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VOL : 14 • Issue No: 8 RNI No : GUJENG / 2008 / 24320 4th April 2021 to 10th April 2021
FII ACTIVITY (Rs. in Cr.)

Date Buy Value Sell Value Net Value
29-03-21 HOLIDAY -- --
30-03-21 10119.5 9350.03 769.47
31-03-21 7657.89 9343.8 -1685.91
01-04-21 7279.28 7129.87 149.41
02-04-21 HOLIDAY
TOTAL 25056.67 25823.7 -767.03
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
29-03-21 HOLIDAY -- --
30-03-21 11262.39 9081.38 2181.01
31-03-21 6160.75 4079.23 2081.52
01-04-21 3621.88 3918.72 -296.84
02-04-21 HOLIDAY
TOTAL 21045.02 17079.33 3965.69
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SMART 4th April 2021 to 10 th

April 2021 4
INVESTMENT
JACKPOT SHARE
Buy
Keerti Knowledge and Skills Ltd.
NSE: KEERTI (CMP 24.15) (TARGET RS.34) Positional 40/45/50
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Getting a good start in career is a cherished India's higher education segment is ex-
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this is easier said than done especially in 35.03 billion) by 2025. There is robust demand
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Financial Weekly

April 2021 5
INVESTMENT
Kiran Jadhav SEBI Registered Research Analyst
www.kiranjadhav.com / info@kiranjadhav.com /
Phone: 9595 11 33 44
You Tube: Kiran Jadhav /
Twitter: @kiran_jadhav_
Markets are ready to rock again!

Summary of the week concluded
The week that has just been concluded was truncated one. Since the Monday was holiday and
when we started from Tuesday, it was a kick start and that sets the tone for the week. Tuesday was
the day of rally of about 220 points on NIFTY that too after a gap up opening. Also, the trading
volumes where high on that day. All these suggests a good kind of buying binge was started.
Wednesday, we did see some consolidation but also witnessed markets consolidating at the lower
range of the Tuesday however, the low of Tuesday was never broken. Once again on the Thurs-
day, after a good consolidation we finally saw markets breaching the close of Tuesday and closing
even higher. In a way, during the concluded week, we witnessed upside rally and a lot of consoli-
dation and finally the upside breach which is a perfect range breakout for the week. NIFTY and
BANKNIFTY for the week have posted handsome gains of +3.79% and +2.58% respectively.
MIDCAP and SMALLCAP too have outperformed their larger counterparts with gains of +5.51%
and +4.96% respectively. Sector wise, a large group have outperformed the benchmarks and they
were, PHARMA, FMCG, PSUBANK, CONSUMPTION. They all gave weekly positive returns of
+4.74%, +5%, +5.58% & 4.31% respectively. The most outperformance came from METAL which
gave whopping +12.66% gains for the week.
Technical View on Nifty :- Please see the attached chart 1of NIFTY which is a Daily
Chart. The trend lines on the charts have not been changed from last few weeks but charts struc-
ture do have a valid change and this change is about how our markets have got a bullish for now.
Last week, I couldn't write an article for all of you as I was unwell but I did make a youtube video for
all of you all. In the video itself I suggested to create an upbeat tone on the indices and see the
same thing happened on both our benchmark indices. This time around the support which comes
from the trend line levels are very strong i.e. the level of 14380 seems to be of great importance and
not easy to be broken for at least few weeks from now. On the upside there is a slight barrier at
15000 mark and that is
along with trend line
level, a psychological
resistance as well. My
first target for the com-
ing week is 15000 and
as soon as 15000 mark
is taken away, I shall be
posting the upper lev-
els that may open up for
all of us.
Cont...
Financial Weekly

April 2021 6
INVESTMENT
Technical View on Bank Nifty :- Attached chart 2is also a dailychart of BANKNIFTY.
BANKNIFTY seems to be laggard than NIFTY for now. However the some strength is shown at the
lower horizontal line which is placed in the below given chart. This same line used to be a resis-
tance before India's budget and soon after the budget it was breached on upside. The way NIFTY
has given upside move and along with that even BANKNIFTY has shown upside bias, I think there
are all chances that the level of this lower horizontal line at around 32700 is going to be held. On
the upside we must conquer the resistance level at 35000 in coming weeks to set up a new bullish
tone. Till the time it is not conquered, I think 35000 is going to be our first target as well as the
psychological resistance.
Everyone who reads my view regularly in
SMART INVESTMENT weekly magazine
should note that for all of you readers I have
started 2 things in addition to writing in SMART
Magazine. This is because you only get to read
my view only after a week in this magazine.Now,
I have started a FREE MARKET OUTLOOK
DAILY report for all of you. This report can be
read from my website for free. All you have to do it one time registration on our website. Also, if you
are interested in day trading then you must know that I have created TELEGRAM CHANNEL just
for you. Download a TELEGRAM APP on your mobile phone. Then from your mobile phone go to
our website on which you find TELEGRAM SYMBOL and by clicking that you get the access of
FREE CHANNEL in which I will precisely tell you and entry and exit point in NIFTY and BANKNIFTY
which will be an endeavor to get you trading profits. For any questions as a SMART reader you can
call us on our INVESTOR HELPLINE NUMBERS.
RISING STAR : HAPPSTMNDS (594.55)

Happiest Minds Technologies Ltd., have been one
stock that has stood up on last day of last trading week.
If you too can see the attached daily chart, you would
easily find how a great breakout was witnessed with
amazing volume and yet a marabuzo candlestick on the
chart. Marabuzo candlestick means a stock which after
opening in the markets never went below the open price
and yet started going higher and higher and finally closed at the highest level. Such a candlestick
doesn't have any upper or lower shadow. Such candlestick speaks for a great bullishness as it is
without any shadows. The breakout that we have witnessed is from a triangular cloth of a legiti-
mate flag pattern. The pole of the flag has started somewhere around 6 Feb around 340 kinds of
levels. The pole of the evident pattern that is witnessed seems to be pretty vertical and if we add
the value of this vertical distance on the low of the flag pattern the target surpasses 700 kind of
levels in next 3 months only. Such a target is achieved or not can only be known after the future
unfolds. But yes, if your personal financial advisor is ready to give you permission to venture this
stock at current level with an initial stop loss placed at 560. Than with a risk of about 34 rupees, you
can be ready to get more than 200 points on upside in few months from now. Risk to reward ratio in
such a pattern is quite favorable and therefore if we venture in such a stock and if stock starts
moving up, we should keep a trailing SL method in place which not only locks in a profit but initially
it reduces the risk with every upmove.
Financial Weekly

April 2021 7
INVESTMENT
Rapid Fire Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
BATA INDIA LTD.

Buy at CMP - 1427 , Targets - 1555- 2250,
Time Frame 5 to 12 Months , ( ADD IN ALL DIPS)
Company is planning expansion and eyes on revenue of $1 bn in 4-5 years; with plans to
open 80-100 stores per year
Bata Brands SA is a Swiss multinational shoes maker based in Lausanne, Switzerland. It

is a family-owned global footwear and fashion accessory manufacturer and retailer. It is the
largest shoemaker company in the world by volume, selling 1 million shoes every day.
The company is organized into three business units: Bata, Bata Industrials and AW Lab.
The company has a retail presence of over 5,300 shops in more than 70 countries and
production facilities in 18 countries
The business is organised in 5 regions: Africa (with regional office based in Nairobi), Asia
Pacific (with regional office based in Singapore), LatAm (with regional office based in Santiago
de Chile), South Asia (with regional office based in New Delhi) and Europe/Developed Mar-
kets (with regional office based in Padova, Italy).
Cont....
Financial Weekly

April 2021 8
INVESTMENT
INFOSYS
Buy at CMP - 1386, Targets - 1555 to 1750 ,
Time Frame - 5 to 12 months (Add in all dips)
Infosys a global leader in next-generation digital services and consulting, and Roland-
Garros, announced a strategic three-year technology partnership. The collaboration is aimed
at enriching the game by providing fans, players and coaches with a completely new experi-
ence, leveraging Infosys’ expertise in digital technologies such as artificial intelligence, big
data & analytics, mobility, virtual and augmented reality.
Infosys Limited is an Indian multinational corporation that provides business consulting,

information technology and outsourcing services. It has its headquarters in Bengaluru,
Cont....
Rapid Fire Stocks

Get Expert tips on Share Trading
With Personal Assistance for your Trades
and Capital Protection at a Very Nominal Cost
Let the Experts Guide Whatsapp
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9769037711
Financial Weekly

April 2021 9
INVESTMENT
Karnataka. The company is engaged in software development in the form of services, turn-
key projects and products for the domestic and export market. The software development is
targeted towards the distribution, banking, telecommunication and manufacturing sectors
worldwide
Infosys is a global leader in next-generation digital services and consulting. They enable
clients in 45 countries to navigate their digital transformation. With over three decades of
experience in managing the systems and workings of global enterprises, and expertly steer
the clients through their digital journey. They do it by enabling the enterprise with an AI-
powered core that helps prioritize the execution of change and also empower the business
with agile digital at scale to deliver unprecedented levels of performance and customer
delight. Their always-on learning agenda drives their continuous improvement through build-
ing and transferring digital skills, expertise, and ideas from the innovation.
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
IRCON 541956 89.00 Berger Paints 509480 764.00
Take Solutions 532890 52.00 HCL Techno 532281 1002.00
Sail 500113 83.00 Adani Enter 512599 1107.00
Shivalik Bimetal 513097 85.00 Adani Green 541450 1159.00
Coal India 533278 132.00 Infosys 500209 1385.00
NIIT Ltd. 500304 165.00 BATA India 500043 1424.00
ITC 500875 220.00 Ramco Cements 500260 1026.00
Vedanta 500295 231.00 Aarti Industries 524208 1362.00
Tata Motors 500570 307.00 Shriram Trans. 511218 1472.00
SBI 500112 370.00 Eicher Motors 505200 2630.00
JSW Steel 500228 508.00 Navin Fluorine 532504 2780.00
ICICI Bank 532174 593.00 Coforge 532541 2937.00
Dilip Buildcon 540047 595.00 PFIZER 500680 4556.00
Tata Consumer 500800 650.00 SRF 503806 5743.00
Financial Weekly

April 2021 10
INVESTMENT
RESEARCH REPORT
CAPRIHANS INDIA LTD

(509486) (84) (Face Value Rs.10)
Caprihans India Limited is one of the largest manufacturers of PVC Films in India and has
got expertise of more than 35 years in this field. It manufacturers a wide variety of PVC films
both Flexible & Rigid and also Sheets/Boards made from other polymers like ABS, PP,
HDPE and Rigid PVC. The films are calendared while the sheets/Boards are extruded.
Caprihans India Limited is a Public Lim- Particulars 3 Months Ended

Q3FY21 Q3FY20 % Var.
ited company and became a part of EVC
Sales 73.18 74.97 -2%
group in 1997. EVC was acquired by the Op. Profit 7.02 2.77 154%
INEOS group in 2001. The INEOS Films PBT 7.54 2.48 204%
PAT 5.66 1.86 204%
business was acquired by Bilcare in
2010. Caprihans India Limited is today part of Bilcares´ Solutions Division. The company has
4 calendaring lines, 3 extruder lines, 2 lamination and coating lines as also printing and
embossing lines at its production units at Thane and Nasik, near Mumbai.
It has an equity base of just Rs.13.13 crore that is supported by reserves of around
Rs.133 crore which is 10 times higher than equity. It has a share book value of Rs.111 &
price to book value ratio is just 0.76x which is highly impressive. The Promoters hold 71.66%,
LIC hold 3.68% while the investing public holds 24.66% stake in the company.
Company has posted robust numbers for Q3FY21. It's PAT grew 204% to Rs.5.66 crore
as against Rs.1.86 crore on sales of Rs.73.18 crore fetching an EPS of Rs.4.31. During
9MFY21, its PAT zoomed 179% to Rs.12.85 crore as against Rs.4.61 crore on sales of
Rs.208.76 crore fetching an EPS of Rs.9.78.
Currently, the stock trades at a P/E of 6.35x.
On account of strong fundamentals, it is likely to achieve decent levels
in 9-12 months. Keep stop loss of Rs.75 for your buying.
Financial Weekly

April 2021 11
INVESTMENT
SMALL BUT BEAUTIFUL IDEAS

Brijesh Barot, Surat (9723108999) brijesh_3011@yahoo.com
JK Tyre and Industries Ltd.

(530007 & NSE) (119.15) (FV 2)
JK Tyre was incorporated as a private limited company in West Bengal in February 14, 1951.
Until March 31, 1970, the company was engaged in the managing agency business. Thereafter,
the company decided to undertake manufacturing activities and obtained a letter of intent in Febru-
ary 1972 for the manufacture of automobile tyres and tubes.
JK Tyre & Industries is the flagship company under the umbrella of JK Organisation. A part of JK
Organization which ranks among the top private groups in India, Jk Tyre and Industries is commit-
ted to self-reliance and follows an ethic that views customer satisfaction as an index of achieve-
ment. JK Tyre is the pioneer for Steel Radial technology in India.
Over the years, the company has expanded and diversified its business portfolio. It has devel-
oped into a multi-product, multi-location corporate entity. The company produces and sells tyres
and tubes under the brand name 'JK Tyre' for Truck, Buses, Passenger Cars, Jeeps, Light Com-
mercial Vehicles, Multi Utility Vehicles and Tractors.
J.K. Industries acquired Vikrant Tyres, Mysore in 1997. J.K. Industries and Vikrant Tyres are the
only tyre companies in India to have received all three ISO 9001, QS 9000 and ISO 14001 certifi-
cates.
o JK Tyre is the largest exported tyre brand from India.
o ISO 9001, QS 9000 and ISO 14001 certified
o Promoters Holding: 56.23%
o FII Holding : 2.99% (increased from 2.23% to 2.99% from last quarter)
o DII Holding : 3.14% (increased from 2.87% to 3.14% from last quarter)
DEC. 2020 SEP. 2020
SALES 2769 CR. 2275 CR.
PAT 224 CR. 105 CR.
Technical Observations : Currently company's share price quoting 119.15 on Thursday close.
Companies share price is currently trading above all moving averages. Stock is in buy mode on
MACD, ADX, SUPER TREND on Daily and monthly basis. Investor can buy at current market
price as well as on dips for short term target of 146, medium term target of 172 and long term target
of 208.
Financial Weekly

April 2021 12
INVESTMENT
Julius Baer
The Indian Growth Story – What’s Next?
Mr. Vidit Gupta
Following a challenging year marked by the pandemic, India’s economy is expected to

rebound in 2021, reclaiming its position as the world’s fastest growing major economy. Is the
worst of India’s economic woes truly over or will there be roadblocks ahead? According to
Unmesh Kulkarni, Head of Markets, Investment & Wealth Management Solutions India and
Mark Matthews, Head of Research Asia.
Recovery on track: India is expected to be the world’s fastest growing major economy in
2021, with a GDP growth rate of 9% y/y, followed by 7% in the next year.
India’s fight against Covid-19: Uncertainties remain as the pandemic’s second wave sets
the stage for another bumpy ride. However, authorities have become more vigilant this time
around, and the vaccination drive is accelerating.
Structural reforms: While steps such as the Goods and Services Tax (GST),
Demonetisation, the Real Estate Bill, and the Insolvency and Bankruptcy Code have not
yielded immediate positive effects, they did help to cleanse the system, particularly in bank-
ing.
Growth catalysts: Cost rationalisation by companies, as well as an uptick in demand,
fueled by higher government spending and lower interest rates, will give the economy a
much-needed boost.
Strong earnings momentum: India is on the cusp of a longer term earnings recovery cycle.
Earnings growth for corporate India is expected to be around 25% in FY22/23.
Information technology: The IT sector has evolved from being a provider of talent and
capabilities to assisting clients with critical business decisions and digital transformation.
Demographic dividend: India’s working-age population outnumbers its dependent popula-
tion, and demographers predict that this will continue until 2055. This has far-reaching impli-
cations for the entire economy and market, with consumer goods companies clearly benefit-
ing.
Indian equities in a sweet spot: We have upgraded our outlook on India from Neutral to
Overweight. We believe that now is a good time to invest in this market.
Disclaimer : Information, charts or examples contained in this mail is for illustration and educational pur-
poses only. It should not be considered as advice or an endorsement to purchase or sell any security or its
financial instrument until you are well conversant and confident about the movement.
OnlyStockTips:it's owner and moderators do not take any responsibility for the views expressed in the forum
and any consequences including financial, legal or otherwise resulting from actions based on such views
Financial Weekly

April 2021 13
INVESTMENT
SMART AUTOMOBILES
By Vijaya Kittu M, GetPaidIndia.com
The author feels investors have to track sectoral trends as a part of their stock
market research activity. This article is not a buy/sell/hold recommendation. Investing
always involves risks, including a potential loss of part or whole of the capital.
1. March 2021 automobile salesnumbers have confirmed the auto sector is still in the slow lane.
While normalcy is coming in from the aftermath of COVID-19 disruption, the recovery journey
seems still a long one
2. Car sales have doubled as demand has come back. Personal mobility preferences are clearly
visible. Wholesale volumes still are that strong enough. Maruti Suzuki sold double the number
of cars it sold in March 2020. Tata Motorsbucked the trend and sold four times the numbers as
it made the highest ever volumes in almost eight years! The overall passenger vehicles business
is doing well for the company. The top 5 car makers in India are Maruti Suzuki, Hyundai, Tata
Motors, Kia Motors, and M&M.
3. Commercial vehicle sales are still poor but on an annual basis, but both Ashok Leyland and
Tata Motors showed improvement. AL reported 8x sales while Tata Motors reported 6x sales in
the CV segment.
4. Mahindra &Mahindra appears to be improving its cost-cutting initiatives, and the results are
getting apparent. Earlier, the company is in the news mostly for negative reasons. There were
supply-side constraints, tractor sales growth was questionable, and Ssang Yong - the South
Korean subsidiary, was in problem. Now, the tractor and farm equipment division turned profitable,
and construction activity too resumed. Tractor business is important for M&M because 2/3rd of
its operating profits come from this segment. Meanwhile, Ford and M&M are parting ways on all
Indian projects. The duo earlier had plans to develop three SUVs jointly.
5. Hero MotoCorp showed 10% decline in annual wholesale sales numbers. The company is
making changes in its business strategy to move and gain market share in the high-end luxury
bikes segment.
6. Meanwhile, TVS Motor Company reported 1,00,000 units exported in March 2021. The company
has a presence in 60 countries. The company is focusing more on European and North American
markets.
7. NTPC is planning to procure 20 hydrogen-powered fuel cell-based electric cars (10 nos) and
busses (10 nos) in New Delhi and Leh. Auto companies such as Ashok Leyland, Tata Motors,
Toyota Motor Corp, Hyundai Motor Co, and KPIT Technologies have shown interest in the project.
8. Major topics to watch in the automobile sector:
a. Government Scrappage Policy and how various stakeholders will receive it
b. Automobile chip shortage and supply-chain constraints.
Mutual Fund Matters Webinar - May 2021

Learn MF, REITs, MF Taxation & Retirement planning
Webinar Fee: Rs. 3500. Includes Study Material
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Financial Weekly

April 2021 14
INVESTMENT
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Financial Weekly

April 2021 15
INVESTMENT
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
LIKHITHA INFRASTRUCTURE LTD
(543240 & NSE) (343.4) (Face Value Rs.10)
Incorporated in 1998, Likhitha Infrastruc- Particulars 3 Months Ended
ture Ltd is an oil and gas pipeline infrastruc- Q3FY21 Q3FY20 % Var.
ture service provider in India headed by the Sales 58.37 39.14 49%
first generation entrepreneur Mr. Srinivasa PBT 12.57 9.41 34%
Rao Gaddipati having around 3 decades of PAT 9.51 6.81 40%
technical experience. The co-promoter Ms Likhitha Gaddipati post-graduated from Illinois Institute
of Technology, Chicago has worked with PWC (USA). The company is engaged in providing oil &
gas pipelines, city gas distribution projects, Cross-Country Pipeline Projects, and operations and
maintenance services as well. The company has presence in more than 16 states and two Union
Territories in India. It has successfully laid more than 600 Kms of oil and gas pipelines including
steel and medium-density polyethylene ("MDPE") network. It is the first company that has executed
the first Trans-National Cross Country Hydrocarbon Pipeline Project between India and Nepal.
It has an equity base of just Rs.19.73 crore. The promoters hold 74.11%while the investing
public holds 25.89% stake in the company. It is almost debt free company.
During Q3FY21 it has reported superb numbers. For Q3FY21, LIL posted 40% higher PAT of
Rs.9.51 crore on 49% higher sales of Rs.58.37 crore and an EPS of Rs.4.82. During 9MFY21, it
recorded 7% higher PAT of Rs.15.97 crore on higher sales of Rs.116.8 crore fetching an EPS of
Rs.8.
India, currently, has a network of about 13,000 km of natural gas transmission pipelines with a
capacity of around 337 MMSCMD, pipeline network is expected to expand to around 28,000 Kms
with a total design capacity of around 721 MMSCMD By 2025. This creates massive opportunity
for Likhita Infra.
The Company has received a total orders/contracts worth Rs. 234.85 Crores during
the quarter from January 2021 to March 2021.
At CMP, LIL trades at P/E ratio of 32x.
Investors can accumulate this stock with a stop loss of Rs.285. It may
give very good returns in medium to long term.
Cont...
Financial Weekly

April 2021 16
INVESTMENT
Dark Horse-2
RUBFILA INTERNATIONAL LTD
(500367) (59.35) (Face Value Rs.5)
Particulars 3 Months Ended Rubfila is the only Indian manufacturer
Q3FY21 Q3FY20 % Var. to manufacture both Talcum Coated and
Sales 85.40 70.88 20%
Op. Profit 15.42 4.80 221% Silicon Coated Rubber threads. The com-
PBT 14.45 4.24 241% pany has adopted internationally accepted
PAT 10.84 3.88 179%
quality standards and its products are well
received among customers both in India as well as around the world. RIL also produces
premium products catering to highly niche' areas like toys, fishing, catherers, meat packing,
medical webbing, bungee jumping cords etc. RIL produces threads with sizes ranging from
2.1mm (12 count) diameter to 0.28 mm (90 count) diameter.
The Company has an equity of Rs.26.01 crore backed by huge reserves of around Rs.139
crore, which leads to a share book value of Rs.30.4. The promoters hold 62.81% while the
investing public holds 37.19% stake in the company.
It posted superb Q3FY21 numbers as net profit grew 179.38% to Rs.10.84 crore from
Rs.3.88 crore in Q3FY20 on 20% higher sales of Rs.85.40 crore fetching an EPS of Rs.2.16.
For 9MFY21, it reported 81% higher PAT of Rs.21.89 crore on sales of Rs.208.73 crore and
an EPS of Rs.4.36. It paid 24% dividend for FY20.
The RIL stock corrected almost 41% from its recent high of Rs.99.85 in November 2017.
At the CMP, RIL trades at a PE ratio of just 11.5x.
Investors can accumulate this stock with a stop loss of Rs.48. It may give
very good returns in medium to long term.
Financial Weekly

April 2021 17
INVESTMENT
HIDDEN GEM FOR FY22

Buy
GG ENGINEERING Ltd (BSE code 540614)
CMP 113 / Target 140 (Positional 150/160/170)
*TECHNICAL LOOKS GOOD & BEST BSE listed G G Engineering (Code:

PART INSPITE OF SUCH MOVES IT'S NOT 540614) (An authorized OEM for Tata motors)
INTO OVERBOUGHT* The company's flagship products include
RECEIVED ORDER FOR SUPPLY, IN- smart Reverse Vending Machines (RVMs),
STALLATION , OPERATION & sheet metal components for commercial air-
MANTENANCE OF 25 PLASTIC BOTTLE conditioners, and industrial diesel generator
CRUSHING MACHINE ( PBCMS ) WITH sets. The company is en route to achieve high
ADVERTISEMENT RIGHTS FOR 5 YEARS growth. The share is an Excellent Buy at cur-
AT VARIOUS LOCATION OF 16 STATIONS rent market price of Rs.109.
OVER MUMBAI DIVISONS AT MARCH 2020 Inspired by the Swachh Bharat Abhiyan,
PROMOTER HOLDINGS 63.61% GG launched India's first fully- automated and
MARKET CAP AROUND 126CR smart RVMs for crushing/shredding PET
COMPANY'S PRODUCT DETAILS DIE- bottles with the objective of enabling environ-
SEL GENERATOR , RMV MACHINE , IN- ment-friendly disposal of plastic waste. The
DUSTRIAL ENGINE , MARINE ENGINE. company also manufactures sheet metal air
COMPANY HAS A 40000 SQUARE FEET conditioning components with powder coat-
MANUFACTURING CAPACITY IN ing for Tata Group's Voltas and is the only
BHARUCH ( COVERED AREA 20000 SQ. approved vendor for the OEM's Vadodara unit.
FT. ) Most recently, the company has launched
ANNUAL MANUFACTURING CAPACITY pathogen-protection products in the wake of
OF 1800 UNITS OF GENSETS & 3300 the COVID-19 pandemic for defense against
UNITS OR RMVS. the novel coronavirus and other deadly patho-
FACILITIY STARATEGICALLY LO- gens. This range of products includes sani-
CATED NEAR MAJOR CITIES SUCH AS tizing tunnels, touchless hand sanitizer sta-
VADODARA / AHMEDABAD / MUMBAI & tions, and mask vending machines. Accord-
SURAT ing to market Analysts,,the scrip od G G En-
ITS TECHNICALLY BUY & COMPANY gineering id an excellent investment oppor-
MANAGEMENT is INVESTOR FRIENDLY tunity.
and has rewarded investors with BONUS GG Engineering has blue chip clients in-
shares AFTER LISTING in 2017. clude some marquee names like Tata Motors,
COMPANY IS NOW WORKING FOR Voltas, Panasonic, Indian Railways , Reli-
ENVIORNMENT SOCIAL GOVERNANCE ance Life Sciences,etc.
(ESG) ***
Financial Weekly

April 2021 18
INVESTMENT
Stock Buzz
Subramanian Mahadevan
dolphincapital@gmail.com
Everest Kanto Cylinder (Rs.78)

Leader in Clean Energy!
Everest Kanto Cylinder Limited (EKC) – is a Mumbai based company incorporated in 1978, set
up a manufacturing unit at Aurangabad in collaboration with Kanto Koatsu Yoki Manufacturing
Company of Japan. EKC is a major player in High Pressure Seamless Steel Gas Cylinder Industry
manufacturing wide range of cylinders - industrial gases, medical gases, firefighting equipment’s,
beverage industry accumulator shells, and CNG- NGV cylinders besides storage cylinders cas-
cades with fittings and accessories for CNG and other industrial use. Beginning 1986, the com-
pany started exporting to gulf countries and set up a new state of the art manufacturing facility at
Dubai (commenced production in 2004) in order to tap the emerging potential for cylinders in Iran
Pakistan and Bangladesh. EKC did hit the public market in November 2005 and collected 90 crore
by diluting around 32% equity at an average price of 160 INR/share. After four decades, it stands
tall as India’s largest player in high pressure gas cylinders with market share of more than 50%
backed with 42 years of focused domain experience in the field of high pressure seamless cylinder
manufacturing. Its diversified product range - More than 200 SKU’s including Industrial, CNG and
Jumbo cylinders of capacity ranging from 1 to 3,000 litres with global presence by exporting to over
25 countries including USA, Europe, South America and CIS countries. EKC has more than 150
strong marquee client base from diverse verticals including automobile OEMs/after-market, city
gas distribution, industrials, cylinder cascades, medical sector, firefighting equipment and defence
– including Tata Motors, Bajaj Auto, Hyundai, Toyota, BOC India, Praxair, Mahanagar Gas, Adani
Gas. It has best in class manufacturing facilities and supply chain capabilities with plants across
India, Dubai and USA with production capacity of ~1 million cylinders annuallyleading to 36%
revenue contribution from products sold outside India.
EKC closed FY20 with topline of 760.50 crore and PAT of 6.7 crore in the backdrop of slow
industrial activity and weakness in auto sector however improved its debt/equity ratio to 0.4 from
1.5 three years before. During the COVID times, the company significantly scaled up supply of
medical oxygen cylinders used in the fight against the COVID-19 pandemic besides better show
for nine months of FY21 with topline of 664.8 crore and a bottom-line of 87.1 crore, a revenue and
profit growth of 18.3% and 777.4% respectively the same period previous year. EKC recently closed
term loan by repaying entire amount of Rs325cr availed from Yes Bank and consequently the
pledge on promoter shares of the company amounting to a total of 29.99% of the entire shareholding
of the company has been released. Investors are advised to buy EKC at current market price given
its high entry barrier business, improving financial position, leadership status with promoter hold-
ing of around 67% equity and robust domestic CNG (vehicles, stations) demand for double digit
returns in years to come.
Financial Weekly

April 2021 19
INVESTMENT
- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty :- In Last Trading Session, Nifty closed at 14936. Nifty is currently at support/
resistance level of 14900. Nifty has strong resistance at 15300 while support at 14750/14600
levels. If Nifty closes below 14750 then can see lower levels of 14600/14400/14200/14000 & if
it manages to close above 15300 then can continue its uptrend.
Bank Nifty Overview : In Last Trading Session, Bank Nifty closed at 34179. Bank Nifty
is on support / resistance level of 34000. Bank Nifty may be relatively strong than Nifty and can
go up to 34500/34800/35200 levels while support is at 33480 levels. Range for Bank Nifty is
33000 levels to 35400 levels.
Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
Bandhan Bank 500820 Buy 337 357 Target Achieved
Infy 500209 Sell 1405 1381 Did Low
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
BHEL 500103 51.45 49/51 54 60 47
Can Bank 532483 157 150/155 165 180 142
Coal India 533278 133 125/130 140 155 118
Dabur 500096 542 530/535 545 565 520
PNB 532461 38 34/35 42 48 31
Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Adani 512599 1114 1160/1170 1130 1100 1195
Grasim 500300 1456 1520/1530 1505 1470 1555
Tata Steel 500470 866 890/905 865 840 925
Note : All calls are momentum calls based on technical analysis and all levels as per future prices (If scrip not available
in futures then BSE Cash price). All these calls are given based on daily charts but intra-day signals are equally important
to enter the trade in a timely manner. Timing is very important and we at shareinfoline.com give you timely calls based on
intra-day charts. Read Disclaimer at ShareInfoline.com
Financial Weekly

April 2021 20
INVESTMENT
Smart Education - Yog Joshi

Technical Analysis
From
Basic to Advance
Swing Trading (6)

Swing Reversal with Double Candlesticks Pattern
Hello Friends,
Hope you all are doing Well...!!!
In earlier topic of "Technical Analysis from Basic to Advance" we discussed

in detail about Japanese Candlesticks Chart and Single Candlesticks Reversal
patterns
Today we are going to discuss about place and effect of the Double Candle-
sticks Reversal patterns with respect to Swing Trading
Cont...
Financial Weekly

April 2021 21
INVESTMENT
First We start with :-
Up Swing / Trend Reversal Patterns and its location and effect :-
As we all know that Engulfing Bearish, Bearish Harami, and Dark Cloud
Cover are known as a Double Candlesticks Reversal patterns, if this type of
pattern formed at top of the Up Swing / Trend and confirmed by Bearish Candle-
sticks, it can be considered as a good sign of Up Swing / Trend reversal indica-
tion Cont...
Financial Weekly

April 2021 22
INVESTMENT
Down Swing / Trend Rever-

sal Patterns and its location and
effect :-
Engulfing Bullish, Bullish Harami

and Piercing LIne are known as a
Double Candlesticks Reversal pat-
terns, if this type of pattern formed
at bottom of the Down Swing / Trend
and confirmed by Bullish Candle-
sticks, it can be considered as a
good sign of Down Swing / Trend reversal indication
It can be easy to understand with the help of given picture
I hope this series on Swing Trading helps you to identify the current ongo-
ing Swing as well as probable Swing Reversal.
***
Financial Weekly

April 2021 23
INVESTMENT
FY21 WAS ONE OF THE BEST

FINANCIAL YEAR FOR EQUITY MARKET
Now what will happens in FY22?
History will repeat in FY22 or
something else will happen ?
Which stocks will out perform the market in the FY22?
To know more about that stocks
Join Equity99 Telegram Channel:
http://t.me/equity99
Buy or Sell, Confused ?

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

April 2021 24
INVESTMENT
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections Are Temporary, Growth is Permanent

The desire to perform all the time is usually a barrier to performing over time.” –
Robert Olstein
* Equities across the board gave strong gains in the financial year 2021 (FY21), with metals, IT
and auto leading the way. While the equity barometers the Sensex rose 68 percent and the Nifty 71
percent in the year, mid and small-caps outperformed the benchmarks. The BSE midcap jumped
91 percent, while the smallcap index logged whopping 115 percent gains in FY21.
* NIFTY PE RATIO
30-03-2021 - 40.43
01-04-2021 - 33.60
As per New Revised method (Consolidated EPS instead of Standalone EPS )
* The overall unemployment rate in the country has fallen to 6.52 percent in March, from 6.90
percent the previous month, according to data from the Centre for Monitoring Indian Economy
(CMIE).
However, the urban unemployment rate during the period rose to 7.24 percent from 6.99 percent
in February, after seeing two months of decline. The urban unemployment rates had declined in
January to 8.08 percent, from 8.84 percent the previous month.
* IDFC First Bank :

Board approves launch of QIP issue on Tuesday. The floor price of Rs 60.34 per share is a
premium of 3.5% to Tuesday's closing price. Board to meet again on April 6 in order to determine
the issue price for the QIP. The lender had approved raising Rs 3,000 crore in February through a
QIP and various other methods.
* Insecticides India
Board has approved buyback of 10.43 lakh fully paid up equity shares, representing 5.1% of
paid up capital, for an aggregate amount not exceeding Rs 60 crore. Buyback price set at Rs 575
a piece, is at premium of 21.44% to Tuesday closing price.
* HPCL : Has completed a deal to acquire 50% stake in joint venture HPCL Shapoorji
Energy from SP Ports, a unit of Shapoorji Pallonji Group, for Rs 397 crore. HPCL Shapoorji En-
Cont...
Financial Weekly

April 2021 25
INVESTMENT
ergy was equal JV formed by the companies for development, construction and operation of
greenfield LNG terminal with all associated facilities for receipt, unloading, storage and re-gasifi-
cation of LNG and supply of re-gasified LNG to the Gas rid.
* UltraTech Cement
The company has prepaid its long-term loans amounting to Rs 5,000 crore. The loan repay-
ments have been done through free cash flows generated over the last few quarters.
* KNR Constructions :
Has received letter of acceptance for six laning of Ramanattukara Junction, to start of Valanchery
bypass section of NH-66, in Kerala on Hybrid Annuity Mode under Bharatmala Pariyoiana. The
project bid cost was Rs 2,367 crore and company bid price was Rs 2,116 crore.
* IRB Infrastructure Developers :

The total order book of the company stands at Rs 14,509 crore, including construction contracts
of Rs 7,583 crore, providing revenue visibility of more than two years. The company has received
letter of award from NHAI for widening of 68 kilometer long highway in West Bengal. The project
cost is Rs 2,421 crore. Further, the company's bid of Rs 778.64 crore for 28.7 km long highway
project in Himachal Pradesh has been preferred by NHAI. IRB has also secured new orders of Rs
5,004 crore during FY21.
* GST collections for March at Rs 1.23 Lakh Crore - at all time high.
Associated Alcohols & Breweries (Rs 441)
It is in business of manufacturing and trading of ENA, Indian Made Indian Liquor (Country Li-
quor), Indian Made Foreign Liquor and Hand sanitizer. In some states elections are going on its
beneficial for this company
Market Cap Rs. 797 Cr.
Face Value Rs. 10.0
52 Week High / Low
Rs. 450 / 126
Stock P/E : 14.9
Book Value Rs. 117
Dividend Yield 0.23 %
ROCE 34.9 %
ROE 29.2 %
* Company has reduced debt.
* Company is almost debt free.
Financial Weekly

April 2021 26
INVESTMENT
* Company has delivered good profit growth of 35.70% CAGR over last 5 years
* Company has a good return on equity (ROE) track record: 3 Years ROE 25.50%
Technicals : Bullish Flag breakout on daily chart. Buy in the range of Rs 430 - 445 for a price
target of Rs 500 +. Stop-loss is Rs 422 on daily closing basis. Time frame is 19 days.
Dynemic Products (Last close Rs 509 )

It is engaged in one of the largest global manufacturer & exporter of food colours in the world,
offering wide range of Food Colours, Lake Colours, Blended Colours,US-FDA certified FD&C
Colours & Dye Intermediates from India.
Market Cap Rs. 577 Cr.
Face Value Rs. 10.0
52 Week High / Low
Rs. 550 / 96.5
Stock P/E 18.8
Book Value Rs. 126
Dividend Yield 0.29 %
ROCE 18.3 %
ROE 20.5 %
Company has delivered good profit growth of 20.67% CAGR over last 5 years
Technicals : This stock first time made Bullish flag breakout on daily chart at 264 after that
again made same pattern on 449 now again its giving nice opportunity. Last 3 month stock has
been given returns of 125%++. One can buy in range of Rs 500- 514 and hold for a price target of
Rs 600 - 622. Stop-loss is Rs 490 on daily closing basis. Time frame is 14 days.
Buy... Buy... Buy on Dips Hold Sell on High

IOB 17.00 Wipro 416.00 Escorts 1273.00
Ultratech 6898.00
Nalco 58.00 Axis Bank 713.00 Bharti Airtel 520.00
Hindalco 350.00
Hind. Zinc 280.00 Tata Steel 862.00 Muthoot Finance 1214.00
Adani Port 736.00
Jindal Steel 370.00 Maruti 6922.00 Gillette 5694.00
APTECH 223.00
Ashok Leyland 118.00 HPCL 237.00 Coromandal 748.00
Ambuja Cement 309.00
Adani Power 89.00 Bajaj Auto 3747.00 Gujarat Gas 547.00
Caplin Point 452.00
NMDC 138.00 Colgate 1562.00 Cummins India 895.00
DLF 291.00
UCO Bank 11.00 Astrazeneca 3437.00 M&M 808.00
NOCIL 180.00
Prism Johnson 134.00 Concor 597.00 MindTree 2074.00
Tanla Solutions 857.00
Kesoram Ind. 76.00 Divis Lab. 3615.00 Future Retail 44.00
Adani Total Gas 1058.00
Subex 37.00 Sun Pharma 610.00 SIS Ltd. 405.00
Indus Towers 255.00
Financial Weekly

April 2021 27
INVESTMENT
Techno Funda Sachin Shah :

growyourwealthwithsachin@gmail.com
(Mumbai)
sound stocks M. : 9372144204
L&T Technology Services Limited (LTTS)

(540115 & NSE) (2720.6) (FV 2)
L&T Technology Services Limited (LTTS) is a global leader in Engineering and R&D (ER&D)
services. With 593 patents filed for 53 of the Global Top 100 ER&D spenders, LTTS lives and
breathes engineering. Company innovated the World's 1st Autonomous Welding Robot, So-
lar 'Connectivity' Drone and also developed the Smartest Campus in the World.
LTTS expertise in engineering design, product development, smart manufacturing, and
digitalization touches every area of human lives - from the moment one wakes up till the time
one goes to bed. With 62 Innovation and R&D design centers globally, company specializes
in disruptive technology spaces such as 5G, Artificial Intelligence, Collaborative Robots,
Digital Factory, and Autonomous Transport.
LTTS is a publicly listed subsidiary of Larsen & Toubro Limited, the $20 billion Indian
conglomerate operating in over 30 countries.
Q3FY21 Q2FY20
INCOME 1401 CRORE INCOME 1314 CRORE
OPERATING PROFIT 276 CRORE OPERATING PROFIT 233 CRORE
PAT 186 CRORE PAT 166 CRORE
Promoter holding: 74.62%

OPM: 20.22%
NPM: 14.63%
ROE: 29.56%
ROCE: 34.82%
Technically: Stock has been rising consistently since listing in 2017,up
almost 3 times from listing price over the past 3 years. Accumulate on
dips with target of 3650 over the next 12 to 15 months.
Financial Weekly

April 2021 28
INVESTMENT
Terrific Shots - Dilip K. Shah
Tata Elxsi (Rs. 2770.00) (Code: 500408) :- Shares of B Group listed Tata Elxsi
touched a 52-week high of Rs. 3050 and low of Rs. 590. It is a leading provider of design and
technology services across industries including automotive, broadcast, communications, healthcare
and transportation. The Bengaluru headquartered company has design studios, development cen-
tres, and offices globally. Its equity is Rs. 62.28 crore and reserves to the tune of Rs. 1072 crore. In
the December quarter, its income rose from Rs. 423 crore to Rs. 477 crore, and profit from Rs. 75
crore to Rs. 105 crore. It has reported bumper numbers in the last three quarters. For the first nine
months of the year, it has reported profit of Rs. 253 crore on income of Rs. 1,307 crore. Promoter
holding is 44.53%. Any decline in the stock price should be grabbed as an investment opportunity.
HCL Techno (Rs. 1002.00) (Code: 532281) :- Shares of this IT consulting and
software company have a face value of Rs. 2. The shares touched a 52-week high of Rs. 1073 and
low of Rs. 399. HCL Techno helps global enterprises transform their businesses through digital
technology transformation. It provides services in various categories including application, infra-
structure, BPO, engineering, and leveraging technologies for R&D. For the December quarter, it
reported a double digit growth rate. It is likely to touch income of Rs. 76,100 crore and profit of Rs.
13,000 crore for the year. Annual EPS is seen at Rs. 48. For the next fiscal, income is projected at
Rs. 87,500 crore, net profit at 15,300 crore with an operating profit margin of 21.80%, and EPS of
Rs. 56.50. The share is trading at just 17.3 times the estimated forward earnings. Promote holding
in HCL Techno is 60.30%, while domestic institutions and foreign investors hold 10.30% and 24.90%
respectively.
Finolex Ind. (Rs. 614.00) (Code: 500940) :- Shares of Finolex Industries touched a
52-week high of Rs. 695 and low of Rs. 329. The company makes a wide range of pipes for the
agriculture sector. Its main products include agriculture pipes & fittings, casing pipes, sewerage
pipes, SWR pipes, plumbing pipe solutions, solvent cement, lubricant, etc. It has three plants at
Pune, Ratnagiri, and Masar, and has achieved 80% capacity utilisation. It has a total capacity of
3.7 lakh tonne, has a 43 MW captive power plant, and also a jetty. It has a network of 900 dealers
and over 21,000 retailers. For the December quarter, it reported income of Rs. 1,067 crore, net
profit of Rs. 256 crore, and EPS of Rs. 20.62. The stock can be seen crossing Rs. 700 in 3-4
quarters and touching Rs. 725-750 levels.
Ambuja Cement (Rs. 309.00) (Code: 500425) :- Ambuja is a subsidiary of global
cement major Holcim. The A Group listed shares have a face value of Rs. 2. The shares touched a
52-week high of Rs. 314 and low of Rs. 148. Promoter holding in the company is 63.27%. Its
December quarter results were better than estimates as its income went up from Rs. 7,126 crore to
Rs. 7,453 crore, and profit from Rs. 592 crore to Rs. 732 crore. Operating profit jumped from Rs.
1,117 crore to Rs. 1,342 crore. The company follows the calendar year as its financial year. For the
year 2020, it reported income of Rs. 24,516 crore and profit of Rs. 2,365 crore. Its equity is Rs.
397.13 crore, and reserves of Rs. 22,360 crore. The stock is attractively priced. There are also
speculations of its merger with ACC. One can invest in the stock in tranches. The stock can be
seen touching Rs. 350 in the coming days. FIIs and Mutual Funds hold 18.07% and 5.32% respec-
tively, while retail holding is less than 7%.
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this stocks • I/My family have no financial
interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable
for any loss arising out of investment based on tis advices • Past performance may or may not be substainedin future "
(Dilip K. Shah) Research Analyst SEBI Regn No. : INH000002152
Financial Weekly

April 2021 29
INVESTMENT
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Fluctuations in selected stocks

will continue to improve
BSE Index (50024.83) :- It is moving upward from bottom of 48236.34. It shows
overbought position on daily basis, oversold on weekly basis and oversold on monthly basis.
Up 50268 it may go up to 50530, 50930, 51325, 50930, 51325, 51730, 52120 and 52516. On
downward movement, below 49422 it may go down to 49331 and 48699.
Bank Nifty Future (34155.20) :- It shows upward movement from bottom of 32391.65.
It shows overbought position on daily basis, oversold on weekly basis and overbought to
neutral on monthly basis. On upward movement, beyond 34250 it may go up to 34410,
34730, 35240, 35750 ad 35900. On downward movement, below 34060 it may go down to
33850, 33390 with support at 33266.
Nifty Future (14953.35) :- It shows improvement from bottom of 14261.25. It shows
overbought position on daily basis, towards oversold on weekly basis and overbought on monthly
basis. On upward movement, beyond 14975 it may go up to 15060, 15180, 15290, 15410 and
15524. On downward movement, below 14760 it may go down to 14687 with support at 14501.
BEL (126.10) :- It shows improvement from bottom of 115.85. It shows overbought
position on daily basis, oversold on weekly basis and overbought to neutral on monthly
basis. On upward movement, beyond 127 it may go up to 133, 142, 150 and 155. On down-
ward movement, below 160 it may go down to 167, 175 and 180.
Bank of Baroda (75.60) :- It shows improvement from bottom of 68. It shows over-
bought position on daily basis, oversold on weekly basis and neutral on monthly basis. On
upward movement, beyond 76 it may go up to 88 and 100. It may get support at 70.
BHEL (50.95) :- It shows improvement from bottom of 42.90. It shows neutral position
on daily basis, overbought to neutral on weekly basis and overbought on monthly basis. On
upward movement, beyond 53 it may go up to 57, 61 and 66. Support could be at 48.
IGL (526.45) :- It shows improvement from bottom of 480. It shows towards neutral
position on daily and weekly basis, while overbought to neutral on monthly basis. On upward
movement, beyond530 it may go up to 537, 454, 552, 560, 566 and 575. On downward
movement, below 523 it may get support at 515.
LIC (432.85) :- It shows improvement from bottom of 397. It shows overbought position
on daily basis, towards neutral on weekly basis and towards overbought on monthly basis.
On upward movement, beyond 437 it may go up to 442, 447 and 543. On downward move-
ment, below 423 it may get support at 420.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
Success in never final, failure is never fatal
It’s courage that counts
Financial Weekly

April 2021 30
INVESTMENT
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
Truncated week closed in green

Volatility to continue for a while
The week under report had holiday on Monday on account of "Rang Panchami"
and on Friday on account of "Good Friday". Thus it had just three sessions that
posted see-saw mode trades. However, the week has finally ended on a positive
note raising hope for better trends going forward to mark new all-time highs in
FY22. Monday trades marked NAV building exercise and posted mega gains.
The last trading day of FY21 which was virtually the first one for FY22 marked
profit booking at every rise amidst rising trends of Corona Virus cases in the
second wave. However, the final trading session marked gains on short covering
ahead of long week end and thus the week closed in green. One thing is worth-
while noting that BSE Sensex made week's high on Monday while NSE Nifty did
it on Friday.
For the week, benchmarks posted highly volatile move
in the range of 50268.45 - 49331.68 for BSE Sensex and
14883.20 - 14617.60 for NSE Nifty.
BONUS ISSUE The truncated week under report
IRCON on 05.04.21
Kranti Ind on 06.04.21
marked GAINs of 1021.33 points for BSE
RIGHT ISSUE
KDDL Sensex and 360.05 points for NSE Nifty.
7 shares for every 75 shares
EX-SPLIT / EX-BONUS All markets were closed on Monday, on

EAST WEST (5 FOR 1)
as well as account of "Rang Panchami" Holiday.
EX-BONUS (1 FOR 4)
DIVIDEND
On Tuesday markets opened higher with a gap and
ANNOUNCEMENT marked mega gains under NAV building exercise by fund
Kama Holdings (1080%),
Rama Phosphates (10%),
houses. BSE Sensex scored 1128.08 points to close at
Premco Global (20%),
Roto Pumps (70%) etc. Cont....
Financial Weekly

April 2021 31
INVESTMENT
50136.58 and NSE Nifty gained 337.80 points to end the day at 14845.10. Short
covering and fresh long position for fancy counters in FMCG, Auto, Banking,
Pharma, IT, Consumer Durables, Metal boosted the sentiment and propelled surge
in benchmarks. However, though Mid and Small cap indices underperformed
benchmarks, market breadth remained marginally positive. FIIs and DIIs were
the net buyers for the day. They opted for NAV building trades for their holdings,
opined market pundits.
On Wednesday, we marked flat but negative openings that finally ended
in red with big fall. While BSE Sensex lost 627.43 points to end the day at 49509.15,
mirroring similar trends, NSE Nifty marked deficit of 154.40 points to close at
14690.70. Profit booking for new year trades by fund houses kept a tab on senti-
ment as we marked selling spree in Banking, IT, Banking, Oil and Gas counters
that lead the doom. However, selective buying in FMCG, Consumer Durables,
Meta counters managed to arrest mega slide in the market. Informed buying in
Mid and Small cap helped both these indices to outperform benchmarks, but
failed to keep market breadth positive. While FIIs turned net sellers, DIIs were the
net buyers for the day.
With gap up openings on Thursday, we marked both way movements for
Cont....
Nifty & Sensex Movement during the last week

BSE-Sensex Open High Low Close Diff
29-03-2021 Rang Panchami Holiday NA
30-03-2021 49,331.68 50,268.45 49,331.68 50,136.58 1,128.08
31-03-2021 50,049.12 50,050.32 49,442.50 49,509.15 -627.43
01-04-2021 49,868.53 50,092.48 49,478.53 50,029.83 520.68
02-04-2021 Good Friday Holiday NA
Net Weekly Gains 1,021.33
NSE - Nifty Open High Low Close Diff
29-Mar-21 Rang Panchami Holiday NA
30-Mar-21 14628.5 14876.3 14617.6 14845.1 337.8
31-Mar-21 14811.85 14813.75 14670.25 14690.7 -154.4
01-Apr-21 14798.4 14883.2 14692.45 14867.35 176.65
02-Apr-21 Good Friday Holiday NA
Net Weekly Gains 360.05
Financial Weekly

April 2021 32
INVESTMENT
the trades that finally ended in green with good rise. BSE Sensex gained 520.68
points to close at 50029.83 and NSE Nifty scored 176.65 points to end the day at
14867.35. Thus while Sensex regained 50K mark, Nifty managed to close above
14.75K mark. All time high GST collection for the month of March 21 boosted the
sentiment and short covering as well as fresh long position in fancy counters lifted
the sentiment. Banking, Auto, Metal, Pharma, IT, Capital Goods, Oil and Gas
counters witnessed selective buying. Even Mid and Small cap indices outper-
formed benchmarks and kept market breadth hugely positive for the day. While
FIIs turned net buyers, DIIs were the net sellers for the day.
All markets were closed on Friday, on account of
"Good Friday" Holiday.
Dollar surged a bit to mark Rs.73.10 a Dollar for the weekend. Brent Crude oil
prices remained firm around $ 64.86 a barrel for the weekend. Despite this, we
continued to witness fall in petroleum product priced during the week. Global
market trends will continue to impact our markets as usual and will also mirror
dispatch data of Auto and Cement sectors during the ensuing week. Around 40
corporate results are lined up for the week that will keep market in stock specific
mode as usual. Market men will have on radar economic data globally as well as
RBI monetary meet scheduled during the ensuing week.
Amidst such conditions with ongoing trends, bench-
marks movement is likely in the range of 51750-48000
for BSE Sensex and 15500-13750 for NSE Nifty for the
coming week.
DISCLAIMER : No financial information whatsoever published anywhere here should be construed as an

offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely
for educational and information purposes only and under no circumstances should be used for making invest-
ment decisions. Readers must consult a qualified financial advisor prior to making any actual investment
decisions, based on information published here. Any reader taking decisions based on any information pub-
lished here does so entirely at own risk. Above information is based on the details available as on the date
along with market perceptions. Investors should bear in mind that any investments in stock markets are
subject to unpredictable market related risks. (THE AUTHOUR IS SEBI REGISTERED RESEARCH ANALYST)
Financial Weekly

April 2021 33
INVESTMENT
Scrip Watch - Siddharth Shah
AstraZeneca Pharma (Rs. 3437.00) (Code : 506820)

AstraZeneca Pharma India has received import and market permission in Form CT-20 (subse-
quent New Drug Approval) from the Drugs Controller General of India for osimertinib 40mg/80mg
film coated tablets (Tagrisso). The drug is used for treatment of patients with non-small cell lung
cancer (NSCLC). It will increase sales. According to the Global Cancer Survey (GLOBOCAN), in
2018, the total number of new lung cancer cases were 67,795 and 63,475 deaths were reported.
AstraZeneca Pharma India's net profit declined 21.2% to Rs 21.05 crore in Q3 FY21 from Rs 26.7
crore in Q3 FY20. Net sales for Q3 FY21 stood at Rs 200.25 crore, a 10.5% fall over Rs 223.86
crore recorded in Q3 FY20. The stock is worth accumulation.
Ultratech Cement (Rs. 6898.00) (Code : 532538)

UltraTech Cement on Tuesday said it has prepaid its long-term loans of Rs 5,000 crore. The
loan repayment has been done through free cash flows that the company has generated over the
last few quarters despite the pandemic. However, the company did not share the deadline by which
the long-term loans were to be prepaid. UltraTech Cement reported a revenue of Rs 40,649.17
crore in 2019-20 and is the largest manufacturer of grey cement, ready mix concrete (RMC) and
white cement in India. With a consolidated capacity of 116.8 million tonne per annum (MTPA), it is
the third-largest cement producer in the world, excluding China. Invest.
ICICI Bank (Rs. 593.00) (Code : 532174)

ICICI Bank Ltd’s shares have outperformed those of peers and the sector index in the past four
months, and with good reason. A fast-healing corporate loan book and early provisioning against
risks from the pandemic have cheered investors. ICICI Bank has reported a steady growth in oper-
ating profit in the last two financial years. On one side, there is trouble surrounding HDFC Bank’s
digital outages, which led to the lender being penalized by the regulator. Simultaneously, ICICI
Bank’s steady improvement in operating metrics against the backdrop of modest valuations has
meant that its shares have been ripe for a re-rating. Analysts at Jefferies India Pvt. Ltd point out that
the lender may show more stabilized profitability metrics instead of the large volatility seen in the
past years. Buy.
BATA India (Rs. 1424.00) (Code : 500043)

Bata is a multi-national company. With a 90-year history in India, this company has seen a turn
around over the last five years. The company has over 1500 stores in India with 10 women exclu-
sive stores. Bata India has launched a new TVC starring Kartik Aaryan announcing the launch of
probably an industry-first ‘Relaxed Workwear’ collection.The company has been transforming the
brand by making its stores more inviting & changing its portfolio to have more casuals, sneaker &
fashion styles to attract more millennials. The stock is trading at around Rs.1425. Buy in phased
manner.
HAL (Rs. 1034.00) (Code : 541154)

Hindustan Aeronautics (HAL) has registered its all-time high revenue of over Rs 22,700 crore
for FY21. The record revenue was achieved thanks to production of 41 helicopters/aircraft, 102
new engines, and overhaul of 198 aircraft/helicopters and of 506 engines. FY21 was significant in
Cont...
Financial Weekly

April 2021 34
INVESTMENT
terms of securing the largest-ever defence contract of 83 LCA Mark-IA by an Indian entity. This
helped the firm surpass the order book position in excess of Rs 80,000 crore. The firm has ended
the year with a positive cash balance of Rs 6,700 crore, against borrowings of Rs 5,775 crore as of
March 31, 2020.Anticipating healthy growth in profits, HAL had paid an interim dividend of Rs 30
per share during FY21, representing 300 per cent of the face value of Rs 10 per share. The stock is
worth buying at current level and more at decline.
Wabco India (Rs. 6438.00) (Code : 533023)

Wabco India’s promoters have received a strong response for its offer-for-sale (OFS). The floor
price was fixed at Rs 5,450 a share. ZF International UK i.e. the principal shareholder (promoter
group) of Wabco India (WIL) proposes to sell up to 3.43 million shares or 18.1 per cent stake
(including green-shoe option) in WIL to comply with minimum public shareholding norms. The
promoter group intends to reduce its stake in WIL from 93.1 per cent to 75 per cent post the OFS.
The company informed the stock exchanges that it will exercise oversubscription option to the
extent of 686,955 shares in addition to the base offer size. WIL is a leader in the Indian CV braking
space with a diversified presence across clients and channels i.e., OEM, aftermarket and exports.
Vehicle scrappage policy with incentives is likely to spur demand for commercial vehicles in the
short to medium-term. Buy.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
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Financial Weekly

April 2021 35
INVESTMENT
Market Tips - Het Zaveri
Minda Industries (Rs. 538.00) (Code : 532539)

Minda Industries has announced last week that it will invest over Rs 250 crore in expanding its
four-wheel lighting and alloy wheel business to meet the increased demand. As part of this expan-
sion, the automotive components maker will set up a new manufacturing plant at Bhagapura in
Gujarat at an investment of Rs 90 crore to cater to increased demand for four-wheeler automotive
lighting. The plant is expected to commence operations by the quarter ending March 2022. The
share has gained 145% in one year and risen 39% since the beginning of this year. Market cap of
the firm rose to Rs 15,073 crore. Buy on decline.
ICICI Prudential (Rs. 444.00) (Code : 540133)
ICICI Prudential Life Insurance Co. Ltd has seen strong business and has improbed its market
share significantly. The insurer reported its first monthly growth in retail APE for FY21. Its retail
APE grew by 6% year-on-year. The company expects growth trajectory to continue improving for
IPRU Life into FY22 on lower base, better environment for ULIPs, traction from new banca partner-
ships and pickup in credit protect on improving disbursals. Allowing life insurers to offer indemnity-
based health products will lead to more product innovation, expansion of the market size, and
subsequently increased coverage. The stock is worth accumulation.
Kotak Mahindra Bank (Rs. 1804.00) (Code : 500247)

KMB is a strong financial supermarket and has re-rated significantly, having managed to side-
step asset quality challenges faced by its peer banks. While the company’s growth narrative is
positive, the Japanese brokerage Nomura believes its valuation amply reflects potential upside.
Meanwhile, Kotak Mahindra Bank has announced the launch of a multi-media campaign focusing
on 6.65% p.a. – Kotak’s home loan interest rate. Promoters held 26.1 per cent stake in the com-
pany as of Sept 30, 2020, while FIIs held 42.2 per cent, DIIs 15.3 per cent and public and others
16.5 per cent. Buy.
Vardhman Textiles (Rs. 1267.00) (Code : 502986)
Vardhman Textiles’ (VTL) revenues for Q3FY21 fell 4% yoy to Rs 1750 crore. Gross margin
improvement of 340 bps yoy to 48.3% and lower power cost (down 120 bps yoy to 9.9%) enabled
EBITDA margin expansion of 421 bps yoy to 15.8%. EBITDA was up 31% YoY at Rs 276 crore.
Consequently, PBT grew 31% yoy to Rs 219 crore. However, Net profit fell 13% to Rs 175 crore
owing to deferred tax adjustment in the base quarter. The management indicated that yarn de-
mand was improving due to enhanced demand from China as Chinese exporters to US were keen
on showing raw material sourcing from India and other destinations. VTL plans to expand its yarn
capacity by 1 lakh spindles with capex of Rs 700 crore. Buy in phased manner.
Financial Weekly

April 2021 36
INVESTMENT
SMART TIPS Smita N. Zaveri

Jindal Steel & Power (Rs. 370.00) (Code: 532286) :- Shares of this iron & steel and
interim products company are listed in the A Group, and have face value of Re. 1. The shares touched a 52-
week high of Rs. 373 and low of Rs. 62. Promoter holding is 60.47%. Its market cap is Rs. 37,832 crore,
while the shares have face value of Rs. 307. The company borrowed significantly to expand, but had to
bear the brunt of the downturn in the commodity cycle. The stock was an under-performer for long. JSPL
has been performing very well since last year’s lockdown. It has also lowered its debt, leading to re-rating of
the stock. Commodity cycle has also picked up. The company’s equity is Rs. 102 crore and reserves of
Rs. 32,035 crore. For December quarter, its income went up to Rs. 10,898 crore from Rs. 9299 crore last
year. It reported profit of Rs. 2,566 crore compared to a loss of Rs. 218 crore last year. While its competi-
tors’ shares are trading at a P/E multiple of 41, JSPL shares are quoting at just 17 times the earnings, and
are attractively valued.
Shivalik Bimetal (Rs. 84.00) (Code: 510097) :- Shares of this electric components
sector company are listed in the X Group, and have face value of Rs. 2. The shares touched a 52-week
high of Rs. 98 and low of Rs. 19. The company specializes in the joining of material through various meth-
ods such as diffusion bonding ,cladding, electron beam welding, solder reflow, and resistance welding. Its
products have applications in electronics, automotive, domestic appliances, industrial, medical, defence,
agriculture, and other appliances. Its products are exported to over 40 countries. Exports account for 56%
of the revenues. For December quarter, it reported income of Rs. 60.26 crore, profit of Rs. 9.23 crore, and
EPS of Rs. 2.40. Operating profit margin nearly doubled to 24.24%, while net profit margin was 15.64%. The
company has sound fundamentals, and its income has been consistently rising. The debt is relatively low,
and is expanding through its own resources. Promoter holding in the company is 60.61%. The growing
demand for electric vehicles is a huge opportunity for the company. It is also seen benefiting from the rise in
electric products due to various housing schemes, and the plans to replace traditional electric meters with
smart meters. The stock is trading at 13.18 times the estimated EPS of Rs. 6.37, and can be seen touching
Rs. 100 levels in 4-6 months.
Heidelberg Cement (Rs. 238.00) (Code: 500292) :- Shares of this A Group listed
cement and cement products company touched a 52-week high of Rs. 245 and low of Rs. 132. Promoter
holding in the company is 69.39%. Other than cement, it is also present in ready mix concrete, and related
activities. Heidelberg has a mining lease at Amreli in Gujarat, and plans to set up a Greenfield project in the
state. Its plants are operating at 70% capacity, which is higher than other cement manufacturers. It is
benefiting from lower raw material prices. It has a market cap of Rs. 5,417 crore. The company’s equity is
Rs. 226 crore, and has reserves of Rs. 1088 crore. For the December quarter, it reported income of Rs. 607
crore and profit of Rs. 63 crore. Operating profit margin was 20.09%, and net profit margin 10.69%. EPS for
the quarter was Rs. 2.81. The stock can be seen crossing the 52-week high price in 2-3 quarters, and
touching new highs.
MOIL (Rs. 155.00) (Code: 533286) :- MOIL India is a Miniratna PSU company, and its
shares are listed in the A Group. The shares touched a high of Rs. 177 and low of Rs. 99 in the last 52
weeks. The company operates 10 manganese mines, including six in Maharashtra, and four in MP. All the
mines are 100 years old. The company’s market cap is Rs. 3,702 crore. Its equity is Rs. 237 crore, and it
has reserves of Rs. 2,526 crore. The company pays attractive dividends consistently. It had paid 60%
dividend in the year 2020, and paid 25% interim dividend last month. The dividend yield works out at 3.85%.
For the December quarter, it reported consolidated income of Rs. 287 crore, and profit of Rs. 51 crore. The
corresponding figures for last year were Rs. 301 crore and Rs. 55 crore respectively. The stock can be
seen scaling its 52-week high price in the short to medium term.
SEBI Registered Research Analyst)
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on 1st April, 2021 unless
specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though, every care has been taken,
we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly

April 2021 37
INVESTMENT
Smart super duper - Het Zaveri
NIIT (Rs. 165.00) (Code: 500304)

The company active in education segment has equity of Rs. 28 crore and reserves of Rs.
1522 crore. In December quarter, the company's income increased from Rs. 244 crore to
Rs. 253 crore, while profit increased from Rs. 27 crore to Rs. 42. The operating profit also
increased from Rs. 22 crore to Rs. 42 crore. In first nine months of FY2021, the company's
income decreased from Rs. 692.11 crore to Rs. 673.98 crore, while profit decreased from
Rs. 1326.59 crore to Rs. 96.71 crore. The last year's profit included one time profit. The
company has decided to buyback shares at price of Rs. 250. Considering the buyback price
and future of the sector, the stock is good option for investment. The stock prices witnessed
20% circuit on Thursday.
Hindalco (Rs. 350.00) (Code: 500440)
Aditya Birla Group's company is known for manufacturing aluminum products at lower
cost. In December quarter, the company's income increased from Rs. 29197 crore to Rs.
34958 crore, while profit increased from Rs. 1062 crore to Rs. 1877 crore. The operating
profit increased from Rs. 3364 crore to Rs. 5054 crore. The equity of the company is Rs. 222
crore, while reserves stand at Rs. 59415 crore. The metal sector is witnessing bullish trend
at the global level so the stock may be in limelight in the future. The stock prices may cross
Rs. 400. It paid 100% dividend for FY2020.
Sumitomo Chemicals (Rs. 288.00) (Code: 542920)
The company is formed by merger of Excel Crop Care and some other companies. It is a
subsidiary of Japan's Sumitomo Chemical. The promoters hold 75% stake while Insurance
companies hold 4.70 and mutual funds hold 1.88% stake. Public hold only 17.24% stake. As
against equity of Rs. 499 crore the company has reserves of Rs. 916 crore. In December
quarter, the company registered net profit of Rs. 54 crore on income of Rs. 561 crore. The
chemical sector has been performing well for last year. India witnessed two good monsoon
seasons and this year the first crop season was good which has benefitted the agro chemi-
cal companies. The stock may seem a bit costly but it is a good option for investment on
downward movement. In December quarter, MF's stake increased by 0.95%.
Munjal Showa (Rs. 142.00) (Code: 520043)
It is an auto ancillary company of Hero group, which manufactures different types of auto
ancillary. Hero Group is one of the biggest two-wheeler manufacturing companies in the
world. As against equity of Rs. 8 crore, the company has reserves of Rs. 610 crore. In
December quarter, the company's income increased from Rs. 298 crore to Rs. 348 crore,
while profit increased from Rs. 5 crore to Rs. 17 crore. Operating profit increased from Rs. 7
crore to Rs. 19 crore. The auto sector has witnessed revival in terms of sales, so auto
ancillaries can also get benefit. It paid 225% dividend for 2020. The March quarter results
are expected to be robust.
Financial Weekly

April 2021 38
INVESTMENT
Investment Ideas telegram.me/rupeegains7
NIFTY :- For next week NIFTY has strong support around 14700 levels. Break will take it to
14620---14570 levels. On the upper side NIFTY will face strong hurdle at 15000----15050 levels,
cross over with volume and close above will create short covering at take NIFTY up to 15200
levels…
BANK NIFTY :- For next week BANK NIFTY has strong support around 33650 levels. Break
will take it to 33150 levels. On the upper side BANK NIFTY will face strong hurdle at 34150----
34360 levels, cross over with volume and close above will create short covering at take BANK
NIFTY up to 34750 levels…
INVESTMENT IDEAS…
IND-SWIFT LABORATORIES (532305 & NSE) (75) (Face Value Rs.10)
Headquartered in Chandigarh, India, Ind-Swift Laboratories Ltd today is a global manufacture of
APIs, Intermediates and formulations (through group collaboration). With regulated 6+ manufactur-
ing sites in Punjab and Jammu we cater to the API needs of regulated markets including USFDA,
EDQM, PMDA, ANVISA, EU-GMP, KFDA, NMO, ANSM, Cofepris, TGA, WHO, ROW.
" Ind Swift labs has built a strong base in US market with 30 commercial products already and
further strengthening their presence rapidly.
" Ind Swift Labs has launched its anti-allergic drug Fexofenadine in US in FY2020. Atorvastatin
used for regulating Cholesterol is expected to be launched in FY2022.
" Another 4 products in pipeline of which 2 are awaiting launch in the next 12-24 months. These
will drive the Company's growth into a new orbit over the medium to long term.
" The company has been successfully inspected by the US FDA six times since its inception,
without any 483 observations.
" Strengthened CRAMS portfolio with commercial supplies of multiple new products.
" Yield for key products such as Atorvastatin, Ivabradine Oxalate and Clarithromycin improved by
15- 20%.
" 695 Bulk drug capacity (MT)
" 643 Total reactor capacity (KL)
" Global presence in 70+ countries
" 280+ Domestic customers
" Ind-Swift labs has been continuously growing in the world's largest market and thriving on the
opportunities presented in the most stringent market
" Clarithromycin, Atorvastatin and Fexofenadine have been continuously showing good growth.
" Lisdexamfetamine with Global market size of 40 tonnes, Ind-Swift is the first API manufacturer,
after the innovator, to successfully develop validation of this product. The Company will focus
on marketing this product to the US, LATAM and European nations.
" Ivabradine Oxalate with Global market size of 3.5 tonnes, Company launched this product in
Europe and already garnered more than 50% share of the European market in the first year itself
" Ind-Swift is ready to launch Ezetimibe in the Japanese market. Global market size of 3.5 tonnes
" Risedronate Sodium - The Company has sent bioequivalence batches of this API to companies
in the EU and the US for approval.
For Q3FY21, ISLL reported PAT of Rs.11.55 crore against loss of Rs.9.03 crore on sales of
Rs.226.26 crore and an EPS of Rs.1.95. During 9MFY21, ISLL reported PAT of Rs.26.48 crore
against loss of Rs.36.83 crore on sales of Rs.664.80 crore and an EPS of Rs.4.48.
Everyone, whose financial advisor is allowing to trade in this stock for medium to long term can
watch with stop loss of 60.
Cont....
Financial Weekly

April 2021 39
INVESTMENT
PRESSMAN ADVERTISING (509077 & NSE) (23.10) (Face Value Rs.2)
Incorporated in 1983, Kolkata based Pressman Advertising Ltd. operates as an advertising
agency. The company specializes in media planning and buying, design, digital, and public rela-
tions. It offers corporate, brand/product, financial, and government advertising services. The com-
pany also provides public relations consultancy services, such as corporate communications,
marketing communications, financial communications, media relations, analyst relations, crisis
communications, and digital communications. It has an equity base of just Rs.4.70 crore that is
supported by reserves of around Rs.35.41 crore. It is debt free company. The Promoters hold 47.19%
while the investing public holds 52.81% stake in the company. During 9MFY21, its net profit stood
to Rs.4.83 crore on income of Rs.10.74 crore fetching an EPS of Rs.2.06. Currently, the stock
trades at a P/E of just 10.2x. Its recent high rate was Rs.88 which was formed in Nov 2017. Stock
almost corrected 74% from recent high. PAL is a regular dividend paying company and it paid 50%
dividend for FY20 and current level dividend yield is around 4.35% which is highly attractive.
Everyone, whose financial advisor is allowing to trade in this stock for medium to long term can
watch with stop loss of 19.
RANA SUGARS LTD (507490 & NSE) (9.80) (Face Value Rs.10)
Rana Sugars Ltd. (RSL), founded in 1992, specializes in various sectors such as Manufacturing
Sugar and Alcohol, as well as power. The company's manufacturing facility is located in Punjab
and Uttar Pradesh while its Power plant, fueled by bagasse (by-product of sugar) is used for house
consumption with its excess power being sold to the state electricity board. It posted superb Q3FY21
numbers as net profit grew 114% to Rs.20.33 crore from Rs.9.51 crore in Q3FY20 on 21% higher
sales of Rs.290.82 crore fetching an EPS of Rs.1.32. Company has not accounted for sugar export
subsidy in Q3FY21. Export subsidy will be accounted in Q4FY21. This may estimate bumper
Q4FY21 numbers. Everyone, whose financial advisor is allowing to trade in this stock for medium
to long term can watch with stop loss of 7.75.
ANDHRA PETROCHEMICALS LTD (500012) (64) (Face Value Rs.10)
Andhra Petro is the Sole producer of oxo-alcohols in India, the company has an annual capacity
of 55 KTPA to produce 2-ethyl hexanol (2EH) catering to 35-40% of the domestic demand. APL
has been operational for more than three decades. Its products are mainly used by the domestic
manufacturers of Di-Octyle Phthalate (DOP), which is used as plasticiser in manufacturing polyvi-
nyl chloride (PVC). The long-term demand potential for PVC in India remains favourable. During
9M FY2021, APL has witnessed healthy performance driven by demand recovery since Q2FY2021
and substantial improvement in product-raw material spreads in Q3FY2021, after witnessing sub-
dued performance in Q4FY2020 and Q1FY2021, due to the adverse impact of Covid-19. Com-
pany benefits from trade protection metrics in the form of anti-dumping duty (ADD) imposed on
several countries for the import of n-butanol (NBA) and 2-ethyl Hexanol (2EH). In recent sunset
review by authorities, the ADD on 2EH has been recommended to be extended by another five
years. APL will continue to benefit from the domestic demand for the product significantly exceed-
ing the supply. Domestic demand continues to rise disproportionately. It posted superb Q3FY21
numbers as net profit grew 960.61% to Rs.24.50 crore from Rs.2.31 crore in Q3FY20 on 41.46%
higher sales of Rs.155.61 crore fetching an EPS of Rs.2.88. Everyone, whose financial advisor is
allowing to trade in this stock for medium to long term can watch with stop loss of 50.
Disclosures: At the time of writing this article, author, his clients & dependent family members may have
positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family
members may make purchases or sale of the securities mentioned in website. Author may have positions in
above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody.
Financial Weekly

April 2021 40
INVESTMENT
Primary Market - Dilip K. Shah
FY2021 witnessed long queue of IPOs due to Bullish Trend in Nifty, Sensex and Small-Mid Caps along with High Returns
In FY2021 30 companies raised Rs. 31277 crore through IPO: Rs. 30,114 crore through OFS
Currently 18 Cos have obtained SEBI approval and 14 are waiting: Total 32 IPOs may raise Rs. 41000 crore
Nazara IPO got listed with 79% premiums: However witnessed lower circuit after listing
Macro (Lodha) Dev's Rs. 25000 crore IPO
with offer price of Rs. 483-486 will open on April 7 and close on April 9
All eyes on listing of Barbeque Nation on April 7: Possibilities of discount increasing
Rajeshwari SME IPO with price of Rs. 20 got 0.26 times subscription on second day
Jetmall Spice's BSE SME IPO opened on March 31 and will close on April 7
This week three NCDs issues - Kosamattam, Muthoottu, Edelweiss - are in debt market
- Macro Dev's IPO lacks fancy,. Uphill task for Lodha Developers
- Niks SME IPO got listed with nominal premium
- EKI Energy SME IPO may get listed on April 7, V-mark on April 9
- Seven Islands Shipping gets nod for Rs. 600 crore IPO
- Zomato will file documents for $650 million IPO
- Paras Defence and Space Techno Files DRHP for OFS and Fresh Equity
Despite COVID-19 Pandemic, Indian Share Markets witnessed bullish trend
with Sensex went up by 74%, Nifty by 77%, Midcap by 109% and Small Cap by
131%. As a result of that total Rs. 31,227 crore were raised by 30 companies in
FY2021 as against Rs. 20,352 crore raised by 13 companies in FY2020.
Prior to this, 45 companies raised Rs. 82,000 crore through IPO in FY2018.
The biggest IPO was that of Gland Pharma which raised Rs. 6,480 crore fol-
lowed by Indian Railway's Rs. 4,633 crore, CAMS' Rs. 2,240 crore and UTI As-
set Management's Rs. 2160 crore.
In FY2021, MATR Techno got highest subscription of more than 200 times
followed by MrsBectors Food with 198 times subscription.
Cont...
Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Min. Listing Lead Manager Rating Remark
Issue Close Dt. (Rs. Cr.) (Rs.) App. (Out of 50)
1 Macrotech 7-4-2021 5,14,40,328 Eq. Shares 483 to 486 30 Shares BSE Axis Capital, BOB Capital, 30 %
(Lodha) 9-4-2021 (Rs. 2500 Cr.) (Rs.14,580) NSE Edelweiss Financial, ICICI Sec. Risky
Developers IIFL HOldings, J.P. M., J.M. Fin., (Avoid)
(Book Building) Kotak Mah., SBI Capital, Yes Sec.
Financial Weekly

April 2021 41
INVESTMENT
BSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Rajeshwari 31-3-2021 20,16,000 Eq. 20 6000 Eq. Shares Fedex 29%
Cans 6-4-2021 (Rs. 4.03 Cr.) (Rs. 1,20,000) Securities AVOID
2. Jetmall 31-3-2021 24,90,000 Eq. 20 6000 Eq. Shares Mark
25 %
Spices & 7-4-2021 (Rs. 4.98 Cr.) (Rs. 1,20,000) Corporate
AVOID
Masala
Listing Information of BSE SME & Main Line IPOs

Co. Name BSE Listing Offer Listing Listing Listing Listing CMP
Code Date Price Price Day Day Day
(Rs.) (Rs.) High Low Close 1-4-21
Nazara Technologies 543280 30-03-21 1101 1971 2026.9 1576.8 1576.8 1669.85
NIKS Technology 543282 31-03-21 201 202.1 203 202 203 203.50
It is believed that 32 com- Tentative Timetable for Various IPOs

Particulars EKI Energy Barbeque V-Marc Rajeshwari Jetmall Lodha
panies are likely to raise Rs. BSE SME Nation India Spices Developers
Issue Close Date 26-03-21 26-03-21 31-03-21 06-04-21 07-04-21 9-4-21
41,000 crore in FY2022. Basis of Allotment 01-04-21 01-04-21 06-04-21 09-04-21 12-04-21 16-4-21
Refund 06-04-21 05-04-21 07-04-21 12-04-21 12-04-21 19-4-21
* Insight into the last Credit of Shares 06-04-21 06-04-21 08-04-21 13-04-21 15-04-21 20-4-21
Listing 07-04-21 07-04-21 09-04-21 15-04-21 19-04-21 22-4-21
week's issues:-
• Nazara Tech listing (543280) :- The issue with offer price of Rs. 1101 got
listed on March 30 with 79% premiums at Rs. 1971 and went up to Rs. 2026.90
and down to Rs. 1576.80 before closing at Rs. 1576.80, i.e.20% lower circuit. On
April 1, the prices went up to Rs. 1669.85. It is advisable to book 50% profit.
• NIKS Techno Listing (543281) :- As against offer price of Rs. 201, the issue
got listed on March 31 at Rs. 202.10 and went up to Rs. 203 and down to Rs.
202. On April 1, the price was Rs. 203.50.
Cont...
GOOD NEWS FOR INVESTORS…

If shares are not allotted in IPO…
SEBI orders Refund in four days
Sebi has ordered to refund the money within 4 days if the shares are not allotted in IPO.
Currently, the merchant bankers are given 15 days for completion of the process. Sebi
said that it is necessary to curtail the time limit as application supported by blocked
amount (ASBA) and UPI are used in huge way. If the companies fail to get listed on the
exchanges after closing of IPO applications, then the applicants must be given refund
within four days instead of seven days.
Financial Weekly

April 2021 42
INVESTMENT
Non Convertible Debenture (NCD) Issues at a Glance

Sr Company Issue Open Bond size F.Value Min. Listing Rating
Issue Close (Rs. Cr.) (Rs.) App.
1. Muthoottu 30-3-2021 Base Size Rs.125 Cr. 1,000/- 10 NCDs BSE IND BB ;
Mini 23-4-2021 with an option to Retain (Rs.10,000) Outlook Stable
Financiers Oversubscription up to Lead manager : By
Rs. 125 Cr. Vivro Financial Services India Ratings
(Aggregating up to Rs.
250 Cr.)
2. Kosamattam 30-3-2021 Base Size Rs.175 Cr. 1,000/- 10 NCDs BSE BWR BBB+
Finance 23-4-2021 with an option to Retain (Rs.10,000) Outlook Stable
Oversubscription up to Lead manager : By
Rs. 175 Cr. Karvy Investor Services Brickwork
(Aggregating up to Rs. SMC Capitals Limited
350 Cr.)
3. Edelweiss 1-4-2021 Base Size Rs.200 Cr. 1,000/- 10 NCDs BSE Acurite AA
Financial 23-4-2021 with an option to Retain (Rs.10,000) Outlook Negative
Services Oversubscription up to Lead manager : &
Rs. 2000 Cr. Equirus Capital Pvt. Ltd. BWR AA-/Stable
(Aggregating up to Rs. (Assigned)
400 Cr.)
Subscription figure of
* This week's Listing:-
Muthoottue Mini Financiers
• Barbeque Nation :- The issue with priceband of Category No. of Bond Issue
Offered/ Subscribed
Rs. 498-500 has got 5.98 times subscription includ- Reserved 1-4-2021
ing 13.13 times in retail. It will get listed on April 7. It Category 1 1,25,000 0.00x
Category 2 5,00,000 0.28x
lacks fancy so there is least possibility of premiums. Category 3 6,25,000 0.41x
Total 12,50,000 0.32x
If the market conditions are not favourable, it may slip
into discount. If you get shares, it id advisable to exit.Subscription figure of
• EKI Energy Services :- The issue with price band Kosamattam Finance NCDs
Category No. of Bond Issue
of Rs. 100-102 has got 4.05 times subscription. It may Offered/ Subscribed
Reserved 1-4-2021
get listed on April 7. Category 1 1,75,000 0.00x
• V-Marc India :- The issue with price band of Rs. Category 2 1,75,000 0.00x
Category 3 5,25,000 0.05x
27-39 will get listed on April 9 with premiums. Category 4 8,75,000 0.18x
Total 17,50,000 0.10x
* This week's issues:-
• Macrotech (Lodha) Developers :- Earlier known Subscription figure of
Edelweiss Financial
as Lodha Developers, the company has come up with Category No. of Bond Issue
Rs. 250 crore IPO with price band of Rs. 483-486. It Offered/ Subscribed
Reserved 1-4-2021
will open on April 7 and close on April 9. The retail Category 1 2,00,000 0.00x
Category 2 2,00,000 0.00x
investors are advised not to take risk. After discounted Category 3 8,00,000 0.02x
Category 4 8,00,000 0.13x
listing of Anupam Rasayan, Kalyan Jewellers, Total 20,00,000 0.06x
Cont...
Financial Weekly

April 2021 43
INVESTMENT
Suryoday Small Finance Bank and Subscription Figures of SME IPO (Dt. 2-4-2021)
IPO Listing Day Subscribed
20% circuit in Nazara Techno after V-Marc India Ltd. NSE SME Issue Closed on 31-3-2021 1.62x
Rajeshwari Cans BSE SME 2nd Day Subscribed 0.26x
listing, the investors needs to be
Jetmall Spices BSE SME 2nd Day Subscribed 0.16x
cautious. There is no fancy in the
market and grey market also lacks movement. So it will be uphill task for the IPO
to get success. It will be interesting to know whether the company becomes
lucky in 3rd trial.
* This week's SME IPOs:
• Rajeshwari Cans :- The issue with fixed price of Rs. 20 has opened on
March 31. Retail investors should keep distance. It has got 0.26 times subscrip-
tion on 2nd day.
• Jetmall Spice and Masala :- The issue with fixed price of Rs. 20 opened on
March 31. Track record is poor and price is aggressive so keep distance from it.
* This week's NCDs issues :- This Week 3 NCD Issue in the Markets :
Muthoottu Finance, Kosamattam Finance & Edelweiss finance, More detail refer
the Box Matter for NCDs Issue
* Seven Islands Shipping gets nod for IPO :- The company has got SEBI
approval for Rs. 600 crore IPO including Rs. 400 crore Fresh Equity and OFS of
Rs. 200 crore. The proceedings will be used for buying big food carriers level and
middle range level. 50% shares are reserved for institutional investors.
* Jana Small Finance Bank : It has field DRHP for Rs. 1100 crore IPO includ-
ing Rs. 700 crore fresh equity and 92.54 lakh shares under OFS. Bajaj Allianz
Life Insurance Company, Hero Enterprise Partner Ventures, ICICI Prudential Life
Insurance Company, Enam Securities, North Haven Private Equity Asia Plati-
num Pte Ltd, QRG Enterprises and Tree Line Asia Master Fund (Singapore) Pte
Ltd will offer their shares.
* Zomato :- It plans $650 million IPO and will file DRHP in April.
* Paras Defence Space Tehno :- It has filed DRHP for Rs. 120 crore fresh
equity and OFS of 17.24 lakh shares.
Cont...
Financial Weekly

April 2021 44
INVESTMENT
Investors in tizzy as IPO slip into discount with listing

Has the bubble burst in Primary Market?
Has IPO party ended ?
The stock market has doubled in last one year as a result, the merchant
bankers and companies have found it easy to raise money from the people.
However, some times the investors haven't got any opportunity to complain.
In calendar year 2020, the investors have got handsome returns from June-
July. However, in some case, for instance Mrs. Bector's Food, the investors
who bought shares after listing have to bear huge losses. Currently, the prices
of majority of the companies which got listed in March are at lower than ex-
pected price. So it seems that the trend of higher price after listing has fizzled
out. In March, out of four IPOs three IPOs got listed at lower than the offer
price. Only Laxmi Organic Industries got listed at 26% premium. It should be
noted that Investors who invested own money got profit but those who bor-
rowed money for investment have to bear losses. HNI Investor's cost is nearly
8%. For example, those who invested borrowed money in Laxmi Organic have
not reached the break even point.
Yet another example is MTAR Tehcno, which got listed with 89% premiums.
It got 651 times subscription in HNI and got doubled on the listing day. Still the
HNIs had to bear huge losses.
In any IPO, the higher subscription figures are declared, which shows that
the shares are in huge demand. But the majority of the bidders sell the stock
on the listing day and book profit. On the other hand, there are a huge number
of buyers on the listing day.
In some cases, the buyers buy stocks on the listing day when it goes in
discount. It should be noted that one such IPO was Craftsman Authomation.
The issue with offer price of Rs. 1490 got listed with discounted price of Rs.
1350. Those who bought shares at this price are getting Rs. 1450 currently.
However, for majority of the investors, March turned out to be loss making
month.
Financial Weekly

April 2021 45
INVESTMENT
Macrotech (Lodha) Developers Limited Main Line IPO
Issue Opens on 7th April & Closes on 9th April, 2021
Price Band Rs. 483 to 486; Listing on BSE & NSE Platform
It has shown declining trends for last three fiscal for bottom lines
More than 550 outstanding litigation against company: loss in 9MFY21
Considering poor track record, negative valuations, exorbitant price
THERE IS NO HARM IN GIVING THIS ISSUE A MISS
Incorporated in 1995, Macrotech Developers [Formerly known as
Lodha Developers] is the largest real estate developer in India. The Financial Performance : Consolidated Basis
company is primarily engaged in affordable residential real estate Particulars (Rs. Cr.) FY18 FY 19 FY 20 31-12-20
developments and in 2019, it entered into the development of logis- 9MFY21
tics and industrial parks and also develop commercial real estate. Total Revenue 13527.2 11907 12442.60 2915
Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane Profit After Tax 1789.40 1644 744.80 -264.30
outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria
EPS 45.10 41.33 18.46 -6.83
(Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha
Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima RONW (%) 101.1 48.3 17.8 -7.0
(Mira Road) are some of its affordable and mid-income housing projects. Company generates maximum revenue from this
segment as in the fiscal 2020, the revenue from this segment accounted for 57.77%. Under the logistic and industrial park
portfolio, it has planned to develop an industrial park of over 800 acres of land near Palava. However, the commercial real
estate portfolio includes projects like corporate offices, IT campuses, and boutique office spaces. As on Dec 31 2020, the firm
has successfully completed 91 projects comprising 77.22 million sq. ft. of developable area, with 59.13 million sq. ft. in the
affordable housing segment.
Issue Details
• Issue Opens on 7th April & Closes on 9th April, 2021
• Object of the issue : Reduce aggregate outstanding borrowings, Acquire land or land development rights and general
corporate purposes.
• Issue Size : 5,14,40,328 Eq. Shares (Rs. 2500 Cr.)
• Offer Price : Price Band Rs. 483 to 486 • Minimum Lot : 30 Shares • Listing on BSE & NSE Platform
• BRLM’s : Axis Capital, BOB Capital, Edelweiss Financial Services, ICICI Securities, IIFL Holdings, J.P. Morgan,
JM Financial, Kotak Mahindra, SBI Capital Markets, Yes Securities (India) Limited
• Registrar : Link Intime India Pvt. Ltd.
• Company Management : Abhishek Mangal Prabhat Lodha, Rajendra N. Lodha, Sambhavnath Infrabuild and
Sambhavnath Trust.
• Pre Issue Promoter Holding : 100% • Issue constitutes 88.50% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 30.52 & RONW : 41.8%
• Pre IPO P/BV Ratio : 5.01 (NAV : 97) • Post Issue : P/BV Ratio 3.42 (NAV : 141.66)
• Post IPO asking P/E on fully diluted equity : Negative
• BRLM’s Performance : This is 53th Issue from BRLM in last 3 Years. In last 53 listing : 35 Issue Opened with
premium & 18 Issue opened with Discount.
OTHER SIDE OF THE COIN

• Average cost of acquisition of equity share of promoter : Mr. Rajendra Lodha is Rs. 760, Sambhavnath Infrabuild is
Rs. 24.17 & Sambhavnath Trust is Rs. NIL (ZERO) and the issue priced offer is Rs. 483 to 486
• Company has issued bonus shares in the ratio of 15:1 in Sept. 2008, 99:1 in Sept. 2009, 12:100 in Sept. 2009 & 5:2
for Dec. 2017
• The company has not raised any pre IPO funding even thought it has provision in DRHP to raise 500 cr through their
route. It failed its first share sale in Sept. 209 to raise Rs. 2800 cr. Due to global financial crises. In 2018 in filled
second time for Rs. 5500 cr. IPO but had to abandon the plan following the market crashed due to IL&FS scam. Hence
this is third attempt.
• It has show declining trends for the last three fiscals for bottom line & has alos made loss of Rs. 264.30 Cr. For
9MFY2021
• RONW has gone down from 101.1 for 2018 to 15% for 2020 & It is also negative 7% in 9MFY21
• More than 550 outstanding litigations against the company director / promoter for criminal, Civil & Taxes
• Negative cash flow in the past.
• This industry in India, Including Mumbai while fragmented is highly competitive and peers are like Godrej Prop., Oberoi
Realty, Piramal, DLF, Tata Housing, L&T Realty etc. It is also capital Intensive industry.
Recommendation : It has poor track record and very expensive & negative valuations. Further due to the
impact of Covid-19 result will remain uncertain in near future. The issue is exorbitantly priced based on all
financial parameter, so there is no harm in giving this issue a miss.
Financial Weekly

April 2021 46
INVESTMENT
Jetmall Spices and Masala BSE SME IPO

Issue Opened on 31st March & Closes on 7th April, 2021
Offer price Rs. 20; Listing on BSE SME Platform
Considering very poor track record, Surprising & doubtful 6M2021 earnings
INVESTORS MAY AVOID THIS VERY EXPENSIVE IPO
Incorporated in 2012, Jetmall Spices and Masala Financial Performance : Consolidated Basis
Limited is engaged in Chemical based trading and Particulars (Rs. Cr.) FY18 FY 19 FY 20 30-9-2021
marketing activities of spices, food products, masalas, 9MFY21
and dry fruits. Its product portfolio includes ready-to- Total Revenue 50.32 43.44 39.14 9.24
eat foods, food grains, nuts, dry fruits, food ingredi- Profit After Tax 0.26 0.18 0.15 0.65
ents, processed foods, food stuffs, etc. EPS 0.73 0.50 0.42 --
It imports spices from countries i.e. Srilanka, Viet- RONW (%) 6.29 4.15 3.36 --
nam, Indonesia, etc., and supplies it in India in bulk quantity. It follows the B2B business model to sell
products to various parties like Masala manufacturers, exporters, etc.
Issue Details
• Issue Opened on 31st March & Closes on 7th April, 2021
• Object of the issue : Setting up 10 new retail outlets, Working capital requirements.
• Issue Size : 24,90,000 Eq. Shares (Rs. 4.98 Cr.)
• Offer Price : Rs. 20 • Minimum Lotsize : 6000 Shares • Listing on BSE SME Platform
• BRLM’s : Mark Corporate Advisors Pvt. Ltd. • Registrar : Cameo Corporate Services Ltd.
• Company Management : Mr. Bharat Kumar Pukhrajji
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 58.44%
• Issue constitutes 41.55% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 0.50 & RONW : 2.62%
• Pre IPO Equity Capital Rs. 3.50 Cr. • Post IPO Equity Capital Rs. 5.99 Cr.
• Pre IPO P/BV Ratio : 1.39 (NAV : 14.39) (31-3-20) • Post IPO asking P/E on fully diluted equity : 9.25
• Industry Peer Group PE Ratio : NIL
• BRLM’s Performance : This is 6th Issue from BRLM in last 4 Years. In last 5 listing : 3 Issue Opened
with premium, 1 Issue opened with Discount & 1 Issue opened with at par.
OTHER SIDE OF THE COIN
• The average cost of acquisition of Equity shares to the promoter is Rs. 8.73 & Offer price is Rs. 20
• The company has issued / converted the entire equity at par
• Substantial portion of revenue has been dependent of few clients.
• Require significant amounts of working capital.
• Negative cash flow from operating activities in the past.
• The industry is labor intensive.
• Registered office is not owned by the company.
• Products are perishable in nature
• Competition from organized & Un-organized markets.
• Continuous fall in top & bottom lines for the last three fiscal.
• Sudden jump in the bottom line of First 6M of 2021 is not only surprising but doubtful because top line
has gone down also.
Recommendation : Considering very poor financial track record, surprising & doubtful
6M2021 earnings & very expensive valuations, investors may avoid this IPO.
Financial Weekly

April 2021 47
INVESTMENT
Muthoottu Mini Financiers NCDs Issue

Opened on 30th March & Closes on 23rd April
Muthoottu Mini is an NBFC company (non-deposit) involved in the gold loan business lending money
against the pledge of household gold jewelry. The company's Gold Loan portfolio as on March 31, 2020,
comprises 4.37 lakhs loans aggregating to Rs 1645 Cr. which is 97.26% of its total loans. The company
has introduced an online gold loan product wherein the customer has to come to the branch only for the
initial appraisal and subsequent disbursement is done online based on the customer's request during the
maximum period of one year. The company also offers microfinance loans, unsecured loans to the joint
liability group of women customers (minimum of 5 persons) who require funds to carry out their business
activities. In addition to the loan business, the company also offers depository participant services, money
transfer services, insurance broking services, PAN card related services, and travel agency services.
The company employs 3,109 persons and had a network of 785 branches as of June 30, 2020. Issue
Opened on 30th March & Closes on 23rd April, 2021. IND BBB; Outlook Stable by India Ratings Agency.
Recommendation :- Coupon rates are higher than Bank FD. But the performance and
rating is poor so keep away from the issue.
Kosamattam Finance
Opened on 30th March & Closes on 23rd April
Kosamattam Finance Limited is a Kerala-based non-deposit-taking NBFC. It works as a gold loan pro-
vider against household gold jewelry. The company has 960 branches, as of February 28, 2021, mainly
spread across southern India. These Gold Loans have a tenure of up to 12 months. The company's Gold
Loan customers are typically businessmen, vendors, traders, farmers, salaried individuals, and families,
who for reasons of convenience, accessibility, or necessity, avail of our credit facilities by pledging their
gold jewelry. In addition to the core business of Gold Loan, the company also offer fee-based ancillary
services which include microfinance, money transfer services, foreign currency exchange, power genera-
tion, agriculture, and air ticketing services. Issue Opened on 30th March & Closes on 23rd April, BRW
BBB+ - Outlook Stable by Brickwork Ratings India Private Limited.
Recommendation :- Coupon rates are doubled than Bank FD rates. So the investors
taking risk may choose for investment for short term.
Edelweiss Financial Services

Opened on 1st April & Closes on 23rd April
Mumbai as 'Edelweiss Capital Limited', Edelweiss Financial Services Limited (EFSL) is an investment
banking firm and Merchant Banker. EFSL is also involved in the business including credit including retail
and corporate credit, wealth management, asset management, asset reconstruction, and insurance includ-
ing life and general insurance businesses through its subsidiaries. Edelweiss Financial has 47 subsidiaries
(including NBFCs and an HFC). It has 339 offices in 145 cities in India and six international locations. It
employed approximately 9,197 employees as of September 30, 2020. EFSL is a publically traded company
since 2007 under the symbols NSE: EDELWEISS and BSE: 532922. Ratings : ‘Acuite AA’: Outlook: Nega-
tive by Acuite & “BWR AA-/Stable (Assigned)" by Brickwork Ratings India Private Limited.
Recommendation :- The company's performance in last one and a half year is poor.
Coupon rates are high but rating is poor compared to other NCDs issues. Invest for short
term with risk.
Financial Weekly

April 2021 48
INVESTMENT
Smart Best Buy S. N. Zaveri
ICICI Lombard rides high on Technology

CAMS : Proxy to MF industry with high RoE
Colgate : Entry into new Diabetics will increase market share
ITC : Demerger or not, invest in one of the largest companies
Atul Ltd : Huge business, 28 per cent ROCE, 22 per cent ROE
ICICI Lombard (Rs. 1435.00) (Code : 540716)
Touchless and contactless are the new buzzword. The insurance sector continues to
evolve, some of it driven by changing customer behaviour, and some of it driven by the
availability of new technological solutions. The prolific use of AI, ML, and cognitive services
are accelerating the technology adoption in the insurance sector. ICICI Lombard Insurance
is riding high on technology. An increased number of customers and garages are availing
‘Instaspect’ virtual motor survey solution in case of accidents. AI/ML solutions help in pro-
cessing cashless claims authorisation requests that are made by the hospital. In commer-
cial property and casualty, it is doing virtual risk inspections that help in managing risks for
its customers remotely. Video and voice are starting to play a significant role in customer
service. It increases the business. Invest.
CAMS (Rs. 1836.00) (Code : 543232)

CAMS is a structural growth story with opportunity to participate in relatively under pen-
etrated and high potential Indian asset management market. It is a proxy to the growing
mutual fund industry with high RoE. Technological expertise, long-standing client relation
and leadership in the duopoly RTA market with entry barriers remain key business strengths.
Great Terrain, an affiliate of Warburg Pincus, is the current promoter of CAMS with 31 per
cent stake while other marquee shareholders include HDFC Bank (3.33% stake) and HDFC
Ltd (5.99% stake). The stock has given huge return after successful listing. Still, it is worth
buying in phased manner. Buy.
Colgate (Rs. 1562.00) (Code : 500830)

Colgate-Palmolive India has has recently launched a special toothpaste for people for
diabetes, Colgate for Diabetics, through a collaboration with dentists and diabetes experts.
This launch aims to bring attention to the bidirectional link between diabetes management
and oral health management and provide an effective solution for oral health problems faced
Cont...
Financial Weekly

April 2021 49
INVESTMENT
by diabetics. The current number of diabetics in India is 77 million, with around 43.9 million
estimated left undiagnosed, making the country rank second worldwide, with the largest
number of adults and children with diabetes. So, the company has entered into a new market
which might increase its share. Accumulate.
ITC (Rs. 220.00) (Code : 500875)

ITC : ITC is one of the largest Indian companies and market leader in many sectors. It is
the largest cigarette maker in the country. It is a leading FMCG company. The company has
forayed into cakes and milkshakes, while expanding in categories like chocolates and staples.
ITC works hard towards increasing share of the non-cigarette business. Recently, there
were reports that ITC might go for demerger. However, compeny declined and said reports
are speculative in nature. Still, the company might have to go for demerger earlier or later
stage. Promoters held 0 per cent stake in the company as of Dec 30, 2020, while FIIs held
13.3 per cent, DIIs 38.9 per cent and public and others 47.8 per cent. Invest.
Atul Ltd. (Rs. 7404.00) (Code : 500027)

Atul Ltd (Atul), founded by Kasturbhai Lalbhai in 1947, was the first private sector com-
pany of Independent India to be inaugurated by Jawaharlal Nehru. It has been at the forefront
of manufacturing various products for the first time in India. Today, Atul is an integrated
chemicals company involved in the business of manufacturing 900 products and 450 formu-
lations from basic chemicals. Atul caters to the needs of varied industries across the world
such as Adhesives, Agriculture, Animal Feed, Automobile, Composites, Construction, Cos-
metic, Defence, Dyestuff, Electrical and Electronics, Flavour, Food, Footwear, Fragrance,
Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care,
Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Sport and Leisure, Textile,
Tyre and Wind Energy. Its ROE is 22.4 per cent, ROCE is 28 per cent. The stock is worth
acumulation.
(SEBI Registered Research Analyst)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
1st April, 2021 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions o All disputes are subject to Ahmedabad jurisdictioner
Financial Weekly

April 2021 50
INVESTMENT
Dalal Street Whispers Dilip K. Shah
Shares of Tata Motors, M&M, Maruti Suzuki,

Eicher Motors, Ashok Leyland, Escorts, etc. are
likely to be in focus on strong sales
for the month of March.
Tata Motors (Rs. 307.00) (Code: 500570) :- The company re-
ported excellent sales numbers for the March quarter. Its total domestic and international sales
jumped nearly 90% to 191,720 units from 101,420 units in the same quarter of previous year. For
the month of March, domestic sales zoomed over 500% to 66,609 units from 11,012 units last year.
Total CV sales jumped to 40,609 from 7,123 units last year.
M&M (Rs. 808.00) (Code: 500520) :- The company’s overall auto

sales for March, including passenger vehicles, commercial vehicles, and exports stood at 40,403
units, compared to 6,679 in March 2020. Total tractor sales jumped from 13,613 units to 30,970
units.
Eicher Motors (Rs. 2630.00) (Code: 505200) :- VE Commer-

cial Vehicles, an unlisted subsidiary of Eicher Motors, reported sales of 7,037 units for March, up
from 1,499 units in the same month last year. The share is down 14% from the January highs.
Broking firm Centrum has given a buy call on the stock with a target price of Rs. 3,200 citing growth
in market share, new launches, and high export margins.
Ashok Leyland (Rs. 118.00) (Code: 500477) :- The company’s

sales for the month of March 2021 stood at 17,231 units, up from 2,126 units last year.
Escorts (Rs. 1273.00) (Code: 500495) :- The company’s agri ma-

chinery sales in March jumped nearly 10% to 12,337 units from 11,230 units last year.
Maruti Suzuki (Rs. 6922.00) (Code: 532500) :- The country’s

largest carmaker reported sales of 1,67,014 units in March, compared with 83,792 units in March
2020.
SML Isuzu (Rs. 470.00) (Code: 505192) :- Its March 2021 sales
jumped 95% to 952 units from 488 units last March.
Cont.....
Financial Weekly

April 2021 51
INVESTMENT
Reliance Infra (Rs. 38.00) (Code: 500390) :- Reliance Infra has sold the Reliance
Centre in Mumbai to Yes Bank for Rs. 120 crore.
Wipro (Rs. 416.00) (Code: 507685) :- This leading IT company will acquire Ampion,
an Australia-based provider of cybersecurity, DevOps and quality engineering services.
Tata Steel (Rs. 862.00) (Code: 500470) :- The country’s largest private sector steel
player’s share has zoomed 234% in the last year, compared with 82% jump in the Nifty. Moreover,
steel companies have hiked prices from April, for their second hike in three months, which is also
helping sentiment. Moody’s has revised the outlook on the company from negative to stable.
NMDC (Rs. 138.00) (Code: 526371) :- The company’s monthly production of iron ore
was 4.57 million tonne in March 2021, up from 2.76 million tonne in the same month last year.
Tata Power (Rs. 105.00) (Code: 500400) :- The company has commenced power
distribution operations in northern Odisha.
NIIT (Rs. 165.00) (Code: 500304) :- The company’s offer to buyback shares worth Rs.
237 crore at Rs. 240 per share, will commence on April 12 and close on April 28. The stock hit the
20% upper circuit after it announced the offer dates.
KNR Construction (Rs. 211.00) (Code: 532942) :- The company has bagged a
Rs. 2116 crore road project in Kerala under the Bharat Mala project from NHAI.
Spice Jet (Rs. 72.00) (Code: 500285) :- The airline has signed a MoU with New
York-based Avenue Capital Group for financing, acquisition and sale and lease-back of 50 new
planes.
GAIL (Rs. 140.00) (Code: 532155) :- Goldman Sachs has given a buy call on the stock
with a target price of Rs. 180.
Tata Consumer (Rs. 650.00) (Code: 500800) :- Nomura is highly bullish on the
stock of this company which is fast becoming a multi-category FMCG player. It has given a buy
rating with a target price of Rs. 750.
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly

April 2021 52
INVESTMENT
Investor’s Third Eye

Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(FROM 5TH APRIL TO 8TH APRIL 2021)
In this week, Jupiter had taken its position in Aquarius house , Saturn in Capricorn, Sun, mercury
and Venus in Pisces, Mars and speculative planet Rahu in Taurus, ketu in Scorpio, Moon had
taken its position in Sagittarius, Capricorn and Aquarius houses, On 5th April 2021, Moon inn
Sagittarius taking sixth position towards mars and Rahu in Taurus brings volatility in the market.
6th and 7th April 2021 : On 6th and 7th April 2021: Sun, Venus and mercury
had taken ninth position towards ketu in Scorpio brings fluctuations in stock price movements
On 8th and 9th April 2021 : The conjunction of moon and Jupiter in Aquarius
taking second position towards Sun, mercury and venus in Pisces favours the market. Automobile,
iron and steel, electronics, banking sector, consumer durables, health and pharmaceuticals, cement,
chemicals, paint, solar power, fertilizers, electrical items, information technology, railways, insurance
sector may outperform. IDFC First bank, Rail tel, RITES, IRCTC, Pancea Biotech, Goldiem
International, Olectra green tech, Adani Power, New India assurance, Tejas Network, Kesoram
industries may show good performance of stock prices
Astrological planetary predictions for

GOLD PRICE MOVEMENTS
(FROM 5TH APRIL TO 8TH APRIL 2021)
5th April 2021 : moon in the house of juptier- Sagittarius taking third position towards
the Jupiter which had taken its position in Aquarius brings fluctuations in the gold price
6th and 7th April 2021 : The conjunction of moon and Saturn in Capricorn taking
second position towards Jupiter in Aquarius may favor the gold price movements
8th and 9th April 2021 : The conjunction of Jupiter and moon in Aquarius taking
second position towards mercury, Venus and sun favors the gold price movement
Financial Weekly

April 2021 53
INVESTMENT
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816
E-mail :
stockmarket@ganeshaspeaks.com
Sensex Predictions ; Dt : 5th April 2021 to 9th April 2021

" Please consider 10 minutes plus and minus in each prediction, and act accordingly. " Ganesha
advises you to compare every prediction with the prediction of the previous time slot. "
05-04-2021 Monday
" Next week on Wednesday 14-04-2021 will be holiday, so due to less trading days make the posi-
tion accordingly.
" Today combination of Moon, Saturn & Jupiter will slow down the liquid cash in market.
" Today, all the planets are in combination with some or the other planet, so an uneven or confusing
pattern will be formed. .
" Volatility will be noticed between the 9.15 and 13.15 slot. Follow "Trend is our Friend".
" Nifty will be up from 13.15 to 14.30.
" Between 14:30 to 15:30 slot starting will be down after that there is slight up
06-04-2021 Tuesday
" From today onwards,Jupiter will move to Aquarius. Therefore, Aquarius, Gemini and Leo will see
progress in the projects that are stuck. Zodiac signs Capricorn, Pisces and Cancer will increase in
their work load. Ganeshji is seeing such a possibility.
" Take the risk with capacities and speculations today.
" From 9:15 to 9:43 Nifty will move up from opening.
" From 9:43 to 12:59 graph patter like VM will be formed, means it will look like WW during this slot.
" From -12.59, Nifty will step by step keep on going up until 14.37.
" 14.37 to 15.30 V shape will be formed during this time slot. Now you have to decide what step to
take.
07-04-2021 Wednesday
" It is a perfect day for Intraday or 20-20.
" Proceed according to your capacity or risk.
" Make a short at around 9.30 and (10.00 / 11.15 or 12.15) exit at any one of these times once profit
is made.
" "Commercial Break" can be taken between 12.15 to 13.00.
" Buy Nifty at around 13.00 and exit as soon as you get two rupees. Do not wait long.
08-04-2021 Thursday
" Ganesha predicts there is no stronghold in the market today and tomorrow.
" The opening of 12-04-2021 and 13-04-2021 has been mentioned in the book in advance.
" 9:15 to 11:15 Nifty will be mixed to slight positive
" Nifty will remain up between 11.15 to 11.50.
" Nifty will go down between 11.50 and 12.50.
" Nifty will remain up between 12:50 to 14:24
" In the last hour, the first thirty minutes nifty will be down, the second thirty minutes nifty will be up.
09-04-2021 Friday
" 9:15 to 9:43 Nifty will do the jobbing on the upper side of surface.
" Nifty will form a mix pattern between 9.43 to 11.07.
" From 11.07 to 11.49 there will be movement in the stock of 'A' group.
" Stay away from the Small Cap between 11.49 and 14.20. In this time slot, part-1 = Down and part-
2 = Up, this is how the slot will be completed.
" Buy Nifty around 14.20 and get immediate exit as soon as you get 3 rupees.
Financial Weekly

April 2021 54
INVESTMENT
News Track
Promoters of Lincoln Pharma increases promoter
group holding by 4.9% during FY 20-21 to 37.25%
Acquires 9.8 lakh shares from
open market at average price
of Rs. 225.6 per share
March 31 2021:- Promoter group of Lin-
coln Pharmaceuticals Ltd, one of India's
leading healthcare companies is gradu-
ally increasing their holding in the com-
pany. During the FY 2020-21, the pro-
moter group has bought 9.8 lakh shares
from the secondary market - at an aver-
age price of Rs. 225.6 per share. With this,
promoter holding in the company has in-
creased to 37.25% - rise of 4.9% (490
bps) from 32.35% as of 31 March 2020.
Rating agency ICRA has recently up- Mr. Mahendra Patel, Managing Director
graded the company's long-term and Lincoln Pharmaceuticals Ltd
short-term bank facilities to A and A1 respectively.
The Securities and Exchange Board of India under creeping acquisition allows promoters of a
listed company to enhance promoter group holding by 5% in a financial year. Share price of Lin-
coln Pharmaceuticals Ltd was Rs. 222.6 per share on 30 March 2021. Share price of the company
have risen 160% from March 2020 low of Rs. 85 per share and also made a high of Rs. 283 per
share.
"We are committed and plan to gradually up the promoter holding ideally to a majority mark over
the next 3-5 years. Our company is growing from strength to strength and delivering robust opera-
tional and financial performance while maintaining healthy growth in revenue, margins and profit-
ability and expects to continue the growth momentum in the coming years. Our strategic growth
initiatives, product and geographical expansion, EU approval and operational efficiency are likely
to maximise value for all stakeholders in the near to medium term. The recent upgrade by ICRA for
the company's long-term and short-term ratings further testifies the strong foundation of the group,"
said Mr. Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited.
During FY20, the company has become a zero net-debt company. Company has received EU
approval and plans to enter the EU markets very soon with its dermatology, gastro and pain man-
agement products. Company currently exports to more than 60 countries and plans to expand to 90
plus countries.
For the nine months ended December 2020, the company has posted a net profit of Rs. 48.6
crore as against net profit of Rs. 40.3 crore, growth of 20.7%. Net revenue also grew by 10% Y-o-Y
to Rs. 339.8 crore in nine months ended December 2020.
Financial Weekly

April 2021 55
INVESTMENT
REVIEW OF “SMART PLUS NEWS LETTER”

Amazing 15% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. Weekly Ch. Company Reccom. Weekly Ch.
29-3-2021 High (%) 29-3-2021 High (%)
Tata Consumer 628 650 3.5 Apollo Pipes 907.75 1021 12.48
JSW Steel 445 508 14.16 Cadila HC 428 441 3.04
Tata Steel 767 862 12.39 HUL 2315 2399 3.63
TCS 3068.15 3165 3.16
Ambuja Cement 295 309 4.75
Voltamp Trans. 1023.8 1082 5.68
Cipla 796 818 2.76
L&T Info 3947 4112 4.18
HPCL 231 237 2.6
Shree Cement 28090 29977 6.72
Adani Trans. 871 999 14.7
Ultratech 6735 6898 2.42
Aarti Ind. 1322 1362 3.03 Welspun Corp. 134 147 9.7
Goodyear India 893.6 917 2.62 Prism Cement 126 134 6.35
HCL Techno 960 1002 4.38 Deepak Fert. 223 234 4.93
Birla Corp. 908 973 7.16 Redington 166 183 10.24
Adani Ports 702.75 736 4.73 Praj Ind. 187 193 3.21
Titan 1506 1558 3.45
Tata Motors 296 307 3.72
Blue Dart Ex. 5301.45 5583 5.31
Indraprastha M. 53.85 56 3.99
Finolex Industries 614.6 654 6.41
Sail 76 83 9.21
Godrej Agrovet 492.2 517 5.04
DLF 283 291 2.83
Tata Steel BSL 48.7 55 12.94
Suven Life Science 71.7 74 3.21 ONGC 102 104 1.96
UPL Ltd. 585 653 11.62 IDBI Bank 38.1 39 2.36
Linde India 1723.4 1810 5.02 GSFC 76 87 14.47
SML Isuzu 459 470 2.4 Hindustan Tin 63.55 65 2.28
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Financial Weekly

April 2021 56
INVESTMENT
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FII ACTIVITY (Rs. in Cr.)

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Kiran Jadhav SEBI Registered Research Analyst

Markets are ready to rock again!

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RISING STAR : HAPPSTMNDS (594.55)

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Rapid Fire Stocks

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Caprihans India Limited is a Public Lim- Particulars 3 Months Ended

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Down Swing / Trend Rever-

Engulfing Bullish, Bullish Harami

good sign of Down Swing / Trend reversal indication

It can be easy to understand with the help of given picture

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