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

VOL : 16 • Issue No: 17 RNI No : GUJENG / 2008 / 24320 4th June to 10th June 2023
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
29-05-2023 7767 6008.84 1758.16
30-05-2023 9789.47 7703.85 2085.62
31-05-2023 65024.36 61618.46 3405.9
01-06-2023 8751.66 8822.73 -71.07
02-06-2023 10393.93 11052.81 -658.88
TOTAL 101726.42 95206.69 6519.73
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
29-05-2023 6217.74 5364.17 853.57
30-05-2023 5937.03 6375.96 -438.93
31-05-2023 11726.46 14254.98 -2528.52
01-06-2023 5715.08 5226.15 488.93
02-06-2023 951.54 6369.69 581.85
TOTAL 30547.85 37590.95 -1043.1
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June 2023 4
D(en)O(f)W(ealth)
Superb Performance of our latest Recommendations
Out of 32 calls only 2 calls click Stoploss so far
Date Stocks Recom. Remark
14th September 22 H T MEDIA Buy at 24.75 with stop loss of 22 Stop loss clicked
15tth September 22 J M FINANCE Buy at 69 wth stop loss of 63 Booked full profit on 23rd September at 76.25
19th September 22 VARDHMAN ACRYLICS Buy at 59 wth stop loss of 54 Stop loss clicked
4th October 22 SKM EGG Buy at 103 with stop loss of 92 Book 50% profit on 9th December at 144 then made a high of 222
11th October 22 HCC Buy at 15.75 with stop loss of 13 Book full profit on 18th November at 18
12th October 22 BHARAT SEATS Buy at 83 with stop loss of 77 Book full profit on 13th October at 89
25th October 22 RVNL Buy at 39 with stop loss of 35 Book full profit on 4th November at 44
27th October 22 BBL Buy at 2160 with stop loss of 1850 Book full profit on 25th November at 2350
3rd November 22 REDINGTON Buy at 159 with stop loss of 140 Book full profit on 24th November at 175
7th November 22 NELCAST Buy at 93 with stop loss of 78 Book full profit on 5th December at 108
23rd November 22 RCF Buy at 109 with stop loss of 97 Book full profit on 24th November at 124
23rd November 22 WPIL Buy at 1215 with stop loss of 952 Book full profit on 13th Frbruary at 1631
25th November 22 FLEX FOOD Buy at 105 with stop loss of 95 Book full profit on 25th November at 109
25th November 22 IRB INFRA Buy at 255 with stop loss of 240 Book full profit on 29th November at 274
30th November 22 SIGACHI IND Buy at 290 with stop loss of 265 Book full profit on 9th January at 350
5th December 22 ARIES AGRO Buy at 150 with stop loss of 125 Book full profit on 28th December at 194
5th December 22 AMD IND Buy at 48 with stop loss of 41 Book full profit on 8th December at 57
9th December 22 DEEPAK SPINNERS Buy at 246 with stop loss of 225 Book full profit on 12th December at 261
12th December 22 COCHIN MINERALS Buy at 282 with stop loss of 245 Book full profit on 12th January at 316.55
13th December 22 MOREPEN LAB Buy at 32.3 with stop loss of 28 Book full profit on 22nd December at 36
22nd December 22 RDB RASAYAN Buy at 95 with stop loss of 75 Book full profit on 9th January at 104
28th December 22 CLSEL Buy at 135 with stop loss of 115 Book full profit on 6th February at 153
5th January 23 M&M Finance Buy at 237 with stop loss of 215 Book full profit on 6th February at 261
5th January 23 FLEX FOOD Buy at 99 with stop loss of 80 Book full profit on 9th January at 120
8th March 23 NCC Buy at 95 with stop loss of 85 Book 50% profit on 25th April at 115 and full profit on 3rd May at 125.5
3rd April 23 VA TECH WABAG Buy at 363 with stop loss of 330 Book 50% profit on 25th April at 397 and full profit on 11th May at 421
5th April 23 DENIS CHEM LAB Buy at 72 with stop loss of 61 Book 50% profit on 10th April at 80
25th April 23 EXIDE IND Buy at 191 with stop loss of 175 Book full profit on 17th May at 206
26th April 23 Gulshan Poly Buy at 253 with stop loss of 225 Book 50% profit on 3rd May at 273
2nd May 23 Star Cement Buy at 121 with stop loss of 105
16th May 23 TAJ GVK HOTELS Buy at 231 with stop loss of 205
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June 2023 7
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Financial Weekly TM

June 2023 8
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Action Shifting to Small & Mid Caps

Mid-Cap Index at Life-Highs
The Markets are in for an interesting time, as the action now has shifted to Small and Mid-cap arena. Frontline
indices like Nifty and Bank Nifty hardly showed any movement on a weekly basis, but in comparison Small and Mid-Cap
indices gained anywhere between 2% to 4%. Also the Mid-Cap Index registered a Bullish Breakout after a consolidation
of 18 months. Time has come to search for stocks which are coming out of long hibernation and are showing signs of
early revival.
HOMING PIGEON :- The week started on a bullish note as Nifty opened with a big gap up but could not
continue with that momentum and thus forming a small black body Star formation. Next few days were spent in consoli-
dation, with the week ending in Homing Pigeon formation. It is a bullish reversal pattern which requires confirmation. On
the Weekly timeframe, Nifty has formed a Bearish Star formation. The current upward rally has seen three bearish
patterns on Weekly timeframe and all of them have been negated. Current scenario suggests a greater probability of
history again repeating itself and hence an upward move towards life-highs and then 19013, cannot be ruled out.
HEADED FOR THE R-
ZONE :- Nifty is going up with full
strength and in the process overcoming all
resistances with ease. Soon the Nifty will
test the Resistance Zone at 18887-19013
which is due to the confluence of previous
life-high level and Trendline Resistance
(19013). Bulls will continue to fire on all cyl-
inders, until the life-highs have been
reached.
HEADING FOR HIGHER
TARGETS :- After achieving the
golden ratio target of 18400, Nifty is now
This Week Recommendations gunning for the entire Rounding Bottom pat-
tern target at 18772. Besides, Nifty has also
Stocks CMP SL Tgt-1 Tgt-2 seen a Bullish Head & Shoulders pattern
and the target for that falls at 18886. Long
Buy ApolloHosp 4967 4878 5103 5241 tern Bullish Patterns still remain intact. The
Targets for Weekly C&H are placed at
Buy InfoEdge 4266 4181 4395 4527 Sensex 66978 (161.8%) and 70769 (pattern)
Buy Olectra 769 754 792 817 & Nifty 19925 - 21045. The Targets for
Weekly RB are still intact and are at 69243-
Buy BirlaCable 181 177 188 197 73569 for the Sensex & 20718-22025 for
the Nifty. The above Targets will be done
Buy HUDCO 61 59 65 69 as long as Nifty remains above 16747.
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 18060 18202 18389 18534 18696 18887 19062
SENSEX 61002 61484 62006 62547 63036 63583 64262
Financial Weekly TM

June 2023 9
Rapid Fire Stocks
Kalpna J (Email- investwithkalpnaj@gmail.com)

Twitter : @Kj_TechTrades
Kalpataru Projects (Rs. 535.00)

Targets of 575 to 595 , time frame 2 to 6 months. ( Accumulate)
Annual Revenue rose 10.3%, in the last year to Rs 16,401 Crores.
Quarterly Revenue rose 18.1% YoY to Rs 4,896 Crores.
Quarterly Net profit rose 45.8% YoY to Rs 156 Crores.
Kalpataru Power Transmissions is a global EPC player with diversified interest in power trans-
mission and distribution, oil and gas pipeline, railways and biomass based power generation.
Kalpataru Projects International Limited (KPIL) is amongst the leading Engineering, Procure-
ment, and Construction (EPC) companies with proven experience and expertise spanning over
three decades.
KPIL is executing marquee projects with comprehensive capabilities that delivers complete
solutions covering design, testing, fabrication, erection and construction of transmission lines, oil
and gas infrastructure and railways projects on a turnkey basis.
KPIL has established its footprints in 63 countries spread across five continents.
KPIL has successfully positioned its High Voltage Substation business both in air insulated
(AIS) and gas insulated (GIS) segment in domestic as well as international market.
KPIL has extended its reach in the European market through its subsidiary LinjemontageiGrastorp
AB in Sweden and Latin America through its subsidiary Fasttel Engenharia Ltda in Brazil.
The wide reach and presence of KPIL’s T&D business includes international geographies like
Africa, CIS countries, the Middle East, SAARC, Asia-Pacific, Europe and America.
Cont....
Financial Weekly TM

June 2023 10
RateGain Travel Technologies (Rs. 382.00)

Targets of 430_495 , time frame 3 to 9 months
Rategain Travel Techs. The Company is an Information Technology company providing
innovative solutions to help clients in the hospitality and travel industry to achieve their
business goals
RateGain’s Q4 PAT Surges 191% To INR 33.8 Cr On Steady Travel Demand
Annual Revenue rose 52.7%, in the last year to Rs 585.1 Crores
Quarterly Net profit rose 191% YoY to Rs 33.8 Crores.
RateGain’s operating revenue grew over 69% to INR 182.9 Cr in Q4 FY23 from 107.9 Cr in
the corresponding quarter of the previous year
Profit after tax jumped to INR 68.4 Cr in FY23 from INR 8.4 Cr in FY22
its operating margin expanded to 15% in FY23 from 8.3% in the previous year due to
better operating leverage and cost efficiencies
One of the world’s largest processors of hotel bookings, pricing intelligence, and cus-
tomer travel-intent,
RateGain today provides SaaS solutions for travel and hospitality helping them accelerate
revenue generation through acquisition, retention, and wallet share expansion.
RateGain is a software company that offers hospitality and travel technology solutions for
hotels, airlines, tour operators, and more
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 Twitter @Kj_Techtrades
Financial Weekly TM

June 2023 11
Smart Report Het Zaveri
- Ahmedabad
KPIT- Research Report

CMP Rs. 1101.65
52 - week high Rs. 1,118.65
52 - week low Rs. 452.00
Dividend % (consolidated) 0.27 %
ROCE 30.6 %
Book value (Rs.) 60.2
Revenue (Rs.) 3,365 cr.
KPITis anA /T+1group, Computers - Software & Debt to Equity 0.17
P/E ratio 80.3
Consultingcompany with having Face value of
EPS (consolidated) Rs. 13.9
Rs.10.KPIT is a global technology company with soft- P/B ratio 18.6
ware solutions which can help mobility leapfrog towards Market Cap 30,764 Cr.
Face value Rs. 10.0
autonomous, clean, smart and connected future. With
10000+ clients across the globe and specializing in embedded software, AI & Digital solutions,
KPIT enables its customers to accelerate the implementation of next generation mobility technolo-
gies with its development centers in Europe, USA, Japan, China, Thailand and India. The com-
pany generates 37% of its revenue from Powertrains and 19%, 11% and 33% from AD-ADAS,
Connected vehicle and others.The Companies' focuses on futuristic initiatives such as Leader in
Platforms and Practices; Zero Defect Delivery - First time right; Best Place to Grow for employees;
and focus on T25 Clients.
Financial Results:
Company's Net Saleswas Rs 424.13 crore in March 2023 up 27.78%, Quarterly Net Profit at Rs.
74.21 crore in March 2023 down 13.94% andEBITDA stands at Rs. 123.29 crore in March 2023 up
4.93%ascompared to March 2022.
Key Points:
In 2022, KPIT won a multi-million-dollar strategic engagement from a leading European Car
Manufacturer in the Electric Powertrain domain which had a deal value of $ 50 million. A leading
European OEM selected KPIT as its key partner for next generation ECU and Renault Group also
selected KPIT as a strategic technology partner.
KPIT Technologies recently acquiredTechnicaEngineering, a company specializing in produc-
tion-ready system prototyping automotive ethernet products, and tools for validation. With the help
of this dealcompany creates across-the-stack expertise offering a one-stop shop for the industry to
Cont...
Financial Weekly TM

June 2023 12
transform towards SDV (Software Defined Vehicle).

KPITrecently strengthened its presence in the US with a new software excellence center in
Michigan which will accelerate software-defined vehicle development for mobility OEM giants and
Tier 1s within the US.
KPIT Technologies has partnered with Honda to accelerate the journey of Honda's Software-
Defined Mobility (SDM). With Honda's next-generation software architecture and control-safety
technology and KPIT's deep domain & software expertise?in the areas of Autonomous Driving,
Vehicle Electrification, In-Vehicle Infotainment systems and Platform Software, Honda will be able
to provide various services and enhanced value to customers around the world in the future.
dSPACE which is one of the world's leading providers of simulation and validation solutionshave
teamed up with KPIT to offer comprehensive solutions test suite for smart charging.
KPIT Technologies has also teamed up with Microsoft to offer a unique solution for OEMs and
Cont...
Financial Weekly TM

June 2023 13
Tier-1s seeking homologation (self-certification in the USA) for advanced driver assistance sys-
tems and autonomous driving.
KPIT Technologies and ZF Group, a global technology company supplying systems for pas-
senger cars, commercial vehicles, and industrial technology have agreed to form an independent
company named QORIX to develop and distribute open and scalable middleware products and
solutions for the mobility ecosystem.
KPIT Technologies has been selected by Renault Group as a strategic software scaling partner
for next- generation SDV programs.
KPIT Technologies Ltd has also acquired cloud-based vehicle diagnostics specialist SOMIT
solutions which Opens up new possibilities into the multi-billion automotive aftersales market and
addresses a higher value share in Top 25 clients
KPIT along with PathPartner (part of KPIT since 2021) Technologyhas developedaSoftware
Excellence Centre in Kochi. It will benefit 100s of professionals looking for cutting edge opportuni-
ties closer to home
KPIT and Coventry University which based in the United Kingdom announced have announced
a new Master of Technology for KPIT's employees based in India.
In last 3 years the stock gave a return of 173 %as compared to the rise of Sensex and Nifty in the
same period.
KPIT is functional in futuristic areas of automobile industry such as AI, ADAS, EV and many
more intelligent and tech driven systems which brings the future mobility closer and closer day by
day.KPIT is also a member in the SOAFEE SIG which aims to bring the benefits of a cloud-native
development environment to address the specific challenges and constraints of the automotive
domain such as functional safety, fast and precise real-time control.On valuation front company
has delivered good profit growth of 327% CAGR over last 5 years and it has been maintaining a
healthy dividend payout of 25.6%.Considering all the fundamentals and its futuristic investments
in EV, ADAS, AI and many more future driven sectors with OEMs across the globe and partner-
ships with well-known companies, it is well poised to enjoy good cashflow going further, so it can
be added in portfolios for a long-term period.
HET ZAVERI
info@smartinvestment.in
(Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the
stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make 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. Investors must take advice from their financial advisors before investing in any stocks.)
(A tech company with focuses on futuristic technologies such as Autonomous Driving & ADAS, Electric & Conventional
Powertrain, Connected Vehicle, Vehicle Diagnostics, AUTOSAR, Vehicle Engineering and Design and Digital Connected Solu-
tions. )
Financial Weekly TM

June 2023 14
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Financial Weekly TM

June 2023 15
https://angel-one.onelink.me/Wjgr/8tma4nzk
Financial Weekly TM

June 2023 16
Performance Report - Mid-term / Long-term

Co. Name Recomm. Target SL Time Frame Return Recomm. Target Day
Date
Persistent Systems 4000 4085 3920 2-4 weeks 2% 09/01/2023 13/01/2023 4
S iem ens 2975 3056 2858 8-10 weeks 3% 12/01/2023 18/01/2023 6
Adani Enterprise 3623 3720 3510 2-3 weeks 3% 12/01/2023 19/01/2023 7
Schneider Electric 205 215 201 3-5 days 5% 16/01/2023 18/01/2023 2
Anand Rathi 790 854 815 4-6 WEEKS 8% 16/01/2023 20/01/2023 4
Abans holding 241 270 224 3-5 days 12% 16/01/2023 18/01/2023 2
CCL Product 516 544 460 2-12 weeks 5% 17/01/2023 23/01/2023 6
Kaynes 791 822.4 770 2-3 weeks 4% 18/01/2023 27/01/2023 9
MOLDTEK 164 179 140 2-3 weeks 9% 19/01/2023 20/01/2023 1
Coforge 4280 4512 3869 1-2 weeks 5% 23/01/2023 02/02/2023 10
Trent 1200 1252 1150 60 days 4% 25/01/2023 01/02/2023 7
Laurus Lab 332 347.8 12 weeks 5% 31/01/2023 01/02/2023 1
KPIT TECH 795 849 780 2-4 weeks 7% 02/02/2023 09/02/2023 7
ATUL AUTO 363 375 335 2-4 WEEKS 3% 09/02/2023 09/02/2023 0
Average Return 5% Averge Hold Period 4.71
Performance Report - Futures

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

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

For more information ring to.... M. 9825306980
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Financial Weekly TM

June 2023 17
VISHAL BALIYA
(Co-Founder - Happy Candles Investment )
+91 7043469423 : Twitter Handle: @candles_happy ; Email: info@happycandlesinvestment.com
Smart School Article 31

Stock Selection Criteria through Happy Candles Numbers (Part 3)
As I wrote previously if you treat research analysis like a game and make things more interest-
ing, your mind will be able to do the hard yards more comfortably and easily. Mind likes to focus on
things much better which it finds more entertaining. Why not make investing more disciplined and
more entertaining?
Have a look at the below table which will help you determine how much investible a company
is. We have here tried to assign a number or marks to each of the 14 criterion we have studied so
far under Smart School Articles.
Each row and column contain either a Technical or a Fundamental criteria and the marks allot-
ted to it. It also says whether the criteria is technical or fundamental and the website or App we use
to determine the score. You may choose your own source. We don't advocate any website but we
find the mentioned websites good source to determine our scores. The Third and the Fourth col-
umn are the most important as they will teach you how to measure each criteria. In the next article
of Smart School we will discuss just about these Two most important columns which will deter-
mine the Happy Candles Number of a Company.
- Vishal Baliya (Co-Founder-Happy Candles Investment) :
- Mobile Number: +91 7043469423 : - Twitter Handle: @candles_happy
- Email: info@happycandlesinvestment.com
Financial Weekly TM

June 2023 18
Equichain Wealth Advisors
Global Markets Nikunj Vithlani
nikunj200531@gmail.com
U.S. debt deal

Suspends debt ceiling till 1-Jan-25
Last week discussed how will U.S. debt deal will impact interest rate in U.S. and globally, we
have also discussed 3 probabilitiesand very little change in outcome probability on interest rate.
U.S. debt deal was cleared by house & Senate, it clears the way for U.S. debt deal to become law
when President Biden signs.
This week we will discuss the U.S. debt deal details as it suspends debt ceiling limit till next
U.S. presidential election, but it comes with certain curbs on spending and restriction. Prime facie
deal looks well balance - we do believe it another round of monitory expansion.
U.S. debt deal details

" Deal would suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, allowing the U.S. gov-
ernment to pay its bills.
" Non-defense discretionary spending would be "roughly flat" at current year levels in 2024,
"when factoring in agreed upon appropriations adjustments," according to White House offi-
cials.
Relief for U.S. Presidential election 2024

" The debt limit extension lasts past 2024, meaning Congress would not need to address the
deeply polarizing issue again until after the November 2024 presidential election.
" Still, tough conversations about how to allocate money under the new spending caps will
need to take place in Congress this year.
Increase in defense spending

" The deal would boost total defense spending to $886 billion, in line with Biden's 2024 budget
spending proposal.
" That is about a 3% increase from the $858 billion allocated in the current budget for the
Pentagon and other defense-related programs in other agencies.

Cont...
Financial Weekly TM

June 2023 19
IRS Funding
" Biden and Democrats secured $80 billion for a decade in new funding to help the Internal
Revenue Service enforce the tax code for wealthy Americans in last year's Inflation Reduc-
tion Act, a move the administration said would yield $200 billion in additional revenue over
the next 10 years.
" The new legislation and subsequent appropriations would shift $10 billion in each of calen-
dar years 2024 and 2025 in funding away the Internal Revenue Service.
Biden and McCarthy agreed to claw back much of the unused COVID relief funds as part
of the budget deal. The estimated amount of unused funds is between $50 billion and $70
billion.
White House officials said some funds would be retained, including items related to vac-
cine funding, housing assistance and support for Native Americans.
Equichain Wealth Advisors: Market View & Opinion

We see this deal as yet another round of monitory expansion as U.S. debt deal allows govern-
ment to pay its bills while restricting on non-defense discretionary spending. While spending on
IRS funding for recruitment of thousands of new agents will put pressure on already tight labour
market.
We expect current U.S. deal could have very limited impact in near term, we see this as yet
another round of monitory expansion in a gradual manner. Incoming U.S. economic data would be
very important in near term ahead of US Fed meeting on 14-Jun-23. As on Friday, after Non-farm
employment change, hourly average earnings and unemployment rate - fed fund rate monitor tool
shows round 71% probability of pause on 14-Jun-23.
We see current U.S. debt deal & likely pause by US Fed on 14-Jun-23 would have huge posi-
tive impact of risk-on sentiment and big rally is not ruled out. Another hike of 25-bps by US Fed
could change the matrix and probability of rally or change in risk-on sentiment. So now US Fed
meeting on 14-Jun-23 becomes a very important event for global market.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472
Telegram channel: https://t.me/Equichain : Nikunj Vithlani

Financial Weekly TM

June 2023 20
Chart Check
Your Stock Our Recommendation
Want to get recommendations based on Technical Analysis on your
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Smart Investment Website Index
80,000 hits only 1 Week
Total number of Hits
1,90,91,111
Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
Financial Weekly TM

June 2023 21
Chart Check
Your Stock Our Recommendation
SSWL:
Buy above 154 with sl of 130 target 225…250
Persistent systems :
Buy at cmp 5226 with sl of 5094 target 6426…7200
Financial Weekly TM

June 2023 22
Banco products :
It is in uptrend buy above 285 with sl of 261 for target of 350…400…480
This are some stocks we received from our subscribers,

You can also send your to get featured in next week
For any query email us on
Buy... Buy... Buy on Dips Hold Sell on High

Trans. & Rect. 83.00 Mphsis 2019.00 Shree Renuka 41.00
Murudeshwar Cera 46.00
Oil Country 16.00 EIH Ltd. 214.00 Apollo Hospital 4967.00 GE Power 133.00
Shalimar Wire 14.00 Anmol India 246.00 ITC 443.00 PNC Infra 316.00
Bright com Group 20.00 Indain Hume Pipes 158.00 Cyient 1458.00 Jamna Auto 100.00
Tata Steel 108.00 S. Chand 196.00 HDFC 2641.00 Voltas 818.00
Walchandnagar 87.00 The Hi Tech Gears 321.00 Narayan Hrudalaay 942.00 Heidelberg Cement 169.00
NSL 262.00 NRB Bearing 173.00 M&M 1341.00 Suntech Realty 282.00
Menon Bearing 137.00 IRCTC 645.00 Ambuja Cement 437.00
Zee Enter 193.00
Hind Copper 113.00 Onward Tech 516.00 Bajaj Auto 4666.00
Barbeque 632.00
Betex India 81.00 Metro Brands 985.00 ICICI Bank 937.00
PVR Inox 1402.00
Prime Ind 98.00 IOL Chem 447.00 Sanofi India 7000.00
Cosmo First 600.00
TV18 39.00 IFGL Refractories 315.00 Sundram Fast 1110.00
RPP Infra 51.00 HLE Glascoat 638.00
Rushil Décor 300.00 Laurus Lab 347.00
Shree Digvijay 81.00 Syngene 720.00 Technocraft 1549.00
Shree Pushkar 196.00
Indusind Bank 1288.00 Jubilant Pharmova 335.00
Zen Techno 399.00
RVNL 117.00
Financial Weekly TM

June 2023 23
Financial Weekly TM

June 2023 24
Smart Banking & Financial Services
By Vijaya Kittu M, GetPaidIndia.com
Tracking the pulse of the Indian and Global Banking and Financial Services – so that the
typical Indian Investor can benefit from it
BANK FIXED DEPOSITS are getting attention again after as many as six small finance banks
reportedly offer a 9% return on fixed deposits for senior citizens. Public and private sector banks
are yet to join the race of FD interest rate hikes.
FUTURE GENERALI INDIA INSURANCE announced a new health insurance plan called DIY
HEALTH that allows customization. The product allows customers to select maternity cover, criti-
cal illness booster, air ambulance, accidental death cover, and such features on-demand instead
of being mandatorily available in the policy. According to their survey, 8 of 10 customers were
asking for customization of their health insurance and hence this new product.
SEBI canceled the Certificate of Registration granted to KARVY STOCK BROKING LIMITED
(KSBL).The decision came after one month it banned the brokerage from the securities market for
misappropriating client funds. In November 2022, the stock exchanges declared Karvy Broking, a
defaulter. It was observed that KSBL was raising funds by pledging client securities and diverting
the funds raised to related entities.
AMFI is targeting to bring in 5000 new mutual fund distributions under its MFD apprentice
program.The MFD apprentice program is an internship initiative under the SEBI regulatory sand-
box proposal. The program allows fund houses to have an exclusive partnership with an individual
MFD, train and nurture them and even pay them a monthly stipend of up to Rs. 15,000 for the first
12 months.
SBI MF overtook HDFC MF as India's most prominent debt mutual fund house. SBI MF has an
average debt AUM of Rs. 1.93 lakh crores, and HDFC MF is at Rs. 1.87 lakh crores.
ONGOING / UPCOMING MUTUAL FUND NFO : Mirae Asset Silver ETF (NFO closes June 6,
2023), Kotak Nifty 200 Momentum 30 Index Fund (June 8), NJ ELSS Tax Saver Scheme (June
9),ITI Focused Equity Fund (June 12), quant BFSI Fund (June 14)
BITCOIN was largely rangebound during the week, with an unsuccessful attempt to cross the
$27,500 mark showing that the bitcoin bear market is far from over.Overall, investor sentiments
remained low for the first half of 2023. Hong Kong is trying to rebrand itself and become a
cryptocurrency-friendly company allowing retail traders to buy and sell cryptocurrencies. As per
their new rules, all crypto trading platforms and exchanges must apply for a license from the Secu-
rities and Futures Commission (SFC). China came out with strict crypto laws and banned crypto
trading in 2021.
LEARN INVESTING & TRADING ONLINE

Join our LIVE Zoom Webinar classes on Personal Finance,
Mutual Funds, and Investing and Trading in Equity shares.
To Register, WhatsApp to +91 98495 19188
Financial Weekly TM

June 2023 25
Hard Copy is available on Every Sunday Morning at your nearest book-stall

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Financial Weekly TM

June 2023 26
SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
NLC INDIA LTD

(513683 & NSE) (92.55) (Face Value Rs.10)
For more than six glorious decades, NLC Particulars 3 Months Ended
India Limited has been a forerunner amongst
the Public Sector Enterprises in the country Q4FY23 Q4FY22 % Var.
in the energy sector, contributing to a lion's Sales 5134.04 3085.89 66%
share in lignite production and significant
PAT 830 331 151%
share in thermal and renewable energy gen-
eration. Today, the company has set its footprints in PAN India mode in the states of TamilNadu,
Rajasthan, Uttar Pradesh, Odisha, Jharkhand and Andaman & Nicobar Islands.A pioneer among
the Public Sector Undertakings in energy sector, NLCIL operates 3 opencast Lignite Mines of total
installed capacity 30 MillionTonnes Per Annum (MTPA) at Neyveli, one opencast Lignite Mine at
Barsingsar in Rajasthan with an installed capacity of 2.10 MTPA and an open cast coal mine at
Talabira in Odisha with an installed capacity of 20 MTPA. The Company is also operating 4 Lignite
based pit-head Thermal Power Stations with an aggregate capacity of 3390 Mega Watt (MW) at
Neyveli and one 250 MW Lignite based Thermal Power Station (BTPS) at Barsingsar, Rajasthan.
A 1000 MW Coal based Thermal Power Station is also in operation at Thoothukudi, Tamil Nadu
through its subsidiary company, NLC Tamilnadu Power Limited (NTPL), a Joint Venture between
NLCIL and TANGEDCO (equity participation in the ratio of 89:11). NLCIL has also forayed into
renewable energy sector. Presently, the Company is operating 1370 MW of Solar Power Plants in
various Districts of Tamilnadu and Andaman & Nicobar Islands and 51 MW Wind Power Plant in
Tirunelveli district of Tamilnadu.
It has an equity base of Rs.1386.64 crore that is supported by reserve of Rs.13782 crore. The
Promoters hold 79.20%, FIIs hold 0.67%, DIIs hold 11.2% while the investing public holds only
8.94% stake in the company.
For Q4FY23, its PAT soared 151% to Rs.830 crore from Rs.331 crore on 66% higher income of
Rs.5134.04 crore fetching an EPS of Rs.5.98. During FY23, its PAT zoomed 28% to Rs.1426 crore
from Rs.1116 crore on 34% higher income of Rs.16165 crore fetching an EPS of Rs.10.07. At
CMP, NLC trades at P/E ratio of 9.25x. It paid 15% interim dividend for FY23 & declares 20% final
dividend for FY23.
Investors can watch this stock with a stop loss of Rs.77. It may give very
good returns in medium to long term. Cont...
Financial Weekly TM

June 2023 27
Dark Horse-2
SHREE DIGVIJAY CEMENT CO LTD

(502180 & NSE) (82) (Face Value Rs.10)
Company is one of India's pioneer in manu- Particulars 3 Months Ended
facturing Cement. Company started its opera- Q4FY23 Q4FY22 % Var.

Sales 195.20 169.19 15.37%
tions in India in 1944 at the coastal township
Op. Profit 38 29 31.03%
of Digvijaygram (Sikka) in Jamnagar District
PAT 24.43 12.89 89.52%
of Gujarat. Since 2019, Company is a part of
True North formerly known as India Value Fund Advisers (IVFA). Today, its capacity stands at 1.20
Million Tons per Annum housing a Fully Automatic Modern Cement Plant. It has been a unique
trendsetter in providing superior quality of Ordinary & Special Portland Cement. Company em-
ploys approximately 300 Employees and have a Gujarat-wide network of over 1,000 Channel Part-
ners selling its Cement under the Brand Name "KAMAL CEMENT".
The Company has an equity of Rs.145.20 crore backed by huge reserves of around Rs.179.81
crore. The promoters hold 55.66% while the investing public holds 44.34% stake in the company.
For Q4FY23, SDCCL posted 89.52% higher PAT of Rs.24.43 crore as against PAT of Rs.12.89
crore in Q4FY22 on higher sales of Rs.195.20 crore fetching an EPS of Rs.1.69. During FY23, it
posted PAT of Rs.58.08 crore on higher income of Rs.726.74 crore fetching an EPS of Rs.4.
Currently, the stock trades at a P/E of 20.6x. It paid 15% interim dividend and recommended
25% dividend for FY23. Company is going to expand its capacity up to 3 MTPA.
Investors can watch this stock with a stop loss of Rs.68. It may give
very good returns in medium to long term.
Financial Weekly TM

June 2023 28
Abans Holdings Limited
Reports strong financial performance and Net Profit of Corporate
Rs. 70.3 crore in FY23; Unveils Expansion Plans Feature
Abans Holding Ltd
BSE: 543712 NSE : AHLCMP: Rs.279
Abans Holdings Limited Reports strong financial performance
and Net Profit of Rs. 70.3 crore in FY23; Unveils Expansion Plans.
Abans Holdings Limited, a leading diversified financial services
company, announced strong financial performance for the fourth
quarter (Q4) and fiscal year 2023. The company showcased signifi-
cant growth across various
financial metrics, reinforcing
its position as a key player in
the industry.
For the Financial Year
2023, company reported net
profit of Rs. 70.3 crore,
growth of 14% Y-o-Y as
compared to the net profit of
Rs. 61.8 crore in FY22. Op-
erating profit during FY23
grew 15% Y-o-Y to Rs. 76
crore. Revenue from opera-
tion during FY23 was re-
ported at Rs. 1,150.97crore,
rise of 80.2% Y-o-Y as com-
pared to revenue of Rs.
638.62 crore in FY22.
Agency income surged by
83% YoY, reaching Rs 43
crore in Mar23. EPS for the
FY23 stood at Rs. 14.81 per
share. Company continues
to maintain strong risk man-
agement with Net NPA con-
tinues to remain at Zero. In
addition to its strong results,
Abans Holdings outlined its
strategic expansion plans,
aiming to drive future growth
and strengthen its leader-
ship position in key areas as
under:
Diversification of Busi-
ness Operations : Abans
Holdings Limited aims to ex-
pand beyond its current hold-
ing company status and also
act as sponsors and invest-
ment managers for manag-
ing schemes floated by all
categories of Alternative In-
vestment Funds (AIF). The
alteration of the object clause
has been approved by the
registrar of companies, and revenue generation from these activities is anticipated to commence in H1 FY24, subject to regula-
tory approval.
Agency Income Growth : Despite capital market volatility, Abans Holdings has successfully achieved an impressive 83%
Cont...
Financial Weekly TM

June 2023 29
Managing Director, Abans Group Mr. Abhishek Bansal
Mr. Abhishek Bansal, Managing
Director of Abans Group, expressed
his enthusiasm about the company's
performance and future plans, stat-
ing, "We are delighted with the robust
financial results achieved in fiscal year
2023. Our strong growth across vari-
ous metrics is a testament to our fo-
cused approach and unwavering
commitment. As we move forward, our strategic focus on Asset & Wealth
Management will further strengthen our position in the industry and deliver
long-term value to our stakeholders."
YoY growth in agency income by expanding its global
footprint.
Expansion into Remittance Services : Corporate Av- Key highlights Mar'23 vs Mar'22
enue Services Limited (CASL), a subsidiary of Abans " Net Profit up by 14% YoY at Rs 70 Cr in Mar'23 from Rs 61 Cr in
Holdings, has obtained a licence from the FCA UK, en- Mar'22
abling the provision of remittance services to global cli- " Agency income grew by 83% and profit from agency business
ents transacting in multiple currencies. This business grew by 354%
segment holds tremendous potential and is expected to " Profit from Lending business grew by 107%
serve as a growth driver for the group. " Loan book size is increased to Rs 167 Cr in Mar'23 from Rs 149 Cr
Acquisition of SATCO Growth and Momentum Port- in Mar'22
folio : To further enhance its assets under management " Asset under management (AUM) is increased to Rs 425 Cr in
(AUM), Abans Broking Services Private Limited (ABSPL), Mar'23 from Rs 245 Cr in Mar'22
a subsidiary of Abans Holdings, has entered into a MoU " NPA continues to be Nil
with SATCO Capital Markets Limited (SATCO). The agree- " Our earnings per share stood at Rs 14.8 in Mar'23 from Rs 13.4 in
Mar'22
ment entails taking over the SATCO Growth and Momen-
tum Portfolio, including its performance history, inves-
tors, AUM, and fund management, subject to regulatory
approval. The SATCO Growth and Momentum Portfolio
currently stands at Rs 80 crore AUM and has delivered a
notable 21.6% CAGR since its inception. Going forward,
such mergers and acquisitions will strengthen our pres-
ence and fuel our growth trajectory.
With the successful listing of Abans Holdings Ltd, the
company has experienced accelerated growth momen-
tum. The management's primary focus is on consolidat-
ing its leadership position in businesses such as agency
income and the lending sector. Leveraging its integrated
platform, which seamlessly combines lending, trading,
and wealth management, Abans Holdings has estab-
lished a global reach, catering to a diverse range of cli-
ents.
Abans Holdings Limited (AHL) is a globally diversi-
fied financial services organisation that provides its cli-
ents with integrated financial services and products.
Abans Holdings Limited operates in several business
verticals, including financial services, commodities trad-
ing, agricultural trading and warehousing, and real es-
tate. Through its financial services vertical, the company
provides a range of financial products and services, in-
cluding financing, institutional trading, private client bro-
kerage, asset management, and investment advisory
Abans Group - Background and Business
services. " Abans Group is founded by Abhishek Bansal, a new age-entrepreneur,
The company operates in various markets and ex- in 2005.
" It is primarily engaged in Investment Management, Trading, Broking,
changes globally, including the BSE, NSE, MSEI, NCDEX,
Gold Refining, Non-Banking Financial Services, Agricultural Trading,
ICEX, MCX, and IIEL in India, as well as London Metal
Pharmaceuticals Distribution, Software Development, and Real Estate
Exchange (LME), Dubai Gold & Commodities Exchange Development.
(DGCX), Dalian Commodity Exchange (DCE), and Shang- " As a team, it is aligned to the common goal of creating not just wealth,
hai International Energy Exchange (INE). Additionally, but bringing prosperity that empowers each of the stakeholders.
the company has an in-house NBFC business that pro- " The group has two listed entities and various unlisted companies
vides lending support to its clients. - Abans Enterprise Limited listed on Bombay stock exchange and Metro-
politan Stock Exchange of India Limited (MSEI)
*** - Abans Holdings Limited listed on Bombay stock exchange and National
stock exchange.
Financial Weekly TM

June 2023 30
Smart Education - Yog Joshi
Technical Analysis
From
Basic to Advance
Various Sector Chart Analysis

Nifty Pharma Sector Chart Analysis - Bullish Chart
Hello Friends,
Hope you all are doing well...!!!

Last time we done a Technical Analysis of Nifty Auto Sector chart, hope you find that analysis
informative
In this Sector Chart Analysis Series, with the help of EMA Crossover, MACD and RSI today we
are going to analysis for NIfty Pharma Sector Chart on weekly time frame
Looking at the weekly chart, the NIfty Pharma Sector Chart gave a Big Engulfing Bullish Breakout
against historical resistance, which is considered as a very positive sign towards the upcoming
bullish move in this sector.
Cont...
Financial Weekly TM

June 2023 31
Name Price Chg Chg%
Abbott India 21,931.85 329.2 1.52%
Sanofi India 7,007.00 167.9 2.46%
Dr. Reddy’s Labs 4,618.00 65.95 1.45%
GlaxoSmithkline Pharma 1,392.00 64.8 4.88%
Pfizer Ltd 3,850.00 39.75 1.04%
Sun Pharma 999.6 11.9 1.20%
Ipca Laboratories 714.2 8.7 1.23%
Lupin 819.35 7.2 0.89%
Natco Pharma 628.85 5.9 0.95%
Laurus Labs 346.05 5.55 1.63%
Zydus Lifesciences 518 4.6 0.90%
Glenmark Pharma 614 4.4 0.72%
Aurobindo Pharma 662.5 3.8 0.58%
Torrent Pharma 1,777.45 2.65 0.15%
Cipla 965 0.25 0.03%
Granules India 287 -1.05 -0.36%
Divi's Labs 3,524.20 -1.2 -0.03%
Biocon 240.25 -5.05 -2.06%
Gland 922.25 -10.2 -1.09%
Alkem Laboratories Ltd 3,363.75 -16.6 -0.49%
EMA Crossover Analysis :- Looking at the Nifty Pharma Chart in the

weekly time frame, Its clearly shows that price closed above 5 days and 21 days EMA, which is
known as a positive crossover and
It indicate that in coming days Nifty Pharma Chart might show bullish momentum
MACD Analysis :- Looking at the MACD analysis, it shows that MACD line and
Signal line both are trying to come in the positive zone, this sign is considered as a good sign for
bullish sentiment. In the coming days the Nifty Pharma chart might show bullish momentum.
RSI Analysis :- Looking at the RSI Analysis, it clearly shows that RSI is above the
middle line, it means RSI is above 50 level and growing, which is considered as a bullish sign for
the upcoming days for this Nifty Pharma Chart.
Summary :- So looking at the 5-21 EMA Crossover, MACD and RSI analysis its
observed that Nifty Pharma Chart is indicating bullish momentum in coming days
I am sharing with you the list of companies which are part of the Nifty Pharma Sector, we can
keep this company in our watch list as all these companies are part of the Nifty Pharma Sector
Chart which is showing bullish positive momentum.
I hope you find this article informative...!!!
Financial Weekly TM

June 2023 32
TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST
Corrections are Temporary, Growth is Permanent
NIFTY (18534.00) :- In the last article I shared a daily chart of NIFTY and exactly
the same happened with Nifty movement this week. It was really amazing prices were given re-
spect to all price levels which is shown in the chart. From 1st Dec 2022 Nifty clearly trading in down
trend channels and giving respect to
every price resistance and support.
Nifty is trading between 15000 to
19000 from more than the last 1.8
years. In the last weekend of Novem-
ber 2022 it crossed past all time high
and made new all time high but next
week it made Bearish Piercing pat-
tern on weekly chart and again came
down.
Last week yesterday on the daily
chart Nifty made a good candlestick pattern with increasing volume as per this pattern NIFTY is
looking upside down for next week as well as Nifty took good support as I wrote in last week's
article. Next immediate target of the Nifty is 18700. If the Nifty will close above this price with good
volume then it will start to make a new lifetime high. The Indian market is looking very bullish
compared to global markets.
ZENSAR TECH. (Rs. 403.00) :- This is a good company from the infor-
mation technology field it's working in all over the world. On the daily chart it made a good bullish
pattern that is a bullish flag. As per this pattern we can buy this stock between 385--400 with daily
close base Stop of 370 for target of 440--455 in 22 days. Last we we suggested PRESSMAN
ADVT LTD
and it given
25% returns in
a week yes-
terday also it
closed on
10% upper cir-
cuit hold it for
next target of
130-144
Financial Weekly TM

June 2023 33
Terrific Shots - Dilip K. Shah
Birla Corp (Rs. 1168.00) (Code: 500335) :- The shares of this cement and cement
products company are listed in the A group and have a face value of Rs. 10. The shares touched a
52-week high of Rs. 1154 and low of Rs. 822. This MP Birla Group company makes various types
of cement, wall putty, and construction chemicals. It sells cement under the brand names Chetak
and Samrat. The company has established a diverse geographical presence across the country. It
has a 200 lakh tonnes cement production capacity and 3,750-tonne steel and iron casting capac-
ity. It has eleven plants in Haryana, MP, UP, West Bengal, Rajasthan and Maharashtra. Promoter
holding is 62.90%. Its equity is Rs. 77 crore and reserves are Rs. 5903 crore. For the March quar-
ter, income increased from Rs. 2333 crore to Rs. 2511 crore while profit fell from Rs. 111 crore to
Rs. 84 crore. The company aims to increase capacity to 300 lakh tonnes per annum by 2027-28. It
aims to raise Rs. 200 crore through private placement of NCDs.
VST Tillers (Rs. 2755.00) (Code: 531266) :- The shares of Bengaluru-based VST
Tillers are listed in the A group. The shares touched a 52-week high of Rs. 2894.9 and low of Rs.
2046.5. The company is considered the largest player in the power tiller and agri equipment seg-
ments. The company has a strong balance sheet with zero debt and a lot of cash on the books. Its
equity is Rs. 8.64 crore and its reserves are Rs. 816 crore. Promoter holding is 55.58%. For the
March quarter, income went up from Rs. 218 crore to Rs. 323 crore, and profit from Rs. 22 crore to
Rs. 40 crore. For the whole year, income increased from Rs. 854 crore to Rs. 1006 crore even as
profit declined from Rs. 99 crore to Rs. 92 crore. The annual EPS was Rs. 106.92. The company
has announced a 250% dividend. The company sold 3756 tillers and tractors in May as against
3628 units last year.
Cyient (Rs. 1458.00) (Code: 532175) :- Cyient is a consulting-led mid-sized technol-
ogy solutions company. The stock has been making fresh 52-week highs. The A group listed shares
touched a 52-week high of Rs. 1525.55 and low of Rs. 724. The company provides network solu-
tions and GIS services to utilities, telecom, and digital map provider companies. Its equity is Rs. 55
crore and reserves Rs. 3411 crore. For the fourth quarter of the year, its income went up from Rs.
1181 crore to Rs. 1751 crore, and profit from Rs. 154 crore to Rs. 163 crore. Quarterly EPS was Rs.
14.76. For the whole year, income was Rs. 6016 crore, profit Rs. 514 crore, and EPS Rs. 46.52.
Promoter holding in the company is 23.36%. The company’s market cap is Rs. 16,131 crore. The
company has paid a 200% interim dividend and announced a final dividend of 320%. The stock is
quoting at a P/E multiple of 29.5 and can be considered on decline.
AstraZeneca Pharma (Rs. 3499.00) (Code: 506820) :- AstraZeneca is the Indian
subsidiary of an MNC. The A group listed shares have a face value of Rs. 2. The shares touched a
52-week high of Rs. 3619.70 and low of Rs. 2650. The company’s market cap is Rs. 8755 crore.
Promoter holding is 75%. FIIs and DIIs own 2.7% and 1.41% shares respectively. It has reserves of
Rs. 584 crore as against equity of Rs. 5 crore. Its RoE is 23.3% and RoCE is 31.4%. For FY2023,
income rose from Rs. 806 crore to Rs. 1003 crore, operating profit from Rs. 86 crore to Rs. 159
crore, and net profit from Rs. 62 crore to Rs. 99 crore. For Q4, income increased from Rs. 232 crore
to Rs. 285 crore while net profit fell from Rs. 28 crore to Rs. 17 crore. However, its results are better
in comparison with other pharma companies. The stock can be a good bet for the long term.
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this stocks • I/My family have no financial
interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable
for any loss arising out of investment based on tis advices • Past performance may or may not be substainedin future "
(Dilip K. Shah) Research Analyst SEBI Regn No. : INH000002152
Financial Weekly TM

June 2023 34
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Important support for Index at 62250

and Nifty Future at 18500
BSE Index (62547.11) :- It is moving upward from the bottom of 61251.70. it shows an overbought
position on a daily, weekly, and monthly basis. On upward movement, beyond 63026 it may go up to 63180
and 63583. On downward movement, below 62250 it may go down to 61920, 61540, and 61170.
Bank Nifty Future (44074.95) :- It shows improvement from the bottom of 38831.50. it shows an
overbought position on a daily, weekly, and monthly basis. On upward movement, beyond 44525 it may go
up to 44590, 44925, and 45270. On downward movement, below 43840 it may go down to 43800, 43450,
43100, and 42740.
Nifty Future (18633.00) :- It shows an upward movement from the bottom of 18084.05. It shows an
overbought position on a daily, weekly, and monthly basis. On upward movement, beyond 18743 it may go
up to 18870 and 19000. On downward movement, below 18550 it may go down to 18500 and further down
to 18390, 18270, 18150, and 18084.
Central Bank (27.65) :- It shows an improvement from the bottom of 25.95. It shows an overbought
position on a daily basis, an oversold on a weekly basis, and a neutral on a monthly basis. On upward
movement, beyond 29 it may go up to 32, 38, 42, 45, and 52. On downward movement, it may get support
at 26.
ICICI Prudential (471.60) :- It shows an upward movement from the bottom of 420. It shows an overbought
position on a daily basis, a neutral on a weekly basis, and an overbought on a monthly basis. On upward
movement, beyond 482 it may go up to 498, and beyond that to 495, 509 and 521. On downward movement,
below 460 it may get support at 455.
L&T Finance (105.55) :- It shows a northward movement from the bottom of 78.95. it shows an overbought
position on a daily, weekly, and monthly basis. On upward movement, beyond 107 it may go up to 113,
116, 122, 126, 135, 144, 153, 163, and 172. On downward movement, support could be at 100.
UCO Bank (27.55) :- It shows an upward movement from the bottom of 25.65. It shows towards an
overbought position on a daily basis, an oversold on a weekly basis, and a neutral on a monthly basis. On
upward movement, beyond 28 it may go up to 32, 34, and 38 and beyond that to 47, 53, 59, 65, and 71. On
downward movement, support could be at 26.
Union Bank (72.75) :- It shows an upward movement from the bottom of 68.40. It shows an overbought
position on a daily basis, an oversold on a weekly basis, and a neutral on a monthly basis. On upward
movement, beyond 75 it may go up to 79, 87, and 97. On downward movement, support could be at 70.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
: Golden quote :
The Secret of getting started
Financial Weekly TM

June 2023 35
Anmol India Ltd • BSE: 542437 NSE : ANMOL • CMP: Rs. 246
Rewards Shareholders with 4:1 Bonus issue
Reports Earnings for Q4 & FY23, Records 33% Revenue Growth in FY23
" Revenue from Operations reported at Rs.370.13 Cr in Q4 FY23 and
Rs.1410.24 Cr in FY23
" EBITDA came in at Rs.9.65 Cr in Q4 FY23 and Rs.36.53 Cr in FY23
" PAT stood at Rs. 4.43 Cr in Q4 FY23 and Rs.18.66 Cr in FY23
Standalone Financial Performance Comparison - Q4FY23 v/s Q4FY22

Corporate Feature • Revenue from Operations grew by 18.70% from Rs.311.80 Cr in Q4 FY22 to Rs.
370.13 Cr in Q4 FY23 primarily driven by the addition of new products such as
coking coal, met coke, chemicals and iron & steel in the portfolio and in-
Ludhiana: Anmol India Ltd. (BSE: 542437, NSE: crease in volume.
ANMOL), one of the leading players in Supply chain • EBITDA increased 31.83% from Rs.7.32 Cr in Q4FY22 to Rs. 9.65 Cr in Q4 FY23
• EBITDA margins increased 2.34% in Q4 FY22 to 2.59% in Q4 FY23 by 25 bps.
management industry, Commodity Trading, and Coal • PAT increased by 40.18 % from Rs. 3.16 Cr in Q4 FY22 to Rs. 4.43 Cr in Q4 FY23.
Import, in its board meeting held on May 17th, 2023 • PAT margins increased from 1.01% in Q4 FY22 to 1.19% in Q4 FY23 by 18 bps.
has approved the audited Financial Results of the Standalone financial performance for FY23 vs FY22:
Company for the Fourth Quarter and Financial Year • Revenue from operations recorded a healthy growth of 33.12% from
Rs.1059.39 Cr in FY22 to Rs.1410.24 Cr in FY23.
Ended on 31 March 2023. • EBITDA increased by 32.74% from Rs.27.52 Cr in FY22 to Rs.36.53 Cr in FY23
Anmol India is led by Shri Vijay Goyal who has 37 • EBITDA margin remains around the same level in FY23 & in FY23.
years of experience in the Coal Industry. Recently, • PAT stood at Rs. 18.66 Cr in FY23 as compared to Rs.15.55 Cr in FY22 witness-
ing a growth of 20%
Mr. Chakshu Goyal, an ISB Alumnus, has also joined • EPS increased 19.90% from Rs.13.67 in FY22 compared to Rs.16.39 in FY23.
as a board of directors and since then launched vari-
ous digital initiatives to steer the growth of the com-
pany. Anmol has earned a reputable position in the
Supply chain management industry, Commodity Trad-
ing, and Coal Import with a remarkable growth trajec-
tory since its inception. The company has garnered
trust and loyalty from clients across 100 diverse lo-
cations in India. The company has undergone a sig-
nificant transformation, embracing an enhanced end-
to-end supply chain management approach for com-
modity trade. This comprehensive strategy encom- Anmol India Ltd Rewards Shareholders with 4:1 Bonus
passes a wide range of services, bolstered by ad- issue (Four Bonus shares for every 1 share held
vanced research capabilities and an optimized global • The board of Anmol India Ltd. has approved a bonus issue of
shares to investors in the proportion of 4:1, which means, for
sourcing strategy. It has fortified its operations by
every one share investors hold, they will get four additional
streamlining critical aspects, including the coordina- shares.
tion of sea freights, meticulous cargo handling, ro- • "The Board recommended issue of bonus shares in the ratio of
bust insurance arrangements, meticulous fund man- 4:1, i.e. four equity shares of Rs 10 each for every one equity share
agement, efficient inland logistics, and seamless last- of Rs 10 each, held by the shareholders of the company as on the
record date," the company said in a filing. The record date will be
mile delivery. These improvements have been imple-
intimated in due course. The bonus shares will be issued out of
mented as part of its ambitious expansion plan, en- securities premium account and free reserves of the company
suring a more robust and efficient system than ever available as on March 2023.
before. • Further, the Board has also approved increase in the authorized
The company is aiming for strategic diversifica- share capital of the Company from existing Rs 11.50 crore to Rs 57
crore and consequent alteration in the capital clause of the
tion, including portfolio and demographic diversifica- memorandum of association of the company. The Board has also
tion, to augment sales and yield the strategic ben- given its nod to re-appointment of V ijay Kumar, Managing Direc-
efits of geographical diversification, flexibility, adapt- tor, for a further period of five years with effect from 27 May.
ability, and enhanced negotiating power.Anmol India
Ltd is listed on BSE & NSE. It is committed to deliv-
ering long-term value to its shareholders. The com-
pany believes in transparent and ethical business prac-
tices and is dedicated to upholding the highest stan-
dards of corporate governance.
***
Financial Weekly TM

June 2023 36
Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com
Recent new highs amidst consolidation

Markets appears over heated
(Concluded week report):
During the week under report, while we witnessed the consolidation of the market with
narrow movements either side, but it also kept marking recent new highs for benchmarks.
FIIs that remained net buyers for the eight sessions in a row turned net sellers from second
last session of the week under report. Debt ceiling issue of US perhaps propelled their
investment in India's emerging market, opined marketmen. DIIs jumps in as and when
opportunities emerge and also supports markets during crucial times.
For the week, while BSE Sensex moved in the range of 63036.12-62359.14, NSE Nifty
hovered between 18662.45-18464.55.
For the week, BSE Sensex marked a net weekly GAINsof mere 45.42 points and NSE
Nifty reported a net weekly GAINs of just 34.75 points.
Weekly Movements of benchmarks:
Monday -The first session of the week opened on a positive note and after trading in
green, it closed the day with some gains. BSE Sensex scored 344.69 points to close at
62846.38 and NSE Nifty gained 99.30 points to end the day at 18598.65. In intraday Sensex
crossed 63K level after nearly seven months. Banking sector lead the rally and got support
EX-BONUS from Consumer Durables, Metal, Sugar, Auto, Cement counters

Macrotech (1 for 1).
while profit booking witnessed for IT bigwigs.Market breadth
BONUS ANNOUNCEMENT
NDR Auto (1 for 1), remained positive despite underperformance by Mid and Small cap
Leading Leasing (1 for 1),
Anmol India (4 for 1). indices. FIIs and DIIs continued to be the net buyers for the day.
EX-SPLIT Tuesday - After flat but divergent openings, market moved both
Sylph Tech (10 for 1)
ways to finally end the day with some score. BSE Sensex gained
EX-RIGHTS 122.75 points to end the day at 62969.13 and NSE Nifty scored
Praxis Home, Bhakti Gems,
Shree Rama Multi, 35.20 points to close at 18633.85. For the second session in a row,
North Eastern Carry
Cont...
Financial Weekly TM

June 2023 37
Sensex crossed 63K mark in intraday trades. The sudden high volatility amidst FIIs continued
buying mode helped market to gain despite heavy profit booking in the side markets. While
Banking counters surged and got support from IT, FMCG heavy weights, Metal counters
eased on negative reports from the world markets. Market breadth turned marginally negative
as the side market, Mid and Small cap underperformed the benchmarks. FIIs remained net
buyers while DIIs were the net sellers for the day.
Wednesday -After opening in red with a caution, markets traded in red and also closed
with losses. BSE Sensex lost 346.89 points to close at 62622.24 and NSE Nifty marked a
deficit of 99.45 points to end the day at 18534.40. Weak global signals kept a tab on general
sentiment. Banking counters lead the doom and got support from Metal counters that
overshadow the gains in Healthcare, Consumer Durables, IT counters. Though Mid and Small
cap indices outperformed benchmarks, dull side market kept market breadth marginally
negative. FIIs continued to be the net buyers and DIIs as the net sellers for the day.
Thursday - With a cautious positive opening amidst short coverings from weekly traders
lost the grip and market turned red post noon and also closed with some losses. BSE Sensex
marked a deficit of 193.70 points to end the day at 62428.54 and NSE Nifty lost 46.65 points
to close at 18487.75. Hammering continued for Banking counters for the second session in a
row. IT, Auto, Consumer Durables and Healthcare counters gained on fresh buying support.
Market breadth was marginally positive as Mid and Small cap indices outperformed benchmarks
and got help from the fancy counters in the side market. FIIs turned a token net seller and
DIIs were the net buyers for the day.
Friday - After gap up openings, benchmarks moved both ways and finally closed the
session with some gains. BSE Sensex scored 118.57 points to close at 62547.11 and NSE
Nifty gained 46.35 points to end the day at 18534.10. Thus both benchmarks closed above
the sentimental barriers of 62.5K and 18.5K and gave a sigh of relief. Auto, Metal and Healthcare
counters lead the rally and got support from FMCG and Oil and Gas counters. IT and Oil
Marketing companies marked selling spree and curtailed the gaining momentum. Market
breadth remained positive as Mid and Small cap indices outperformed benchmarks and got
support from fancy counters of the side market. FIIs were the net sellers and DIIs were the
net buyers for the day.
The week ahead :- Brent crude eased a bit and marked75.50$ a barrel by the
weekend.Rupee continued to move in a narrow range and endedthe week atRs. 82.30 a
Financial Weekly TM

June 2023 38
dollar.We have around 55+ corporate meetingsfor the ensuing week indicating the end the
number season. Market men have on radar global and domestic macro-economic data.
Marketmen also eyes RBI monetary policy meet to get intermittent triggers for the markets.
Amidst such a scenario, BSE Sensex may move in the range of 63750 - 60750, and
NSE Nifty between 18900-17900.
DISCLAIMER : No financial information whatsoever published anywhere here should be
construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever.
All matter published here is purely for educational and information purposes only and under
no circumstances should be used for making investment decisions. Readers must consult a
qualified financial advisor before making any actual investment decisions, based on the
information published here. Any reader taking decisions based on any information published
here does so entirely at its own risk. Investors should bear in mind that any investment in
stock markets is subject to 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). Cont...
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
29-05-2023 62,801.54 63,026.00 62,801.54 62,846.38 344.69
30-05-2023 62,839.85 63,036.12 62,737.40 62,969.13 122.75
31-05-2023 62,839.97 62,876.77 62,401.02 62,622.24 -346.89
01-06-2023 62,736.47 62,762.41 62,359.14 62,428.54 -193.70
02-06-2023 62,601.97 62,719.84 62,379.86 62,547.11 118.57
Net Weekly Gains 45.42
Sensex Open High Low Close Diff
29-May-23 18619.15 18641.2 18581.25 18598.65 99.3
30-May-23 18606.65 18662.45 18575.5 18633.85 35.2
31-May-23 18594.2 18603.9 18483.85 18534.4 -99.45
01-Jun-23 18579.4 18580.3 18464.55 18487.75 -46.65
02-Jun-23 18550.85 18573.7 18478.4 18534.1 46.35
Net Weekly Gains 34.75

Financial Weekly TM

June 2023 39
DURING THE WEEK DIVIDEND ANNOUNCEMENT CAME IN FROM
A K Capital (60%), Ador Fontech (250%), Ahluwalia Contracts (20%), Aimco Pesti (10%), Alkali Metals
(20%), Amarjothi Spg (22%), Amines & Plasti (25%), ASI Ind (20%), Asian Star (15%), AuSom Enter (5%),
Axtel Ind (30%), Bajaj Steel (60%), Bal Pharma (10%), Balkrishna Ind (200%), Bambino Agro (16%), BCL
Ind (50%), Beekay Steel (10%), Bengal & Assam (250%), Bombay Burmah (60%), Caplin Point (100%),
Ceejay Fin (12%), Centum Elect (40%), Cosmo First (50%), Cravatex (15%), Crest Ventures (10%), CSL
Fin (25%), Cupid Ltd (30%), DAPS Advrt (5%), Deccan Cements (75%), Deep Ind (37%), Dhunseri Inv
(25%), Dhunseri Tea (30%), DJ Media (1.5%), Dynamatic Tech (70%), Elcid Inv (250%), Elpro Inv (23%),
Empire Ind (250%), Everest Kanto (35%), Fermenta Bio (25%), Flex Foods (5%), Force Motors (100%),
Godfrey Phillips (2200%), Goodyear India (265%), Grauer & Well (80%), Gretex Corp (5%), Grovy India
(1%), GRP Ltd (170%), Gufic Bio (10%), GIPCL (37.5%), HeidelbergCement (70%), Hikal (30%), Hindprakash
Ind (5%), Hinduja Global (25%), Hisar Metal (10%), Hi-Tech Pipes (2.5%), HPL Elect (10%), IFGL Refrac
(70%), IRCTC (100%), ISGEC Heavy (300%), J B Chem (462.5%), J K Cement (150%), Jamna Auto
(110%), Jay Ushin (30%), Jayant Agro (100%), Jubilant Pharm (500%), KCP Sugar (20%), KNR Const
(12.5%), Kovai Medi (50% + 50%), Krsnaa Diagno (55%), Lakshmi Mills (9%), Lambodhara Text (15%),
Last Mile (2.5%), Lumax Ind (270%), Maharashtra Seamless (100%), Mallcom (30%), Mangalam Cement
(15%), Medico Intl (1%), Monte Carlo (200%), Murudeshwar Cera (5%), National Ferti (15.3%), Natural
Capsules(10%), NBCC (54%), NHPC (4.5%), Patels Airtemp (30%), Pee Cee Cosma (20%), Pilani Inv
(150%), Pitti Engg (24%), POCL Enter (20%), Pondy Oxides (50%), Power & Instru (2%), PFC (45%),
Prataap Snacks (20%), Precision Wires (36%), RVNL (3.6%), Rico Auto (75%), Riddhi Siddhi Gluco (15%),
Rossell India (20%), Rubfila Intl (24%), Ruchira Paper (50%), Salasar Techno (10%), Sarda Energy (75%
+ 75%), Savera Ind (30%), Sealmetic India (11%), Shukra Pharma (5%), Sinclair Hotels (75%), SMS Life
(15%), Sobha Ltd (30%), Star Paper (35% + 15%), Sundaram Fin (150%), Suprajit Engg (125%), Suraj
Prod (15%), Suryaamba Spg (10%), Swelect Energy (12%), Techno Elect (300%), Hi-Tech Gears (25%),
Time Techno (125%), Tips Films (50%), Torrent Power (40%), Tyche Ind (20%), Ucal Fuel (20%), United
Drilling (6%), Vadilal Enter (15%), Vadilal Ind (15%), Vijaya Diagno (100%), Vikram Thermo (5%), Vivanta
Ind (3%), VLS Fin (15%), Wim Plast (85%), Yuken India (8%), 3M India (1000%), ACE (50%), Adani Ports
(250%), Ador Welding (175%), Aegis Logi (125%), AksharChem (5%), Amrutanjan Health (260%), Andrew
Yule (0.35%), Apollo Hospital (180%), Arvind Fashions (25%), Ashiana Housing (25%), ASM Tech (40%),
AstraZeneca (800%), AVT Natural (60%), B&B Trip (10%), Balmer Lawrie Inv (330%), BCPL Rly (7%),
Beekay Niryat (5%), Bhagwati Auto (20%), Bodal Chem (5%), Career Point (10%), Capstain Corp (5%),
Chandra Prabhu Intl (10%), Coastal Corp (13.5%), Comfort Intech (6%), Competent Auto (10%), Confidence
Petro (10%), Denis Chem (20%), DHP India (40%), Dolphin Rubber (12%), Dollar Ind (150%), Earthstahl
(5%), Elin Elect (20%), Elixir Cap (12.5%), Elnet Tech (20%), Fairchem Org (75%), First Custodian (10%),
Frontier Springs (10%), Gloster Ltd (200%), GOCL Corp (250% + 250%), Greenply Ind (50%), Guj Apollo
Ind (20%), Heranba Ind (12.5%), Hindustan Tin (12%), HLE Glascoat (55%), India Pesti (75%), IMFAL
(50%), Indo Count (100%), Intl Conveyers (110%), ITL Ind (10%), Jindal World (20%), Joindre Cap (12.5%),
Kalyani Forge (30%), Kemp & CO (120%), KIFs Fin (13.5%), Kitex Garments (150%), Landmark Cars
(45%), Lumax Auto Tech (225%), Lux Ind (250%), Magna Electro (30%), Manaksia Coated (3%), Marksans
Pharma (50%), Mawana Sugar (30%), Metroglobal (25%), Mishtann Foods (0.1%), Morganite Cruci (220%),
Munjal Showa (225%), Nahar Cap (30%), Nahar Poly (30%), Nahar Spg (30%), Navkar Urban (1%),
Neelamalai Agro (300%), Nitin Cast (15%), NOCIL (30%), Oricon Enter (25%), Oriental Aroma(10%),
Panchsheel Org (8%), Patanjali Foods (300%), Praveg (45%), Pressman Advt (50%), Prestige Estate
(15%), Prima Plast (15%), Qgo Fin (1%), RCF (37%), RHI Magnesita (250%), Royal Orchid (20%), Ruby
Mills (25%), S Chand (60%), S H Kelkar (20%), Samkrg Pistons (25%),Samrat Pharma (10%), Sanco
Trans (12%), Sanrhea Tech (10%), Shree Ajit Pulp (10%), Shri Dinesh (100%), Signet Ind (5%), Silicon
Rental (10%), Speciality Restaurants (25%), Sree Rayalaseema Hi-St (40%), Starteck Fin (2.5%), Super
Tannery (5%), Super House (10%), Suryalata Spg (30%), Taparia Tools (775%), Tega Ind (20%), The
Indian Wood (2.5%), New India Assur (38.6%), Yamuna Syndicate (325%), Torrent Pharma (160%),
Transcorp Intl (10%), Veljan Denison (130%), Ventura Guarantee (45%), V-Guard (130%), Vidli Restaurants
(5%), Vipul Org (9%), Welspun Corp (100%), Apex Frozen (25%), Basant Agro (8%), Brightcom (5%),
Cindrella Hotels (10%), FIEM Ind (300%), Greenlam Ind (150%),IL & FS Inv (40%), Jindal Poly (43%),
NDR Auto (50%), NRB Bearings (50% + 205%), Page Ind (600%), RACL Gear (15%), Rithwik Facility
(10%), Shree Ganesh Remedies (5%), Shri Venkatesh Refineries (10%), Easter Ind (10%), Kanco Tea
(10%), Sky Gold (10%),
Financial Weekly TM

June 2023 40
Dr. A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
What NOT to do in this market?
The results from many mid and small-cap companies are much better than large caps. The
economy is doing way better than expected, be it Interest rates, inflation, GST collections, etc.But
it is essential to hold temptations when the stocks have experienced significant growth over a
remarkably short period. Moreover, at the international level, things are shaky; Germany is already
in recession, and many more countries may follow suit.
The recent surge in stock market performance has undoubtedly caught investors' attention and
sparked excitement and anticipation. While it is natural to be enthusiastic about positive market
trends, exercising caution and remaining disciplined in your investment approach is crucial. In this
regard, I would like to highlight a few key points on what not to do during such times of rapid stock
market growth:
Avoid Impulsive Decisions :- While making impulsive investment deci-

sions based on short-term market movements may be tempting, it is important to remember that
markets are inherently volatile. Therefore, attempting to time the market consistently is a risky strat-
egy that often leads to suboptimal outcomes. Instead, stick to your long-term investment plan and
avoid making hasty decisions driven by short-term market movements.
Resist Overconfidence :- Sustained periods of market growth can create a

sense of overconfidence among investors. It is essential to remember that markets can be unpre-
dictable, and past performance does not guarantee future results. Stay grounded, and do not let
overconfidence cloud your judgment or lead you to take unnecessary risks.
Avoid Chasing Hot Stocks :- In times of rapid market growth, certain stocks
or sectors may experience a significant surge in value, capturing the attention of investors. How-
ever, it is essential to exercise caution and avoid chasing hot stocks or attempting to time the
Financial Weekly TM

June 2023 41
market. Such investment decisions often involve heightened risk and may not align with your long-
term financial goals.
Do Not Neglect Diversification :- Diversification remains a corner-

stone of sound investment strategies. Even during periods of market growth, it is crucial to maintain
a well-diversified portfolio across different asset classes and sectors. This approach can help miti-
gate risk and reduce the impact of potential market downturns.
Stay Informed and Seek Professional Advice :- In times

of market growth, staying informed about market trends and economic indicators is more important
than ever. Continuously educate yourself about your investments and seek guidance from a quali-
fied financial advisor. They can provide personalized advice based on your unique circumstances
and help you navigate changing market conditions.
Remember, successful investing is a long-term jour-

ney that requires patience, discipline, and adherence
to a well-thought-out strategy. While market growth
can be enticing, it is crucial to maintain a balanced
perspective and avoid the pitfalls of emotional deci-
sion-making.
Dr. Anil KumarAsnani
Equity Research Analyst
Whatsapp: 9755920780
Mobile: 9131361959
Website: https://www.smartverc.com
Financial Weekly TM

June 2023 42
Kishore Purswani
(Email: kishore.purswani@gmail.com)
Interpretation of Financial Statements-III

Two Great Revelations
Introduction
Warren Buffett is widely regarded as one of the most successful investors in
the world. He is known for his value investing approach, seeking undervalued
companies with strong fundamentals. Buffett has amassed significant wealth
through his long-term investment strategy and is often referred to as the "Oracle
of Omaha" for his exceptional financial acumen. Mary Buffett the author of
"Warren Buffett and Interpretation of Financial Statements" shares two great
revelations that made Warren Buffett the richest person in the world. In this
article, we will delve into the two great revelations.
Two Great Revelations
Warren Buffett is known for his close adherence to the principles of value
investing, which were originally formulated by Benjamin Graham, his mentor,
and professor. While Buffett initially followed Graham's approach, he later re-
fined and adapted it to fit his investment style.
In the mid-sixties, Warren Buffet began to reexamine Graham's investment
strategies which led him to two great revelations about what kind of companies
would make the best rewardable investments. According to the author, the
purpose of the book was to explore Warren's two great revelations-
1. How do you identify an exceptional company with a durable competitive
advantage?
2. How do you value a company with a durable competitive advantage?
As a direct result of these revelations, Buffett modified the value investment
strategy of Graham. Buffett expanded upon Graham's concept of investing in
undervalued stocks by emphasizing the importance of assessing a company's
Financial Weekly TM

June 2023 43
intrinsic value rather than solely relying on quantitative measures. This shift in
mindset allowed him to invest in companies with strong growth potential, such
as Coca-Cola and Apple, which have proved to be highly profitable over the
years.
Conclusion :- Warren Buffett initially adopted Benjamin Graham's
value investing principles, he evolved and refined them over time. He placed
greater emphasis on intrinsic value, focused on exceptional businesses
rather than solely undervalued stocks, and incorporated qualitative factors
into his investment decisions. These adaptations have contributed to his
extraordinary success as an investor.
Happy investing!
Kishore Purswani
M No 9425604104,
Mail id: kishore.purswani@gmail.com
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
HCC 500185 18.00 CCL Product 519600 635.00
NCC 500294 128.00 Minda Corp 538962 298.00
NBCC 534309 43.00 Jubilant Food 533155 492.00
Hudco 540530 61.00 Venus Pipes 543528 1085.00
L&T Fin 533519 105.00 KPIT Techno 542651 1115.00
REC 532955 144.00 HEG 509631 1303.00
AB Capital 540691 172.00 KEI Ind 517569 2094.00
PFC 532810 190.00 Thermax 500411 2387.00
EPL 500135 200.00 Phoenix Mills 503100 1484.00
Kilitch Drugs 524500 217.00 Polycab 542652 3553.00
Ujjivan SFB 542904 36.00 HAL 541154 3167.00
M&M Fin 532720 298.00 Crisil 500092 3767.00
Banco Prod. 500039 285.00 Craftsman Auto 543276 3832.00
ITD Cemantation 509496 169.00 Oracle Fin 532466 3626.00
Indian Hotel 500850 395.00 Britannia 500826 4650.00
Zensar Techno 504067 403.00 Info Edge 532777 4266.00
ICE Make NSE 369.00 Persistent Sys 533179 5230.00
DLF 532868 489.00 AIA Engi 532683 3058.00
Sanghvi Movers 530073 456.00 3m India 523395 26249.00
Financial Weekly TM

June 2023 44
Scrip Watch - Siddharth Shah
Swaraj Engines (Rs. 1929.00) (Code : 500407) :- Swaraj Engines reported 59.8
percent year-on-year (YoY) rise in the profit at Rs 35 crore for the Q4 due to the robust growth in the
tractor industry and higher demand. It reported a profit of Rs 22 crore in the corresponding quarter
of last year (Q4FY22). Revenue of the company engaged primarily in manufacturing of diesel en-
gines has growing by 48.4 percent (YoY) to Rs 359.79 crore against Rs 242.35 crore posted last
year. It has achieved its highest ever engine sales volume and profit for the fourth quarter. The
company has registered a growth of 45.6 percent as its engine sales reached 34,841 units in
Q4FY23 against 23,937 units sole in Q4FY22. The company’s EBITDA also jumped 54 percent
(YoY) to Rs 48.5 crore against Rs 31.4 crore of last year. The company’s margin stood at 13.5
percent against 13 percent. Buy.
3M India (Rs. 26171.00) (Code : 523395) :- 3M India's quarterly profit rose by 24%
due to strong demand in its transportation and electronics segment. Its consolidated profit after tax
climbed to 1.36 billion rupees in the quarter ended 31 March, whilst consolidated revenue from
operations jumped 13% to 10.46 billion rupees. The transportation and electronics business, which
contributes about 42% of the company's revenue, saw revenue and profit more than double as it
made power tools and cables. Revenue from this segment, which makes power tools and cables,
grew nearly 27% to 4.35 billion rupees. The segment is the biggest contributor to the company's
revenue and profit. 3M India manufactures everything from 'Scotch' tape and 'Post-it' notes to medi-
cal products and has been raising prices to offset the impact of surging commodity costs. Accumu-
late.
Tata Consumer (Rs. 795.00) (Code : 500800) :- Despite the volatile macro
environment and geopolitical unrest, Tata Consumer Products delivered a well-rounded perfor-
mance across key metrics with double-digit revenue growth and an EPS growth of 28% in FY23.
The organized Indian food and beverage market is expected to grow at 10-15% over the next 5
years. In FY23, Tata Consumer progressed in strengthening the core businesses and expanding
the total addressable market. It has narrowed the universe down to five key platforms—Current
core (tea, coffee, salt), Pantry (pulses, spices, staples, RTCs, dry fruits), Liquids (water, RTD), Mini
meals (breakfast cereals, RTEs, snacks), and Protein platform (plant-based meat, plant protein
powder). The company has continued to invest in the future growth engines of its portfolio, and this
has started delivering results, with the growth businesses recording 53% growth in FY23 and in-
creasing their salience significantly. Invest.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

June 2023 45
MOS Utility Ltd reports stealer results
MOS Utility Ltd • NSE - SM : MOS ; CMP - Rs 106
Corporate Feature
Mumbai, 30th May 2023- MOS Utilities, one of India's leading technol-
ogy-enabled providers of digital products and services in the B2C, B2B, and
financial technology arena announced its Audited Financial Results for the
half year and year ended March 31, 2023.
Commenting on the results, Ravi Rupareliya, Managing Director said,
MOS Utilities Limited, which is a leading Indian financial technology
(fintech), reported revenue of Rs.10,966.37 lakhs in FY 23 and the company's
achievement of 35.60% revenue growthas compared to FY 2022 which is undoubtedly impressive. Such a substantial increase
in revenue indicates that the company has been successful in attracting more customers, expanding its market presence. This
growth rate demonstrates the company's ability to effectively capitalize on the opportunities within the fintech industry.
And the EBITDA for the FY 23 is Rs.1,062.55 lakhs which is an EBITDA margin of 9.69% is also noteworthy. The previous year,
i.e., EBITDA was Rs.518.71 lakhs which indicates a y-o-y growth of 104.84%. It suggests that the company has been able to
manage its operating expenses efficiently while generating a healthy level of earnings from its core operations. This margin
indicates that the company has a good handle on cost control measures, which is essential for sustained profitability and long-
term growth.
Additionally, the company's PAT (Profit after Tax) for the FY 23 is of Rs.568.07 lakhs and a PAT margin of 5.35% indicates that
it has been able to effectively manage its tax obligations and generate reasonable net profits. While the PAT margin may seem
lower compared to the EBITDA margin, it's important to consider that taxes and other factors such as interest expenses could
impact the final profitability of the company. Overall, achieving such revenue growth, along with healthy EBITDA and PAT
margins, demonstrates the fintech company's ability to navigate the competitive landscape successfully. These numbers high-
light the company's strong financial performance, indicating that it has developed a sustainable business model and possesses
the necessary skills to capitalize on market opportunities. However, it's important to analyze these figures in conjunction with
other metrics, such as the company's cash flow, customer retention, and market position, to gain a comprehensive understanding
of its overall performance. In terms of the fintech industry trend, it continues to experience robust growth and innovation. Fintech
companies are leveraging technology and data analytics to offer a wide range of financial services, such as digital payments,
lending, wealth management, and insurance.
Furthermore, regulatory frameworks have been evolving to accommodate fintech advancements, promoting a favorable
environment for industry growth. Fintech companies are increasingly partnering with banks and established financial institutions
to leverage their infrastructure and expand their reach. This collaboration between fintech and traditional finance is driving
innovation and creating new business models.
About MOS Utility Limited :- We are a technology-enabled provider of digital products and services in the B2C, B2B, and
financial technology arena through an integrated business model via our online portal i.e. www.biz-solutionz.com. We provide
business opportunities for shopkeepers, retailers, students, housewives, professionals, and insurance agents to start their own
futuristic online e-commerce business with the intention to promote the government's "Vocal for Local" campaign.
We have a "phygital" strategy (i.e. physical and digital) that combines over 1,68,018 network partners which include agents,
distributors, and master distributors for payment solutions, remittance, utility, travel, and insurance products, etc. throughout PAN
India as of September 30, 2022, with a digital online platform for our offerings. This results in a business model which is intended
to provide a smooth customer experience regardless of
product, service, or location. Our network size and diver-
sity, converging front-end distribution channels with back-
end technology function provide us with a competitive
edge.
India's Digital Payments Market :- Digital payments
have grown sharply in the past few years and the pay-
ments industry in India. The pandemic gave a strong boost
to the Indian digital payments industry and increasingly
more users are switching to digital modes every day. With
the fintech industry gaining a solid footing in the Indian
market, more innovative and better payment modes will
hit the market in the future. The industry will bring more
safety and efficiency into digital transactions. India is al-
ready adopting blockchain technology. Machine Learn-
ing, Artificial Intelligence, and cloud-based payment fa-
cilities, as well as crypto currency, are slowly being recog-
nized.
***
Financial Weekly TM

June 2023 46
Market Tips - Het Zaveri
AIA Engineering (Rs. 3058.00) (Code : 532683) :- AIA Engineering is a re-

nowned global player in the field of high-performance industrial grinding media. The company's
products are extensively used in the mining, cement, and power industries, among others. AIA
Engineering's strong customer base, technological expertise, and focus on innovation have con-
tributed to its success over the years. Meanwhile, AIA’s Q4 net profit was at Rs. 226.70 crore,
which is up 44.83% from Rs. 156.53 crore in March 2022. Net Sales was at Rs 1,067.48 crore, up
15.6% from Rs. 923.44 crore. EBITDA stands at Rs. 335.17 crore in March 2023 up 46.31% from
Rs. 229.08 crore in March 2022. AIA Engineering EPS has increased to Rs. 24.04 in March 2023
from Rs. 16.60 in March 2022.The stock has given 10.22% returns over the last 6 months and
55.15% over the last 12 months.
Indigo (Rs. 2386.00) (Code : 539448) :- IndiGo operator Interglobe Aviation Ltd on
Thursday reported a profit of Rs 919.2 crore in the March quarter, as compared to a net loss of Rs
1,682 crore in Q4FY22. The company, which is India’s biggest airline by market share, reported
that its revenue from operations jumped 76.53 per cent year-on-year to Rs 14,160 crore in the
March quarter, from Rs 8,021 crore in the same period a year ago. For the year ended March 2023,
IndiGo reported a profit of Rs 26,540 million (Rs 2,654 crore), excluding foreign exchange impact.
IndiGo reported a net loss of Rs 3,058 million (Rs 305.8 crore) after including the foreign exchange
impact. For fiscal 2023, IndiGo’s revenue from operations increased by 110 per cent to Rs 54,446.5
crore, from Rs 25,930.9 crore in FY22. The airline’s net loss for FY23 narrowed to Rs 305.8 crore,
from Rs 6,161.8 crore a year ago. As one of the airline is in crisis, it has benefited to Indigo. Also,
there is pick season with vacation is going on, the airlines is reaping the benefits. The comapny
has strong balance sheet. Buy.
Hero MotoCorp (Rs. 2891.00) (Code : 500182) :- Hero MotoCorp sold 519,474
units in May 2023, which saw a 7 percent year-on-year (Y-o-Y) growth. The leading two-wheeler
manufacturer is confident that the momentum is expected to continue in the coming months, driven
by an uptick in customer sentiments, forecast of normal monsoon and a host of new launches in the
premium segment. Motorcycle category has seen selling of 489,336 units last month, but in the
scooters segment, May 2023 sales were less than last year’s. Hero MotoCorp has launched the
OBD-II & E20 compliant 2023 XPulse 200 4V last month. Furthermore, in line with its plan for
global business expansion, the company announced Motosport SA as its partner in Costa Rica in
Central America. Buy in phased manner.
Cont...
Financial Weekly TM

June 2023 47
HAL Ltd (Rs. 3167.00) (Code : 541154) :- HAL limited has reported better Q4
numbers. The revenue from operations are higher by 8 percent year on year to Rs 12,495 crore.
EBIDTA has jumped 30 percent to Rs 3,241 crore. The operating profit margins have come in
higher at 25.9 percent versus 21.6 percent in the corresponding quarter last year. The net profit,
although, falls 8 percent to Rs 2,841 crore. The company's order book is now at Rs 81,784 crore.
In the fourth quarter, the Government of India launched the Offer For Sale and sold 3.5 percent
stake through this route. This is to achieve the mandatory threshold of 25 percent minimum public
shareholding in the company. Consequent to the OFS, the Government of lndia shareholding stands
at 71.65 percent. With recent quarterly MSCI rejig Hindustan Aeronautics will see $196 million in
inflows. Buy.
Siemens India (Rs. 3546.00) (Code : 500550) :- Shares of Siemens India were up
after the technology major reported strong results with net profit jumped nearly 57 per cent. Si-
emens India net profit in the March quarter (Q2FY23) jumped nearly 57 per cent to Rs 516 crore
from Rs 329 crore it had reported a year ago in the corresponding quarter. Siemens Q2FY23 rev-
enue rose 28.5 per cent to Rs 4,465.2 crore on YoY basis. It had reported Rs 3,474.9 crore in the
same quarter a year ago. Siemens India's margin improved on YoY basis to 12.43 per cent against
12.37 per cent it had reported a year ago. Siemens India new orders jumped nearly 6 times to Rs
31,151 crore in Q2Fy23 against Rs 5,339 crore it had reported a year ago in the corresponding
quarter. The sharp jump in order includes the Rs 25, 455 crore for the 9000 horsepower (HP)
locomotive project the company has bagged from Indian Railways, marking the single largest
locomotove order in the history of Siemens Mobility and single largest order in the history of Si-
emens India. Buy in phased manner.
Britannia (Rs. 4656.00) (Code : 500825) :- Britannia Industries reported revenue

of Rs 40,232 mn which is 13.3% up yoy and -4.1% down qoq. For FY23, revenue was Rs 1,63,006
mn which is 15.3% up yoy. The revenue growth for the quarter was backed by significant distribu-
tion gains. EBITDA for the quarter was Rs 8,009 mn which is up 45.7% yoy. EBITDA margin im-
proved by 442 bps yoy to 19.9%. For FY23, EBITDA was Rs 28,309 mn which is up 28.6% yoy
while EBITDA margin improved by 179 bps to 17.4%. Net profit for the quarter was Rs 5587 mn
which is up 47.1% yoy. FMCG sector is again in limelight and Britannia is one of the fundamentally
strong stock in this sector. Accumulate.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of
his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up
or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived
from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses
made by anybody.
Financial Weekly TM

June 2023 48
SMART TIPS Smita N. Zaveri
A.B. Capital (Rs. 172.00) (Code: 540691) :- The A group listed shares have a face
value of Rs. 10. The shares touched a 52-week high of Rs. 175 and a low of Rs. 85. It has a market
cap of Rs. 41,568 crore. Promoter holding in the company is 71.06%. Aditya Birla Capital came
into existence due to the restructuring of the Aditya Birla Group’s businesses and provides life
insurance, health insurance, broking, asset management, and other financial services. Its equity is
Rs. 2416 crore and its reserves are Rs. 12,883 crore. Its loan book grew by 26% on an annual
basis. It is showing strong momentum in the affordable housing segment with disbursals showing
a growth of 170%. Its insurance business AUM touched Rs. 2.82 lakh crore in the September
quarter. For the March quarter, its income went up from Rs. 6620 crore to Rs. 8051 crore, and profit
from Rs. 381 crore to Rs. 571 crore. The stock is trading near its 52-week high and can be seen
making new highs in the short term.
Sanghvi Movers (Rs. 443.00) (Code: 530073) :- The company was established in
Pune in 1989 and entered the capital market in 1994. It is the largest crane rental company in India
and Asia. The company has a fleet of 400+ medium to large-sized heavy-duty telescopic and crawler
cranes ranging from 20 to 1,000 MT across 130+ operational job sites in India. It also has a fleet of
95+ high bed trailers and 64 multi-axle lines that are used for the movement of cranes and crane
parts from one location to another. It has a pan-India presence with a depot network in more than
10 states. Its fleet is primarily used in the construction of industrial plants like power, steel, cement,
fertilisers, petrochemicals & refineries, Metros (underground as well as elevated) and windmills. It
caters to the largest Indian companies. For the year ended March 2023, it reported income of Rs.
455.78 crore, net profit of Rs. 112.04 crore, and EPS of Rs. 25.88. For the March quarter, income
was Rs. 126.83 crore and profit Rs. 33.93 crore. Promoter holding is 47.25%. The company’s
equity is Rs. 8.66 crore. The board has recently approved the proposal to increase its capital from
Rs. 10 crore to Rs. 25 crore. It has an order book of Rs. 299 crore. The debt-to-equity ratio is on the
decline. The stock can be bought with a target of Rs. 577 in 4-5 quarters with a stop-loss of Rs. 345.
ITD Cementation (Rs. 165.00) (Code: 509496) :- The shares of this civil construc-
tion company are listed in B group and have a face value of Re. 1. The shares touched a 52-week
high of Rs. 169 and a low of Rs. 59. Promoter holding in the company is 46.64%. It has a market
cap of Rs. 2825 crore. The company’s equity is Rs. 17 crore and its reserves are Rs. 1220 crore.
The company has a strong balance sheet. It is currently executing an Rs. 585 crore order from
Gujarat Metro Rail Corporation for the Surat Metro project. For the March quarter, consolidated
income went up from Rs. 1176 crore to Rs. 1631 crore, and net profit from Rs. 10 crore to Rs. 44
crore. The stock is trading near the 52-week but can be seen touching a new high in the short to
medium term.
IDFC First Bank (Rs. 72.00) (Code: 539437) :- IDFC First Bank came into exist-
ence with the merger of IDFC and Capital First. It is among the fastest-growing private retail banks.
The bank is headed by V. Vaidyanathan, a dynamic career banker who was associated with ICICI
Bank in the past. The bank is reducing its infrastructure portfolio and moving towards retail bank-
ing. As a result, its CASA ratio has increased rapidly. The A group listed shares have a face value
of Rs. 10. The shares touched a 52-week high of Rs. 73 and low of Rs. 29. Promoter holding is
39.99%. It has a market cap of Rs. 48,100 crore. Its equity is Rs. 6618 crore and reserves are Rs.
19,229 crore. For the March quarter, income went up from Rs. 5384 crore to Rs. 7822 crore and
profit from Rs. 352 crore to Rs. 816 crore. The net NPA has fallen from 1.53% to 0.86%. The stock
can be seen at a new top in the short to medium term. SEBI Registered Research Analyst)
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on 2nd June, 2023 unless
specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though, every care has been taken,
we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

June 2023 49
Smart super duper - Het Zaveri
V-Guard (Rs.252.00) (Code:532953) :- It is one of the leading electronic products

manufacturers from South India. It manufactures UPS, inverters, batteries, switchgear, and other
consumer products. It enjoys around 50% stake in the stabilizer market. It also owns a huge capac-
ity in Solar heaters along with electric heaters segments. The cable division's performance had
been robust. The company is boosting its advertisement budget. In the March quarter, the company's
income increased from Rs. 1050 crore to Rs. 1080 crore, while profit decreased from Rs. 91 crore
to Rs. 46 crore. As against equity of Rs. 42.69 crore, the company has reserves of Rs. 1545 crore.
The stock seems attractive and the company's future seems bright. Recently it announced the
acquisition ofa 100% stake in Sunflame Enterprise Pvt Ltd, which manufactures kitchen appli-
ances. Following the takeover, the company will enter the new segment.
Shakti Pumps (Rs. 549.00) (Code: 531431) :- Incubated in 1982, Shakti Pumps
has become one of the leading pump manufacturing companies in India. It exports its products to
more than 100 countries. The company's product line includes submersible pumps, submersible
motors, pressure booster pumps, self-priming pumps,open well pumps, solar pumps, and suction
pumps. As against equity of Rs. 18.38 crore, the company has reserves of Rs. 400 crore. In the
March quarter, the company registered a net profit of Rs. 2.25 crore on an income of Rs. 182.66
crore. The company's products are mainly used in the agriculture sector. The Modi government is
pushing for higher growth in the agriculture sector, so the demand for the company's products may
increase. The stock seems to be a good option for investment in a phased manner.
Aster DM HC (Rs. 271.00) (Code:- 540975) :- The promoters hold 41.88%, FII
holds38.63 %, DII holds8.93 %, and the public hold 10.55 % stake in the company. As against
equity of Rs500 crore, the company has reserves of Rs. 3949 crore.In the March quarter, the
company's income increased from Rs. 2728 crore to Rs. 3262 crore, while profit decreased from
Rs. 246 crore to Rs. 183 crore. The company provides healthcare services in UAE, Oman, Saudi
Arabia, Qatar, Kuwait, Bahrain, Philippines, and other countries. It owns32 hospitals, 127 clinics,
and 521 pharmacy stores in foreign countries. It may get benefitted from Government's Ayushman
Bharat scheme.
Banco Products (Rs. 284.00) (Code:500039) :- Auto ancillary segment company
enjoys the status of an investor-friendly company. It has its headquarters in Vadodara. Along with
auto ancillary units, the company also owns a Cement Division in a foreign country. It is active
mainly in the gasket, radiator, and engine cooling segment. As against equity of Rs. 14.30 crore,
the company has huge reserves of Rs. 987 crore. In the March quarter, the company's income
increased from Rs. 507 crore to Rs. 609 crore, while profit increased from Rs. 40 crore to Rs. 51
crore. It paid Rs. 20 a share dividend for FY2022 and an interim dividend of Rs. 8 and a final
dividend of Rs. 14 a share for FY2023.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

June 2023 50
A.J. Diwan (Mumbai)
Diwan-E-Khas E-mail : divanconsultancy@rediffmail.com
Market may take breath

Last Wednesday and Thursday we had continuous two days fall. Thanks to banking stock and
steel shares. Index fall 192 points to settle at 62428 and nifty could not manage to close above
18500.
GDP growth above 7% but this figure failed to gain investors ' confidence. Banks and metal
stocks vanished hopes.
US: Coming meeting FED May not increase rates is good news. On this news US market got
support and closed position on last Thursday.
Market experts believe that nifty should remain close above 18500. On down side 18300 and
18350 are support. The resistance level is 18625.
Coal India offer for sale opened and on day one share went down by rs.10.indian institutions
extend support.
This news spread to motivate retail investors. After LIC debacle we have to see mood of retailer
s to get more confidence of govt should have include buy back clause below rs.10 from buying
price.
Share of coal may fall below rs.220 is our belief the story I should not be repeated.
Remington is good investment with sl at 177.it may go to 190.due to low volume share we
advised only investment.
UPL is another share not sustain at hire level. Sale in future between 685/690. S l is 700 and rs
10 profit is expected.
Again south India bank is in bulls grip. Buy with sl at 17.9 .after crossing rs 21.20 shares has
potential to go to 24.
SBI card short with SL of 910.if 905 is taken out on down side, we may see below 400.
Short Hindalco 410/12 with sl at 415.price may go to 400 or below.
Apollo hospital may touch 5000 soon.
City union bank price of 125 looks very high.
Tata motors hold with SL of 530.
Marico hold with SL of 550 for target of 565/70.
Short India bull Housing with sl at 116.50. The target is 112.
Financial Weekly TM

June 2023 51
Investment Ideas Nayan Patel
HINDUSTAN CONSTRUCTION CO LTD

(500185 & NSE) (18.65) (Face Value Re.1)
HCC is a business group of global scale developing and building responsible infrastructure through next
practices. With an engineering heritage of nearly 100 years, HCC has executed a majority of India's land-
mark infrastructure projects, having constructed 26% of India's Hydro Power generation and 60% of India's
Nuclear Power generation capacities, over 4,036 lane km of Expressways and Highways, more than 360
km of complex Tunnelling and 395 Bridges. Today, HCC Ltd. serves the infrastructure sectors of Transpor-
tation, Power and Water. The HCC Group, with a group turnover of ~9,855 crore, comprises of HCC Ltd.,
HCC Infrastructure Co. Ltd., and Steiner AG in Switzerland.
The Company has an equity of Rs.151.31 crore. The promoters hold 18.59%, FIIs hold 12.29%, DIIs
hold 12.45% while the investing public holds 56.66% stake in the company.
For Q4FY23, HCC posted higher PAT of Rs.189.84 crore as against PAT of Rs.15.92 crore in Q4FY22
on income of Rs.3094.09 crore and an EPS of Rs.1.25.The Company's order book stood at ~14 772 crore
as of March 31, 2023.Investors can watch this stock with a stop loss of Rs.15.5.
TEGA INDUSTRIES LTD

(543413 & NSE) (872) (Face Value Rs.10)
Tega is a name synonymous with pioneering achievement in the mineral beneficiation, mining, and bulk
solids handling industries, the world over. Tega is the second-largest producer of polymer-based mill liners,
on the basis of revenues. Company offers comprehensive solutions to marquee global clients in the mineral
beneficiation, mining, and bulk solids handling industry, through its wide product portfolio of specialized
abrasion and wear-resistant rubber, polyurethane, steel, and ceramic-based lining components, used by its
customers across different stages of mining and mineral processing, screening, grinding, and material
handling, including after-market, spends on wear, spare parts, grinding media, and power, which are regular
operating expenses for its customers.
It has an equity base of just Rs.66.29 crore that is supported by reserves of around Rs.983 crore. The
promoters hold 79.10%, FIIs hold 2.41%, DIIs hold 12.05% while the investing public holds 6.43% stake in
the company.
For Q4FY23, TIL posted 58% higher PAT of Rs.77.26 crore as against PAT of Rs.48.88 crore in Q4FY22
on higher sales of Rs.396.41 crore fetching an EPS of Rs.11.65. During FY23, it posted 57.42% higher
PAT of Rs.184.03 crore on 27.55% higher income of Rs.1213.97 crore fetching an EPS of Rs.27.76.Currently,
the stock trades at a P/E of 31.4x.Investors can watch this stock with a stop loss of Rs.800.
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks
mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the
securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or
down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be
true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We
assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or
financial losses made by anybody.
Financial Weekly TM

June 2023 52
Primary Market - Dilip K. Shah
Secondary Market is heading for lifetime high, while primary market witnesses draught
In FY2023-24 only three mainline IPOs have entered the market so far: IKIO Lighting IPO may be a litmus test
This week six issues including 1 Mainboard, 3 SME, 1 Rights Issue, 1 NCDs Issue are in the market
Kore Digital NSE SME IPO with a fixed price of Rs. 180 opened on June 2 and will close on June 7
BSE SME IPOs Comrade Application and Sonalis Consumer Products are in the market this week
KCD Ind.'s Rs. 48.86 crore rights issue with an offer price of Rs. 18 opened on May 31 and will close on June 14
Indel Money's NCDs issue with a base price of Rs. 50 crore will be launched on June 6 and will close on June 19
Last week all the NSE SME IPO witnessed blockbuster listing: Remus 39%, Crayons 38%, Vasa 65% premiums
Infollion NSE SME IPO witnessed a 260 times subscription: Listing may be a blockbuster
Since the end of March and the beginning of the new financial year, the Indian Share markets have
witnessed a one-sided upward movement leading to Indian markets becoming outperformers in compari-
son to the Global markets. However, on the one hand, Sensex and Nifty are moving towards touching all-
time high levels, the primary market, on the other hand, is witnessing the draught of mainboard IPOs. Only
three mainboard IPOs - Avalon Technologies, Mankind Pharma, and Nexus Select Trust REIT - have
entered the market. The silver lining is that experts believe that if the secondary market boom continues, the
primary market may witness a long queue of mainboard IPOs. The market is waiting for the mega issue of
Tata Technologies. This week, IKIO Lighting is entering the market. In the absence of mainboard IPOs, the
flow of SME IPOs continued in the market.
Last week three SME IPOs - Infollion Research, CFF Fluid Control, and Comrade Appliances - were in
the market, of which Infollion and CFF Fluid Control have closed. All the four Rights issues including Earum
Grey Market Premium / Kostak / Subject to Prices

IPOs Name Lot Size Offer Price Premium Kostak Price Subject to
Name (Shares) (Rs.) (Rs.) *Min. Appl. Sauda
IKIO Lighting (IPO) 52 270 to 285 72 to 75 500 2200
Small HNI (Open Rs.40) 2000 15000
Big HNI 7500 15000
Tata Technologies (IPO) -- 82 to 85 1200 1400
Small HNI 3300 14000
Big HNI 12000 14000
Wipro (Buyback) 445 6300
(Rs. 2 Lakh Appl.)
Hemant Surgical (BSE SME) 1600 85 to 90 62 to 65 -- 80,000
Proventus Agro (NSE SME) 160 771 12 to 14 -- --
Infollion Res. (NSE SME) 1600 80 to 82 72 to 74 -- 85,000
CFF Fluid Cont. (BSE SME) 800 165 2 to 3 -- --
Sahana Sys (NSE SME) 1000 132 to 135 9 to 10 800 5,000
Comrade Appl. (BSE SME) 2000 52 to 54 6 to 8 -- 12,000
Kore Digital (NSE SME) 800 180
Sonalis Cons. (BSE SME) 4000 30
Spectrum Talent (NSE SME) -- -- 18 to 20 1200 10,000
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Cont...
Financial Weekly TM

June 2023 53
- All eyes on listing of Proventus, Hemant Surgical, Infollion
- ProventusAgrocom NSE SME IPO got 2.61 times and Hemant Surgical got 140 times subscription
- IKIO Lighting mainboard IPO: how many subscriptions will it get? When will be allotment and listing?
Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Lead Manager Rating & Remark
Issue Close Dt. (Rs. Cr.) (Rs.) (Out of 50%)
1 IKIO 6-6-2023 Fresh : Rs. 350 Cr. 270 to 285 Motilal Oswal Invest 31%
Lighting to OFS : 90,00,000 (F.V. Rs. 10) Registrar : KFin Techno Long Term
(Book Building) 8-6-2023 (Total : Rs. 607 Cr.) (Risky Bet)
2 Tata -- Total Issue Size -- JM Financial, Citigroup
Technologies -- 9,57,08,984 Shares (F.V. Rs. 2) Bofa Securities
(Book Building) (Totally OFS) Registrar : Link Intime
NSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Kore 2-6-23 10,00,000 Shares 180 800 Eq. Shares First 28% ; Avoid
Digital 7-6-23 (Rs. 18 Cr.) (F.V.Rs.10) (Rs.1,44,000) Overseas (Expensive)
BSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Comrade 31-5-23 22,78,000 Shares 52 to 54 2000 Eq. Shares Gretex 26%
Appliances 5-6-23 (Rs.12.30 Cr.) (F.V.Rs.10) (Rs.1,08,000) Corporate Avoid
2. Sonalis 7-6-23 9,44,000 Shares 30 4000 Eq. Shares Expert 15%
Consumer 9-6-23 (Rs.2.83 Cr.) (F.V.Rs.10) (Rs.1,20,000) Global Clear Avoid
Pharmaceuticals, Enbee Trade & Financial,Clara Industries have closed. Three SME IPOs - Remus Phar-
maceuticals, Crayons, Advertising, Vasa Denticity - got listed.
* SME IPO Subscriptions :-
• Infollion Research Services :- The issue closed on May 31 with 259.71 times subscription. It may get
listed on June 8 for around Rs. 140-150.
• CFF Fluid Control :- The BSE SME IPO closed on June 2 with a 2.08 times subscription. It may get
listed on June 12 for around Rs. 160-170. If the market doesn't support it, it may slip into a discount.
• Sahana System : - NSE SME IPO with a price band of Rs. 132-135 closed on June 2 with a 9.11 times
subscription. It may get listed on June 12 for Rs. 140-150.
* This week's SME IPO listing: -
Wipro • Remus Pharmaceuticals : - NSE SME IPO with an offer price of Rs.
Buy Back Detail 1229 got listed on May 29 at a premium of 39.24% at Rs. 1711.25 and went up
Issue Size 26,96,62,921
Amount Rs. 12,000 Cr. to Rs. 1796.80 and down to Rs. 1711.25 before closing at Rs. 1796.80. It
Retail Reservation closed at Rs. 2079.90 on June 2.
4,04,49,439 Shares • Crayons Advertising : - NSE SME IPO with a fixed price of Rs. 65 got
Buyback Price Rs. 445.00
Today Closing Rs. 405.00 listed on June 2 with a 38.46% premium at Rs. 90 and went up to Rs. 94.50
Listing BSE & NSE and down to Rs. 90 before closing at Rs. 94.50.
Record Date
• Vasa Denticity : - NSE SME IPO with a fixed price of Rs. 128 got listed
16-6-2023, Friday
Cont...
Financial Weekly TM

June 2023 54
Subscription Figures of SME IPO (Dt. 2-6-2023)
IPO Listing Day Subscribed
Crayons Advertising NSE SME Issue Closed on 25-5-2023 137.28x
Vasa Denticity NSE SME Issue Closed on 25-5-2023 67.99x
Proventus Agrocom NSE SME Issue Closed on 26-5-2023 2.61x
Hemant Surgical BSE SME Issue Closed on 26-5-2023 139.70x
Infollion Research NSE SME Issue Closed on 31-5-2023 259.71x
CFF Fluid Control BSE SME Issue Closed on 2-6-2023 2.08x
Sahana System IPO Issue Closed on 2-6-2023 9.11x
Comrade Appliance BSE SME 3rd Day Subscribed 4.27x
Kore Digital NSE SME 1st Day Subscribed 1.49x
Sonalis Consumer BSE SME Issue Opens on 7-6-2023
Listing Information of on June 2 with a 64.84% premium at Rs. 211 and it went up to Rs. 221.55 and
VASA Denticity closed at the same rate.
NSE SME DENTALKART * This week's IPOs include the mainboard IPO of IKIO Lighting, 3 SME
Listing Date 2-6-2023
Offer Price Rs. 128.00 IPOs - Kore Digital's NSE SME IPO, and BSE SME IPOs of Comrade Appli-
Listing Price Rs. 211.00 ance and Sonali's Consumer Products. Moreover, six NCDs issues including
Listing Day High Rs. 221.55 KCD Industries are also in the market.
Listing Day Low Rs. 211.00
Listing Day Close Rs. 221.55 This week all eyes in the market will be on the listing of ProventusAgrocom
CMP (2-6-23) Rs.221.55 NSE SME and Hemant Surgical IPOs.
* This week's Listing: -
Listing Information of • ProventusAgrocom :- The NSE SME IPO with an offer price of Rs. 771
Crayons Advertising got a 2.61 times subscription and will get listed on June 5. It may get listed for
NSE SME CRAYONS
Listing Date 2-6-2023 Rs. 770-785. However, if the market doesn't support it may slip into a dis-
Offer Price Rs. 65.00 count.
Listing Price Rs. 90.00
• Hemant Surgical : - The BSE SME IPO with an offer price of Rs. 85-90
Listing Day High Rs. 94.50
Listing Day Low Rs. 90.00 received a 139.70 times subscription. It may get listed on June 5 for Rs. 140-
Listing Day Close Rs. 94.50 150.
CMP (2-6-23) Rs. 94.50
* This week's issues:-
• IKIO Lighting (Mainboard) : - Rs. 607 crore IPO including Rs. 350 crore
Listing Information of
fresh issue and OFS of 90,00,000 equity shares will enter the market on June
Remus Pharma
NSE SME REMUS 6 with a price band of Rs. 270-285 and close on June 8. The issue lead man-
Listing Date 29-5-2023 ager is Motilal Oswal and Registrar is KFin Technologies. More details are
Offer Price Rs. 1229.00
given in a separate table.
Listing Price Rs. 1711.25
Listing Day High Rs. 1796.80 Subscription :- It may get an 8-10 times subscription in the retail segment
Listing Day Low Rs. 1711.25 and many more times in HNI and QIB categories.
Listing Day Close Rs. 1796.80
CMP (2-6-23) Rs.2079.90
Cont...
Financial Weekly TM

June 2023 55
Tentative Timetable for SME & Main Line IPOs
IPOs Name Issue Basis Refund/ Credit of Listing
Closes of Unblock Shares Date
Date Allotment Amount to Demat
Remus Pharma NSE SME 19-5-23 24-5-23 25-5-23 26-5-23 29-5-23
Crayons Advertising NSE SME 25-5-23 30-5-23 31-5-23 1-6-23 2-6-23
Vasa Denticity NSE SME 25-5-23 30-5-23 31-5-23 1-6-23 2-6-23
Hemant Surgical BSE SME 26-5-23 31-5-23 1-6-23 2-6-23 5-6-23
Proventus Agrocom NSE SME 26-5-23 31-5-23 1-6-23 2-6-23 5-6-23
Infollion Research NSE SME 31-5-23 5-6-23 6-6-23 7-6-23 8-6-23
CFF Fluid Control BSE SME 2-6-23 7-6-23 8-6-23 9-6-23 12-6-23
Sahana System NSE SME 2-6-23 7-6-23 8-6-23 9-6-23 12-6-23
Comrade Appl. BSE SME 5-6-23 8-6-23 9-6-23 12-6-23 13-6-23
Kore Digital NSE SME 7-6-23 12-6-23 13-6-23 14-6-23 15-6-23
IKIO Lighting IPO 8-6-23 13-6-23 14-6-23 15-6-23 16-6-23
Sonalis Consumer BSE SME 9-6-23 14-6-23 15-6-23 16-6-23 19-6-23
Tata Technologies IPO -- -- - - -
Non Convertible Debenture (NCD) Issues at a Glance

Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
6-6-2023 Base Size Rs.50 Cr. 1,000/- 10 NCDs BSE BBB+/Stable Risky
1. Indel 19-6-2023 Shelf Issue Size (Rs.10,000) by CRISIL Offer
Money Rs. 100 Cr. Lead manager : Vivro Financial
Total : Rs. 150 Cr. Registrar : Link Intime
Debock Industries Ltd. Rights issue

Opens on 13th June & Closes on 27th June, 203
DEBOK INDUSTRIES LTD. The company is entering the mar-
ket with a rights issue. Right Issue opens on 13th June & Closes on
27th June, Total Numebr of Securities propsed to be issued :
3,27,60,000 Equity Shares, up to Rs. 49,14,00,000. Rights Entitlement Ratio : 3:7, Record Date
: 1st June, 2023, offer price of Rs. 15 (F. V. Rs. 10 & Premium Rs. 5)
Allotment / refund : - Allotment may be on June 13 and refund on June 14. Share credit may take place
on June 15.
Listing : - It may get listed for Rs. 350-375 on June 16. It may cross Rs. 400 level in a good market. If
shares are allotted, book profit by selling 50% of shares and hold the rest.
* SME IPOs of the week: -
• Kore Digital (NSE SME) : - Rs. 18 crore issues with a fixed price of Rs. 180 has entered the market on
June 2 and will close on June 7. Lead manager is First Overseas. As per the analysis given in a separate
table, retail investors should stay away.
• Comrade Appliance (BSE SME) :- Rs. 12.30 crore issues with an offer price of Rs. 52-54 has opened
on June 31 and will close on June 5. Lead Manager is Gretax Corporate. It has received a 4.23 times
Cont...
Financial Weekly TM

June 2023 56
Rights Issue
Sr Company Issue Open Dt. Issue size Offer price Ratio & Listing Lead Manager/ Recomm.
Issue Close Dt. (Rs. Cr.) (Rs.) Record Dt. Registrar
1. KCD 31-5-2023 2,71,42,857 18 19 Shares for every BSE -- Clear
Industries to Shares (F.V.Rs. 1) 7 shares held on Registrar Avoid
14-6-2023 (Rs. 48.86 Cr.) 19-5-2023 Skyline Financial
2. Bhakti 9-6-2023 50,13,173 12 1 Shares for every BSE --
Gems & to Shares (F.V.Rs.10) 2 shares held on Registrar Next Week
Jewellery 20-6-2023 (Rs. 6.02 Cr.) 31-5-2023 --
3. Godha -- -- -- -- NSE --
Cabcon -- Shares (F.V.Rs. 1) -- Registrar Next Week
(Rs. 44.42 Cr.) --
4. Piramal -- --- -- -- BSE ICICI Securities
Pharma -- Shares (F.V. Rs. 10) -- NSE Registrar Next Week
(Rs. 1050 Cr.) -- Link Intime
5. Shree Rama -- 7,00,00,000 9 11 Shares for every BSE V ivro Financial
Multi-Tech -- Shares (F.V. Rs. 5) 10 shares held on NSE Registrar Next Week
(Rs. 63 Cr.) RD : 30-5-2023 KFin Techno
6. Gala Global -- 5,45,88,083 8.60 1 Shares for every BSE --
Products -- Shares (F.V. Rs. 5) 1 Shares held on Registrar Next Week
(Rs. 46.95 Cr.) -- --
7. North Eastern -- 4,51,17,602 18 9 Shares for every BSE --
Carrying -- Shares (F.V. Rs. 10) 10 Shares held on NSE Registrar Next Week
(Rs. 81.32 Cr.) -- --
subscription on the 3rd day. Listing on June 13 may be for Rs. 60-70.
• Sonalis Consumer Products (BSE SME) : - The company is offering 9.44 lakh equity share with a
face value of Rs. 10 at an offer price of Rs. 30 to raise Rs. 2.38 crore. The issue will open on June 7 and
close on June 9. Lead manager is Expert Global.
* This week's Rights Issue :-
• KDC Industries :- The issue entered the market on May 31 to raise Rs. 48.66 by offering 2,71,42,857
shares at a fixed price of Rs. 18. It will offer shares in a ratio of 19:7. As per the analysis given in a separate
table, it is advisable to stay away from it.
* This week's NCDs issue:-
• Indel Money : - Issue with a base price of Rs. 50 crore and a shelf limit of Rs. 100 crore will open on
June 6 and close on June 19. It has obtained BBB+ rating making it an option for high risk taking investors.
***
Pune Based Vinsys IT Services India Limited
filed Draft Red Herring Prospectus (DRHP) with NSE Emerge
Book Running Lead manager to the issue : Beeline Capital
IT services company Vinsys- it is exploring acquisition opportunities in overseas markets,
including the US and the UK, to expand its global reach and also announced plans to launch its
maiden public issue.
Pune-based Vinsys offers customised courses for sectors such as BFSI, telecom, and gov-
ernment departments, where training for IT and processes is essential. It has a team of over 800
professionals certified by major tech companies and institutions.
Book Running lead manager to the issue is beeline Capital Advisors Pvt. Ltd.
Cont...
Financial Weekly TM

June 2023 57
Coal India’s Rs. 4,000 crore offer for sale
Subscribed 4x times ; Retail expected cut of Rs. 226.15
Coal India’s offer-for-sale was subscribed four times over on the second and last day of the
sale. As per BSE data, the non-retail part of the sale was subscribed 2.7 times, while retail
portion was subscribed 1.4 times.
The government had planned to raise as much as Rs. 4,000 crore, by selling upto 3% stake
in the company. The sale also included a greenshoe option of 1.5% in case of oversubscription.
The institutional portion of the sale was oversubscribed on the first day ie. Thursday itself,
and the retail portion which opened on Friday was also fully subscribed.
The promoter of the company – the government said on Wednesday that it will sell some of
its stake in Coal India via an OFS. The floor price for OFS was set at Rs. 225 per share, at a 7%
discount to the current market price. The government holds 66.13% stake in the company.
Coal India’s stock fell over 4% on the first day of the sale on Thursday. But on Friday, it traded
flat as it gained over 0.15% to close at Rs. 230.9 per share, as per BSE data.
Retail expected cut of Rs. 226.15 and Full allotment expected at 226.20 and partial at 226.15
Grey Market Movement

Before entry of a new IPO, Grey Market movement is up
IKIO Lighting mainboard IPO premiums go up increasing fancy
Tata Techno interest rates and subject to deals start
Infollion and Hemant IPO premiums sky-rocketed
Proventus premiums improve: CFF Fluid, Sahana and Comrade premiums crumble
No deals in grey market in Kore Digital and Sonalis Consumer IPOs
The effect of the three-month-long bullish wave in the secondary market is now seen in the
primary market. Though SMEs continued to hit the market, mainboard IPOs are also planning to
enter the market. The promoters sitting on the fences may enter the market soon.
Grey Market movement has gathered pace with the entry of the IKIO Lighting mainboard IPO
and it may increase with the entry of the Tata Techno issue.
• IKIO Lighting :- In the issue with an offer price of Rs. 270-285, the premiums started at Rs. 40
and with increasing fancy, it has touched Rs. 72-75 level. The deals are taking place in the
interest rate and subject to segments.
• SME IPOs :- Due to the blockbuster listing of three SME IPOs - Remus
Pharmaceuticals,Crayons Advertising, and Vasa Denticity - investors' confidence has got a ma-
jor booster. As a result, premiums have gone up in the issues like Hemant Surgical Industries,
and Infollion ResearchServices. Proventus premiums have improved a little, while premiums of
CFF Fluid Control, Sahana System and Comrade have gone down. There is no movement in
Kore Digital or Sonali Consumer Products SME IPOs.
Financial Weekly TM

June 2023 58
IKIO Lighting Limited IPO
Opens on 6th June & Closes on 8th June
Price Band Rs. 270 to 285; Listing on BSE & NSE
It has posted consistent growth for its last 33 months performance except in top line for FY21
On valuation front on proforma consolidated financial basis issue is fully priced
If we consider valuation on restated data issue is aggressively priced
Only risk seeking investors may apply for long term prospective
Incorporated in 2016, IKIO Lighting Limited is an Indian manufacturer of light-emitting diode (LED) lighting solutions. The product portfolio of
IKIO can be categorized as LED lighting, Refrigeration lights, ABS (acrylonitrile butadiene styrene) piping and other products. The company is
primarily an Original Design Manufacturer (ODM). They design, develop, manufacture and supply products to customers. Thereon, the
customers further distribute the products under their own brands. Alongside, they also work with the customers to develop, manufacture and
supply products as designed by the customers. The company's LED lighting offerings focus on the premium segment and include lighting,
fittings, fixtures, accessories, and components. The products are designed and created to cater to the distinct requirements and expectations
of the customers.
Issue Details
• Issue Opens on 6th June & Closes on 8th June 2023
• Object of the issue : Repayment/ prepayment, in full or part, of certain borrowings availed by the Company and its Subsidiaries on a
consolidated basis, Investment in the wholly owned Subsidiary, IKIO Solutions Private Limited, for setting up a new facility at Noida, Uttar
Pradesh and General corporate purposes
• Issue Size : Fresh Issue Rs. 350 Cr, OFS : 90,00,000 Shares, Total Rs. 607 Cr. Proforma basis
• Face Value Rs. 10 • Price Band Rs. 270 to 285 Particulars (Rs. Cr.) FY20 FY21 FY22 9MFY23
• Minumum Lot Size : 52 Share • Listing on : NSE & BSE Total Revenue 221.83 214.57 334.00 332.79
• BRLM : Motilal Oswal Investment • Registrar : Kfin Technologies Profit After Tax 21.41 29.06 50.75 51.43
• Company Management : Hardeep Singh and Surmeet Kaur EPS 3.29 4.43 7.77 7.90
• Pre Issue Promoter Holding : 100% • Post Issue Promoter holding : 72.46%
RONW (%) 59.63 45.83 46.40 36.46
• Issue constitutes 27.54% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 5.91 & RONW : 48.42% Restated basis
• Pre IPO Eq. Capital Rs. : 65 Cr. • Post IPO Eq. Capital Rs. 77.28 Cr. Particulars (Rs. Cr.) FY20 FY21 FY22 9MFY23
Proforma Basis :
Total Revenue 140.73 160.04 220.72 243.18
• Pre IPO : P/BV Ratio 13.15 (NAV : 21.67) • Post Issue : P/BV Ratio : 4.80 (NAV : 59.38)
• Pre IPO P/E Ratio : 36.66 • Post IPO asking P/E on fully diluted equity : 33.15 Profit After Tax 15.99 20.66 28.13 34.65
Restated Basis : EPS 2.46 3.17 4.31 5.32
• Pre IPO : P/BV Ratio 24.33 (NAV : 11.76) • Post Issue : P/BV Ratio : 5.16 (NAV : RONW 55.18) (%) 57.84 42.60 36.64 27.31
• Pre IPO P/E Ratio : 66.13 • Post IPO asking P/E on fully diluted equity : 56.20
• BRLM’s Performance : This is 8th Issue from BRLM in last 4 years. In last 7 Listing : 5 Issued opened with premium & 1 Issue Discount
& 1 Issue opened with at par.
OTHER SIDE OF THE COIN

• The average Cost of acquisition of equity shares by the promoters/selling shareholders is Rs. 0.01 & Offer price is Rs. 285 per
share.
• It has issued bonus shares in the ratio of 499:1 on 17th July 2021 & 8:5 on 17th Sept. 2022
• Company is dependent on single customer Philips India and revenue accounted 95.63% (restated basis) and 61% (Performa
basis.)
• Company is also dependent on LED Lighting products. This category accounted 95.85% (Restated basis) and 85.21%
(Performa basis.)
• The company imports components from China, Singapore, Hong Kong and Taiwan which account for 52.25 percent of the
total raw materials.
• It has experienced negative cash flow from operating activities in FY21, FY22 & 9MFY23.
• Company does not own manufacturing facilities and corporate offices.
Manufacturing facilities are located in Only Uttarakhand.
• The company requires sizeable working capital.
• A Subsidiary Royal lighting Ltd. (RLPL) is inventory days have increased from 44 days in 2020 to 90 days in 2022
Recommendation : It has posted consistent growth in its financial proforma for the last 33 months. Though
it suffered a setback in the top line for the FY21. LED Lighting solution segment is highly competitive. On
valuation front company has shown two types of data. One Proforma consolidated financial data and Restated
consolidated financial data. If we consider proforma consolidated data IPOs asking price is at P/BV of 4.80 and
PE of 33.15. Hence issue is fully priced. However if we consider Restated consolidated data the issue is priced
at a P/BV of 5.16, PE of 56.20 hence it is aggressively priced. Only risk seeking investors may apply for long
term prospective.
Financial Weekly TM

June 2023 59
Kore Digital Limited NSE SME IPO
Opens on 2nd June & Closes on 7th June
Offer Price Rs. 180; Listing on NSE SME Platform
It has posted consistent growth in its financial performance
However sudden jump in top & Bottom line for FY22 is surprising
Quantum jump in bottom line with decline in turnover of 9MFY23 raises concern
On valuation front considering all parameters, issue is overpriced
Investors may stay away from this expensive issue
Incorporated in 2009, Kore Digital Limited operates as a Telecommunication Infrastructure Provider. The company
was set up with the objective of offering high-end communication solutions to corporate and Telecom Network Opera-
tors. Kore Digital primarily operates in Maharashtra. They offer services like installing and commissioning Poles, Tow-
ers, and Optical Fibre Cable (OFC) Systems in Maharashtra. As of 2023, Kore Digital Limited has laid fiber of around 450
Kms for their Telecom Network Operators such as Vodafone Idea Ltd, Bharti Airtel Limited, Reliance Jio, and Tata
Teleservices. These include fiber laid under Vendor Projects and their own network running across Mumbai- Navi
Mumbai, Thane, Bhiwandi, Kalyan, Panvel, and in Pune.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY20 FY21 FY22 9MFY23
• Issue Opens on 2nd June & Closes on 7th June 2023
Total Revenue 0.88 3.98 16.94 11.96
• Object of the issue : To meet the Working Capital requirements,
Profit After Tax 0.02 0.26 2.18 2.41
Investment in Strategic Acquisition / Joint Venture and
EPS 18.19 259.29 2179.72 10.08
General Corporate Expenses.
RONW (%) 22.16 75.96 86.46 50.18
• Issue Size : 10,00,000 Shares • Rs. 18 Cr.
• Face Value Rs. 10 • Offer price Rs. 180 • Minumum Lot Size : 800 Share • Listing on : NSE SME
• BRLM : First Overseas Capital • Registrar : Bigshare Services Pvt Ltd
• Promoter : Mr. Ravindra Navinchandra Doshi, Mrs. Kashmira Ravindra Doshi, and Mr. Chaitanya Ravindarera Doshi.
• Market Cap Rs. 63.36 Cr. • Pre Issue Promoter Holding : 99.70% • Post Issue Holding : 71.38%
• Issue constitutes 28.41% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 1179.32 & RONW : 72.24%
• Pre IPO Eq. Capital Rs. : 2.52 Cr. • Post IPO Eq. Capital Rs. 3.52 Cr.
• Pre IPO : P/BV Ratio 8.92 (NAV : 20.18) • Post Issue : P/BV Ratio : 2.75 (NAV : 65.51)
• Pre IPO P/E Ratio : 17.86 • Post IPO asking P/E on fully diluted equity : 20.32
• BRLM’s Performance : This is 16th Issue from BRLM in last 4 years. In last 10 Listing : 7 Issued opened with
premium & 1 issue with Discount and 2 Issues with at par.
OTHER SIDE OF THE COIN

• Average cost of acquisition of promoters of the company is Rs. 0.04 per share and the offer price is Rs. 180.
• The company had issued bonus shares in the ratio of 251:1 in January 2023.
• Post IPO equity capital of only Rs. 3.52 crores so it may take a long time for the company to migrate to the main
board.
• The company operates in a highly competitive segment with many large players.
• Its ROE is 0.67 & ROCE is 0.49
• Company's top - 5 customers contributed 99.38% revenue which is risky for business.
• Company's business is mostly concentrated in Maharashtra only.
• Company's business requires more capital.
• The cash flow of the company has been negative in the last financial year.
Recommendation : - It has posted consistent growth in its financial performance for the
last three fiscals. However sudden jump in top line and bottom line for the FY22 is surpris-
ing. If we annualized 9MFY23 performance, there is decline in turnover and quantum jump in
bottom-line. In other words it may be window dressing to create fancy for IPO pricing. On
valuation front considering P/BV at 2.75 & PE of 20.32, issue is overpriced. Investors may
avoid this expensive issue.
Financial Weekly TM

June 2023 60
Sonalis Consumer Products BSE SME IPO
Offer Price Rs. 30; Listing on BSE SME Platform
Just a year old company that has been taken over
Only nine months of working and Rs. 20 premium i.e. offer price of 30
The company filed DRHP four times till May 31
RHP have not been uploaded yet
How did SEBI-BSE approved such a weak issue?
Issue Details
• Issue Opens on 7th June & Closes on 9th June 2023
• Object of the issue : To part finance the Working Capital Requirements, General Corporate Pur-
poses and To meet Issue Expenses
• Issue Size : 9,44,000 Shares • Rs. 2.83 Cr.
• Face Value Rs. 10 • Offer price Rs. 30
• Minumum Lot Size : 4000 Share • Listing on : BSE SME
• BRLM : Expert Global Consultants Private Limited
• Registrar : Purva Sharegistry India Pvt Ltd
Sonalis Consumer Products was established in 2022. It is only one year old company. It’s ask-
ing for a premium of Rs. 20 on F.V. Rs. 10, its means offer price is Rs. 30. Total issue Size Rs. 2.83
Cr., Issue closes on 9th June, 2023
It’s entering into the market on 7th June and will be listed on BSE SME Platform. Important point
is that, the company will be open on 7th June but its RHP does not been uploaded yet on BSE or
any other website. Meanwhile company has filed its DRHP 4 times on BSE SME Platform, At last
company was filed its DRHP on BSE SME Platform on 31st May 2023.
There is no clear mention market maker. Company has mentioned the nominal value of nine
month only from April to December. Why BSE gave green signal to this company for IPO ?
There does not appear to be any need for a recommendation for this issue, however investors
should completely give clear avoid to this IPO.
Financial Weekly TM

June 2023 61
Indel Money Limited NCDs Issue
Offer price Rs. 1000 per NCD; Listing on BSE
This 3rd NCDs Issue from the company since September 2021
It has posted setback in bottom line for FY22; Net NPA at 1.66% from 0.01%
Sudden jump in bottom line of FY21 & 9MFY22 raises concern
Company has offered lucrative coupon rates; Debt/Equity ratio will be 5.94
Considering BBB+ Poor rating, investors may avoid this risky offer
Incorporated in 1986, Indel Money Limited is a non-deposit-taking non-banking finance com-
pany (NBFC) registered with RBI. The company deals in the gold loan sector, lending money
against the pledge of household gold jewelry. The company also provides loans against property,
business loans, and personal loans. The company's gold loan customers are primarily from rural
and semi-urban areas. As of August 31, 2021, the company had a network of 191 branches spread
in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and the union terri-
tory of Puducherry.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY20 FY21 FY22 9MFY23
Total Revenue 63.07 94.49 123.00 129.30
• Issue Opens 6th June & Closes on 19th June Profit After Tax 2.19 9.49 2.11 13.75
• Object of the issue : For the purpose of onward lending, financing, and for repayment/prepayment
of principal and interest on borrowings of the Company and General corporate purposes.
• Issue Size : Base Issue : Rs. 50 Cr., Shelf Size : Rs. 100 Cr.
• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs
• BRLM : Vivro Financial Services Private Limited
• Registrar : Link Intime India Private Ltd
• Rating : BBB +/Stable rating by Crisil Ratings Limited.
• Tenure : 400 days, 24, 61, and 72 months.
• Coupon Rate : 9% to 12.25%
• Category : Institution : 10%, Non Institutation : 40%, Retail 50%
Recommendation : This is the third NCDs offer from the company since
September 2021. It has posted decline in bottom line for FY22. But sudden
jump in bottom-line for FY21 & 9MFY23 is surprising. Coupon rate from 9%
to 11.50% is lucrative, but considering poor rating of BBB+, it's a risky offer.
Debt equity ratio of 5.17 will be enhanced to 5.94. Net NPA stood at 1.66%
from 0.01% only risk taker investors may apply other may stay away from
this offer.
Financial Weekly TM

June 2023 62
KCD Industries India Limited Rights Issue
Openes on 31st May & Closes on 14th June
Offer price Rs. 18 per Share; Listing on BSE
BSE Code : 540696 (F.V.1), CMP : 25.14 (30-5-23), 52WHL : 25.14/5.68
It has posted inconsistent financial performance for last two fiscals
Incurred loss in FY21 & Turn the corner for FY22 due to other income
Sudden jump in bottom line for 9MFY23 is surprising and doubtful
Shareholder may give clear avoid to this right issue despite 40% discount to CMP
Incorporated in 1985, KCD Industries India Limited is engaged in the business of Construction
Services. The company is experienced in various aspects of the real estate development busi-
ness. This includes identifying and selecting locations, development, designing, project manage-
ment, and sales and marketing. The company is capable of undertaking overall operations of real
estate projects. As civil contractors, KCD Industries India Limited is engaged in the Development
and Construction of Residential and Commercial Complex.
Issue Details Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY 21 FY 22 9MFY 23
• Issue Openes on 31st May & Closes on 14th June 2023 Total Revenue 0.12 -0.06 1.43
• Object of the Issue : Working capital requirement, Profit After Tax -0.07 0.19 0.97
General corporate purpose and To meet Issue Expenses
• Issue Size : 2,71,42,857 Eq. Shares • Rs. 48.86 Cr.
• Face Value Rs. 5 • Issue Price : Rs. 18 per Share
• Listing on BSE
• Terms of payment : On Application, Investors will have to pay Rs. 4.50/- per Rights Equity Share
constituting 25% of the Issue Price, and the balance Rs. 13.50/- per Rights Share constituting
75% of the Issue Price, will have to be paid, on one or more additional calls as may be decided.
• Entitlement : 19 Rights Equity Share(s) for every 7 fully paid-up Equity Shares held on Record
Date : 19-5-2023
• Deemed Date of Allotment : 21-6-2023
• Lead Manager : Self Managed
• Registrar : Skyline Financial Services Private Ltd
• Market Cap : Rs. 66.86 Cr.
• Pre IPO Equity capital Rs. 1 Cr. • Post IPO Equity Capital Rs. 3.71 Cr.
• Cum Right basis at Rs. 26.28 (18-5-2023)
• ex Right basis at Rs. 21.25 (19-5-2023)
• Since then, It has marked a high/low of Rs. 22.83/ Rs.20.00
• It last closed at Rs. 22.83 (26-5-2023)
• 52 Weeks high / Low of Rs. 23.97/ Rs. 5.68
Recommendation : It has posted inconsistent financial performance for last two fiscals.
Company incurred loss in FY22. However turn the corner in FY22 due to other income of Rs.
0.66 Cr. For 9MFY23 it earned net profit of 0.97 Cr. On turnover of Rs. 1.43 Cr. Revenue is
surprising, doubtful and unlikely to sustain going forward. Currently share is trading at 52
week high levels. In other words this counter is well-operated speculative players. Share-
holders may give clear avoid to this rights offer despite it is available at a 40% discount to
CMP.
Financial Weekly TM

June 2023 63
Smart Best Buy S. N. Zaveri
Coal India: Enter into the counter amid correction following OFS
MTAR : Huge growth potential, Accumualte
ICICI Lombard : ICICI Bank will increase 4 per cent stake, stock jumps
Pidilite Industries : Decorative paint will push sales
Escort Kubota : Sales up in May, momentum to continue
Coal India (Rs. 230.00) (Code : 533278) : In Coal India, the government has sold
18.48 crore shares under 3 per cent equity, earning more than Rs.4,000 crore. Last week, the stock
price fell despite an encouraging response from institutional investors to the Offer for Sale (OFS).
This is a good opportunity to invest in good stocks. Meanwhile, Coal India's production rose by 9.5
percent to a record 6 crore tonnes in the month. In this period last year, its production was 5.2 crore
tonnes. All the subsidiaries of CoIndia have shown positive growth. Coal India is an attractive
dividend yielding stock with an average dividend yield of 9-10 percent over the last several years.
Currently, it is worth investing in Asher with the double benefit of dividend attractiveness and good
growth potential. Enter by taking advantage of reductions due to OFS.
MTAR Technologies (Rs. 1893.00) (Code : 543270) :- The revenues of MTAR
Technologies have grown at an impressive CAGR of 15.07% p.a. over the previous five years from
Rs 159.60 crore in FY18 to Rs 322.01 crore in FY22. The bottom line grew by 55% from Rs 39.20
crore in FY19 to Rs 60.88 crore in FY22. Bloom Energy, a key customer of MTAR, has signed a $
4.5 billion deal with a South Korean conglomerate. This presents a large order of 10,000 units for
the company during the 2022 to 2024 period. It recently started production at its sheet metal facility.
This will result in higher order inflow in the coming years. The board of the company has approved
setting up a dedicated electronics manufacturing vertical in the future. Thus, MTAR will be making
investments toward setting up an EMS facility in the near future. The stock looks expensive at
current level. However, there is huge potential for growth. Looking at this growth story, the stock is
worth accumulation at every decline.
ICICI Lombard (Rs. 1232.00) (Code : 540716) :- ICICI Bank's board of directors
approved an increase in shareholding in the lender's general insurance subsidiary, ICICI Lombard
General Insurance, as it aims to establish the company as a subsidiary of ICICI Bank. The bank
plans to acquire an additional 4% stake in multiple tranches, in line with applicable laws, to ensure
compliance with Section 19(2) of the Banking Regulation Act, 1949, according to an announce-
ment to the stock exchanges. At least 2.5% of the 4% stake is expected to be acquired by Septem-
ber 9, 2024. ICICI Bank is allowed to retain a stake of more than 30% but below 48.02% of the
company's paid-up capital until September 9, 2024. At present, banks are allowed to hold either
Cont...
Financial Weekly TM

June 2023 64
less than 30 per cent or more than 50 per cent in insurance ventures. It is estimated that at the
current market price, the bank will have to shell out more than Rs 2,300 crore to acquire the 4 per
cent in ICICI Lombard. The stock was on fire last week following this development.Buy.
Pidilite Industries (Rs. 2632.00) (Code : 500331) :- In 4QFY23, Pidilite Indus-
tries reported better sales and gross margin, while EBITDA came in little bit lower due to increased
marketing expenses. The rural and semi-urban markets grew faster than the urban market for the
first time in the past few quarters. In the paints business, the company launched decorative paint,
‘Haisha’, after a careful survey and receiving input from dealers. It is currently launched in test
markets (AP and Telengana) and the company will not rush to launch it nationally. Pidilite will use
the existing distribution network and facilities for ‘Haisha’ and it has adequate capacity to scale it if
required. Although the sharp material cost reduction could lead to healthy earnings growth over
FY23-FY25. Pidilite reported an 11.2 percent year-on-year (YoY) jump in net profit at Rs 283 crore
for the fourth quarter that ended March 31, 2023. Total revenue stood at Rs 2,689.3 crore during the
period under review, up 7.3 percent against Rs 2,507.1 crore. EBITDA jumped 14.5 percent to Rs
459.2 crore in the fourth quarter of this fiscal over Rs 401.1 crore in the corresponding period in the
previous fiscal. The stock has started upward journey. Buy. Buy more at declne.
Escort Kubota (Rs. 2183.00) (Code : 500495) : Escort Kubota's total sales rose
by 9 percent at 9,167 units in May-2023 as compared to 8,421 units in May 2022. Export tractor
sales were at 463 as against 754 tractors sold in May 2022. In the construction equipment seg-
ment, the company sold a total of 425 machines last month, up 39.3 percent as against 305 ma-
chines sold in May 2022. According to Escorts Kubota, the macroeconomic factors overall and
farmer sentiments remain positive, resulting in a positive sales trend across most geographies.
With government thrust, across all infrastructure sectors and increased capital expenditure outlay
proposed for the current fiscal year, demand will further accelerate for construction equipment post-
monsoon season. 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
2nd June, 2023 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

June 2023 65
RAMA STEEL TUBES LTD REPORTS STRONG NUMBERS FOR Q4FY2023ANDFY2022-23
RAMA STEEL TUBES LTD • BSE: 539309 NSE : RAMASTEEL • CMP - Rs. 41
Rama Steel Tubes Limited (RSTL) has found a place in several sectors ranging from Water
Distribution, Electricity Distribution & Street Lighting, Telecom Applications and Irrigation Projects
etc.
Rama Steel Tubes Limited is one of the most trusted
Manufacturers of Steel Tubes and G.I. Pipes, MS Pipes,
Corporate Feature
STP Poles and solar structures. We have Japanese technology to cater to the growing demand
in Domestic & Global Market. RSTL has constantly tried to be the best and our investments in
product innovation and R&D have yielded fruitful results. Our skilled technicians and stringent
quality checks have produced steel tubes and G.I. Pipes, MS Pipes, STP Poles and solar struc-
tures to meet all the international
Management Comments :-
Mr. Richi Bansal- Executive Director said that RSTL has delivered steady growth in India
volumes despite the volatile operating environment. During Q4FY23 has registered healthy set
of numbers in terms of sale, revenue and profitability. The Q4FY23 with the growth in Revenue from operations being 56.95% and
growth in sales volume of 86.99 % on Y-0-Y basis. There is growth in demand of our products having the highest level of quality
and our ability to cater the needs of all our customers on timely basis.
We are also in process of entering into certain niche
Business Update segments like supply of steel pipes and tubes to City Gas
RSTL has completed a capacity expansion of additional 30,000 MT at Distribution and Solar Energy power generation units. We
Khopoli Plant. Maharashtra. The expansion has completed and commercial
production has already begun in Q4FY23. plan to dedicate at-least 25% of our installed production
On 14th February, 2022, The Board of directors have approved a scheme capacity which is 344000 MT to cater to the demand of the
of Amalgamation of Lepakshi Tubes Private Ltd, a wholly owned subsidiary of
RSTL with the latter company under sections 230-232 of The Companies Act,
Government sector in the coming years, which is hav-
2013. This merger has been proposed to bring about operational synergies and ing an EBITA margin of 9%-10%, thereby significantly
cost savings to both the companies. The scheme has already been improving our overall margins.
approved by the shareholders and creditors in their respective meetings held on
November 15, 2022. New plant, in the process of being set up, in Raipur,
During the period under review the following transaction were held: Chhattisgarh, we have already acquired the required land
The Group has announced the bonus shares in the ratio of 4:1, which have
been approved by the shareholders thorough Postal Ballot on December 23, and started work to set up the plant. The potential market
2022 and corresponding allotment of the same was successfully done on size from this plant is 50,000 MTPA and we are happy to
January 07, 2023.
The Group has allotted 1933400 Equity Shares pursuant to conversion of cater the eastern part of country.
warrants on January 07, 2023 along with the bonus shares reserved for the On the expansion front, we are in process of modern-
warrant holders in the ratio of 4:1
ization of our plant located at Sahibabad, Uttar Pradesh
with a major goal of de-bottlenecking operations; which
will result in increasing our yield per tonne of finished
products. The 1st phase of this modernization is slightly
delayed and expected to be completed by Q1 of the Fiscal
Year 2023-24. Our efforts of backward integration at our
plant in Anantpur District, Andhra Pradesh wherein we
are in process of Cold rolling and Galvanizing Steel Sheets
Consolidated Financial Highlights Q4FY23 will lead to an in- house raw material support of 50,000
(In INR MN) MT in the upcoming years. With the expansion of Khopoli
Parameters Q4FY23 Growth % YOY plant by ~30,000 MT and the setting up of new facility in
Total Revenue 3939.10 56.95% Raipur, Chhattisgarh, we expect our total capacity to in-
Total Sales Volume (MT) 67077.44 86.99% crease to 344000 MT by end of FY25. Further to this, we
EBIDTA 223.14 51.64%
are in process of adding 10 SKUs to our repertoire on a
PAT Margin (including OCI) 116.62 57.58%
monthly basis, projecting a total of 1250 SKUs being pro-
Consolidated Financial Highlights FY23 duced in period of 2 years. This will strengthen our rela-
Parameters FY23 Growth % YOY
tionships with distributors by offering a complete range of
Total Revenue 13435.56 72.83%
Total Sales Volume (MT) 198902.23 85.99% products and make RSTL one of the leading suppliers of
EBIDTA 599.01 15.73% Steel Pipes and Tubes in the forthcoming years.
PAT Margin (including OCI) 289.15 4.94% ***
Financial Weekly TM

June 2023 66
Dalal Street Whispers Dilip K. Shah
Adani Enterprises (Rs. 2444.00) (Code : 512599) :- Adani Enterprises' wholly-

owned subsidiary - Adani Road Transport inked pact to acquire Gujarat Road and Infrastructure
Company, which is owned 56.8 % by Macquarie Asia Infrastructure Fund, and Swarna Tollway,
completely owned by Macquarie Asia Infrastructure Fund.
Tata Motors (Rs. 535.00) (Code : 500570) :- Tata Motors reported 1.62 % decline
in total sales at 74,973 units in May as compared to the same month last year. Company's Total
domestic sales, too, slumped 2 % year-on-year (YoY) at 73,448 units while its Domestic passen-
ger vehicle sales, rose 6 % YoY to 45,878 units.
NHPC (Rs. 43.00) (Code : 533098) :- NHPC signed agreement with Nepalese utility
Vidhyut Utpadan Company to develop a 480-megawatt (MW) Phukot Karnali hydroelectric project.
The project will use the flow from the Karnali River for power generation and the generated power
will be fed into the integrated power system of Nepal.
AstraZeneca (Rs. 3499.00) (Code : 506820) :- AstraZeneca received approval

from the Central Drugs Standard Control Organisation (CDSCO) for its cancer drug Tremelimumab
Concentrate which paves the way for the launch of Tremelimumab solution of 20 mg/ml.
HCL Technologies (Rs. 1136.00) (Code : 532281) :- HCL Tech inked an agree-
ment with IIT-Kharagpur for collaboration in the field of petroleum engineering and earth sciences.
Both will jointly develop innovative and sustainable solutions to address critical challenges of the
petroleum industry.
NTPC (Rs. 174.00) (Code : 532555) :- NTPC has partnered with Ohmium Interna-
tional (Ohmium) to manufacture proton exchange membrane (PEM) electrolysers, in order to pro-
duce green hydrogen in India. Ohmium's advanced green hydrogen technology will be used to
decarbonise energy, transport and ammonia projects.
SJVN (Rs.35.00) (Code : 533206) :- SJVNsigned a project development agreement

for 669-MW Lower Arun Hydro Electric Project in Nepal. The project shall be constructed in five
years at a cost of Rs 5,792 crore with a levelised tariff of Rs 4.99 per unit.
TVS Motor (Rs. 1305.00) (Code : 532343) :- TVS motors' Total two-wheelers sales
grew 11 % year-on-year to 319,295 units in May. Its Motorcycle sales rose 9 % to 162,248 units and
scooter sales grew 3 % to 103,203 units. The Three-wheeler sales declined 29 % to 11,314 units
and TVS iQube electric recorded sales of 17,953 units in May 2023 as against sales of 2,637 units
in May 2022. The company has also hiked price of its TVS IQube scooter by Rs 17,000 to Rs
Cont.....
Financial Weekly TM

June 2023 67
20,000 depending on the variant, making the announcement after the government's FAME II
programme revised subsidies for electric two-wheelers (E2W).
Coal India (Rs. 230.00) (Code : 533278) :- The Centre has proposed to sell up to 3
%of its stake in the Coal India through an offer for sale (OFS) from Thursday, June 1. The govern-
ment is looking to garner around Rs 4,162 crore through the sale process.
Mankind Pharma (Rs. 1466.00) (Code : 543904) :- Mankind Pharma clocked

52% year-on-year (YoY) increase in consolidated profit after tax (PAT) to Rs 294 crore for March
quarter 2022-23 (Q4FY23), aided by robust sales. Revenue from operations, too, rose to Rs 2,053
crore in Q4FY23.
EID Parry (Rs. 486.00) (Code : 500125) :- EID Parry reported a consolidated profit
after tax (PAT) at Rs 286.90 crore in Q4FY23, down 33 % YoY meanwhile its Consolidated total
incomerose to Rs 6,865.28 crore, up 19.26 % YoY in Q4FY23.
India Pesticides (Rs. 221.00) (Code : 543311) :- India Pesticides' revenues grew
10.8 % to Rs 201.1 crore in Q4FY23. Net profit was reported at Rs 30 crore, while Ebitda was seen
at Rs 45 crore in Q4FY23.
Cipla (Rs. 966.00) (Code : 500087) :- CIPLA announced that the proposed stake sale
of CQCIL, step-down subsidiary of the company in Uganda, is expected to be completed on or
before July 31, 2023.
MIC Electronics (Rs. 19.00) (Code : 532850) :- MIC Electronics LoA from
Secunderabad Railway Division of South-Central Railway Zone for Rs 3.9 crore. The time period
for the execution of the order lies after 12 months from the date of the issue of LoA.
Maruti Suzuki India (Rs. 9488.00) (Code : 532500) :- Maruti Suzuki has re-
ported a 10.6 % jump in its total sales at 178,083 units against 161,413 units and domestic sales
were up 12.7 % at 151,606 units versus 134,222 units, YoY.On the production side, the company
has reported a 9.3 %rise to 1,80,221 units in May 2023 versus 1,64,859 units in May 2022.
Eicher Motors (Rs. 3699.00) (Code : 505200) :- Eicher Motors posted a 22 % on

year growth in total sales of its motorcycles in May to 77,461 units. Total sales in May of last fiscal
were at 63,643 units. Domestic sales rose 32.3 % on year to 70,795 units and Total sales for VE
Commercial Vehicles, a joint venture between the Volvo Group and Eicher Motors, increased 11.6
% year-on-year to 6,289 units.
Paras Defence and Space Technologies (Rs. 538.00) (Code : 543367) :-

Paras Defence has entered into a joint venture agreement with CONTROP Precision Technolo-
Cont.....
Financial Weekly TM

June 2023 68
gies to manufacture, install and provide logistics and after-sale support, etc, in the electro-optic
infra-red field in keeping with Make in India initiative.Paras will hold a 30 % stake in the venture
and the remaining 70 percent will rest with by CONTROP.
Hero motor corp (Rs. 2891.00) (Code : 500182) :- Hero MotoCorp has sold 5.19
lakh units in May 2023rising 7% over a year-ago month. Domestic sales grew by 9% year-on-year
to 5.08 lakh units, but exports fell 44.8% to 11,165 units in the same period.
Affle (Rs. 962.00) (Code : 5427552) :- Affle Indiawith offering consumer intelligence
platform said its wholly owned Singapore subsidiary Affle International Pte Ltd (AINT) has com-
pleted 100% acquisition of YouAppi Inc.
MTAR (Rs. 1891.00) (Code : 543270) :- MTAR TechnologiesFrance-based financial

services company Societe Generale has acquired 1.35% stake in the MTAR via open market
transactions at an average price of Rs 1,880 per share.
Mazagon Dock (Rs. 837.00) (Code: 500547) :- The company’s March quarter profit
more than doubled from Rs. 159 crore to Rs. 326.2 crore. Income went up by 49% from Rs. 1396.4
crore to Rs. 2078.6 crore.
Tega Industries (Rs. 876.00) (Code: 543413) :- The March quarter profit rose by
58.2% from Rs. 48.8 crore to Rs. 77.2 crore, whereas profit grew by 36.7% from Rs. 290 crore to Rs.
396.4 crore.
Himatsinghka Seide (Rs. 100.00) (Code: 541043) :- The profit for the fourth
quarter surged by 130% from Rs. 9 crore to Rs. 22 crore. Income, however, fell by 15% from Rs.
765 crore to Rs. 690 crore.
Welspun Corp (Rs. 270.00) (Code: 532144) :- Profit for the March quarter zoomed
by 600% from Rs. 71 crore to Rs. 421 crore. Income jumped by more than 100% from Rs. 2011
crore to Rs. 4070 crore.
Lemon Tree (Rs. 93.00) (Code: 541233) :- The hotel chain reported a profit of Rs. 44
crore for the March quarter as against a loss of Rs. 24.6 crore last year to achieve a turnaround
position. Income for the quarter surged by 113% from Rs. 119.5 crore to Rs. 252.7 crore.
NHPC (Rs. 43.00) (Code: 533098) :- Net profit for Q4 jumped by 38% from Rs. 467
crore to Rs. 643.4 crore. Income grew by 21.2% from Rs. 1674 crore to Rs. 2029 crore.
Time Techno (Rs. 105.00) (Code: 532856) :- The company reported a profit of Rs.
63.6 crore for the March quarter, 14.5% higher than last year’s Rs 56 crore. Income was up by
14.8% from Rs. 1039 crore to Rs. 1192.4 crore.
Mankind Pharma (Rs. 1471.00) (Code: 543904) Z:- March quarter profit rose by
55% from Rs. 193 crore to Rs. 294 crore. Income was up by 15% from Rs. 1726 crore to Rs. 2053
Cont.....
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June 2023 69
crore.
IRCTC (Rs. 644.00) (Code: 542830) :- IRCTC’s March quarter profit rose by 30.4%
from Rs. 214 crore to Rs. 279 crore. Income for the quarter rose by almost 40% from Rs. 691 crore
to Rs. 965 crore.
Hikal (Rs. 318.00) (Code: 524735) :- This chemical and formulations company’s March
quarter profit of Rs. 36 crore was 75% higher than last year’s Rs 20.7 crore. Income rose by 8.5%
from Rs. 502.4 crore to Rs. 545.3 crore.
ISGEC Heavy (Rs. 615.00) (Code: 533033) :- The company’s March quarter profit of
Rs. 86 crore was 115% higher than last year’s Rs. 37.6 crore. Revenue rose by 28% from Rs. 1596
crore to Rs. 2043 crore.
Sobha (Rs. 567.00) (Code: 532784) :- The March quarter profit of Rs. 48.6 crore was
350% higher than last year’s Rs. 14 crore. Income rose by 70% from Rs. 710.3 crore to Rs. 1210
crore.
NBCC (Rs. 44.00) (Code: 534309) :- This PSU company’s March quarter profit of Rs.
108.4 crore was 200% higher than last year’s Rs. 35 crore. Income increased by 14% from Rs.
2441 crore to Rs. 2790 crore.
Suzlon (Rs. 11.00) (Code: 532667) :- This windmill company reported a net profit of
Rs. 320 crore for the March quarter as against a loss of Rs. 205 crore last year. Income was down
by 20% from Rs. 2442 crore to Rs. 1690 crore.
AstraZeneca (Rs. 3482.00) (Code: 506820) :- The pharma company’s March quar-
ter profit of Rs. 28 crore was 38.2% higher than last year’s Rs. 17.3 crore. Income rose by 22.7%
from Rs. 232 crore to Rs. 284.5 crore.
Force Motor (Rs. 1919.00) (Code: 500033) :- The company’s March quarter profit
zoomed from Rs. 42.8 crore to Rs. 146.7 crore. Income jumped by 60% from Rs. 841 crore to Rs.
1490 crore.
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
2nd June, 2023 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly TM

June 2023 70
Stock Market looking positive
Col Ajayastromoneyguru
Mobile 9414056705
As per Col Ajay CEO Www.ajayastromoneyguru.com second week of June month 2023 represented by
planet known as Rahu and year 2023 represented by planet known as ketu.
Combination of Rahu and ketu may bring positive hope for global market in week starts from 5 June to 9
June 2023
Highest volatile trend observed in Indian stock Market as per our advance prediction made in previous
article.
Hope readers must have enjoyed this unparalleled advance analysis on stock market.
Important planet Jupiter will make conjunction with Rahu and Mercury.
Sun will be in Venus house
Now this week stock market expected to show positive move in banking, Fertilizer, textiles, stocks.
Keep eyes on SBI, HDFC Bank, AU Bank, Vedanta etc for short term
South West monsoon is expected to weak this year. Impact on Indian Economy. We need to alert for
midterm point of view.
Cement stocks to avoid for next 3 Months as per Astro economics.
Grains, Oil seeds, pulses and spices have seen significant growth but consumers price have yet to see
impact of good crops.
Strong action is expected by government for control consumers' prices.
Oil seeds have seen significant fall in Indian and international market include Mustered, soybean palm oil
and sunflower, etc last couple of months.
Now this week any time bounce back expected on oil seeds price from lower levels.
Timely profit booking is mandatory for short term trading
The above prediction and Analysis is done basis of Fundamental Analysis and Financial Astrology.
Risk management is mandatory tool in stock Market.
You may use your wisdom and consult your analyst before taking any decision.
The above Analysis only for Education purpose.
Col Ajayastromoneyguru
Mobile 9414056705
Financial Weekly TM

June 2023 71
Investor’s Third Eye
Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(5th June 2023 to 11th June 2023)
In this week, Saturn in Capricorn, ketu in Libra, venues and Mars in cancer, sun and mercury in
Taurus, rahu and Jupiter in Aries, moon occupies the house of Aquarius, Pisces and Aries. On 5th
and 6th June 2023, moon in Sagittarius taking fifth position towards rahu and Jupiter in Aries may
bring favorable movement in the market. On 7th and 8th June 2023, the speculative planet Rahu
and Jupiter in Aries, ketu in Libra requires the investors to seek expert advice to invest in the stock
market. On 9th June 2023, Saturn in Capricorn taking fourth position towards sun and mercury in
Taurus may favor the market to certain extend bring volatility in the market. Banking. FMCG, de-
fense, paper industry may favor the market. As Warren buffet says "Price is what you pay. Value is
what you get."Hold well this week.
GOLD PRICE MOVEMENTS

(5th June 2023 to 11th June 2023)
5th and 6th June 2023 : The speculative planet rahu and Jupiter in arise taking seventh
position towards ketu in Libra may require the gold buyers to seek financial expert advice as the
market may be volatile.
7th and 8th June 2023 : Sun and mercury in Taurus taking sixth position towards ketu in
Libra may bring good movements in the market
9th june2023 : Moon in Capricorn taking fifth position towards sun and mercury in Taurus
may bring favor the market.
Financial Weekly TM

June 2023 72
Marshall Machines Ltd plans to raise Rs. 45 crore to fund its expansion plans
Marshall Machines Ltd • NSE : MARSHALL • CMP - Rs. 68 /-
Corporate Feature
Incorporated in 1961, Marshall Machines is a re-
nowned brand in the Indian machine tools industry.
Marshall has been a manufacturer of high precision
bench lathes, heavy-duty lathes and capstan
lathes.Over the last two decades, Marshall's single-
minded focus on R&D, Automation, Industry 4.0 tech-
nology has positioned it as a niche player in a
commoditized market. At present, Marshall is a lead-
ing manufacturer of Smart Intelligent Internet Enabled
Machine Tool Equipment (including Robotic Automa-
tion).
Company plans to raise Rs. 45 crorethrough equity
route in this financial year. The funds will be used to
acquire critical technology which will enable the com-
pany to : Improve Gross Margin by 12%, Create more
intellectual properly, Launch a new line of Machines
for private sector customers, Be eligible for govern-
ment tenders. To use as working capital and make the
working capital cycle highly efficient.
Product Philosophy
Super-focused product development philosophy
differentiating us from the competition. Focused on
deploying a complete solution offering, and not selling
an array of machines with numerous makes & mod-
els. A 'frugal innovation' and 'Indian Jugaad' mindset
helps us solve real problems for Indian machine shops,
an edge we have over foreign machine manufacturers.
Operational Units
Marshall Machines operates two stateof-art manu-
facturing facilities in Ludhiana. The company has recently completed an expansion in Unit 1 and 2 which includes
addition of: i) Zeiss measuring machines ii) Large machining centersiii) Grinding machines iv) Turning and turnmilling
machines. After the conclusion of CAPEX cycle (2018-21), the Company has a manufacturing capacity to do 250 crores
in Sales, from erstwhile capacity of 75 crores in 2017. Going forward, the company plans to streamline production and
strengthen supply-chain by outsourcing certain sub-assemblies and adding reliable suppliers in vicinity to the manufac-
turing unit.
R&D and IP Driven Company
3 rd Generation of Innovators and Engineers at the
helm. Marshall distinguishes itself as an integrated
machine tool solution provider.Focused on catering
emerging needs of Indian machine shops through Af-
fordable Automation and Industry 4.0 offerings. Com-
pletely integrated value chain to design & manufacture
machines in-house. Extensive Research & Develop-
ment leading to higher IP generation. Equally focused
on IP generation & protection.
Partnership IAMSME of India -World bank
funded initiative for skilling in India
Marshall among the 3 partners with IAMSME of
India. Marshall will provide training on CNC program-
ming and Industry 4.0 Lab will have on demo latest
equipment desirable for best production practices Hun-
dreds of people will be jointly trained through this initia-
tives
***
Financial Weekly TM

June 2023 73
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816 • E-mail : stockmarket@ganeshaspeaks.com
05-06-2023 to 09-06-2023 Nifty Prediction

Like last week Nifty may lose its previous strength from 05-06-2023 to 20-06-2023, so be
cautious from today. As for upcoming time slots 05-06-2023 and 06-06-2023 daily weightage
is positive but yearly is negative so play with some precaution.
First 4 days of this week let 15 minutes of opening and then take decision only. 07-06-
2023 is a very confusing day for intraday so make position according to financial strength.
On 08-06-2023, since Moon - Mars are in full view of each other, very fast and aggressive
deals are likely to happen. This week HEROMOTOCO, HINDALCO, TITAN, ADANIPORTS,
HINDUNILVR, EICHERMOT, CIPLA, HDFCLIFE, TCS, SUNPHARMA will see high volatility
- wide fluctuation.
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June 2023 74
News Track
RO Jewels Company
works in Gems & Jewelery sector.
The turnover of three month 2022, then we see a turnover of Rs 15.80 crores, in front of that, if we
see three month 2023 then we see a turnover of 490.15 crores, which is 3000 percentage more
than.
The revenue was 2022 49 cr. in front of that the revenue of 2023 is 506.52crores, if we compare
with the last year, then we see a growth of 1032 percentage more. in annual revenue
2022 profit was ? 20 cr. and if we see the profit of 2023 then it is 250.98 crore rupees and if we
compare with last year then here 1250 percentage richer more is seen in profit.
It should be seen in the corporate history that this company is compared with the other compa-
nies, the result of this company is very phenomenal, the company is giving very good performance.
dark horse the top of big things and it is a good performing multibagger and good buy stock.
FII has also taken its stake in this stock foreign portfolio investors already holding 755000
shares
Buy or Sell, Confused ?

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Financial Weekly TM

June 2023 75
Performance of “SMART PLUS NEWS LETTER”
Amazing 21% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High after Ch. Company Reccom. High after Ch.
29-5-23 Recomm. (%) 29-5-23 Recomm. (%)
Dixon Techno 3659 3908 6.81 Venus Pipes 1022 1095 7.14
Birla Corp. 1010 1145 13.37 Igarshi Motors 432 448 3.7
Route Mobile 1438 1457 1.32 Sun Pharma 970.65 987 1.68
Voltamp Trans. 3874 4125 6.48 Hero Moto 2745 2800 2
Kajaria Ceramics 1251 1268 1.36 Narayan Hrud. 845 912 7.93
Bajaj Finance 6902.65 7040 1.99 Mastek 1990 2063 3.67
HUL 2651 2697 1.74 Syrma SGS 365 384 5.21
Trent 1530 1562 2.09 Praj Ind. 374 387 3.48
MCX 1366.85 1475 7.91 Delta Corp. 230 242 5.22
Cummins India 1714 1750 2.1 Mold Tek 336 340 1.19
Esab India 3852 3934 2.13 Orient Ele. 228 240 5.26
AIA Engg. 2801 3031 8.21 HCC 17 18 5.88
JB Chemical 2059 2113 2.62 IDFC First Bank 70 72 2.86
Tata Elxsi 7467 7635 2.25 Texmaco Rail 55 59 7.27
ISGEC Heavy 512 616 20.31 Electro Steel Casting 46 47 2.17
NDR Auto 677 832 22.9 Munjal Auto 46 50 8.7
Mrs. Bectors 716 782 9.22 IDFC 95 99 4.21
HDFC AMC 1856 1959 5.55 ITD Cementaion 140 164 17.14
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Financial Weekly TM

June 2023 76
REVIEW OF Smart Bonanza
Issue No. : 6 • Date : 31-5-2023
Company Reccom. High after Ch. Company Reccom. High after Ch.
31-5-23 Recomm. (%) 31-5-23 Recomm. (%)
BCG 17 19 11.76 MidCap Bonanza
Electrother 94 100 6.38 Gokaldas Exp 416 452 8.65
IDFC First BK 71 72 1.41 Small Cap Stocks
PFC 180 183 1.67 ISGEC Heavy 588 616 4.76
Dilip Buildcon 202 222 9.90 Electrosteel Casting 46 47 2.17
Indian Hotel 385 395 2.60 Bullseye
Venus Remedie 238 241 1.26 ICICI Lombard 1183 1226 3.63
Force Motors 1718 1839 7.04 Rapid Fire Stocks
Polycab 3486 3783 8.52 Precision Cam 153 154 0.65
AIA Engi 2985 3031 1.54 Mahesh Nathan
Persistent Sys 5075 5173 1.93 Dalmia Bharat Sugar351 356 1.42
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Financial Weekly TM

June 2023 77
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June 2023 80
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Smart School Article 31

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U.S. debt deal

when President Biden signs.

deal looks well balance - we do believe it another round of monitory expansion.

U.S. debt deal details

ernment to pay its bills.

Relief for U.S. Presidential election 2024

need to take place in Congress this year.

Increase in defense spending

Pentagon and other defense-related programs in other agencies.

4th June 2023 to 10 th

the next 10 years.

cine funding, housing assistance and support for Native Americans.

Equichain Wealth Advisors: Market View & Opinion

shows round 71% probability of pause on 14-Jun-23.

meeting on 14-Jun-23 becomes a very important event for global market.

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

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