottom lines in all
three fiscals but a sudden 2x growth in Fy23 is surprising. If we annualize H1Fy24 earnings then it
will be ahead of Fy23. On valuation front P/Bv comes to 3.54 on NAV of 83.30 of and PE is 26.22
compared to Average PE of 34.84 so, issue appears fully priced. Company faces heavy competition
from unorganized dealer and even online sales channels. Considering financial performance of the
company investors can apply for long term period.
Financial Weekly TM

Koura Fine Diamond Jewelry Limited BSE SME IPO
Opened on 6th March & Closes on 11th March, 2024
Offer price Rs. 55 ; Listing on BSE SME Platform
Company has posted only 18 months of Financials as a public limited company
On valuation front considering all financials and key performance indicators
issue appears exorbitantly priced
Company operates in highly fragmented industry
Investors consider to give clear avoid to this pricey issue
Incorporated in March 2022, Koura Fine Diamond Jewelry Limited wholesales gold and diamond jewelry.
The company offers 22 Karat Gold and 18 Karat Diamond jewellery. The company deals exclusively in
jewelry that is certified by the Hallmark. The company has been successfully operating in Gujarat and
Odisha, both in the western and eastern regions.
Issue Details Financial Performance
• Issue Opens on 6th March & Closes on 11th March 2024 Consolidated Basis
• Object of the Issue : Funding the working capital requirements Particulars (Rs. Cr.) FY23 H1FY24
• Issue Size : 10,00,000 Shares ; Rs 5.50 Cr • Face Value Rs. 10 Total Revenue 5.56 6.02
• Offer price Rs. 55 • Lot Size : 2000 Share • Listing on : BSE SME Profit After Tax 0.13 0.17
• BRLM : GYR Capital Advisors Private Limited • Registrar : Kfin Tech EPS 10.15 0.65
RONW (%) 6.74 5.95
• Promoter : The promoter of the Company is Kamlesh Keshavlal Lodhiya
• Pre Issue Promoter Holding : 100% • Post Issue Holding : 72.23%
• Pre IPO : P/BV Ratio 5.00 (NAV : 11.00)
• Post Issue : P/BV Ratio : 5.01 (NAV : 10.99)
• Post IPO asking P/E on fully diluted equity : 57.90
• Industry peer Group PE Ratio : 60.44
• BRLM’s Performance : This is 22th Issue from BRLM in last 3 years. In last 10 Listing : 10 Issued opened
with premium
• Average cost of acquisition of Promoters is Rs. 9.88 per share while the issue price band is Rs. 55 per
share.
• Apart from allotting equity at par company has allocated shares as preferential allotment at price of Rs. 55
in March 2023 and the issue price band is Rs. 55 per share.
• Company has allotted Bonus shares in ratio of 9:2 in April, 2023.
• Company's income and sales are subject to seasonal fluctuations.
• Company derives majority of its revenue from gold business which is completely opposite to its brand
name.
• Faces high competition from organized as well as unorganized players.
• Company's financials are affected due to fluctuation in prices of Gold and Diamond.
• Company has also reported negative cash flow from Operating Activities i.e. of 271.7 lakhs in FY23.
• Post IPO Rs. 3.6 cr. equity indicates it will take longer gestation period for migration to main board.
Recommendation :- Company was incorporated as a Public limited in FY22 so it has reported
only 18 months of Financials. Company has posted growth in H1Fy24 compared to FY23. On valu-
ation front P/Bv comes to 5.01 on NAV of 10.99 of and PE is 57.9 compared to Average PE of 60.44
so, issue appears exorbitantly priced. Company is in wholesale of Gold and Diamond jewelleries
which is highly fragmented industry. Investors may consider to give clear avoid to this pricey issue.
Financial Weekly TM

Shree Karni Fabcom Limited NSE SME IPO
Opened on 6th March & Closes on 11th March, 2024 ; Offer price Rs. 220 to 227
Growing financial figures in Top and Bottom lines of all three fiscals
On valuation front issue looks reasonably priced
Company operates in capital sensitive and highly competitive business
Investors may apply in this IPO for listing gain or short - term rewards
Incorporated in March 2018, Shree Karni Fancom Limited produces customized knitted and woven fab-
rics for industries such as luggage, medical arch support, chairs, shoes, and apparel. They specialize in
Woven Fabrics, Knitted Fabrics, Coated Fabrics, and 100% polyester, and source yarn, resin, acrylic, and
coating chemicals to produce specialized technical textiles. Revenue from operations for 8 months ended
Nov 30, 2023 was Rs 7572.22 lakhs. Fiscals 2021, 2022, 2023 revenue was Rs 3287.42 lakhs, Rs 8357.36
lakhs, and Rs 12694.65 lakhs respectively. Revenue grew at a CAGR of 56.89% during this period.
Issue Details Financial Performance : Consolidated Basis
• Issue Opens on 6th March & Closes on 11th March 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 8MFY24
• Object of the Issue : Funding the capital expenditure setting Total Revenue 32.90 53.65 127.04 76.00
up a dyeing unit in Navsari District, Surat, Gujarat; Profit After Tax 1.53 5.15 5.55 8.13
Funding the purchase of new machinery proposed to be EPS 15.35 51.48 11.10 23.48
RONW (%) 22.87 38.96 21.34 42.56
installed at the new unit proposed to be set up for
manufacturing bags in Palsana, Surat, Gujarat, with an intent to expand the product portfolio
• Fresh Issue : 18,72,000 Shares ; Rs 42.49 Cr • Face Value Rs. 10
• Offer price Rs. 220 to 227 • Minumum Lot Size : 600 Share • Listing on : NSE SME
• Market Cap Rs. 160.53 Cr • BRLM : Horizon Management Private Limited
• Registrar : Mas Services Limited • Promoter : Manoj Kumar Karnani, Radhe Shyam Daga, Rajiv Lakhotia
and Raj Kumar Agarwal
• Pre Issue Promoter Holding : 96.16% • Post Issue Promoter Holding : 70.07%
• Pre IPO : P/BV Ratio 6.17 (NAV : 36.77) • Post Issue : P/BV Ratio : 2.61 (NAV : 87.13)
• Post IPO asking P/E on fully diluted equity : 13.16 • Industry peer Group PE Ratio : NA
• BRLM’s Performance : This is 4th Issue from BRLM in Fiscal. In last 2 Listing : 1 Issued opened with
Discount and 1 Issue opened with at par.
• Average cost of acquisition of Promoters is Rs. 2 per share while the issue price band is Rs. 220 - 227
per share.
• Apart from allotting equity at par company has allocated shares as preferential allotment at price of Rs.
147 in October 2023 and the issue price band is Rs. 220 - 227 per share.
• Company has allotted Bonus shares in ratio of 4:1 in July 2023.
• In the past, there have been instances of delays in filing of certain forms by the company.
• Textile industry is highly fragmented and capital sensitive business.
• Company's EPS has gone down to 11. 10 in FY23 compared to 51 in Fy22.
Recommendation :- Company has posted good growth in Top lines in all three fiscals with
little bit of pressure in on Bottom line in FY23 but it turned the corners in FY24 with stellar
growth in PAT. On valuation front P/Bv comes to 2.61 on NAV 87.13 of and PE is 13.16 so,
issue appears reasonably priced. Company operates in highly fragmented and competitive
industry. Considering established track recored, expansion benefits and renowned cus-
tomer base, Investors may consider to apply for listing gain or short term rewads.
Financial Weekly TM

Pratham EPC Projects Limited NSE SME IPO
Opens on 11 March & Closes on 13th March, 2024 ; Offer price Rs. 71 to 75
th
The company has recorded consistent top-bottom line growth in the last two years and in H1FY24
Considering all the parameters on the valuation front, the issue price seems reasonable
Government's focus on infra segment, Rs. 266 crore orders, considering the prestigious customers
Investors may consider to apply for short term rewards or listing gain
Established in 2014, Pratham EPC Projects Limited provides end-to-end services to oil and gas utilities
in India. The company specializes in integrated engineering, procurement, construction, and commission-
ing. The company undertakes gas pipeline projects including welding, testing, and commissioning. Pratham
specializes in oil and gas pipelines and offshore water distribution projects and undertakes tendering and
management. As of September 30, 2023, the company employed 770 people in various departments.
Issue Details
• Issue Opens on 11th March & Closes on 13th March 2024
• Object of the Issue : Purchase of Machinery. To Meet Working Capital Requirements
• Size : 48,00,000 Sh.; Rs 36 Cr.
• Face Value Rs. 10 • Offer price Rs. 71 to 75 Financial Performance
Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Minumum Lot Size : 1600 Share Total Revenue 30.85 50.63 51.67 35.81
• Listing : NSE SME • Market Cap 133.20 Cr Profit After Tax 1.13 4.41 7.64 5.23
• BRLM : Beeline Capital Advisors Pvt Ltd EPS 0.87 3.41 5.90 4.04
• Registrar : Link Intime India Private Ltd RONW (%) 19.05 42.69 42.50 22.55
• Promoter : Mr. Nayankumar Manubhai Pansuriya, Consolidated

Particulars (Rs. Cr.) FY22 FY23 H1FY24
Mr. Pratikkumar Maganlal Vekariya Revenue 50.63 51.69 36.30
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 72.97% PAT 4.42 7.66 5.24
• Post IPO asking P/E on fully diluted equity : 12.71
• BRLM’s Performance : This is 32nd Issue from BRLM in last 2 years. In last 10 Listing : 10 Issued opened
with premium.
• Average outstanding per share of promoters of the company is Rs. 0.62 per share while the offer price is
Rs. 71 to 75 per share
• The company issued bonus shares in the ratio of 15:1 in July 2023 before filing DRHP.
• The workplace is not owned by the company. o The company depends on three few suppliers and
customers.
• The working capital requirement of the company remains high. o The past cash flow of the company has
been negative.
Recommendation : - The Company has registered consistent growth in top and bottom
lines in the last two financial years and in H1FY24. On the valuation front, the offer price of the
issue seems reasonable considering the P/BV of 2.25 and PE of 12.71. The prestigious cus-
tomer segment of the company is Rs. 266 crore order booking, considering the government's
focus on the infra segment, Investors may consider to apply for short term rewards or listing
gain.
Financial Weekly TM

AVP Infracon Limited NSE SME IPO
Opens on 13 March & Closes on 15th March ; Offer price Rs. 71 to 75
th
Company has consistently recorded high growth in financial performance during the mentioned period
Sudden around 3 fold jump in bottm line for FY23 is surprising
Considering all the parameters the issue appears to be fully priced
Government focus on infra sector and Rs. 202 crore considering order bookings
Investors may consider to apply for long term rewards
AVP Infracon Limited was established in 2009 and is engaged in the construction of road projects on the
basis of Bill of Quantities (BOQ) and Engineering, Procurement and Construction (EPC). The company was
previously known as AVP Constructions Private Limited. The company provides all types of infrastructure
development works, civil works like expressways, national highways, flyovers, bridges and viaducts, irrigation
projects, urban development - civic amenities, hospitals, warehouses, hotels and other commercial and resi-
dential projects.
Financial Performance
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 7MFY24
• Issue Opens on 13th March & Closes on 15th March 2024 Total Revenue 58.18 64.03 107.15 70.05
• Object of the Issue : To Purchase Capital Equipment, Profit After Tax 2.26 3.99 11.53 8.34
To Meet Working Capital Requirements, EPS 1.26 2.22 6.40 4.63
• Size : 69,79,200 Sh. ; Rs 52.34 Cr RONW (%) 33.08 29.73 46.18 25.05
• Face Value Rs. 10 • Offer price Rs. 71 to 75 Consolidated
• Minumum Lot Size : 1600 Share • Listing : NSE SME Particulars (Rs. Cr.) FY23 7MFY24
• Market Cap Rs. 187.34 Cr Revenue 115.50 74.12
• BRLM : Share India Capital Services Private Limited PAT 12.15 8.67
• Registrar : Purva Sharegistry India Pvt Ltd EPS 6.70 4.75
• Promoter : Mr. D Prasanna and Mr. B Venkateshwarlu
• Pre IPO : P/BV Ratio : 4.05 (NAV : 18.50) • Post Issue : P/BV Ratio : 2.19 (NAV : 34.29)
• Pre IPO P/E Ratio : 11.12 • Post IPO asking P/E on fully diluted equity : 12.61
• BRLM’s Performance : This is 12th Issue from BRLM in last 4 years. In last 10 Listing : 6 Issued opened with
premium and 4 Issue Opened with at par.
• Average outstanding per share of promoters of the company is Rs. 0.00, Rs. 2.33 and Rs. 2.37 per share
while the offer price is Rs. 71 to 75.
• In November 2021 the company issued bonus shares in the ratio of 1:3, in May 2017 in the ratio of 30:1 and
in November 2023 in the ratio of 11:4. o The entire revenue flow is from Tamil Nadu.
• Registered office is not owned by the company. • Business requires significant labor capital.
• Company's operating, investing and fi. Cash flow from activities is negative.
• The management of the company is subject to material audits.
Recommendation :- The company has registered a continuous growth in financial per-
formance during the mentioned period. Namely, in the year 2013, the revenue of the com-
pany increased by 61% while the net profit increased by 135% which is surprising. On the
valuation front, P/BV stands at 2.19, PE at 12.61 (adjusting consolidated earnings of Rs
7,240 crore on an annualized basis). It appears that the offer price is fully priced. Consider-
ing the company's 201.89 crore order booking and focus on the government infra segment,
investors can look for long-term rewards in this issue.
Financial Weekly TM

Signoria Creation Limited NSE SME IPO
Opens on 12th March & Closes on 14th March ; Offer price Rs. 61 to 65
The company has posted consistent growth in top & bottom line for last three fiscal
The company recorded a setback in H1FY24 as its second half has always been better
due to the seasonality of the business
Considering all the parameters on the valuation front, the issue price seems reasonable
On valuation front considering all parameters issue appears fairly priced
Post IPO Eq. capital is only Rs 4.76 crore so it may take a long time for the company to migrate to the main board
Investors may consider to apply for medium term rewards
Founded in 2019, Signoria Creation Limited manufactures and sells women's clothing such as kurtis,
pants, tops, co-ord sets, dupattas and gowns. As of February 15, 224, Signoria had 153 employees, includ-
ing 45 permanent employees, and 108 contract employees in the departments of accounting and finance,
compliance, maintenance, marketing and logistics, production and operations, quality, top management
and permanent employees. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Issue Opens on 12th March & Closes on 14th March 2024 Total revenue 5.89 11.82 19.16 6.53
• Object of the Issue : Funding working capital requirements Profit After Tax 0.33 0.68 2.31 0.65
• Issue Size : 14,28,000 Shares ; Rs 9.28 Cr EPS 6.52 13.51 27.70 5.81
RONW (%) 39.11 44.76 39.62 9.96
• Face Value Rs. 10
• Offer price Rs. 61 to 65 • Minumum Lot Size : 2000 Share • Listing on : NSE SME
• Market Cap Rs. 30.93 Cr • BRLM : Holani Consultants • Registrar : Bigshare Services Pvt Ltd
• Promoter : Mr. Vasudev Agarwal, Ms. Babita Agarwal, Mr. Mohit Agarwal and Ms. Kritika
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 69.99%
• Pre IPO Eq. Capital Rs. : 3.33 Cr. • Post IPO Eq. Capital Rs. 4.76Cr.
• BRLM’s Performance : This is 9th Issue from BRLM in last 3 years. In last 8 Listing : 7 Issued opened with
premium and 1 Issue with discount.
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 0.17, Rs. 20.78
per share while the offer price is Rs. 65
• The company had issued bonus shares in the ratio of 2:1 in October 2023 before filing the return.
• Apart from initial equity capital at par, the company issued further equity shares as rights issue in the
price range of Rs. 10 to Rs. 33 in between January 2020 to August 2022.
• Changes in market trends and increased competition may have an adverse effect.
• The company is dependent on a limited number of suppliers and derives significant revenue from major
customers.
• Registered office and Manufacturing Units are not owned by the company.
• A company in business requires significant working capital.
• Cash flow from operating activities has been negative.
• Post IPO equity capital is only 4.76 crores so it may take long time to migrate to main board.
• The debt of the company increased from 2.23 crore in FY21 to Rs. 10.34 crores.
Recommendation : - The company has recorded consistent growth in top-bottom lines in the last
3 financial years. The company has shown a setback in financial performance in H1FY24. Its finan-
cial performance dips on a semi-annual basis but its second half is always better due to the season-
ality of the business. On Valuation front considering P/BV of 2.05 & PE of 23.99 (based on H1FY24
earnings) issue appears fully priced. Looking to the PE of 13.41, Issue appears fairly priced. Inves-
tors may consider to apply for medium term rewards.
Financial Weekly TM

Royal Sense Limited BSE SME IPO
Opens on 12th March & Closes on 14th March
Offer price Rs. 68 ; Listing on BSE SME Platform
Company's RHPs not available on its website & BSE - SME Platform also
Based on DRHP its financial performance
It is for only 15 months which is very poor
Considering all valuation parameters, issue appear exorbitantly priced
Investors may stay away & give clear avoid to this price issue
Royal Sense Limited was founded in 2023 and offers Medical Equipment, Surgical Instruments, Surgical
Consumables, Laboratory Equipment, Laboratory Reagents, Medical Disposables and Diagnostic Kits.
The company supplies its products to the Ministry of Health Department of various states like Uttar Pradesh,
Himachal Pradesh, Rajasthan, Jammu & Kashmir itself and through a network of distributors/ sub-dealers.
The company also supplies its products to government institutions and private hospitals across India.
Issue Details
• Issue Opens on 12th March & Closes on 14th March 2024
• Object of the Issue : Working capital requirement; Issue Expenses; and General corporate purposes. •
Issue Size : 14,50,000 Shares
Rs 9.86 Cr • Face Value Rs. 10
• Offer price Rs. 68 • Minumum Lot Size : 2000 Share • Listing : BSE SME Particulars (Rs. Cr.) 31-3 31-6
• Market Cap Rs. 33.32 Cr 2022 2023
• BRLM : Expert Global Consultants • Registrar : Bigshare Services Revenue 1.26 4.64
PAT 0.13 0.51
• Promoter : Mr. Rishabh Arora.
• Pre Issue Promoter Holding : 99.99%
• The Average cost of acquisition of equity shares by the promoters Rs 10 and offer price is Rs 68 per
share.
• It has issued further equity at fixed price of Rs. 10 in June 2023.
• Only eight employees on Payroll
• The company has been recently converted in to public limited company thus it has limited operation
liquidity.
• The company dependent on few customers & suppliers.
• Company's operations are geographically located in one area i.e. Delhi NCR
• Net cash flow from operations & investing activities have been negative
• The company do not own registered office of warehouse.
• Company's products have self life.
• Post IPO 4.90 Cr. Equity capital indicates longer gestation period for migration to main board.
Recommendation : It is surprising that royal sense IPO opens on 12th March, but its Red
Herring prospectus (RHP) Is not available on company's Website or BSE SME Platform till
now. In absence of RHP it is different to justify its valuation. However on the basis of DRHP
company has posted only its financial performance for FY22 & Q1FY23 i.e. for only 15 Months
which very poor. Considering Pre IPO PE of 179 & Post IPO PE 82.25, Issue appears exorbi-
tantly priced. Investors may stay away and give clear avoid to this pricey IPO.
Financial Weekly TM

KP Green Engineering Limited IPO BSE SME IPO
Opens on 15th March & Closes on 19th March, 2024 ; Offer price Rs. 137 to 144
The Company has posted consistent growth in top & bottom line for the reported periods
On valuation front considering all parameters, issue appears fully priced
Looking to the better margins compared to peers and governments focus on renewable energy sectors
Investors may consider to apply for midterm rewards
Incorporated in July 2001, KP Green Engineering Limited is engaged in the manufacturing of fabricated
and hot-dip galvanized steel products. The company's product portfolio includes Lattice Towers Structures,
Substation Structures, Solar Module Mounting Structures, Cable trays, Earthling strips, Beam Crash Barri-
ers. The company is ISO 9001:2015 certified, indicating its ability to provide high-quality products and
services, which directly affects its reputation, customer satisfaction, and long-term success. As of Septem-
ber 30, 2023, the company has a total of 81 employees at its manufacturing facility and head office
Issue Details Financial Performance : Consolidated Basis
• Issue Opens on 15th March & Closes on 19th March 2024 Particulars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Object of the Issue : Part finance the capital expenditure Total Revenue 38.61 77.70 114.21 103.93
towards setting up a new manufacturing unit to expand its Profit After Tax 1.58 4.54 12.40 11.27
current production capabilities EPS 0.44 1.27 3.46 3.14
RONW (%) 9.93 22.17 37.68 25.51
• Fresh Issue : 1,31,60,000 Shares ; Rs 189.50 Cr
• Face Value Rs. 5 • Offer price Rs. 137 to 144 • Minumum Lot Size : 1000 Share • Listing on : BSE SME
• Market Cap Rs. 720 Cr • BRLM : Beeline Capital Advisors Pvt Ltd
• Registrar : Bigshare Services Pvt Ltd • Promoter : The promoters of the company are Dr. Farukbhai
Gulambhai Patel and Mr. Hassan Faruk Patel.
• Issue constitutes 25% of the post issue paid up capital
• Pre IPO Eq. Capital Rs. : 18.42 Cr. • Post IPO Eq. Capital Rs. 25 Cr.
• BRLM’s Performance : This is 31st Issue from BRLM in last three years. In last 30 Listing : 28 Issued
opened with premium and 2 Issue opened with Discount.
• The cost of acquisition of equity shares by the promoters is Rs. NIL and offer price is Rs. 144 per shares
• It has also issued bonus shares in the ratio of 15:1 in August 2023.
• Apart from initial equity capital, it has also issued further equity capital in the price range of Rs. 10 to Rs.
108 between March 2004 to December 2023.
• The Face value of Equity shares is Rs. 5 If it is converted in to Rs. 10 then offer price will be Rs. 274 to
288 per share.
• Revenue are highly dependent on its Operations in Gujarat
• Top-10 Contributes 71.10% revenue from few customers.
• It has negative cash flow in recent financial years.
• Its only subsidiary named KP Energy Pvt. Ltd. Has incurred loss in 2022-2023.
• It has Rs. 98.95 Cr. outstanding debt.
• It has 10 face competition from domestic and International Markets.
Recommendation : The Company has posted consistent growth for the last three fiscals
& H1FY24. On valuation front considering P/BV of 3.08 and PE of 31.95, Issue appears fully
priced compared to peers. Average PE of 30.22 looking to better gross EBITDA & PAT Mar-
gins. ROE & ROCE and government focus on renewable energy segment, Investors may
consider applying for midterm rewards.
Financial Weekly TM

Indiabulls Housing Finance Limited NCDs Issue
Opened on 5th March & Closes on 19th March ; Offer price Rs. 1000 per NCD; Listing on BSE / NSE
Company's 13th debt offer since September 2016 ; It entered the market in December 2023
Company has recorded a decline in top-bottom lines in financial performance during the stated period
Net NPA stood at 1.98%, Post Issue debt to equity ratio 2.65 & Reserve 188 fold to its capital
Considering AA/Stable ratings investors may consider to apply for midterm to long term
Indiabulls Housing Finance Limited was established in 2005 and provides mortgage finance
services. It is a non-deposit-taking housing finance company ("HFC") registered with the NHB. As
of December 31, 2023, the company had a network of 217 branches across India. As of December
31, 2023, the company employed 1,589 people in direct sales on a consolidated basis. The com-
pany has a long-term credit rating of "AA; Outlook Stable" from CRISIL and ICRA, "AA; Outlook
Negative" from CARE Ratings, and "AA+; Outlook Stable" from Brickwork Ratings for non-convert-
ible debentures and a subordinated debt program.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY21 FY22 FY23 3QFY24
Total Revenue 10030.12 8993.90 8725.79 6369.64
• Issue Opened on 5th March & Profit After Tax 1201.59 1177.74 1127.68 894.96
Closes on 19th March 2024

• Object of the issue : For onward lending, financing, and for repayment of interest and principal of
existing borrowings of the Company; and General corporate purposes.
• Issue Size : Base Issue : Rs 100 Cr ; OFS : 100 Cr • Issue Price : Rs. 1000 NCDs
• Minimum Lot Size : 10 NCDs
• BRLM : Nuvama Wealth, Elara Capital, Trust Investment • Registrar : Kfin Techno
• Rating : “CRISIL AA/Stable” by CRISIL and “[ICRA]AA (Stable)” by ICRA
• Tenor : 24, 36, 60, 84 and 120 Months • Coupon Rate : 9.65% to 10.25%
• Category : Institution : 30%, Non Institutation : 10%, HNI : 30% and Retail 30%
Recommendation :- This is the 13th debt offer of the company after September
2016. It was entered in the market with NCDS issue in December 2023. In the last 3
financial years, the company has shown decline in top-bottom line financial perfor-
mance. NPA is 1.98 percent and post issue debt to equity ratio is going to increase to
2.65 and free reserve is going to be 188 times of its equity capital. Investors can apply
in this issue for medium to long term considering AA/Stable ratings.
Financial Weekly TM

Silgo Retail Limited Rights Issue
Opened on 28rd Feb & Closes on 12th March ; Offer price Rs. 25
Listing on NSE (FV Rs 10) ; CMP : 26.15 (4-3-24) • 52WH : 37.07 / L : 12.28
The financial performance of the last 18 months shown by the company has been inconsistent
The rights share offer is at a discount of only 4 percent as compared to the current one
Dividend not in the list so far : Considering all the parameters, the issue price seems aggressive
Shareholders may give clear avoid to this expensive risky bet
Founded in 2016, Silgo Retail Limited is active in the design, manufacture, wholesale, and
retail of silver jewelry. The company also deals in gemstones. The company mainly deals in silver
jewelry. The product portfolio includes bracelets, necklaces, rings, earrings, jhumki, bangles and
custom jewelry. All of the company's jewelry is cast from 925 sterling silver. The company also
offers a wide range of traditional, Indian, western, and modern designs and silver jewelry. The
offerings are specialized in silver jewelry and carry the BIS hallmark. The company's manufactur-
ing facility is located in Jaipur. Silgo runs a program called "Dyuti" to promote entrepreneurship
among women in the region.
Issue Details Particulars (Rs. Cr.) FY 22 FY 23 H1F Y 24
Total Revenue 35.14 34.68 16.22
• Issue Opened on 28th Feb & Closes on 12th March, 2024 Profit After Tax 2.31 2.35 1.30
• Object of the Issue : Repayment in full of unsecured loan availed from one of the Promoters, Mr.
Nitin Jain; Repayment/ Pre-payment of certain secured loan availed from lender of the company
either in part or full; To augment the existing and incremental working capital requirement of the
company
• Issue Size : 1,02,70,000 Shares ; Rs 25.68 Cr • Face Value Rs. 10
• Issue Price : Rs. 25 per Share • Market Lot : 1 per Share • Listing on NSE
• Terms of payment : The entire amount of the Issue Price of ? 25/- per Rights Equity Share shall be
payable at the time of Application.
• Entitlement : 1 Rights Equity Share(s) for every 1 fully paid-up Equity Shares held on Record
Date : 22-2-2024 • Deemed Date of Allotment : 20-3-2024
• Lead Manager : Srujan Alpha Capital Advisors Llp • Registrar : Bigshare Services Pvt Ltd
• Pre IPO Equity Capital Rs. 10.27 Cr. • Post IPO Equity Capital Rs. 20.54 Cr.
• Cum Right basis at Rs. 35 (21-2-24) • ex Right basis at Rs. 29.40 (22-2-2024)
• Since then, It has marked a high/low of Rs. 29.40/ Rs.28.30
• It last closed at Rs. 28.30 (26-2-2024) • 52 Weeks high / Low of Rs. 37.07 / Rs. 12.28
Recommendation :- The company has marginally improved bottom line with growth in top line
for FY23 and FY24. The company has not declared any dividend during this period. The rights
share offer is at a discount of just 4.6 percent to the current price. Considering the company's
volatile financial performance and all the parameters, the issue price seems aggressive. It is im-
perative that shareholders stay away from costly and risky rights issues.
Financial Weekly TM

The South Indian Bank Limited Rights Issue
Opened on 6th March & Closes on 20th March ; Offer price Rs. 22
BSE : 532218 (FV Rs 1) • CMP : 30.36 (6-3-24) • 52WH L 36.91 / Low : 12.67
Dividend paying, having healthy asset quality and expanding network
Sharp improvement in financial performance
Considering the rights offer at a 38 percent discount compared to the year
Shareholders can now apply for more rights shares than their Entitlement
The South Indian Bank Limited is one of the first banks in South India to be established during
the Swadeshi movement. The South Indian Bank offers : Personal Banking, Priority Banking,
NRI Banking, Online banking, Banking services for businesses Financial Performance
Particulars (Rs. Cr.) FY 22 FY 23
Issue Details Total Revenue 7620.64 8045.81
Profit After Tax 44.98 775.09
• Opened on 6th March & Closes on 20th March, 2024
• Object of the Issue : The Bank intends to utilize the net proceeds from the Issue to increase its Tier
1 capital base to meet future capital requirements expected to arise from growth in assets, primarily
loans and investment portfolio, and to ensure compliance with regulatory capital requirements pre-
scribed by the RBI from time to time.,
• Issue Size : 52,31,85,254 Shares ; Rs 1151 Cr • FV Rs. 10 • Issue Price : Rs. 22 per Share
• Market Lot : 1 per Share • Listing on BSE & NSE
• Terms of payment : Rights Issue Price: Rs.22 per Rights Equity Share fully paid-up (including a
premium of Rs.21 per Rights Equity Share) payable on Application.
• Entitlement : 1 Rights Equity Share(s) for every 4 fully paid-up Equity Shares held on Record
Date : 27-2-2024 • Deemed Date of Allotment : 5-4-2024
• Lead Manager : Iifl Securities Ltd • Registrar : Link Intime India Private Ltd
• Pre IPO Equity Capital Rs. 209.27 Cr. • Post IPO Equity Capital Rs. 261.59 Cr.
• Cum Right basis at Rs. 37.06 (26-2-2024) • ex Right basis at Rs. 33.67 (27-2-2024)
• Since then, It has marked a high/low of Rs. 33.73/ Rs. 30.60
• It last closed at Rs. 32.09 (5-3-2024) • 52 Weeks high / Low of Rs. 36.91 / Rs. 12.67
Recommendation :- In FY22 the company recorded a setback due to Corona epidemic
and has shown high margins in FY2023 bottom line. Promoters holding is zero, 100 percent
public holding. Healthy asset quality, sharp improvement in financial performance, expan-
sion in network and dividend payout and at a discount of around 38 percent to the current
price, Shareholders may apply for more than their entitlement.
Financial Weekly TM

Smart Best Buy S. N. Zaveri
HDFC Bank: Merger overhands will be gradually overcome
ICICI Prudential : Fear of regulatory changes priced-in
Havells India : Foray into kitchen appliances will increase revenue
CEAT : Creat Big Portfolio with smart road Tyres
Tata Chemicals : Huge intrinsic value attracts more investors
HDFC Bank (Rs 1446.00) : HDFC Bank had a muted October-December quarter (Q3)
with the acceptable pre-provision operating profit (PPOP) and net profit. The deposit growth, how-
ever, was modest at 1.9 per cent quarter-on-quarter (Q-o-Q). The margin remained flat at 3.4 per
cent despite a rise in the credit-deposit (CD) ratio.The NII (net interest income) growth came in at 2
per cent, slightly lower than consensus but healthy other income boosted by treasury gains com-
pensated. The gross non-performing asset (NPA) ratio improved 8 bps Q-o-Q to 1.3 per cent, while
the provision coverage ratio or PCR improved to 75 per cent. HDFC Bank is expected to overcome
its merger overhangs gradually, said domestic brokerage LKP Securities as its recommended a
‘strong buy’ on the private lender's stock and sees a potential upside of 22 per cent. At a current
market price (CMP) of 1,443, LKP sees an upside of 22 per cent on HDFC Bank stock at a revised
target price of 1,762 for the next 12 months. Buy.
ICICI Prudential (Rs 586.00) : Emkay Global on Thursday said a sustained

underperformance of life insurance stocks seems to be pricing-in the exaggerated fear of regula-
tory changes while completely ignoring the franchise strength such as brand, distribution and scale
of listed players. The domestic brokerage has turned positive on life insurers from a medium-term
perspective, led by a favourable demography and economy. It upgraded ICICI Prudential Life In-
surance Company Ltd to 'Buy'. The brokerage has suggested a revised target price for ICICI Pru-
dential with a target of Rs 700 per share against Rs 550 earlier, implying FY26E P/EV of 1.9 times.
ICICI Prudential Life has had a tumultuous past, which reflects in its valuation multiple. At present,
it has one of the most diversified and de-risked product profiles (lesser impact from any changes in
surrender regulations) and the most diversified (largest distributor ICICI Bank contributing 13 per
cent of APE) and de-risked (distributor with open architecture contributing only 1/3rd of the APE)
distribution. Buy.
Havells India (Rs 1542.00) :- Havells India is planning to expand its existing product
portfolio with the introduction of kitchen appliances such as cooktops, hobs, chimneys and other
built-in appliances. The new venture is expected to bring benefits of synergies of business with its
Cont...
Financial Weekly TM

existing range of small domestic appliances. The company aims to be one of the top three market
players over a period of next three years from the start of operations. The entire range of products
will be outsourced and serve the domestic market. Havells India plans to introduce the new range
of products in May. The share touched a 52-week high of Rs 1,590.90 and a 52-week low of Rs
1,128.10 on 02 March, 2024 and 29 March, 2023, respectively. Currently, the stock is trading 2.29
percent below its 52-week high and 37.79 percent above its 52-week low. Accumulate in phased
manner.
Ceat Ltd (Rs 2775.00) : Tyre maker Ceat is looking to grow its market share by up to 16
per cent in the electric vehicle four-wheeler segment. The company has partnered with Original
Equipment Manufacturers (OEM) to develop electric two- and four-wheeler tyres. Electric two-wheel-
ers account for more than 20 per cent of the market, and electric four-wheelers, up to 5 per cent.
The company has partnered with OEMs and aim to have a 15 to 16 per cent replacement market
share moving quarter to quarter. In the two-wheeler electric vehicle space, the company has a 40
per cent market share and supplies tyres to OEMs. The company recently introduced a range of
steel radial tyres — SPORTRAD and CROSSRAD — in the premium segment and is expecting an
increase in raw material prices in quarter four. Buy.
Tata Chemicals (Rs 1314.00) : Tata Chemicals Ltd. stock has surged more than 25%
last week after a Chennai-based advisor's report on the valuation of the Tata Sons Ltd. IPO sparked
investor interest. The Tata Group's holding company will be required to list on the exchanges by
September 2025, as it was classified as an upper-layer non-bank financial company in October
2021. The company could fetch a valuation of Rs 11 lakh crore, and the IPO size will likely be
around Rs 55,000 crore, according to Spark Capital Advisors (India) Pvt. As per the shareholding
pattern of Tata Sons, Tata Motors Ltd. and Tata Chemicals own 3% each in the holding company,
while Tata Power Co. and Indian Hotels Co. hold 2% and 1%, respectively. According to Spark,
Tata Chemicals' holding in the parent could be valued at Rs 20,000 crore, which represents nearly
60% of the salt-maker's current market capitalisation of Rs 34,000 crore. The intrinsic valuation of
the company is 11 times the FY25 PE, according to the note. The valuations have been sup-
pressed, given the commodity nature of the soda ash and the potential headwinds faced by the
industry, due to falling realisations. Buy on decline.
SEBI Registered Research Analyst)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
8th March, 2024 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

Time to keep eyes on......
Coal, Power, and Metal stocks
Col Ajayastromoneyguru
Mobile 9414056705
Tenth week of calendar year 2024 is represented by planet known as Sun and year 2024
represented by planet known as Saturn.
This week Mars and sun will change houses.
As per Astro Economics this combination may lead fresh geo political tension which may
impact global capital markets.
Our advance prediction for positive move in public sector stocks NHPC 5%, REC 3.5%
seen as per our advance alert given in previous week article.
Hope readers must have enjoyed big profit in stock market.
This week keep eyes on coal India, Steel Authority of India, Jindal steel and power, Power
grid Corporation NTPC for midterm investment
We happy to inform that we are conducting online financial astrology course, interested
person can talk to us.
As per Astro Economics this is time for patience and profit booking expected.
The above recommendation is purely for research purpose, take advice for your financial
advisor for taking any financial decision.
Ajayastromoneyguru
Mob 9414056705
Financial Weekly TM

Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com
Nifty Predictions ; 11-3-2024 to 15-3-2024

" Please consider 10 minutes plus and minus in each prediction, and act accordingly. " Ganesha
advises you to compare every prediction with the prediction of the previous time slot.
11-03-2024 Monday :- 13-03-2024, 14-03-2024, 15-03-2024 These three days are still risk,
with 13-03-2024 being a zero weightage day. 9.15 to 11.00 Nifty traded around the surface. 11.00
to 11.40 Nifty up. From 11.40 to 14.00 you will see solid momentum on both sides - intraday
jobbing will be beneficial during this time. Nifty remained down from 14.00 to 14.50. Nifty recovers
in last 40 minutes.
12-03-2024 Tuesday :- Ganesha is seeing solid momentum today, but not much clear trade.
Buy Nifty around 9.50 Exit around 11.20. 11.20 to 13.20 (W shape graph) you see, now you decide
what to do in intraday. Do two parts from 13.20 to 15.30, in which part = 1 down and part - 2 = up.
13-03-2024 Wednesday :- Nifty will pass both sides of the surface time from opening to 13.00,
in which there is no clear trend, so Ganeshji does not see any special benefit. From 13.00 to 13.35
Nifty will bounce suddenly. As much as Nifty will be plus in the previsal slot, the minus will be
between 13.35 to 14.35. Nifty will bounce after 14.35 to 15.30.
14-03-2024 Thursday :- Allow 15 minutes of opening and then take a decision. 9.30 to 13.00
Nifty is a slot like trade flat amid volatility. In two hours from 13.00 to 15.00 complete 2 trends will
be seen, in which up will make entry up and as you take entry, nifty will come down step by step.
During 15.00 to 15.30 there is a positive effect of buying in "A" group stocks.
15-03-2024 Friday :- Nifty may see some strength from 18-03-2024. Today can be said as
'Aasmaan Se Gire, Khajoor Mein Atke'. 9.15 to 12.55 is clueless, boring and no-profit - no-loss time
frame. Part - A = 12.55 to 13.33 Nifty up. Part - B = 13.33 to 14.44 Nifty remained down. Part - C =
14.44 to 15.30 Nifty up.

Financial Weekly TM

News Track
Cohance Life sciences bet big on global
markets via capacity and products expansion
Mumbai: 07 March 2024 Cohance Life sciences, a prominent player in India's
pharmaceutical and specialty chemicals sector, is all set to hit the global market
with its strategic expansion and commitment to innovation. Backed by Advent, a
leading global private equity player, Cohance has emerged as a frontrunner in
Contract Development & Manufacturing Organization (CDMO) and Active Phar-
Dr. Prasada Raju
maceutical Ingredient (API) space; with well-diversified customer and product Managing Director,
mix. Cohance has seven state-of-the-art facilities in India. Currently CDMO con- Cohance Lifesciences
tributes around 35% of overall Cohance sales, growing at a CAGR of about 33% during the last
three years. "The company is now focused on the niche CDMO capabilities especially in the anti-
body conjugate (ADC) payload space. This has earned us global recognition and a significant
increase in the topline when it comes to CDMO." said Dr. Prasada Raju, Managing Director, and
Cohance Life sciences
In the last four financial years, Cohance's revenue grew at a CAGR of 16%, while EBIDTA
growth was at 27%. For FY23, Cohance registered EBIDTA margin & PAT margin of 31% and
~21% respectively.
Prime Fresh Limited (PFL) Wins Bid for

APEDA approved Packhouse for a 5 year Lease
Prime Fresh Limited (BSE: 540404) is pleased to update & inform that it has been selected as a
winner during the process of TENDER BIDDING & SELECTION (On a lease/rental for 5 years) for
the APEDA Approved Fully Integrated Agro Packhouse in Gujarat-Ahmedabad. This is a Multipur-
pose, Multi Products & Omni sales channel facility having peak potential to generate a sale of 25
TPD of Fruits, vegetables & other Agro Products. The said facility is situated very strategically
closure to Ahmedabad Airport & Wholesale fruits market at Naroda (Ahmedabad). This facility also
connects to major Agri belts, Port and Domestic City Business opportunities. The facility is spread
across close to 60000 sq. fts of land area along with massive construction & modern packhouse
infrastructure approved by APEDA.
The Development is a major landmark achievement for PRIME FRESH LIMITED as it helps
strengthens the Exports Capabilities of PFL and also it can help improve revenues from other
verticals such as Domestic F&V Supply chain, Ripening, Storages and other packing & repacking
services.
Financial Weekly TM
Performance of “SMART PLUS NEWS LETTER”

Amazing 17% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
4-3-24 Recomm. (%) 4-3-24 Recomm. (%)
Stock picks Technical Stocks
L&T 3629 3676 1.3 SBI 769 788 2.47
Tata Comm. 1914 2010 5.02 Larus Lab. 411 422 2.68
APL Apollo 1532 1582 3.26 Tata Steel 149 157 5.37
Stock Watch Pidilite 2740 2865 4.56
Anand Rathi 3708 3947 6.45 Mid Cap Stocks
Kaynes Techno 3008 3110 3.39 IEX 145 147 1.38
ETHOS 2688 2736 1.79 Finolex Ind. 223 231 3.59
Zen Techno 809 947 17.06 V-guard 338 344 1.78
Tata Consumer 1201 1261 5 Small Cap Stocks
Fundamental Stocks Jio Fin. 328 333 1.52
HDFC Life 592 621 4.9 Rico Auto 123 138 12.2
HG Infra 899 908 1 PNB 125 129 3.2
If you want to get benefit of it..... Subscribe

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

REVIEW OF Smart Bonanza
Issue No. : 46 • Date : 6-3-2024
Company Reccom. High after Ch. Company Reccom. High after Ch.
6-3-24 Recomm. (%) 6-3-24 Recomm. (%)
JSW Energy 509 515 1.18 Sun Pharma 1574 1606 2.03
Sona BLW 680 683 0.44 Muthoot Fin 1364 1377 0.95
HDFC Life 607 621 2.31 Tata Investmen 8838 9744 10.25
Tata Motors 1021 1039 1.76 JSPL 824 838 1.70
HDFC Bank 1441 1446 0.35 HDFC Life 607 621 2.31
Tata Chem 1061 1314 23.85 Rico Auto 131 138 5.34
Tata Techno 1075 1127 4.84 Tata Comm. 1993 2010 0.85
for more detail click the below link

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

Editor : Dilip K. Shah

Phone : 079 - 2657 66 39

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

FII ACTIVITY (Rs. in Cr.)

Click on our website : www.smartinvestment.in

10th March 2024 to 16th March 2024 3

10th March 2024 to 16th March 2024 4

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

According to the Indian Newspaper Society,

10th March 2024 to 16th March 2024 6

Targeting 22734 - 23111

:::: INDEX LEVELS ::::

10th March 2024 to 16th March 2024 7

Kalpna J (Email- Kjtech79@gmail.com)

BUY PRAJ INDUSTRIES

Praj HiPurity Systems

Rapid Fire Stocks

10th March 2024 to 16th March 2024 8

English & Gujarati Edition Gujarati Edition

10th March 2024 to 16th March 2024 9

Objects of the Issue

10th March 2024 to 16th March 2024 10

10th March 2024 to 16th March 2024 11

10th March 2024 to 16th March 2024 12

10th March 2024 to 16th March 2024 13

HET ZAVERI : info@smartinvestment.in

10th March 2024 to 16th March 2024 14

Download our app

10th March 2024 to 16th March 2024 15

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

10th March 2024 to 16th March 2024 16

Smart School Article 65: Many Uses Of Charts (Part 12)

index. In the series we will today have a look at IT Index.

10th March 2024 to 16th March 2024 17

Technicals and Fundamentals of each of the company individually.

tice the better accuracy you can achieve.

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

- Twitter Handle: @candles_happy, Instagram: happycandlesinvestment

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

10th March 2024 to 16th March 2024 18

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

10th March 2024 to 16th March 2024 19

Gold, ECB meeting & U.S. Fed - Powell 's testimony

10th March 2024 to 16th March 2024 20

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

10th March 2024 to 16th March 2024 21

Signoria Creation Limited (Signoria, The Company)

10th March 2024 to 16th March 2024 22

10th March 2024 to 16th March 2024 23

10th March 2024 to 16th March 2024 24

This are some stocks we received from our subscribers,

10th March 2024 to 16th March 2024 25

Next week Nifty range should go between 22100 to 22750

In all the recommendations made by us, the first target is achieved.

10th March 2024 to 16th March 2024 26

10th March 2024 to 16th March 2024 27

Stock Market Online Training Program