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

VOL : 14 • Issue No: 34 RNI No : GUJENG / 2008 / 24320 3rd Oct. 2021 to 9th Oct. 2021
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
27-09-21 8019.79 8614.42 -594.63
28-09-21 8825.85 10783.55 -1957.7
29-09-21 12949.38 14395.4 -1896.02
30-09-21 10773.65 12999.25 -2225.6
01-10-21 7049.23 6917.84 131.39
TOTAL 47617.9 53710.46 -6542.56
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
27-09-21 6910.79 5513.1 1397.69
28-09-21 7926.05 7764.6 161.45
29-09-21 13948.96 10686.8 3262.16
30-09-21 6795.08 6697.9 97.18
01-10-21 6093.82 6706.9 -613.08
TOTAL 41674.7 37369.3 4305.4
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Financial Weekly

Oct. 2021 7
D(en)O(f)W(ealth)
Performance of our last Month Recommendations
Rec. Date Company Name Recomm. Remarks
22nd July 21 ASRL Buy at 114 sl 97 Book 50% profit at 124 on 26th July
22nd July 21 RESONANCE Buy at 170 sl 160 Book 50% profit at 185 on 23rd July
27th July 21 INTEGRA ENG Buy at 63.5 sl 54 Book full profit at 74 on 5th August
28th July 21 RUBFILA INTER Buy at 105 sl.93 Book full profit at 122 on 3rd August
28th July 21 DIGISPICE Buy at 73.5 sl.60 Book full profit at 80.50 on 3rd August
3rd August 21 FLEX FOOD Buy at 141 sl.133 Book 50% profit at 144 and 50% profit at 148 in intraday
5th Aug 21 FLEX FOOD Buy at 128.5 sl 122Book 50% profit at 137 on 9th August & stop loss of 122 click later
6th Aug 21 ARTEFACT PROJECTS Buy at 49 sl 45 Book full profit at 56 in intraday trade
6th Aug 21 BENGAL TEA Buy at 74 sl 61 Book 50% profit at 85 on 9th August & stop loss of 61 click later
9th Aug 21 VEDAVAAG Buy at 56 sl 52. Stop Loss clicked
11th Aug 21 RISHIROOP Buy at 706 sl 93 Book full profit at 120 on 13th August
18th Aug 21 AJANTA SOYA Buy at 120 sl 101 50% Book profit at 135 on 3rd Sep
20th Aug 21 POLYSPIN EXPORT Buy at 81 sl 69 Book full profit at 86 on 20th Sep
20th Aug 21 ASIAN ENERGY Buy at 141 sl 130 Book 50% profit at 153 on 30th August/Book full profit at 170 on 17th Sep.
24th Aug 21 DENIS CHEM LAB Buy at 54 sl 45 Book 50% profit at 60 on 30th August/Book full profit at 66 on 1st Sep.
24th Aug 21 RAM RATNA WIRE Buy at 126 sl 106 Book 50% profit at 141.50 on 26th Aug.
3rd Sep 21 BSL LTD Buy at 60 sl 48 Book full profit at 70 on 3rd Sep
3rd Sep 21 JAYSYNTH DYESTU Buy at 81 sl 70 Call hold
3rd Sep 21 FAZE3 AUTO Buy at 125 sl 106 Book 50% profit at 141 on 6th Sep/
9th Sep 21 VEDAVAAG Buy at 55.75 sl 48 Book 50% profit at 61 on 14th Sep/ Book full profit at 64.5 on 17th Sep
14th Sep 21 DCW Buy at 38 sl 34 Book 50% profit at 41.5 on 17th Sep/Book full profit at 45.5 on 27th Sep
21st Sep 21 FLUDOMET Buy at 133 sl 115 Call hold
21st Sep 21 CITY STEEL SEC Buy at 58.5 sl 51 Call hold
23rd Sep 21 ARIHANT CAPITAL Buy at 140 sl 122 Call hold
28th Sep 21 SPENCERS Buy at 117.5 sl 105Book full profit at 132 on 1st Sep.
30th Sep 21 LEMONTREE Buy at 46.5 sl 42 Call hold
30th Sep 21 AGARIND Buy at 351 sl 325 Call hold
1st Sep 21 NELCAST Buy at 91 sl 82 Call hold
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Financial Weekly

Oct. 2021 8
Kiran Jadhav SEBI Registered Research Analyst
www.kiranjadhav.com / info@kiranjadhav.com /
Phone: 9595 11 33 44
You Tube: Kiran Jadhav /
Twitter: @kiran_jadhav_
We are now at stronger support!

Technical View on Nifty:
All these time in last couple weeks we wanted some kind of breather in an up going
markets. Some kind of correction in the markets which has taken off quickly makes sure that
the weaker hands flushes away and stronger lot remains. This indeed is a good sign for
investors and that actually happened recently in last week. We nearly touched the level of
18000 and quickly saw the correction on all days of last week. The support that we have
witnessed in last day of the last week at around 17400 seems to be very good support and
unable to break in at least few weeks from now. However, as a benefit of doubt I would
consider 17310 as my final support for this correction because it is the same level from
where this market has taken plenty of supports in last 3 weeks. My line is drawn in daily
chart of Nifty as shown in Chart 1.
Chart 1: Nifty - Daily

Cont...
Financial Weekly

Oct. 2021 9
Technical View on Bank Nifty:
Attached chart 2is also a dailychart of BANKNIFTY. I have suggested a fairly up slanting
support line on the chart, this line suggests that BANKNIFTY is moving up steadily since
APR-2021. In the rally of Indian markets so far NIFTY was leading the front baton and now I
think BANKNIFTY will hold the torch. The simple reason why BANKNIFTY can rule the next
leg is the steady up move along with challenging the high of 2021 Feb which has happen in
last week. PCR of derivative data suggest a oversold kind of condition for both the indices
and therefore I think currently we are seating at good supports as far as indices are con-
cerned.
Today, I would also like to tell all you readers that for all of you, I have created a FREE
TELEGRAM CHANNEL, you can visit our website and find a joining link from the symbol of
Telegram that is shown in our website. In this channel, I give opportunistic view on NIFTY
and BANKNIFTY for trading or intraday purposes. I also suggest medium to long term invest-
ment ideas in that channel for free. Every one of you who are interested even a little in the
markets must join that channel. There are already fake channels on my name that are there
and hence joining right channel as suggested in our website is advised.
Chart 2: Bank Nifty - Daily

Financial Weekly

Oct. 2021 10
RISING STAR : INDIAGLYCO(842.70)
India glycols is the company that I have recommended to all our esteemed participants of
FREE telegram channel on September 27. It is the same day stock suggested a breakout
from pennant breakout with heavy volumes and the price at which the stock was picked up at
the time of breakout was around 744. Since then stock has already taken a move of about
100 point on upside within no time. At one side the indices were suggesting correction and
this stock was showing relative strength of outperformance. Currently the stock is trading at
843 kind of level as shown in theChart 3as below. Of course, immediately after the quick
move like this, R/R ratio in the stock may not be as favorable as it was on the day of
breakout. Everyone should note the importance of following our free channel now. This stock
still looks good to me as upside can still be possible and first minimum target of the stock
would be around 900 and then 1000 immediately. In current rally one should keep SL at 770
kind of levels on day end closing basis. You too can venture in to this stock even at current
price if at all your personal advisor is ready to allow you to do so with the strict stop loss
which I have suggested.
Chart 3: INDIAGLYCO- DAILY

Author : - Kiran Jadhav
SEBI Registered Research Analyst
www.kiranjadhav.com ; info@kiranjadhav.com ; Phone: 9595 11 33 44
You Tube: Kiran Jadhav ; Twitter: @kiran_jadhav_
Financial Weekly

Oct. 2021 11
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Financial Weekly

Oct. 2021 12
Rapid F i re Stocks
Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades
VARUN BEVERAGES
BUY AT CMP 905 FOR THE TARGETS OF 1111 TO 1212
Varun Beverages Limited (VBL or Company) is a key player in beverage industry and one of the
largest franchisee of PepsiCo in the world (outside USA). The Company produces and distributes
a wide range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated
beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo.
PepsiCo CSD brands produced and sold by VBL include Pepsi, Diet Pepsi, Seven-Up, Mirinda
Orange, Mirinda Lemon, Mountain Dew, Mountain Dew Ice, Seven-Up Nimbooz Masala Soda,
Evervess, Sting, Gatorade and Slice Fizzy Drinks. PepsiCo NCB brands produced and sold by the
Company include Tropicana Slice, Tropicana Juices (100%, Delight, Essentials), Nimbooz, as
well as packaged drinking water under the brand Aquafina.
VBL has been associated with PepsiCo since the 1990s and have over two and half decades
consolidated its business association with PepsiCo, increasing the number of licensed territories
and sub-territories covered by the Company, producing and distributing a wider range of PepsiCo
beverages, introducing various SKUs in the portfolio, and expanding the distribution network. As
on date, VBL has been granted franchises for various PepsiCo products across 27 States and 7
Union Territories in India. VBL has 31 manufacturing plants in India and 6 manufacturing plants in
international geographies (two in Nepal and one each in Sri Lanka, Morocco, Zambia and Zimba-
bwe).
VBL’s share of PepsiCo beverages volume sales increased from ~ 26% in Fiscal 2011 to 85%+
now. Although, India is VBL’s largest market, it has also been granted the franchise for various
PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia and Zimbabwe.
VBL is part of the RJ Corp group, a diversified business conglomerate with interests in bever-
ages, quick-service restaurants, dairy and healthcare. VBL’s Promoter and Chairman Mr. Ravi
Kant Jaipuria has an established reputation as an entrepreneur and business leader and is the
only Indian to receive PepsiCo’s International Bottler of the Year award, which was awarded in
1997. He was also awarded the ‘Distinguished Entrepreneurship Award’ at the PHD Annual Awards
for Excellence 2018.
Cont....
Financial Weekly

Oct. 2021 13
RELIANCE INDUSTRIES
BUY AT CMP 2525 TARGETS - 2600- 2777
TIME FRAME - 2-12 MONTHS, (ADD IN ALL DIPSAND SIP)
The total market capitalisation of Rs9 lakh cr and is now the most valued Indian company in
terms of market cap (m-cap).
Reliance Industries Limited is an Indian multinational conglomerate company headquartered in
Mumbai, Maharashtra, India. Reliance owns businesses across India engaged in energy, petro-
chemicals, textiles, natural resources, retail, and telecommunications
• Increase in revenue was majorly driven by higher price realizations of petrochemical and refin-
ery products led by increase in Brent crude price. Increased revenues also reflected higher vol-
umes with the commissioning of new petrochemical facilities.
• Refining & Marketing segment EBIT declined by 19.6% yoy to Rs5,322cr impacted by signifi-
cantly higher crude price, tighter light-heavy differential and adverse movement in light distillate
cracks on yoy basis and shutdown of Fluid Catalytic Cracking Unit (FCC). RIL's Jamnagar refiner-
ies processed 17.7 MMT of crude.
• GRM for Q2FY19 stood at $9.5/bbl against $12/bbl in Q2FY18, missing the estimate of $10.4/
bbl.
• Retail revenue grew by 121.5% yoy to Rs32,436cr, driven by store expansion, strong value
proposition and focus on customer experience across all consumption baskets. Retail now has
9,146 stores.
• Jio has accelerated its pace of subscriber additions with net addition during the quarter of
37million. ARPU during the quarter stood at Rs131.7 per subscriber per month, in-line with our
estimate of Rs131
Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation
in India.
Cont....
Rapid Fire Stocks

For My Personal Assistance with My
Elite Membership At a Nominal Cost
Whatsapp @ 9769037711
For My Free Stock Ideas Follow me on
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Financial Weekly

Oct. 2021 14
As Reliance sets sights on even more ambitious goals, inspired and guided by the story and
philosophy of our founder chairman Dhirubhai Ambani. Hailing from modest means, he followed
his dream to create India's largest company. Reliance as an organisation has adopted this ethos of
converting adversity into opportunity and making the impossible possible by challenging conven-
tional wisdom.
1) March 16, 2018: Recognized for their innovation and bringing transformational change to
India, Reliance Industries Limited (RIL), a leading provider of energy, petrochemicals, textiles,
retail, telecommunications and digital services, was presented with the ‘Drivers of Change’ award
at the Financial Times ArcelorMittal Boldness in Business Awards
2) Barcelona, Spain, 28th February 2018: Reliance Jio Infocomm Ltd. (Jio) announced today
that the JioTV app has won the “Best Mobile Video Content” award at the prestigious Global Mo-
bile (GLOMO) Awards 2018 at the Mobile World Congress (MWC). The other nominees for this
award included Airtel TV, Migu Hot Video & Bioscope Live TV.
3) Mumbai, 9th March 2018: India’s popular Live TV App JioTV announced that it has intro-
duced India’s FIRST interactive sports experience for consumers watching the ongoing tri-nation
Nidahas trophy which is being shown exclusively on JioTV in India. With this, JioTV consumers
can interact with the game while watching it - A revolution in the Live TV space.
Reliance Industries Ltd., incorporated in the year 1973, is a Large Cap company (having a mar-
ket cap of Rs 577878.54 Crore) operating in Miscellaneous sector.
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
IOB 532388 22.00 Sun Pharma 524715 826.00
Patel Engg. 531120 20.00 M&M 500520 827.00
Infibeam 539807 41.00 APL Apollo 533758 851.00
JMC Projects 522263 109.00 Tata Chemical 500770 911.00
Jai Corp. 512237 128.00 Angel Broking 543235 1443.00
Spencer Retail 542337 129.00 Birla Corp. 500335 1387.00
Welspun Corp. 532144 142.00 Godrej Prop. 533150 2233.00
Indus Tower 534816 315.00 Maithan Alloy 590078 1155.00
PNC Infra 539150 372.00 IPCA Lab. 524494 2422.00
KEC Intl. 532714 440.00 Astral Ltd. 532830 2198.00
GHCL 500171 448.00 Dixon Techno 540699 4849.00
TVS Motors 532343 565.00 Ambika Cotton 531978 1816.00
GM Breweries 507488 609.00 Abbott India 500488 22136.00
IEX 540750 620.00 ION Exchange 500214 2225.00
Canfin Homes 511196 670.00 Sanofi India 500674 7883.00
Guj. Alkalies 530001 737.00 TRENT 500251 1045.00
NELCO 504112 755.00 VST Ind. 509966 3407.00
Financial Weekly

Oct. 2021 15
RESEARCH REPORT
BCPL RAILWAY INFRASTRUCTURE LTD

(542057) (53.05) (Face Value Rs.10)
BCPL Railway Infrastructure Ltd. Particulars 3 Month Ended
Q1FY22 Q1FY21 % Var.
(BRIL) is into Railway Infrastructure
Sales 30.78 6.90 346.09
development involving design, draw- Operating
Profit 2.35 1.05 123.81
ing, supply, erection and commis-
PAT 1.93 0.49 293.88
sioning of 25KV, 50Hz Single Phase Traction Overhead Equipment. Recently,

the company began the export of food products like maize, onions, oil cakes to
Bangladesh. Also, the company has given in-principle approval for setting up an
Ethanol production facility that would enable production of Ethanol from grains
like maize, rice at Purnea, Bihar. The venture would be undertaken through the
company's proposed subsidiary, BCL Bio Energy Private Ltd. (BCL). The installed
capacity of the proposed grain-based distillery will be 60 KLPD of fuel grade
ethanol operating for 350 days a year producing around 21,000 KL.
The company has an equity of Rs.16.72 crore backed by reserves of around
Rs.53.78 crore, which leads to a share book value of Rs.42.2. The stock is avail-
able at a P/BV ratio of just 1.25x. The promoters hold 74.10% while the investing
public holds 25.90% stake in the company.
For Q1FY22, BRIL's net profit zoomed 293.88% to Rs.1.93 crore from Rs.0.49
crore in Q1FY21 on 346.09% higher sales of Rs.30.78 crore fetching an EPS of
Rs.1.15.
On account of strong fundamentals and robust technical, it is likely to achieve
decent levels in 9-12 months. Keep stop loss of Rs.43 for your buying.
Financial Weekly

Oct. 2021 16
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Financial Weekly

Oct. 2021 17
Samor Reality
Ready to to take advantage of the
opportunities in the Real Estate sector
Ahmedabad-based Samor Reality is entering the capital market through Rs 8
crore SME IPO. The issue price is Rs.62 per share. The issue has opened on
September 30 and closes on October 5
Corporate Feature Samor Reality is engaged in the construction and develop-
Objects of the Issue ment of residential and commercial projects in and around
- Investment into their subsid-
iary M/s Samor & Motherland
Ahmedabad, Gujarat. The company has developed a wide range
LLP (“SML”). of projects focusing on innovative architecture, highly effective
- General corporate purpose.
- To Meet the Issue Expenses.
project implementation and quality con-
Samor Reality Limited Issue Details
IPO Opens : Sep 30, 2021 struction. The company wants to take ad-
IPO Closes : Oct 05, 2021
vantage of the opportunities available in
Issue Type : Fixed Price Issue IPO
Face Value : 10 per equity share the real estate sector and its operations
IPO Price : 62 per equity share
Market Lot : 2000 Shares
can cover all aspects of real estate de-
Listing At : BSE SME velopment. The company may also part-
Issue Size : 13,00,000 Eq Shares of Rs. 10
(aggregating up to Rs. 8.06 Cr) ner with project-specific joint ventures or
Lead Manager : Beeline Broking Ltd. other companies to expand its business.
IPO Registrar : KFintech Private Ltd.
The company is also engaged in the
activity of trading building and construc-
tion materials specifically TMT Bars, HR
Sheets of different sizes. The total of 100%
of revenue for the year ended on March
Cont...
Financial Weekly

Oct. 2021 18
FINANCIAL PERFORMANCE
31, 2021, is from trading activity. The
Particular 31-3-21 31-3-20 31-3-19
company's projects are marketed under (Rs. Million)
the brand name of "Samor". Total Assets 35.58 3.63 16.76
Total Income 96.44 10.73 83.30
Samor Reality SME is entering the Net Profit 1.04 -0.87 1.11
capital market through SME IPO. It will
PROMOTERS OF
issue 1,300,000 equity shares with a face
SAMOR REALITY LIMITED
value of Rs.10. The issue price has been Mr. Birjukumar Ajitbhai Shah
kept at Rs 62 per share. The company He is the promoter, chairman, managing di-
rector and CFO of Samor Reality. He obtained
his Bachelor of Commerce degree from Gujarat
will raise Rs 8.06 crore from this issue. University in 1995. He has 11 years of experi-
ence in the real estate industry and has been
The issue has already opened on Sep- associated with the company since its inception.
tember 30, 2021 and closes on October Due to his experience and expertise he manages the operations
and finance operations of the company.
5, 2021. For at least 2000 shares and Mrs. Jagrutiben
She is the whole time director of the com-
thereafter more will have to be applied in pany. She has 9 years of experience in real es-
tate. She has very good communication skills and
its multiples. Shares will be listed on BSE handles human resource management in the
company.
SME after share allotment. Beline Broking
Ltd. is the sole lead manager of the issue Competitive strengths
and K-Fin Technologies Pvt. Ltd. is the " A Experienced Management Team with an in-depth under-
standing of the real estate market in the region.
registrar to the issue. " Established brand and good brand reputation.
" Overall management of projects.
The company continues to grow on the " Customer-centric, scalable business model.
" Quality Assurance and Standard.
financial front. In the financial year ended
Samor Reality is also active in trading of
March 31, 2021, Samor's total revenue
building and construction materials
increased to Rs 96.44 million from Rs
including TMT bars, HR sheets
10.73 million a year ago. It was Rs 83.30
lakh as on March 31, 2019 in the previous year. The company had a net profit of Rs 1.05
million for the year ended March 31, 2021. Last year, it reported a loss of Rs 0.87 million due
to the impact of Corona. Its net profit was Rs 1.11 million in the previous year.
Samor Reality was established in 2014 as a partnership firm. The Ahmedabad-based
Samor Group is headed by Birjukumar Ajitbhai Shah and Jagrutiben Birjubhai Shah.
For the financial year ended March 31, 2021, 100% of the company's revenue came from
trading activity. The company's projects are sold under the brand name "Samor".
***
Financial Weekly

Oct. 2021 19
SMALL BUT BEAUTIFUL IDEAS
Brijesh Barot, Surat (9723108999) brijesh_3011@yahoo.com
Some successful recommendations for Smart Readers

Recomm. Date Stocks Recomm. Achieved Appreciation
Rate Rate (%)
15-08-21 PURVANKARA 110.9 142 28%
05-09-21 ONGC 123 149.65 22%
ALANKIT LTD (17.8) (531082 & NSE) (FV 1)

Alankit Limited, the flagship company of (Rs. Cr.) June 2021 June 2020
Alankit, stands strong as the leading e-Gov-
Sale 32 27
ernance Service Provider of the country. It
is listed on both the premier exchanges of Net Profit 2 3
the country; National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange
Limited (BSE). Alankit is a conglomerate, comprising 13 different companies with diversified
activities spread across 4 primary verticals, namely, e-Governance, Financial Services,
Insurance and Healthcare.
With headquarters in Delhi, Alankit banks upon its team of professionals across the coun-
try, facilitating operations through a wide PAN India network. With 21 regional offices spread
nationwide and a total of 6120 business locations along with a notable global presence in
various countries, Alankit has carved a niche for itself in the market. It boasts of an existing
customer base of over 21 million and successfully retains its consistent growth by multiply-
ing a number of new business lines each year. Alankit's extensive Pan India network, sub-
stantially progressing global presence, dedicated customer service and state-of-the-art ad-
vanced technological mechanisms clearly indicate a focused approach towards meeting the
changing needs and demands of its clients and to help fulfill their objectives to the best
possible extent.
" Promoters Holding: 71.33%,
" FIIs Holding: 0.78%
" Company has been maintaining a healthy dividend payout of 22.26%
" ROCE 17.4%
" ROE 12.2%
Technical Speaking : Accumulate between 14-18 for short term target of 26/34/42+with
closing stop loss of 10.
Financial Weekly

Oct. 2021 20
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
TIME FOR CAUTION

NEGATIVE DIVERGENCE - DAILY TIMEFRAME
After an unabated Bull run of 9 weeks, both the indices have taken a break by forming a Bearish
candle for the first time in last two months. Both Sensex and Nifty have just fallen short of forming
Dark Cloud Cover, but that does not take away the bearish impact of the candle. On the daily
charts, both the indices have formed a Doji which can be a Bullish Doji if we have a white body
candle formation on Monday. The bearishness of previous week will be negated if we have a
closing above Nifty

17947. In that case, both
the indices will head to-
wards the Weekly Mea-
suring Gap Target of
Sensex 60705 and Nifty
17973. Post that the in-
dices will go for the daily
Flag pattern Target of
Sensex 61431 and Nifty
18307. The above Tar-
gets will be achieved as
long as Sensex remains
This Weeks Recommendations
above 57924 and Nifty Stocks CMP SL Tgt-1 Tgt-2
17254. One thing which Buy Fluorochem 1952 1907 2021 2095
suggests that traders Buy AngelBroking 1439 1407 1489 1543
should adopt a cautious
approach is the
Buy CanFinHomes 671 653 699 729
occurence of Negative Buy CanBank 176 172 184 193
Divergence on Momen- Buy IDBI 49 47 53 56
tum Oscillators on the
daily timeframe.
:::: INDEX LEVELS ::::
S3 S2 S1 CLOSE R1 R2 R3
NIFTY 17095 17254 17378 17532 17671 17792 17947
SENSEX 57263 57764 58232 58765 59243 59737 60412
Financial Weekly

Oct. 2021 21
SMART BANKING & FINANCIAL SERVICES
By Vijaya Kittu M, GetPaidIndia.com
Smart Investment takes this opportunity to review five of the seven mutual fund
schemes currently in NFO.
CAMS share price was under pressure after IIFL Private Equity exited the stock. The IIFL
PE is a part of IIFL AMC and has acquired the shares of CAMS for around Rs. 135 crores a
year ago and have now exited for around Rs. 353 crores. CAMS came up with IPO in September
2020 and has built wealth for its investors in the one year of its listing. Several AMCs have
launched many NFOs in recent times, and the market has sufficient liquidity. This can result in
CAMS revenues go up. CAMS gets 90% of its revenues from mutual fund RTA services. Even
new SIPs registrations are going up as the economy is coming out of COVID fears.
HDFC AMC share price was under pressure during the week after a co-promoter Standard
Life of UK has reduced its stake by 5%. HDFC AMC is a joint venture between HDFC Ltd
(52.65%) and Standard Life (21.23%)
HDFC LIMITED is reported to have paid Rs. 1,100 crores as advance tax in Q2 as
against Rs. 500 Cr YoY, according to sources. Higher payment of advantage tax is generally
seen as a reflection of potential higher revenues and higher profits.
INDUSIND BANK acquires a 4.79% stake in McLeod Russel by invoking pledged shares.
The bank has inked a gold loan co-lending pact with Indel Money. Airliner Vistara partnered
with IndusInd Bank to offer Club Vistara IndusInd Bank Explorer co-branded credit cards.
ICICI Prudential NASDAQ 100 Index Fund is now in NFO. The index fund route is
usually a low-cost route to have exposure to the securities of the NASDAQ 100 portfolio. The
NFO closes on October 11, 2021. The open-ended fundwill open for regular transactions once
it opens.Investors seeking diversification to their portfolio can consider this scheme. There are
three NASDAQ schemes already offered by Indian MFs currently - Kotak NASDAQ FOF
(launched in February 2021), Motilal Oswal NASDAQ 100 ETF (launched in March 2011), and
Motilal Oswal NASDAQ 100 FOF (launched in November 2018).
Mahindra Manulife Asia Pacific REITs FOFis an attractive mutual fund scheme
that invests in International Real Estate Investment Trust (REIT) units of Manulife Global Fund
(MGF) - Asia Pacific REIT Fund. MGF invests in Singapore, Hong Kong, China, Australia, the
Philippines, and Thailand REITs. Its portfolio comprises 80% exposure to REITs and 20%
exposure to Real Estate and Property Management stocks. Being a REIT FOF, the scheme
returns will be somewhere between fixed-income funds and pure-equity-oriented funds.
Investors seeking diversification to their portfolio can consider this.
Three-Month Stock Market Training Program

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Financial Weekly

Oct. 2021 22
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Financial Weekly

Oct. 2021 23
SMART
BUY OF THE WEEK
Dark H o r se
Dark Horse-1
AGARWAL INDUSTRIAL CORPORATION LTD
(531921 & NSE) (339) (Face Value Rs.10)
(NSE Symbol: "AGARIND")
First time on 3rd August 2020, we had
RECENT HIGH OF STOCK PRICE
recommended this stock as DARK HORSE
at 81. Second time on 3rd May 2021 again Month of Latest High May 2017
we had recommended this stock as DARK High price 791
HORSE at 152. After our recommendations CMP 339
it zoomed to Rs.385.15 levels in August Discount from high 57%
2021. Now stock is looking highly attrac-
Particulars 3 Month Ended
tive at CMP so we are again recommend-
ing this stock.
Q1FY21 Q1FY20 % Var.
The Company is a leading manufacturer Sales 407.94 147.45 176.66
and importers of Bitumen & Bituminous prod- Op. Profit 24.21 8.60 181.51
ucts and its plants are located at Belgaum, PAT 15.07 4 276.75
Hyderabad, Taloja, Baroda and Cochin (Company's WOS). Company manufactures and trade
quality products like Paving grade Bitumen. Industrial Grade Bitumen, Bitumen Emulsions, Modi-
fied Bitumen, Bitumen Coat, Bitumen Paints, Bitumen Insulation material etc which are known for
their quality and standard. Its profound background of being in the logistics business (transporta-
tion of Bitumen & LPG) has been a key factor to foray into this segment. Company has excellent
professional relations with all major road contractors in India due to Company's ethical, transpar-
ent and good governance policies. Company has excellent Bulk Bitumen Storage facilities to ef-
fectively handle and market bitumen imports at Karwar, Belgaum, Hyderabad, Haldia, West Ben-
gal Dighi, Maharashtra, Hazira Gujarat and Kakinada. Company is the pioneers of logistics in
Bitumen, which is predominantly used in road construction business. It has an equity base of just
Rs.10.26 crore that is supported by reserves of around Rs.185.85 crore. The promoters hold 60.11%
while the investing public holds 39.89% stake in the company. During Q1FY22, its PAT zoomed
276.75% to Rs.15.07 crore as against Rs.4 crore on 176.66% higher sales of Rs.407.94 crore
fetching an EPS of Rs.12.75. Currently, the stock trades at a P/E of 7x. It has paid 18% dividend for
FY21. Its recent high rate was Rs.791 which was formed on May 2017. Stock almost corrected
57% from recent high.
Investors can accumulate this stock with a stop loss of Rs.300. It may give very good
returns in medium to long term.
Cont...
Financial Weekly

Oct. 2021 24
Dark Horse-2
VIVO BIO TECH LTD
(511509) (81.9) (Face Value Rs.10)
On 21st December 2020, we had rec- Particulars 3 Month Ended
ommended this stock as DARK HORSE Q1FY22 Q1FY21 % Var.
at 47.50. After our recommendations it Sales 13 9.15 42.08
zoomed to Rs.115.10 levels. Company Op. Profit 5.69 2.88 97.57
posted strong numbers in Q1FY22 and PAT 1.24 0.98 26.53
is entered into a long term supply con-
tract with well-known company so we are again recommending this stock.
Vivo Bio Tech is a full service CRO offering drug development & discovery services to
pharmaceutical & biotech companies world-wide in accordance with OECD - GLP, AAALAC
& IND guidelines. The company offers services in the areas of In vivo & In vitro toxicity
studies, Pharmacological investigations, Pharmacokinetic & toxicokinetic studies, Genotoxicity
screening, Analytical services etc. Its experienced & talented scientists offer advice on
defining drug development paths tailored to specific molecules. Its scientific team provides
both regulatory and non-regulatory IND enabling preclinical development services.
It has an equity base of just Rs.14.20 crore that is supported by reserve of around Rs.27.68
crore. Promoters hold 39.84% while investing public hold 60.16% stake in the company.
It posted superb Q1FY22 numbers as net profit grew 26.53% to Rs.1.24 crore from Rs.0.98
crore in Q1FY21 on 42.08% higher sales of Rs.13 crore fetching an EPS of Rs.0.87.
Currently, the stock trades at a P/E of 18.2x.
Vivo Bio, a leading contract Research services and Lab Animal supply company, has
entered into a long term supply contract for various products & services with Biological E,
one of the largest vaccine manufacturers of India as a preferred vendor. The value of the
contract is estimated to be a in the range of Rs 20 Crores to Rs 30 Crores per year, for each
of the next three years.
Investors can accumulate this stock with a stop loss of Rs.67. It may give
very good returns in medium to long term.
Financial Weekly

Oct. 2021 25
Stock Buzz
Subramanian Mahadevan
dolphincapital@gmail.com
Varroc Engineering Limited (Rs.299)

Automotive Component!
Varroc Engineering Ltd (VEL) - was incorporated in 1988, is the flagship company of the
Aurangabad-based Varroc Group. It is a global tier-1 auto components supplier engaged in the
design, manufacture and supply of auto exterior lighting systems, plastic and polymer components,
electricals-electronics components, and precision metallic components used in passenger cars,
commercial vehicles, 2-wheelers (2W), 3-wheelers (3W), and off-highway vehicles (OHV) OEMs.
Varroc Lighting Systems division is the sixth-largest supplier globally and one of the top three
independent exterior lighting suppliers. Varroc's business consists 1) Global Lighting Business
involved in design, manufacture and supply of exterior lighting for passenger cars,with the prod-
ucts sold to OEMs globally; 2) India Business involved in design, manufacture and supply of a
variety of auto components to Indian 2W and 3W OEMs; and 3) Other Businesses, which include a
manufacturer of hot-steel forged parts for the construction and oil & gas industries in Italy, and a
manufacturer of high-end lighting systems for global motorcycle OEMs, with operations in Italy,
Romania and Vietnam. VEL closed FY21 with a topline of INR 11,303 crore and a negative bot-
tom-line of INR 632 crore. However the Debt to equity ratio has improved to 0.74 in FY21 from 0.82
in FY20 despite COVID-19 induced pandemic. Varroc's global lighting business is No.6 globally
in automotive exterior lighting, with a tilt toward LEDs. We believe that Lighting and LEDs is a
segment that is structurally strong as the segment is powertrain agnostic, and LEDs help to save
energy which is critical, especially from an EV perspective. Going ahead VEL has a clear roadmap
to sustain growth which is 1) to focus on high growth markets for Global lighting business; 2) In-
crease content per vehicle in India; 3) Invest in R&D & capitalize on future trends; 4) To look for
Inorganic growth expansion and 5) Lastly, to focus on operational efficiency. From a valuation
perspective VEL trades at a PE of 15x and 11x on FY21E & FY22E which looks attractive consid-
ering its strong global and domestic customer footprint, a well-diversified product portfolio, improv-
ing financials with expected ROEs and ROCE of between 18% to 15% and a strong growth ex-
pected from both the domestic and global markets going ahead.Also the stock ever since its listing
after its initial OFS in June 2018 at an IPO price of Rs 967 has seen a significant correction which
provides a good entry point for long term investors looking at a two year plus story which we be-
lieve looks attractive at present levels. VEL's competent management team, knowledgeable and
investor friendly promoters with 75% holding, marquee clients, close to 20% business in EV seg-
ment are huge positives for a long term sustainable growth. Stock can deliver minimum up to 100%
returns from a 12 to 18 months perspective with limited downside.
- Subramanian Mahadevan
Financial Weekly

Oct. 2021 26
- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 17525. As informed last week.
Nifty is over stretched and correction will be sharp and see Nifty made low of 17433 today. Above
17800, Nifty turns positive. Currently, Nifty is consolidating. If it looks to correct then support is at
17100 levels.
Bank Nifty Overview : In Last Trading Session, Bank Nifty closed at 37360. Bank Nifty
was quite bullish but last week we had correction. Bank Nifty is still positive but it may consolidate.
Bank Nifty range is from 36500 to 38000 for now. If it crosses above 38000 again, there may be
new range upside.
Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
Canara Bank 532486 Buy 154 179.95 Target Achieved
Lupin 500257 Buy 910 972 Target Achieved
RBL Bank 540065 Buy 184 198 Target Achieved
Sun Tv 532733 Buy 492 533 Target Achieved
Torrent Power 532779 Buy 485 525 Target Achieved
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
APL Ltd 533573 792 780/785 805 830 767
Canara Bank 532486 177.6 165/170 180 195 157
IBulsHsgFin 535789 236 225/230 245 265 215
PNB 532461 40.80 37/38 45 52 34
STAR 532531 586 570/575 595 625 560
Sun Tv 532733 524 500/505 525 545 485
Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Jubilant Food 533155 4067 4170/4190 4100 4000 4225
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

Oct. 2021 27
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections Are Temporary, Growth is Permanent

* The country's foreign exchange reserves declined by $997 million to reach $638.646 billion in
the week ended September 24, RBI data showed on Friday.
In the previous week ended September 17, 2021, the reserves had tumbled by $1.47 billion to
$639.642 billion.
The forex kitty had surged by $8.895 billion to a lifetime high of $642.453 billion in the week
ended September 3, 2021.
* The Goods and Services Tax collections for September came in at Rs 1.17 lakh crore, com-
pared with Rs 1.12 lakh crore in August, the Finance Ministry said on October 1.
* India's power consumption grew 1.83 percent in September to 114.49 billion units (BU), show-
ing subdued recovery according to power ministry data.
In the entire month of September last year, the power consumption was 112.43 BU, higher than
107.51 BU in the same month in 2019.
Experts say the recovery in power demand and consumption in September 2021 remained sub-
dued mainly because of heavy rains in the month.
* The market closed in the red for the fourth consecutive session on October 1 as weak global
cues and losses in heavyweights pulled the benchmarks down.
At close, the Sensex was down 360.78 points, or 0.61 percent, at 58,765.58, while the Nifty was
down 86.20 points, or 0.49 percent, at 17,532.
Nifty lost nearly two percent, and formed a bearish candle on the weekly chart. On the daily
chart, the index formed a Doji candle on October 1.
# Nazara Technologies (Rs 2327) :- It is the leading India based

diversified gaming and sports media platform with presence in India and across emerging and
developed global markets such as Africa and North America, and offerings across the interactive
gaming, eSports and gamified early learning ecosystems. Today on 1 Oct. 2021 Nodwin Gaming
Private Limited ('Nodwin') i.e Material subsidiary of Nazara, has completed the acquisition of Gam-
ing business and live IPs from OML Entertainment Private Limited ('OML') and paid cash consider-
ation of Rs. 73,00,00,000/-. It’s a good news for expansion of their business.
Market Cap Rs. 7,086 Cr.
52 Week High / Low
Rs. 2,415 / 1,412
Stock P/E 791
Book Value Rs. 216
Dividend Yield 0.00 %
ROCE 2.82 %
ROE 1.55 %
Face Value Rs. 4.00
Technicals : Bullish flag breakout on daily chart. One can buy and hold for a price target of
Rs 2550. Stop-loss is Rs 2224 on daily closing basis. Time frame is 11 days. Cont...
Financial Weekly

Oct. 2021 28
# Indian Energy Exchange (Rs 620) : It is a Power Exchange,
licensed by the Central Electricity Regulatory Commission (CERC) for spot trading in power / elec-
tricity and trading of Renewal Energy Certificate (REC) and Energy Saving Certificates (ESCerts).
The main activity of the company is to provide an automated platform and infrastructure for carrying
out trading in electricity units for physical delivery of electricity.
52 Week High / Low
Rs. 667 / 181
Stock P/E 79.4
Book Value Rs. 17.4
ROCE 59.7 %
ROE 46.2 %
Face Value Rs. 1.00
Technicals : Bullish flag breakout on daily chart. One can buy and hold for a price target of
Rs 800+. Stop-loss is Rs 590 on daily closing basis. Time frame is 16 days.
# Hatsun Agro Product Ltd (Rs 1,424) : Hatsun Agro Prod-

uct Limited has been in business for over 5 decades and achieved the position
of the largest private-sector industry in the Dairy sector manufacturing and
marketing Milk and Milk products, Ice-Cream, etc. It was incorporated by Mr.
R G Chandramogan, who has been in the dairy business for more than 30
years. Its journey began with Arun Icecreams.
52 Week High / Low
Rs. 1,526 / 567
Stock P/E 124
Book Value Rs. 47.4
ROCE 19.2 %
ROE 25.8 %
Face Value Rs. 1.00
Technicals : Bullish flag breakout on daily chart. One can buy and hold for
a price target of Rs 1750. Stop-loss is Rs 1370 daily closing basis. Time frame
is 16 days.
Financial Weekly

Oct. 2021 29
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Financial Weekly

Oct. 2021 30
Techno Funda Sachin Shah :
growyourwealthwithsachin@gmail.com
(Mumbai)
sound stocks M. : 9372277340
Multibagger recommendations for Smart Readers

Recomm. Date Stocks Recomm. Achieved Appreciation
Rate Rate (%)
8th Feb-21 ACRYSIL INDIA 208.7 830 298%
1st March-21 C G POWER 56.7 127.3 125%
CHEMPLAST SANMAR LTD

(543336 & NSE) (600.80) (FV 5)
Chemplast Sanmar Limited is part of the SHL Chemicals Group, which in turn is a con-
stituent of The Sanmar Group, one among the oldest and most prominent corporate groups in
South India. It is a major manufacturer of Speciality Chemicals such as Specialty Paste PVC
resin and Custom Manufactured Chemicals for agro-chemical, pharmaceutical and fine chemi-
cals sector. The company also produces other chemicals such as Caustic Soda, Chlo-
romethane products, Hydrogen Peroxide and Refrigerant gas. Chemplast is one of the most
integrated chemical plants in the country with a closed manufacturing loop. Chemplast also
manufactures Suspension PVC through its wholly owned subsidiary Chemplast Cuddalore
Vinyls Limited. Chemplast is the largest manufacturer of Speciality Paste PVC Resin in the
country and is the second largest producer of Suspension PVC in India. Chemplast has
played a pioneering role in the field through its ingenious choice of feedstock and manufac-
turing processes, and efficient, eco-friendly practices. Chemplast is one of the industry
leaders in sustainability prac-

tices and has been a recipient
of numerous awards and recog-
nitions in this front.
Technically Speaking:
Stock can accumulated
on dips with a target of
750 over the next 15 to 18
months.
Financial Weekly

Oct. 2021 31
Terrific Shots - Dilip K. Shah
Birla Corp (Rs.1387.00) (Code:500335) :- It is a leading group company of MP Birla

Group which is mainly active in cement production. It also produces jute goods, PVC floor cover-
ing, Auto Trim Part, Iron and Steel Casting. As against equity of Rs. 77.01 crore, the company has
reserves of Rs. 5409 crore. The promoters hold 62.90%, while public hold 37.10% stake in the
company. In June quarter, the company's income decreased from Rs. 6916 crore to Rs. 6785 crore,
while profit increased from Rs. 505 crore to Rs. 630 crore. It acquired Reliance Infrastructure's
cement business at cost of Rs. 4800 crore taking its capacity from 10 MTPA to 15.5 MTPA. It paid
75% dividend for FY2020 and 100 % for FY2021. The stock is being quoted at price to book value
of only 1.95 giving opportunity to invest at lower level.
Sundaram Finance (Rs. 2452.00) (Code: 590071) :- The Finance sector com-
pany was set up in 1954 with paid up capital of only Rs. 2 lakh. It has been promoted by Madras
Motors and General Insurance. It was a leading insurance company before Nationalisation in 1971.
It aimed to provide finance for commercial vehicles but later on diversified in mutual fund, housing
finance, general insurance, IT, BPO and retail distribution finance. Currently it has nine subsidiar-
ies, eight associate companies and one joint venture. It has 640 branches, more than two lakh
deposits and more than three lakh customers in commercial vehicle and car finance sector. In June
quarter, the company witnessed profit of Rs. 152 crore on income of Rs. 950 crore. It issued bonus
shares in ratio of 1:1 in 2008 and 2012. The stock may touch Rs. 2500 level in six months and 2700
level in nine months.
V-Mart Retail (Rs. 3650.00) (Code: 534976) :- Majority of the retail companies have
failed to perform better but V-Mart Retail has given handsome returns after listing. It owns 368
stores in 19 states. It also has presence in small towns. In June quarter, the company's income
increased from Rs. 78 crore to Rs. 177 crore, while losses decreased from Rs. 34 crore to Rs. 29
crore. It has equity of Rs. 20 crore. The company has strong presence in fashion segment and the
presence in small towns has helped it to create strong brand name. Moreover, the equity is small
and debt burden is lower so the company is performing better. The retail segment is coming out of
COVID-19 impact and may perform better in upcoming festive season. It may be considered for
buying with downward movement.
HUL (Rs. 2702.00) (Code: 500696) :- With Corona case coming down, the govern-
ment is easing out the restrictions, which may help the shopping mall to operate for longer time,
which will help the FMCG companies. It had acquired healthcare business of Glaxo SmithCline
and the integration process is about to end completion, which may help the company in performing
better. The raw material prices are stable so the company's operating profit may go up by 24-25%.
On the one hand, the crude oil and palm oil prices went up but palm oil prices have come down. On
the other hand, tea prices have gone down but the company's margin will be intact as it increased
the prices last year. As against equity of Rs. 235 crore, the company has reserves of Rs. 47439
crore. In FY2021, the company had witnessed net profit of Rs. 2100 crore as against income of Rs.
12260 crore. The company's current year's sales is likely to be Rs. 46000 to Rs. 50750 crore and
operating profit may be in range of Rs. 11320 crore to Rs. 12820 crore.
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

Oct. 2021 32
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Amid weak indices,

selected shares may witness upward movement
BSE Index (58765.58) :- It shows downward movement from top of 60412.32. It shows
towards oversold position on daily basis, while overbought on weekly and monthly basis. On up-
ward movement, beyond 58890 it may go up to 59020, 59120 with resisting level at 59250. On
downward movement, below 58551 it may go down to 58260, 57720 and 57120.
Bank Nifty Future (37360.00) :- It shows downward movement from top of 38395.60. It
shows oversold position on daily basis, while oversold on weekly and monthly basis. On upward
movement, beyond 37460 it may go up to 37530, 37620 with resisting level at 37915. On down-
ward movement, below 36950 it may go down to 36760, 36520 and 36250.
Nifty Future (17525.75) :- It shows downward movement from top of 18088.30. It shows
oversold position on daily basis, while overbought on weekly and monthly basis. On upward move-
ment, beyond 17581 it may go up to 17610 with resisting level at 17650. On downward movement,
below 17433 it may go down to 17335, 17280, 17100 and 17000.
BHEL (65.60) :- It shows improvement from bottom of 49.95. It shows overbought position on
daily basis, towards overbought on weekly basis and overbought to neutral on monthly basis. On
upward movement, beyond 66 it may go up to 68, 70 and 72. On downward movement, it may get
support at 60.
Indian Bank (141.80) :- It shows improvement from bottom of 124. It shows towards over-
bought position on daily basis, neutral on weekly basis and towards neutral from overbought on
monthly basis. On upward movement, beyond 142 it may go up to 144 with important level at 155.
On downward movement, below 134 it may get support at 132. Above 155 it may witness strong
upward movement.
L&T Finance (89.65) :- It shows improvement from bottom of 81.25. It shows overbought
position on daily and weekly basis, while oversold on monthly basis. On upward movement, be-
yond 92 it may go up to 96 and 101. On downward movement, it may get support at 86.
Berger Paints (810.40) :- It shows downward movement from top of 853. It shows over-
sold position on daily basis, while towards neutral from overbought on weekly and monthly basis.
On upward movement, 823 could be resisting level. On downward movement, below 795 it may go
down to 783 and 775.
Reliance Industries (2523.70) :- It shows upward movement from bottom of 2366. It
shows overbought position on daily, weekly and monthly basis. On upward movement, beyond
2563 it may go upto 2570, 2597, 2630 and 2650. On downward movement, below 2495 it may get
support at 2477.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote :-
Effort only fully releases its reward after a person refuses to quit
Financial Weekly

Oct. 2021 33
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
At last mild correction in place

It is short of desired level yet
The week under report managed to end first session flat but in green and thereafter we marked
sliding of benchmarks for remaining sessions. Thus the correction appears to have been set in but
it has still not corrected to a desired level of analysts. Incidentally it was a derivatives expiry week.
Final spell of Monsoon is still on and the final tally reports are waited for. Impact of Auto and Ce-
ment dispatch data for the month of September 2021 will be mirrored in the ensuing week when it
opens for trades. Liquid global scenario and mixed trends in Asian markets kept triggering intermit-
tent move for the markets. For the week FIIs remained net sellers except token net buying on
Friday.
During the week Benchmarks moved in the range of 60412.32-58551.14 for BSE Sensex and
between 17943.50-17452.90 for NSE Nifty.
For the week, benchmarks posted net weekly LOSS of -1282.89 points for BSE Sensex and -
321.15points for NSE Nifty. Thus positive trends since last five weeks snapped.
On Mondaywe marked gap up openings of the market but it redressed from the intraday high as
EX-SPLIT the day progressed and finally managed to close but in green. BSE
Indo Borax (10 for 1)
Bajaj HC (2 for 1) Sensex scored mere 29.41 points to close at 60077.88 and NSE Nifty
CL Edu (2 for 1)
gained just 1.90 points to end the day at 17855.10. In fact, Sensex
EX-BONUS marked ATH for intraday. While buying spree continued in Banking,
Galactico (1 for 1)
G K P Print (1 for 1) Realty, Auto and got support from Reliance industries to curtail falling
trends, IT, Pharma counters kept sliding amidst heavy selloff. How-
BONUS ANNOUNCED
Universal Auto (1 for 4) ever, Mid and Small cap indices underperformed benchmarks as profit
Advitya Trade announced
booking at every rise remained order of the dat. Market breadth was
bonus shares in the ratio of 44
for 100 on 21.08.21, but negative and FIIs were net sellers while DIIs were net buyers for the
informed the exchange in the
week under review. day.
With a positive opening onTuesdaymarket gave up after initial hour
BONUS MEET trades to mark big slide and closed with sizeable loss. While BSE
Man Infra (4-10-21)
Medico (7-10-21) Cont....
Financial Weekly

Oct. 2021 34
Sensex lost 410.28 points to end the day at 59667.60, NSE Nifty posted deficit of 106.50 points to
close at 17748.60. Sensex lost 60K level at the close. Surge in crude and gas prices globally kept
a check on sentiment amidst continued selloff. While Oil and Gas counters gained momentum,
Banking and IT counters lead the doom and got support from the side market. However, while Mid
cap index underperformed, Small cap index outperformed benchmarks, but market breadth re-
mained negative. FIIs were net sellers and DIIs were net buyers for the day.
With a negative opening onWednesdayafter moving both ways, benchmarks finally closed in
red for the second session in a row. BSE Sensex marked deficit of 254.33 points to close at 59413.27
and NSE Nifty posted loss of 37.30 points to end the day at 17711.30.Power, Oil and Gas, Metal
counters gained but selloff in Banking, Consumer Durables, Auto counters kept a check on gen-
eral sentiment. Mid Cap index outperformed but Small Cap index underperformed benchmark,
however market breadth remained positive for the day. FIIs remained net sellers while DIIs were
net buyer for the day.
On Thursday,after cautious positive opening, benchmarks moved both ways to end the session
in red and thus we marked hat trick of loss for the week and that to on a derivatives expiry day. BSE
Sensex marked deficit of 286.391 points to end the day at 59126.36 and NSE Nifty lost 93.15
points to close at 17618.15.Heavy profit booking in overheated banking, Auto and IT counters lead
the doom and got support from Metal counters. However, Realty counters witnessed continued
buying at every fall. Both Mid and Small cap indices outperformed benchmarks and kept market
breadth positive. FIIs remained net sellers while DIIs were token net buyers for the day.
Benchmarks opened on a negative note on Fridayand traded in red for the day to close with
losses. BSE Sensex lost 360.78 points to close at 58765.58 and NSE Nifty marked deficit of 86.10
points to end the day at 17532.05. Thus BSE Sensex lost even 59K level while Nifty managed to
close above 17.5K. It was a fourth negative session in a row for the week. Tracking weak global
trends, we marked continuing slide in benchmarks. Drastic fall in Bajaj Finance and Bajaj Finserve
lead the doom and got support from heavy weights in Auto, Consumer Durables, Telecom counters.
However, surge in Mahindra and Mahindra, Coal India, IOC etc curtailed falling trends. However,
fresh buying support at lower levels in Mid and Small cap helped both these indices to outperform
benchmark and kept market breadth positive for the day. FIIs were token net buyers while DIIs
were net sellers.
Amidst such a scenario BSE Sensex may move in the range of 60500-57000 and NSE Nifty
between 18050-16750.
By the weekendDollar surged a bit to mark Rs. 74.10 a Dollar and Brent Crude moved up to
close around 78.55 $ a barrel by weekend raising concern for petroleum products price hike in
coming weeks. Even gas priced jumped globally by over 60% and added fuel to the fire. During
Financial Weekly

Oct. 2021 35
ensuing week, we have 30 odd board meetings for various purposes. Final spell of monsoon and
Cement /Auto sector September dispatch data will be on radar for the market men along with gen-
eral global trends coupled with economic data. As we will be ushering into H1 results season by
the end of coming week, market will turn stock specific once again as usual.
DISCLAIMER : No financial information whatsoever published anywhere here should be con-
strued as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter
published here is purely for educational and information purposes only and under no circumstances
should be used for making investment decisions. Readers must consult a qualified financial advi-
sor before making any actual investment decisions, based on information published here. Any
reader taking decisions based on any information published here does so entirely at its own risk.
Investors should bear in mind that any investment in stock markets is subject to unpredictable
market-related risks. The above information is based on RHP and other documents available as of
date coupled with market perception. The author has no plans to invest in this offer.
(SEBI registered Research Analyst-Mumbai).
Nifty & Sensex Movement during the last week

BSE-Sensex Open High Low Close Diff
27-09-2021 60,303.79 60,412.32 59,887.19 60,077.88 29.41
28-09-2021 60,285.89 60,288.44 59,045.53 59,667.60 -410.28
29-09-2021 59,296.54 59,678.66 59,111.41 59,413.27 -254.33
30-09-2021 59,549.57 59,557.24 59,019.28 59,126.36 -286.91
01-10-2021 58,889.77 58,890.08 58,551.14 58,765.58 -360.78
Net Weekly Loss -1,282.89
NSE Open High Low Close Diff
27-Sep-21 17932.2 17943.5 17802.9 17855.1 1.9
28-Sep-21 17906.45 17912.85 17576.1 17748.6 -106.5
29-Sep-21 17657.95 17781.75 17608.15 17711.3 -37.3
30-Sep-21 17718.9 17742.15 17585.35 17618.15 -93.15
01-Oct-21 17531.9 17557.15 17452.9 17532.05 -86.1
Net Weekly Loss -321.15
Financial Weekly

Oct. 2021 36
Kishore Purswani
(Email: kishore.purswani@gmail.com)
IPO ANALYSIS
1ST JAN'21 TO 30TH SEPT'21
Introduction
The year 2021 has been a lucky year not only for the secondary market investors but for
those also who had invested in primary market and were lucky to get allotments or were
smart enough to buy the shares on listing date.
Analysis of IPOs Listed from 1st Jan'21 to 30th Sept'21
A detailed analysis of IPOs listed from 1st Jan'21 to 30th Sept'21till date revealed that 41
new companies were listed in the first nine months ( 1st Jan'21 to 30thSept'21) and 12 out of
41 companies are trading at more than double and as high as four times of the issue price.
Company wise data are given in Table 1.
Table 1
Data of IPOs trading with more than 2X of Issue Price
Co. Name Sector Issue Subs List Issue Listing Listing Price Gain
Size (x) Date Price Day Gain as on (%)
(Rs.) Closed (%) 30-9-21
Ami Org. Spec. Chem 569.64 64.5 14-Sep 610 935 53 1282 110
TatvaChint. Spec. chem 500 180.3 29-Jul 1083 2310 113 2193 102
Clean Sc. Spec. Chem 1546 93.4 19-Jul 900 1585 76 2047 127
G R Infra Civil const. 963.28 102.6 19-Jul 837 1747 109 1869 123
Macrotech Real estate 2500 1.4 19-Apr 486 463 -5 1059 118
Barbeque Casual Dining 452.87 6 07-Apr 500 590 18 1115 123
Nazara Tech Mobile gaming 582.91 175.5 30-Mar 1101 1577 43 2292 108
Laxmi Org. Spec. Chem 600 106.8 25-Mar 130 165 27 547 321
Easy trip Travel solutions 510 159.3 19-Mar 187 208 11 594 218
MTAR tech Precision Engg. 596.41 200.8 15-Mar 575 1082 88 1465 155
Nureca Healthcare & wellness 100 39.9 25-Feb 400 667 67 1628 307
Stove Kraft Kitchen appliances 412.63 18 05-Feb 385 446 16 1025 166
Cont...
Financial Weekly

Oct. 2021 37
Inferences
The clear winner is the Speciality Chemicals segment as four companies (Ami organics,
TatvaChintan, Clean Science Technologies and Laxmi Organics) listedin this period are
trading with more than 100% gains. An interesting observation is that 11 out of 12 companies
have given decent returns (ranging from 7 % to 230 %) even after listing. The only odd one
out is Tatvachintan which closed on listing day with impressive gainof 113 % is now trading
with a discount of 9.5% of the closing price on the listing day. As such those investors who
would have identified the worth of stock on listing and would have bought shares on the day
of listing are now sitting with a handsome gain. Macrotech Developers and Easy trip which
closed on listing day with a discount of 5 % and gain of 11% with respect to issue price are
now trading with a gains of 118% and 218% respectively and are the leaders in giving decent
returns.
The learning is that an investor needs to find out worth of stock and then take an informed
decision.
Happy investing!
Kishore Purswani
M No 9425604104
Mail id: kishore.purswani@gmail.com
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Financial Weekly

Oct. 2021 38
Scrip Watch - Siddharth Shah
United Spirits (Rs. 865.00) (Code : 532432) :- The potential sale of brands such
as Bagpiper whiskey and White Mischief vodka is gathering momentum in the United Spirits
stock as the Diageo subsidiary looks to embrace a premiumisation strategy-due to higher
margins-drive profits and take on French liquor major Pernord Ricard in the domestic mar-
ket. USL's popular portfolio comprises around 30 brands and the strategic review will focus
on approximately half of this portfolio by volume. This review will not include the McDowell's
or Director's Special trademarks. Promoters held 56.8 per cent stake in the company as of
Dec 30, 2020, while FIIs held 19 per cent, DIIs 9.8 per cent and public and others 14.5 per
cent. Buy.
HAL (Rs. 1336.00) (Code : 541154) :- State-run aerospace giant Hindustan Aero-
nautics Ltd (HAL) has signed a lease agreement with Alliance Air Aviation Limited for the
supply of two Civil Do-228 aircraft for regional operations in Arunachal Pradesh, aimed at
giving boost to India's Regional Connectivity Scheme (RCS). The HAL Do- 228 is a versatile
aircraft well-suited for operations in the North East and has the capabilities of short take-off
and landing, ability to land and take-off from semi-prepared runways, the company said in a
release. This development opens a new vista in civil aviation for HAL. The company is keen
to increase its footprint in the regional civil aviation by engaging more numbers of HAL Do-
228 by air operators of the country. Buy. Buy more on decline.
HCL Technologies (Rs. 1273.00) (Code : 532281) :- HCL Technologies (HCL)

has launched a 5G Open Radio Access Network (O-RAN) lab in India that will enable global
telecom industry players to transition to a 5G network. This lab will help telecom service
providers with multi-vendor options to move to a more open, intelligent, virtualized and fully
interoperable 5G mobile network to provide an enhanced experience to end-users. Mean-
while, the company has signed a multi-year deal to build a digital foundation and transform
the data centre business of Belgium's Proximus Group, a digital services and communica-
tions solutions provider. The stock, after correction, looks attractive.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly

Oct. 2021 39
Market Tips - Het Zaveri
Tata Investment (Rs. 1436.00) (Code : 501301) :- You can buy all Tata group
stocks by owning just one stock - Tata Investment Corporation (TIC). Being the investment arm of
Tata Sons, which holds 68.5 per cent stake in TIC, its valuation is derived by discounting the value
of its portfolio. It is then imperative that the opportunity to invest in TIC depends upon the extent of
the discount, which has expanded making the stock attractive. The market capitalization of Tata
group has crossed $300 billion as shares of 27 of its 28 listed companies soared during the year,
stock exchange data showed. India's largest conglomerate added a market value of $84.75 billion
since the beginning of the year, on the back of share price gains ranging from 15% to 375% during
the year. It will directly benefit Tata Investments. Buy.
JK Cement (Rs. 3209.00) (Code : 532644) :- Shares of JK Cement advanced as
the stock has been added to the futures and options (derivative) segment of the markets from the
start of October series. JK Cement has set a target of increasing production capacity to about 23
million tonnes per annum in the next two years, from 15 million tonnes now, by expanding its
footprints in northern and central India. In line with this plan, the company is setting up a new
manufacturing plant at Hamirpur in Uttar Pradesh. This plant will have a capacity close to 2 MT per
year. JK Cement has about 12 MT of grey cement facility in the north spread across Rajasthan,
Haryana, western UP and Gujarat, and 3 MT in Karnataka which caters to southern Maharashtra
and parts of Kerala. The company's consolidated Ebitda in FY21 was at Rs. 1,536 crore. JK Ce-
ment is targeting 10% higher Ebitda this year and aims to add at least 2,000 dealerships in the grey
cement segment to its network of 5,000. Invest.
ION Exchange (Rs. 2225.00) (Code : 500214) :- Ion Exchange (India) is a leader
in Indian water treatment Industry. The company offers total water management solutions. It is one
of the very few companies in the world with a range of technologies products and services that
cover the entire spectrum of water and waste-water treatment. Ion Exchange has, recently, been
awarded by Indian Oil Corporation Limited a Engineering, Procurement, Construction and Com-
missioning (EPCC) contract for design, installation of effluent treatment plant on turn key basis at
contract value of Rs. 357.465 crores for its Para Xylene (PX) and Purified Terephthalic Acid (PTA)
complex project at Paradip, Orissa. PTA is a major raw material used to manufacture polyester
fibers, PET bottles and polyester film used in packaging applications. So more and more orders
are flowing which secures company's earnings. Buy.
Sun Pharma (Rs. 826.00) (Code : 524715) :- Sun Pharmaceuticals has launched
a novel formulation in cough management, Chericof12 (Dextromethorphan Hydrobromide 30mg
and Chlorpheniramine Maleate 4 mg) in India. Chericof 12, the first prescription cough syrup in
India which gives relief for up to 12 hours, is manufactured using Polistirex technology for sus-
tained release of the drug. Chericof 12 is approved for patients of age group six years and above.
ICICI Securities recommended a 'buy' rating on Sun Pharma with a price target of Rs 898 per share
in three months. The pharma space has seen healthy correction in the last couple of weeks while
broader markets remained buoyant. The stock is worth accumulation.
Financial Weekly

Oct. 2021 40
SMART TIPS Smita N. Zaveri
Redington (Rs. 144.00) (Code: 532805) :- Shares of this A group listed commercial
trading and distribution sector company touched a 52-week high of Rs. 179 and low of Rs. 53. The
company had entered into a distribution agreement with Apple in 2007, and distributorship agree-
ment with Amazon for Kindle devices in 2013. Redington derives 75% of its revenue from supply
chain solutions, and the remaining from the mobility segment. It is focusing more on the core busi-
ness and is seen benefitting from Make in India project. Hundred percent of its shares are held by
the public. It has a market cap of Rs. 11,378 crore. Equity is Rs. 77 crore and reserves Rs. 4855
crore. For the June quarter, consolidated income went up from Rs. 10,721 crore to Rs. 13,474
crore, and profit from Rs. 98 crore to Rs. 239 crore. The stock is seen gaining from the launch of
iPhone 13 in India.
JK Paper (Rs. 227.00) (Code: 532162) :- Shares of this A group company touched a
52-week high of Rs. 284 and low of Rs. 86. The company makes office paper, packaging boards,
printing & writing paper, and specialty paper. Its two plants have capacity of 45,000 tonnes per
annum. The ban on single use plastic led to a rise in paper stocks. JK Paper has 18 depots, 4,000
dealers, and 230 stores in India. Its products are exported to over 60 countries. It has a market cap
of Rs. 3884 crore. For the June quarter, consolidated income jumped 41% from Rs. 469 crore to
Rs. 660.75 crore, while profit zoomed more than 28 times from Rs. 3.52 crore to Rs. 104 crore.
EBITDA jumped 150% to Rs. 224.51 crore. Its equity is Rs. 169 crore, and reserves Rs. 2315 crore.
The stock is poised to do well.
Finolex Industries (Rs. 215.00) (Code: 500940) :- Shares of this A group com-
pany touched a 52-week high of Rs. 210 and low of Rs. 98. The Pune-based company manufac-
tures PVC and CPVC pipes, which are in high demand in agriculture and electrical fittings. It makes
a range of other pipes and fittings used in agriculture, and casting pipes, column pipes, and solvent
chemicals. It has also forayed into CPVC pipes, sewerage pipes, SWR pipes & fittings for plumb-
ing and sanitation. Finolex is seen benefiting from the uptick in infrastructure, real estate, and farm
sectors. The company’s market cap is Rs. 12,058 crore. Equity is Rs. 124 crore and reserves of Rs.
3014 crore. Promoter holding is 52.47%. Its June quarter income rose from Rs. 570 crore to Rs.
965 crore, and profit from Rs. 53 crore to Rs. 147 crore. The stock can be seen touching Rs. 225-
235 levels in 6-9 months.
ONGC (Rs. 146.00) (Code: 500312) :- The A group listed shares touched a high of Rs.
148 and low of Rs. 64 in the last 52 weeks. It is the country’s largest oil and gas company, and a
key player in meeting the energy needs. The company’s existing oil and gas fields have aged and
it has been unable to increase production significantly despite making huge investments. ONGC is
looking to sell some stake in Hindustan Petroleum, and some movement could be seen in this
direction in the coming months. Its equity is Rs. 6290 crore, and reserves of Rs. 2,14,690 crore.
Book value of the shares is Rs. 160. Promoter holding is 60.41%. It reported income of Rs. 1.08
lakh crore and profit of Rs. 6242 crore in FY 2021, compared with Rs. 63,507 crore and Rs. 1650
crore in the previous year. It has achieved EPS of Rs. 17.43 in the last 12 months, which shows the
stock is trading at P/E multiple of just 7.71. Re-rating of the stock is very likely
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 October, 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

Oct. 2021 41
Smart super duper - Het Zaveri
Arvind Smart Space (Rs. 173.00) (Code: 539301) :- Arvind Group's real estate
arm is launching new projects, which helps in earning better income and profit. The stock is avail-
able at lower rate currently. In June quarter, the company's income increased from Rs. 10.54 crore
to Rs. 26.95 crore, while it recorded profit of Rs. 2.50 crore as against losses of Rs. 4.83 crore with
EPS of Rs. 0.70. It has equity of Rs. 36 crore. The stock may give good returns in long term as the
real estate sector is likely to witness boom. Along with Ahmedabad, the company also has pres-
ence in Ahmedabad.
Sterling and Wilson Solar (Rs. 404.00) (Code: 542760) :- The stock has wit-
nessed improvement from lower level in last one month. Shapoorji Palonji Group came up with
IPO at Rs. 780 but crumbled down to Rs. 69.7 at one point of time. The company is associated with
solar plant manufacturing and has presence in a number of countries in the world. The company
has turned debt free recently, which was a cause of concern earlier. Moreover, the group is plan-
ning to sell off the company, for which big corporates like Adani and Reliance and foreign funds
are interested. It recently completed 66 MW project at Jordan. The stock is trading at lower than the
IPO price so it is a good opportunity for buying.
Arvind Fashion (Rs. 272.00) (Code: 542484) :- It got listed as a separate company
of Arvind Group. Its portfolio includes popular brands such as Gap, Tommy Hilfiger, Arrow, Calvin
Klein, etc. Promoter holding is 36.18 %, while public hold 63.82 % stake. The company plans to
increase its retail presence going ahead. After establishing its power brands, the company is de-
veloping sub-brands and extensions to grow market share. In June quarter, the company's income
increased from Rs. 72 crore to Rs. 319 crore, while its losses came down to Rs. 177 crore from Rs.
197 crore. Renowned investor Ashish Dhawan holds 4.78%. The apparel sector was affected due
to CORONA pandemic, which is now coming out of it. It issued Rights Issues in Calendar year
2020 and 2021.
Tata Power (Rs. 163.00) (Code: 500400) :- Tata Power is a leading integrated
power company of India. It also has presence in foreign countries. The company is active in ther-
mal, hydro, solar and wind segments of power generation. It owns 4000 mega wattultra mega
power plant at Mundra in Gujarat. It also owns 30% stake in two Indonesian coal mines. The pro-
moters increased their stake by 9.64% in September, since then the stock is witnessing one sided
bullish trend. As against equity of R.s 320 crore, the company has reserves of Rs. 20503 crore. In
June quarter, the company's income increased from Rs. 6453 crore to Rs. 9968 crore, while profit
increased from Rs. 207 crore to Rs. 391 crore. It declared 155% dividend for FY2021. The govern-
ment is trying to revive power sector, which may benefit the company.
Financial Weekly

Oct. 2021 42
Diwan-E-Khas A.J. Diwan (Mumbai)
E-mail : divanconsultancy@rediffmail.com
Scrip specific approach needed

After celebrating 60,000 and 18,000 for Nifty, Market is witnessing profit taking.
China policy on steel companies brought down leader Tata steel by Rs.250 points. The
price range is 1270 to 1325.
In world markets crude almost touched $80. This also have negative effect on our economy.
We have very heavy rains in certain parts of our country. The farmer agitation is on and
government is giving priority to see fall on opposition government and not solving problem.
The crude also touched 80 dollar. The government raised gas prices. The dip see gas
price also up from 3.6 to 6.3 dollar. Gail may gain but great shipping may lose.
Lupin plant has us inspection which may bring down share price.
Reliance has included in board director from Middle East, Share price surged in Reliance
should be 2480.
The government is giving priority to power and power generation. We like to buy JSW eng,
Adani Trans, NTPC on every fall.
With power share buy PFC with SL of Rs 138.
Now vacation time so travel tourism should prosper. We like to buy on decline Indian
Hotels VIP Ind., Lemon Tree, United Spirits and Mahindra Holidays
On Thursday trading our observations on following share s is as under. Motherson Sumi
short on rise with sl at 132/33. Buy Delta Corp on any fall with sl at 250.
DLF buy on decline SL at Rs.410.
Vedanta short on any rise. Rs 293/4 is good price with s l at 297/98. Target is Rs.280.
Adani port avoid till outcome of dock power problem is solved
Lord Krishna and Bapa Ganpati gave strength to market was partly vanished by 'shardh'
Financial Weekly

Oct. 2021 43
Investment Ideas telegram.me/rupeegains7
NIFTY
For next week NIFTY has strong support around 17450 levels. Break will take it to 17325---
17255 levels. On the upper side NIFTY will face strong hurdle at 17660 levels, cross over with
volume and close above will create short covering at take NIFTY up to 17750---17800 levels…
BANK NIFTY
For next week BANK NIFTY has strong support around 36900 levels. Break will take it to 36700-
---36500 levels. On the upper side BANK NIFTY will face strong hurdle at 37650 levels, cross over
with volume and close above will create short covering at take BANK NIFTY up to 37900---38200
levels…
INVESTMENT IDEAS…
RTS POWER CORPORATION LTD
(531215) (75.45) (Face Value Rs.10)
RTS Power Corporation (RTS) is a Kolkata based company belonging to well-diversified
multilocation Bhutoria group engaged in cold storage, transformers, cables and conductors, real
estate and warehousing. RTS is a leading manufacturer of Power, Distribution, Extra High Voltage
(EHV) and Dry-type Transformers.
It supplies its products to all State Electricity Boards (SEBs)/ DISCOMS, most EPC contractors,
Defence (MES and Air force), Indian Railways, public sector units, private companies and private
utility companies. Company is having strong customer base across major Industries. State Elec-
tricity Boards, Railways, Telecom Majors, Reputed Infra companies and Defence majors are the
growing Customers for the company. Clients include NBCC, NCC, KEC, Genus Power, Technofab
Engineering, Tata Products, Punj Lloyd, L&T, Jyoti Structures, Ashoka Buildcon, Sterling & Wil-
son, Polycab, Bajaj Electricals, Godrej, CESC, VoltasEMCO, C&S Electric, Vidhya
Telelinks and many others. Company has 8 Manufacturing Units spread across Rajasthan,
Maharashtra, Uttar Pardesh and West Bengal. The company has an equity of Rs.9.17 crore backed
by reserves of around Rs.117.67 crore, which leads to a share book value of Rs.138. The stock is
available at a P/BV ratio of just 0.55x. The promoters hold 74% while the investing public holds
26% stake in the company.
Everyone, whose financial advisor is allowing to trade in this stock for medium to long term can
watch with stop loss of 65.
ANDHRA PETROCHEMICALS LTD

(500012) (141.40) (Face Value Rs.10)
APL was established with a capacity to produce 30,000 MTPA of Oxo Alcohols at Visakhapatnam,
Andhra Pradesh, India. The Plant has undergone an Optimization & Modernization Scheme to
increase the capacity to 73,000 MTPA. It is the Sole producer of oxo-alcohols in India. The com-
pany 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. Company benefits
Cont....
Financial Weekly

Oct. 2021 44
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 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 exceeding the supply.
It has an equity base of Rs.84.97 crore that is supported by reserve of Rs.218.74 crore. The
promoters hold 45.05% while the investing public holds 54.95% stake in the company.
Company has posted highly impressive numbers for Q1FY21. During Q1FY21 its PAT stood at
Rs.62.74 crore from loss of Rs.1.93 crore on 318% higher sales of Rs.244.07 crore fetching an
EPS of Rs.7.38.
Currently stock available at a P/E of just 8.6x which is cheapest in chemical sector in this boom
period.
ALPA LABORATORIES LTD

(532878 & NSE) (53.05) (Face Value Rs.10)
ALPA manufactures a range of products such as ethical drugs, generic drugs, over the counter
drugs (OTC) and veterinary products in various dosage forms and markets them. ALPA also manu-
facture formulations for a number of other pharmaceutical companies of national and international
repute such as Cipla, Zydus Cadila, Lupin, Glenmark, Genom Biotech, Jenburkt, etc. (under their
own brands) located both in India and abroad in countries such as Philippines, Iran, Iraq, Sierra
Leon, Madagascar, Kenya, Liberia, Puerto Rico, Haiti, Sudan, Ghana, Nigeria, Srilanka etc. Fur-
ther, it also undertakes contract manufacturing of a large variety of pharmaceuticals. It manufac-
tures various dosage forms which include injectables (vials / ampoules both liquid and dry), tab-
lets, capsules, eye / ear drops, ointment and creams and dry syrups. ALPA has an established
product-marketing network covering both metro and mini metro cities, which enable it to reach its
existing and potential customers through its network of distributors and dealers spread across the
country.
The Company has equity of Rs.21.04 crore while company has huge reserve of around Rs.87
crore. Promoters hold 56.66% while investing public hold 43.34% stake in the company.
It had reported superb numbers for Q1FY22. During Q1FY22, net profit soared 101.25% to Rs.6.46
crore from Rs.3.21 crore in Q1FY21 on 93.49% higher sales of Rs.31.52 crore fetching an EPS of
Rs.3.06.
Currently, the ALL stock trades at a P/E of 10.6x.
NELCAST LTD
(532864 & NSE) (91.4) (Face Value Rs.2)
Nelcast is the Largest Jobbing Foundry in India for the manufacturing of Ductile & Grey Iron
Castings. Its products cater to the Global Automotive, Tractor, Construction, Mining, Railways and
General Engineering sectors and company is proud to have as its customers, the leading compa-
nies in these sectors worldwide. Established in 1985 with a modest capacity of just 1,000 Metric
Tons/Year, Nelcast has focussed on producing superior quality castings for a wide range of Indus-
tries. This focus has helped it grow over the last three decades to a position of market leadership
with a production capacity of 118,000 Metric Tons/Year. Compnay has a diversified customer base
Financial Weekly

Oct. 2021 45
including Original Equipment Manufacturers ("OEM") and Tier-1 customers in the Commercial
Vehicle, Tractor, Railways and Off-Highway Vehicle segments spread across India, Europe, North
America and Southeast Asia. Company is a trusted partner and a strategic supplier with long-
standing strategic relationships with TAFE, Tata Motors, Ashok Leyland, Volvo-Eicher Commer-
cial Vehicles, Same Deutz-Fahr India, Daimler, Automotive Axles, Dana, American Axles & Manu-
facturing, Comer Industries, Meritor, Wabtec, ZF.
It has an equity base of Rs.17.40 crore that is supported by reserves of around Rs.412.69 crore
which is almost 23 times higher against equity. The promoters hold 74.87%, while the investing
public holds 25.13% stake in the company.
For Q1FY22, NELCAST posted PAT of Rs.2.03 crore on 181.21% higher sales of Rs.183.66
crore and an EPS of Rs.0.23. Company paid 10% dividend for FY21.
Company has completed a expansion during FY21 and the new plant will be the biggest growth
driver for NELCAST. Margin expansion will drive its earnings in coming days after this expansion.
Disclosures: At the time of writing this article, author, his clients & dependent family mem-
bers may have positions in the stocks mentioned above. The author, his firm, his clients or
any of his dependent family members may make purchases or sale of the securities men-
tioned in website. Author may have positions in above stocks so have vested interest obvi-
ously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable &
authenticated sources believed to be true & correct, and also is technical analysis based on
& conceived from charts. Investors should take their own decisions. We assume no respon-
sibility for any transactions undertaken by them. The author won't be liable or responsible
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Financial Weekly

Oct. 2021 46
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Financial Weekly

Oct. 2021 47
Primary Market - Dilip K. Shah
At Global Level September remained poor for IPOs and went down by 26.3% at $94.6 billion
Due to hard stand taken by US against Chinese companies listing of Chinese companies affected
Till now in Calendar Year 2021, 40 companies have raised Rs. 64217 crore
In October-November 30 companies are likely to raise Rs. 45000 crore
Total 346 companies got listed on BSE SME : 114 companies migrated to the mainboard
This week 17 issues including 7 SME, 6 Rights, 4 NCDs are in the market
Paras Defence got listed with 171% returns giving returns of Rs. 27000
Aditya Birla AMC IPO got average response
Grey Market premiums came down to Rs. 10 from Rs. 50
This week 6 Rights issues are in the market
Bharti Airtel's Rs. 21000 crore Rights Issue to open on October 5
JM Fin's NCDs issue closed earlier due to good response
Currently 4 NCDs issues are in the market
OYO Hotels approaches SEBI for Rs. 8430 crore IPO
Fresh issue will be of Rs. 7000 crore and OFS will be of 1430 crore
The bullish rally in the secondary market that started in September has slowed down. In last
week of September the Sensex has come down by 1280 points and Nifty has gone down by 320
points. However, Indian Primary Market performed better compared to secondary market in Sep-
tember. On the contrary, at Global level, IPO market remained poor in September.
Poor September for IPO market at Global level :- Total $94.60 billion were raised in Septem-
ber quarter, which is 26.30% lower than June quarter. US started inquiry against DD Global Ink
which affected the IPO activities in September quarter. In 2021m 2000 IPOs have raised $421
billion, which is a record and double compared to last year.
In October - November 30 companies will raise Rs. 45000 crore :- According to merchant
bankers the bullish trend in Indian Primary Market will continue as 30 companies are gearing up
for raising Rs. 45000 crore and majority of them are from technology segment.
Cont...
Grey Markets Premium

IPOs Offer Price Premium Kostak Price Subject to
Name (Rs.) (Rs.) *Min. Appl. Sauda
A.B. Sun Life 695 to 712 8 to 10 250 --
H : 110 / L : 8
Don't subscribe IPO only on the basis of Grey premium.

Before Investing check the fundamentals of IPOs
Financial Weekly

Oct. 2021 48
Tentative Timetable for Current Main Line & SME IPOs
Getalong Jainam Aditya Shree Promax Dynamic Destiny Samor Bombay Adishakti CWD
Enterprise Ferro Birla Venkates Power Serv. Log. Reality Metrics Loha
Issue Closes date 30-9-21 30-9-21 1-10-21 1-10-21 4-10-21 5-10-21 5-10-21 5-10-21 4-10-21 5-10-21 5-10-21
Allotment 5-10-21 5-10-21 6-10-21 6-10-21 7-10-21 8-10-21 8-10-21 11-10-21 8-10-21 11-10-21 11-10-21
Refunds 6-10-21 6-10-21 7-10-21 8-10-21 8-10-21 11-10-21 11-10-21 11-10-21 8-10-21 11-10-21 11-10-21
Credit Share 7-10-21 7-10-21 8-10-21 8-10-21 11-10-21 12-10-21 12-10-21 12-10-21 11-10-21 12-10-21 12-10-21
Listing 8-10-21 8-10-21 11-10-21 11-10-21 12-10-21 13-10-21 13-10-21 13-10-21 12-10-21 13-10-21 13-10-21
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 1-10-21
Prevest Denpro 543363 27-09-21 84 180.55 189.55 180.55 189.55 188.55
Markolines Traffic 543364 27-09-21 78 62.2 65.3 59.1 65.3 66.85
SBL Infratech 543366 28-09-21 111 130 130 125 125 125.00
Quadpro ITeS Limited QUADPRO 30-09-21 20 19.8 20 18.85 19.85 18.95
Paras Defence 543367 1-10-21 175 475 498.75 456 498.75 498.75
Subscription Figures of SME IPO (Dt. 1-10-2021) Subscription figure of

IPO Listing Day Subscribed Aditya Birla AMC Main Line IPO
Getalong Enterprise BSE SME Issue Closed on 30-9-21 2.09x No. Shares Issue Subscribed
Jainam Ferro Alloys NSE SME Issue Closed on 30-9-21 6.65x
Shree Venkatesh BSE SME Issue Closed on 1-10-21 3.12x Offered/ 29-9-21 30-9-21 1-10-21
Dynamic Services NSE SME 2nd Day Subscribed 0.95x Reserved
Destiny Logistics NSE SME 2nd Day Subscribed 2.28x
QIB 73,87,200 0.00x 0.06x 10.36x
Promax Power BSE SME 2nd Day Subscribed 2.59x
Samor Realty Limited BSE SME 2nd Day Subscribed 1.20x NII 55,40,400 0.14x 0.40x 4.39x
Bombay Metrics NSE SME 2nd Day Subscribed 3.67x Retail 1,29,27,600 1.09x 2.00x 3.24x
Adishakti Loha and BSE SME 2nd Day Subscribed 0.47x Others 19,44,000 0.31x 0.71x 1.68x
CWD Limited BSE SME 2nd Day Subscribed 0.22x
Total 2,77,99,200 0.56x 1.08x 5.25x
These IPOs include : Policybazaar's Rs. 6017 crore, Emcure Pharma's Rs. 4500 crore, Nykaa's
Rs. 4000 crore, CMS Info Systems' Rs. 200 crore, MobiKwik's Rs. 1900 crore, Northern Arc Capital's
Rs. 1800 crore, Ixigo's Rs. 1600 crore, Sapphier Foods' Rs. 1500 crore, Fincare Small Finance
Bank's Rs. 1330 crore, Sterlite Power's Rs. 1250 crore, RateGain Travel Technologies' Rs. 1200
crore and Supriya Lifesciences' Rs. 1200 crore issues.
Till now in calendar year, 40 companies have raised Rs. 64,217 crore.
Generally September witnesses higher number of IPOs as IPO approval gets lapsed by end of
September, but this year the rush is much bigger. This week, four BSE SME IPOs Promax Power,
Samor Reality, AdishaktiLoha&Ispat and CWD Limited are in the market. Three NSE SME Issues
include Bombay Metrics Supply, Dynamic Services and Security, Destiny Logistics & Infra.
Detailed analysis of all these seven issues is given in separate box.
Cont...
- PrevestDenpro is the first company from J&K to get listed on BSE SME with 115% premiums
- When and How will be allotment, refund and listing in Aditya Birla AMC IPO?
- Out of recent 10 SME IPO 8 issues got oversubscribed more than one time
- Godavari Bio, Sahjanand Medical, Lava Intl, Vati Energy and Viha filed DRHP for IPO
- Markolines' SME IPO got listed with 20% discounts: Smart Investment's prediction turns true
Financial Weekly

Oct. 2021 49
BSE SME IPO’s
Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Promax 30-9-2021 16,00,000 10 10,000 Eq.Shares Finshore 31%
Power 4-10-2021 Eq. Shares (F.V. Rs.10) (Rs. 1,00,000) Management Apply for Long Term
(Rs. 1.60 Cr.) (Risky Bet)
2. Samor 30-9-2021 13,00,000 62 2000 Eq. Shares Beeline 33%
Reality 5-10-2021 Eq. Shares (F.V. Rs.10) (Rs. 1,24,000) Broking Apply for
Long Term
Rs. 8.06 Cr.)
3. Adishakti 30-9-2021 18,20,000 11 10,000 Eq. Shares Turnaround 27%

Loha and 5-10-2021 Eq. Shares (F.V. Rs.10) (Rs. 1,10,000) Corporate Avoid
(Expensive)
Ispat Rs. 2.00 Cr.)
4. CWD 30-9-2021 10,00,800 180 600 Eq. Shares Aryaman 29%

Limited 5-10-2021 Eq. Shares (F.V. Rs.10) (Rs. 1,08,000) Financial Avoid
(Steep Pricing)
Rs. 18.01 Cr.)
NSE SME IPO’s

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Bombay 30-9-2021 4,60,800 93 1200 Eq. Shares 34%
Metrics 4-10-2021 Eq. Shares (F.V. Rs.10) (Rs. 1,1,600) May Apply
Supply (Rs. 4.29 Cr.) (MId-Long Term)
2. Dynamic 30-9-2021 47,32,000 51 2000 Eq. Shares Finshore 34%
Services 5-10-2021 Eq. Shares (F.V. Rs.10) (Rs. 1,02,000) Management Apply for
& Security (Rs. 24.13 Cr.) Long Term
3. Destiny 30-9-2021 26,94,000 20 6000 Eq. Shares Finshore 36%
Logistics 5-10-2021 Eq. Shares (F.V. Rs.10) (Rs. 1,20,000) Management Apply for
& Infra (Rs. 5.39 Cr.) Mid Term
Listing on BSE SME Platform :- Till now 346 companies have got listed on BSE SME Platform
since its inception on 13 March 2012. Out of that 114 companies have migrated to the mainboard.
Prior to Denpro 345 companies raised Rs. 3624.29 crore and market capital of these companies
stands at Rs. 36419.82 crore.
Entry of J&K :- Recently PrevestDenpro became the first company to get listed on BSE SME
platform from Jammu and Kashmir. The issue with offer price of Rs. 84 got listed at Rs. 180.55
giving premiums of Rs. 115. It's a debt free company.
* Mainboard IPOs:-
• Paras Defence Listing (543367) :- The issue with offer price of Rs. 175 got listed with 171.43%
premiums and went up to Rs. 498.75 and down to Rs. 456 and closed at Rs. 492.45, i.e. 181.40%
premiums. It had got 304.26 times subscription. The investors have gained Rs. 317 per share
taking total gain to Rs. 27000 for 85 shares. It is advisable to book 50% profit once it crosses 500
level.
• Aditya Birla AMC :- Rs. 2768.26 crore IPO opened on September 29 and closed on October 1.
Subscription :- It got total 5.25 times subscription including 10.36 times in QIB, 4.39 times in
HNI, 3.24 times in retail and 1.68 times in other category.
Allotment/Refund :- IPO allotment will be on October 6, Refund on October 7, share credit on
October 8. Application wise ratio is 2.40 and after considering rejection, out of 9 applicants 4 may
get shares.
Cont...
Financial Weekly

Oct. 2021 50
Non Convertible Debenture (NCD) Issues at a Glance
Sr Company Issue Open Bond size F.Value Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
23-9-2021 Base Size Rs.75 Cr. 1,000/- 10 NCDs BSE CRISIL BBB/Stable
1. Indel Money 18-10-2021 with an option to Retain (Rs.10,000) By Crisil AVOID
Limited Oversubscription up to Lead manager :
Rs. 75 Cr. Vivro Financial Services
(Aggregating up to Rs. 150 Cr.)
27-9-2021 Base Size Rs.100 Cr. 1,000/- 10 NCDs BSE Crisil AA/Stable
2. IIFL Finance 18-10-2021 with an option to Retain (Rs.10,000) NSE And Apply
Limited Oversubscription up to Lead manager : BWR AA+/Negative
Rs. 900 Cr. Edelweiss Fin., Equirus Cap.,
(Aggregating up to Rs. 1000 Cr.) IIFL Securities
30-9-2021 Base Size Rs.200 Cr. 1,000/- 10 NCDs BSE Crisil A+/Stable
3. Muthoot 26-10-2021 with an option to Retain (Rs.10,000) Apply
Fincorp Oversubscription up to Lead manager :
Rs. 200 Cr. SMC Capital
30-9-2021 Base Size Rs.100 Cr. 1,000/- 5NCDs BSE CARE BB+;Stable
4. KLM Axiva 26-10-2021 with an option to Retain (Rs.5,000)
Avoid
Finvest Oversubscription up to Lead manager :
Rs. 100 Cr. SMC Capital (Risky)
Subscription figure of Subscription figure of Subscription figure of

J. M. Financial Products Indel Money Limited IIFL Finance Limited
Category No. of Bond Issue Category No. of Bond Issue
Category No. of Bond Issue
(Issue Closed on Offered/ Subscribed Offered/ Subscribed
Offered/ Subscribed
1-10-2021) Reserved 1-10-21 Reserved 1-10-21
Reserved 1-10-21
Cat. 1 (Inst.) 1,50,000 8.33x Cat. 1 (Inst.) 1,00,000 12.50x
Cat. 1 (Inst.) 75,000 0.00x
Cat. 2 (Non Inst.) 1,50,000 0.39x Cat. 2 (Non Inst.) 1,00,000 18.97x
Cat. 2 (Non Inst.) 3,00,000 0.71x
Cat. 3 (HNI) 3,00,000 9.69x Cat. 3 (HNI) 4,00,000 2.56x
Cat. 3 (Retail) 3,75,000 0.82x
Cat. 4 (Retail) 4,00,000 2.06x Cat. 4 (Retail) 4,00,000 3.75x
Total 7,50,000 0.70x
Total 10,00,000 5.04x Total 10,00,000 5.67x
Listing :- It may get listed on October 11 around Rs. 725-750. Subscription figure of
If market sentiments are down then it may get listed with discount. KLM Axiva Finvest
Category No. of Bond Issue
If shares are allotted then hold it for better return.
Offered/ Subscribed
• Grey Market Premium :- The premium started at Rs. 50 but Reserved 1-10-21
came down to Rs. 10/12 in seller circuit. Subject to rates were Cat. 1 (Inst.) 1,00,000 0.00x
Cat. 2 (Non Inst.) 4,00,000 0.56x
expected to be Rs. 110 but no deals took place after opening of Cat. 3 (Retail) 5,00,000 0.27x
the issue. Total 10,00,000 0.36x
Rights Issue :- Rights issues of BannariAmamn Spinning,
Subscription figure of
Praxis Home Retail, Asian Granito, RPP Infraprojects, Kesoram
Muthoot Fincorp.
Industries, Aruna Hotels, Bharti Airtel are in the market. Category No. of Bond Issue
Bharti Airtel :- It plans to raise Rs. 20987 crore by offering 39.23 Offered/ Subscribed
crore shares. The issue will open on October 5. Offer price will be Reserved 1-10-21
Cat. 1 (Inst.) 1,00,000 0.02x
Rs. 535. Face value is R.s 5. Cat. 2 (Non Inst.) 8,00,000 0.49x
NCDs issues :- NCDs issues of Indel Money Limited, IIFL Fi- Cat. 3 (Retail) 11,00,000 1.03x
nance Limited, Muthoot Fincorp., KLM Axiva Fin are present in Total 20,00,000 0.76x
the market. More details are given in box.

Cont...
Financial Weekly

Oct. 2021 51
Rights Issue
Sr Company Issue Open Dt. Issue size Offer price Ratio & Listing Lead Manager
Issue Close Dt. (Rs. Cr.) (Rs.) Record Dt.
1. Bannari 20-9-2021 3.33 Cr. Shares 30 21 Shares BSE Saffron Capital
Amman to (Rs. 100 Cr.) Per Shares for every NSE
Spinning 4-10-2021 (F.V.Rs. 5) 20 shares held
on 9-9-2021
2. Praxis 21-9-2021 4.36 Cr. Shares 11.35 11 Shares BSE Vivro Financial
Home to (Rs. 49.49 Cr.) Per Shares for every NSE
Retail 5-10-2021 (F.V.Rs. 5) 8 shares held
on 8-9-2021
3. Asian 23-9-2021 2.25 Cr. Shares 100 19 Shares for BSE BOI Merchant
Granito to (Rs. 224.64 Cr.) Per Shares Every 29 Shares NSE Holani Constl.
7-10-2021 (F. V. Rs. 10) held on 9-9-21
4. RPP Infra 27-9-2021 1.60 Cr. Shares 30 3 Shares for BSE Inga Ventures
Projects to (Rs. 48 Cr.) Per Shares Every 5 Shares NSE
18-10-2021 (F. V. Rs. 10) held on 20-9-21
5. Kesoram 27-9-2021 8.00 Cr. Shares 50 133 Shares for BSE DAM Capital
Industries to (Rs. 400 Cr.) Per Shares Every 274 Shares NSE Advisors Ltd.
11-10-2021 (F. V. Rs. 10) held on 17-9-21
6. Aruna 29-9-2021 2.49 Cr. Shares 10 83 Shares for BSE Saffron Capital
Hotels to (Rs. 24.90 Cr.) Per Shares Every 30 Shares
13-10-2021 (F. V. Rs. 10) held on 23-7-21
7. Bharti 5-10-2021 39.23 Cr. Shares 535 1 Shares for BSE Axis Bank, BNP,
Airtel to (Rs. 20,987 Cr.) Per Shares Every 14 Shares NSE BofA, Citi Group,
21-10-2021 (F. V. Rs. 5) held on 28-9-21 Golman, HDFC Bank,
ICICI Sec., J.P. Morgan,
J.M. Fon., Kotak Mah Cap.
* Upcoming mainboard IPOs:-

OYO Hotels & Home :- Hotel booking startup has filed DRHP for Rs. 8430 crore ($1.1 billion) IPO. It
includes fresh equity of Rs. 7,000 crore. Startup is valued at $9 billion and is the third valuable startup as per
SEBI insights.
Godavari Bio Refineries :- It has filed DRP for offering equity shares worth Rs. 370 crore owned by the
promoters and 65,58,278 shares by other investors under OFS.
GMR Green Tech :- Metal recycling company has filed DRHP for infusing Rs. 300 crore equity and OFS
of 3.34 crore shares.
Sahajanand Medical Technologies :- It has filed DRHP for IPO of Rs. 1500 crore including fresh issue
of Rs. 410.33 crore and OFS of Rs. 1089.67 crore.
Lava International :- The local mobile handset manufacturer plans to raise Rs. 1400-1500 crore by
offering fresh issue of Rs. 500 crore and 43,727,603 equity shares under OFS.
Vari Energy :-The biggest photo voltaic module manufacturer of India plans to Rs. 1350 crore IPO and
has filed DRHP for the same.
Veeda Clinical Research :- It has filed papers for Rs. 831 crore issue including fresh equity of Rs.
331.60 crore and OFS of Rs. 500 crore. OFS includes shares worth Rs. 8.08 crore of CX Optional Invest-
ment Fund, Rs. 90.19 crore of Arabella Financial Services, Rs. 259.77 crore of Bondway Investment Inc,
Rs. 0.04 crore of Steve International Corporation and Rs. 141.93 crore of Basil Private Ltd.
ECGC :- The government will launch IPO of ECGC in FY2023 to unlock the true value of the company.
It will infuse Rs. 4,400 crore capital in the company, which accounts for 85% market share in export credit
insurance market. After clearance from Cabinet last week, commerce and industries minister Piyush Goel
said that capital infusion and IPO will increase the underwriting capacity of ECGC to Rs. 88,000 and facili-
tate additional export of Rs. 5.28 crore over a period of five years.
Financial Weekly

Oct. 2021 52
Promax Power BSE SME IPO
Opened 30th Sept. & Closes on 4th Oct.
Offer Price Rs. 10; Listing on BSE SME Platform
It has reported inconsistent performance for last three fiscals
Considering rich valuations,
Risk takers may apply even AT PAR IPO
Incorporated in 2017, Promax Power Limited is an ISO 14001:2015 and ISO 45001:2018 certi-
fied organization, engaged in the business of engineering procurement construction for electrifica-
tion, civil infrastructure, and water infrastructure management projects. The company's business
segments can be divided into - Transmission Lines, Power Transmission & Distribution, Substa-
tion, Solar Projects EPC, Sewerage Treatment Plant, Water Treatment Plant
Issue Details Financial Performance : Consolidated Basis
• Issue Opens on 30th September & Closes on 4th October Particulars (Rs. Cr.) FY19 FY20 FY21
Total Revenue -- 7.76 36.89
• Object of the issue : Working Capital Requirment. Profit After Tax -- 0.31 0.18
• Issue Size : 16,00,000 Eq. Shares (Rs. 1.60 Cr.) EPS -0.01 311. 47 2.37
RONW (%) -0.12 96.90 3.65
• Face Value Rs. 10 • Offer Price : Rs. 10
• Minumum Lot Size : 10,000 Share • Listing on BSE SME Platform
• BRLM : Finshore Management Services Ltd.
• Market Maker : Nikunj Stock Brokers Ltd.
• Registrar : Cemeo Corporate Services Ltd.
• Company Management : Mr. Vishal Bhardwaj, and Mrs. Shweta Bhardwaj
• Pre Issue Promoter Holding : 99.99%
• Post Issue Promoter Holding : 73.33%
• Issue constitutes : 26.67% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 105.01 & RONW : 34.10%
• Pre IPO Eq. Capital Rs. : 4.40 Cr. • Post IPO equity Capital Rs. 6 Cr.
• Pre IPO : P/BV Ratio : 0.90 (NAV : 11.11) (31-3-2021)
• Post Issue : P/BV Ratio : 0.92 (NAV : 10.82)
• Post IPO asking P/E on fully diluted equity : 34.40
• BRLM’s Performance : This is 17 Issue from BRLM in last 5 Years. In Last 10 listing : 7 Issue
Opened with premium & 2 Issue opened with at par and 1 Issue Opened with at par.
OTHER SIDE OF THE COIN

• The average cost of acquisition of equity share to the promoter is Rs. 10 per share and offer
price is also Rs. 10 per share.
• In FY19 it has shown incomplete data for revenue and net profit. It has also reported negative
EPS & Negative RONW for the same period
• During FY20 & FY21 it has report inconsistent performance.
• In FY21 Top line growth is around five times and bottom has shown de-growth of around 40% in
comparison of previous year.
Recommendation : It has reported inconsistent track record during
last three fiscals. Considering rich valuations of IPO only risk taker may
apply for long term even IPO is at par.
Financial Weekly

Oct. 2021 53
Bombay Metrics Supply Chain NSE SME IPO
Offer Price Rs. 93; Listing on NSE SME Platform
It has reported strong financial for the last 4 fiscals
Considering reasonable offer price,
apply for short to mid term
Incorporated in 2015, Bombay Metrics is engaged in the manufacturing of engineered goods and supply
chain management services. The company also offers efficient services in advanced engineering, 3D scan-
ning, rapid prototyping, flow simulation, project management, and quality management. The company is
primarily focused on benefiting from the "Make in India" initiative by the GoI by aiding in developing supplier
capabilities in India. The company helps its customers in the process of selecting the right manufacturing
source and chooses the right logistics partners for their operations.
The company has recently been awarded "Best Exporter of the Year" in the Small Business Awards
2021, "Most Trusted Exporter in Western India" by Topgallant Media for International Service Pride Awards
2021, and declared "Winner" at the India 5000 BEST MSME Awards 2021.
• Issue Opens on 30th September & Closes on 4th October Particulars (Rs. Cr.) FY19 FY20 FY21
• Object of the issue : Working Capital Requirment. Total Revenue 20.03 29.93 32.41
Profit After Tax 0.93 1.39 1.30
• Issue Size : 4,60,800 Eq. Shares (Rs. 4.29 Cr.) EPS 8.70 12.98 12.12
• Face Value Rs. 10 • Offer Price : Rs. 93 RONW (%) 95.23 65.00 37.17
• Minumum Lot Size : 1200 Share • Listing on NSE SME Platform
• BRLM : Unistone Capital Pvt. Ltd.
• Market Maker : Rikhav Sec. Ltd. • Registrar : Bigshare Services Pvt. Ltd.
• Company Management : Mr. Nipul Hirji Keniya and Mr. Hiten T Shah
• Pre Issue Promoter Holding : 99.79%
• Post Issue Promoter Holding : 69.92%
• Pre IPO Eq. Capital Rs. : 1.08 Cr. • Post IPO equity Capital Rs.1.54 Cr.
• Pre IPO : P/BV Ratio : 2.4 (NAV : 38.75)
• BRLM’s Performance : This is 5 Issue from BRLM in last 4 Years. In Last 4 listing : 3 Issue Opened with
premium & 1 Issue with discount.

• The average cost of acquisition of equity share to the promoter is only Rs. 0.12 and 0.99 per
share and offer price is Rs. 93 per share.
• It has also issued bonus share in the ratio of 75:1 in march 2021 means before filling DRHP
• It has reported good growth in top lines for the last four fiscals but there is set back in FY21
bottom lines.
• Company is totally depend on only one customer which is very risky business
Recommendation : company's track record for last four years is strong
& on valuation front offer price seems reasonable. Investor may apply for
short to midterm.
Financial Weekly

Oct. 2021 54
Samor Reality Limited BSE SME IPO
Considering bounc back in financial performance of FY21
Fancy in realty segment,
One can apply for long term prospective
Incorporated in the year 2014, Samor Reality is engaged in the construction and development of residen-
tial and commercial projects, in and around Ahmedabad, Gujarat. The company has developed versatile
projects by focussing on innovative architecture, strong project execution, and quality construction. The
company intends to exploit the opportunities that are available in the Real Estate Sector and its operations
may cover all aspects of real estate development. The company may also enter into project-specific joint
ventures or partnerships with other companies to enhance its credentials. The company is also engaged in
the activity of trading building and construction materials specifically TMT Bars, HR Sheets of different
sizes. The total of 100% of revenue for the year ended on March 31, 2021, is from trading activity. The
company's projects are marketed under the brand name of "Samor".
Issue Details
• Issue Opens on 30th September & Closes on 5th October Financial Performance : Consolidated Basis
• Object of the issue : Investment into their subsidiary M/s Samor & Particulars (Rs. Cr.) FY19 FY20 FY21
Total Revenue 8.33 1.07 9.64
Motherland LLP (“SML”). Profit After Tax 0.11 -0.09 0.10
• Issue Size : 13,00,000 Eq. Shares (Rs. 8.06 Cr.) EPS 1.85 -1.46 0.50
• F. V. Rs. 10 • Offer Price : Rs. 62 • Minumum Lot Size : 2000 Share RONW (%) 23.12 -- --
• Listing on BSE SME Platform • BRLM : Beeline Broking Ltd.

• Market Maker : Sunflower Broking Pvt. Ltd. • Registrar : KFintech
• Company Management : Birjukumar A. Shah and Mrs. Jagrutiben
• Post Issue Marketcap : 26.66 Cr.
• Pre Issue Promoter Holding : 76.50% • Post Issue Promoter Hol.: 53.37%
• Average of last 3 Yrs. EPS Rs. -0.35 & RONW : 7.71%
• Pre IPO Eq. Capital Rs. : 3.00 Cr. • Post IPO equity Capital Rs.4.30Cr.
• Pre IPO : P/BV Ratio : 5.99 (NAV : 10.35)
• Post IPO asking P/E on fully diluted equity : 270
premium & 2 Issue Opened with discount and 1 Issue opened with at par.

• The average cost of acquisition of equity share to the promoter is Rs. 10 per share and offer
price is Rs. 62 per share.
• Apart from initial equity capital at par company has issued further equity at Rs. 72.50 per share
in January 2021
• It has also issued bonus share in the ratio of 5:1 in January 2021
• It has reported loss and negative RONW in FY20
• Company has recovered its financial performance with sharp bounce back in Top and bottom
lines of FY21
Recommendation : On valuation front IPO is fully priced but consider-
ing boost in the financial performance and fancy in realty segment one
can apply for long term prospective.
Financial Weekly

Oct. 2021 55
Destiny Logistics & Infra NSE SME IPO
Offer Price Rs. 20; Listing on NSE SME Platform
It has reported static performance in FY19 & 20
Sudden jump in FY21 surprising
Considering very expensive offer, investors may avoid this IPO
Incorporated in 2011, Destiny Logistics and Infra Limited provide logistics services i.e. land-
based transportation via 3rd party service providers. It offers a wide range of services i.e. packag-
ing, loading, transportation, unloading, and unpacking of items to offer end-to-end solutions. The
company's operations are concentrated in the domestic market, more particularly, in the state of
West Bengal. The business has further diversified into the infrastructure development activity and
started the "Construction of Storm Water Drainage Scheme Project" in West Bengal. The total
contract value awarded is Rs. 58.27 crores.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY19 FY20 FY21
• Issue Opens on 30th September & Closes on 5th October
Profit After Tax 0.05 0.05 0.30
• Object of the issue : Working Capital Requirment. EPS 0.96 1.02 6.06
• Issue Size : 26,94,000 Eq. Shares (Rs. 5.39 Cr.) RONW (%) 7.38 7.32 30.25
• Face Value Rs. 10 • Offer Price : Rs. 20.00

• Minumum Lot Size : 6000 Share • Listing on NSE SME Platform
• BRLM : Finshore Management Services Ltd.
• Market Maker : Nikunj Stock Brokers Ltd.
• Registrar : Cameo Corporate Services Ltd.
• Company Management : Mr. Jugal Kishore and Mrs. Rekha Bhagat
• Post Issue Market Cap : Rs. 15.39 Cr.
• Pre Issue Promoter Holding : 99.72% • Post Issue Promoter Hol.: 64.79%
• Pre IPO Eq. Capital Rs. : 5 Cr. • Post IPO equity Capital Rs. 7.69 Cr.
• Pre IPO : P/BV Ratio : 1 (NAV : 20.03) (31-3-2021)
• Post Issue : P/BV Ratio : 1 (NAV : 20)
premium & 2 Issue Opened with discount and 1 Issue opened with at par.
• The average cost of acquisition of equity share to the promoter is Rs. 18.19 & Rs. 19.24 per share and
offer price is Rs. 20 per share.
• Apart from initial equity capital at par company has issued further equity at Rs. 20 per share in Aug 2021
means before filling DRHP
• Its highly competitive business.
• Company depends on third part service providers
Recommendation : During FY19 & FY20 its top & bottom line remained
static but thereafter sudden jump in Top & bottom lines for FY21 is sur-
prising. On valuation front PE of 52.41 seems very expensive. Under the
circumstance investor may avoid this IPO.
Financial Weekly

Oct. 2021 56
Adishakti Loha and Ispat BSE SME IPO
It has posted loss in FY20 & RONW remained negative
Considering dismal & poor track record
Investor may avoid this aggressively priced IPO
Adishakti Loha and Ispat Limited is engaged in the business of trading metals with its core focus on
trading in Iron and Steel.
The company works on a B2B model where it procures goods on an order basis and does not maintain
any inventory as the goods are supplied directly from the supplier to the customers. The company's top
management enjoys the confidence of several corporate and other clients. The company currently markets
only to a selected setup of clients.
Particulars (Rs. Cr.) FY19 FY20 FY21
• Issue Opens on 30 September & Closes on 5 October
th th
• Object of the issue : Profit After Tax 0.02 -0.02 0.003
To meet the incremental working capital requirements. EPS 23.84 -0.45 0.11
• Issue Size : 18,20,000 Eq. Shares (Rs. 2.00 Cr.) RONW (%) 159. 21 -0.72 0.11

• Minumum Lot Size : 10,000 Share • Listing on BSE SME Platform
• BRLM : Turnaround Corp. Advisor Pvt. Ltd.
• Market Maker : NNM Security Pvt. Ltd.
• Registrar : Bigshare Services Pvt. Ltd.
• Company Management : Pawan Kumar Mittal
• Pre Issue Promoter Holding : 100 % • Post Issue Promoter Hol.: 60.07%
• Pre IPO Eq. Capital Rs. : 2.74 Cr. • Post IPO equity Capital Rs. 4.56Cr.
• Pre IPO : P/BV Ratio : 1 (NAV : 10.95) (31-3-2021)
• Post Issue : P/BV Ratio : 1 (NAV : 10.97)
• Post IPO asking P/E on fully diluted equity : 1571
premium.
• The average cost of acquisition of equity share to the promoter is Rs. 10.99 and offer price is Rs.
11 per share.
• Apart from initial equity capital at par company has issued further share at Rs. 11 per share in
Jan. 2020
• Company is engaged in trading business.
• It operators in highly competitive segment.
• Company is offering around 40% shares to the public which very high compared o requirement
of 25%
• It has reported loss in FY20 on higher revenue
Recommendation : On financial front company is performance is very dismal and
poor. Considering asking price is at a P/E of 1580 offer is very expensive compare to
peers. Investor may avoid this aggressively priced IPO
Financial Weekly

Oct. 2021 57
CWD Limited
It has shown very poor performance on Standard basis
On valuation front, IPO is an aggressively priced, so avoid it
CWD is Information and Communication Technology (ICT) based company that designs, develops,
manufactures, and sells integrated solutions. CWD developed products are focused on wireless technolo-
gies either on short-range radio technology like NFC, Bluetooth BLE, WiFi, Zigbee; mid-range systems like
LORA or long-range communication systems like 5G LTE, NB-IOT, LTE CAT. Its offerings can be majorly
divided into - Smart Connectivity Modules, Connected Products, Electronics Design, Product Design, and
Software Design. CWD is an end-to-end integrated solution provider and original equipment manufacturers
with capabilities ranging from global sourcing, manufacturing, quality testing, packaging, and logistics. The
company has a strong focus on R&D and the company's manufactured products are sold globally to cus-
tomers who in turn distribute these products under their own brand. The company has 3 subsidiaries namely
CWD Manufacturing Pvt. Ltd., and Global Private Limited SDG in Mumbai, and CWD Innovations HK Lim-
ited in Hong Kong.
Issue Details
• Issue Opens on 30th September & Closes on 5th October
• Object of the issue : Security deposit towards acquisition of registered office on a long term lease basis.
and working capital requirements. Financial Performance : Consolidated Basis
• Issue Size : 10,00,800 Eq. Shares (Rs. 18.01Cr.) Particulars (Rs. Cr.) FY19 FY20 FY21
Total Revenue -- 3.03 3.41
Profit After Tax -- 0.51 1.42
• Minumum Lot Size : 600 Share • Listing on BSE SME Platform EPS -123.75 8.97 4.12
• BRLM : Aryman Fin. Services Ltd. RONW (%) -17.11 -10.53 -106.5
• Market Maker : Mr. Yaman Capital Market Ltd.
• Registrar : KFintech Pvt. Ltd.
• Company Management : Mr. S.Siddhartha Xavier and Mr. Tejas Kothari
• Pre Issue Promoter Holding : 100 % • Post Issue Promoter Hol.: 72.29%
• Average of last 3 Yrs. EPS Rs. -15.58 & RONW : 46.90%
• Consolidated : EPS 11.28, RONW : 32.74
• Pre IPO Eq. Capital Rs. : 2.76 Cr. • Post IPO equity Capital Rs. 3.61 Cr.
• Pre IPO : P/BV Ratio : 30.98 (NAV : 5.81) • Post Issue : P/BV Ratio : 3.84 (NAV : 46.85)
premium & 1 Issue opened with Discount.

• The average cost of acquisition at equity share to the promoter is Rs. 2.34 & Rs. 17.75 per share and
offer price is Rs. 180 per share
• Apart from initial equity capital at Par Company has issued right share at Rs. 10 & 75 per share between
January 2020 and April 2020.
• It has also issued bonus share in the ratio of 328:100 share in October 2020
• Due to tiny equity capital it was take longer time to migrate main board.
Recommendation : It has reported very poor performance on a standalone
basis. On consolidate basis it has shown sudden jump in bottom line FY21
which is surprising. On valuation front considering P/BV at 3.85 & PE of 48.
It is an aggressively priced offer. Investor may skip this highly priced IPO
Financial Weekly

Oct. 2021 58
Muthoot Fincorp. NCDs Issue
Opened on 30th Sept. & Closes on 26th Oct.
Offer Price Rs. 1000 Per NCD; Listing on BSE
There is a setback in bottom line of FY20
Net NPA has gone to 1.02%
Considering at ratings & attractive coupon rate
one can apply in this NCDs IPO
Muthoot Fincorp Limited is a non-deposit taking NBFC. The company is primarily engaged
in the business of offering personal and business loans which are secured by gold orna-
ments and jewellery. The gold loan product is available for personal and business purposes
to meet short-term liquidity requirements of the individuals. Currently, Company operates
3,659 branches located across 24 states, including union territory of Andaman and Nicobar
Islands and the national capital territory of Delhi and employed 16,855 employees including
233 contracted experts in its operations. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY19 FY20 FY21
• Issue Opens on 30th September & Closes on 26th October Total Revenue 3353. 76 3765. 99 4101. 19
Profit After Tax 372. 61 257. 93 397. 28
• Object of the issue : The company proposes to utilise the funds which are being raised
through the Issue
• Base Issue Size : 200 Cr. • Shelf Size : 200 Cr. • Total Size Rs. 400 Cr.
• Face Value Rs. 1000 Per NCD
• Listing : BSE • Issue Price : Rs. 1000 per NCDs
• Minimum lot Size : 10 NCD Share
• Minimum Amount Rs. 10,000 & In multiple of 1 NCDs
• BRLM : SMC Capital
• Trustee : Vardhman Trusteeship Pvt. Ltd.
• Registrar : Integrated Registry Management Services Pvt. Ltd.
• Rating : CRISIL A+/Stable by CRISIl Rating
• Tenure : 27, 38, 60, 72 and 87 Months.
• Payment : Montly & Cumulative
• Coupon Rate : 8.25% to 9.75% depending on the various option applied.
• Debt - Equity Ratio : 7.38 will stand enhanced to 7.51
• Category : Institutation : 5%, Non Institutation : 40%, Retail : 55%
Note : This is the 11th Offer from the company since July 2014. Its last
NCDs offer was in April 2021 & the coupon rate was same.
Recommendation : On financial front it has suffered set back in bottom
line of FY20, NET NPA increased to 1.02% on 31st March 2021 in compari-
son of 0.62% in the previous year. Considering a rating and attractive
coupon rates, investor may apply for regular return
Financial Weekly

Oct. 2021 59
KLM Axiva Finvest NCDs Issue
Offer Price Rs. 1000 Per NCD; Listing on BSE
Its financial track record is not encouraging,
Coupon rate is attractive
But considering BB+ ratings its risky bet
so better to avoid it
KLM Axiva Finvest Limited is a non-deposit-taking NBFC, primarily serving low and middle-
income individuals and businesses that have limited or no access to formal banking and finance
channels. The company mainly operates under four business verticals: 1. Gold loan business,
lending money against the pledge of household jewelry 2. Micro, small, and medium enterprises
loan 3. Personal loan and 4. Microfinance loan to women customers
As of August 31, 2021, the company has 285 branches across four states namely Kerala,
Karnataka, Tamil Nadu, and Telangana. The company's corporate office is located in Kochi.
Particulars (Rs. Cr.) FY19 FY20 FY21
• Issue Opens on 30 September & Closes on 26 October
th th
Total Revenue -- 102. 25 126. 52
Profit After Tax -- 0.53 7.14
• Object of the issue :
Purpose of onward lending, financing and repayment/prepayment of principal and interest on
existing borrowings; and
• Base Issue Size : 100 Cr. • Shelf Size : 100 Cr. • Total Size Rs. 200 Cr.
• Face Value Rs. 1000 Per NCD
• Listing : BSE • Issue Price : Rs. 1000 per NCDs
• Minimum lot Size : 5 NCD Share
• Minimum Amount Rs. 5,000 & In multiple of 1 NCDs
• BRLM : Vivro Fin. Services Pvt. Ltd.
• Trustee : Vistra ITCL (India) Ltd.
• Registrar : KFintech Pvt. Ltd.
• Rating : CARE BB+;Stable by Care Ratings Ltd.
• Tenure : 366 & 400 days, 18 & 80 Months, 2,3 and 5 Yerars
• Payment : Monthly, annually & Cumulative
• Coupon Rate : 10% to 11.25%
• Category 1 : 10%, Non Institutation : 40%, Retail 50%
Note : This is 5th Offer from the company since Sept. 2018, last offer was in July 2021 & coupon
rate were higher than this Offer.
Recommendation : On financial front its performance is not encourag-
ing due to very low margin business. Coupon rate are attractive but con-
sidering BB+ Rating its risky bet so better to avoid this NCDs issue.
Financial Weekly

Oct. 2021 60
Aruna Hotels Limited Rights Issue
Offer Price Rs. 10; Listing on BSE
It has very poor track recored, capital is wiped out & NAV Negative
Bottom to avoid this right issue even though, its available at Par
Based out of Chennai, Aruna Hotel is a luxurious hotel. The hotel consists of a restaurant,
swimming pool, banquet halls, gymnasium, and business centre. The hotel has two towers,
which stand next to each other. There are 91 rooms in the hotel. The hotel has modern
facilities like an electronic safe, LCD TV, Mini Bar, storage for beverages & packaged snacks.
Guests can choose from Superior and Deluxe Rooms. The hotel provides facilities to con-
duct informal functions like weddings, receptions, birthday parties, and other social func-
tions in the hall. The company has also executed a lease deed and a license agreement with
M/s. Culinary Ocean Hospitality LLP, wherein they have leased a part of their property in
Chennai and granted a license to run "Hard Rock Café" including Rock Shop in the said
property. Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY19
Total Revenue 0.83
FY20
0.10
FY21
0.33
• Issue Opens on 29rd September & Closes on 13th October Profit After Tax -9.79 -7.89 -10.08
• Object of the issue : 1. Part repayment or prepayment of unsecured loans availed by the
Company from the Promoter Group.
• Issue Size : 2.49 Cr. Shares, Total Rs. 24.90 Cr.
• Face Value Rs. 10 • Issue Price Rs. 10 Per Share
• Market lot : 1 Share ; Listing on BSE
• Terms of payment : Full amount of the Issue Price being Rs. 10/- will be payable on applica-
tion.
• Entitlement : 83 Rights Equity Shares for every 30 Fully Paid Up Equity Shares held on the
record date : 23-7-2021
• Demed Date of Allotment : 21-10-2021
• BRLM : Saffron Capital Advisors Private Limited
• Registrar : Cameo Corporate Services Ltd.
• Pre IPO Equity Capital Rs. 9.00 Cr. • Post IPO Eq. Capital Rs. 33.90 Cr.
• Cum Rights Rs. 26.07 (20-7-2021)
• Ex-Right : Rs. 14.96 (22-7-2021) (High : 20 / Low : 11.40)
• 52 Week High / Low of Rs. 20 / 2.42
• Market Cap : Rs. 58.78 Cr. • CMP : 15.30 (30-9-2021)
Recommendation : It is consistently loss making company and its eq-
uity capital Rs. 12.10 cr. Is not only eroded but wiped out due to carried
forward losses of Rs. 87.43 cr. In other world it has posted negative NAV
of Rs. 83.70. If has also reported loss of Rs. 1.28 cr. In Q1 FY22. Better to
avoid this right issue ven though it is at par and CMP at 70 premiums
than offer price.
Financial Weekly

Oct. 2021 61
Smart Best Buy S. N. Zaveri
Dalmia Bharat : Cement business expands

Trent Ltd : Stock will see some more new highs
Godrej Conusmer : Focus on growth levers
SBI Life : Pick up in business momentum
Bajaj Auto: Stake in international brands will benefit
Dalmia Bharat Limited (Rs. 2116.00) (Code : 542216) :- Dalmia Cement
(Bharat) Limited, a subsidiary of Dalmia Bharat Limited, announced the commencement of com-
mercial production of Line 2, having a capacity of 2.25 Million Tonnes at its Kapilas Cement Manu-
facturing Works (KCMW) Unit near Cuttack, Odisha. Recently, it has signed three Memorandum of
Understandings with the Government of Jharkhand to invest Rs758 crores in the state. Dalmia
Bharat Limited has recently unveiled a long-term plan to grow its cement capacity in the country. It
plans to raise its cement manufacturing capacity to 110-130 million tonnes per annum by 2031,
which would be done through a mix of organic & inorganic opportunities. Buy.
Trent Ltd (Rs. 1045.00) (Code : 500251) :- With easing of restrictions, healthy pace
of vaccination, increased mobility at offices, malls and multiplexes, the upcoming festive and wed-
ding season, experts are positive for the apparel companies like Trent ltd. Q3 results are expected
to be much better as the likely demand recovery may result in better than expected margin perfor-
mance. Some of the costs savings achieved during pandemic may sustain and coupled with high
operating leverage may lead to higher than pre-covid margins from Q3FY22E. In the last 1-year,
the stock has risen 50 percent. The stock will see some more new highs in days to come.
Godrej Consumer (Rs. 1019.00) (Code : 532424) :- Godrej Consumer Products

is focusing on growth levers. It is improving penetration of aerosols/liquid vapourisers in house-
hold insecticide (HI). The company is regaining lost market share in wet-wipes through competi-
tive pricing. It is gaining scale in hygiene to drive double-digit revenue growth in Indonesia. India
business is expected to grow in double digits with all key categories including soaps and HI. It is
expected to report double-digit revenue growth in FY2022. Raw-material inflation will continue to
put pressure on margins in the near term. Calibrated price hikes and operating efficiencies would
help in mitigating cost pressures. Buy.
SBI Life (Rs. 1209.00) (Code : 540719) :- SBI Life Insurance has reported strong
traction in new business growth, with Individual WRP growth of 52% in July and 67% in August. In
FY22 till today, it has delivered Individual WRP growth of 48%, while two-year CAGR stands healthy
at 20%. There has been pick up in business momentum, with growth bouncing back strongly across
all segments. The management is aiming at healthy double-digit growth over FY22E (20-25%),
which would be among the best in the past few years. The company is expected to report 20%
CAGR in APE growth over FY21-24E. Agency channel has shown a strong bounce back and is
contributing well to business growth. Strong momentum in high margin segments such as Annuity
and Credit Life would aid further improvement in VNB margin. Accumulate.
Cont...
Financial Weekly

Oct. 2021 62
Bajaj Auto (Rs. 3855.00) (Code : 532977) :- Bajaj Auto and Pierer Industrie, its
partner in KTM AG have announced that they have finalised a plan to simplify shareholding in
premium bike maker KTM through a share swap deal. Following this, Bajaj will become an indirect
stakeholder in other brands of the Austrian partner - including Husqvarna, GasGas, and Ramon.
Earlier, Bajaj Auto and Pierer Mobility AG (PMAG) held around 48 per cent and 52 per cent, re-
spectively, in KTM AG. Bajaj's shareholding was through its Netherlands-based subsidiary Bajaj
Auto International Holdings BV (Baibhv). As part of the two-step deal, Bajaj Auto has transferred
46.5 per cent of its total stake in KTM to PTW Holding AG, the majority shareholder in PMAG. In
return, Bajaj has been granted a 49.9 per cent stake in PTW Holding AG. Meanwhile, Bajaj Auto's
September sales Bajaj Auto's total auto sales in September 2021 stood at 4,02,021 units, down by
9% from 441,306 units sold in September 2020. Howeverl, total sales are higher by 7.7% as com-
pared with 3,73,270 units sold in August 2021. As festive season has started, sales will improve.
Buy.
(SEBI Registered Research Analyst)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
1st October, 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
Buy... Buy... Buy on Dips Hold Sell on High

Trident 29.40 Bharti Airtel 672.00 Maruti 7159.00
ONGC 146.00
IDBI Bank 50.00 ICICI Bank 692.00 Suprajit Engg. 323.00
Canara Bank 176.00
PNB 40.00 Muthoot Finance 1534.00 Eicher Motors 2773.00
Tata Power 163.00
Central Bank 22.00 UPL Ltd. 712.00 Torrent Pharma 3080.00
IOC 127.00
Voltas 1216.00 Bharti Infra 315.00
L&T Finance 89.00 Cholamandalm Fin. 695.00
Jayaswal Neco 23.00 Mphasis 3025.00 Fluorochem 1949.00
Crompton Gr. 488.00
Ashok Leyland 130.00 SKF India 3091.00 Tata Consumer 801.00
Manappurm Fin. 179.00
Zen Techno 215.00 HDFC Bank 1582.00 Graphite India 598.00
Max Finance 1011.00
BEL 201.00 Jubilant Ind. 497.00 Tech Mahindra 1371.00
Power Mech 963.00
Coforge 5277.00 Wipro 636.00
Tera Software 54.00 Carborundum Uni. 872.00
Brightcon Group 61.00 The Ramco Cem. 991.00 Future Life 58.00
Financial Weekly

Oct. 2021 63
BUY TECHNO FUNDA GEM
HKG LTD FOR BUMPER RETURNS
BSE Code : 539097 (CMP Rs. : 50.00)
Attractive Rights Issue in offing, Investors will benefit Greatly
Co Expected to Migrate on Main board shortly
SHORT TERM TARGET RS.101 • POSITIONAL TARGET RS 125
Listed on BSE’s SME platform, HKG Limited (BSE: 539097) is one of the fastest growing busi-
ness conglomerates in India. HKG aspires to connect small businesses and empower them to
grow through the use of our web interfaces and services. HKG's vision is to make web interface
service accessible to every small business and enable them to grow manifold.
The company has announced that after the successful launch and addition of portal “AREA
ONLINE” to its web bank, the Company has now floated its own new application on Google Playstore
“Area Online”.
AREA ONLINE is a business which provides unmatched comfort in discovering and connecting
with the finest of local service providers sitting at your desk. AREA ONLINE helps the customer
with solutions on finger tips also at the same time helps them choose the quality products and
services based on the constructive reviews. One of the most important features of Area Online is
that it helps in making reservations even before you reach to the desired location which in turn
helps both the parties in managing the time and resources. The application is now available on
Google Playstore.
HKG Limited is one of the fastest growing business conglomerates aspiring to connect small
businesses and empower them to grow through the use of digital medium and web interfaces has
launched an unique business initiative called Area Online whereby through its website one can
locate shops and services from one’s home through digital presence. Lockdown caused by Covid-
19 due to which small and big traders had to sit at home: they had their own business. It was
noticed that online presence is very important. Therefore HKG had launched this unique service.
Area Online is the best way to find & discover great local businesses. The company is en-route to
achieve high growth.
The company has multiple services like My Rera, Area Online, Book Your Dealer, My Locker,
Virtual Expo, and Media marketing.
**
HKG's Vision
- To be the best investment solutions provider, recognized for its innovation approach,
trustworthiness, investment
- HKG has several expansion plans in pipeline whereby it will launch new services.
- It has already launched WebBank, where under one roof it will
Financial Weekly

Oct. 2021 64
Dalal Street Whispers Dilip K. Shah
Gail (Rs. 163.00) (Code: 532155) :- The central government has hiked natural gas
prices by 62% from October 1. This led to a sharp rally in the shares of gas producers and distribu-
tors such as Gail, ONGC, etc.
GR Infra (Rs. 1929.00) (Code: 543317) :- The company is focusing more on road
sector, but is also eyeing diversification opportunities in the railways business. GR Infra has bagged
a Rs. 951 crore project for construction of 4/6 lane Greenfield highway project in Punjab.
Steel Strips Wheels (Rs. 1795.00) (Code: 513262) :- This steel wheel
manufacturer’s income for September surged over 80% to Rs. 301.21 crore. Exports were up by a
whopping 178%.
APL Apollo (Rs. 851.00) (Code: 533758) :- The company has reported a15% growth
in sales volume in the second quarter of FY2022 on a quarter-on-quarter basis.
IOB (Rs. 22.00) (Code: 532388) :- The RBI has removed this public sector bank from
the Prompt Corrective Action Framework. The central bank had imposed the PCA restrictions in
2015.
Glenmark Pharma (Rs. 513.00) (Code: 532296) :- The stock zoomed this week
after the company announced it has received marketing approval for nasal spray Ryaltris in 13
countries.
SCI (Rs. 125.00) (Code: 523598) :- Market reports suggest Vedanta’s Anil Aggarwal is
gearing up to acquire this company. The Centre is selling 63.75% stake in SCI to a strategic inves-
tor. The stock was up 4% on the report.
Max Healthcare (Rs. 358.00) (Code: 543220) :- SBI Mutual Fund has increased
stake in this Delhi-based hospital chain to 6.44% by purchasing 4.28 crore shares at Rs. 350 per
share. HDFC Mutual Fund also bought 57 lakh shares.
IRCTC (Rs. 3793.00) (Code: 542830) : IRCTC shares are up 46% in one month, 86%
in three months, and 182% in the past year. The company has fixed October 29 as the record date
for splitting is shares of Rs. 10 face value into five shares of Rs. 2 face value.
Coal India (Rs. 188.00) (Code: 533278) :- The share is up 40% in six months. Coal
prices have risen in e-auctions due to improved demand. JP Morgan has a target price of Rs. 228
on the stock, suggesting a potential 28% upside.
Gallantt Ispat (Rs. 55.00) (Code: 533265) :- The shares zoomed 8% after the
company’s board approved investment of up to Rs. 135 crore in its wholly-owned subsidiary Gallantt
Industry Pvt Ltd.
Cont.....
Financial Weekly

Oct. 2021 65
Tera Software (Rs. 54.00) (Code: 533982) :- The stock rallied after the company
announced it had received work orders worth Rs. 396 crore from Dakshinanchal Vidyut Vitran
Nigam Limited and Pashchimanchal Vidyut Vitran Nigam Limited. The company has also signed
agreements for door-to-door meter reading, bill generation, bill distribution, and bill collection.
Vodafone Idea (Rs. 11.00) (Code: 532822) :- Reports suggest promoters Vodafone
and Aditya Birla Group are looking to infuse Rs. 10,000 crore in the troubled telecom company.
Atul Auto (Rs. 222.00) (Code: 531795) :- Atul Auto has started commercial produc-
tion for manufacturing three-wheelers at its plant at Bhayla in Ahmedabad district this week.
Sun Pharma (Rs. 826.00) (Code: 524715) :- The shares traded higher after the
company launched Chericof12, a novel formulation in cough management, in India.
Bharti Airtel (Rs. 672.00) (Code: 532454) :- Crisil Ratings has upgraded the long-
term rating on the bank facilities and debt programme of this telecom company to AA+ with a stable
outlook from AA with a stable outlook. The shares are also expected to be in the limelight as its
rights issue is opening on October 5.
Godrej Properties (Rs. 2233.00) (Code: 533150) :- According to reports, the

company has signed an agreement for a redevelopment project at Wadala in Mumbai.
Supreme Industries (Rs. 2322.00) (Code: 509930) :- The shares of this plastics
industry leader has risen 9% in two weeks. Demand recovery, aided by better margins, augur well
for the company, which is also focusing more on value-added products.
Disclosures as per SECURITIES AND EXCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may
have investment in this stocks • I/My family have no financial interest or beneficial interest of more than 1% in the company whose stocks I am
recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable for any loss arising
out of investment based on tis advices • Past performance may or may not be substainedin future " (Dilip K. Shah) Research Analyst : SEBI
Regn No. : INH000002152
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly

Oct. 2021 66
BUY ANMOL RATNA SCRIP
BSE & NSE Listed "ANMOL INDIA LTD"
(BSE Code : 542437) (NSE : ANMOL)
CMP : Rs. 155 • SHORT TERM TARGET RS.270 • POSITIONAL TARGET RS 340
Buy Anmol,
target price Rs 255: Khambhatta Securities
Khambhatta Securitues has a strong buy call on Anmol
India Ltd with a target price of Rs 255 in its latest report.
The company has a market share of Rs 196 crore.
Listed on NSE and BSE, Anmol is a bulk supplier of imported coal, providing end-to-
end coal supply chain management solutions. The company specialises in supplying
high GCV coal, USA coal, Indonesian coal, Saudi pet coke and USA pet coke, com-
manding a sizeable 16% share of the USA coal market in India. Anmol’s operating
model is centred around procurement management, stock handling and sales while its
coal platform leverages proprietary technology to generate leads, close deals and mine
existing clients.
Anmol India Ltd for the first time traded 1 Million + tonnes of Coal in a single financial
year in FY 20-21. This year, in line with our future goals, we have already started
directly importing in bulk others types of coal other than USA Coal and that too on a
different port than the usual Kandla/ tuna port. We intend to add more coal products to
our portfolio going forward. We were able to successfully move this new product in the
market without any hurdle. It was thanks to the excellent supply chain that we have
created over the past year with USA coal as a basis.
Anmol has a robust client base of over 1,000 customers with approximately 120 new
clients added each year while having long-standing relationships with a majority of
bigger clients. A bulk dealer of coal, the company imports coal from the international
market in quantities of 1 lakh ton per shipment as it delivers the coal to customer sites
in quantities of 35 tons in outbound shipments.
***
Financial Weekly

Oct. 2021 67
Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(4th October to 10th October 2021)
In this week, Rahu takes its position in Taurus, jupiter in capricornalong with
saturn, moon occupies leo, virgo and librahouses , ketu and venusin Scorpio,
sun mars and mercury in Virgo. On 4th and 5th October 2021, moon in Leo
taking sixth position towards jupiter and saturn in capricorn brings volatility in the
market. On 6th and 7th October 2021, the conjunction of moon, sun, mars,
mercury in Virgo taking 5th position towards jupiter and saturn in capricornfavours
the market. On 8th October 2021, Rahu in Taurus and ketu along with Venus
in scropio brings volatility in the market.
Railways,ethonal producing firms, iron and steel, coal, natural gas, solar
power, renewable energy, Electrical and electronic items, automobile spare
parts, battery producing sector, power transmission, Information technology
based health, pharmaceuticals sector may show good movenment. Venus
remedies, subex system, venkys, vimta labs, high energy batteries, greaves
cotton, coral labs, laurus lab, greaves cotton, fresh trop fruit, welspun, laurus
lab, panacea biotech, JK agri genetics rama phosphate, IRCTC, RITES, rail tel,
Talbros automotive may outperform
GOLD PRICE MOVEMENTS
(4th October to 10th October 2021)
4th and 5thOctober 2021 : the conjunction of Venus and ketuin Scorpio taking
seventh position towards rahu in Taurus brings volatility in the market
On 6th and 7th October 2021 : moon in Virgo along with sun , mars and
mercury taking 5th position towards jupiter and saturn in capricornfavours the
market
On 8thOctober 2021 : jupiter and saturn in capricorn taking 5th position towards
rahu in Taurus brings volatility in the market
Financial Weekly

Oct. 2021 68
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816
E-mail :
stockmarket@ganeshaspeaks.com
Sensex Predictions ; Dt : 4th Oct. 2021 to 8th Oct. 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.
04-10-2021 Monday " You have been told about the Navaratri mantra in the monthly file,
which has been e-mailed to you. You should recite it as much as you can during Navartri. " From
9:15 to 10:15, Nifty will do upside jobbing overall. " From 10:15 to 11:30, Nifty will be down. " After
11:30, overall, the trend will change every 13 minutes but will do upside jobbing.
05-10-2021 Tuesday :- " From 05-10-2021 to 07-10-2021, see the monthly file and the
book, what is written there. " Around 11:21, there will be a temporary correction in Nifty. " Around
13:55, there will be a temporary up jump in Nifty. " You can make temporary position in the two
above mentioned time frames and, " Sell Nifty around 10:10, and exit around 11:11.
06-10-2021 Wednesday :- " Navratri will begin around Oct 7, 2021 and on Oct 15,
Dussehra will be celebrated with much enthusiasm. " From 9:15 to 11:35, it can be called a W-
shaped graph time frame and now you decide what you have to do. " From 11:35 to 13:27, it is a
very boring time. " From 13:27 to 14:23, there may be a jump and profit booking may come, so it
will work on both sides, which may be risky. " From 14:24 to 15:30, again there is a monotonous/
flat time frame, which is not at all useful, thus you can take a tea-break.
07-10-2021 Thursday :- " Mantra has been sent to you via mail, which you should do
especially from today. " Today, there will be momentum in Index-based and heavy mid-cap stocks.
" From 9:15 to 11:15, Nifty will do timepass around the surface in the consolidation area. (-0.03) "
From 11:15 to 13:50, three will be buying in the stocks with good valuation. " From 13:50 to 14:10,
it can be called a "No Position Zone". " From 14:10 to 15:30, Nifty will maintain an uptrend besides
being range-bound.
08-10-2021 Friday :- " From next week, there may be a lot of increase in market's volatility,
so be prepared. " From 9:15 to 9:29, Nifty will do timepass. " From 9:30 to 9:57, there may be a
temporary jump, astrologicallly. " From 9:58 to 11:07, Nifty will be on the soft side. " From 11:08 to
12:17, there may be an up jump. " From 12:18 to 13:27, Nifty will do timepass. " From 13:28 to
15:30, it can be called Nifty search for the next trigger.
Financial Weekly

Oct. 2021 69
REVIEW OF “SMART PLUS NEWS LETTER”
Amazing 18% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
27-9-21 Recomm. (%) 27-9-21 Recomm. (%)
Precision Wire 238.05 241 1.24 HDFC Bank 1601.35 1624 1.41
Blue Star 897 910 1.45 HUL 2748 2781 1.2
JB. Chemical 1835 1955 6.54 BEML 1376 1432 4.07
Polycab 2409 2425 0.66 ITC 238 242 1.68
Pidilite 2449 2452 0.12 LUPIN 926 948 2.38
Tata Chemicals 885 932 5.31 Axis Bank 798 812 1.75
Astral Poly 2127 2160 1.55 Biocon 360 367 1.94
Ambika Cotton 1656 1823 10.08 Torrent Power 496 516 4.03
MCX 1657 1718 3.68 Tata Motors 317 331 4.42
Dixon Techno 4375 4609 5.35 Indian Hotel 178 189 6.18
Line India 2761 2801 1.45 A.B. Fashion 226 246 8.85
Solar Ind. 2007.8 2117 5.44 A.B. Capital 115 116 0.87
United Spirit 828 853 3.02 Indian Bank 127 140 10.24
Bajaj Finance 7793 7897 1.33 Canara Bank 157 173 10.19
SRF 11014 11285 2.46 RBL Bank 185 190 2.7
Praj Ind. 344 349 1.45 Purvankara 126 135 7.14
SUN TV 514 528 2.72 RCF 82 85 3.66
Gujarat Alkalies 605 672 11.07 GMR Infra 36 38 5.56
First Source 197 199 1.02 Bodal Chemical 108 118 9.26
Oberoi Realty 932 963 3.33 PNB 37 40 8.11
Marico 557.45 566 1.53 IOB 20 22 10
GHCL 419 445 6.21 Manali Petro 106 123 16.04
Aptech 310 314 1.29 Reliance Infra 94 110 17.02
ONGC 136 144 5.88 Everest Kanto 118 122 3.39
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Financial Weekly

Oct. 2021 70
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