DSIJ3209

CONTENTS Vol. 32 No.
09 • APR 3 - 16, 2017
Cover Story
25 Recommendations
14 Choice Scrip
15 Low Priced Scrip
18 Hot Chips
Regulars
06 Editor’s Keyboard
08 Company Index
10 Market View
20 Technicals
22
24 Call Tracker
74 Query Board
Analysis
66 Reviews
VIP Industries : 86 Kerbside
FEEL VIP WITH VIP INDUSTRIES FOR A LONG-TERM Subscribers can access
68 Dealing
the complete databank
Special Report consisting of more than
3500 companies on our
With False Breakout, Few Things You website www.DSIJ.in
Must Learn
79 ANOTHER Special Report

IPO BUT YOU DID NOT GET
SHARES ALLOTTED: HERE IS WHAT YOU CAN
DO NEXT TIME
4 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in
Triggered By GST, Markets Inch Up
B
y the time you read this, we will be in the new fiscal year which is going to be stronger,
better and more profitable. When I say that, I find the unified tax regime labelled as GST
will be the key trigger taking the markets up from here and come July, once the new set
of laws are rolled out, there will be many sector-specific actions. Albeit, positive ones
depending on impact of GST on those particular sectors. While I find GST to be the
main positive key taking the markets higher from here diminishing the chances of Sensex being
lower from the 29000 mark, let us look forward to the fourth quarter earnings. We have all the
reasons to believe better numbers to be posted by the companies during the end of the last quarter of
the fiscal year in comparison to the third quarter numbers. This will also push the markets towards
higher limit. A vertical expansion of the markets’ scales are on the cards very much in this new year
as we gear up to embrace it. Don’t be surprised if we see 9400 to 9500 levels in nifty in coming
trading sessions.
Meanwhile, FIIs participation is also expected to increase along with steady participation from the
DIIs. BJP’s massive victory in Uttar Pradesh has infused lots of confidence among the investors, both
local and international and most are now talking about steady government in India for the coming
decade or so. With long-term political stability
seen in India, the foreign institutional investors
are willing to take higher exposure to Indian
equities. India remains favourite destination for
foreign institutional investors with concern
over China’s economy being over-leveraged
resurfaces.
Mid-cap stocks have outperformed the broader

markets in recent times and particularly have
been in the radar of the retail investors. In this
edition of your favourite investment
fortnightly, we get you our annual ranking of
the top 250 mid-cap stocks for 2017.
The previous year has been a good year for IPO investors and indeed primary market investors have
had a decent opportunity to make some wealth for themselves. However, since we keep in touch with
the investing community, we get feedback from individual investors that the IPO shares have not
been allocated to them sufficiently.
In this issue, we have delved deeper into the IPO allotment process in India and have some
important suggestions to make to the IPO applicants. The IPO story also focuses on the IPO
lifecycle. We are excited to share this story with you all at this juncture as the coming year is expected
to be an action-packed year for IPO investors. We hope our reader-investors make optimum use of
the insights provided in the IPO story and make some smart money from IPO participation.
For my investor friends who follow technical analysis we have provided you with a thought
provoking article on ‘false breakout.’ We hope this article will help you identify them and you save
loads of your capital identifying profitable trades.
I hope readers make the most of the insights shared by us in this edition and we look forward to your
feedback on the interesting stories especially brought to you by our teams.
Summer is approaching fast and it is very much felt in the commercial capital of the country and
elsewhere too. Ensure you stay in good health during this rude season. We will, meanwhile, ensure
you maintain a good financial health too.
Write back to us--it is always great to hear from you.
V B PADODE
Editor-in-Chief

facebook.com/DSIJin twitter.com/DSIJ
Vol. 32. No. 09 • APR 3 - 16, 2017
Founder & Editor-In-Chief Subscription & Customer Service enquiry@dsij.in

www.dsij.in/apps.aspx
linkedin.com/in/DalalStreetInvestmentJournal
V B Padode Utkarsh Sawale
Executive Editor Arvind Manor
Joydeep Ray
Chief Copy Editor
Marketing & Sales
G M - Marketing & Sales
Farid Khan
More on Mutual Fund
Prakash Patil
I am regular subscriber of your magazine Dalal Street Investment Journal. I like
Assistant Editor Mumbai: the data bank provided in the excel format. Data bank consists of standalone
Yogesh Supekar Nitin Zimur
financials. Can you also provide consolidated data (eg., Book Value, Sales, Net
Research (Sr. Manager - Sales)
Profit, EPS) in another sheet. Also if a similar data sheet for Mutual funds at
Neerja Agarwal Bengaluru: least once a quarter/half-yearly would be really helpful.
(Sr. Manager Research) N K Vishwanatha
Karan Bhojwani (Sr. Manager - Sales) - Mr Ramanthan
(Sr. Research Analyst) Chennai:
Rashmi Wankhede S Syed Khaleefathullah
(Sr. Manager - Sales & Marketing) Editor’s response: Dear Mr Ramanthan, firstly thank you for writing to us with
(Research Analyst)
your valued suggestions. Indeed, it sounds very interesting. We will be soon coming
Bhagyashree Vivarekar Delhi:
Atul Verma up with certain products dedicated to Mutual Fund sector. I am sure, you will like
(Research Analyst- Editorial) to check those out. For the data bank on the MF happening, we will actively consider
(Sr. Manager - Sales & Marketing)
Lohit Bharambe your suggestions. Stay tuned to know more about things happening in DSIJ aiming
(Sr. Research Associate) Mutual Funds : Hemant Rustagi
at serving our valued reader-investors like you. Regards
Tax: Jayesh Dadia
Graphics
Vipin Bendale
DSIJ Private Limited Recommendations

Company/Scheme Reco. Price (`) Column Page No
Managing Director
Rajesh V Padode Bodal Chemicals l Hold 141.65 QueryBoard 75
For Customer Service Allahabad Bank l Buy 72.15 Technicals 21
020-49072626 OR  service@DSIJ.in Bharart Electronics l BP 154.10 Reviews 66
Mumbai Office Bharat Wire Ropes l Buy 91.40 Hot Chips 18
419-A, 4th Floor, Arun Chambers, Tardeo, Next to AC Market Cineline India l Hold 71.30 QueryBoard 74
Mumbai - 400034 022-43476012/16/17
Dilip Buildcon l Buy 343.00 Cover Story 28
Pune Office
C-305, 3rd Floor, Trade Center, North Main Road, Near Axis Bank, Dish TV India l Buy 110.00 Hot Chips 18
Opposite Lane no. 6, Koregaon Park, Pune - 411001
FIEM Industries l Buy 873.00 Kerbside 86
020-49072600
Gallantt Metal l BP 39.25 Reviews 66
Bengaluru
Boston Financial Advisory Group, # 54, GHCL l Buy 263.00 Cover Story 28
3rd Floor, 13th Main, 17th Cross, HSR Layout,
Bengaluru - 560102 080-25724800/600 Gulf Oil Lubricants India l Buy 710.00 Cover Story 29
Hi-Tech Pipes l Buy 133.00 Choice Scrip 14
Chennai 9790880912
ITC l Hold 282.00 QueryBoard 74
Delhi 8800978622
JM Financials l Buy 80.70 Cover Story 30
To advertise, mail us on ads@dsij.in KEI Industries l Buy 175.00 Cover Story 30
Printer and Publisher: Nitin Sawant, Editor: V B Padode for DSIJ Pvt Ltd. MCX India l Hold 1224.25 QueryBoard 75
on behalf of Achievements Merchandise Pvt Ltd. Printed at Kala Jyothi
Process Pvt. Ltd. Plot No.: W-17&18, M.I.D.C. Industrial Area, Taloja, TATA Chemicals l Buy 592.00 Technicals 21
Dist. Raigad, Navi Mmbai. - 410 206. and published from 419-A, 4th
Floor, Arun Chambers, Tardeo, Next to AC Market, Mumbai - 400034  Tata Coffee l Buy 128.00 Kerbside 86
All rights reserved.  While all efforts are made to ensure that the
information published is correct and up-to-date, Dalal Street Investment
Tata Metaliks l Buy 527.00 Cover Story 31
Journal holds no responsibility for any errors that might occur. All Thomas Cook l Buy 224.00 Kerbside 86
material contained herein is based on fundamental and technical analysis
and other in-house methods, which though reliable, are not infallible. The Tourism Finance Corp. of India l Buy 73.25 Kerbside 86
information given in the magazine is of an advisory nature. Readers are
advised to consult experts before taking any investment decision and Dalal Universal Cables l Buy 88.85 Low Priced Scrip 15
Street Journal holds no responsibility for any losses that may arise due to
investment decisions made on the basis of information given within the
Varun Beverages l BP 384.65 QueryBoard 76
magazine. No reproduction is permitted in whole or part without written VRL Logistics l Hold 298.50 QueryBoard 76
consent from Dalal Street Journal  All disputes are subject to the
exclusive jurisdiction of competent courts and forums in Mumbai only. 
Dalal Street Investment Journal is a member of INS/ABCs. BP - Book Profit • BPP - Book Partial Profits • BL - Book Loss

BUILDING TOWARDS A
BRIGHTER FUTURE
KNR Construction is a multi domain infrastructure development organization based in India with more than
2 decades of experience and executes the construction of technically complex and high value projects across
segments such as Expressways, National highways, State highways, Rural roads, Irrigation projects and Flyovers.
Our aim is to develop KNRCL as a

center of excellence in the ﬁeld of
infrastructure services. We strive
continuously to provide eco-friendly
solutions, adopt state-of-the-art
practices and focus on creating top-
quality work. In the future, we hope
to continue to satisfy our clients
with our performance, be it with
our quality or with our execution
of projects before the schedule. We
are proud to serve the nation of
India and believe that ours is a very
important job that must be done
with dedication.
Corporate Offi ce:

KNR House, 3rd & 4th Floors,
Plot No. 114, Phase I, Kavuri Hills,
Hyderabad, Telangana - 500033.
Tel: 040-40268759/61/62
Fax: 040-40268760
www.knrcl.com
Market Watch
Markets To See 9400-9500 In Coming Weeks
W
ith the mid-cap index weak with a negative bias. Dow Jones Going ahead, the
making record highs,
it is no wonder that
Industrial Average was down by almost
1.68%; whereas, NASDAQ was down by
market will take cues
investors are betting
their long-term money
0.36%, which tracks the global IT stocks’
performance.
from the
on them. Indeed, mid-cap stocks have
been saviours for the investors looking FTSE 100 was down by 0.68% over the
developments in GST,
for growth over the past three odd years,
delivering phenomenal growth over the
two-week period. the announcements
similar time frame. The Japanese stocks were the worst being keenly tracked
performers as reflected by Nikkei’s
The markets took a breather for a while in performance, which was down by 3.16 by the markets.
previous week, taking cues from global per cent over the two weeks. Hang Seng
markets, eventually halting their bullish was the best performing index, being up
march. Sensex was up by nearly 1 per by almost 2.65 per cent over the announcements being keenly tracked by
cent in past two weeks; whereas, Nifty two-week period. the markets.
was up by nearly 1.24 per cent over the
past couple of weeks. Mid-cap index was FIIs were seen buying into Indian Banking stocks will be under the radar
up by 3.34 per cent, even as Small-cap equities, and have lapped up equities of the investors as several of the leading
index was up by nearly 3.4 per cent. worth Rs 12639.5 crore; whereas, the private banks are trading near their
Realty index was the top gainer amongst Domestic Institutional Investors have 52-week highs. Markets will be trading
the sectoral indices, which gained more been net sellers to the tune of Rs 4781.83 volatile owing to the expiry session
than 7.7 per cent over the past couple of crore. Going ahead, the market will take in this week, and the roll over data
weeks. cues from the developments in GST, the will help confirm the bullish undertone
for the market. The market is ripe to
touch 9400-9500 levels in the next
series. DS
10th Mar 27th Mar Gain/Loss

Indices
2017 2017 (%)
Dow Jones Ind 20,902.98 20,550.98 -1.68

S&P 500 2,372.60 2,341.59 -1.31
NASDAQ 5,861.73 5,840.37 -0.36
FTSE 100 7,343.08 7,293.50 -0.6
DAX 11,963.18 11,996.07 0.27
CAC 40 4,993.32 5,017.43 0.48
Hang Seng 23,568.67 24,193.70 2.65
Nikkei 19,604.61 18,985.59 -3.16
The other sectoral index gainers were the Performance Of Indices Net Investment In Equity Markets (`/Cr)
FMCG index and the Power index, which 10th Mar 27th Mar Gain/Loss Date FIIs DIIs
gained by more than 4.6 per cent and 3.6 Indices
2017 2017 (%)
14-03-2017 343.98 -1519.94
per cent respectively. Bankex performed SENSEX 28,946.23 29,237.15 1.01
in line with the benchmark indices, and Nifty 8,934.55 9045.20 1.24 15-03-2017 4309.49 126.75
was up by nearly 1.7 per cent. Mid-cap 13365.59 13812.46 3.34 16-03-2017 1418.11 -88.17
Small-Cap 13604.96 14068.72 3.41 17-03-2017 1424.24 -711.5
IT index was the worst performer in past Auto 21790.97 21860.41 0.32 20-03-2017 1600.02 -536.21
two weeks, and was down by nearly 1 per Bankex 23625.66 24025.16 1.69 21-03-2017 618.91 -798.57
cent, followed by the Metal index, which FMCG 8793.36 9199.71 4.62
22-03-2017 1617.31 -779.91
was flat over the two-week period. IT 10456.6 10360.27 -0.92
23-03-2017 210.57 -590.78
Metal 11554.83 11555.93 0.01
Globally, the mood remained subdued Power 2157.05 2235.02 3.61 24-03-2017 1096.87 116.5
with majority of the markets trading Realty 1474.37 1588.96 7.77 Total 12639.5 -4781.83

Recommendations Equity
Hi-Tech Pipes
topline increased 7.69 per cent CAGR
in last the five financial years ending
INVEST FOR HI-TECH RETURNS with FY16. The company’s EBITDA

too rose 14.73 per cent CAGR in
FY12-FY16. Its bottomline also soared
27.17 per cent in the last five fiscals
ending with FY16.
HERE IS WHY Hi-Tech Pipes’ revenue increased 9.93 per

cent to `504 crore in FY16 as compared
Positive macroeconomic growth factors to the previous financial year. The
Expansion plans company’s operating profit too rose 26.7
per cent to `31.94 crore in FY16 on a
Attractive valuations yearly basis. Its operating profit margin
expanded by 84 basis points to 6.34 per
H
cent in FY16 as compared to the previous
financial year. Hi-Tech Pipes’ PAT also
i-Tech Pipes is engaged in boosted 30.53 per cent to `6.50 crore in
the business of FY16 on a yearly basis.
manufacturing and
supplying steel pipes, Hi-Tech Pipes’ total debt-to-equity ratio
hollow sections, tubes, stood at 2.14x in FY16 which has come
cold rolled coils and strips, and a range Best of LAST ONE Year down from 2.34x in FY15. The company’s
of other galvanized products. The Name of Reco CMP Gain interest coverage ratio stood at 1.27x in
company offers cold-rolled (CR) coils, Company Price (`) (`) (%) FY16. Its ROE and ROCE remained at
tubes and pipes, and crash barriers. Its Mahanagar Gas 518.00 893.00 72.39 11.42 per cent and 14.79 per cent in
steel tubes and pipes products include FY16, respectively.
Techno Electric & Engg 217.00 352.50 62.44
water, air and gas pipelines, structural
Arvind Ltd 285.00 390.00 36.84
steel tubes, precision tubes, and grooved The company's net sales increased 34.4
fire-fighting pipes. Hi-Tech Pipes’ hollow Rajesh Exports 435.00 567.00 30.34 per cent to `309 crore in H1FY17 as
section products include square hollow Reliance Industries 987.00 1250.00 26.65 compared to the same period in the
sections, rectangular hollow sections and (Closing price as of Mar 27, 2017) previous financial year. The company’s
circular hollow sections. The company EBITDA also boosted 46.9 per cent to
designs and supplies steel pipes for entering into new products such as high `20.4 crore in H1FY17 on a yearly basis.
various water, air and gas transport quality precision tubes at its Sanand and It has posted PAT of `4.6 crore with a
applications. It also manufactures pipes Bangalore facilities. The company will massive growth of 73 per cent in H1FY17.
with grooves directly rolled into the pipe also enter high margin business of solar
ends. Its precision tubes are used in mounting structures. It is setting up solar On the valuation front, the share price of
automobiles, power and industrial mounting capacities in Bangalore. Hi-Tech Pipes is trading at TTM PE of
boilers, transformers, economisers, heat Hi-Tech Pipes has strategic locational 20.77x as against industry PE of 15.55x.
exchangers, bicycles, automobiles, advantage as major solar projects are The company’s book value stood at
railway electrification and furniture located/coming up in Andhra Pradesh `64.38. It has given dividend yield of 0.38
applications. and Karnataka. per cent to its shareholders. On its strong
growth plans, we recommend a BUY on
Going forward in FY18, Hi-Tech Pipes is On the financial front, Hi-Tech Pipes’ the stock. DS
CMP
Monthly Stock Market Returns Shareholding Pattern Last Five Years - Standalone (`/Cr)
NSE Code: HITECH (`) 31/12/2016 Particulars FY'16 FY'15 FY'14 FY'13 FY'12
CMP: `133 FV: `10
NSE Volume: 10500 Promoter 60.51 Total Income 504.92 459.45 385.44 370.49 348.61
Date: 27/03/2017
FII 0 Other Income 0.97 1.02 0.63 0.54 0.68
Operating Profit (Excl OI) 31.94 25.2 18.9 17.38 16.07
DII 0
Interest 17.05 14.68 12.09 11.52 10.85
Others 39.49
Profit After Tax 6.5 4.98 2.59 2.07 1.95
Total 100 Equity 10.3 3.79 3.14 0.47 0.47

advantage of this opportune moment
Universal Cables and is optimistic to continue its growth
in a sustainable and profitable manner. It
has made heavy investments in the past
CABLING PROFIT for upgrading and modernising its

technology and plant and machinery.
Universal Cables has performed better

financially in the last five financial years.
The company has witnessed turnaround
HERE IS WHY in its bottomline and posted net profit of
Positive macroeconomic cues `17.36 crore in FY16 as against a net loss
of `21 crore in FY12. Its revenue
Government measures on subsidy increased 3.84 per cent CAGR over these
Attractive valuations five fiscals. Universal Cables’ EBITDA
T
also boosted 51.28 per cent CAGR in
FY12-FY16.
he Indian electrical
equipment industry On the financial front, Universal Cables’
comprises of two broad revenue increased 6.52 per cent to `567
segments – generation crore in 9MFY17 as compared to the same
equipment (boilers, turbines, PRICED SCRIP period in the previous financial year. The
generators) and transmission & company’s EBITDA too rose 6.31 per cent
distribution (T&D) and allied equipment Best of LAST ONE Year to `54.45 crore in 9MFY17 on a yearly
like transformers, cables, transmission Name of Reco CMP
basis. Its net profit also boosted more than
Gain
lines, switchgears, capacitors, energy Company Price (`) (`)
three times to `22.98 core in 9MFY17 as
(%)
meters, instrument transformers, surge compared to the same period in the
arrestors, stamping and lamination, V2 Retail 48.20 183.00 279.67 previous financial year.
insulators, insulating material, industrial Manappuram Finance 35.20 98.50 179.83
electronics, indicating instruments, Jasch Industries 31.30 77.50 147.60 Universal Cables has cut down its total
winding wires, etc. The generation ADF Foods Ltd 83.70 167.00 99.52 debt-to-equity ratio to 1.67x in FY16
equipment sector stands for around 28 National Aluminium Co. 41.95 74.00 76.40 from 3.33x in FY15. The company’s
per cent while the T&D equipment sector (Closing price as of Mar 27, 2017) interest coverage ratio stood at 1.34x in
accounts for close to 72 per cent of the FY16. The company’s ROE and ROCE
total industry base. stood at 13.21 per cent and 14.11 per
(OEMs) and infrastructural segment, cent, respectively, in FY16.
Universal Cables is in the manufacture such as railways, steel plants, petrochemi-
and sales of electrical and other cables, cal plants, cement plants, onshore and On the valuation front, the share price of
capacitors, conductors and others. The offshore oil ring manufacturers, ship Universal Cables is trading at trailing
company offers power cables, such as building, heavy engineering and mining 12-month (TTM) PE of 9.01x as
extra high voltage (EHV), medium industries. compared to peers such as Precision
voltage (MV), low voltage (LV) power Wire India (13.25x), Aksh Optifibre
and control cables, and light duty wires Envisioning an imminent change in the (19.91x). At the same time, the company
and cables for winding wires, flat cables market structure where higher voltage is trading at an attractive PE as com-
and flexible cables. It has a product cable demand would grow at a significant pared to the industry PE of 23.14x. We
portfolio of specialty cables and caters to pace, Universal Cables has upgraded the recommend our reader-investors to BUY
the original equipment manufacturers manufacturing infrastructure to take the stock. DS
CMP
Monthly Stock Market Returns Shareholding Pattern Last Five Quarters - Standalone (`/Cr)
(`) 31/12/2016 Particulars Dec'16 Sep'16 June'16 March'16 Dec'15
BSE Code: 504212
CMP: `88.85 FV: `10 Promoter 61.83 Total Income 206.49 179.62 180.81 216.14 186.91
BSE Volume: 28764
Date: 27/03/2017 FII 0 Other Income 1.61 5.17 2.53 4.43 1.43
Operating Profit 19.12 20.63 24.01 27.06 22.16
DII 2.41
Interest 9.95 11.19 12.17 12.81 11.25
Others 35.75
Net Profit 4.32 10.78 7.88 11.94 6.50
Total 99.99 Equity 34.70 34.70 34.70 34.70 34.70
DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 15

Recommendations Equity
BHARAT WIRE ROPES CMP - `91.40
BSE CODE Volume Face Value

539799 74,885 `10
B
harat Wire Ropes is engaged in
Scrip’s Movement
manufacturing of wires, wire ropes,
slings and stranded wires, among
others. The company manufactures wire
ropes for various sectors, including general
engineering, fishing, elevators, cranes,
material handling, power transmission,
suspension bridges, onshore/offshore oil
exploration, ports and shipping, mining,
defence and railways. Bharat Wire Ropes
begins commercial production from
manufacturing facility at Chalisgaon in
Maharashtra. The company’s capacity
Last Seven Days’ Volume Table
utilisation at current plant is at 50 per cent to
(No. of Shares)
55 per cent. It has plans to start exporting to
China. On financial front, Bharat Wire Days Volume
Ropes’ operating profit margin expanded by 17-03-2017 84,169
307 basis points to 10.8 per cent in Q3FY17 20-03-2017 60,618
on a yearly basis. Its net profit also boosted 21-03-2017 1,51,725
almost double to `42 lakh in Q3FY17 as 22-03-2017 2,31,310
compared to same period in previous fiscal 23-03-2017 95,354
year. We recommend BUY, with a price 24-03-2017 3,16,556
The scrips in this target of `105 with a stop loss of `88. 27-03-2017 74,885
column have been
recommended
with a 15-day investment DISH TV INDIA CMP - `110
horizon in mind and BSE CODE Volume Face Value

carry high risk. Therefore, 532839 1,75,11,571 `1
D
investors are advised to Scrip’s Movement ish TV has expanded its portfolio by
adding 23 new channels including
take into account their risk nine high-definition channels and 14
appetite before investing, standard definition channels, taking the total
as fundamentals may count of channels and services to more than
615. The new rate rules proposed by the
or may not back the regulator Telecom Regulatory Authority of
recommendations. India (TRAI) is going to help the company.
From April 1, the new rules will break up
subscriber payments into capacity charge and
Hot Chips of Last One Month pay-TV revenue. The mandated capacity
charge is `130 for the first 100 free-to-air
Reco. Peak Likely channels, and an additional `20 for every
Price After Gain
(`) Reco* (%)
incremental 25 channels. The Information
Last Seven Days’ Volume Table
and Broadcasting Ministry has set cut-off
Issue No 7, Mar 6 -19, 2017 (No. of Shares) date for Phase IV of digital addressable
India Home Loan 108.00 117.00 8.33 Days Volume system (DAS) to March 31, 2017 to switch
Jindal Steel & Power 126.00 131.50 4.37 17-03-2017 2,09,587 over to digital mode of transmission.
Issue No 8, Mar 20 - April 2, 2017 20-03-2017 2,94,639 Mandating of phase IV digitisation, price
Adani Power 39.55 40.40 2.15
21-03-2017 2,32,952 revision from April 1 will fuel the demand in
22-03-2017 2,70,072 future. The company also expanded its
Escorts 520.00 535.00 2.88 23-03-2017 2,28,033 channel to grab more attention of subscribers.
*Highest price after our recommendations 24-03-2017 2,17,870 We recommend Buy, with a price target of
(Closing price as of Mar 27, 2017) 27-03-2017 1,75,11,571 `125 with a stop loss of `100. DS

Technicals Equity
NIFTY Index Chart Analysis
Has strong support in the range of 8970-9000
I
ndian markets after registering an Roadmap for the next 15 trading sessions
all time high level of 9218.40, Ideas Nifty Levels Action to be Initiated Probable Targets
retreated from the higher level, and Close above 9120 on the weekly chart would
registered negative returns on a Resistance for the medium term 9120 9220-9300
give further momentum to the bulls.
weekly basis for the first time in Close below 8970-9000 on the Daily chart
Support for the medium term 8970-9000 8860
the month of March. Sectors like would change the trend and trigger retreat.
Pharmaceuticals and Information
Technology dragged the market lower 8970-9000 a crucial support area for 60. However, it’s important that the
amid on-going concerns with respect to Nifty? Firstly, the opening upside gap weekly RSI does not slide below level of
regulatory issues with US FDA, and a which was formed on March 14, 2017 is 58-60 as it may result in a shift in the
strong appreciation in the rupee. placed around this range, and secondly, momentum.
Buying interest was seen in banking the 21-day EMA is placed at the level of
stocks as well, and market participants 9003. Lastly, the zone of 8980-8990 is the In the coming days, we have March series
turned positive after Finance Minister, previous intermediate top, and hence, Future and Option expiry. Additionally,
Arun Jaitely, promised a solution for the previous top is likely to act as a strong the government will report external debt
growing NPA problem in the near term. support. As long as Nifty50 holds above data followed by infrastructure output
Considering the daily time frame, Nifty the levels of 8970-9000, the trend data for the month of February, foreign
after registering all time high levels of remains in favour of the bulls. reserve, data related to bank deposit
9218.40, failed to sustain at higher levels, However, if bulls fail to hold onto the growth on a year-on-year basis, and bank
and entered into a corrective mode, levels of 8970-9000, it’s likely to correct loan growth, on March 31. Auto sales
owing to dampened cues from the up to levels of 8860 in the short-medium figures will be reported in the first week
global markets. However, during this term. of April. Apart from the above
correction process, the Nifty filled the mentioned factors, market will take cues
opening upside gap, which was formed as Whereas, on the upside, the level of 9120 from the global markets as well.
on March 16, 2017; and it has partially is a crucial resistance area, and above this Therefore, we may see rise in the
filled the upside gap which was formed level, the next resistance is placed at volatility in the coming days as
post the outcome of State election. Now, levels of 9220 and 9300. The weekly 14 numerous events are lined up, and the
going forward, Nifty has strong support period RSI has turned down from the top crucial level for Nifty would be 8970-
in the range of 8970-9000. Why is of 70 levels and it may dip up to levels of 9000.

STOCK RECOMMENDATIONS
TATA CHEMICALS ........................ BUY ............................ CMP `592

BSE Code : 500770 Target 1 ..... `669 | Target 2 ..... `690 | Stoploss....`510 (CLS)
The stock of Tata Chemicals is currently trading at
`592. Its 52-week high/low stand at `592.15 /
`360.1 which were made as on March 17, 2017 and
April 05, 2016. Considering the daily weekly
frame, the stock bounced back from the 50 per
cent retracement level of the prior big upward rally
at 444 levels after it corrected from its prior
all-time high of 586.
After recovering, the stock is seen consolidating at

its all-time high level. The stock has formed a kind
of Flag pattern and once the stock gives a breakout
at 586 on closing basis, we can expect a move of up
to 669 in the first place. The 14-period RSI is
quoting at 65 that suggests a good momentum for
the stock. Thereby, we recommend BUY in the
stock for a target of `669 followed by a medium-
term target of `690. Maintain a stop loss of `510.
ALLAHABAD BANK ........................ BUY ......................... CMP `72.15

BSE Code : 532480 Target 1 ..... `85 | Target 2 ..... `93 | Stoploss....`69(CLS)
The stock of Allahabad Bank is currently trading at
`72.15. Its 52-week high/low stand at `88.40/
`49.10, which were quoted on September 07, 2016
and May 26, 2016 respectively. The stock after
registering a high of `88.40, entered into a
correction phase. At present, the stock has
witnessed breakout of downward sloping trend line,
joined from the high of `88.40. The stock has been
trading above its important medium-long term
moving averages, i.e. 50-day EMA, 100-day EMA
and 200-day EMA, which further confirms the
bullish trend of the stock. The 14-period RSI is
quoting at 64, which suggests a good momentum
for the stock. Thereby, we recommend BUY in the
stock for a target of `85, followed by a medium-
term target of `93. We would advise to maintain a
stop loss of `69. DS
(Closing price as of Mar 28, 2017)
*LEGEND: n EMA - Exponential Moving Average. n MACD - Moving Average Convergence Divergence n RMI - Relative Momentum Index
n ROC - Rate of Change n RSI - Relative Strength Index
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.

Analysis Equity
VIP Industries
FEEL VIP WITH VIP INDUSTRIES FOR A LONG-TERM
With air traffic expected to

increase in the coming years, VIP
Industries can be expected to
gain market share as it has
established distribution network
LUGGAGE INDUSTRY for the luggage industry in India even as range in moulded furniture includes
The luggage industry is one of the fastest affordable luxury brands continue to suitcases, backpacks, strolleys, executive
growing industries in India. The industry grow well in India. cases, overnight travel solutions and
is expected to clock 18 per cent CAGR school bags.
growth in the coming years backed by THE COMPANY
continued increase in travel, new luggage VIP Industries, one of the leading The market for handbags, office bags and
and backpacks advertising campaigns, manufacturers of both hard and soft backpacks is much larger than the
new distribution schemes and strong luggage and also hand bags, possesses a luggage market as there is repeat buying
new product launches. market share of more than 50 per cent in by customers and VIP is seen
the organised luggage space. increasingly focused on introducing
The steady rise in travel expenditure travel products for the short haul, viz.,
among households has fuelled growth Through its multiple brands, VIP business bags, ladies bags, backpacks etc.
for the luggage industry. There is Industries has presence across various Traditionally, VIP has been strong in
growing preference globally and in India price points, which is one of its core travel products for the long haul.
for branded bags and luggage. The strengths.
increasing fashion consciousness and GROWING INDIAN ECONOMY
aspiration levels along with higher The polycarbonate category within the With the Indian economy expected to
disposable incomes are amongst the key hard luggage is one of the fastest growing continue its growth momentum post
growth drivers for the industry even as in the hard luggage category. However, it demonetisation, the increase in business
the bags and luggage are considered is the soft luggage that continues to grow people travelling across the country is
lifestyle products. faster for VIP Industries, contributing expected to be on the rise. Growing
over 70% to the company’s sales. economy logically would lead to business
Among all the channels, the expansion activity and with the advent of
hypermarket channel continues to With a presence in 27 countries, VIP low cost airlines, it is expected that more
witness the strongest growth which also Industries also boasts of product range and more people will travel by air which,
suggests that Indian consumers prefer including injection-moulded PP cases in turn, would create demand for
affordable luggage and convenience of and furniture, vacuum-formed PC and branded luggage.
modern shopping formats. Increase in ABS cases and soft-sided luggage in
e-commerce business also augurs well nylon, polyster and EVA material. The The domestic airline has grown by nearly

20 per cent in last couple of years. With air industry can see acceleration with VIP Industries Ltd.
traffic expected to increase in the coming increased travel activity across the globe. BSE Code : 507880 CMP (`) 179.05
years, VIP Industries can be expected to Due to preference for branded products Particulars Amonut (` cr)
gain market share as it has established it is expected that the customers will Net Sales 1240.13
distribution network and has a right mix prefer premium branded products even % Change 4.82%
of brand to tap the business travellers. if the branded products are 20-30 per Operating Profit 128.87
cent costlier. Customers are willing to
% Change 24.58%
BRANDED PRODUCTS pay a premium for good quality and long
Net Profit 77.86
Presence of branded products in the lasting products and this trend will help
Indian luggage market is the unique companies like VIP Industries gain % Change 21.79%
strength of VIP Industries. market share. Equity 28.26
EPS (`) 5.50
Even as “Skybags” brand continues to KEY TRIGGERS FOR THE STOCK FV (`) 2.00
gain strength and is the fastest growing Lower commodity prices : - CMP (`) 179.05
brand for the luggage manufacturer, it is With lower commodity prices, the P/E (x) 32.55
the “VIP” brand that continues to margins are expected to remain intact. Dividend Yield (%) 1.15
dominate Indian luggage market. VIP The prices of polypropylene, which is a Book Value (`) 28.48
enjoys the largest market share of all derivative of crude oil, have declined and (Trailing Four Quarter Data)
luggage brands in India. will help boost margins for the company.
Crude oil prices are expected to remain inventory position is comfortable for
“Carlton” is one brand that has shown benign. Hard luggage roughly VIP Industries and the working capital
decent growth in the premium retail contributes to 25 per cent of the needs for the company are minimal.
channel. With a shift in strategy where company’s revenues and polypropylene
the premium brands such as Carlton is is a key raw material used in the CONCLUSION
being promoted, VIP Industries is seen manufacture of hard luggage. In case With increased spend on A&P, it is likely
tapping into the wider customer base there is further fall in crude oil prices that it will result in higher brand
with differentiated and premium from the current levels, it will further recognition that may help improve sales
product offerings. Carlton, a British support the margin expansion as volume and maintain healthy margins.
brand, targets premium business polypropylene prices may also come VIP Industries is clearly a play on
travellers. down.
Key valuation metrics: -
BRAND CONSUMER BASE Description Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Asset-light model :- VIP
CARLTON High-end segment Adjusted PE (x) 23.40 27.52 25.29 27.14 20.85
industries has a unique
VIP High-end segment Price/ BV (x) 4.41 4.29 5.13 3.32 5.82
business model which allows
ARISTOCRAT Mid-segment Dividend Yield 1.90 1.61 1.63 1.65 1.60
the company to outsource a
EV/EBITDA(x) 13.88 16.60 17.28 12.19 15.60
SKYBAGS Mid & sub mid-segment significant portion of its
High P/E 31.93 29.56 32.39 37.07 46.42
ALFA Lower-end segment products from China and
Low P/E 19.64 19.44 17.95 15.54 17.03
CAPRESE Mid-segment ladies hand bags Bangladesh.
semi-urban and urban consumption
SHIFTING TREND China is the global sourcing hub for soft story in India. Investors looking to
The unorganised sector in the luggage luggage. China also supplies in large play the consumption story can look
segment comprises of nearly 60-65 per quantities to the unorganised sector in at VIP Industries with a long-term
cent of the total luggage market in India, India. The distribution, design and view.
whereas the organised sector in the branding is taken care of by VIP
luggage segment currently constitutes Industries, whereas the manufacturing With expected growth in tourism sector
nearly 40 per cent of the total market. part is outsourced to China. and expanding economy, the demand
With GST expected to be implemented for quality products provided by
in FY18, the shift in trend towards The outsourcing of significant portion of organised players in the luggage industry
organised players could gain momentum its products allows the company to run is expected to improve. The management
and the shift augurs well for VIP its operations maintaining an asset-light expects that there will be volume growth
Industries. model. This also helps VIP Industries of almost 15 per cent in the coming year,
maintain a low debt-equity ratio. which is healthy.
Within the organised sector, VIP
industries has nearly 60% market share Efficient working capital :- VIP The key risks for the company remain
and the market share can increase due to Industries, thanks to its efficient working the rise in raw material prices and
new product launches in the growing capital and lower interest burden, boasts foreign exchange rates which may
luggage market. The growth in luggage of healthy financials. The receivables and impact the margins negatively. DS

Our research-backed recommendations have been our greatest strengths
Our Call Tracker

over the past so many years. In fact, helping investors book profits has
been the very essence of our existence. Here is a detailed guide on the
recommendations helping readers to get a quick insight on what to do next.
CHOICE SCRIP
RECOMMENDATIONS UPDATE FOR THE LAST TWO YEARS
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05-Oct-15 Granules India 139.00 139.60 05-Oct-16 122.10 -12.16
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30-Nov-15 ICICI Bank 264.00 276.95 10-Nov-16 293.00 10.98
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08-Feb-16 Skipper 155.00 175.15 06-Jan-17 142.40 -8.13
07-Mar-16 Techno Electric & Engineering Co. 434.00 386.35 27-Jul-16 644.90 48.59
15-Mar-16 Glenmark Pharmaceuticals 832.50 875.00 16-Feb-17 934.20 12.22
29-Mar-16 Godrej Consumer Products 1328.00 1695.00 05-Jul-16 1665.00 25.38
12-Apr-16 Great Eastern Shipping Company 328.40 399.20 08-Dec-16 376.05 14.51
26-Apr-16 Arvind 284.65 391.20 03-Oct-16 354.10 24.40
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08-Jun-16 Coal India 305.85 290.95 03-Mar-17 322.45 5.43
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07-Jul-16 Mahanagar Gas 517.50 898.35 30-Aug-16 641.25 23.91
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03-Aug-16 Crisil 2098.40 1921.00 Open -8.45
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26-Oct-16 Equitas Holdings 176.70 161.10 Open -8.83

D E M O C R A T I Z I N G W E A L T H C R E A T I O N
P R E S E N T
Associate Sponsors
2017
Cover Story
THE TOP 250 MID-CAPS YOU MAY FIND INTERESTING ENOUGH
Rashmi Wankhede and Yogesh Supekar bring out this unique 250 mid-cap selection teaming
up with Neerja Agarwal
M
id-caps have extended their
longest winning streak over
the last three years. We at
DSIJ have put in efforts to
analyse the last three years’ performance
of mid-caps. Mid-cap index has
performed more than expectations and
gave returns of 121 per cent over the last
three years, which far exceed the 44 per
cent returns given by the Sensex. Looking SENSEX MID-CAP
at the strong performance, retail
investors continue to pour money into
mid-caps. In a sense, mid-caps signify
high returns. Mid-cap Performance average returns of 203 per cent, and in
1 Year 3 Years the last one year, these have given
Mid-caps have outperformed because Average Returns 43% 203% average returns of 43 per cent.
many growing niche sectors have a major
share in the mid-cap space. Some of the Top 10 Performers from Mid-cap Space We can also see top ten performers in
growth sectors such as finance, textile, 3 Year's terms of returns among the mid-cap
Company Name
trading, metal, realty, construction Returns % universe. These have always outperformed
material, capital goods, chemicals, Kushal Tradelink 5071 the market index by a very big margin.
healthcare, agriculture, automobile and Indo Count Industries 2401 Best performing funds of many fund
auto ancillary and plastic products are Tasty Bite Eatables 1868 houses have investments in mid-caps. The
represented in the mid-cap universe. Shilpi Cable Technologies 1814 scrips trading below long term averages
Mid-caps are surging in anticipation of IG Petrochemicals 1662 from mid-caps are filtered out in the first
positive economic and political triggers, Astec Lifesciences 1453 step. It can be in terms of P/E and P/B
better business potential and earnings. 8K Miles Software Services 1397 ratios or assets profitability ratios. In this
Mid-caps are able to attract money as KEI Industries 1397 case, the P/E shows stock level relative to
many growth sectors belong to mid-caps, Maithan Alloys 1361 the company’s earnings, while P/B or
and not only to large-caps. Companies Srikalahasthi Pipes 1325 price-to-book value shows where stock
like Indo Count Industries, Shilpi Cable stands relative to the value of assets on the
Technologies, IG Petrochemicals, KEI Top 10 Performers from Mid-cap Space company’s book. The companies having
Industries, Maithan Alloys, Gayatri Company Name 1 Year Return % growing return-on-net-worth (RONW)
Projects, Asian Granito India, Minda Indian Metals & Ferro Alloys 534 are considered healthy in terms of
Tata Metaliks 452
Industries, ITD Cementation, Nilkamal, profitability and are considered to be in
Jindal Stainless 307
Caplin Point Laboratories and TVS the growth phase. Such companies mostly
Sudarshan Chemical Industries 305
Srichakra are some of the niche come under the mid-cap space as they
Bengal & Assam Company 295
players in the mid-cap space that have perform well over the duration. For
Shilpi Cable Technologies 281
performed tremendously and are example, Jyoti Structures is placed high in
Maithan Alloys 253
representative of these growing sectors. the mid-cap space due to lower valuation
Rain Industries 243
We see that many mid-cap companies which was due to high debt in high
Phillips Carbon Black 236
are growing faster than some of the interest rate environment. But this
IG Petrochemicals 232
large-cap companies and hence they are mid-cap star shines with double returns
valued at a premium as compared to their caps. This is because of low market float in over a one-year period.
large-cap peers. of smaller companies. Market float is the
number of shares available for trading. The ability to deliver good returns of any
The factors driving mid-cap stocks are So, the liquidity-driven rallies are always stock is purely based on picking up the
enhanced liquidity and stability in front-ended by mid-caps. stock at a price lower than its value.
economic-political environment of the Fund houses that follow this strategy of
country. Generally, liquidity drives Factoring in these parameters, in the last selecting stocks have returned average of
mid-cap stocks more easily than large- three years, mid-cap stocks have given 35% during last one year. The fund

houses having lower exposure to IT advantage of the turnaround in the How much money one should invest in
and pharma sector companies in view economy. The banks that are trading mid-caps depends on one’s investment
of macro factors have done well. below their long term averages with objective and asset allocation. Investors
Similarly, such funds houses hold a large better asset quality as compared to should have at least 10 per cent of their
number of mid-cap banks considering bigger banks are expected to do well holdings from the mid-caps universe so
that banks are better positioned to take in an improving macro environment. as to enjoy fruits of long term growth.
Mid-cap 250 Selection Methodology
I
t is again that time of the year when investment decisions. revenues, of which 51 companies were
we bring on the plate the select 250 able to grow revenues by greater than
mid-caps. We have ranked RoNW – An important factor to 15% in FY16. However, for 44% of
companies with market cap between measure performance the companies, sales growth was
`1,000–`5,000 crore. The ranking below 5%.
considers the highest market cap, We see from the graph below that 95
sales and net profit. While arriving companies from our set were able to Looking at the net profit, we see that
at the ranking, the financial provide return on net worth (RoNW) of 48% of the companies were able to grow
performance is the first criteria and 10-19 while 62 companies have RoNW their net profit by more than 15%. This
hence we consider two primary factors greater than 20. Within the lot of 250 points to companies either improving
– sales and net profit. So, the companies companies, 114 companies were able to their operational efficiencies or repaying
with highest sales and net profit tend to improve RoNW in FY16. their debts. A substantial chunk of
be ranked higher amongst other companies witnessed net profit growth
companies. As the share price is the We now look at sales and net profit of less than 6% which can be attributed
main market valuation factor, we have which were important factors in ranking. to pressure on margins or higher interest
considered market capitalisation as the To provide additional flavour on these outgo.
third factor for ranking. Along with the we looked at the growth rates of sales and
share price, mid-cap investors are also net profit. It is our endeavour to constantly provide
keen to know the dividend they can you with analysis and information that
expect. Hence, we re-base the dividend Sales and Net Profit : We see that 176 can help you make informed investment
on FV of `10 to provide a common companies were able to grow their decision.
benchmark to measure the returns.
Assigning equal weights to these Sales Growth ‐ Distribution of companies
parameters, we assign a cumulative
44%
rank.
45%
40%
Please note that we have evaluated 35%
21%
30%
the companies during the first week 25% 17% 18%
of March. Also, these are ranking 20%

15%
of companies based on the parameters 10%
5%
listed above and should not be 0%
considered as recommendations. Greater than Between 10‐ Between 6‐10% Below 5%
15% 14%
We hope it provides our readers
Sales growth
information to make sound
RONW and distribution by companies Net profit growth ‐ Distribution of companies

95 48%
43%
100 50%
90 74
62 40%
80
70 30%
60
50 20%
40 5% 4%
20 10%
30
20 0%
10 Greater than Between 10‐ Between 6‐10% Below 5%
0 15% 14%
Above 20 between 10 ‐ 19 between 0 ‐ 9 Below 0 Net profit growth

Cover Story
Dilip Buildcon GHCL
BSE Code: 540047 FV: 10 CMP: 343 BSE Code: 500171 FV: 10 CMP: 263
Market Cap (FF): `1,034.62 Cr Market Cap (FF): `2,160.71 Crore
D
ilip Buildcon is one of the leading private sector One year share price chart
road-focused EPC contractors in India. The
company boasts of having one of the largest fleets of
construction equipment in India and other
construction equipment from some of the world's leading
suppliers.
The stock is attractive as the twelfth Five-year Plan is likely to

accelerate the pace of investment in infrastructure, this being
critical for sustaining and accelerating growth. The significant
increase in pre-qualifications has helped the company increase
the target market size and maintain the momentum of the order
LAST FIVE QUARTERS (`Crore) - Standalone
book growth.
Dec'16 Sep'16 June'16 Mar'16 Dec'15
On the financial front, the total income increased by a Total Income 616.75 658.85 684.82 650.40 659.04
whopping 57% YoY for Q3FY17. The YoY growth in profit for Other Income 1.64 1.67 3.08 1.80 3.00
the company was 170%. The operating profit grew by almost Operating Profit 163.00 180.39 196.42 175.69 158.05
54% YoY, thus reflecting strong growth. Interest 31.77 33.34 34.73 38.25 37.78
Net Profit 80.54 90.28 102.83 78.96 66.49
On the valuation front, the stock is trading at a trailing PE of Equity 100.02 100.02 100.02 100.02 100.02
G
24.66, in line with the industry PE of 25, however, the stock is
trading at a discount to its peers such as NBCC and Prestige HCL Limited is a leading Indian producer of soda
Estate Projects, which are trading at 48.73 and 31.35 multiples ash, which is well poised to tap opportunities in both
on a trailing basis. the Detergents & the Glass industries. The total soda
ash business contributes to about 60 % of total
The focus on profitable de-risked, sustainable growth with a Indian standalone revenue. In India, the company has a
robust order book, providing high revenue visibility, makes the significant advantage in maintaining tight control on cost of
stock an interesting investment. soda ash due to being a major captive source on some of the raw
materials – Salt, Limestone & Lignite.
One year share price chart
The Indian market for soda ash has the greatest potential to
expand in the near term with positive outlook of country’s
relatively robust economy, gap in housing, and its rapidly
expanding liquor and automotive industries – all of which are
expected to support glass demand. Indian soda ash consumption
currently stands at around 2.5 kg per capita, compared to around
20 Kg per capita in the US, indicative of ample room for growth.
On the financial front, the total income for the company was
down by 6% YoY; whereas, the net profits increased by almost
21% over the similar period. The operating profits for GHCL
grew by 3% YOY.
LAST FIVE QUARTERS (` Crore) - Standalone
Dec'16 Sep'16 Jun'16 Mar'16 Dec'15 On the valuation front, the trailing PE stands at 10.23, and the
Total Income 1389.10 916.32 1041.97 979.09 885.63 stock is trading at a discount to Aarti Industries and Solar
Other Income 2.66 3.56 2.00 0.94 0.14 Industries, which are trading at 25.4 and 36.78 PE respectively,
Operating Profit 280.22 159.07 206.47 190.26 182.24 on a trailing basis. The industry's average trailing PE stands at
Interest 106.18 95.91 108.41 97.24 90.86 24.51. The textile business of GHCL has also shown impressive
Net Profit 108.64 6.97 49.59 43.17 40.23 growth and with a more stable outlook for the soda ash
Equity 136.77 136.77 117.14 117.14 117.14 business, GHCL becomes a story to focus on.

Gulf Oil Lubricants India One year share price chart
BSE Code: 538567 FV: 2 CMP: 710

Market Cap (FF): `1229.66 CR
G
ulf Oil Lubricants Ltd (GOL) is functional in the
third largest lubricant market in the world- India,
which is also one of the fastest growing lubricants
market globally. GOL operates mainly in the
Automotive and Industrial segments with a leading presence as LAST FIVE QUARTERS (` Crore) - Standalone
one of the top players in the open market (Bazaar channel). Dec'16 Sep'16 June'16 Mar'16 Dec'15
Total Income 273.63 274.23 283.58 271.90 260.23
GOL is well placed to capitalise on the growth opportunities in Other Income 5.35 4.61 4.38 5.86 4.43
autos, and revival in GDP/IIP cycle in India. A well-balanced Operating Profit 46.84 48.50 52.87 50.83 45.52
and improving portfolio of lubricant brands gives GOL an Interest 2.89 0.72 3.86 3.38 3.80
advantage. Faster than market volume growth, aided by a Net Profit 27.60 30.23 31.16 30.04 26.18
steadily expanding distribution network, is one of the Equity 9.92 9.92 9.92 9.92 9.92
impressive aspect of the Company, that cannot be ignored.
Sustained brand building, wherein the Company spends 6-7% `27.59 YoY from `26.17 crore for the quarter ended December
of the sales, is helping it grow. The margin expansion driven by 31, 2016.
brand building, improved sales mix and operating leverage
augurs well for the stock. On the valuation front, the stock is trading at a multiple of 28.62
The total income for the company increased by 5% YoY for on a trailing basis, in line with the industry average of 28.82. The
Q3FY17. YoY the total income stood at `273.63 crore versus stock is trading at a marginal discount to its peer, Castrol India,
`260.23 crore in Q3FY17. The net profit increased by 5% to which is trading at 30.69 multiple.

Cover Story
JM Financials KEI Industries
BSE Code: 523405 FV: 1 CMP: 80.70 BSE Code: 517569 FV: 2 CMP: 175
Market Cap (FF): `1986.95 Crore Market Cap (FF): `694.34 Crore
J K
M Financials, the only listed company of the JM Financial EI Industries is a player in the power cable segment,
Group, is one of India’s leading financial services and is one of the largest cable manufacturing
companies. Various businesses in the group are divided in companies in India.With domain experience and
four reportable segments. These are: investment banking expertise in the EHV cables segment, the Company
and securities business activities comprising investment has also successfully forayed into the next step of Engineering,
banking, institutional and non-institutional equity sales, Procurement and Construction (EPC) services for power
trading, research, broking and distribution, private and transmission projects.
corporate wealth management, commodity broking, portfolio
management, depository participant; fund based activities A strong presence both in domestic and international markets
comprising non-banking financial activities (NBFC) and, asset has further diversified and de-risked KEI’s business model. The
reconstruction; alternative asset management comprising total income increased by 29% on a YoY basis even as the net
private equity and real estate fund management; and asset profit for the company increased by 83% for the quarter ended
management comprising mutual fund management business. December 31, 2016. The operating profits increased by 26% YoY
for the Company.
In medium to long-term the fund based activities and the fund
management activities can help company deliver growth. Focus On the valuation front, the trailing PE for the stock is 15.48,
on better NPA management by banks augurs well for the asset which is lower than the Industry PE multiple of 23. KEI
reconstruction business of JM Financials. The advisory business Industries' peer, Finolex Cables is trading at 21.9 multiple, and
will see some growth opportunities as there is visible demand Shilpi Cables is trading at 38.38 multiple.
for customised solutions from growing mid-size segment of
corporate India. The strong order book with high growth visibility and ever
improving distribution network are comforting for investors in the
On the financial front, the total income grew 39% YoY; whereas, Company. The fact that the market for household wires as well as
the net profits increased by 40% YoY for the quarter ended LT and HT cables, which together comprise the retail division for
December 31, 2016. The operating profits increased 42% YoY. KEI, is expanding, suggests continued growth opportunities. KEI
industry’s reputation as a leading EPC player in power
On the valuation front, the stock is trading at a multiple of 74.54 transmission and distribution, positions the company to
on a trailing basis, which is above the industry average of 64.50. benefit from the infrastructure projects slated to be executed
JM Financials is trading at a discount to its peer IIFL Holding, nationally.
which is trading at a multiple of 166.95 levels.
LAST FIVE QUARTERS (` Crore) - Standalone

LAST FIVE QUARTERS (` Crore) - Consolidated Dec'16 Sep'16 June'16 Mar'16 Dec'15
Dec'16 Sep'16 June'16 Mar'16 Dec'15 Total Income 716.19 624.49 560.70 636.34 553.33
Total Income 593.41 563.11 475.11 464.00 425.72 Other Income 0.33 1.89 0.90 2.72 1.33
Other Income 0.56 0.69 0.33 10.54 0.28 Operating Profit 78.22 68.82 56.84 70.22 62.22
Operating Profit 450.52 428.06 352.09 345.63 317.68 Interest 34.09 31.77 26.70 31.04 32.49
Net Profit 163.67 150.65 112.32 143.28 117.24 Net Profit 27.18 22.90 16.93 20.28 14.86
Equity 79.38 79.17 78.96 78.90 78.87 Equity 15.56 15.56 15.45 15.45 15.45

Tata Metaliks One year share price chart
BSE Code: 513434 FV: 10 CMP: 527

Market Cap (FF): `665.90 Crore
T
ata Metaliks is engaged in the manufacture of foundry
grade pig iron. The Company manufactures and sells
products, such as scrap pig iron and granulated slag. It
offers a range of end-to-end technical services, which
include charge mix and melting, molding and core making, LAST FIVE QUARTERS (` Crore) - Standalone
spheroidal graphite (SG) iron production and development, Dec'16 Sep'16 Jun'16 Mar'16 Dec'15
project based consultancy, pollution control, customised training Total Income 300.17 227.19 218.52 225.93 293.23
and testing facility. Other Income 0.15 0.19 0.16 0.16 0.52
Operating Profit 43.08 25.07 39.07 43.56 47.33
On the financial front, Tata Metaliks’ revenue declined 1.55 per Interest 9.32 7.36 7.3 7.64 8.49
cent to `323 crore in Q3FY17 as compared to same period in Net Profit 19.52 11.28 22.42 25.74 26.46
previous financial year. The company’s EBITDA also decreased Equity 25.29 25.29 25.29 25.29 25.29
2.38 per cent to `45.59 crore in Q3FY17 on a yearly basis.
However, its net profit increased 7.41 per cent to `21.73 crore in demonetisation which impacted Q3FY17 results, the company is
Q3FY17 as compared to same period in previous fiscal. expected to maintain EBITDA around 15 per cent going forward.
Tata Metaliks has been successful in cutting down its total debt to
equity ratio at 1.61x in FY16 from 3.21x in FY15. The Company’s On the valuation front, the stock price of Tata Metaliks is trading
interest coverage ratio stood at 4.8x in FY16. According to Tata at a PE of 10.02x as compared to peers such as Tata Sponge Iron
Metaliks' management, spike in coal and coke prices that make (20.74x). At the same time, its share price is trading at an
up for about 55 per cent of the company's total costs, and due to attractive valuation against industry PE of 28.09x.

Communication Feature
TIMKEN INDIA TO
WITNESS INVESTMENT-
LED GROWTH IN
COMING YEARS
Sanjay Koul
Chairman & Managing Director, Timken India
What are the challenges faced by your company to grow 2016-17 financial year and has targeted Rail and heavy
its exports? Currently exports constitute to what commercial segment. Timken India has invested, positioning
percentage of the total revenues? itself in such a way that the company will be ready for any growth
Timken India Limited exports around 35% of its kitty to diverse opportunity in the Indian market. We have carefully invested with
markets in Europe and North America. The export process has an eye on profitable growth and ROI.
become simpler over the years and we have also learned this game
well over the years. My only submission is that What are the challenges faced
our speed has to improve further from the time by your company to grow in
the products leaves the factory gates to the time, Timken India has terms of volume while
the ship sails. That speed improvement will maintaining the profit
make India more competitive globally. This
invested, positioning margins?
productivity will be a further strengthen the itself in such a way that Profitable growth will always
process of Made in India catering to global remain a challenge but innovation,
clientele. the company will be localisation , productivity and low
cost automation has helped us
Which business segment currently are ready for any growth remain ahead of the curve. We as a
contributing to healthy profit margin? opportunity in the Indian company are a firm believer of a
India has very harsh price points and also Lean enterprise model and we use
Indian consumer in the B2B is very aggressive market. We have that extensively in our
as he in turn wants to penetrate the markets. So manufacturing world. Our process
profitability is a key science in India and this in carefully invested with is driven by SI&OP which in turn
turn makes us become a lean enterprise so that an eye on profitable cuts waste and advance data
waste is killed. However the replacement analytics help us in scientific
market is better than the OE in terms of growth and ROI. forecasting.
margins and that is generally true globally as
well. Is the raw material price
rising a cause of worry for Timken’s profitability?
What strategic investment decisions are being made by With the commodity prices going up, it would for sure be a
Timken? What steps are being taken to serve the challenge but we have been working extensively on alternatives
increasing demand in India’s rail segment & mobile like bettering the yield by using new ways of manufacturing in the
segment? upstream. The resultant continuous improvement helps us to
Timken India limited invested more than INR 200 crore in some extent negate the commodity pricing.

 
THERE IS A PARADIGM SHIFT FROM THE EARLIER PRODUCT-CENTRIC TO CUSTOMER- CENTRIC APPROACH
• Moving from a manufacturing mind-set consumers across demographics and age
to a customer centric organisation groups and have over 4 million loyal
• Building an enabling organisation by customers on its loyalty platform. With 4
laying the foundation and developing power brands in our portfolio - Raymond
competencies for the next level to ensure Ready to Wear, Park Avenue, Color Plus and
increased efficiency Parx, Raymond is amongst the Top 3 apparel
• Focusing on operational efficiencies and brand players in the country today.
cash flow by identifying core and There has been a paradigm shift from the
non-core businesses within the group earlier product centric to customer centric
The focus is to enhance shareholder value approach to emerge as a full wardrobe solutions
with appropriate capital allocation and provider for the discerning consumer.
adopting an asset light model to improve 1. Repositioning of brands: Raymond
ROCE to mid to higher teens. provides complete wardrobe solutions from
Segment wise growth strategies are; work, leisure, occasion to grooming and
1) Core branded textile business being accessories. The idea is to capture the full wallet
Sanjay Bahl driven by Product and Service of the customer. Raymond is poised to make
Chief Financial Officer, Raymond Innovations. Sustaining the leading Raymond RTW and Park Avenue amongst the
position is imperative. top 5 apparel brands by 2020. Besides
What are the key challenges faced by 2) Branded Apparel business - the key is to sharpening the brand positioning, Raymond is
Raymond at current juncture to grow invest in brand building & drive growth building brand leadership through disruptive
profitably? to reach a scalability advertisement and marketing.
The key challenges faced by Raymond at the 3) Growth in B2B export driven garmenting 2. Stores of the future, today: With an
moment revolves around two key pointers. business with capacity expansion by expansive retail presence through 1,067 stores
Short Term Demonetization Impact: The FY18 across all formats and is present across 400
cash-dependent wholesale channel was 4) Transformation of other businesses to towns in the country, the increased focus is to
temporarily impacted due to demonetization unleash hidden potential like expand the footprint through EBOs, LFS and
and the squeeze in liquidity affected the Engineering and FMCG MBOs. We are renovating old stores and
business which is expected to gradually 5) Capitalise on the opportunity in the ~125 expanding our store network largely through
recover in the coming months. As the cash is acre land bank located at a very premium franchise based model offering a new visual
now getting restored, there has been a surge in location in Thane design for a delightful shopping experience.
sales, and a positive sentiment about a better After renovating 150 stores we have witnessed
performance in the current quarter. Post Which segment contributes the most a growth of over 20% in sales.
demonetization, Raymond assisted its strategic and is highly profitable? Where do you 3. Consolidated Loyalty Program: The
vendors and channel partners to facilitate see the leadership coming from within loyalty program now has been completely
financing and credit support. Raymond has your product portfolio? revamped and an integrated consolidated
integrated all stores with all leading digital Currently, the Branded Textile business is loyalty program ‘Raymond Rewards’ has been
payment gateways, e-wallets as well as offering contributing the most to our revenues. This launched. There are over 4 Million members
EMI facility for large purchases. business contributed ~50% of total revenues in this program that has resulted in getting
Increase in raw material cost: The overall with 19.1% EBITDA margins for the financial higher repeat customers.
textile and the apparel industry is subject to year FY16. This is the largest segment 4. Creating Omni Channel: A robust CRM
fluctuations in the raw material prices such as contributing highest EBITDA margins for the platform has been created for a single
wool and cotton. Raymond is one of the largest company and will continue to remain the core customer view and drive business through
vertically and horizontally integrated business. The strategy here is to Innovate and better analytics. An omni-channel platform
manufacturers of worsted suiting fabric in the sustain our flagship textile business by (anytime anywhere access) to increase
world having a domestic market share of product innovations such as Technosmart, customer engagement is also in progress.
~60%. With imports of wool mainly from Champions Collection amongst others. Also, In the branded Apparel segment, the FY16
Australia its base price is subject to increase service innovations such as Custom Tailoring EBITDA margins was at break-even level. The
along with forex fluctuation. This effect has Services and Raymond Made To Measure are focus is on building scale by investing in
been negated through a combination of price promising avenues for growth. Strategic advertising & sales & promotion costs (which
hikes, product mix optimisation and hedging alliances such as the recently announced is currently ~9 -10% of sales).
the currency fluctuation. Khadi initiative with KVIC also have Going forward, the incremental EBITDA
enormous potential. margins will be achieved as the current A&SP
What is the growth strategy adopted by costs of 9-10% of sales will come down to the
your company? Which segment do you What are the internal growth targets for industry average of ~5-6% and also the
see maximum growth happening? the branded apparel segment and what incremental economies of additional sales
Raymond is currently undergoing a are the current margins? flowing down to EBITDA would start
transformation that entails; Raymond caters to over 20 million unique coming in.


OUR PRODUCTS CATER TO A VARIETY OF

USER INDUSTRIES TOUCHING HUMAN LIVES
Umesh Asaikar, Executive Director and CEO, Deepak Nitrite
products and end-user industries in such a project, thus perfectly supporting the
manner that downturn in a particular Make-in-India theme.
end-user segment is offset with the upsurge
in another end-user segment. Over the last The future of India's chemical industry will
few years, we are gradually reducing the pie be dominated by specialty chemicals. In the
How do you see Union Budget’s of basic chemicals, while growing the fine midst, the government’s ‘Make in India’
allocations towards rural economy and specialty chemicals so as to improve our campaign has given and shall continue
affecting Deepak Nitrite? margins. giving boost to the Indian chemicals
Union Budget of 2017 has been quite industry, particularly when internal
interesting and in terms of rural The appreciation of rupee against the US demand grows, supply too grows thereby
development, the government has laid dollar, which lowers our export realization, boosting entire industry scenario in the
down many roadmaps and outlays, and also depreciation of Chinese Yuan country through cascading effect.
especially in areas like agriculture, agri- against the US dollar, has the ability of
product yield improvement, improved posing steeper competition to us in basic What steps are being taken by your
storage capacity to protect and prolong life chemical segment in the export market. company to leverage the demand-
of perishable agri-products, food processing supply gap in the domestic phenol and
units, building infrastructure, augmenting What steps are being taken to improve acetone market?
solar power, water supply, health and distribution network in over 30 Deepak Nitrite is entailing a major capital
pharma, housing needs. The products of countries? expenditure to manufacture 200,000 MTPA
Deepak Nitrite are directly and indirectly DNL’s export business is primarily B2B in of phenol and 120,000 MTPAof its co-
related to a larger proportion of these nature.We have an excellent customer base product acetone. This will be supported by
programs of the government. and we have been placing greater emphasis manufacturing 260,000 MT of cumene,
We cater to food, colour, glass, on deepening existing relationships. We which is a feedstock for manufacturing
pharmaceuticals, fuels, tyres, paints, dyes, should mention here that our relationship phenol and acetone. This greenfield project is
agro-chemicals, paper, detergents, textiles, with our customers has been both strong expected to be commissioned sometime in
paper, paints and adhesives,etc. Our new and intense. This has been possible over the the second half of FY2018 in Dahej, Gujarat.
greenfield project, which is under years by engaging ourselves in offering long For this, the outlay is Rs 1,400 crore.
implementation at Dahej, Gujarat, for term needs of our customers and offering
manufacturing phenol and acetone, has a solutions to their needs on a win-win basis. DNL will address the opportunity offered
huge connect with multiple products that We try to partner in their growth story, and by the supply deficit in the domestic market
cater to various human needs such as in the process, we offer larger number of which is currently met by imports. In
housing and pharmaceuticals. products, creating a high bond of reliability addition to competitiveness on cost due to
and transparency. The company’s strong supplying the domestic markets from a
What are the key challenges faced by R&D focus has led to in-house development plant located in India, DNL will leverage the
your company? of new product applications and latest manufacturing technologies in its
The company has performed strongly in understanding customer preferences. In state-of-the art plant which will reduce
recent years with consistent growth in profits addition to increasing the wallet share by wastage and is more efficient in utilization
as well as steady improvements in margins catering to a larger percentage of of inputs and energy.
and return ratios. However, in recent requirements, we are also undertaking steps
months, the volatility in prices of crude oil, to diversify our customer base by increasing With an objective of developing working
diesel consumption volume, drop in prices of the number of customers in a particular relationships with major clients across India
commodities are factors that have caused geography or for a particular product. as well as establish strong marketing and
minor impact on the growth trajectory. distribution channels, the company has
While each factor can be managed in How is ‘Make in India’ campaign already started seed marketing of phenol to
isolation, the combination of these factors helping your company grow? understand and penetrate market. Further,
have contributed, of late, to some margin A stronger improvement in consumption is supply of benzene, a key raw material, has
contraction. To combat this phenomenon, as possible in India and not in the West, so become significantly easier, thereby
a strategy, we have incorporated a natural that is how we could zero in on phenol enhancing the prospects for the mega
hedge in our business by diversifying our project, which is an import substitution phenol project further.

Expert Speak
Invest Using EV/EBITDA Multiple
S
tock market experts have different
ways to look at many financial
ratios to make important
investment calls. One such
superior and effective measure of
valuation is Enterprise value-to-EBITDA
(EV/EBITDA). This ratio makes peer
comparison easy by normalizing the
difference in company’s capital structure.
Enterprise value is a broader word and

includes value of equity, value of debt, Table-1 Mean Share Price Return of Portfolios
value of preferred stock and minority CAGR of Stock price (%)
interest. It is generally calculated by Portfolios of EV/EBITDA 1 Year 2 Year 3 Year 4 Year
estimating the present value of forecasted Greater than 30 23 4 11 10
future cash flows and terminal value of Between 25-29.9 15 -1 13 -3
business. Enterprise value can also be Between 20-24.9 23 8 20 17
called as economic value of business. Between 15-19.99 41 3 20 13
Equity valuation of a company is derived Between 10-14.99 30 8 21 20
from Enterprise value by making certain Between 5-9.99 50 9 24 20
adjustments. This Equity value when Between 0-4.99 45 8 26 15
divided by number of shares issued by SENSEX return 20 -2 11 10
the company helps to calculate the
intrinsic value of a share. Hence the main Table-2 Median Share Price Return of Portfolios
differentiating factor between Enterprise CAGR of Stock price (%)
value and equity value is that Enterprise Portfolios of EV/EBITDA 1 Year 2 Year 3 Year 4 Year
value includes value of all stakeholders of Greater than 30 9 0 7 13
Between 25-29.9 14 4 17 -2
the company i.e. people who have
Between 20-24.9 17 3 20 19
provided funds as loans/debt/preferred
Between 15-19.99 32 2 19 14
shares /Equity shares etc.
Between 10-14.99 26 6 18 16
Between 5-9.99 43 8 21 17
The denominator for this ratio is
Between 0-4.99 38 10 29 14
EBITDA (Earnings before interest,
SENSEX return 20 -2 11 10
depreciation and amortization). Since the
Data obtained as on 6 March between 2012-17.
numerator included value of equity and
debt in the denominator we use portfolios to capture if low EV/EBITDA EBITDA below 10. And the worst
EBITDA. This ratio has one more shares generate better returns as performing portfolio have EV/EBITDA
advantage of not getting influenced by compared to high EV/EBITDA stocks as higher than 25. Even when we look at
different accounting policies relating to well as BSE Sensex. Median values of CAGR returns we can
charging depreciation and amortization. draw a similar conclusion that low EV/
Our research uses this ratio as a One year return was calculated as EBITDA portfolios perform much better
benchmark to study the returns of Indian percentage change between price of one than higher EV/EBITDA multiples.
stocks over the period. stock as on 6 March 17 over the price as
on 6 march 2016. Best performing Retail investor when analyzing
We begin with all companies with market portfolio is highlighted with the green companies should prefer low EV/
capitalization in excess of `1,000 crore, color and the worst portfolio is indicated EBITDA stocks for getting better returns.
and select company with positive EV/ with the red color. While selecting stocks beside low EV/
EBITDA ratio between 2012 and 2016. EBITDA investors should also consider
Share price return is then calculated with In Table-1 we can clearly see that the best future earning capacity of shares, quality
reference to prices as on 6 March 2017. performing portfolios is the one with EV/ of earnings and promoters stake. DS
Between the year 2012-17, average EV/

EBITDA for the selected stocks ranged Dr. Ruzbeh J Bodhanwala, Professor, FLAME University, ruzbeh.bodhanwala@flame.edu.in
from 12 to 16. So we created seven CA. Shernaz Bodhanwala, Asst. Professor, FLAME University, Shernaz.bodhanwala@flame.edu.in

The Changing Workplace:
From Me to We
Traditionally, work and the workspace were focused
on the individual, with every employee in the com-
pany having an allocated workpoint, which became
a symbol of their status and identity. Although some-
times used politically, the allocated workpoint ulti-
mately served a positive purpose, allowing individual
employees to express who they were and supporting
how they worked.
Promoting the human instinct within us all to mark
our territory, workpoint ownership contributed to
employee engagement and motivation by helping
employees create a sense of place and belonging in
addition to helping them form emotional attach-
ments and connections.
As the focus of today’s workplace shifts away from the
individual and more towards the team, the workspace
is following suit. With workspace sharing approaches
such as hot-desking and activity based working, the
individually allocated workpoint is disappearing and
the broader team owned spaces incorporating shared
workpoints are proliferating. In this scenario, how do
we continue to connect people to the physical work-
place, each other and the organisation?
Supporting the Change from ‘Me’ to ‘We’

The physical workplace needs to support employees on various levels (physical, functional and psycho-social). Supporting
the psycho-social needs of employees becomes more difficult in workspace sharing approaches, which change the focus
from ‘me’ to ‘we’ and take away some familiar comforts including knowing where your friends and team members are,
tailoring your workspace to suit your personality and work style, etc.
Without individual ownership of work points, the integration of employees into the corporate culture and the maintenance
of engagement are altered. To support this change, employees, and most importantly their leaders, need to go through
competency training to support different behaviors and attitudes: a change from ‘me’ to ‘we’. An individual no longer owns/
claims the same work point every day, a group now owns a space and a team member can claim a different space for several
hours every day depending on what they are doing, what their team is doing, how they feel, and who they are working with.
This transition from ‘me’ to ‘we’ needs to be support-

ed by the physical workplace and even the products
within with workplace. Team designated areas in the
neighborhoods where lockers now reside become im-
perative as these areas present the only opportunity for
employee personalization and expression. Employees
can personalize and express who they are in them. So-
cial areas must be utilized to promote a community
and leaders need to help employees connect – from
a work and personal perspective – while technology
needs to assist in knowledge sharing and translating
interactions into positive collaborations.
Source –Officesnapshots.com
Agile Workstation www.featherlitefurniture.com

Financial Snapshot
Rank Rank
1 Redington (India) 2 DCM Shriram
BSE Code: 532805 Price (`): 103.6 Face Value (`): 2 Book Value (`/Cr): 69.7 BSE Code: 523367 Price (`): 277.3 Face Value (`): 2 Book Value (`/Cr): 129.0
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 35,476 31,623 27,999 24,210 21,222 Net Sales 5,880 5,691 6,232 5,573 5,068
EBITDA 817 762 720 683 633 EBITDA 544 450 559 574 365
Interest 180 159 187 183 152 Interest 86 112 149 155 160
Net Profit/Loss 426 387 337 323 293 Net Profit/Loss 297 211 242 203 12
Basic EPS (`) 10.7 9.7 8.4 8.1 7.3 Basic EPS (`) 18.3 13.0 14.9 12.2 0.7
Equity 80.0 79.9 79.9 79.8 79.7 Equity 32.6 32.6 32.8 33.3 33.3
Rank Rank
3 Ceat 4 Gujarat State Fertilizer & Chemicals
Net Sales 5,744 5,825 5,568 5,070 4,663 Net Sales 6,228 5,426 5,537 - -
EBITDA 852 703 672 472 296 EBITDA 615 693 687 - -
Interest 91 132 172 198 196 Interest 30 18 45 - -
Net Profit/Loss 446 317 271 120 18 Net Profit/Loss 387 409 349 - -
Basic EPS (`) 110.4 78.4 75.4 35.1 5.3 Basic EPS (`) 9.7 10.3 8.8 - -
Equity 40.5 40.5 36.0 34.2 34.2 Equity 79.7 79.7 79.7 -
Rank Rank
5 Sintex Industries 6 Jammu & Kashmir Bank
EBITDA 1,358 1,279 1,042 829 768 EBITDA 5,862 6,339 6,058 5,680 4,411
Interest 282 283 289 146 136 Interest 4,132 4,409 4,082 3,820 2,997
Net Profit/Loss 628 529 365 324 307 Net Profit/Loss 414 508 1,181 1,055 803
Equity 44.7 42.4 31.1 31.1 27.1 Equity 48.5 48.5 48.5 48.5 48.5
Rank Rank
7 Bombay Burmah Trading Corporation 8 Lakshmi Machine Works
EBITDA 1,351 1,010 717 517 429 EBITDA 430 411 382 303 359
Equity 14.0 14.0 14.0 14.0 14.0 Equity 11.3 11.3 11.3 11.3 11.3
Rank Rank
9 Allcargo Logistics 10 ISGEC Heavy Engineering
EBITDA 548 528 428 422 569 EBITDA 390 305 107 214 228
Equity 50.4 25.2 25.2 25.2 26.0 Equity 7.4 7.4 7.4 7.4 7.4
Note: Book value is in rupees per share Share price data is of Mar 3, 2017
250
SUPER
MID-CAPS
Rank Rank
11 State Bank of Travancore 12 Zensar Technologies
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
EBITDA 8,948 8,742 8,773 7,916 6,297 EBITDA 485 419 388 304 279
Interest 7,055 7,285 7,323 6,507 4,998 Interest 11 11 10 10 9
Equity 71.1 59.3 50.0 50.0 50.0 Equity 44.6 44.3 43.8 43.6 43.4
Rank Rank
13 JK Tyre & Industries 14 Karnataka Bank
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
EBITDA 1,006 766 672 500 283 EBITDA 4,586 4,289 3,845 3,520 2,901
Equity 45.4 45.4 41.1 41.1 41.1 Equity 188.5 188.5 188.4 188.4 188.3
Rank Rank
15 KEC International 16 KPR Mill
EBITDA 690 658 507 397 533 EBITDA 493 461 453 393 187
Equity 51.4 51.4 51.4 51.4 51.4 Equity 37.7 37.7 37.7 37.7 40.6
Rank Rank
17 Carborundum Universal 18 South Indian Bank
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
EBITDA 361 290 274 250 402 EBITDA 4,994 4,801 4,545 4,042 3,244
Equity 18.8 18.8 18.8 18.8 18.7 Equity 135.0 135.0 134.4 133.9 113.4
Rank Rank
19 Kalpataru Power Transmissions 20 Rain Industries
Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11
Net Sales 7,399 7,223 7,114 6,121 5,341 Net Sales 10,298 12,014 11,801 5,428 0
EBITDA 826 729 613 510 534 EBITDA 1,429 1,282 1,374 1,176 0
Equity 30.7 30.7 30.7 30.7 30.7 Equity 67.3 67.3 67.3 68.3 0.0
Financial Snapshot
Rank Rank
21 Jet Airways (India) 22 Greaves Cotton
BSE Code: 532617 Price (`): 420.0 Face Value (`): 10 Book Value (`/Cr): -477.9 BSE Code: 501455 Price (`): 158.2 Face Value (`): 2 Book Value (`/Cr): 41.8
EBITDA 2,236 338 -1,450 1,249 337 EBITDA 269 224 217 256 243
Interest 885 920 1,084 1,194 1,006 Interest 1 2 5 2 4
Net Profit/Loss 1,212 -2,097 -4,130 -780 -1,420 Net Profit/Loss 200 84 123 148 189
Basic EPS (`) 106.7 -184.6 -363.5 -90.3 -164.5 Basic EPS (`) 8.2 3.4 5.1 6.1 7.7
Equity 113.6 113.6 113.6 86.3 86.3 Equity 48.8 48.8 48.8 48.8 48.8
Rank Rank
23 Rallis India 24 State Bank Of Mysore
EBITDA 244 281 268 222 210 EBITDA 6,338 6,250 5,622 5,503 4,604
Equity 19.5 19.5 19.5 19.5 19.5 Equity 48.0 48.0 48.0 46.8 46.8
Rank Rank
25 KPIT Technologies 26 NCC
EBITDA 460 360 411 347 230 EBITDA 1,180 1,126 863 914 919
Equity 37.6 37.6 37.1 38.6 35.6 Equity 111.2 111.2 51.3 51.3 51.3
Rank Rank
27 Ratnamani Metals & Tubes 28 Essel Propack
Net Sales 1,736 1,702 - - - Net Sales 2,208 2,344 2,149 1,862 1,603
EBITDA 302 326 - - - EBITDA 441 412 377 343 286
Interest 8 9 - - - Interest 62 79 81 91 84
Net Profit/Loss 163 173 - - - Net Profit/Loss 182 141 108 81 51
Basic EPS (`) 34.8 37.1 - - - Basic EPS (`) 11.6 9.0 6.9 5.2 3.3
Equity 9.4 9.4 - - - Equity 31.4 31.4 31.4 31.4 31.3
Rank Rank
29 IFCI 30 Avanti Feeds
Net Sales 4,634 3,948 3,640 3,189 3,131 Net Sales 2,036 1,785 1,135 651 397
EBITDA 350 2,936 2,575 2,681 1,027 EBITDA 248 190 114 54 49
Interest 0 2,173 1,762 1,919 0 Interest 1 2 4 3 4
Equity 1,662.0 1,661.5 1,661.1 1,662.0 737.8 Equity 9.1 9.1 9.1 9.1 8.0
250
SUPER
MID-CAPS
Rank Rank
31 Balmer Lawrie & Company 32 Andhra Bank
EBITDA 257 287 281 289 260 EBITDA 16,425 15,258 13,409 11,999 10,474
Net Profit/Loss 179 152 156 166 148 Net Profit/Loss 558 656 440 1,285 1,334
Equity 28.5 28.5 28.5 16.3 16.3 Equity 681.2 602.9 589.6 559.6 559.6
Rank Rank
33 Gujarat Narmada Valley Fertilizers & 34 IL&FS Transportation Networks
EBITDA 548 101 - - - EBITDA 3,235 2,466 2,105 1,982 1,589
Interest 246 275 - - - Interest 2,531 1,833 1,471 1,119 728
Net Profit/Loss 234 -452 - - - Net Profit/Loss 312 444 463 520 497
Basic EPS (`) 15.0 -28.5 - - - Basic EPS (`) 7.1 14.8 22.3 26.7 25.6
Equity 155.4 155.4 - - - Equity 329.0 246.7 194.3 194.3 194.3
Rank Rank
35 Gujarat Mineral Development 36 PTC India
EBITDA 327 666 754 1,041 834 EBITDA 1,365 1,036 867 456 457
Equity 63.6 63.6 63.6 63.6 63.6 Equity 296.0 296.0 296.0 296.0 295.0
Rank Rank
37 Jain Irrigation Systems 38 TVS Srichakra
EBITDA 817 821 816 699 850 EBITDA 323 221 149 132 135
Net Profit/Loss 88 55 -40 3 224 Net Profit/Loss 186 100 55 27 39
Basic EPS (`) 1.9 1.2 -0.9 0.1 5.5 Basic EPS (`) 243.2 130.1 72.0 35.5 51.2
Equity 95.3 92.5 92.5 91.0 81.0 Equity 7.7 7.7 7.7 7.7 7.7
Rank Rank
39 NIIT Technologies 40 Spicejet
BSE Code: 532541 Price (`): 409.5 Face Value (`): 10 Book Value (`/Cr): 259.5 BSE Code: 500285 Price (`): 72.5 Face Value (`): 10 Book Value (`/Cr): -20.1
EBITDA 496 353 384 355 300 EBITDA 576 -478 -757 -34 -523
Net Profit/Loss 280 114 231 213 197 Net Profit/Loss 407 -687 -1,003 -191 -606
Basic EPS (`) 45.8 18.7 38.0 35.4 33.1 Basic EPS (`) 6.8 -11.5 -18.7 -4.0 -13.7
Equity 61.2 61.0 60.7 60.2 59.6 Equity 599.5 599.5 535.3 484.4 441.5
Financial Snapshot
Rank Rank
41 PNC Infratech 42 Apar Industries
EBITDA 407 292 186 156 153.5 EBITDA 367 254 302 314 216
Interest 129 93 61 25.3 24 Interest 151 150 145 135 116
Net Profit/Loss 216 91 55 74.6 78.3 Net Profit/Loss 163 50 90 109 73
Equity 51.3 39.8 39.8 39.8 39.8 Equity 38.5 38.5 38.5 38.5 36.0
Rank Rank
43 Chambal Fertilisers & Chemicals 44 Kama Holdings
EBITDA 859 839 779 765 902 EBITDA 986 795 538 532 3
Equity 416.2 414.0 414.0 416.2 416.2 Equity 6.5 6.5 6.5 6.5 6.5
Rank Rank
45 Techno Electric & Engineering Company 46 Oriental Bank of Commerce
Net Sales 1,160 814 720 721 842 Net Sales 21,825 22,083 20,963 19,359 17,055
EBITDA 283 228 205 255 242 EBITDA 18,522 19,273 18,175 16,817 14,844
Net Profit/Loss 141 105 87 120 121 Net Profit/Loss 156 497 1,139 1,328 1,142
Equity 11.4 11.4 11.4 11.4 11.4 Equity 321.4 299.9 299.9 291.8 291.8
Rank Rank
47 Tata Elxsi 48 Bajaj Electricals
Net Sales 1,087 854 788 611 521 Net Sales 4,635 - - - -
EBITDA 259 182 152 75 73 EBITDA 282 - - - -
Interest 0 0 2 4 2 Interest 101 - - - -
Net Profit/Loss 155 103 75 21 34 Net Profit/Loss 95 - - - -
Basic EPS (`) 49.7 33.1 24.1 6.7 10.9 Basic EPS (`) 9.5 - - - -
Equity 31.1 31.1 31.1 31.1 31.1 Equity 20.2 - - - -
Rank Rank
49 VST Industries 50 Va Tech Wabag
Net Sales 903 855 822 695 710 Net Sales 2,557 2,443 2,251 1,632 1,444
EBITDA 258 261 251 207 235 EBITDA 229 217 201 168 130
Equity 15.4 15.4 15.4 15.4 15.4 Equity 10.9 10.9 5.3 5.3 5.3
250
SUPER
MID-CAPS
Rank Rank
51 National Fertilizers 52 India Cements
EBITDA 556 314 - - - EBITDA 891 785 616 960 967
Net Profit/Loss 197 26 - - - Net Profit/Loss 134 -3 -243 188 271
Basic EPS (`) 4.0 0.5 - - - Basic EPS (`) 4.4 -0.1 -7.9 6.1 8.8
Equity 490.6 490.6 - - - Equity 307.2 307.2 307.2 307.2 307.2
Rank Rank
53 Dishman Pharmaceuticals & Chemicals 54 Inox Wind
Net Sales 1,623 1,661 1,410 1,290 1,137 Net Sales 4,481 2,756 1,576 - -
EBITDA 410 400 357 308 237 EBITDA 690 472 185 - -
Interest 94 90 92 79 73 Interest 96 62 46 - -
Net Profit/Loss 171 120 109 100 57 Net Profit/Loss 452 296 132 - -
Basic EPS (`) 21.2 14.9 13.5 12.4 7.0 Basic EPS (`) 20.4 13.4 6.6 - -
Equity 16.1 16.1 16.1 16.1 16.1 Equity 221.9 221.9 200.0 - -
Rank Rank
55 Dilip Buildcon 56 FDC
Net Sales 4,101 2,630 2,322 1,913 1,190 Net Sales 1,038 935 885 819 738
EBITDA 815 572 477 474 264 EBITDA 224 244 246 227 192
Equity 117.1 117.1 35.2 35.2 35.2 Equity 17.9 17.9 17.9 18.2 18.4
Rank Rank
57 Kwality 58 Tamil Nadu Newsprint And Papers
EBITDA 389 362 297 224 167 EBITDA 596 522 523 422 336
Equity 22.4 21.9 20.3 20.3 20.3 Equity 69.4 69.4 69.4 69.4 69.4
Rank Rank
59 J B Chemicals & Pharmaceuticals 60 Nava Bharat Ventures
Net Sales 1,309 1,155 1,060 894 831 Net Sales 1,691 1,923 1,824 1,220 1,165
EBITDA 260 191 186 134 129 EBITDA 457 424 554 327 348
Equity 17.0 17.0 17.0 16.9 16.9 Equity 17.9 17.9 17.9 17.9 17.9
Financial Snapshot
Rank Rank
61 Sonata Software 62 Minda Industries
EBITDA 236 188 110 59 50 EBITDA 252 177 95 104 92
Net Profit/Loss 159 134 78 -28 -3 Net Profit/Loss 111 68 7 28 28
Basic EPS (`) 15.1 12.7 7.4 -2.7 -0.3 Basic EPS (`) 70.0 42.8 4.5 17.7 17.4
Equity 10.5 10.5 10.5 10.5 10.5 Equity 15.9 15.9 15.9 15.9 15.9
Rank Rank
63 APL Apollo Tubes 64 Raymond
EBITDA 282 186 167 161 116 EBITDA 545 522 553 445 535
Equity 23.4 23.4 23.4 22.3 21.3 Equity 61.4 61.4 61.4 61.4 61.4
Rank Rank
65 Rashtriya Chemicals & Fertilizers 66 Himatsingka Seide
EBITDA 470 918 639 640 566 EBITDA 307 222 205 167 148
Equity 551.7 551.7 551.7 551.7 551.7 Equity 49.2 49.2 49.2 49.2 49.2
Rank Rank
67 Lakshmi Vilas Bank 68 Indiabulls Real Estate
EBITDA 2,368 2,080 1,831 1,645 1,407 EBITDA 751 707 576 495 472
Equity 179.5 179.2 97.6 97.5 97.5 Equity 92.3 85.0 84.8 84.8 94.8
Rank Rank
69 Bank of Maharashtra 70 Uflex
EBITDA 11,669 11,261 10,554 8,802 6,277 EBITDA 838 748 712 672 680
Equity 1,168.3 1,063.2 839.1 661.5 589.6 Equity 72.2 72.2 72.2 72.2 72.2
250
SUPER
MID-CAPS
Rank Rank
71 Punjab & Sind Bank 72 Trident
EBITDA 7,884 7,731 7,189 6,688 5,777 EBITDA 741 695 744 578 320
Net Profit/Loss 336 121 301 339 451 Net Profit/Loss 229 118 194 49 -43
Basic EPS (`) 8.4 3.0 10.9 12.7 18.5 Basic EPS (`) 4.5 2.3 6.2 1.6 -1.4
Equity 400.4 400.4 275.3 254.0 234.2 Equity 509.4 508.6 311.1 310.8 305.8
Rank Rank
73 GHCL 74 Dhanuka Agritech
Net Sales 2,564 2,385 2,253 2,278 1,984 Net Sales 841 791 743 589 530
EBITDA 639 540 438 409 365 EBITDA 152 138 125 89 80
Equity 100.0 100.0 100.0 100.0 100.0 Equity 10.0 2.7 10.0 10.0 10.0
Rank Rank
75 Greenply Industries 76 Shipping Corporation of India
Net Sales 1,662 1,568 2,225 2,054 1,714 Net Sales 4,407 4,432 - - -
EBITDA 247 208 273 273 178 EBITDA 1,099 234 - - -
Interest 29 36 60 62 61 Interest 211 238 - - -
Net Profit/Loss 128 124 118 120 57 Net Profit/Loss 389 195 - - -
Basic EPS (`) 52.9 51.5 48.7 49.6 23.5 Basic EPS (`) 8.4 4.2 - - -
Equity 12.1 12.1 12.1 12.1 12.1 Equity 465.8 465.8 - - -
Rank Rank
77 Indo Count Industries 78 Grindwell Norton
Net Sales 2,213 1,782 1,498 1,211 807 Net Sales 1,204 1,153 978 958 918
EBITDA 474 314 189 114 63 EBITDA 203 198 157 163 173
Net Profit/Loss 265 146 110 29 -2 Net Profit/Loss 105 103 84 97 103
Basic EPS (`) 67.0 36.9 31.0 8.2 -0.6 Basic EPS (`) 18.9 18.6 15.2 17.6 18.6
Equity 39.5 39.5 35.5 35.5 35.5 Equity 27.7 27.7 27.7 27.7 27.7
Rank Rank
79 Gulf Oil Lubricants India 80 Gujarat Alkalies & Chemicals
EBITDA 177 139 0 0 0 EBITDA 380 323 404 514 399
Basic EPS (`) 20.2 15.6 -1.2 0.3 0.3 Basic EPS (`) 30.2 31.0 25.2 32.1 20.9
Equity 9.9 9.9 0.1 0.1 0.1 Equity 73.4 73.4 73.4 73.4 73.4
Financial Snapshot
Rank Rank
81 CCL Products India 82 HSIL
EBITDA 205 174 146 126 89 EBITDA 315 336 257 263 255
Equity 26.6 26.6 26.6 13.3 13.3 Equity 14.5 14.5 13.2 13.2 13.2
Rank Rank
83 Kaveri Seed Company 84 Deepak Fertilisers & Petrochemicals
Net Sales 910 1,177 1,021 717 - Net Sales 4,422 3,841 3,969 2,731 2,449
EBITDA 189 325 231 144 - EBITDA 428 325 564 373 449
Interest 0 0 0 2 - Interest 128 111 101 82 68
Net Profit/Loss 173 301 209 128 - Net Profit/Loss 115 68 241 129 212
Basic EPS (`) 25.1 43.7 30.4 93.5 - Basic EPS (`) 13.1 7.7 27.3 14.7 24.0
Equity 13.8 13.8 13.8 13.7 - Equity 88.2 88.2 88.2 88.2 88.2
Rank Rank
85 Sharda Cropchem 86 Monsanto India
Net Sales 1,247 1,090 823 - - Net Sales 556 578 595 459 384
EBITDA 293 200 187 - - EBITDA 122 137 158 87 68
Interest -1 1 1 - - Interest 1 0 1 1 1
Net Profit/Loss 175 123 111 - - Net Profit/Loss 101 106 123 67 50
Basic EPS (`) 19.4 13.6 12.3 - - Basic EPS (`) 58.7 61.6 71.2 39.0 29.1
Equity 90.2 90.2 90.2 - - Equity 17.3 17.3 17.3 17.3 17.3
Rank Rank
87 Nilkamal 88 Vinati Organics
EBITDA 243 161 161 140 162 EBITDA 213 201 162 124 98
Equity 14.9 14.9 14.9 14.9 14.9 Equity 10.3 10.3 9.9 9.9 9.9
Rank Rank
89 Welspun Corp 90 Tata Coffee
EBITDA 897 951 844 1,029 1,125 EBITDA 324 350 324 327 200
Net Profit/Loss 227 69 73 -70 239 Net Profit/Loss 118 120 81 116 81
Basic EPS (`) 8.6 2.6 2.8 -2.7 10.5 Basic EPS (`) 6.3 6.5 43.6 62.2 43.5
Equity 132.6 131.6 131.5 131.5 113.9 Equity 18.7 18.7 18.7 18.7 18.7
250
SUPER
MID-CAPS
Rank Rank
91 MOIL 92 DCB Bank
Net Sales 881 1,140 1,325 1,202 1,103 Net Sales 1,919 1,588 1,267 1,033 817
EBITDA 344 696 805 670 637 EBITDA 1,458 1,215 966 771 585
Interest 0 0 0 0 0 Interest 1,079 914 760 632 489
Equity 168.0 168.0 168.0 168.0 168.0 Equity 284.4 282.0 250.3 250.1 240.7
Rank Rank
93 Magma Fincorp 94 Firstsource Solutions
Net Sales 2,506 2,386 2,117 1,701 0 Net Sales 3,240 3,041 3,108 2,865 2,294
EBITDA 1,503 1,491 1,408 1,176 0 EBITDA 414 387 364 326 224
Interest 1,192 1,233 1,177 926 0 Interest 52 71 85 78 58
Equity 47.4 38.1 38.0 38.0 0.0 Equity 673.3 666.3 659.7 657.7 430.8
Rank Rank
95 Mahindra Holidays & Resorts India 96 Time Technoplast
EBITDA 291 198 174 172 167 EBITDA 348 342 314 297 247
Equity 88.1 88.0 88.0 83.9 83.9 Equity 21.0 21.0 21.0 21.0 21.0
Rank Rank
97 Credit Analysis & Research 98 Triveni Turbine
Net Sales 288 304 271 232 208 Net Sales 809 685 526 671 634
EBITDA 174 203 183 163 152 EBITDA 182 157 114 169 151
Equity 29.4 29.0 29.0 28.6 28.6 Equity 33.0 33.0 33.0 33.0 33.0
Rank Rank
99 Navneet Education 100 Star Ferro and Cement
Net Sales 967 982 886 809 630 Net Sales 1,716 1,431 1,174 661 0
EBITDA 223 240 212 195 143 EBITDA 399 436 255 120 0
Equity 47.6 47.6 47.6 47.6 47.6 Equity 22.2 22.2 22.2 0.1 0.1
Financial Snapshot
Rank Rank
101 Granules India 102 Sadbhav Engineering
EBITDA 284 213 163 87 0 EBITDA 803 629 476 432 442
Net Profit/Loss 118 91 75 33 0 Net Profit/Loss -47 -175 44 7 122
Basic EPS (`) 5.5 4.5 37.1 16.2 0.0 Basic EPS (`) -2.7 -10.2 2.9 0.5 8.1
Equity 21.7 20.4 20.3 20.1 0.0 Equity 17.2 17.2 15.2 15.1 15.0
Rank Rank
103 Sobha 104 Shilpi Cable Technologies
EBITDA 517 632 613 554 473 EBITDA 308 268 177 106 60
Equity 98.1 98.1 98.1 98.1 98.1 Equity 110.6 102.6 49.3 37.5 32.3
Rank Rank
105 SREI Infrastructure Finance 106 Cera Sanitaryware
Net Sales 3,262 3,360 3,260 3,110 2,446 Net Sales 944 - - - -
EBITDA 2,632 2,664 2,739 2,696 1,967 EBITDA 151 - - - -
Interest 2,311 2,274 2,350 2,139 1,565 Interest 5 - - - -
Equity 503.2 503.2 503.2 503.2 503.2 Equity 6.5 - - - -
Rank Rank
107 Elgi Equipments 108 VRL Logistics
EBITDA 145 98 108 116 125 EBITDA 275 281 217 205 197
Equity 15.9 15.9 15.9 15.9 15.9 Equity 91.2 85.5 85.5 70.7 70.7
Rank Rank
109 Somany Ceramics 110 Tata Investment Corporation
Net Sales 1,727 1,551 1,266 1,056 880 Net Sales 248 229 220 201 -
EBITDA 152 115 84 88 75 EBITDA 229 213 204 186 -
Interest 22 21 19 20 21 Interest 0 0 0 0 -
Net Profit/Loss 65 46 29 32 25 Net Profit/Loss 194 186 186 174 -
Basic EPS (`) 15.3 11.9 7.4 9.3 7.3 Basic EPS (`) 35.3 33.7 33.8 31.6 -
Equity 8.5 7.8 7.8 6.9 6.9 Equity 55.1 55.1 55.1 55.1 -
250
SUPER
MID-CAPS
Rank Rank
111 Unichem Laboratories 112 Goodyear India
EBITDA 183 122 220 188 129 EBITDA 233 185 169 113 121
Equity 18.2 18.2 18.1 18.1 18.1 Equity 23.1 23.1 23.1 23.1 23.1
Rank Rank
113 Novartis India 114 Sutlej Textiles & Industries
EBITDA 106 104 94 173 228 EBITDA 311 272 306 234 178
Equity 16.0 16.0 16.0 16.0 16.0 Equity 16.4 16.4 16.4 10.9 10.9
Rank Rank
115 Tide Water Oil Company India 116 Hinduja Global Solutions
Net Sales 1,079 1,051 993 907 812 Net Sales 3,348 2,832 2,539 2,017 1,583
EBITDA 136 93 113 104 95 EBITDA 313 337 356 257 213
Basic EPS (`) 259.0 1,865.9 762.7 722.1 664.8 Basic EPS (`) 48.7 79.7 82.2 44.0 51.5
Equity 1.7 0.9 0.9 0.9 0.9 Equity 20.7 20.7 20.6 20.6 20.6
Rank Rank
117 Sudarshan Chemical Industries 118 Jindal Poly Films
EBITDA 181 150 133 85 88 EBITDA 1,010 659 443 187 365
Equity 13.9 13.9 6.9 6.9 6.9 Equity 43.8 42.1 42.1 42.1 43.0
Rank Rank
119 Ashoka Buildcon 120 ICRA
EBITDA 810 502 412 402 360 EBITDA 128 125 105 78 0
Equity 93.6 79.3 79.0 52.7 52.7 Equity 10.0 10.0 10.0 10.0 0.0
Financial Snapshot
Rank Rank
121 Balrampur Chini Mills 122 Orient Cement
EBITDA 464 142 245 462 264 EBITDA 191 313 224 323 -2
Net Profit/Loss 99 -58 8 161 0 Net Profit/Loss 62 195 101 162 -1
Basic EPS (`) 4.1 -2.4 0.4 6.6 0.0 Basic EPS (`) 3.0 9.5 4.9 7.9 -21.5
Equity 24.5 24.5 24.5 24.4 24.4 Equity 20.5 20.5 20.5 20.5 0.1
Rank Rank
123 HT Media 124 EID Parry (India)
EBITDA 308 436 475 376 362 EBITDA 961 1,123 1,008 1,121 1,312
Equity 46.1 46.1 46.1 47.0 47.0 Equity 17.6 17.6 17.6 17.6 17.4
Rank Rank
125 Huhtamaki PPL 126 Gateway Distriparks
Particulars Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
Net Sales 2,052 1,235 1,090 909 - Net Sales 1,071 1,124 1,030 970 836
EBITDA 247 128 119 98 - EBITDA 249 340 274 260 263
Interest 40 3 4 1 - Interest 18 24 28 16 14
Net Profit/Loss 77 67 56 45 - Net Profit/Loss 110 188 136 127 132
Basic EPS (`) 10.6 9.2 9.0 7.2 - Basic EPS (`) 10.1 17.3 12.5 11.7 12.2
Equity 14.5 14.5 12.5 12.5 - Equity 108.7 108.7 108.6 108.5 108.3
Rank Rank
127 Geometric 128 Rupa & Company
Net Sales 1,283 1,125 1,109 1,032 824 Net Sales 1,017 974 901 817 699
EBITDA 226 150 140 160 131 EBITDA 135 139 131 122 87
Equity 13.0 12.9 12.7 12.6 12.5 Equity 8.0 8.0 8.0 8.0 8.0
Rank Rank
129 PTC India Financial Services 130 Repco Home Finance
Net Sales 1,187 802 546 287 307 Net Sales 882 692 - - -
EBITDA 536 667 510 261 275 EBITDA 781 617 - - -
Equity 562.1 562.1 562.1 562.1 562.1 Equity 62.5 62.4 - - -
250
SUPER
MID-CAPS
Rank Rank
131 Minda Corporation 132 Navin Fluorine International
EBITDA 223 208 156 145 155 EBITDA 142 102 97 97 326
Equity 41.6 41.5 20.3 20.4 20.4 Equity 9.8 9.8 9.8 9.8 9.8
Rank Rank
133 Take Solutions 134 Future Lifestyle Fashions
Net Sales 1,051 739 822 839 719 Net Sales 3,317 3,156 3,076 0 -
EBITDA 234 158 153 168 160 EBITDA 342 352 588 0 -
Interest 15 13 14 14 18 Interest 135 158 163 0 -
Net Profit/Loss 120 70 58 79 86 Net Profit/Loss 29 19 23 0 -
Basic EPS (`) 9.8 5.7 4.7 6.5 7.0 Basic EPS (`) 1.6 1.0 1.5 -0.1 -
Equity 12.0 12.0 12.0 12.0 12.0 Equity 37.9 37.2 30.9 5.2 -
Rank Rank
135 ITI 136 Transport Corporation of India
EBITDA 312 -125 -207 -252 -262 EBITDA 197 202 177 181 162
Net Profit/Loss 251 -297 -344 -182 -370 Net Profit/Loss 82 81 72 70 60
Basic EPS (`) 7.8 -10.3 -12.0 -6.3 -12.8 Basic EPS (`) 10.8 10.8 9.8 9.5 8.2
Equity 288.0 288.0 288.0 288.0 288.0 Equity 15.2 15.1 14.6 14.6 14.5
Rank Rank
137 Suprajit Engineering 138 Prism Cement
EBITDA 154 100 96 80 72 EBITDA 454 387 337 322 322
Net Profit/Loss 72 50 51 47 40 Net Profit/Loss 3 3 -86 -62 -18
Basic EPS (`) 5.9 4.2 4.2 3.9 3.3 Basic EPS (`) 0.1 0.1 -1.7 -1.2 -0.4
Equity 13.1 12.0 12.0 12.0 12.0 Equity 503.4 503.4 503.4 503.4 503.4
Rank Rank
139 Housing Development & Infrastructure 140 Cox & Kings
Net Sales 1,192 1,083 954 1,065 2,058 Net Sales 2,382 2,623 2,351 1,868 1,004
EBITDA 785 867 975 1,313 1,557 EBITDA 867 1,065 1,154 777 333
Equity 419.0 419.0 419.0 419.0 419.0 Equity 84.7 84.7 68.3 68.3 68.3
Financial Snapshot
Rank Rank
141 Brigade Enterprises 142 Skipper
Net Sales 1,700 1,331 963 835 651 Net Sales 1,511 1,314 1,044 902 742
EBITDA 523 403 291 221 181 EBITDA 224 217 112 87 63
Equity 113.2 112.7 112.3 112.3 112.3 Equity 10.2 10.2 10.2 9.7 7.0
Rank Rank
143 Indoco Remedies 144 Siyaram Silk Mills
Net Sales 1,005 859 734 632 - Net Sales 1,639 - - - -
EBITDA 173 167 122 94 - EBITDA 187 - - - -
Interest 13 11 19 22 - Interest 31 - - - -
Net Profit/Loss 83 83 58 43 - Net Profit/Loss 85 - - - -
Basic EPS (`) 9.0 9.0 6.3 4.6 - Basic EPS (`) 90.9 - - - -
Equity 18.4 18.4 18.4 18.4 - Equity 9.4 - - - -
Rank Rank
145 Bengal & Assam Company 146 Gujarat Ambuja Exports
EBITDA 148 160 186 142 106 EBITDA 198 174 205 204 111
Equity 8.7 8.7 8.7 8.7 8.7 Equity 27.7 27.7 27.7 27.7 27.7
Rank Rank
147 Jindal Saw 148 J Kumar Infraprojects
EBITDA 750 1,065 735 686 770 EBITDA 266 264 217 176 157
Net Profit/Loss -46 26 -86 -19 189 Net Profit/Loss 103 94 84 76 68
Basic EPS (`) -0.1 0.9 -3.1 -0.7 6.9 Basic EPS (`) 14.9 29.3 30.2 27.2 24.5
Equity 60.9 58.0 55.3 55.3 55.3 Equity 37.8 32.2 27.8 27.8 27.8
Rank Rank
149 Nesco 150 Heritage Foods
Net Sales 276 223 181 - - Net Sales 2,387 2,080 1,727 1,606 1,397
EBITDA 200 166 128 - - EBITDA 137 89 100 105 54
Interest 0 0 0 - - Interest 15 16 13 17 20
Net Profit/Loss 133 112 81 - - Net Profit/Loss 55 28 45 50 9
Basic EPS (`) 94.3 79.1 57.5 - - Basic EPS (`) 23.9 12.2 19.5 43.1 8.0
Equity 14.1 14.1 14.1 - - Equity 23.2 23.2 23.2 11.6 11.5
250
SUPER
MID-CAPS
Rank Rank
151 Sunteck Realty 152 Graphite India
EBITDA 248 148 291 25 18 EBITDA 168 172 295 310 361
Equity 12.0 12.0 12.0 12.0 12.0 Equity 39.1 39.1 39.1 39.1 39.1
Rank Rank
153 Timken India 154 Kitex Garments
Net Sales 1,068 935 731 694 851 Net Sales 566 525 - - -
EBITDA 168 140 82 79 127 EBITDA 206 182 - - -
Equity 68.0 68.0 68.0 63.7 63.7 Equity 4.8 4.8 - - -
Rank Rank
155 Banco Products (India) 156 Gabriel India
EBITDA 146 155 173 125 132 EBITDA 132 121 96 87 99
Equity 14.3 14.3 14.3 14.3 14.3 Equity 14.4 14.4 14.4 14.4 7.2
Rank Rank
157 Kesoram Industries 158 Ramco Industries
EBITDA -165 182 411 443 -14 EBITDA 110 91 74 148 157
Net Profit/Loss 137 -367 -516 -329 -380 Net Profit/Loss 181 90 -3 67 77
Basic EPS (`) 11.7 -33.4 -47.0 -72.0 -83.0 Basic EPS (`) 20.8 10.4 -0.4 7.8 8.9
Equity 117.3 109.8 109.8 45.7 45.7 Equity 8.7 8.7 8.7 8.7 8.7
Rank Rank
159 S H Kelkar & Company 160 VIP Industries
Net Sales 936 860 - - - Net Sales 1,219 1,050 975 877 862
EBITDA 164 142 - - - EBITDA 110 80 83 70 120
Net Profit/Loss 80 70 - - - Net Profit/Loss 66 47 58 32 68
Basic EPS (`) 5.6 5.3 - - - Basic EPS (`) 4.7 3.3 4.1 2.2 4.8
Equity 144.6 132.3 - - - Equity 28.3 28.3 28.3 28.3 28.3
Financial Snapshot
Rank Rank
161 Zydus Wellness 162 JK Lakshmi Cement
EBITDA 122 127 108 112 86 EBITDA 337 381 346 484 400
Equity 39.1 39.1 39.1 39.1 39.1 Equity 58.9 58.9 58.9 58.9 61.2
Rank Rank
163 Bombay Rayon Fashions 164 Hitachi Home & Life Solutions
EBITDA 738 562 394 807 710 EBITDA 125 145 53 48 30
Net Profit/Loss 54 -132 -483 129 167 Net Profit/Loss 50 78 8 15 3
Basic EPS (`) 4.0 -9.8 -35.9 9.6 12.4 Basic EPS (`) 18.4 28.6 3.0 6.7 1.4
Equity 134.6 134.6 134.6 134.6 134.6 Equity 27.2 27.2 27.2 23.0 23.0
Rank Rank
165 Simplex Infrastructures 166 Eros International Media
EBITDA 578 634 561 508 477 EBITDA 324 368 305 233 232
Equity 9.9 9.9 9.9 9.9 9.9 Equity 93.6 92.5 92.0 91.9 91.7
Rank Rank
167 Gujarat Industries Power Company 168 Coffee Day Enterprises
Net Sales 1,387 1,258 1,408 1,430 - Net Sales 2,894 2,549 2,353 - -
EBITDA 390 469 504 559 - EBITDA 489 443 381 - -
Interest 62 78 88 105 - Interest 314 326 278 - -
Net Profit/Loss 188 126 186 219 - Net Profit/Loss -8 -84 -75 - -
Basic EPS (`) 12.4 8.4 12.3 14.5 - Basic EPS (`) -0.5 -57.4 -52.8 - -
Equity 151.3 151.3 151.3 151.3 - Equity 206.0 14.6 14.3 - -
Rank Rank
169 Omaxe 170 Excel Crop Care
Net Sales 1,696 1,465 1,653 2,100 1,871 Net Sales 899 1,030 991 785 702
EBITDA 248 268 256 256 257 EBITDA 98 104 108 57 57
Equity 182.9 182.9 182.9 173.6 173.6 Equity 5.5 5.5 5.5 5.5 5.5
250
SUPER
MID-CAPS
Rank Rank
171 Accelya Kale Solutions 172 Kewal Kiran Clothing
Particulars Jun-16 Jun-15 Jun-14 Jun-13 Jun-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
EBITDA 137 121 142 135 68 EBITDA 111 104 105 86 85
Equity 14.9 14.9 14.9 14.9 14.9 Equity 12.3 12.3 12.3 12.3 12.3
Rank Rank
173 Clariant Chemicals (India) 174 Rane Holdings
Particulars Mar-16 Mar-15 Dec-14 Dec-13 Dec-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
EBITDA 100 38 139 156 173 EBITDA 255 243 216 179 234
Equity 23.1 26.7 26.7 26.7 26.7 Equity 14.3 14.3 14.3 14.3 14.3
Rank Rank
175 Hindustan Construction Company 176 Just Dial
Net Sales 8,853 10,415 9,843 8,626 8,247 Net Sales 749 639 501 - -
EBITDA 1,303 1,302 1,026 569 512 EBITDA 171 215 182 - -
Interest 1,355 1,280 1,091 900 833 Interest 0 0 0 - -
Net Profit/Loss -318 -159 -277 -482 -530 Net Profit/Loss 142 139 121 - -
Basic EPS (`) -4.1 -2.5 -4.6 -8.0 -8.7 Basic EPS (`) 20.1 19.7 17.2 - -
Equity 77.9 64.6 60.7 60.7 60.7 Equity 69.5 70.5 70.2 - -
Rank Rank
177 Himachal Futuristic Communications 178 Jindal Stainless (Hisar)
Net Sales 2,646 2,711 2,133 714 301 Net Sales 7,312 8,221 - - -
EBITDA 275 390 268 168 46 EBITDA 858 770 - - -
Net Profit/Loss 126 324 475 56 -67 Net Profit/Loss 25 -8 - - -
Basic EPS (`) 1.0 2.6 3.7 0.5 -0.5 Basic EPS (`) 1.1 -0.4 - - -
Equity 123.9 123.9 123.9 123.9 123.9 Equity 46.2 45.3 - - -
Rank Rank
179 Supreme Petrochem 180 Crompton Greaves
Particulars Mar-16 Jun-15 Jun-14 Jun-13 Jun-12 Particulars Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
EBITDA 106 97 96 162 103 EBITDA 479 809 893 483 866
Net Profit/Loss 56 36 31 73 31 Net Profit/Loss -396 209 244 -36 374
Basic EPS (`) 5.8 3.7 3.2 7.5 3.2 Basic EPS (`) -6.3 3.3 3.9 -0.6 5.8
Equity 96.5 96.5 96.5 96.8 96.8 Equity 125.4 125.4 125.4 128.3 128.3
Financial Snapshot
Rank Rank
181 Maharashtra Scooters 182 Polaris Consulting & Services
EBITDA 102 58 49 50 38 EBITDA 268 266 274 299 332
Net Profit/Loss 101 55 48 49 -6 Net Profit/Loss 127 167 199 201 221
Basic EPS (`) 88.4 47.9 41.7 42.7 -5.7 Basic EPS (`) 12.5 16.7 20.0 20.2 22.2
Equity 11.4 11.4 11.4 11.4 11.4 Equity 50.7 50.0 49.8 49.8 49.7
Rank Rank
183 KCP 184 KNR Constructions
Net Sales 1,301 1,202 1,081 1,217 1,061 Net Sales 1,038 944 912 783 903
EBITDA 242 182 148 188 236 EBITDA 174 140 149 135 143
Equity 12.9 12.9 12.9 12.9 12.9 Equity 28.1 28.1 28.1 28.1 28.1
Rank Rank
185 Suven Life Sciences 186 Shoppers Stop
Net Sales 519 529 - - - Net Sales 4,599 4,292 3,777 3,184 2,795
EBITDA 114 168 - - - EBITDA 215 281 140 103 111
Net Profit/Loss 67 109 - - - Net Profit/Loss 2 42 -8 -11 19
Basic EPS (`) 5.2 8.5 - - - Basic EPS (`) 0.3 5.1 -1.0 -1.4 2.3
Equity 12.7 12.7 - - - Equity 41.7 41.7 41.6 41.5 41.3
Rank Rank
187 Jaiprakash Associates 188 Lux Industries
EBITDA 4,750 6,280 6,518 6,922 5,712 EBITDA 95 81 70 45 33
Net Profit/Loss -3,345 -1,735 -825 462 633 Net Profit/Loss 51 45 31 20 14
Basic EPS (`) -13.8 -7.1 -3.7 2.1 3.0 Basic EPS (`) 101.7 89.6 62.1 40.3 28.0
Equity 486.5 486.5 443.8 443.8 425.3 Equity 5.3 5.3 5.3 5.3 5.3
Rank Rank
189 Radico Khaitan 190 Vesuvius India
EBITDA 233 215 230 215 193 EBITDA 136 109 117 99 99
Equity 26.6 26.6 26.6 26.6 26.5 Equity 20.3 20.3 20.3 20.3 20.3
250
SUPER
MID-CAPS
Rank Rank
191 Videocon Industries 192 Srikalahasthi Pipes
Net Sales 14,326 34,571 19,696 13,553 14,911 Net Sales 1,163 1,092 997 874 795
EBITDA 2,014 13,996 1,099 1,300 2,206 EBITDA 284 194 124 61 74
Net Profit/Loss -2,186 5,120 -2,826 -1,364 -297 Net Profit/Loss 159 83 39 -13 -4
Basic EPS (`) -65.4 153.1 -88.7 -45.1 -10.0 Basic EPS (`) 39.9 20.9 9.7 -3.3 -1.0
Equity 334.5 334.5 318.8 303.0 302.0 Equity 39.8 39.8 39.8 39.8 39.8
Rank Rank
193 Hindustan Media Ventures 194 United Bank of India
EBITDA 278 223 182 141 114 EBITDA 9,571 10,183 10,167 8,875 7,380
Net Profit/Loss 181 141 111 85 65 Net Profit/Loss -282 256 -1,213 392 633
Basic EPS (`) 24.6 19.2 15.2 11.5 8.9 Basic EPS (`) -3.4 3.1 -21.9 8.6 15.4
Equity 73.4 73.4 73.4 73.4 73.4 Equity 839.5 839.5 1,354.0 1,174.0 1,161.0
Rank Rank
195 Network 18 Media & Investments 196 Entertainment Network (India)
EBITDA 179 218 137 43 -165 EBITDA 184 178 147 122 112
Net Profit/Loss -35 -1,060 -37 -105 -393 Net Profit/Loss 100 106 84 68 56
Basic EPS (`) -0.3 -10.1 -0.4 -1.0 -27.5 Basic EPS (`) 21.0 22.2 17.5 14.3 11.8
Equity 523.5 523.4 523.3 677.5 225.7 Equity 47.7 47.7 47.7 47.7 47.7
Rank Rank
197 GIC Housing Finance 198 Wheels India
Net Sales 876 733 625 554 436 Net Sales 2,018 - - - -
EBITDA 837 666 555 488 388 EBITDA 174 - - - -
Interest 601 509 419 373 311 Interest 58 - - - -
Equity 53.9 53.9 53.9 53.9 53.9 Equity 12.0 - - - -
Rank Rank
199 Jamna Auto Industries 200 KSB Pumps
Net Sales 1,264 1,097 836 982 1,122 Net Sales 845 827 745 738 0
EBITDA 166 97 50 88 106 EBITDA 130 124 115 107 0
Equity 39.7 39.6 41.2 43.0 42.9 Equity 34.8 34.8 34.8 34.8 0.0
Financial Snapshot
Rank Rank
201 McLeod Russel (India) 202 VST Tillers Tractors
EBITDA 257 174 397 416 430 EBITDA 125 112 128 74 77
Equity 54.7 54.7 54.7 54.7 54.7 Equity 8.6 8.6 8.6 8.6 8.6
Rank Rank
203 SML Isuzu 204 Indian Hume Pipe Company
Net Sales 1,173 1,114 886 1,011 1,034 Net Sales 942 1,019 823 701 516
EBITDA 93 74 36 79 84 EBITDA 100 119 80 66 38
Equity 14.5 14.5 14.5 14.5 14.5 Equity 4.8 4.8 4.8 4.8 4.8
Rank Rank
205 Dena Bank 206 LT Foods
EBITDA 9,179 9,711 9,302 8,296 6,257 EBITDA 362 309 282 238 177
Net Profit/Loss -935 265 552 810 803 Net Profit/Loss 72 72 78 56 -2
Basic EPS (`) -14.0 4.7 10.3 23.2 22.9 Basic EPS (`) 27.2 27.4 29.8 21.4 -0.8
Equity 666.9 561.2 537.8 350.1 350.1 Equity 26.7 26.5 26.3 26.2 26.1
Rank Rank
207 Rolta India 208 Jaiprakash Power Ventures
EBITDA 1,152 1,307 811 913 843 EBITDA 2,550 2,864 2,074 1,997 1,552
Interest 477 401 248 222 114 Interest 2,499 2,189 1,524 1,213 859
Net Profit/Loss 189 245 284 -839 242 Net Profit/Loss -291 151 33 351 401
Basic EPS (`) 11.6 15.2 17.6 -52.0 15.0 Basic EPS (`) -1.0 0.5 0.1 1.2 1.5
Equity 162.7 161.3 161.3 161.3 161.3 Equity 2,938.0 2,938.0 2,938.0 2,938.0 2,624.8
Rank Rank
209 La Opala RG 210 Swaraj Engines
EBITDA 88 67 51 42 27 EBITDA 90 91 108 87 81
Equity 11.1 11.1 10.6 10.6 10.6 Equity 12.4 12.4 12.4 12.4 12.4
250
SUPER
MID-CAPS
Rank Rank
211 Future Consumer Enterprises 212 Ingersoll-Rand (India)
Net Sales 1,781 1,347 937 960 860 Net Sales 713 716 641 649 661
EBITDA 3 -16 29 -18 24 EBITDA 98 105 108 117 129
Net Profit/Loss -113 -103 -7 -56 -42 Net Profit/Loss 62 66 67 78 83
Basic EPS (`) -0.7 -0.6 0.0 -0.4 -0.3 Basic EPS (`) 19.7 21.0 21.2 24.7 26.2
Equity 994.5 994.3 958.8 945.8 1,576.2 Equity 31.6 31.6 31.6 31.6 31.6
Rank Rank
213 Praj Industries 214 Deepak Nitrite
Net Sales 1,030 1,046 1,010 950 1,047 Net Sales 1,375 1,329 - - -
EBITDA 125 127 102 116 137 EBITDA 168 141 - - -
Equity 35.6 35.5 35.5 35.5 35.9 Equity 23.3 20.9 - - -
Rank Rank
215 KEI Industries 216 Inox Leisure
Net Sales 2,357 2,033 - - - Net Sales 1,337 1,025 - - -
EBITDA 243 169 - - - EBITDA 190 131 - - -
Interest 127 121 - - - Interest 24 39 - - -
Net Profit/Loss 63 34 - - - Net Profit/Loss 77 20 - - -
Basic EPS (`) 8.1 4.5 - - - Basic EPS (`) 8.4 2.1 - - -
Equity 15.5 15.5 - - - Equity 96.2 96.2 - - -
Rank Rank
217 Jindal Stainless 218 JBF Industries
EBITDA 691 423 1,055 744 1,006 EBITDA 715 847 628 603 545
Interest 1,038 942 1,295 1,043 570 Interest 536 451 345 252 190
Net Profit/Loss -790 253 -1,368 -841 -180 Net Profit/Loss -182 31 6 113 223
Basic EPS (`) -34.5 11.2 -63.5 -41.2 -9.5 Basic EPS (`) -26.5 4.3 0.4 15.3 30.9
Equity 46.2 46.2 46.2 40.8 37.9 Equity 96.8 80.4 80.2 183.0 160.4
Rank Rank
219 Lumax Industries 220 Aarti Drugs
Net Sales 1,259 - - - - Net Sales 1,140 1,098 - - -
EBITDA 92 - - - - EBITDA 176 170 - - -
Interest 13 - - - - Interest 44 39 - - -
Net Profit/Loss 52 - - - - Net Profit/Loss 69 77 - - -
Basic EPS (`) 55.7 - - - - Basic EPS (`) 28.4 31.9 - - -
Equity 9.4 - - - - Equity 24.2 24.2 - - -
Financial Snapshot
Rank Rank
221 Ahluwalia Contracts (India) 222 Eveready Industries India
Net Sales 1,263 1,072 973 1,448 1,458 Net Sales 1,331 1,283 1,162 1,045 1,115
EBITDA 161 126 48 -15 33 EBITDA 129 128 99 75 57
Net Profit/Loss 84 64 22 -71 -46 Net Profit/Loss 51 49 14 5 -88
Basic EPS (`) 12.6 9.6 3.5 -11.4 -7.4 Basic EPS (`) 7.0 6.7 1.9 0.7 -12.1
Equity 13.4 13.4 12.6 12.6 12.6 Equity 36.3 36.3 36.3 36.3 36.3
Rank Rank
223 Mahindra Lifespace Developers 224 Tata Metaliks
Net Sales 877 1,148 756 772 728 Net Sales 1,303 1,423 1,426 1,031 1,259
EBITDA 218 486 221 276 218 EBITDA 220 206 97 9 -104
Net Profit/Loss 93 266 101 141 119 Net Profit/Loss 123 109 9 -87 -113
Basic EPS (`) 22.7 64.9 24.6 34.6 29.2 Basic EPS (`) 46.6 43.2 3.8 -34.5 -44.9
Equity 41.0 41.0 40.9 40.8 40.8 Equity 125.3 125.3 125.3 125.3 125.3
Rank Rank
225 Alstom India 226 Igarashi Motors India
EBITDA -52 292 268 339 235 EBITDA 121 96 77 55 43
Net Profit/Loss -79 177 231 184 168 Net Profit/Loss 64 49 46 21 17
Basic EPS (`) -11.8 26.3 34.3 27.3 25.0 Basic EPS (`) 20.8 16.0 15.2 10.5 8.1
Equity 67.2 67.2 67.2 67.2 67.2 Equity 30.6 30.6 30.5 20.4 20.4
Rank Rank
227 Responsive Industries 228 Manpasand Beverages
EBITDA 182 196 198 172 129 EBITDA 120 65 46 39 14
Equity 26.7 26.7 26.7 26.7 26.7 Equity 50.1 37.6 3.4 3.4 3.4
Rank Rank
229 Ashiana Housing 230 Merck
EBITDA 151 59 32 48 90 EBITDA 107 79 98 126 89
Equity 20.5 20.5 18.6 18.6 18.6 Equity 16.6 16.6 16.6 16.6 16.6
250
SUPER
MID-CAPS
Rank Rank
231 Linde India 232 Sona Koyo Steering Systems
EBITDA 261 288 270 207 246 EBITDA 210 221 218 174 178
Equity 85.3 85.3 85.3 85.3 85.3 Equity 19.9 19.9 19.9 19.9 19.9
Rank Rank
233 Asian Star Company 234 Heidelberg Cement India
EBITDA 128 139 132 92 77 EBITDA 253 336 109 88 78
Net Profit/Loss 73 82 78 48 41 Net Profit/Loss 39 60 -41 31 29
Basic EPS (`) 45.3 51.2 48.7 29.8 38.8 Basic EPS (`) 1.7 2.6 -1.8 1.4 1.3
Equity 16.0 16.0 16.0 16.0 10.7 Equity 226.6 226.6 226.6 226.6 226.6
Rank Rank
235 Borosil Glass Works 236 Kirloskar Brothers
Net Sales 473 392 197 - - Net Sales 2,625 2,745 2,694 2,628 2,603
EBITDA 102 96 50 - - EBITDA 96 208 228 215 194
Interest 4 2 1 - - Interest 52 50 51 55 73
Net Profit/Loss 55 49 39 - - Net Profit/Loss -33 41 64 66 49
Basic EPS (`) 236.3 164.5 130.7 - - Basic EPS (`) -4.2 5.2 8.1 8.3 6.2
Equity 2.3 3.0 3.0 - - Equity 15.9 15.9 15.9 15.9 15.9
Rank Rank
237 Maharashtra Seamless 238 Religare Enterprises
EBITDA 31 180 154 242 469 EBITDA 119 104 185 92 -172
Net Profit/Loss 9 118 102 152 308 Net Profit/Loss 84 -104 -130 -761 -816
Basic EPS (`) 1.3 17.1 14.9 21.6 43.7 Basic EPS (`) 4.7 -5.8 -8.7 -50.9 -54.7
Equity 242.5 171.2 34.1 35.3 35.3 Equity 203.3 203.3 206.0 206.0 205.0
Rank Rank
239 Sanghvi Movers 240 Federal-Mogul Goetze (India)
EBITDA 362 186 142 240 336 EBITDA 175 174 123 84 140
Net Profit/Loss 117 8 -15 41 102 Net Profit/Loss 44 31 21 -16 37
Basic EPS (`) 27.0 1.9 -3.4 9.5 23.5 Basic EPS (`) 7.9 5.6 3.7 -2.9 6.7
Equity 8.7 8.7 8.7 8.7 8.7 Equity 55.6 55.6 55.6 55.6 55.6
Financial Snapshot
Rank Rank
241 Gayatri Projects 242 Hawkins Cookers
EBITDA 409 350 337 414 318 EBITDA 71 55 63 56 50
Net Profit/Loss 1 -32 -65 10 6 Net Profit/Loss 40 32 38 34 30
Basic EPS (`) 0.4 -10.5 -21.5 3.2 2.3 Basic EPS (`) 76.3 60.7 72.4 64.5 56.9
Equity 35.5 30.2 30.2 30.2 24.0 Equity 5.3 5.3 5.3 5.3 5.3
Rank Rank
243 Thyrocare Technologies 244 JK Paper
Net Sales 248 183 - - - Net Sales 2,472 2,169 1,751 1,470 1,350
EBITDA 94 60 - - - EBITDA 408 267 153 150 176
Net Profit/Loss 52 44 - - - Net Profit/Loss 73 -18 -75 38 49
Basic EPS (`) 10.1 9.1 - - - Basic EPS (`) 5.1 -1.4 -5.5 2.8 3.6
Equity 53.7 50.5 - - - Equity 148.5 136.6 136.6 136.6 136.6
Rank Rank
245 Mayur Uniquoters 246 Bliss GVS Pharma
Net Sales 501 - - - - Net Sales 571 427 373 411 283
EBITDA 136 - - - - EBITDA 155 124 99 125 87
Interest 3 - - - - Interest 18 16 18 10 4
Net Profit/Loss 77 - - - - Net Profit/Loss 82 60 41 58 53
Basic EPS (`) 16.0 - - - - Basic EPS (`) 8.0 5.8 4.0 5.6 5.1
Equity 23.1 - - - - Equity 10.3 10.3 10.3 10.3 10.3
Rank Rank
247 Orient Refractories 248 Forbes & Company
EBITDA 91 85 83 69 53 EBITDA 150 204 218 127 145
Net Profit/Loss 56 53 53 41 31 Net Profit/Loss -38 32 40 86 51
Basic EPS (`) 4.7 4.4 4.4 3.5 2.6 Basic EPS (`) -30.5 24.7 30.1 65.9 40.0
Equity 12.0 12.0 12.0 12.0 12.0 Equity 12.7 12.7 12.7 12.7 12.7
Rank Rank
249 Polyplex Corporation 250 Marksans Pharma
EBITDA 353 402 129 251 471 EBITDA 145 188 121 74 -98
Net Profit/Loss 29 38 -7 21 94 Net Profit/Loss 79 109 72 46 -179
Basic EPS (`) 9.1 11.9 -2.1 6.6 29.4 Basic EPS (`) 1.9 2.7 1.9 1.2 -4.9
Equity 32.6 32.6 32.6 32.6 32.6 Equity 40.9 40.9 38.5 38.5 36.8
Reviews
In this issue, we have reviewed Gallantt Metal and Bharart Electronics. We suggest investors to
Book Profit in Gallantt Metal and Bharart Electronics
Change Scrip’s Movement

GALLANTT METAL BOOK PROFIT 5 Per Cent
CMP - `39.25
BSE CODE Reco. Price Volume Face Value

532726 `37.25 8324 `10
W
e had recommended Gallant steel products, such as sponge iron, pig
Metal in issue no. 18 dated iron, cast iron, bars, rods and billets. Gal-
August 8-August 21, 201,6 lant Metal also has a captive power plant
when the scrip was trading at `37.25 in with a capacity of about 25 megawatts
‘Low Priced Scrip’ section. Our (MW). The company has a steel plant at
recommendation was backed by factors Taluka-Bachau, Kutch, Gujarat, to manu-
such as capacity expansion plans in facture sponge iron, mild steel billets and
Gujarat and Karnataka. The company re-rolled products.
has a virtually debt-free status. The financial year.
company’s locational advantage also On the financial front, Gallantt Metal’s
boosts its profit margins. revenue decreased 12.29 per cent to The share price of Gallantt Metal has
`438 crore in 9MFY17 as compared to remained steady over the last six
Gallantt Metal is engaged in the business the same period in previous financial months. The company’s nine-month
of production of iron, steel and power. year. The company’s operating profit financial performance was quite weak.
The company operates through two seg- too reduced 20.59 per cent to `39.65 The profitability margins also contract-
ments, viz. steel and power. The compa- crore in 9MFY17 on a yearly basis. Its ed during 9MFY17. Considering the
ny’s geographical segments include India net profit also dropped 27.44 per cent current market conditions, we recom-
and rest of the world. It manufactures to `21.58 crore in 9MFY17 as compared mended investors to Book Profit in the
and produces various kinds of iron and to the same period in the previous stock.
Change Scrip’s Movement

BHARART ELECTRONICS BOOK PROFIT 20.19 Per Cent
CMP - `154.1*
BSE CODE Reco. Price Volume Face Value

500049 `128.21 5,99,670 `1
W
e had recommended Bharat fabrication; opto electronics com- Split 10 : 1
Electronics (BEL) in issue no. ponents and assemblies, and offsets,
22 dated October 3-October among others.
16, 2016 under ‘Choice Scrip’ section
when the scrip was trading at `1279 (i.e. In February 2017, BEL received offset
`128.21 after stock split from `10 to contract for CoMPASS from Elbit
`1). Our recommendation was backed by Systems Electro Optics - ELOP, Israel.
factors such as its intensive capacity The company also launched remote
expansion plan, strong order book and controlled weapon station for MBT rose 66.31 per cent to `775 crore in
attractive valuations. Arjun Mk II. The face value of BEL has 9MFY17 on a yearly basis. Its net profit
been split from `10 to `1 with effect also boosted 34.34 per cent to `756
BEL is engaged in design, manufacture from March 16, 2017 and correspond- crore in 9MFY17, as compared to the
and supply of electronics products for ingly the market price has been revised same period in the previous
the defence requirements, as well as for downward by about 10 times from the fiscal year.
non-defence markets. The company’s same date.
principal products include weapon After our recommendation, the share
systems, radar and fire control On the financial front, BEL’s revenue price of BEL has soared more than
systems and communications. It offers increased 14.44 per cent to `4857 crore 20 per cent. Therefore, we recommend
electronic manufacturing services in in 9MFY17 as compared to the same investors to book profit in the
areas of printed circuit board assembly period in the previous financial year. stock. DS
and testing; precision machining and The company’s operating profit also * Call close on Mar 23, 2017 (Prices as on Mar 28, 2017)

Special Report
Dealing With
False Breakout,
Few Things You
Must Learn
Karan Bhojwani explains false breakout or failed break, a stock
market phenomenon--he further guides the reader-investors on
steps to be taken during such market happenings
T
rading is one of the most rewarding professions the disappointing encounters is the false breakout. It frequently
in the world, but it can also be one of the most goes ahead on the heels of an immaculate value activity design
depressing and mentally difficult if you do not that appears to have everything putting it all on the line. You
trade properly. To become a successful trader, set your buy-stop orders, the orders get filled, but before you
one needs to have a trading strategy, discipline, know the price has fallen back inside the aforementioned
proper money management techniques and pattern and now you are confronting a potential misfortune.
self-control in the market. However, apart from the
aforementioned traits, one more key trait which will help you
to become a successful trader is to know when not to trade or WHY DOES THIS HAPPEN? EVEN BETTER, HOW
which trades you should give a miss. MIGHT YOU AVOID THE DANGER OF A FALSE
BREAKOUT?
As the quote succinctly puts it: That’s exactly what we are going to talk about in this article.
“Successful traders need to know when to be in a trade; We will try to cover the characteristics of a false breakout, why
They need to know when to not be in a trade”. they occur as well as what you can do to protect yourself.
Indian market since the beginning of the calendar year 2017
has witnessed a decent run-up and delivered good returns in a
short span of time. During this period, we often hear about the BEFORE WE MOVE ON, LET US SEE WHAT IS A
term ‘breakout’ from traders and during this merry period, BREAKOUT AND FALSE BREAKOUT?
traders would have fetched handsome profits. An astute trader What is a Breakout: As the name implies, a breakout involves
waits for the breakouts to catch the trend and this strategy a situation where the price ‘breaks out’ of its previously defined
looks amazingly simple, isn’t it? The impulsive trader places his range. A breakout occurs when a stock price rises above its
buy-stop order just above the crucial resistance level. If the current resistance level, or falls below the existing support
breakout happens, the order gets filled and a long position is level, and this movement is accompanied by a high volume of
opened. However, there is opposite side of the coin also: one of trading.

Special Report
In the above illustration, the security has formed a triangle Notice the above illustration. The stock formed a key resistance
pattern. As the consolidation became tighter, the security broke area around the level of `405-406, and recently the stock
to the upside and maintained bullish momentum to hold above managed to move above the level of `405-406 and registered a
the breakout level. Hence, this is a perfect set-up of genuine fresh high of `412.65. However, the stock was not able to
breakout. maintain enough bullish momentum to close above the level
and formed a pin-bar with large upper wick. Traders who
What is a False Breakout: A false breakout, also called a ‘failed simply placed a buy-stop order above the resistance level of
break’, is a price movement through a support or resistance `405-406 would have experienced a loss or at least a
level that lacks the momentum necessary to maintain its considerable amount of stress as they watched the stock's price
direction. In other words, the market fails to produce enough move against their position.
supply or demand to validate the break of a key level.
WHY DOES THIS HAPPEN?
Times have changed and especially the technology has
advanced so much that every data we need is available on a
single click. In the markets, most traders use pre-defined
set-ups for trading and their methodology remains the same,
i.e. buy the breakout and ride the trend. The market makers
create enough trades to push the price above the crucial
resistance level or above the recent highs of the security. Due to
the orders being stacked little above those levels, the price gets
attracted to the magnetic bunch of buy orders which then gets
triggered and pushes the trader further. This is the level at
which the market makers make a smart exit, leaving the price
movement waning back or collapsing to the original position.
In the above illustration, the security has formed a triangle This action of the market makers leaves a spike behind on the
pattern. As the consolidation became tighter, the market broke price movement chart. Market makers do this many times
to the upside, but was unable to maintain enough bullish every day.
momentum to hold above the level. In other words, the market
lacked the demand to push prices higher after the breakout Look at an ideal breakout.
occurred.
If you would have taken a long position as soon as the market

breached the resistance level, you would have been caught in a
false breakout. Once in a trade like this, you are confronted
with two options-either stay in and ride it out, or exit for a
small loss. Neither of the two options sound very appealing.
We all know that nothing is sure when it comes to trading in

the stock markets. We also know that there is no way to
completely avoid losses. But what if I told you that there
is a way to reduce the likelihood of experiencing a false
breakout?

The above chart is of Ceat on the daily time frame. In the above DEFINE THE RIGHT SUPPORT AND RESISTANCE LEVELS:
chart, the stock faced resistance around downward sloping There are number of methods to define the support and
trendline which are highlighted by arrow marks. However, as resistance levels. What’s important for a trader is to define
the stock moved above the downward sloping trendline, it these supports and resistances with a proper methodology.
witnessed a breakout. What’s important for trader to Always remember a Head and Shoulder formed at the top is
understand over here is that the stock managed to close above more likely to be successful than that which is formed at the
the downward resistance trendline and the trader who would bottom. This is because Head and Shoulder is a trend reversal
have taken the position would have experienced a nice gain on pattern and, hence, prefer a breakdown of neckline support for
this trade. The key point over here is that by simply waiting for trading if the pattern is formed at the top. Likewise, a breakout
a close above the level, we can confirm the strength of a of three-point touch trendline is more reliable than a two-point
breakout, giving the set-up a greater chance of succeeding. touch trendline. Hence, it is important to identify right set-ups
and trade accordingly.
After looking at the above chart of Ceat, the million dollar
question is “How do I know what type of breakout I’m trading” PATIENCE
It can be challenging at first to wait for several hours or even
Of course, we will never know with cent per cent accuracy, but days to confirm a breakout. For most traders, the challenge is
there is an important checklist that helps a trader to determine born out of the apprehension of missing out on a trade. If you
which breakouts have a higher chance to follow through. ever feel this fear creeping into your mind, just remember that
there are often multiple opportunities to enter a breakout set-up.
In fact, the market will often re-test former support or resistance
IMPORTANT CHECKLIST: after the breakout, giving you a great opportunity to enter the
High Time Frame Breakouts Work Better: This is perhaps the market.
most important checklist when it comes to reducing the chance
of a false breakout. As a general rule, anything above the ADD RELIABLE INDICATORS
one-hour time frame works the best. Most preferably, breakouts As a technical trader, you know that it all comes down to
on the four-hour and the daily charts are the best for trading. probabilities. The more factors you have in your favour on any
For beginners, a daily breakout would be convincing, because given set-up, the greater are the odds in your favour that the
higher time frames generally produce the most reliable set-ups. set-up will result in a profit. Hence, adding a couple of reliable
indicators to your set-up may reduce chances of being trapped
Follow The Trend: It is always said that traders should go with in a false breakout.
the flow. Market sentiments or trends play a crucial role for
successful trading. Hence, it is important to know the trend of CONCLUSION
the market. Following rules helps to reduce the chances of Breakout trading is one of the most popular methods of trading
trading on a false breakout: followed by short term traders. However, we often come across
breakouts that failed and we may lose our hope and faith in
1. If the market structure is bullish: Take long breakout trades. trading. However, the checklist given above may provide you
2. If the market structure is bearish: Take short breakout trades with an edge to determine which breakouts are reliable ones
and, and which ones should be given a miss. Hence, next time you
3. If the market condition is not clear: Avoid trading any kind trade a breakout, make sure you are increasing the probability
of breakout. of winning by following the checklist. DS

 Take Your
Venture To The
Next Level With
Conquest 2017! 
Pilani, 28.03.2017: Conquest, BITS Pilani’s International PosterGully, GharPay (acquired by Delhivery), Social Cops,
Startup Challenge, is back with its 13th edition. Conquest is Voonik and many more.Gamezop, the runners-up for
India’s largest student-run startup challenge, and has Conquest 2015, raised a funding of USD 350,000, and the
diligently moulded itself over the years to serve as the perfect founders were featured in Forbes 30 under-30 in 2016. Social
launchpad for emerging start-ups. Along its journey, Cops, a Conquest 2013 participant, was among the 35
Conquest offers one-on-one mentoring sessions with start-ups from India selected for the first India-US Startup
industry leaders, investing and fundraising opportunities, Konnect at Silicon Valley.
networking sessions with corporate moguls, equity-less
funding and resources worth USD 1 million. Aman Srivastava, COO of Project Mudra(Winners of
Conquest 2017), said, “Winning Conquest was an
ABOUT CONQUEST 2016 : exhilarating experience. It was a fulfilling
journey right from the mentoring sessions to the
With over 1200 applications from star-studded jury in the finale. It's not just a
start-ups all across Asia, three BITS Pilani’s popular B-plan competition but a rewarding journey!”
resplendent mentoring sessions in
Delhi, Mumbai and Bangalore and International Startup APPLYING FOR CONQUEST 2017:
numerous investor connect
opportunities, Conquest 2016 was a Challenge has opened Applying for Conquest 2017 is a fairly simple
huge success. The Grand Finale was a registrations for its process. The participants are required to fill a
star-studded affair held at ITC form on the Conquest website. The Conquest
Maurya, New Delhi.The event 13th edition. Jury, a panel of entrepreneurs and investors,
witnessed attendance from the likes of would be screening the applications based on
R Chandrashekhar, President of various parameters gauging the start-up
NASSCOM, Rohit Bansal, COO at performance.
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Kohli, CEO at Grey Orange Robotics, Swati Bhargava, CEO The semi-finalists would get personalized mentoring across
at CashKaro, and many more, as esteemed mentors and five major cities in India, wherein the teams will be offered to
members of the jury. choose their own mentors. Finally, a networking lunch with
prestigious industrialists and a pitching opportunity to the
Talking about his experience as a jury member at Conquest biggest VC firms in India would commemorate the Grand
2016, Nilesh Kothari, co-founder at Trifecta Capital said, Finale.
“This is my second year...at Conquest. Every year, I’m quite
impressed by the quality of the teams and start-ups present From funding and networking, to potential teammates and
here. It gives youngsters an opportunity to engage and learn users; countless opportunities await those at Conquest
new things. I think it’s... really great.” 2017. Whether it’s an idea on the palm of your hand, a
product envisioned creating pandemonium or a service for a
Conquest 2017 seeks to assist start-ups from tier-2 and tier-3 better tomorrow, it’s time to wake up from your deep
cities, to provide them an opportunity to be at par with slumber and leave an indelible mark on the world with
ventures across the globe. This year, Conquest also eyes your idea.
overseasstart-ups, gearing up to help them with its vast
inventory of resources and opportunities. Remember, it is possible for ordinary people to choose to be
extraordinary. Bring out the extraordinary in you this
SUCCESS STORIES : Conquest. Registrations for participation close on 20th April
2017. For registering, visit www.conquest.org.in. For editorial
Over the years, Conquest has produced some of the best queries, contact: Sanskriti Sharma, Marketing Executive,
start-ups in India,including Gamezop, iTraveller, Conquest 2017 (+91 978 588 8361)

QueryBoard
Investment Horizon
Query-Specific
ITC CINELINE INDIA

I have 500 shares of Cineline India bought at `92. It
I have 1,000 ITC shares bought @ `278. Can you is trading in the range of `75 to `78. Should I hold,
please suggest me target price till April expiry buy more or exit?
- Vinod Mahale - Harshadbhai G Patel
HOLD HOLD
BSE/NSE Code 500875 / ITC BSE/NSE Code 532807 / CINELINE
Face Value `1 Face Value `5
CMP `282 CMP `71.30
52-Week High `291.95 / Low `204.10 52-Week High `105.60/Low `17.90
Your Current (1.5 per cent) Your Current (22 per cent)
Profit/(Loss) Profit/(Loss)
I C
TC has products range includes cigarettes, cigars, branded ineline India, also known as Cinemax in the exhibition
packaged foods including staples, snacks and meals. The business, is an Indian cinema chain with 138 screens at
company’s products also includes dairy and beverages, 39 properties across the nation. The company is a part of
confections, apparel, education, stationery products and Cine Hospitality and is based out of Gurgaon. The company is a
personal care products, safety matches and hotelier. On the subsidiary of PVR Cinemas. On the financial front, Cineline
financial front, ITC’s net sales increased 1.65 per cent to India’s net sales increased 8.95 per cent to `22.03 crore in
`39,066.85 crore in Q3FY17 on a year-on-year (YoY) basis. The Q3FY17 on a year-on-year (YoY) basis. However, the company’s
company’s PBDT increased 7.52 per cent to `16,546.61 crore in PBDT has decreased 2.28 per cent to `13.70 crore in Q3FY17,
Q3FY17, as compared to the same period in the previous as compared to the same period in the previous financial year. It
financial year. It also posted a drop in its profit after tax by 3.03 posted an increase in its profit after tax by 46.08 per cent to
per cent to `10,061.22 crore on a yearly basis. `5.77 crore on a yearly basis. On a nine-monthly basis, the
company’s net sales increased 6.52 per cent to `17.31 crore in
On nine-monthly basis, the company’s net sales increased 7.80 Q3FY17, as compared to the same quarter in the previous
per cent to `28642.44 crore in Q3FY17, as compared to the financial year.
same quarter in the previous financial year. ITC’s PBDT
increased 6.81 per cent to `12,252.05 crore in Q3FY17 on a YoY Cineline India’s PBDT increased 24.35 per cent to `13.79 crore
basis. The company also posted an increase in its PAT by 8.64 in Q3FY17 on a YoY basis. The company also posted an
per cent to `7,531.43 crore in Q3FY17 on a YoY basis. increase in its PAT by 43.20 per cent to `7.16 crore in Q3FY17
on a YoY basis. The company had a debt-to-equity ratio of 1.51x
The stock is trading at `281.90, up by 0.30 per cent on the BSE in FY16, while its interest coverage ratio was 1.75x during the
on March 27, 2017, while the stock is trading at `281.60 on NSE, same time. The stock is trading at `74.70, up by 3.97 per cent on
up by 0.21 per cent on the same day. We recommend investors the bourses as on March 23, 2017. We recommend investors to
to Hold the stock for better profits. Hold the stock for better profits.
Readers are requested to send only one query at a time so that more readers get a chance. For complaints regarding non-receipt of
dividend, bonus, rights and other matters, investors may write to www.investor.sebi.gov.in
Company Name: DEMOCRATIZING WEALTH CREATION
Vol.
Vol. No.
No. 31
32 No.
No. 09
17
Query:
Send in your queries:
DSIJ Pvt. Ltd.
C-305, 3rd Floor, Trade Center,
Name: North Main Road, Near Axis Bank,
Opp. Lane No. 6, Koregaon Park,
Address:
Pune - 411001
E-mail: Email:editorial@DSIJ.in

BODAL CHEMICALS MCX INDIA
I have bought 600 shares of Bodal Chemicals at an
average price of `149. I want to add 200-300 more I am holding 200 shares of MCX India at an average
shares at CMP. What should I do, hold, sell or add price of `1260. Kindly advise what I should do.
more ? - Harshadbhai Patel - Krishna
HOLD HOLD
BSE/NSE Code 524370 / BODALCHEM BSE/NSE Code 534091/ MCX
CMP `141.65 CMP `1,224.25
52-Week High `155 / Low `66.85 52-Week High `1420 /Low `814
Your Current (5 per cent) Your Current (3 per cent)
B M
odal Chemicals, a leading enterprise in the dyes and CX offers a wide variety of futures contracts across
pigments’ sector, develops products for textiles, segments including bullion, industrial metals, energy
paper, plastic, leather along with the development of and agricultural commodities with 701 registered
several other specialty chemical products. The company members and about 49,000 authorised persons. The exchange
has a total of nine full-fledged manufacturing units across has a strong presence in more than 1300 regions across India.
Gujarat in locations like Ahmedabad, Vadodara and The exchange had a market share of 90.35 per cent in
Ankleshwar, delivering products through multiple delivery commodity futures contracts traded in 9MFY17.
systems.
On the financial front, MCX’s net sales increased 4.66 per cent
The company provides end-to-end solutions through to `213.54 crore in Q3FY17 on a year-on-year (YoY) basis.
innovative technologies to its customers across the globe. It has Although the company’s PBDT decreased by a sumptuous
emerged as one of the largest manufacturers and exporters of margin of 44.83 per cent to `108.32 crore in Q3FY17, as
dyes intermediate, dyestuff and sulphuric acid around the compared to the same period in the previous financial year. It
world. The company trades with more than 50 countries in its also posted a drop in its profit after tax by 66.20 per cent to
innovative products. The company’s current market `42.39 crore on a yearly basis.
capitalisation is `1,553.69 crore.
On a nine-month basis, the company’s net sales increased 14.74
On the financial front, Bodal Chemicals’ net sales increased per cent to `181.22 crore in Q3FY17, as compared to the same
8.95 per cent to `22.03 crore in Q3FY17 on a year-on-year quarter in the previous financial year. MCX’s PBDT increased
(YoY) basis. However, the company’s PBDT has decreased 2.28 31.99 per cent to `158.63 crore in Q3FY17 on a YoY basis. The
per cent to `13.70 crore in Q3FY17, as compared to the same company also posted an increase in its PAT by 50.58 per cent to
period in the previous financial year. It posted an increase in `104.40 crore in Q3FY17 on a YoY basis.
its profit after tax by 46.08 per cent to `5.77 crore on a yearly
basis. The shares of MCX trade at TTM PE of 47.14x. The company
has a nil debt-to-equity ratio, which is favourable for the
On a nine-month basis, the company’s net sales increased by shareholders.
6.52 per cent to `17.31 crore in Q3FY17, as compared to the
same quarter in the previous financial year. Cineline India’s The stock is trading at `1225.50, up by 0.82 per cent on
PBDT increased by 24.35 per cent to `13.79 crore in BSE on March 27, 2017, while the stock is trading at `1225.40
Q3FY17 on a YoY basis. The company also posted an increase on NSE, up by 0.58 per cent on the same day. With the
in its PAT by 43.20 per cent to `7.16 crore in Q3FY17 on a YoY recent openness towards commodity trading and the
basis. relaunching of pulses and other commodities on the stock
exchange for futures and options along with the introduction
The stock is trading at `74.70, up by 3.97 per cent on the of new commodities, the future seems promising for MCX.
bourses as on March 23, 2017. We recommend investors to We recommendinvestors to Hold the stock for higher
Hold the stock for higher returns. profits.

QueryBoard
Investment Horizon
Query-Specific
VARUN BEVERAGES VRL LOGISTICS

I have purchased 1000 shares of Varun Beverages I have purchased 1000 shares of VRL Logistics
@ `370 per share. Kindly suggest future short to @ `300 per share Kindly suggest future short to
medium outlook. Should I hold or exit. medium outlook and whether to hold or exit.
- Mayur Shah - Mayur Shah
BOOK
HOLD
BSE/NSE Code 540180 / VBL PROFIT BSE/NSE Code 539118 / VRLLOG
CMP `384.65 CMP `298.50
52-Week High `471/Low `341.25 52-Week High `430 / Low `244.70
Your Current 4 per cent Your Current (6.5 per cent)
V V
arun Beverages is one of the largest franchisees of RL Logistics is one of the most renowned logistics and
carbonated soft drinks (CSDs) and non-carbonated soft transport company in India. The company owns and
drinks (NCBs) worldwide. The franchisee operates operates with a fleet of 4253 vehicles, making it India’s
under the trademarks owned by PepsiCo. The company largest commercial vehicle owner company in the private
produces and distributes a wide variety of CSDs and NCBs sector. The company has broadened its presence over the years
including Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange, and has established itself as a reliable delivery network in the
Mirinda Lemon, Mountain Dew, Seven-Up Nimbooz Masala sphere of parcel service, courier service, priority cargo and air
Soda, Seven-Up Revive and Evervess Soda. chartering among other services.
PepsiCo NCB brands under the company includes brands like The company operates across India through a network of 1013
Tropicana Slice, Tropicana Frutz (Lychee, Apple and Mango), branches and franchises in a bid to reach the remotest of
Seven-Up Nimbooz as well as packaged drinking water under locations. The company also provides customised services in
the brand name Aquafina. 3PL and warehousing to cater to the unique needs of each
customer.
The company is also in charge of the franchisee of Ole brand of
PepsiCo in Sri Lanka. However, the company operates from 16 On the financial front, VRL Logistics’ net sales increased 3.03
production facilities across the nation, besides having five per cent to `1706.44 crore in Q3FY17 on a year-on-year (YoY)
production facilities in the international licensed locations basis. The company’s PBDT has increased 8.15 per cent to
around the world. `243.94 crore in Q3FY17, as compared to the same period in
the previous financial year. It posted an increase in its profit
On the financial front, Varun Beverages’ net sales increased 3.41 after tax by 12.16 per cent to `102.31 crore on a yearly basis.
per cent to `2930.97 crore in Q3FY17 on a year-on-year (YoY)
basis. The company’s PBDT has increased 16.82 per cent to On a nine-monthly basis, the company’s net sales increased 4.34
`562.58 crore in Q3FY17, as compared to the same period in per cent to `1350.70 crore in 9MFY17, as compared to the same
the previous financial year. It posted an increase in its profit period in the previous financial year. However, VRL Logistics’
after tax by 23.13 per cent to `186.73 crore on a yearly basis. PBDT decreased 19.24 per cent to `164.71 crore in 9MFY17 on
a YoY basis. The company also posted a decrease in its PAT by
On a consolidated quarterly basis, the company’s net sales 30.09 per cent to `64.53 in 9MFY17 on a YoY basis.
increased by 9.30 per cent to `420.06 crore in Q3FY17, as
compared to the same quarter in the previous financial year. Despite a decrease in PBDT and PAT in nine-monthly results,
However, Varun Beverages’ PBDT increased 37.12 per cent, the company is envisaged to make profits in the near future as
but it still posted loss of `25.50 crore in Q3FY17 on a YoY basis. GST will enable significant cut in operational costs, especially
The company also posted improvement in its PAT by 10.01 after the approval of compensation law, Central-GST,
per cent, although the company still suffered a loss of `89.16 Integrated-GST and Union territory-GST by the cabinet,
in Q3FY17 on a YoY basis. We recommend investors to coupled with a boost in its operations. Thus we recommend the
book profit as the stock is currently trading at `372.50 on the investors to Hold the stock of VRL Logistics.
bourses. DS

Special Report
Missed The IPO Bus? Don't Do It Next Time

Joydeep R Ray and
Lohit Bharambe
R
investigate covertly esident of Viman Nagar in friends to apply for a recent IPO. Two
Pune, Swapnil Shinde has days before the gala listing ceremony
the entire ongoing IPO been blaming his 'luck' last took place on the bourses and the stock
fever and subsequent three months. He had filed of that company rocketed up by over 120
applications thrice to per cent, Patel was shocked to receive a
depression in case of subscribe IPOs floated by three different text message from BSE telling him that
companies including the most buzzing he did not get a single share allotted.
not being allotted one of a hyper-mart chain and never he Patel had made his graduate son fill up
stocks in the recent got a single share allotted in his Demat the physical form to subscribe the IPO,
account. He picked up the right ones, got it checked by a local stock-broker's
blockbuster IPOs. filed the applications as per procedure assistant, made the cheque payment as
laid down by market regulator SEBI, needed--everything was in line with this
After carrying out a opted for ASBA facility through his bank expectations except zero allotment.
through analysis and but on the day of listing he realised, 'luck'
did not work in his favour. Shinde has So is it all about 'luck'--is it yet another
secure information now decided not to apply for IPO as he is 'lucky draw,' where some fortunate ones
not 'lucky enough.' only qualify to get the bounties or is it
from various pure science of calculations? Even as the
stakeholders, they Hailing from Mehsana district in Gujarat,
Jagdishbhai Nathabhai Patel had
Dalal Street is caught in never-before
IPO euphoria in last 10 years, these days
bring this report: borrowed a good sum of money from his lakhs are filing IPO applications among

Special Report
17 companies have shareholders shall be on a proportionate
beaten the BSE basis.
Sensex's performance,
suggesting that There is no any discretion in the
investors would have allotment process. All allottees except
done better for anchor investors and retail individual
themselves had they investors are allotted shares on a
focused on IPOs alone proportionate basis with in their
when compared to respective investor categories.
Sensex investing.
Indeed, FY17 has been BASIS OF ALLOTMENT

a positive year for the  After the closure of the issue, the bids
IPOs as some very received are aggregated under
good quality brands different categories, such as reserved
whom only a few getting shares allotted with strong financials and efficient allotments, Qualified Institutional
and they have hence reasons to feel business models were listed in the Buyers (QIBs), Non-Institutional
'lucky.' Our neighbours, friends, family markets. Avenues Supermarts, Quess Buyers (NIIs) and Retail Individual
members, extended family members, Corp, RBL Bank, Ujjivan Financial Investors.
enemies and colleagues talk in the same Services, Advanced Enzymes, Infibeam  Number of days for an investor to
language these days--'did not get a single Incorporation, Mahanagar Gas are few receive the Refund Order/Allotment
share.' So where do these shares go, who of the newly listed companies that Advice
are the people who get allotments and delivered a whooping three digit returns  The issuers are required to allot and
how do they manage to get it. Some will for the investors. then application money to be
even start smelling a corruption angle in refunded within 15 days from the
it, some will pray before God that next So did you get it? The answer for the date of closure of the issue. The
time they get it, some simply give up and question for the majority investors, is a issuers are required to pay interest at
look for picking up stocks through clear 'no.' There are various IPOs coming the rate of fifteen percent per annum
markets but not IPO, some get envious in these days and listing with handsome if the allotment letters or refund
of people around them who got allotted. gains. The IPO fever is not going to end orders have not been dispatched to
We make a sincere attempt here to soon rather we can say that it is building the applicants.
decode the entire IPO allotment process, up an investment environment.
functions involved in it, why some
investors manage to get it, why some How does it happen behind the curtain DECODING RETAIL CATEGORY
never get it. Reservations are done on a competitive ALLOTMENT
basis. IPO allotment is done through  Not subscribed fully in retail
reservation on competitive basis and this category : If the issue isn’t
THE BASICS can be extended to the following oversubscribed in the retail category,
Why the euphoria--BSE IPO index has categories: then all applicants will receive shares in
caught investors' attention, as the index the proportion that they have applied for.
is up by 34.34 per cent over one year. The Employees of the Company Going This is called firm allotment. For
BSE IPO index is a gauge of the Public : The persons who are example, if you have submitted bids for
performance of the newly listed shareholders of the promoting shares worth `2 lakh, you will receive full
companies and the numbers reveal their companies in the case of a new allotment, and so will someone who has
quantum of profit-making just by company and shareholders of group bid for shares worth `20,000
subscribing to some of the IPOs, if not companies in the case of an existing  The issue is oversubscribed :
all. While the allottees managed to company get preference over the normal According to the rules laid down by
clock straight away 34 per cent plus applicant. The person should be market watchdog SEBI, the company
profits on the very days of listing on an shareholder as on the date of filing the cannot allot lower than the minimum lot
average, during the period under draft offer document with SEBI are size to anyone. Hence, the first thing the
consideration, Sensex has delivered less associated with the issuer as depositors, company does is allot minimum lot
than half of it, in terms of returns from bondholders or subscribers to services of shares to everyone who has applied,
investments. During the similar period, the issuer. regardless of how many you have applied
the Sensex has delivered 15.43 per cent In a public issue by a listed company, the for. The remaining shares are distributed
returns. reservation on competitive basis can be proportionately to those who have bid
made for retail individual shareholders for higher than the minimum lot. If you
Interestingly out of 26 companies, almost and in such cases the allotment to such have bid for shares worth `2 lakh, you

Quick Tips
V K Vijayakumar
Chief Investment Strategist, Geojit Financial Services
How IPO allotment process can be made easier for minimum lot is distributed among all participants and then the
retail investors? balance available shares in the retail portion shall be allotted
The allotment process has to be simple and fair. If it is made proportionately to the RIIs, who have bid for more than one
very simple, it won’t be fair. That’s why SEBI came out with minimum bid lot. However, in the case of high
guidelines, which are a bit complex but fair. We believe that the oversubscription, the allotment is decided by computerized
present system is good. draw of lots. Here, luck plays a role in allotment.
Can you give us broad idea about IPO allotment process Will you elaborate key tips for applying an IPO?
for retail investors? If an issue is oversubscribed many times, most applicants will
According to the SEBI guidelines, there are three categories of not get any allotment, as in the case of the recent D Mart IPO.
applicants: Qualified Institutional Buyer (QIB), Non- The maximum allotment will be the minimum bid. So in cases
institutional Investors (NII) and Retail Individual Investors where the chances of over subscription are very high, it is better
(RII). For QIB, the merchant banker has the discretion to allot to apply for the minimum bid.
shares. In the case of over subscription, shares are allotted
proportionately. For retail investors, the process is a bit Rather restricting minimum bid lot, do you think retail
complex. Retail investors are allowed to invest in smaller lots investors should get less than minimum bid lot quantity
worth between `10000-15000, with a maximum of `2 lakhs per shares in case of oversubscription?
IPO. Full allotment is made if the issue is just fully subscribed No, there is no need to reduce allotment below the minimum
or under- subscribed for this category. However, if the retail bid lot. This will not solve the problem caused by heavy
portion is over-subscribed, then the maximum number of RIIs oversubscription. If demand for something is far in excess of
who can be allotted the minimum bid lot will be decided by supply, there are only two options: either the price should be
dividing the total number of shares available for allotment to allowed to be fixed by the market (this happens on listing) or it
RIIs by the minimum bid lot. Allotment will not be made below should be rationed. In the present IPO process, ‘rationing’ is
the minimum bid lot. done through a fair process. Share is not an essential item to be
distributed to everyone. There is always the secondary market
In case there is a small oversubscription, then first the from which retail investors can buy.
Maximum Number of applicants who receive IPO = total number of shares available for retail investors / minimum lot size
will receive the minimum lot, plus shares `2 lakh, HNI/Non-Institutional bidders
proportionate to your bid. If as a retail investor you have - Individual customers/companies,
applied 10 lot of multiple of 10 trusts, etc more than `2 Lakh, QIBs -
Suppose, the total number of shares bid shares for X company's IPO and its Companies, Financial institutions, etc
for in minimum lots is bigger than the registered with SEBI – large quantities.
retail category is oversubscribed 8
issue size. The ratio of IPO application category
times then (100/8= 12.5) you may wise depends as per SEBI circular for the
The minimum lots are allotted on a get approximately 13 shares in particular IPO. E.g. 35:15:50
computerised draw of lots. Therefore, it’s allotment. If outcome of this formula
quite possible that an applicant who is less than minimum bidding of the Many of the investors have a
applied for a minimum lot, gets his entire shares i.e. 10 then you may not get misunderstanding that allotment of IPO
share, whereas someone who has applied a single share allotted in the IPO. happens giving preference to time,
for the maximum lot gets nothing. quantity, etc. But it is not so, there is
something more to it that we may need
It also means that bidding for the CATEGORIES to understand.
maximum lot does not increase your For public issue, the investors are
chances of getting an allotment, or even a categorised into three different categories These applicants will receive the
greater number of shares. viz. retail- individual customers up to minimum lot regardless of how much

Special Report
Behind The Curtains :
SEBI Should Protect Investor Interest, Not The
Flippers Who Wish For Free Money
Sandeep Parekh, former top-boss of market watchdog, SEBI in this exclusive
interaction with Nikita Singh defines the rules of allotment of shares post closure
of IPOs and what further SEBI needs to do to make retail investors smile
In your opinion, can there be a better alternative of IPO allotment basis may lead to some changes and retail
process for an allotment of an IPO as compared to the investors may get incentive to make high-value applications if
existing one? SEBI decides to go back to its original formula. Also, prior to
There is a need to revisit the quota system for initial public mandatory ASBA, a significant number of retail applications
offerings. By offering retail investors a special ‘quota’ in an IPO, used to come in through the non-ASBA route, as a large
investors are lured into a highly risky equity product with a number of investors prefer cheque-based applications. Several
dangled carrot of 'free money'. Nothing could be further from investors might be left out from participating in future IPOs
the truth. Investing in IPOs could be highly profitable, but it due to the limited reach of ASBA, especially in far-flung areas.
could also wipe away 80% of an investor’s saving in just two
weeks. This is not a product for retail, and certainly not a IPO allotment is very confusing. Retail investor may not
product which should be in the business of luring retail get an allotment. How can it be simplified?
participation. Freeing up the market to ordinary market forces The allotment process is not very confusing. However, many
without quotas would reduce the moral hazard and retail investors seem to be quite perplexed about getting shares
imperfections like IPO frauds substantially and eliminate in an IPO as they are not quite well-versed with the current IPO
subsidies to punters. SEBI’s eyes should be on investor interest, allotment process, and in this confusion, they are at a loss as
not on guaranteeing returns to flippers who want free money in they still follow the old trend while applying to the IPOs. Retail
two weeks. investors make listing losses by applying in the wrong IPOs or
following the wrong strategies. As per the current practice,
But SEBI’s Primary Market Advisory Committee would be every investor has equal probability of getting shares in an IPO
reviewing the basis of allocation for retail investors in the IPOs. irrespective of the lots he applied in an oversubscribed issue.
Reportedly, this is pursuant to RBL Bank IPO (which was Even if he applied for minimum permissible lot, he may get
oversubscribed 5.6 times in the retail category), after SEBI minimum number of stocks allotted to shareholders. As
noticed that more number of shares were allotted to low value provided in the first question, the concept of free money being
bids. So from the earlier system, which was skewed in favour of handed over should be dis-abused and retail investors are not
those making high value bids, the basis of allotment is now suited for IPO risks and they should not be pushed towards it.
skewed in favour of small applications and IPOs have largely
become lucky draws for retail investors. Can you give us idea about smart tips for applying in an
IPO?
Can there be easy process for filing IPO, apart from Retail investors think that if an IPO gets a lot of interest, it is a
ASBA? good option. However, investing in the IPO of such a company
Currently, the bidding period is shorter and listing process is means that they might get only a few shares compared to the
faster than before. ASBA has made it easy for investors to apply number of shares they apply for. They should keep in mind that
in any public/rights issues by using their bank account, with the issue size and proportion for each category of investors is
easy to open demat accounts for the purpose of applying to fixed. If an issue is oversubscribed, allotment happens as per
IPOs. The process is simpler, investor does not have to bother predefined rules.
about refunds since money would be debited from the bank
account only when his/her application is selected for allotment Conducting research and a detailed fundamental analysis of the
after the basis of allotment is finalised. company is one thing. There are third party research reports,
but one should be careful about these- investment banks/
But now retail investors are getting more demat accounts brokerage houses publishing the reports might have a conflict
opened for relatives and family members and applying under of interest.
the same instead of making high-value applications. A review

Should retail investors look at the kind of participation crore and upto `250 crore, subject to minimum allotment of
by institutional investors, since they have access to `5 crore per such investor;
information that retail investor may never have access (iii) Minimum 5 and maximum 25 such investors for allocation
to? above `250 crore, subject to minimum allotment of `5 crore per
Study the performance of other companies set up by the same such investor.
promoters, check if the company is ready to start business The relaxation in anchor investor norms would allow firms to
operations and the gestation period is not long, invest in have a bigger portion of the issue covered with a diverse set of
companies that operate in high-growth sectors of the economy. investors who, in effect, underwrite part of the issue. The
Broadly, if the investor is not willing to do his or her homework, purpose of anchor investors (introduced in 2009) is to build
IPOs may not be suitable for them as they are very high risk confidence among investors in a new issue. They are QIBs who
products. apply to invest in a company going public a day ahead of the
issue opening and are not bound by proportional allotment if
Will there be possibility of anchor investment type slot the issue is oversubscribed. Retail investors already have a fixed
for retail investors in future?? quota in the current system and therefore there is no case for
Allocation to anchor investors is on a discretionary basis and another retail quota bucket. The purpose of anchor investors is
subject to the following limits: having sophisticated investors who can better analyse a
(i) Maximum 2 such investors for allocation upto `10 crore; company and therefore provide a signal to other investors that
(ii) Minimum 2 and maximum 15 for allocation above `10 investing in the company is relatively safe.
UPCOMING IPOs
DATE DATE SEBI
AMOUNT
COMPANY OFFER DOC APPROVAL INDUSTRY
(` Crore)
FILED WITH SEBI RECEIVED
K.P.R.AGROCHEM 23-12-2015 05-04-2016 200.00 AGROCHEMICALS/PESTICIDES
HINDUJA LEYLAND FINANCE 30-03-2016 24-06-2016 530.00 FINANCIAL SERVICES
SEAWAYS SHIPPING & LOGISTICS 30-03-2016 31-08-2016 100.00 TRAVEL/TRANSPORTATION/COURIER(PASSENGER/CARGO)
ASTER DM HEALTHCARE 24-06-2016 02-11-2016 1,600.00 HOSPITALS/DIAGNOSTIC SERVICES
SECURITY & INTELLIGENCE SERVICES (INDIA) 27-09-2016 12-01-2017 500.00 MISC.
G.R.INFRAPROJECTS 29-09-2016 22-12-2016 400.00 ROADS & HIGHWAYS
GENESIS COLORS 29-09-2016 03-02-2017 650.00 TEXTILES
CONTINENTAL WAREHOUSING CORP.(NHAVA SEVA) 30-09-2016 16-12-2016 1,000.00 TRAVEL/TRANSPORTATION/COURIER(PASSENGER/CARGO)
PRATAAP SNACKS 30-09-2016 500.00 FOOD & FOOD PROCESSING
S.CHAND & CO. 16-12-2016 03-03-2017 600.00 PUBLISHING
CENTRAL DEPOSITORY SERVICES (INDIA) 27-12-2016 08-02-2017 400.00 FINANCIAL SERVICES
PSP PROJECTS 27-12-2016 250.00 HOUSING/ CIVIL CONSTRUCTION/ REAL ESTATE
NATIONAL STOCK EXCHANGE OF INDIA ,THE 28-12-2016 10,000.00 FINANCIAL SERVICES
GTPL HATHWAY 30-12-2016 300.00 ELECTRONICS-CONSUMER & MEDIA
HOUSING & URBAN DEVELOPMENT CORP. 02-01-2017 10-03-2017 1,500.00 HOUSING FINANCE
AU FINANCIERS (INDIA) 01-02-2017 1,500.00 FINANCIAL SERVICES
ERIS LIFESCIENCES 08-02-2017 1,300.00 PHARMACEUTICALS & DRUGS
TEJAS NETWORKS 10-02-2017 800.00 INFORMATION TECHNOLOGY
SALASAR TECHNO ENGINEERING 15-02-2017 35.87 ENGINEERING
BHARAT ROAD NETWORK 17-02-2017 1,200.00 ROADS & HIGHWAYS
NAKSHATRA WORLD 10-03-2017 650.00 DIAMOND CUTTING & JEWELLERY
COCHIN SHIPYARD 24-03-2017 1,400.00 SHIPPING (INCL REPAIRING/ BREAKING)
Source: Primedatabase
they applied for. If the number of can apply for 350 shares. Now if the be allotted in retail segment and the IPO
applications received is more than this, number of shares applied is up to 350, is oversubscribed. i.e. the number of
then a lottery follows. which means not oversubscribed, then shares applied is 1 lakh. Assuming the
everyone would get the number of shares minimum lot size is of 250 shares, only a
For e.g.: If the size of an IPO is 1000 applied for. maximum of 100 applicants will be
shares and if 35 per cent is available for receiving the minimum lot size of 250.
the retail category, then retail investors Assuming that there are 25000 shares to Because as per SEBI, no RII can be

Special Report
allotted less than the minimum bid lot,
in case of over subscription. So, the How Does It Happen
maximum allottees in this case would
be 100 investors. Sangeeta Lakhi, Senior Partner, Rajani Associates
Suppose, there is a case of multiple a) This implies that if the IPO is oversubscribed, few retail investors will receive the
times oversubscription, allotment minimum lot but not more than that, since the 35% shares has to be spread
shall be determined on basis of draw of across such retail investors. In case of multiple times oversubscription, allotment
lots or the lottery system. The draw of is determined on the basis of draw of lots or the lottery system.
lots is now a computerised process b) One can say that 35% cap on retail investors may be quite small, keeping in
and thus there is no room for partiality. mind the investor population. At the same time, a company must divide the
There is no bias and allotment shares into the 3 categories so that it has various sets of investors and which also
does not depend on amount, time, boosts the company's enterprise value.
broker, etc. c) Surprisingly, in global markets, there is no rule of 35:15:50. Most retail investors
get little or no chance of buying new stock at the offering price. The vast
majority of high profile offerings are bought by large funds and even when an
THINGS TO KEEP IN MIND allocation is released to retail investors it is controlled by the brokers who
DOs naturally offer it first to their biggest (aka highest fee-paying) clients. By the time
 Read the Prospectus/ Abridged the big boys are finished there is very little left for you and me. The sense of
Prospectus and pay special attention to: frustration, of being left out, that that causes just adds to the desire to be in on
 Risk factors the deal and that, when combined with the whole hope and doing good things,
 Outstanding litigations and usually means that there is no shortage of willing buyers in early trading.
defaults, if any
 Financials of the issuer case of IPOs where the demand is low, POST ISSUE ACTIVITIES
 Object of the issue you will be stuck with a greater number INVOLVES FOLLOWING TASKS
 Company history of shares; and in IPOs with good 1. Basis of allotment is finalised by lead
 Background of the promoters demand, you may not get anything at all. manager and worked out within two
 Instructions for making an weeks from the date of the closure of
application. A better strategy can be to get your the issue.
 In case of any doubts/problems, family to participate in the IPO. Hence, 2. Share allocation in Demat accounts by
contact the compliance officer named in instead of making a single application for the registrar is done within 15 days
the offer document. the maximum lot, you could be better off from the date of closure of the issue.
 In case you do not receive, within making four applications for the 3. Listing of shares by the issuer
due period, the physical certificates/ minimum lot (for your spouse, your company is carried out within 7 days
credit to Demat account or refund of parents and you, for example). from the finalisation of the issue
application money, lodge a complaint
with the compliance officer of the issuer If an issue is oversubscribed many times,
company and with the post-issue lead most applicants are likely to get nothing. CONCLUSION
manager listed in the offer document. So, in such cases it’s best to apply for the The primary market is most energetically
minimum bid if the broker feels that the and enthusiastically followed by most of
DON’Ts issue is going to be popular. Even with the retail investors. There are various
 Don’t fall prey to market rumours. that, chances of getting an allotment will questions in the mind of the participants
 Don’t go by any implicit/explicit reduce as oversubscription increases. as they are not getting an allotment. There
promise made by the issuer or are certain criteria set by SEBI and we have
anyone else. tried to clarify each and every minute
 Don’t invest based on the prevailing THE IPO PROCESS things of the IPO process till the allotment.
bull run of the market index or of Activity IPO Process
scrips of other companies in the Preparation Phase 2 weeks When entire market is enjoying the
same industry or scrip of the issuer Due Diligence 4-5 weeks listing gains of various new companies in
company/group companies. Filing of Draft Document 1 week the league, one should be thinking over
 Don’t bank upon the price of the Sebi Observation 4-8 weeks why she or he is not getting an allotment
shares of the issuer company to Finalization & filing of offer 2-3 weeks these days. At the end of the report you
necessarily go up. Document must have understood the basic things
Issue Period min 3 days and maximum including how to apply for an IPO
How to submit your bids 7 days strategically, what are the timelines
Applying for the maximum amount in Post Issue Activities 2- 3 weeks and maximising probability of IPO
IPOs may be counter-productive. In the allotment. DS

Kerbside
The recommendations provided in this column are taken from various market
sources such as brokers, analysts, dealers and investment strategists, etc. These
recommendations may not be backed by strong fundamentals. Therefore we advise
readers to use their own discretion before investing in these recommendation
BREWING HOT
Tata Coffee is engaged in
Tata Coffee the production and sale of
BSE Code: 532301 coffee and related
CMP: `128 products. The parent
company, Tata Global
Beverages, in its
partnership operation in India with global coffee
chain Starbucks, sources coffee beans from Tata
Coffee. The talk of the street is that there could be
some announcement that is likely to be positive
for the stock. Hence, the stock is poised for a
decent run-up in the short term.
WHATS COOKING Thomas Cook

TRIP TO PROFIT
Tourism Finance TFCI is a
Thomas Cook India launched company
Corporation of India
BSE Code: 500413 an interesting BSE Code: 526650 that
concept finances
CMP: `224 Weekend CMP: `73.25 tourism-
Mega Holiday related projects. As per rumours
Sale where the company offered on the street, some big fund
attractive deals to the customer and managers are bullish on this
on-the-spot discounts. As per our stock and have accumulated
sources, this has received this stock in anticipation of big
unprecedented demand from the a rally in the coming trading
travellers. Additionally, the stock has sessions. Hence, smart gains are
witnessed decent volumes in the visible in this stock, so risk-
previous trading session; hence, it taking readers can look at the
makes a perfect stock to bet on for stock for short term gains.
the short term.
AND FINALLY.. FIEM Industries

BSE Code: 532768
CMP: `873
The company is among the leading manufacturers of
automobile lightings, signalling equipments and rear view
mirrors for two-wheelers and four-wheelers. The
whispers on the D-street suggests that a cartel of HNIs is
betting for robust gains in the stock. As the company has
been reporting strong revenue growth over the past
several years, it is expected that going forward it will
continue to post decent numbers. Therefore, the stock can
be looked at from a short-term trading perspective. DS

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CONTENTS Vol. 32 No.

09 • APR 3 - 16, 2017

15 Low Priced Scrip

79 ANOTHER Special Report

Mid-cap stocks have outperformed the broader

Write back to us--it is always great to hear from you.

6 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Vol. 32. No. 09 • APR 3 - 16, 2017

Founder & Editor-In-Chief Subscription & Customer Service enquiry@dsij.in

DSIJ Private Limited Recommendations

8 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Our aim is to develop KNRCL as a

Corporate Offi ce:

10th Mar 27th Mar Gain/Loss

Dow Jones Ind 20,902.98 20,550.98 -1.68

10 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

INVEST FOR HI-TECH RETURNS with FY16. The company’s EBITDA

HERE IS WHY Hi-Tech Pipes’ revenue increased 9.93 per

14 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

CABLING PROFIT for upgrading and modernising its

Universal Cables has performed better

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 15

BSE CODE Volume Face Value

horizon in mind and BSE CODE Volume Face Value

18 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

20 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

TATA CHEMICALS ........................ BUY ............................ CMP `592

After recovering, the stock is seen consolidating at

ALLAHABAD BANK ........................ BUY ......................... CMP `72.15

(Closing price as of Mar 28, 2017)

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 21

FEEL VIP WITH VIP INDUSTRIES FOR A LONG-TERM

With air traffic expected to

22 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 23

Our Call Tracker

24 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

26 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Mid-cap 250 Selection Methodology

of March. Also, these are ranking 20%

RONW and distribution by companies Net profit growth ‐ Distribution of companies

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 27

The stock is attractive as the twelfth Five-year Plan is likely to

28 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

BSE Code: 538567 FV: 2 CMP: 710

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 29

One year share price chart

LAST FIVE QUARTERS (` Crore) - Standalone

30 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

BSE Code: 513434 FV: 10 CMP: 527

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 31

32 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

34 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

36 DALAL STREET INVESTMENT JOURNAL I APR 3 - 16, 2017 DSIJ.in

Enterprise value is a broader word and

Between the year 2012-17, average EV/

DSIJ.in APR 3 - 16, 2017 I DALAL STREET INVESTMENT JOURNAL 37

Supporting the Change from ‘Me’ to ‘We’

This transition from ‘me’ to ‘we’ needs to be support-