Smart Investment 21-27 July 2024 - 240721 - 141939

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

VOL : 17 • Issue No: 24 RNI No : GUJENG / 2008 / 24320 21st July 2024 to 27th July 2024
FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
15-07-24 14857.07 12172.29 2684.78
16-07-24 14482.47 15465.34 -529.48
17-07-24 HOLIDAY -- --
18-07-24 25520.62 20036.99 5483.63
19-07-24 15892.61 14386.49 1506.12
TOTAL 70752.77 62061.11 9145.05
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
15-07-24 15033.05 15364.05 -331
16-07-24 14935.86 15465.34 1271.45
17-07-24 HOLIDAY -- --
18-07-24 15676.29 18580.54 -2904.25
19-07-24 15051.42 15512.98 -461.56
TOTAL 60696.62 -2425.36 64922.91
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GAMC No. :1703/2021-23. Issued by SSP Ahd. Valid up to 31-12-2023

RNI No : GUJENG / 2008 / 24320
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Financial Weekly TM
21st July 2024 to 27th July 2024 4

Jatin Sanghavi
Market Scan - Mumbai
BUDGET PANIC
PROFIT-BOOKING ACROSS THE BOARD
With bated breath, the Market is awaiting the big event next week - "The Union Budget". With uncertainty
looming large, nervousness has set in and due to which the market participants are preferring to go 'light'
into the event. This has resulted in the Nifty crashing by more than 1%, whereas the Mid-cap and Small Cap
Indices going down by around 2.5% on Friday itself. Nifty did well for the entire week by posting gains
everyday except for Friday but the same cannot be said about the other indices. Both Small and Mid-Cap
Indices went down through the week and have closed below their 20dma, which has resulted in short term
trend turning down for these indices. Nifty is still above the 20dma and thus the Short term Trend is still
intact.
POPULIST BUDGET :- The Union Budget is more likely to be a populist budget with focus on rural economy,
farm loan waivers and providing more subsidies. Focus is likely to be on low cost housing and insurance sector,
and hence stocks like HUDCO, LIC Hsg Fin, Bajaj Finserv and LIC of India will remain in focus. Markets
favourite PSU sector may not get their share of benefits and hence Power and Defence stocks might take a
back seat for the time being.
BEARISH ENGULFING :- Nifty formed a big Black body candle on Friday and also completed a Bear-
ish Engulfing pattern which is a bearish reversal pattern. Only a close above 24855 can negate this bearish
engulfing pattern. On the Weekly timeframe, Nifty has formed Shooting Star formation. It is a Bearish Re-
versal pattern requiring no confirmation.
Thus daily as well as weekly timeframe
suggests bearish bias in the near term.
24214-24141 - SUPPORT ZONE :-
Immediate Support-Zone for the Nifty
is at 24214-24141 which is due to
confluence of multiple minor bottoms
and the 20dma. Stronger Support is
seen at Bullish Rising Gap at 23562-
23558 which will act as strong Support
Zone, if the need arises.
BULLISH PATTERN INTACT :-
Last week, Nifty completed a Bullish
This Week Recommendations Flag. The target for the Flag pattern falls
at 25451 and that target will be
Stocks CMP SL Tgt-1 Tgt-2 achieved as long as Nifty stays above
Buy HUL 2727 2671 2811 2897 24141. Nifty has already achieved the
Buy BajajFinserv 1640 1612 1685 1731 first target for the Spike pattern at
24607. A close above 24855 will pro-
Buy TataConsumer1188 1167 1221 1255 pel the Nifty towards the higher target
Buy HUDCO 318 309 333 349 of 25393.
Buy PAYTM 458 447 475 493
:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 23985 24141 24344 24530 24689 24855 25023
SENSEX 78758 79435 79998 80604 81123 81587 82278
Financial Weekly TM

Top 2 Mining Equipment
Stocks in India
BEML
The Powerhouse of Heavy Machinery in India
BEML is a major player in the heavy machinery space in India, providing a Rakesh Bansal
wide range of equipment for mining, construction, defence, and metro rail projects. They're the top dog in the
Indian mining and construction equipment scene, offering a complete suite of machinery for both opencast
and underground mining. Think hydraulic excavators, bulldozers, wheel loaders, and more – BEML's got it
all covered.
Business Mix and Financials
A little over half (50%) of BEML's income comes from the mining and construction sector, while railways
and metro systems contribute 27%, and defence and aerospace make up the remaining 23%.
In the financial year 2024 (FY24), BEML experienced a modest 4% growth in revenue, but their operating
profit soared by 24.8%, resulting in a healthy 10.9% margin.
Growth Aspirations
Looking ahead, BEML's management has big plans to significantly boost their order book to double or
even triple its current size of Rs. 11900 Crore. They also aim to capture a whopping 60% market share in
the rail and metro sector, while eyeing a major expansion in the aerospace sector, where they see a mas-
sive opportunity worth Rs. 80-90 billion.
With a strong product portfolio, robust financials, and ambitious growth targets, BEML is poised to re-
main a key player in India's industrial landscape.
Tega Industries Ltd (TEGA)

A Global Powerhouse in Mining Consumables and Equipment
Established in 1976, Tega Industries is a leading global player in the mining industry. They manufacture
and distribute a wide range of essential consumable products for mineral processing, mining, and bulk
solids handling. In fact, these consumables make up a whopping 86% of their revenue in the fiscal year
2024 (FY24).
But Tega isn't just about consumables. They've been making a big push into the mining equipment
business, manufacturing and marketing everything from crushers and screens to material handling sys-
tems. This segment is growing rapidly, accounting for 14% of revenue in FY24, compared to just 3% in the
previous year.
Tega is a global powerhouse, with a presence in over 70 countries and 85-90% of its revenue coming
from outside India. They're also the world's second-largest producer of polymer-based mill liners, a crucial
component in mineral processing.
With 10 manufacturing plants worldwide, including 7 in India and 3 in major mining hubs like Chile, South
Africa, and Australia, Tega is well-positioned to serve its global customer base.
Financial Performance and Outlook:
Tega delivered strong financial results in FY24, with consolidated revenue growing by 22.9% and EBITDA
(earnings before interest, taxes, depreciation, and amortization) increasing by 16.8%. Although EBITDA
margins dipped slightly to 21.2%, the company remains optimistic and expects 15% revenue growth in
FY25. Management has also guided for EBITDA margins of 20-22% for the consumables business and 10-
11% for the equipment business.
With a strong track record, a diversified product portfolio, and ambitious growth plans, Tega Industries is
well-positioned to continue its success in the global mining industry.
Financial Weekly TM

LIC has given the highest returns of 74% in the last one year
Life Insurance Corporation of India, the only non-sensex stock to give the highest return
among the top 10 firms by market cap in the last one year
LIC has surpassed RIL by giving 64% returns to the investors despite being the most
valued firm. RIL has given only 10.51% in the last one year
Life Insurance Corporation of India (LIC) nation’s biggest insurer has given the highest returns
of 74% in the last one year among the top 10 firms by market capitalization and the only non-
sensex stock followed by the telecom major Bharti Airtel Ltd with the gain of 68.20 %, the country’s
largest public sector lender State Bank of India (SBI) gained 47.64%, according the stock exchange
data.
Reliance Industries Ltd (RIL), the Country’s most valued firm by market cap has given only
10.51% returns to its investors.
In the last one year, ICICI Bank Ltd, TCS and Infosys have gained 28.19%, 24.76%, 22.61%
respectively, whereas the country’s most valued stock by market capitalization has given a return
of 10.61%.
FMCG Major, Hindustan Unilever Ltd has given a return of 1.99%.
HDFC Bank and ITC Ltd are the only two stocks to have given a negative return of 4.21% and
0.79%.
Company Name Close as on Close as on Change

19 July 2023 (Rs) 19 July 2024 (Rs)* %
LICI 620.4 1080.1 74.1
Bharti Airtel Ltd 869.8 1463 68.2
State Bank of India 601.35 887.85 47.64
ICICI Bank Ltd 973.65 1248.15 28.19
Tata Consultancy Services Ltd 3471 4330.25 24.76
Infosys Ltd 1474.35 1807.7 22.61
Reliance Industries Ltd 2840 3138.35 10.51
Hindustan Unilever Ltd 2671.75 2725 1.99
ITC Ltd 478.85 475.05 -0.79
HDFC Bank Ltd 1684.85 1613.9 -4.21
Financial Weekly TM

12 new micro-cap stocks that
PMS managers bought in June
Quality micro-cap stocks with strong prospects are finding favour among portfolio managers.
Though micro-cap stocks carry very high risk, they have the potential to deliver high returns
Carefully chosen microcap stocks have always produced superior returns for portfolio manag-
ers. Quality management, strong financials and scalability of business are some of the key param-
eters that the portfolio managers take into account while selecting micro-cap stocks. Here are the
top micro-cap stocks added by the managers of the portfolio management services (PMSes) in
June. We have considered stocks with a market capitalisation of Rs 6,000 crore. Only those counters
which were newly bought by at least two PMS strategies were take into account. Portfolio and
market capitalisation data are as of June 30.
Mold-Tek Packaging :- Number of PMS strategies that newly added the stock: 4, Sample
of PMS strategies that added the stock: Tamohara - TLES, Market capitalisation (BSE - Full): Rs
2,663 crore
Banco Products (India) :- No. of PMS strategies that newly added the stock: 3, Sample
of PMS strategies that newly added the stock: Badjate stock & shares - aggressive, Market
capitalisation (BSE - Full): Rs 4,917 crore
GMM Pfaudler :- No. of PMS strategies that newly added the stock: 2, Sample of PMS
strategies that newly added the stock: Undisclosed, Market capitalisation (BSE - Full): Rs 5,935
crore
Windlas Biotech :- No. of PMS strategies that newly added the stock: 2, Sample of PMS
strategies that newly added the stock: Samvitti-PMS Active Alpha Multicap, Market capitalisation
(BSE - Full): Rs 1,499 crore
Fiem Industries :- No. of PMS strategies that newly added the stock: 2, Sample of PMS
strategies that newly added the stock: Geojit - Advantage Portfolio, Market capitalisation (BSE -
Full): Rs 3,371 crore
Borosil :- No. of PMS strategies that newly added the stock: 2, Sample of PMS strategies
that newly added the stock: Carnelian Structural Shift Fund, Market capitalisation (BSE - Full): Rs
3,905 crore
Cont...
Financial Weekly TM

Uniparts India :- No. of PMS strategies that newly added the stock: 2, Sample of PMS
strategies that newly added the stock: Green Portfolio - Special, Market capitalisation (BSE - Full):
Rs 2,363 crore
Bharat Bijlee :- No. of PMS strategies that newly added the stock: 2, Sample of PMS
strategies that newly added the stock: Samvitti-PMS Active Alpha Multicap, Market capitalisation
MAS Financial Services :- No. of PMS strategies that newly added the stock: 2, Sample
of PMS strategies that newly added the stock: Undisclosed, Market capitalisation (BSE - Full): Rs
5,339 crore
KP Energy :- No. of PMS strategies that newly added the stock: 2, Sample of PMS strate-
gies that newly added the stock: Badjate stock & shares - aggressive, Market capitalisation (BSE -
Full): Rs 2,818 crore
Protean eGov Technologies :- No. of PMS strategies that newly added the stock: 2,
Sample of PMS strategies that newly added the stock: Core Value Strategy-Concentrated Option,
Market capitalisation (BSE - Full): Rs 4,651 crore
Borosil Scientific :- No. of PMS strategies that newly added the stock: 2, Sample of PMS
strategies that newly added the stock: Care PMS - Growth Plus Value Strategy, Market capitalisation
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
Ujjivan SFB 542904 43.00 India Glycol 500201 1018.00
MTNL 500108 69.00 JB chem 506943 1789.00
Usha Martin 517146 369.00 Just Dial 535648 1254.00
SI Bank 532218 27.00 Natco Pharma 524816 1224.00
Tata tele 532371 102.00 Coromandel Intl 506395 1595.00
L&T Fin 533519 175.00 Britannia 500825 5880.00
Devyani Intl 543330 175.00 Bajaj Finserv 532978 1639.00
JSW Infra 543994 315.00 Astral 532830 2272.00
India Cement 530005 346.00 Asian Paints 500820 2945.00
ITC 500875 474.00 Mphasis 526299 2877.00
Sagar Cement 502090 238.00 KPIL 522287 1338.00
Newgen Soft 540900 1004.00 VST Ind 509966 4576.00
Berger Paints 509480 523.00 AIA Engg. 532683 4271.00
EIH Asso 523127 885.00 LTI Mind 540065 5760.00
Bikaji Foods 543653 697.00 Foseco India 500150 4302.00
Tanla Plat 532790 970.00 Vesuvius 520113 5339.00
SBI 500112 889.00 Power Mech 539302 6035.00
Balrampur Chini 500038 441.00 Page Ind 532827 40481.00
Financial Weekly TM

Financial Weekly TM

Market Highlights
The Week That Was and What's Next
BLO OD RE D
Friday!
This week it felt like "We tried so hard …. But in the end, it does not even matter" as the whole
weekly gains and positive rally went in vain due to profit booking which created RED FLAGS
across the board.
On 15th July the market opened at SENSEX at 80686 points and NIFTY at 24587 and as the
day passed by D-street went high up to 80862 points in Sensex and 24635 points in NIFTY and
closed on positive note with 145.52 points and 84.55 points on the upper side in SENSEX and
NIFTY respectively. Even on 16th July market closed at SENSEX at 80716 and NIFTY at 24613,
marking 51.69 points jump in Sensex and 26.30 points jump in NIFTY. On Wednesday the market
remained closed on the account of Muharram. On the day of expiry, the BULLs kept the green flag
waiving marking 626.91 points jump in Sensex and 187 points jump in NIFTY and closing at
SENSEX at 81343 and NIFTY at 24800 points. Then came Friday, a day which washed out all
gains from the week and turning down the emotions of happy weekend from the market as SENSEX
nosedived to 80604 points and NIFTY at 24530 marking 738 points and 269 points drop in SENSEX
and NIFTY respectively. Over the week, benchmark indices posted a net gain of 85.31 points and
28.75 points in SENSEX and NIFTY respectively.
The past week brought choppy trading to global stock markets. Renewed trade Tensions and
weak global cues caused Investor caution. Federal Reserve Chair Jerome Powell reassured mar-
kets that the Fed would not wait for inflation to hit 2% before lowering rates, downplaying fears of a
recession. Economic data sent mixed signals: unemployment claims rose unexpectedly, hinting at
a cooling job market, while manufacturing activity in the mid-Atlantic region unexpectedly surged.
This has fuelled hopes of a "Goldilocks" scenario for the US economy - steady growth without
Cont...
Financial Weekly TM

overheating inflation. Meanwhile, geopolitical tensions simmer. The US is reportedly tightening
restrictions on chip sales to China, raising concerns for Europe which relies heavily on Chinese
green technology. The European Central Bank decided to maintain its current borrowing costs
unchanged, reiterating its stance that it requires additional evidence of inflation returning to target
levels before considering any further reduction in interest rates. The Eurozone's growth forecast for
2024 has been revised upwards to 0.9%, thanks to strong services and exports. China's economy
faces its own challenges: a property debt crisis, weak consumer spending, and an aging popula-
tion. The Communist Party's Third Plenum meeting addressed these concerns, vowing to tackle
real estate and local government debt while boosting domestic demand. Retail sales growth re-
mained sluggish in June, at just 2%. Despite this, the IMF predicts China's GDP to grow 5% in
2024, unchanged from their May forecast, but down from previous expectations. The IMF expects
China's growth to slow further in coming years.
At the end of the week on Friday, US markets closed on negative edge with DOW at 40,287.53
(-377 pints), S&P at 5,505.00 (- 39.59) and Nasdaq at 17,726.94 (- 144) allied by European mar-
kets on negative side with FTSE at 8,155.72 (-49.17), CAC at 7,534.52 (- 52.03) and DAX at
18,171.93 (- 182.83) on the downside. Asian markets also closed on the negative edge with GIFT
NIFTY at 24,416.50 (- 117.50) , Nikkei 40,063.79 (- 62.56), Strait Times at 3,447.56- 23.60, Hang
Seng at 17,417.68 (- 360.73), Taiwan at 22,869.26 (-529.21) and Kospi at 2,795.46-28.89 on the
down side. Against all odds China's market closed in green at 2,982.31 (+5.18).
Buoyed by strong economic tailwinds, India's stock market surged with both Nifty and Sensex
reaching new record highs. This positive sentiment was fuelled by IT giant Infosys' impressive Q1
performance and revised full-year guidance, boosting investor confidence in the technology sec-
tor. Further adding to the optimism, the International Monetary Fund (IMF) upgraded India's 2024
growth forecast to 7%, citing rising private consumption, particularly in rural areas. This revision
highlights India's position as a global economic leader. Looking ahead, the market momentum is
expected to continue, with individual stock performance playing a larger role. However, all eyes
are firmly set on the upcoming Union Budget, which will likely dictate the next stage of the market
rally. This will be the first budget under the Modi 3.0 administration, presented amidst a robust
economy and healthy fiscal situation, further strengthened by a hefty dividend from the RBI and
positive monsoon rains. Anticipation is high for continued government focus on infrastructure spend-
ing, rural development, and initiatives to support lower-income groups. Additionally, tax breaks for
the middle class are also a possibility, all of which could provide a significant economic stimulus.
On the commodity market front, the CRB index continued its decline, closing near 336 levels.
Cont...
Financial Weekly TM

The Dollar Index and US Treasury yields also continued their downward trend for the third con-
secutive week. Gold reached record highs, with prices hitting $2488.4 on COMEX and Rs.74,731
on MCX. In contrast, silver prices fell for the second week on COMEX, while on MCX, it started fall
last week only, resulting in a weaker gold-to-silver ratio. This week, gold and silver are expected to
trade within the ranges of Rs.72,000-Rs.74,000 and Rs.88,000-Rs.93,000 levels, respectively. In
the energy sector, Brent crude prices decreased, while WTI crude appreciated, narrowing the spread
between the two. Crude oil could see further increases up to Rs.7,100 due to the travel-heavy
summer season. Meanwhile, natural gas prices experienced a sharp decline and are expected to
trade within the range of Rs.160-Rs.185 levels. Among base metals, copper saw a significant
drop, with most other base metals following the sametrend. Key economic Indicators to consider
while trading in commodities include Consumer Confidence, Business Climate and Manufactur-
ing PMI data from Germany, the Bank of Canada Interest Rate Decision, US Durable Goods Or-
ders, Core PCE Price Index, PCE Price Index, Michigan Consumer Sentiment, and US GDPGrowth
Rate.
In the upcoming week, we have Union Budget announcement of MODI 3.0 government on July
23rd 2024 considering on the account of which we may see buying across the board in sector
specific companies. On the day of Budget, market may see both sided volatility so traders must be
cautious before trading. PSU companies and key sectors such as EV, AI, Power and Energy,
Railway, FMCG, Infrastructure, Defence and Logistics may remain in focus in this budget. Amidst
such scenario Market may remain range bound with SENSES in range of 82250 - 79250 and
NIFTY in range of 25250 - 23750.
Buy... Buy... Buy on Dips Hold Sell on High

NRB Ind 36.00 Tech Mahindra 1491.00 CIE Auto 587.00
Chambal Ferti 489.00
Gujarat Raffia 53.00 ICICI Bank 1248.00 Ceat 2671.00
Indian Renewable 272.00
L&T Techno 4879.00 Shopper Stop 779.00
Arvee Denim 32.00 Apex Frozen 237.00
Tata Techno 997.00 Titan 3258.00
Gretex 495.00 20Microns 217.00 Gandhar Oil 204.00
B2B Soft 37.00 Infosys 1792.00
Bigbloc 266.00 DLF 815.00
NECCL 36.00 Wipro 557.00
HUB Town 194.00 Tata Power 414.00
JHS Svendgaard 54.00 Dr Lalpath 2992.00 KPI Green 1016.00
Fortis HC 480.00
Jigar Cables 73.00 Cyber Tech 193.00 Jubilant Pharma 752.00 Info Edge 6810.00
Futuristic Solution 99.00 Anupam Eng 781.00 Emami 799.00 Pidilite 3133.00
Servotech Power 111.00 Karur Vysya 209.00 Vinati Org 1927.00
Titagar Wagons 1657.00
AU Small 633.00 Butterfly 852.00
Quick Heal 614.00 Gandhi Spe. Tube 812.00 Refex Ind 229.00
Bhatia Comm. 25.00 Chemfab Alkalies 703.00 Indusind Bank 1432.00
Ultratech 11268.00
Star Cement 205.00 GoDigit 344.00 Dr Reddy 6639.00 JSW Steel 889.00
Financial Weekly TM

Bharat Agri Fert & Realty Limited’s
Iconic Wembley-24 Tower Project gets overwhelming
response: Pre-Sale of 150 units on Launching Day!
The company is expecting revenues of approximately 260 Crore (1/3rd of potential
revenue) and cost of 100 Crore (1/3rd of estimated cost) translating into profit of
approximately 150 Crore (1/3rd of potential profit) from this 150 units only (1/3rd of total units)
Corporate
Feature
Bharat Agri Fert & Realty Limited is a pioneering Indian
company, initially recognized for being the first to manufacture
NPK fertilizers through "Project Finance" from NRI investors.
With three key business verticals – Fertilizers, Realty, and
Hospitality – the company is strategically navigating challenges
and pursuing growth opportunities.
Bharat Agri Fert & Realty Limited (BHARATAGRI) (BSE –
531862) announced that the company has officially launched
its prestigious high-rise tower, Wembley-24, located in
Majiwada, Thane. This iconic structure, which stands at G+60
floors, will offer 457 residential flats available in 2/3 BHK con-
figurations. The Majiwada Project is projected to generate total
realizations of approximately 800 Crore over the next four years
on a pro-rata basis, with the project's cost estimated at ap-
proximately ? 300 Crore, as the land is owned by the com- company is expecting revenues of approximately 260 Crore (1/3rd of po-
pany. tential revenue) and cost of 100 Crore (1/3rd of estimated cost) translating
Even before the official launch, Company received firm into profit of approximately 150 Crore (1/3rd of potential profit) from this 150
confirmations for the pre-booking of 25 flats. On the launch units only (1/3rd of total units).
day, the company witnessed an overwhelming response with The company anticipates continued momentum in bookings, setting the
a Pre-Sale to purchase approximately 150 units (1/3rd of total stage for robust revenues and profitability in the forthcoming quarters. These
units). This enthusiastic reception underscores the strong de- developments reflect Company’s commitment to delivering value to its stake-
mand for quality housing in the market. On pro rata basis, holders while maintaining financial prudence and operational excellence.
The company remains focused on executing its strategic initiatives and
maximizing shareholder returns in the long term.
Commenting on the update, Mr. Yogendra D. Patel – Chairman and
Managing Director of Bharat Agri Fert & Realty Limited said, "We are thrilled
with the tremendous response to our latest project, Wembley-24. The ro-
bust pre-bookings and overwhelming interest on launch day underscore
the market's demand for high-quality residential spaces. This project not
only reflects our commitment to excellence but also our strategic vision of
creating value for our
stakeholders. As we
move forward, we re-
main dedicated to ex-
ecuting our plans with
financial prudence and
operational efficiency,
ensuring sustained
growth and maximized
returns for our inves-
tors. We appreciate
the continued support
and confidence of our
shareholders as we
Financial Weekly TM

to establish weekend homes. Concurrently, BAFRL is develop-
ing excess land in Wada, transforming it into non-agricultural
plots for second homes with club facilities and other amenities.
Discussions are underway to acquire an additional 13,06,800
sq. ft. of adjacent land from promoters. If successful, this would
increase the company’s land bank to a total of 65,34,000 sq. ft.
This additional land could be used for further development, out-
right purchase, or ventures such as sports clubs, musical con-
certs, cultural halls, and even helipad services. BAFRL has
also constructed a residential complex in Thane, consisting of
six towers averaging 14 floors each.
BAFREL director Vijal Yogendra Patel said, “We are intensi-
fying our focus on the hospitality sector. Situated in
Maharashtra’s Palghar district, Anchaviyo will offer tranquillity,
natural beauty, and proximity to the Jawaharlal Nehru Port
Trust’s new Vadhavan port. This expansion is expected to be
completed by 2025-2026.” In Fertilizer Business, the company
is temporarily leasing out its assets to address supply chain
embark on this exciting journey."
disruptions, fostering potential future manufacturing operations.
On successful completion of this project company will be Debt free and
The Realty segment focuses on a landmark project in Thane
will increase their expansion project at ANCHAVIYO RESORT along with
City, developing 59 floors building with regulatory approval for
higher capacity utilization of SSP Phosphatic Fertiliser Business at Wada,
31 floors. The Hospitality vertical features Anchaviyo Resort,
Palghar. At Anchviyo Resort, company has added 12 rooms and installed
set to double its room capacity in Phase 1 and expand further in
solar system which will help it save electricity cost of approx. Rs. 1 crore
Phase 2, aligning with the national initiative of "WED IN INDIA."
per annum.
Additionally, a joint venture with a prominent hotel chain is on
Meanwhile, Bharat Agri Fert & Realty will develop India’s first 7-star
the horizon, reflecting the company's commitment to innovation
resort on the outskirts of Mumbai. The company plans to launch additional
and market expansion.
170 rooms, along with a state-of-the-art banquet hall and enhanced ameni-
The company has renewed SSP fertilizer marketing tie up
ties by 2025-2026 thus offering the perfect venue for destination weddings
with SPIC (Greenstar Fertilizers Ltd) for 25000 M.T for the year
on the picturesque banks of a river within the 120-acre freehold land. The
2023-24 and also in the process of marketing tie up with Indian
new project will operate under the Anchaviyo brand, which is India’s first
Potash Ltd for 30000 M.T in addition to 15000 M.T SSP sales
premier unique theme-based resorts. This expansion will take place on the
through company's own marketing network and expects rev-
surplus freehold land at their existing Anchaviyo resort at an estimated
enue of Rs. 80-85 Crore subject to renewal of NBS policy of
cost of Rs 50-55 crore. Currently, the company operates 80 luxurious
Department of Fertilizer (DOF). The management has also signed
theme-based resorts at the same location. The company is expanding the
Settlement MOU on February 24, 2023 and received Rs.9 crore
capacity of Anchaviyo Resorts from 46 to 125 rooms, targeting it as a
as repayment of entire loan amount from Mol Chem Ltd (Associ-
prime venue for destination weddings and large corporate events.The com-
ate Concern).
pany owns 40 lakh sq. ft. (92 acres) of freehold surplus land, where it plans
The Majiwada Project is projected to generate total realizations of

approximately 800 Crore over the next four years on a pro-rata basis
Financial Weekly TM
https://on-app.in/app/home?orgCode=vgfob
Financial Weekly TM

Financial Weekly TM

KUNAL SODHANI
FX Hub
DXY bounces as markets turn risk averse,
India Budget closely eyed.
Reports emerged that US President Joe Biden could pull out of the race as high-level democrats said
polls following Trump’s assassination attack show that he can’t beat him which has pushed DXY higher. As
the Federal Reserve approaches its meeting at the end of the month, a quiet period will begin this Saturday,
during which the Fed will make no further comments. The CME FedWatch Tool seems to strongly support
a rate cut in September.
The US data will take centre stage next week, as the country will release the first estimate of the Q2
Gross Domestic Product (GDP) and the June Personal Consumption Expenditures (PCE) Price Index, the
Fed's favorite inflation gauge. The PCE index stood at 2.5% YoY in May, and any reading below such a
level should fuel hopes for a September cut. DXY may find major support at 103.60 while resistance at
105.50 levels.
The European Central Bank (ECB) recently held its meeting, maintaining the current interest rates as
anticipated. This decision aligns with recent economic indicators corroborating the ECB's inflation fore-
casts, prompting a cautious approach. EURUSD pair finds support at 1.0780 levels while resistance at
1.0980.
The Pound (GBPUSD) slides further as the UK Office for National Statistics (ONS) has reported weaker-
than-expected Retail Sales data for June. Annually, receipts at retail stores dipped by 0.2%, which were
expected to have grown at a similar pace. Every retailer saw a sharp decline in sales receipts except those
who offers automotive fuel. For GBPUSD, 1.2760 acts as a base while 1.2980 a resistance.
INR depreciates on the back of weakness in Indian equity markets as profit-booking has been seen. The
next important data for the Indian Rupee will be Fiscal budget announcement, which is scheduled for July
23. PM Modi-led-NDA is expected to cut fiscal deficit target, in case that happens can act in favour for
rupee. Lower DXY, Brent Crude prices and 10Y UST yields have not been seen assisting Rupee. The
major reason seems to be weakening Yuan (lowest levels since November, 2023) and the other obser-
vance is rising forward premiums for USDINR, 1Y forwards have moved from 1.60% to 1.77% which also
suggests of some action happening in forwards apart from importers and oil demand. FX Reserves have
touched new all time highs of USD 666.85 bln. Most Asian currencies have also been seen weakening. For
USDINR, immediate resistance comes at 83.72 (Ndf highs), a break can open door for stops getting trig-
gered and move towards 83.90 levels while 83.35 acts as an important support.
Financial Weekly TM

Standard Capital Markets Ltd - CMP Rs. 1.48 - BSE: 511700
Standard Capital Markets Ltd. Announces Strategic Investment in
Paisalo Digital to Drive Financial Inclusion in Rural India
Corporate SCAN
Standard Capital Markets Ltd. (BSE: 511700), a leading NBFC offering alternative financial services and
promoting financial access and growth for all, is pleased to announce that SCML join hands with Paisalo
Digital Limited, a pioneering financial services company dedicated to enhancing financial inclusion in rural
India. This investment underscores SCML's commitment to upgrade innovative solutions that bridge the fi-
nancial gap and promote economic growth in underserved regions.
SCML's investment will enable Paisalo Digital to expand its reach and impact, providing more rural commu-
nities with access to essential financial services. Leveraging SCML's expertise in technology and innovation,
Paisalo Digital will enhance its digital platform, ensuring seamless and efficient service delivery. This associa-
tion also involves potentially offering more targeted and competitive products including more flexible lending
criteria for borrowers.
Mr. Ram Gopal Jindal, MD, Standard Capital Markets Limited, expressed his enthusiasm about the part-
nership, stating, "We are excited to collaborate with Paisalo Digital Limited in their mission to promote financial
inclusion in rural India. This investment aligns with our commitment for financial inclusions that drive positive
social and economic change. Together, we will work towards creating a more inclusive and prosperous future
for all. This partnership marks a significant milestone in our journey to empower rural India through financial
inclusion."
Recently, the board approved the proposal of fund raising. The board approved the issuance of Secured,
Unlisted, Unrated, Redeemable Non-convertible Debentures ("NCDs") aggregating up to an amount of INR
401.50 Cr in one or more tranches on a Private Placement basis, in accordance with the provisions of Compa-
nies Act, 2013 and applicable Regulations.
Standard Capital Markets Limited is a leading player in the financial services sector.Embracing the unique-
ness of each client, the company consistently strives to deliver personalized, professional services. It upholds
an unwavering commitment to every client while adhering rigorously to the best professional norms and
practices, exuding dynamism in every interaction. The company offers a diverse range of Personal Loans,
ensuring not only competitiveness but also flexible repayment terms. With their support, clients can confi-
dently pursue their goals without confusion or worry. For businesses seeking financial support, the company
extends Business Loans with flexible overdraft options.
The company is dedicated to nurturing a culture of learning and progress, reflected in its offerings of
Educational Loans. It is an upcoming product aimed at supporting aspiring learners in accessing quality
education. With a focus on flexible repayment options, the company alleviates financial constraints for
students, enabling them to pursue academic aspirations. Its financial assistance endeavors ensure aca-
demic pursuits are within reach, offering competitive interest rates and streamlined online application
processes.
In line with its commitment to empowerment, the company is working towards extending Agriculture
Loans (upcoming product), recognizing farmers
as the cornerstone of the Agriculture Loan of-
fering. Timely financial assistance for various
farming activities, including crop cultivation,
equipment purchases, and farm modernization,
among others, underscores the company's dedi-
cation. The advanced loaning platform will en-
sure transparency and minimal formalities, fa-
cilitating instant access to funds for all contribu-
tors to India's agrarian sector.
***
Financial Weekly TM

Rapid Fire Stocks
Kalpna J
PB Fintech (Rs 1413.00)
Targets of 1650 , Time frame 2 to 5 months
PB Fintech Ltd, popularly known as Policy Bazar is India’s largest online platform for insurance
and lending products through its flagship brands - Policybazaar and Paisabazaar platform through
which they provide convenient access to insurance, credit and other financial products
Company is expected to give good quarter, The company has shown a good revenue growth of
29.96% for the Past 3 years. Company is virtually debt free. The company has an efficient Cash
Conversion Cycle of 8.78 days. Company has a healthy liquidity position with current ratio of 133.00.
The company has a strong degree of Operating leverage, Average Operating leverage stands at
23.51. PB Fintech is a multinational financial technology company that offers insurance products
through its online platform ‘Policybazaar’ and financial products through ‘Paisabazaar’ Launched
in 2008, provides a digital platform - website and app, where users compare financial services
from major insurance companies. It is India’s largest digital insurance marketplace with a 93.4%
market share based on the number of policies sold.
Furthermore, in FY20, 65.3% of all digital insurance sales in India by volume was transacted
through Policybazaar it is India’s largest digital consumer credit marketplace with a 51.4% market
share, based on disbursals in fiscal 2020. Approximately 21.5 Mn unique Consumers have ac-
cessed their credit score from Paisa Bazaar.
Praj Industries (Rs 688.00)

Targets of 950 (Add in dips), Time Frame 3 to 9 months
BioEnergy :- Praj is a name to reckon with in the global biofuel technology solutions. Starting
with India in the early 80s, Praj’s ethanol technology serves various applications in different parts
of the world. In Chemistry terms, ethanol or ethyl alcohol is the 2nd member in the family of mol-
ecules containing –OH (hydroxyl) group attached to a carbon atom, with chemical formula C2H5OH
Praj HiPurity Systems :- Praj HiPurity Systems is a leading supplier for end-to-end turnkey
solutions for the Biopharma industry, Sterile formulations, topical & oral formulations, Personal
care and the Nutraceutical industry across the globe for the past 3 decades
Financial Weekly TM

Research Report Het Zaveri
- Ahmedabad
ONGC- RESEARCH REPORT

ONGC is the largest crude oil and natural gas Com-
CMP Rs. 320
pany in India, contributing around 71 % to Indian do- 52 - week high Rs.334
mestic productionand the most profitable PSU in India. 52 - week low Rs.169
Dividend % (consolidated) 3.52%
With 60+ years of oil exploration, ONGC has discov- ROE 16.3 %
ered 8 out of 9 producing basins of India: 1958 at Gujarat, BV (Rs.) 268
1963 at Assam, 1967 at Rajasthan, 1974 at Mumbai, Sales (Rs.) (Q2FY24) 6,43,037 cr.
Debt to Equity 0.45
1980 at Krishna Godavari, 1985 at Cauvery, 2019 at P/E ratio 8
Bengal & 2022 at Vindhyan. EPS (consolidated) 0.40
P/B ratio 9.46
ONGC group includes various companies through
Market Cap 4,02,129 Cr.
Subsidiaries, JV and association which helps it expand Face value Rs.5
its footprints in energy business and it reported a con- PEG Ratio 0.81
solidated turnover of 643037 crore in FY24. Company's subsidiaries are ONGC Videsh (100%)
which undertakes its Overseas E&P business. HPCL (54.9%) and ONGC MRPL (71.63%) under-
takes Refinery business, Petronet MHB Limited (49.9%) undertakes Pipeline business, ONGC
green undertakes Renewables business. Company's JVs includes OTPC (50%)for Power busi-
ness, OTBL (49.98%)for Services business, OPAL a JV with GAIL and GSPC for petrochemicals
business, MSEZ (26%) and DSL (50%) for SEZ business and IGGL (20%) for pipeline business.
Company has also entered association with Petronet LNG limited (12.5%) for LNG business, Pawan
Hans Helicopters Limited (49%) and Rohini Heliport (49%) for Logistics business.
In FY24 company explored 11 new discoveries, 2 in Mahanadi Basin and monetized 7 new
discoveries and bagged 84% of blocks in OALP round VIII. It drilled 544 wells marking it the high-
est ever so far. Company also marked 41.787 MMTOE production of O+OEG and VAP production
of 2.519 MMT. Company has also completed 3 major projects at capex of Rs. 3899 crores with an
envisaged gain of 9.41MMTOE. Company has also incorporated a new wholly owned subsidiary
ONGC Green to explore low carbon and Green Amonnia Plant opportunities.
In last 5 years company has tuned in capex of Rs. 1,51,000 crore and it has planned a capex of
Rs. 35850 crores in FY25.
Company has several projects under implementation which includes 24 major projects worth
Rs. 64k Cr. with an envisaged gain of 80.52 MMTOE, 14 projects under tendering worth Rs. 27k
Cr, with 46MMTOE potential and 16 projects under conceptualization worth more than Rs. 50k Cr.
with 86 MMTOE potential.
Company also has crafted a robust roadmap to scale up its low-carbon energy portfolio signifi-
cantly and it has already aligned itself with India's ambitious goals and is wholeheartedly contrib-
Cont...
Financial Weekly TM

uting to the nation's aim to curtail car-
bon emissions by 1 billion tons and
simultaneously reduce carbon inten-
sity by 45% by 2030.ONGC plans to
significantly increase its spending on
green initiatives to reduce its carbon
footprint as a broader effort to
achieve Net-Zero for Scope-1 and
Scope-2 emissions by 2038.ONGC
is in advanced stage of crafting col-
laborations with leading players in
the energy space on various low-car-
bon energy opportunities including
renewables, green hydrogen, green
ammonia, and other derivatives of
green hydrogen. It is also planning
to set up two green-field O2C plants
in India. ONGC is charting a roadmap
for opportunities in renewable energy
and low-carbon sectors.
Under Green Energy business
company has installed capacaity of
193MW which includes 153 MW
Wind energy and 40 MW of Solar Energy. It also hasa small scale GH2 plant in operating Assets
for captive use under feasibility study. Company plans to have 1GW installed capacity by Fy25
through renewable asset acquisition along with capex allocation of Rs. 1000 Cr and 10GW capac-
ity by Fy30 through 60-70% of Solar, 30-40% onshore wind, 25CBG plant, 2GW PHP, 1MMTPA
Green Ammonia and 180KT Green Hydrogen by capex allocation of Rs. 1,00.000 cr. over the
years.
Company has presence in 19 countries across 5 continents through its wholly owned subsid-
iary ONGC Videsh.ONGC Videsh owns Participating Interests in 35 oil and gas assets in 15 coun-
tries and produced about 30.3% of oil and 23.7% of oil and natural gas of India's domestic produc-
tion. It also has 32 projects in 15 countries which includes 14 Production projects, 4 Discovered/
Development projects, 11 Exploration projects and 3 Pipelines in Columbia, Venezuela, Brazil,
Azerbaijan, UAE, South Sudan, Mozambique, Russia Vietnam, Myanmar, and Bangladesh re-
spectively. It also operated 4.8MMT Operated Flowing Barrels from 7 projects in 4 countries.
Financial Results:
Company has reported Net Sales of Rs 34,636.69 crore in March 2024 down by 4.56% from Rs.
Cont...
Financial Weekly TM

36,292.55 crore in March 2023. Its Quarterly Net Profit was at Rs. 9,869.37 crore in March 2024 up
4084.4% from Rs. 247.70 crore in March 2023.Company's EBITDA stands at Rs. 19,570.70 crore
in March 2024 up 41.82% from Rs. 13,799.53 crore in March 2023.ONGC EPS has increased to
Rs. 7.85 in March 2024 from Rs. 0.20 in March 2023.
Key Updates:
ONGC has signed a definitive Sale Purchase Agreement (SPA) for directly acquiring 0.615%
Participating Interest (PI) in Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from
Equinor. The agreement also includes acquiring 0.737% shares of the Baku Tbilisi Ceyhan (BTC)
pipeline company through its wholly-owned subsidiary ONGC BTC Limited. Total investment for
these acquisitions would be up to USD 60 million. These acquisitions are in addition to ONGC
Videsh's existing 2.31% PI in the ACG field and 2.36% shareholding in the BTC pipeline.
ONGC and IndianOil Corporation Limited (IOCL) signed amemorandum of understanding (MoU)
to establish a small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the
Vindhyan Basin. The establishment of the Hatta LNG plant will significantly enhance the Vindhyan
Basin's status, upgrading it from a Category II to a Category I Basin.
Marking a historic achievement in India's energy sector, Hon'ble Prime Minister Shri Narendra
Modi recently flagged off the 'First Crude Oil' tanker 'Swarna Sindhu' from ONGC's Krishna Godavari
deepwater block. At its peak production, this project will add 7 percent each to India's oil and gas
production.Developed with an investment of over 41,000 crore rupees, the KG-DWN 98/2 Deepwater
Oil Field M in Krishna Godavari Basin is one of the most technologically complex projects. Total
envisaged peak gas production and oil production from the Project is about 10 MMSCMD (Million
Standard Cubic Meters per Day) 45,000 BOPD (Barrels of Oil per day).
ONGC and NTPC Green Energy Limited (NGEL) signed a Joint Venture Agreement (JVA) to
develop renewable energy projects focusing on offshore wind.
ONGC signed a Cooperation Agreement with TotalEnergies to carry out methane emissions
detection and measurement campaigns using TotalEnergies' pioneer AUSEA (Airborne Ultralight
Spectrometer for Environmental Applications) technology.
ONGC Videsh Ltd. (OVL) has incorporated a wholly owned subsidiary OVL Overseas IFSC Ltd.
(OOIL) in GIFT City, Gujarat.This GIFT city entity will function as the Global Treasury Centre to
cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries)
spread across 15 countries. Given the business-friendly regulatory environment in GIFT City, OOIL
expects to efficiently consolidate funds available with the group in various countries and raise
additional funds needed to achieve the ambitious target of producing 40 million Metric Tones Oil &
Oil equivalents (MMToe) by 2040 from overseas assets.
Company has recentlylaunched a significant business process initiative today with the inaugu-
ration of the ONGC Shared Finance Services in collaboration with IBM Consulting. This will cen-
tralize and standardize all vendor payments of ONGC, accelerating the processes for an enhanced
360-degree vendor experience.
Cont...
Financial Weekly TM

Company has also inked Memorandum of Understanding (MoU) with NTPC Green Energy Lim-
ited (NGEL) to realize its Renewable energy objectives towards energy transition. The MoU will
primarily explore the feasibility and setting up of Renewable Energy Projects in various domains.
Oil and Natural Gas Corporation Limited (ONGC) has also entered into a term contract with
Bharat Petroleum Corporation Limited (BPCL) for the sale of crude oil from the Mumbai region,
cementing the strong partnership between the two esteemed companies.
Oil and Natural Gas Corporation Limited (ONGC) has made discoveries of Oil and Gas in
MBS171HAA-1 (MBS171HAA-A)-"AMRIT" in OALP (Open Acreage Licensing Policy) block MB-
OSHP-2017/1 in Mumbai Offshore (SW) on the Arabian Sea. There is another remarkable discov-
ery in MBS182HDA-1(MBS182HDA-A) named "Moonga" in OALP exploration Block in Mumbai
Offshore.
ONGC Videsh Limited has also signed a Memorandum of Understanding (MoU) with Yacimientos
Petroliferos Fiscales, Sociedad Anonima (YPF SA), Argentinato enhance cooperation between
the two companies in the energy sector.
ONGC has also held discussions with the American oil and gas giant ExxonMobil, the Norwe-
gian energy multinational Equinor, the American oil services conglomerate Baker Hughes, the
French research organization Institut Français du Pétrole on various issues like Technology, and
Deepwaters.
ONGC Tripura Power Company Limited (OTPC) signed a Memorandum of Understanding (MoU)
with Assam Power Distribution Company Limited (APDCL) in Guwahati to develop the Battery
Energy Storage System Project of capacity up to 250 MW / 500 MWh in a phased manner in Assam.
An investment of Rs 2,000 crores will be made in the state for developing the project.
In last3 Years the stock gave a return of 178.93%as compared to the rise of Sensex and Nifty in
the same period.
ONGC group has a well-diversified portfolio in Oil, Gas and other renewable energy businesses.
Company's overseas presence and partnerships with international companies helps it to stay ahead
of the curve. Considering company's proven growth over the years, dividend paying company, its
global presence, MOUs signed by the companies, various Association, JVs and Subsidiaries for
various businesses and ambitious plans of greener portfolio in upcoming years, investors can
invest in this company with buy in dips strategy.
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 responsi-
bility 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.)
Financial Weekly TM
Sanstar Limited
comes out with Rs.510 crore Mainboard IPO
Sanstar Limited manufactures specialty plant-based products and ingredient solutions for food,
pet food and other industrial applications in India. The company's product portfolio includes liquid
glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches,
modified maize starches, and by-products such as germ, gluten, fiber and fortified protein
Corporate Sanstar IPO Details

Feature IPO Date
Listing Date
:
July 19, 2024 to July 23, 2024
:
July 26,2024
Face Value :
Rs. 2 per share
Objects of the Issue Price Band :
Rs. 90 to Rs. 95 per share
1. Funding the capital expenditure Lot Size :
150 Shares
requirement for the expansion
Total Issue Size :
53,700,000 shares
of the Dhule Facility;
(aggregating up to Rs. 510.15 Cr)
2. Repayment and/or pre-pay-
ment, in part or full, of certain Fresh Issue : 41,800,000 shares
borrowings availed by the Com- (aggregating up to Rs. 397.10 Cr)
pany, and; Offer for Sale : 11,900,000 shares of Rs. 2
3. General Corporate Purposes. (aggregating up to Rs. 113.05 Cr)
Issue Type : Book Built Issue IPO
Listing At : BSE, NSE
Share holding pre issue : 140,444,250
Share holding post issue : 182,244,250
Registrar : Link Intime India Private Ltd
Lead Manager : Pantomath Capital Advisors Pvt Ltd
paid-up equity capital. From the net proceeds of the fresh equity issue, the
company will utilize Rs. 181.56 cr. for capex on expansion at Dhule plant,
Rs. 100.00 cr. for repayment/prepayment of certain borrowings., and the
rest for general corporate purposes.
Pantomath Capital Advisors Pvt. Ltd. Is the sole Book Running Lead
Manager to this issue, while Link Intime India Pvt. Ltd. is the registrar to the
Sanstar Limited manufactures specialty plant-based products
issue.
and ingredient solutions for food, pet food and other industrial
Post-IPO, its current paid-up equity capital of Rs. 28.09 crore will stand
applications in India. The company's product portfolio includes
enhanced to Rs. 36.45 crore. Based on the upper cap of the IPO price
liquid glucose, dried glucose solids, maltodextrin powder, dex-
band, the company is looking for a market cap of Rs. 1731.32 crore. On the
trose monohydrate, native maize starches, modified maize
starches, and by-products such as germ, gluten, fiber and fortified
proteins. The company exports its products to companies in 49 3rd Largest Manufacturer of Speciality
countries including Asia, Africa, the Middle East, America, Europe
and Oceania. The company also has a pan-India presence where
Products and Ingredients Solutions
• 3rd largest manufacturer of speciality products and ingredi-
its products are sold in 22 states. As of March 31, 2024, the
ent solutions in India with an installed capacity of 1,100 TPD
company employed 271 people (including 60 permanent employ-
• Wide portfolio of Starches, Derivatives and Co-Products
ees) at its plants in Kutch and Dhule and at its headquarters.
• 2nd Largest Exporter in India; Exports to 58 countries; 33%
Sanstar Limited is coming out with Mainboard IPO. It will issue
revenue generated from exports
41800000 fresh equity shares issue (worth approx. Rs. 397.10 cr.
at the upper cap), and an Offer for Sale (OFS) of 11900000 equity
shares (worth Rs. 113.05 cr. at the upper cap). Issue price band Diverse Applications in End Industry Segments
is Rs. 90 - Rs. 95 per equity shares of Rs. 2 each. The overall size • Product applications across food & beverages, animal nutri-
of the issue will be approx. 53700000 shares worth Rs. 510.15 cr. tion, pharmaceuticals, adhesives, among others
The issue opens on July 19 2024, and will close on July 23, 2024. • The global market size is estimated to be valued at USD 71
The minimum application to be made is for 150 shares and in billion in CY 2023
• Growth in end industry segments and emerging new applica-
multiples thereon, thereafter. Post allotment, shares will be listed
tions expected to fuel the demand further
on BSE and NSE. The issue constitutes 29.47% of the post-IPO
Financial Weekly TM

financial performance front, for the last three fiscals, the company has
(on a consolidated basis) posted a total income/net profit of Rs. 504.77 cr.
/ Rs. 15.92 cr. (FY22), Rs. 1209.67 cr. / Rs. 41.81 cr. (FY23), and Rs.
Marquee Customers
1081.68 cr. / Rs. 66.77 cr. (FY24). For the last three fiscals, the company
has posted an average EPS of Rs. 3.55 and an average RoNW of 30.22%.
The issue is priced at a P/BV of 6.18 based on its NAV of Rs. 15.37 as of
March 31, 2024, and at a P/BV of 2.82 based on its post-IPO NAV of Rs.
33.64 per share (at the upper cap).
Sanstar Limited’s products are used in various products which are as
followed :
1. Food products: as ingredients, thickeners, stabilizers, sweeteners,
emulsifiers, and additives (including in baked goods, confectionery, pasta,
soups, ketchup, sauces, creams and desserts);
2. Pet food products: as nutritional ingredients; and
3. Other industrial products: as disintegrants, excipients, supplements,
coating agents, binders, smoothing and flattering agents, and refining agents.
The company has two manufacturing facilities covering a total area of
The company exports its products to compa-
10.68 million square feet (approx 245 acres) at Dhule in the state of
Maharashtra and Kutch in the state of Gujarat. With an installed capacity nies in 49 countries including Asia, Africa, the
of 3,63,000 tons per annum (1,100 tons per day), the company is the fifth Middle East, America, Europe and Oceania.
largest manufacturer of corn-based specialty products and ingredients in
The company also has a pan-India presence
India.
Sanstar's speciality products and ingredients solutions add taste, tex- where its products are sold in 22 states
ture, nutrients and increased functionality to (i) foods as ingredients, thick- Sanstar is a recognised Two Star Export house from Director
ening agents, stabilizers, sweeteners, emulsifiers and additives (in bak- General of Foreign Trade, Government of India, while Sanstar
ery products, confectionery, pastas, soups, ketchups, sauces, creams, Biopolymers Limited, the erstwhile Company which was merged
deserts, amongst others), (ii) animal nutrition products as nutritional ingre- with it pursuant to NCLT, Ahmedabad order dated November 23,
dients, and (iii) other industrial products as disintegrates, excipients, supple- 2023, is a recognised Three Star Export House. The company
ments, coating agents, binders, smoothing & flattering agents, finishing exported products to 49 countries across Asia, Africa, Middle East,
agents, among others. As per Frost & Sullivan (Company Commissioned Americas, Europe and Oceania, during Fiscal 2024, on the basis of
Report, dated May 18, 2024), with an installed capacity of 3,63,000 tons its Restated Consolidated Financial Statements. Additionally, the
per annum (1,100 tons per day), it is the fifth largest manufacturer of Company has footprints across India, with its products being sold in
maize based speciality products and ingredient solutions in India. Its lead- 22 states on the basis of Restated Consolidated Financial State-
ing position in the industry, technical knowledge to bring specific function- ments, as on the date of this Red Herring Prospectus. As of March
ality and nutrition to end products, more than five decades of presence, 31, 2024, the company has presence in 49 countries for exports.
state of the art manufacturing facilities, diverse product portfolio and clien- As of the said date, it had 271 employees on its payroll.
tele in domestic and global markets, provide it with competitive advantage.
Attractive Financial Metrics
Promoters of Sanstar Limited Robust Growth, Asset Efficiency and Returns
• FY23 : ~11,800 mn Revenue; EBITDA of PAT of ~730 mn and
Gouthamchand Chowdhary, Promoter and ~419 mn; ROE and ROCE of 28% and 24%
CMD : Has served on the Board of Sanstar Biopoly- • FY23 FA turnover and Debtequity ratio of 6.0x and 0.6x re-
mers Ltd for over 38 years. Supervises the overall spectively
functions of the Company and is responsible for • Cash Conversion Cycle of 27 days in FY23; Revenue & PAT
overseeing the strategic growth initiatives and ex- CAGR of 57% and 71%*
pansion plans
Sambhav Chowdhary, Promoter and Jt. MD
: Has served on the Board of Sanstar Biopoly-
Company’s Products
mers Ltd for over 12 years Holds a Bachelor’s
degree in Engineering from Gujarat University.
He takes care of the strategic direction and ex-
ecution of the company's growth and expansion
initiatives. He also oversees new capital expen-
ditures and projects.
Shreyans Chowdhary, Promoter and Jt. MD
: Has served on the Board of Sanstar Biopoly-
mers Ltd for over 12 years. Holds B.E. degree
from Gujarat University and Master’s degree of
Science in Management with a Specialism in
Marketing from The City University London Sir
John Cass Business School. Responsible for
management of the overall commercial, business
development and financial management aspects.
Financial Weekly TM
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VISHAL BALIYA
Smart School Article 81

Classification of Investors and merits demerits of each type Part-2
To succeed in what we are doing we must know our strengths and weakness. Self-analysis of
our own investment style. Understanding our flaws and rectifying them should be at the core of our
investment journey. For this reason, we started deliberating on classification of investment styles.
We are also trying to understand merits and demerits of each style of investors. Today we will try to
deliberate on Type 2 that is The investors who book loss in time and book profit too early.
The investors who book loss in time and book profit too early :- Booking loss in stock market is
one of the most and moving ahead is one of the most difficult arts to master in stock market. Even
more difficult is to book loss in time. Keeping on holding to the stocks that are making your portfolio
drag and not allowing it to grow is compounding on your mistakes and is a recipe for disaster. In
addition to holding on to the loosing stock most of us try to average the loss making stocks by
booking Profit from the stocks which are giving us or have given us good profit. The hope to re-
cover loss and make money from or atleast not lose money is from our descision to invest or trade
in a stock is an act of grave error.
When you enter a stock for trading or investment purpose you should always have a stop loss in
mind. It can be percent loss or based on a predetermined important support based on chart. If one
follows a disciplined approach and books loss at that particular juncture, he is a genius investor
and if he does it on consistent basis he or she needs to be given accolades. Remember in cricket
in a Test Match you need wickets in hand to draw or win a game. If you stay on the crease runs will
come in one way or another. If you do not have wickets in hand you lose. Similarly, in Investment
your capital is your wickets in hand. Protect your capital. Your capital or money in hand is your
wicket. Guard it through stop losses. Wrong investment descision can happen. Use stop loss to
rectify that mistake. You are here to make money from stock market. It is not necessary to make
money from a particular stock. So the person who books loss in time in already a genius.
Cont...
Financial Weekly TM

Now the tendency to book profit too early is an issue. This issue of booking profit too early can
be addressed by gaining additional knowledge about the company, their balance sheet. Knowing
Technical analysis also helps in judging the correct time to book profit. The investor can learn the
art of trailing the stop loss when the stock grows. Giving my personal example I never book Profit.
I trail the stop losses. Stop loss hits and the profit is booked. That is the only way in most cases I
sell stocks. Like stop loss protects the capital. Trailing stop loss protects you capital and your profit.
Booking the loss in time is half or more than half the battle won. Time / Experience / deep study
of company products / vision / Policy / Macro / Micro details and Technical analysis will help this
investor build confidence in him to not sell something which can grow further. There is not no
alternative to hard work and gaining knowledge about the stock and economics around it to in-
crease your conviction and knowing what to hold on to for longer periods of time. Unnecessary
tampering with stock that might grow a lot will not help you in the wealth creation journey. The
reason to book profit should be rational based on Technical and fundamental analysis of a com-
pany. In my book The Happy Candles Way to wealth creation have dedicated 5 chapters to the art
of profit booking. This book can help you in your journey and so can reading and joining Smart
School.
Disclaimer : There is a chance of biases including confirmation bias, information bias,
halo effect and anchoring bias in this write-up. Investment in stocks, derivatives and mutual
funds is subject to market risks, please consult your investment advisor before taking fi-
nancial decisions. The data, chart or any other information provided above is for the pur-
pose of analysis and is purely educational in nature. The names of the stocks or index lev-
els mentioned if any in the article are for the purpose of education and analysis only. Pur-
pose of this article is educational. Please do not consider this as a recommendation of any
sorts.
Financial Weekly TM

IFL Enterprises Ltd - CMP - Rs. 1.32, BSE: 540377
IFL Enterprises Ltd. Board To Consider
Bonus Issue and 100% Dividend Declaration
Corporate SCAN
IFL Enterprises Limited (BSE: 540377)
has announced that its Board of Direc-
tors will convene on July 31, 2024 to con-
sider two significant proposals: the is-
suance of bonus shares and the decla-
ration of a 100% dividend for the finan-
cial year 2023-2024. This move aims to
reward investors and enhance share-
holder value, reflecting the company's
robust financial performance and com-
mitment to delivering returns to its share-
holders. Recently, the promoter demonstrated strong confidence in the company's future by
acquiring 12.6 lakh shares at 1.83 per share from the open market. This acquisition reflects
the promoter's confidence in the company's future prospects and their ongoing support for its
strategic vision. Furthermore, the promoter has expressed an intention to acquire up to 7%
more of the company's shares from the open market over the next six months. This planned
acquisition will be carried out in compliance with all regulatory requirements and further
demonstrates the promoter's commitment to the company's long-term growth and success.
Additionally, IFL Enterprises had recently concluded a rights issue priced at Rs 1 per
share, from May 27, 2024, to June 25, 2024.
IFL Enterprises Limited is excited to announce its strategic expansion into new business
ventures. The company is broadening its horizons by entering into the international trading of
agro commodities, gemstones, and precious metals through its subsidiary based in Dubai.
This diversification is aimed at leveraging global market opportunities and enhancing the
company's revenue streams.
Moreover, IFL Enterprises Limited has recently cleared all its outstanding debts. This
significant achievement underscores its commitment to maintaining a strong financial posi-
tion and enhancing shareholder value. These strategic moves are aligned with the company's
mission to drive sustainable growth and maximize value for our stakeholders. The company
believes that the promoter's increased stake and its expansion into new business ventures
will significantly bolster the company's market position and financial performance.
With these strategic moves and a strong financial footing, IFL Enterprises is poised for
strategic growth. The upcoming Board Meeting's decisions on bonus shares and dividends
could provide reward for investors.
***
Financial Weekly TM
https://www.amazon.in/dp/9360459836?ref=myi_title_dp
For ordering the book click on the Amazon link Or

send a WhatsApp message or call on
+91 7043469423 or +91 81419 75701
Financial Weekly TM

Equichain Wealth Advisors
Global Markets Nikunj Vithlani
ECB meeting this week and

BOJ & U.S. Fed meeting in month-end
This week we will discuss how central banks will continue to drive sentiment as ongoing
earnings season will remain in focus with stock specific move while sentiment on risk-on /
risk-off will be driven by global central banks. ECB Interest Rates Held as Weaker Inflation
Raises Prospect of Cuts The European Central Bank left interest rates unchanged for a
fourth meeting as a softer outlook for inflation and economic growth bolstered expectations
for cuts starting in June. The Governing Council reiterated that maintaining this level of
borrowing costs for "sufficiently long" will make a "substantial contribution" to returning con-
sumer-price growth to the 2% goal. President Christine Lagarde said there's a definite slow-
down in inflation but that she and her colleagues aren't "sufficiently confident" at present to
lower rates.
"We clearly need more evidence, more detail," she told reporters Thursday in Frankfurt.
"We know that this data will come in the next few months. We will know a little more in April,
but we will know a lot more in June."
U.S. Fed& BOJ in focus as Rate Decisions due by month end Investors may glean more
on the Federal Reserve's resolve to ease and how close Japan is to finally exiting negative
interest rates as central banks set policy for almost half the global economy. That would
reflect how a global consumer-price shock in the wake of the pandemic, further exacerbated
by Russia's war in Ukraine, has transitioned asymmetrically, with some economies facing
stronger domestic price pressures than others. The Bank of Japan's announcement on Tuesday
is also pivotal. The prospect that it's moving toward finally raising borrowing costs and
effectively calling an end to a generation-long period of feeble price growth points to how
tectonic plates are shifting in another key member of the global financial system.
Cont...
Financial Weekly TM

BlackRock, Man Group Reveal Big Japan Bets Before BOJ Decision
Snap up more Japanese stocks, ratchet up shorts on government debt and keep buying
the yen: these are some of the most popular calls from big-name money managers ahead of
a central bank meeting that may end the world's last experiment with negative interest rates.
Speculation that the Bank of Japan will raise interest rates on Tuesday intensified after the
nation's largest union group announced stronger-than-expected annual wage deals. The stakes
will be enormous, changing market dynamics at a time when the nation's blue-chip share
gauge is towering near its record high, bond yields are creeping back up and the weak
currency is boosting exporters.
Equichain Wealth Advisors: Market View & Opinion :- We would like to high-
light on fact that market is betting that U.S. Fed and ECB are expected to cut interest rate in
their September meeting while BOJ is expected to raise interest rate and exit near zero inter-
est rate policy, currently 0.10% as inflation rises. Interest rate by major global central banks is
in contrarian direction can increase volatility in coming weeks. ECB & U.S Fed are expected to
cut rate in their September 2024 meeting and there are set of economic data which are due to
be released before their meeting which could impact their decision. Market will be focusing on
BOJ meeting on 31-Jul-24 and could increase volatility and we suggest some cautious in
coming weeks on global front while India's domestic market will take cues from Union budget
due on 23-Jul-24.
Disclaimer &note: This is not recommendation to buy or sell and we are sharing our
view based on reason mentioned in this article.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472
Financial Weekly TM

Future Options Diary
Nilesh Kotak (Ahmedabad)
As long as Nifty remains above 24100, the overall trend will remain positive. There will be a big movement
in the market due to the Union Budget next week. Nifty 24000 level breaks down in the market and a big drop
is seen. While Nifty 25000 Kudave jumps rapidly in the market. However, now the market has entered the “high
risk zone” so be careful in following the upswing.
Momentum option buy

Buy Nestle india limited (2600 )
Momentum cash market call option premium (56 )
South indian bank ltd (27) 25.07.2024 expiry
Buy range :26-26.50 Buy range : 50-52
Stoploss : 24 Stoploss : 40
7 to 12 trading sessions Target one :65 book 50%
Target one :29.50book 50% Target two :70 balance 50 %
Target two :31.50 balance 50 % Sell
Technical cash market buy
Momentum index sell
Just dial ltd (1252)
Fin nifty 23708
Buy range :1240-1250
27.08.2024 expiry
Stoploss : 1200 Sellrange :23775-23800
Target one :1300 book 50% Stoploss : 24100
Target two :1320 balance 50 % Target one :23200 book 50%
Momentum index buy Target two :23100 balance 50 %
Midcap Nifty (12177 ) Technical future sell
26.08.2024 expiry Dixon Technologies (11300)
Buy range :12100-12125 25.07.2024 expiry
Stoploss : 11900 Sellrange :11375-11400
7 to 12 trading sessions Stoploss : 11850
Target one : 12450 book 50% 7 to 12 trading sessions
Target two : 12500 balance 50 % Target one :10750 book 50%
Target two :10650 balance 50 %
Momentum future
Siemens ltd (6847) Momentumput option buy
25.07.2024 expiry Hindustan unilever (2740)
Buy range : 6775-6800 put option price cmp (47) premium
Buy range : 40-42
Stoploss : 6650
Stoploss : 32 up to expiry
7 to 12 trading sessions
trading target one : 53 book 50%
Target one :7000 book 50% Target two : 58 balance 50 %
Target two :7025balance 50 %
In all the recommendations made by us, the first target is achieved.

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

Corporate SCAN
PC Jewellers Ltd.
Board Approves Rs. 2705 Cr Fund Raise via Preferential Issue
PC Jeweller Ltd. (BSE: 534809, NSE: PCJEWELLER), one of the leading and fastest-growing
jewellery retail chains in India, has announced that its board, in its meeting held on July 13, 2024,
has approved raising of funds up to Rs. 2705 Cr by preferential issue of fully convertible warrants,
at an issue price of Rs. 56.20 per warrant,
The promoter group News Track Garments Pvt Ltd, Balram Garg (HUF) and Pooja Garg are
amongst proposed allotees. Further, multiple Foreign Investors such as Elara India Opportunities
Fund, Capri Global Holdings Pvt Ltd., Aries Opportunities Fund, etc. are amongst proposed allotees
within the non-promoter group
Today, PC Jeweller stands as one of the fastest-growing jewellery retail chains in India, with
showrooms in multiple cities across over 17 states.
PC Jeweller's business model focuses on establishing large-format, standalone showrooms in
prime high-street locations. These stores offer a diverse range of jewellery across all price points,
with a growing emphasis on diamond jewellery. The company is committed to selling only hall-
marked jewellery and certified diamond pieces, ensuring quality and purity.
From the sourcing of raw materials to the sale of the finished product, the company’s processes
are integrated and meticulously aligned. The company closely maps customer preferences and
manufactures products that cater to diverse tastes, ensuring customers are spoilt for choice. Through-
out the production process, stringent quality measures are in place to guarantee the purity, value,
and finish of each piece. PC Jeweller also offers expertise in customized and personalized de-
signs, allowing customers to create their perfect jewellery pieces
Cont...
Financial Weekly TM

Balu Forge Industries Ltd.
raise Rs. 496.80 Crores through Preferential Issue
Mumbai: Balu Forge Industries Ltd. (BSE: 531112, NSE: BALUFORGE) (BFIL), a leading preci-
sion engineering and manufacturing company, has announced a fund-raise of Rs. 496.80 Crores
in a combination of preferential issue of equity shares and fully convertible warrants to strengthen
its manufacturing capacity and capability to play its role in making India atmanirbhar or self-reliant
in defence, railways and aerospace sector and turning the vision of Viksit Bharat into reality.
The board of BFIL has approved an issue of 45,00,000 equity shares of face value of Rs. 10
each at a premium price of Rs. 350 per equity share aggregating up to Rs. 162,00,00,000 by way of
preferential issue to the non promoter public category investors. The board has also approved an
issue of 63,00,000 fully convertible warrants to the non-promoter public category investors and
30,00,000 fully convertible warrants to the promoter category at an issue price of Rs.360 per war-
rant.
BFIL will majorly deploy a majority of the funds to undertake special R&D initiatives to further
enhance the special engineering capability in the field of defence and aerospace components.
The company will further add a new capability in the form of a Direct Drive Screw Press Line
capable of producing aerospace and high precision components and SPM line for defence pro-
duction. The product mix includes an extensive large portfolio covering railways, defence and
aerospace industries.
BFIL is actively engaging with a number of companies globally for Transfer of Technology (ToT)
and contract manufacturing agreements especially in the space of defence, railways and aero-
space.
The company has plans to deploy capital to procure Solid Wheel Rolling Machinery which will
help the company to produce railway wheel up to 1300 mm, one of the largest railway wheels
globally.
BFIL is working towards further enhancing its machining capacity to position itself as a leading
precision machining player in the industry in terms of capacity and capability.
Balu Forge Industries Ltd (BFIL) was Incorporated in 1989 & is engaged in the manufacturing of
fully finished and semi-finished crankshafts and Forged Components. It has the capacity to manu-
facture components conforming to both New Emission Regulations & the New Energy Vehicles.
The company has a fully Integrated Forging & Machining production infrastructure with a large
product portfolio ranging from 1 Kg to 1000 Kgs. The Company has a 80+ global distribution net-
works and operates through both domestic and export segments.
Financial Weekly TM

Khoobsurat Ltd - BSE: 535730 - CMP - Rs. 1.49
Announces Major Progress for
its Mega Brewery Project in Goa
Corporate SCAN
Khoobsurat Ltd. (BSE: 535730), a prominent
player in the finance and investment sector, has
made a significant announcement regarding its
ongoing brewery project at SA-22 & SA-23
Cuncolim Industrial Estate, Goa. The company
has successfully achieved several critical mile-
stones, marking substantial progress in the de-
velopment of this venture.
On February 9, 2024, the Goa Industrial De-
velopment Corporation (GIDC) issued the reg-
istration order for Factory Plot SA-22 & SA-23
Cuncolim Industrial Estate, Goa, in favor of
Salcete Brewing Ltd. This registration is a crucial step in formalizing the establishment of the brewery.
Following this, Khoobsurat Ltd executed a Tripartite Lease Deed on February 21, 2024. The GIDC
granted consent for the exclusive use of Plot SA-22 & SA-23 for beer manufacturing. This consent,
detailed on Page 6 of the Executed Lease Deed, ensures that the land is dedicated solely to the brew-
ery operations.
The project received further momentum on April 5, 2024, when the Goa State Pollution Control
Board granted consent to establish the brewery. This approval was based on the application submitted
by Khoobsurat Ltd, demonstrating the project's compliance with environmental regulations. Addition-
ally, on June 10, 2024, the Government of Goa - Water Resources Department approved Khoobsurat
Ltd's application to drill and register a borewell at the factory premises. The borewell, measuring 85
meters in depth with a yield of 10,000 liters of water per day, is vital for the brewery's operations.
The company has also submitted the prescribed application to the Excise Inspector of Excise Sta-
tion of Salcete Taluka for the Establishment License for the Brewery. Upon processing at the local
excise station, Khoobsurat Ltd will make a non-refundable processing fee payment of Rs. 20 Lakhs.
The file will then be forwarded to higher authorities for further action. Once the Rs. 20 Lakhs payment
is made, Khoobsurat Ltd will place the order for brewery equipment after technical consultations with
vendors and approval from the Board of Directors. Upon obtaining the Establishment License, the
company will be eligible to apply for the Manufacturing License for Beer.
With the completion of these steps, the company anticipates that the brewery project will signifi-
cantly enhance its production capacity and contribute positively to its revenue streams in the coming
years. The company is committed to advancing this project efficiently and are confident in the positive
impact it will have on the company's growth and shareholder value.
Khoobsurat Ltd's unique business proposition lies in its diversified portfolio, which includes invest-
ments in shares and securities, both listed and unlisted, and other financing activities. Khoobsurat Ltd
remains dedicated to keeping its stakeholders informed about the progress of the brewery project and
other developments. The company appreciates the continued support from its investors and looks
forward to achieving greater milestones in the future.
***
Financial Weekly TM

SMART BANKING & FINANCIAL SERVICES
By Dr. Vijaya Kittu M
Tracking the pulse of the Indian and Global Banking and Financial Services - so that the typical Indian Investor can benefit from it.His Ph.D. in Finance
thesis topic specialisesin Mutual funds. He is pursuing his second Ph.D. in Computer Science with a specialisation in blockchain.
MUTUAL FUND SIP ACCOUNTS in India reached the 8.4 crores mark in June 2024. As many
as 55.19 lakh new SIP registrations happened in the month. Most of the overall SIP registrations
are in Growth/Equity schemes (82%) followed by Hybrid schemes (6%) and Index funds (4%).
CREDIT GROWTH RATE is faster than deposit rate growth, which is a matter of concern. It is a
hint of structural changes that are taking place in the financial sector and can expose the banking
sector to liquidity issues, said RBI Governor Shaktikanta Das. He said that households and con-
sumers who generally use the banking system for parking funds are now using the capital market
(mutual funds) and other financial intermediaries. He said that the idea of bringing down inflation is
to reduce the burden on the people. He said that inflation would currently be at 5.0% or 5.1%.
NBFC TOTAL CREDIT SHARE grew 50% in the last decade, according to the Infomerics rating
agency. NBFCs that had one-sixth of the market share a decade ago now have a one-fourth share.
There was a substantial rise in personal loans (32.5%) and agricultural loans (43.7%). Personal
loans in the last four years grew 33%. This is more than the overall credit growth rate of 15%.
MICROSOFT OUTAGE that affects Microsoft 365 apps and services impacted banking and
financial services worldwide. The Blue Screen of Death (BSOD) has brought in unexpected com-
puter shutdowns and restarts. Indian banks are unaffected by the issue. SBI, India's largest lender,
said their systems are working fine. ICICI Bank, HDFC Bank, Axis Bank, and NPCI have not re-
ported any outages. While the Indian stock exchanges were not affected, there was some impact
on stock brokerage firms. The Income tax portal was not impacted. RBI said that only very few
banks are using the CrowdStrike tool. About ten banks and some NBFCs are affected in India. The
RBI, on its part, has issued an advisory to its regulated entities to take necessary steps to remain
alert and ensure operational resilience and continuity. RBI said that the incident is a testimony of
how the Indian banking system is insulated from the global outage.
FNO TRADING VOLUME is now a macro concern, says SEBI Chairperson Madhabi Buch. The
concern comes into the front because household savings are going into speculation. Youth are
losing tonnes of money, she said. Studies showed that 9 of 10 FnO trades are loss-making. SEBI
is shortly coming up with a whitepaper on fininfluencers entering regulatory arbitrage.
Financial Weekly TM

Indowind Energy Limited
To raise Rs.48.30 crore through Rights Issue
Indowind Energy Ltd. is a flagship enterprise of BVK Group. The company operates 123 wind-
mills in “Class A” sites in Tamil Nadu & Karnataka. Company also plans to add additional solar
power capacities. Indowind Energy Limited is listed at BSE and NSE
Indowind Energy Ltd. is a flagship

enterprise of BVK Group. It is the First
Corporate
Independent Power Producer to com-
mercially leverage Wind for Generat-
Feature
ing Electricity. Incorporated on 19th Objects of the Issue
July 1995, it commenced its commer- • To invest in developing the 6 MW
cial operations by setting up its first (DC) Solar Power Project in Tamil
225KW wind turbine in Tamil Nadu. • Nadu; Appropriation of a part of the Net
Since then, it has been expanding its Proceeds to issue Rights Shares to
wind farm capacity yearly to reach its Loyal Credit & Investments Limited,
one of the Corporate Promoters of
current total capacity of 49.645 MW. the Company as and by way of reim-
The company operates 123 windmills bursement of the amount paid by
in “Class A” sites in Tamil Nadu & Loyal Credit & Investments Limited
to EXIM on our behalf
Karnataka. Company also plans to
add additional solar power capacities. Indowind
Energy Limited is listed at BSE and NSE. Indowind Energy Rights Issue 2024 Detail
Indowind Energy Ltd. is coming out with
Issue Open : July 26, 2024 - August 5, 2024
Rights Issue. It will issue 2,14,66,956 (Two Security Name : Indowind Energy Limited
Crores Fourteen Lakh Sixty-Six Thousand Nine Issue Size (Shares) : 21,466,956
Hundred and Fifty-Six) fully paid-up Equity Issue Size (Amount) : 48.30 Crores
Shares aggregating to Rs. 4830.06 Lakhs (Ru- Issue Price : Rs 22.5 per share
pees Four Thousand Eight Hundred Thirty Face Value : Rs 10 per share
Listing At : BSE, NSE
Lakhs and Six Thousand Only). Rights Issue
Terms of Payment : All money payable at the time of Applica-
price has been fixed at Rs. 22.5/- per Equity tion
Share (including a premium of Rs. 12.50/- per Entitlement : 1 Rights Equity Share(s) for every 5 fully
Equity Share). Rights Entitlement Ratio is 1:5 paid-up Equity Shares held on Record Date
i.e.One Rights Equity Share for every 5 fully Record Date : July 16, 2024
paid-up Equity Shares held by the Eligible Eq- Deemed Date : August 9, 2024
uity Shareholders of the Company, as on the
Record Date. Record Date is 16th July, 2024.
Issue opens on 26th July, 2024 and will close
on 5th August, 2024. Last Date for Market Re-
nunciation is 31st July, 2024.
Financial Weekly TM

Government policies reaffirm India's com-
mitment to solar power, driving compre-
hensive initiatives for a sustainable energy
transition
Promoter & Directors of Indowind Energy Limited

The net proceeds from the offer are pro- MR. BALA VENCKAT KUTTI (Promoter)
posed to be used for Aged 56, he's the company's promoter, holding de-
grees from Stanford Business School, Bharathidasan &
• To invest in developing the 6 MW (DC) Solar Anna Universities. Founder of Indus Finance Ltd in 1993,
Power Project in Tamil Nadu – Rs 26.95 crore he has received prestigious awards including "Promising
• Appropriation of a part of the Net Proceeds to Businessman" at British Parliament, Distinguished Alumini
Award from Ex-Vice President of India. Further, he had
issue Rights Shares to Loyal Credit & Invest- the honor of having the company’s 183rd Wind Mill inaugu-
ments Limited, one of the Corporate Promoters rated by Hon. PM of India, Karnataka wind farm Foundation laid by Ex-PM
of the company as and by way of reimburse- Shri Deve Gowda of India and "SEVA RATNA" award from Tamil Nadu's
ment of the amount paid by Loyal Credit & In- Deputy Chief Minister. As an investment banker turned entrepreneur, he's
built a 30+ year track record, associating with successful ventures like
vestments Limited to EXIM on its behalf – Rs Bank of Madura and promoting companies like Indowind Energy Ltd for
10 crore Wind power business, EverOn Power Ltd for emerging solar & other
renewables, BeKae Properties Pvt ltd for land & rental properties, Indus
• General corporate purposes Nutri Power for organic cultivation/ cattle farming & OMS services. His
India's wind energy sector, led by indigenous commitment extends to community service, supporting education and di-
industry, boasts a manufacturing base of about saster relief, and serving on governing boards including the European Union
India Chambers and Saurashtra Chamber of Commerce.
15,000 MW annually and ranks fourth globally
in installed capacity. The government SANGEETA LAKHI (Director)
With over 29 years of experience, Sangeeta
incentivizes private sector investment with mea-
has been instrumental in Rajani Associates' growth,
sures like Accelerated Depreciation and leading the Capital Markets practice since 2004.
concessional custom duty exemptions. India's Managing 150+ diverse transactions, she advises
solar capacity has soared from 21,651 MW to on domestic and international loan deals, including
overseeing a US$ 2 billion structured finance deal
70,096 MW by 2023, set to double by 2028, add- for a major industry player.
ing 205 GW. This elevates India to the world's
DR. K.S RAVINDRANATH
third-largest renewables market, aligning with its
(Director - Operations)
goal of 500 GW non-fossil-based capacity by With a Diploma in Engineering and a Ph.D.
2030, promoting sustainable energy for a in FDI in the Indian Power Sector, he boasts 17
greener future. years in textiles and 25 years in the Wind Indus-
try. He oversees technical operations, site se-
India's pivotal role in the Asia Pacific's renew- lection, erection, installation, and maintenance
able growth, projecting 430 GW by 2028, with of wind energy generators, aiming for maximum
power generation and minimal operational costs.
half attributed to India, underscores its leader-
ship in sustainability, while ASEAN and Japan contribute significantly. Government policies reaffirm India's
commitment to solar power, driving comprehensive initiatives for a sustainable energy transition.
***
Indowind Energy Ltd. is coming out with Rights Issue. It will issue 2,14,66,956 Equity Shares aggre-
gating to Rs. 4830.06 Lakhs. Rights Issue price has been fixed at Rs. 22.5/- per Equity Share. Rights
Entitlement Ratio is 1:5 i.e. One Rights Equity Share for every 5 fully paid-up Equity Shares held
by the Eligible Equity Shareholders of the Company, as on the Record Date 16th July, 2024
Financial Weekly TM
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SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
Morepen Laboratories Ltd
BSE CODE - 500288 & NSE SYMBOL : MOREPENLAB
Rs.54 Face Value Rs.2
Morepen Laboratories Ltd. is a pharmaceutical & healthcare products company. Morepen is a leading
manufacturer of high-quality APIs,Home Diagnostics, Formulations & OTC products in India. Morepen has
achieved to its credit the enduring confidence of a strong customer base spanning over 82 countries for its
leading API products. It has an equity base of Rs.102 cr. that is supported by reserves of around Rs.687 cr.
For Q4FY24, MLL posted higher PAT of Rs.39.96 cr.as against Rs.10.28 cr. in Q4FY23, a big jump
289%. For FY24 MLL posted 140% higher PAT of Rs.110.94 cr. against Rs.46.24 cr. in FY23. Banks &
insurance companies hold 2.22%, FPIs hold 1.67%, Foreign companies & NRIs hold 8.70% & HNIs
hold 5.62%.
Business Highlights : Morepen Laboratories has reinforced its position as a leading player in
Home Diagnostics and point of care Medical Devices and APIs, the company remains debt-free and
continues to be a category leader in both segments, exporting to 80 countries. Mr. Sushil Suri,
Chairman of Morepen Laboratories, commented on the results, stating, "We are excited with the
robust performance across all segments. Our strategic investments in the medical devices and API
businesses have yielded excellent results, and we are confident of sustaining this momentum. The
future looks promising as we continue to increase capacities and expand our market reach." Fur-
thermore, Morepen Laboratories continues to drive innovation with 155 patents filed and 249 Drug
Master Files (DMF) submitted. Additionally, the company has introduced 43 new molecules, show-
casing its commitment to advancing pharmaceutical research and development. Morepen boasts a
robust distribution network with over 5,100 distributors and 328,000 retail touch points across In-
dia. The company plans to invest further in research and development to introduce innovative prod-
ucts and expand its global presence.
Based on the above financial and performance parameters, the Morepen Lab share looks quite attractive
at the current level. Investors can watch this stock with stop loss of Rs.43.
On 2nd October Mafatlal Ind. was given at Rs.141 hit Rs.221, a gain of 57%, on 23rd October,Techno
Ele. was given at Rs. 514 hit Rs.1599 a gain of 211%, on 12th November Morepen Laboratories was
given at Rs.36 touched Rs.60.75, a gain of 69%, on 7th January 24 Sika Interplant was given at
Rs.1395 hit Rs.3548 a gain of 154%, on 15th January COMPETENT Auto was given at Rs.408 hit
Rs.628 a gain of 54%, on 18th February Lehar Footwears was given at Rs.132 hit Rs.238, a gain of
80%, on 4th March 24, HG Infra was given at Rs.899 hit Rs.1880, a gain of 109%,on 30th June Hindustan
Adhesives was given at Rs.388 hit Rs.432,on 7th July RAMKY INFRA was given at Rs.618 hit Rs.698
& PEE CEE COSMA was given at Rs.446, hit Rs.499. It is better to book partial profit in 3-4 parts at
every rise, where you are getting very good profit in short term, because who manage fear & greed
can create the wealth from market.
Cont...
Financial Weekly TM

Dark Horse-2
BHARAT SEATS LTD
ONLY AT BSE CODE - 523229
BSE SYMBOL - BHARATSE - Rs.163 Face Value Rs.2
Bharat Seats Limited established in 1986 as a joint venture between Suzuki Motor Corporation Japan,
Maruti Suzuki India Ltd. and Rohit Relan & Associates to manufacture world-class seating systems &
automotive components. Currently Bharat Seats Ltd is engaged in the manufacturing of seating systems,
NVH components and body sealing parts for four wheelers, seats & welded frame assemblies for two
wheelers and seating system for Indian Railways. The company currently has 4 state-of-the-art
manufacturing facilities spread across India.
It has an equity base of Rs.6.28 cr. & huge reserve of Rs.120.86 cr. The Promoters hold 74.59% & 6
reputed HNIS hold 3.51% & reputed HNIs Ananya Jhalani hold 1% holdings.
For Q4FY24, it recorded 46% higher PAT of Rs.8.08 cr. as against PAT of Rs.5.52 cr. For FY24 PAT of
Rs.25.05 cr. on income of Rs.1066.82 cr. & paid 80% dividend for FY24 which was 70% for FY23.
NEW DEVELOPMENTS: BIG TRIGGER: A new manufacturing facility set up at

Kharkhauda in Sonepat, Hariyana. Additional production facility is being set up at company's plant
in Bhorakala, Gurugram, Haryana for Two-wheelerwheel assembly project for Suzuki Motor Cycle&
for new programmes of Maruti Suzuki. Mr. Rajiv Arora appointed as President and Senior Manage-
ment Personnel of the Company with effect from July 04, 2024. Growth minded professional offer-
ing over 30 years of successful career with UNO Minda Group. Was President and Business Head
with diverse leadership roles distinguished by commended performance. Played a pivotal role in
the company's growth and developed a special set of skills in complete business turnover, greenfield
and strategic partnership, profitability improvement, customer acquisition, and quality system imple-
mentation. Due to these 3 new developments big Re-rating of Bharat Seats are possible.
Based on the above financial and performance parameters, BHARAT SEATS looks quite attractive at
the current level. Investors can watch BHARATSE with a stop loss of Rs.126.
On 2nd October Mafatlal Ind. was given at Rs.141 hit Rs.221, a gain of 57%, on 23rd October,Techno
Ele. was given at Rs. 514 hit Rs.1599 a gain of 211%, on 12th November Morepen Laboratories was
given at Rs.36 touched Rs.60.75, a gain of 69%, on 7th January 24 Sika Interplant was given at
Rs.1395 hit Rs.3548 a gain of 154%, on 15th January COMPETENT Auto was given at Rs.408 hit
Rs.628 a gain of 54%, on 18th February Lehar Footwears was given at Rs.132 hit Rs.238, a gain of
80%, on 4th March 24, HG Infra was given at Rs.899 hit Rs.1880, a gain of 109%,on 30th June Hindustan
Adhesives was given at Rs.388 hit Rs.432,on 7th July RAMKY INFRA was given at Rs.618 hit Rs.698
& PEE CEE COSMA was given at Rs.446, hit Rs.499. It is better to book partial profit in 3-4 parts at
every rise, where you are getting very good profit in short term, because who manage fear & greed
can create the wealth from market.
Financial Weekly TM

Smart Education - Yog Joshi
Technical Analysis
From
Basic to Advance
"Engulfing Bearish" formation on the top

Hello Friends,
Hope you all are doing well...!!!
After the market closed on Friday, looking at the Nifty daily chart, it seems that an Engulf-
ing Bearish pattern has formed at the top. This pattern often indicates a potential top of the
current uptrend. We have discussed various candlestick patterns in detail in our Smart
Investment column, and the Engulfing Bearish pattern is one of the bearish reversal candle-
stick patterns. When this pattern forms at the top, it suggests a possible end to the uptrend
and the beginning of a bearish sentiment, which could lead to a correction in the future.
Upon closely observing the Engulfing Bearish pattern at the top of the chart, we can see a
long red bearish candle following a green bullish candle. The high of the red bearish candle is
at 24854 and the low is at 24508. This indicates that if Nifty closes above 24900, a bullish
sentiment could be established. However, if Nifty closes below 24500 in the coming days, it
might drop further to levels between 24200 and 24000.
Additionally, analysis of the 5-21 EMA crossover and MACD on the Nifty daily chart
shows weak signals. The analysis of the 5-21 EMA crossover reveals that the red candle
closed below the 5 EMA, which is considered a bearish signal. Moreover, the MACD analy-
sis shows a negative crossover between the MACD line and the Signal line, which also
suggests a bearish signal for the future.
Financial Weekly TM

Terrific Shots - Dilip K. Shah
Zensar Techno (Rs. 747.00) (Code: 504067) :- A part of the RPG Group, Zensar has
a presence in the IT sector. The shares are listed in the A group and have a face value of Rs. 2. The shares
touched a 52-week high of Rs. 838 and low of Rs. 434. The company’s business is largely focused on
international markets. It derives a significant portion of its income from the US. Promoter holding is 49.17%.
In the March quarter, the company’s income went up from Rs. 1213 crore to Rs. 1230 crore, while profit
increased from Rs. 119 crore to Rs. 173 crore. For the whole year, income rose from Rs. 4848 crore to Rs.
4902 crore, while profit jumped from Rs. 328 crore to Rs. 665 crore. The stock is trading at a PE multiple of
26.7, significantly lower than its peers. Its market cap is Rs. 17,420 crore. The company is fundamentally
strong and has given good guidance following a strong March quarter. Dips offer a buying opportunity.
CAMS (Rs. 4226.00) (Code: 543232) :- The shares of this A group listed company touched
a 52-week high of Rs. 4329 and low of Rs. 2232. company has offices in Chennai, Coimbatore and Hyderabad
and has over 280 customer service centres. The company has more than 7,000 employees and has also
adopted AI and ML technologies. CAMS accords top priority to data security. The company came out with
its IPO in October 2020. Global PE giant Warburg Pincus holds 19.92% shares in the company. Foreign
portfolio investors own 36.53% of shares. The company’s equity is Rs. 49 crore and reserves are Rs. 835
crore. For the March quarter, CAMS’ income went up from Rs. 242 crore to Rs. 295 crore and profit from
Rs. 71 crore to Rs. 96 crore. The stock is richly valued and re-rating may be seen going ahead.
WPIL (Rs. 449.00) (Code: 505872) :- WPIL is a multinational pumps and systems com-
pany. It has an experience of several decades in designing, developing, manufacturing, erecting, commis-
sioning and servicing pumps & pumping systems. It has a presence in the UK, Italy, France, Switzerland,
South Africa, Australia, Thailand and other countries through subsidiaries. The company has 12 plants for
casting, fabricating, machining, assembly and testing. Its order book stood at Rs. 3512 crore as of March
2024. Promoter holding is 70%. For the March quarter, WPIL registered income of Rs. 591.41 crore and
profit of Rs. 65.85 crore. Its reserves are 126 times the earnings. The stock can be bought with a target
price of Rs. 588 in 3-4 quarters with a stop-loss of Rs. 371.
Tata Consumer (Rs. 1187.00) (Code: 500800) :- Tata Consumer is India's largest
tea and coffee beverages company. It is engaged in the production and trading of tea, coffee, water, and
other beverages in over 40 countries including the US, Canada, Australia, and Europe. It has become a
pure-play FMCG company after acquiring Tata Chemicals’ consumer business. It also runs Starbucks
cafes as a JV in India. It is the second-largest tea producer globally. Its equity is Rs. 95 crore and reserves
are Rs. 15,962 crore. Promoter holding is 33.55%. FIIs hold 25.46%, DIIs 17.40%. In the March quarter,
Tata Consumer’s income rose from Rs. 3619 crore to Rs. 3927 crore, while profit declined from Rs. 290
crore to Rs. 212 crore. On an operational level, profit increased from Rs. 512 crore to Rs. 630 crore. The A
group listed shares touched a 52-week high of Rs. 1269 and low of Rs. 827. Its market cap is Rs. 1,13,173
crore. The company is expected to report strong growth. The stock can be a good pick.
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on 12th July, 2024 unless
specified 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

Stock Wave Sarvesh Ashok Trivedi
(Mumbai)
Index below 80,000 and

Nifty Future below 24390 indicate weak position
BSE Index (80,604.65) :- It is moving upward from the bottom of 70,234.03. It shows overbought
positions on daily, weekly, and monthly basis. The levels of 81,587 and 81,620 are considered
important on the upward movement. It indicates weak position if it falls below 80,500, 80,200, and
80,000. Following that, 79,435 and 78,900 are considered important levels. Increased weakness
is evident on the chart.
Bank Nifty Future (52,250.00) :- It is moving downward from the top of 53,301.10. It shows
overbought positions on daily, weekly, and monthly basis. The levels of 52,450, 52,640, 52,860,
and 53,301 are considered important on the upward movement. It indicates weak positionif it falls
below 52,130. Following that, 51,860 and 51,150 are considered important levels.
Nifty Future (24,529.85):- It is moving upward from the bottom of 21,265. It shows overbought
positions on daily, weekly, and monthly basis. The levels of 24,660 and 24,838 are considered
important on the upward movement. It indicates weak positionif it falls below 24,504 and 24,390.
Following that, 24,210, 24,000, and 23,800 are considered important levels.
HCL Technologies (1594.55):- It is moving upward from the bottom of 1,235. It shows over-
bought to neutral positions on daily, overbought on weekly, and neutral positions on monthly ba-
sis. The levels of 1,600 and 1,636 are important on the upward movement, with potential up to
1,646 and 1,975. Support is seen at 1,564 and below 1,555.
IOB (64.48):- It is showing a slow recovery from the bottom of 62. It shows neutral positions on
daily, oversold on weekly, and overbought to neutral positions on monthly basis. The levels of 72
and 75 are important on the upward movement, with potential up to 79 and 83.75. Support is seen
at 62. Results will be announced on Monday.
Infosys (1792.95): It is moving upward from the bottom of 1,358.35. It shows overbought posi-
tions on daily and weekly, and neutral positions on monthly basis. Potential up to 1,826 and 1,870
on the upward movement. Support is seen at 1,765 and below 1,719.
UCO Bank (55.06): It is sideways from the bottom of 50. It shows neutral positions on daily, and
overbought to neutral positions on weekly and monthly basis. The levels of 62, 65, and 70 are
important on the upward movement. Support is seen at 53. Results will be announced on Monday.
Wipro (557.20): It is moving upward from the bottom of 417. It shows overbought positions on
daily and weekly, and neutral positions on monthly basis. Potential up to 580, 587, 610, 635, and
650 on the upward movement. Support is seen at 555 and below 545.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
: Golden quotes :
The way to become rich is to put all your eggs in one basket and then watch that basket
Financial Weekly TM

Sarveshwar Foods Ltd - BSE: 543688 NSE: SARVESHWAR - CMP - Rs.9.13
Enters into strategic partnership with Boomitra to Drive
Sustainable Agriculture Practices and Empower Farmers
Launches GHG Reduction Initiative with Local Farmers
Corporate SCAN
Sarveshwar Foods Limited (BSE: 543688,
NSE: SARVESHWAR), engaged in the busi-
ness of manufacturing, trading, processing, and
marketing of branded and un branded basmati
and non basmati rice and other products in the
domestic and international markets has entered
into partnership with Boomitra O2C Tech India to revolutionize sustainable
agricultural practices. This landmark agreement also aims to boost productiv-
ity, improve soil health, and generate income through sale of carbon credits for
Sarveshwar Foods Ltd and ~17,000+ farmers covering 45,000 acres associ-
ated with Sarveshwar Foods Ltd.
This partnership marks a significant leap towards sustainable agriculture.
Boomitra, a leader in the soil carbon marketplace, will bring its expertise to
help farmers associated with Sarveshwar Foods Ltd adopt regenerative agri-
cultural practices. By promoting sustainable farming, the initiative aims to en-
hance productivity, improve soil health, reduce the carbon footprint, and gen-
erate additional income for farmers. Farmers and Sarveshwar Foods Ltd will generate additional revenue
through the sale of carbon credits generated by the GHG reduction initiatives. The partnership highlights
the joint commitment of Sarveshwar Foods Ltd and Boomitra to environmental sustainability, the economic
empowerment of farmers, and the promotion of regenerative agricultural practices in India.
Boomitra is the leading international soil carbon marketplace. Powered by AI and remote sensing technol-
ogy, it empower farmers and ranchers to transform agricultural practices, earn new streams of income, and
create a thriving planet. Boomitra sells the carbon credits to corporations and governments worldwide, en-
abling them to meet their sustainability goals. The majority of the proceeds from each carbon credit sold is
given directly to the farmers, allowing them to re?invest in themselves and their communities. With over 5M+
acres currently under management, Boomitra is working with farmers and ranchers to accelerate carbon
removal on a gigaton?scale, while helping them produce more with less.
Sarveshwar Foods Limited (SFL) is an ISO 22000:2018 and USFDA (United States Food and Drug
Administration) certified company. SFL also has BRC (biggest global standard for food safety), Kosher,
NPPO USA & CHINA along with NOP-USDA Organic certifications for its products. The Company is
mainly engaged in the business of manufacturing, trading, processing, and marketing of branded and
un?branded basmati and non?basmati rice in the domestic and international markets. Our operations are
based out of the Jammu Region in the State of Jammu and Kashmir. SFL has sustainable and eco+ve
legacy of serving healthy and tasty rice for more than 130 years and in last couple of decades proliferated
its heritage to other premium categories of FMCG and Organic products. SFL belongs to the lands in
foothills of Himalayas which is nourished by fertile mineral rich soil, organic manure and snow melted
waters of river Chenab, wherein without using any artificial fertilizers and chemicals, they produce full
range of 'ORGANIC' products, being sold with brand name 'NIMBARK' conceptualised to spread the
philosophy of the 'SATVIK' conscious lifestyle. To sell its products, SFL has adopted 3 way strategies, first
through conventional channels, another to have its own retail outlets, and to tap young and techsavvy
generations' growing tendency of buying products online.
***
Financial Weekly TM

Dilip Davda
Expert’s Eye
Is market giving up?

Friday panic has some indications
The Concluded week :- The truncated week with just four sessions though posted gains for first three
sessions, it gave up and lost heavily in the final session of the week. As usual, we marked new all-time-high
making in this truncated with a wild swing both sides. In fact, the market has turned expensive and over-
heated discounting all near term positives including the likely budget sops. It appears that markets have
discounted progress of monsoon as well.
Surprisingly FIIs were the net buyers while DIIs were the net sellers for the entire week. Market breadth
remained marginally positive for the first two sessions and hugely negative for the last two sessions. This
indicated that market is overdue for correction and that is what we have seen for the final settlement with big
single day losses, opined market grapevine.
For the concluded week, we marked indices movement as per table given below:
During the week, BSE Sensex moved between 81587.76 - 80390.37, and NSE Nifty hovered between
24854.80 - 24504.45.
For the truncated week while BSE Sensexmarked a net weekly GAINs of 85.31 points, NSE Nifty posted
rise of 28.75 points.
Monday :Markets opened on a positive note and after trading in green, it closed with some gains. BSE
Sensex scored 145.52 points to close at 80664.86, and NSE Nifty gained 84.55 points to end the day at
24586.70. With Mid and Small cap outperforming benchmarks, market breadth remained marginally posi-
tive. FIIs were the net buyers and DIIs were the net sellers for the day.
Tuesday :Second session also marked flat but green opening and after trading both ways, it finally
closed with minor gains. BSE Sensex gained just 51.69 points to end the day at 80716.55, and NSE Nifty
scored mere 26.30 points to close at 24613.00. Market breadth remained marginally positive with Mid cap
underperforming and Small cap outperforming

BONUS ANNOUNCEMENT EX-BONUS
Ujaas Energy (1 for 4), MM Forging. benchmarks.
Franklin (1 for 1), Wednesday : Stock market holiday: NSE,
BONUS MEET
Bigbloc Const (22.07.24), BSE to remain shut today on account of Muharram
EX-SPLIT VST Ind. (25.07.24),
Elecon Engg, KPI Green.
2024
IFL Enterprises (31.07.24)
Thursday : BSE Sensex gained 626.91 points
DIVIDEND ANNOUNCEMENTS end the day at 81343.46 and NSE Nifty jumped
Bhansali Engg (100%), Brigade Enter (20%), Coral Lab (20%), Hatsun
Agro (600%), PFC (25%), CRISIL (800%), D B Corp (70%), Astra Micro
(100%), Menon Bearings (200%), Cont...
Financial Weekly TM

to 187.85 points and closed at 24,800.25 levels.
Friday : The benchmark indices fell from their record highs on across the board sell-off on Friday.
Analysts attributed Friday’s market crash to profit-booking amid a correction in the global markets. Sensex
ended 739 points lower at 80,604 and Nifty lost 270 points to 24,530 today. Earlier in the day, Sensex
scaled a record high of 81,587 and Nifty reached its all-time peak of 24,854.
The Ensuing week :- Brent Crude oil eased a bitto end the week around 85.60$ a barrel and Rupee
moved in a narrow range to close Rs. 83.55 a dollar by weekend. Market men has on radar monsoon
progress and the budget proposals which is scheduled on July 23, 2024. A pre-budget rally may continue
for a while.
We have 340+ corporate meetings in the ensuing week that will keep market on a stock specific mode
as usual.
Amidst such a scenario BSE Sensex may move in the rage of 82250 - 79250 and NSE Nifty in the range
of 25250-23750.
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).
Nifty & Sensex Movement during the week

Sensex Open High Low Close Diff
15-07-2024 80,686.54 80,862.54 80,556.97 80,664.86 145.52
16-07-2024 80,731.49 80,898.30 80,598.06 80,716.55 51.69
17-07-2024 Muharram Holiday NA
18-07-2024 80,514.25 81,522.55 80,390.37 81,343.46 626.91
19-07-2024 81,585.06 81,587.76 80,499.10 80,604.65 -738.81
Net Weekly Gains 85.31
NSE - Nifty Open High Low Close Diff
15-Jul-24 24,587.60 24,635.05 24,522.75 24,586.70 84.55
16-Jul-24 24,615.90 24,661.25 24,587.65 24,613.00 26.30
17-Jul-24 Muharram Holiday NA
18-Jul-24 24,543.80 24,837.75 24,504.45 24,800.85 187.85
19-Jul-24 24,853.80 24,854.80 24,508.15 24,530.90 -269.95
Net Weekly Gains 28.75
Cont...
Financial Weekly TM

Manglam Infra and Engineering Limited
Enters into the capital market through SME IPO
Manglam Infra And Engineering is coming out with an SME IPO. It will issue
4,932,000 equity shares of Rs. 10 each. It will raise Rs 27.62 crore at the
upper cap. Issue price band is Rs. 53 - Rs. 56 per share. The issue opens on
July 24, 2024, and will close on July 26, 2024
Manglam Infra And Engineering IPO Details

Corporate Feature IPO Date : July 24, 2024 to July 26, 2024
Listing Date : July 31, 2024
Objects of the Issue Face Value : Rs 10 per share
Price Band : Rs 53 to Rs 56 per share
1. To meet the working capital requirements. Lot Size : 2000 Shares
2. General corporate purposes Total Issue Size : 4,932,000 shares
(aggregating up to Rs 27.62 Cr)
Manglam Infra and Engineering Limited has over a decade of
Fresh Issue : 4,932,000 shares
experience in providing project management consultancy ser-
(aggregating up to Rs 27.62 Cr)
vices in the infrastructure sector. Their expertise spans across
various sectors, including Industrial Buildings, Roads, Bridges,
Issue Type : Book Built Issue IPO
Geotechnical Investigation, Quality Control Testing, and Inspec- Listing At : NSE SME
tion Services, ensuring comprehensive coverage of infrastruc- Share holding pre issue : 12,664,700
ture needs. Manglam provides integrated, state-of-the-art tech- Share holding post issue : 17,596,700
nical assistance and engineering consultancy solutions for high- Market Maker portion : 524,000 shares
ways, expressways, industrial buildings, bridges, tunnels, public Giriraj Stock Broking
health engineering, and rural & urban infrastructure, including Lead Manager : Unistone Capital Pvt Ltd
water resources and solid waste management. Registrar : Bigshare Services Pvt Ltd
With a presence in more than 10 states across India, they
have demonstrated extensive reach and influence in the infra-
structure sector, showcasing their capability to manage diverse
and large-scale project. As of 31st May 2024, Manglam Associ-
ates has completed 127 projects and is managing 45 ongoing
projects, supported by a team of over 300 qualified profession-
als, with an order book totaling Rs 7,890.87 lakhs. They under-
take various projects independently as well as through joint ven-
tures and Memorandums of Understanding (MoUs) with other
industry players, allowing them to enhance their capabilities and offer flexible solutions to their clients. Through their significant contributions to
major infrastructure projects, they have solidified their reputation and reliability as a trusted consultancy partner, committed to adding value and
driving success for their clients.
Manglam Infra And Engineering is coming out with an SME IPO. It will issue 4,932,000 equity shares of Rs. 10 each. It will raise 27.62 crore
at the upper cap. Issue price band is Rs. 53 - Rs. 56 per share. The issue opens on July 24, 2024, and will close on July 26, 2024. The minimum
application to be made is for 2000 shares and in multiples thereon, thereafter. Post allotment, shares will be listed on NSE SME Emerge.
Company’s expertise spans across various sectors, including Industrial Buildings, Roads, Bridges,
Geotechnical Investigation, Quality Control Testing, and
Inspection Services, ensuring comprehensive coverage of infrastructure needs
Cont...
Financial Weekly TM

Manglam Infra and Engineering Limited has over a FINANCIAL SUMMARY
decade of experience in providing project manage- Particulars (Rs in Lakhs) 2024 2023 2022
ment consultancy services in the infrastructure sector Revenue from Operations 4,024.36 3,441.88 2,581.16
Other Income 26.43 36.26 97.2
Total Income 4,050.79 3,478.14 2,678.36
Operating EBITDA 1,037.79 869.94 469.48
PAT 676.41 554.16 332.96
Net Worth 1,710.20 1,025.95 778.69
Long Term Borrowings 138.94 31.47 36.26
Short Term Borrowings 308.37 194.44 150.65
Total Borrowings 447.31 225.91 186.91
Unistone Capital Private Limited is the sole Lead Manger of Operating EBITDA Margin (%) 25.79% 25.28% 18.19%
the issue and Bigshare Services Private Limited is the Regis-
PAT Margin (%) 16.81% 16.10% 12.90%
trar to the Issue.
Manglam has demonstrated consistent growth in terms of
ROE (%) 49.44% 61.42% 53.46%
revenues and profitability. The total revenue has increased ROCE (%) 44.95% 67.04% 54.04%
from Rs 2,581.16 lakhs for Fiscal 2022 to Rs 4,024.36 lakhs for Debt to Equity ratio 0.26 0.22 0.24
Fiscal 2024, at a CAGR of 22.98%. The net profit as restated
has increased from Rs 332.96 lakhs for Fiscal 2022 to Rs Management of Manglam Infra and Engineering
676.41 lakhs for Fiscal 2024, at a CAGR of 42.53% in last 3
years. The ongoing projects, comprising anticipated revenues Ajay Verma
from the unexecuted portions of existing contracts as of May Promoter and Managing Director
31, 2024, was approx.Rs 7,890.87 Lakhs. He holds a Bachelor of Engineering from and Master
The company's services include DPR and feasibility stud- of Technology in Civil Engineering from NIILM University,
ies, Operations & Maintenance Works, Project Management Kaithal. He has over 13 years of experience in this infra-
Consultancy, Independent Consultancy, Project Planning, De- structure consultancy services. He specializes in liaising
signing, Estimation, Supervision and Quality Control, Authority with both government and non-government entities and
Engineer Supervision, Independent Engineer Services, Traffic has been involved in projects of various scales.
and Transportation Engineering, Financial Analysis, Technical Yogendra Kumar Singh
audits, Structural Audit, Inspection of bridges & Roads. Promoter, Chairman and Whole-time Director
The company has provided services in states like Madhya He holds a Diploma Bachelor degree of Industrial and
Pradesh, Jammu & Kashmir, Bihar, Arunachal Pradesh, Civil engineering and degree of Master of Science in En-
Jharkhand, Himachal Pradesh, Uttar Pradesh, Manipur, gineering from Donbas State Academy of Civil Engineer-
Nagaland, Maharashtra, Assam, Rajasthan, Uttarakhand, and ing and Architecture. He has more than 25 years of expe-
Haryana. In total, they have completed 127 projects. Out of rience in the field of infrastructure consultancy services.
these, 116 projects were done independently, and 11 projects
were completed through joint ventures and MoUs with the cen- Nisha Singh - Promoter
tral government. As of May 31, 2024, the company has 272 Aged 48 years, is the promoter of the company.
employees out of which 159 are qualified engineers. She is a graduate with a Bachelor of Arts from Magadh
Manglam’s strategic focus will be shifting from solely pro- University. She possesses more than decade of ex-
viding infrastructure consultancy services to more compre- perience in Human Resource Management. Since
hensive approach that includes the execution of projects. It 2010, she was responsible for sourcing, staffing,
looks to develop a holistic service model that integrates scoping and on boarding candidates. She was erst-
consultancy services with project execution, providing clients while partner in Manglam Associates.
with end-to-end solutions and create synergies between exist-
Seema Verma - Promoter
ing expertise in consultancy and project execution to offer seam-
Aged 43 years, is the promoter of the company. She
less services.
holds a degree of Bachelor of Technology (information
Manglam has a presence across a spectrum of diversified
Technology) from Northeast Frontier Technical Univer-
projects, such as road / highway projects, bridges projects,
sity. She has more than 10 years of experience in the
tunnel projects, building and urban development projects. They
field of Information technology. She was erstwhile part-
provide consultancy services for a wide array of infrastructure
ner in Manglam Associates
projects, including detailed project reports (DPRs), Supervi-
sion and quality control (SQC), and operation & maintenance
(O & M). In total, they have completed 127 projects. Out of these,
The Central government has increased its capital expendi- 116 projects were done independently, and 11 projects
ture allocation to Rs 11.11 trillion (US$ 133.9 billion) for the
fiscal year beginning April 1, 2024, marking an 11.1% increase
were completed through joint ventures and MoUs with
from the previous year and representing 3.4% of GDP, to ad- the central government
vance India's infrastructure and stimulate economic growth.
India has the second-largest road network in the world, span-
ning approximately 6.7 million kilometers, which facilitates the transportation of 64.5% of all goods and accommodates 90% of the country’s total
passenger traffic. The future of India's infrastructure sector looks promising, driven by increased government spending, a vast road network,
and the ongoing improvements in connectivity that support the country's development goals.
***
Financial Weekly TM

Dr. A. K. Asnani
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
Be extra careful while investing in turnarounds

In the dynamic world of finance and investment, understanding the cyclical nature of corporate
performance is crucial. This understanding becomes even more vital when evaluating the behav-
ior of loss-making companies during periods of economic prosperity and downturns.
Economic Prosperity and Corporate Turnaround :- When the economy performs well for an
extended period, even companies that have historically struggled can experience a significant
turnaround. Economic prosperity often leads to increased consumer spending, improved business
conditions, and greater access to capital, which can benefit all companies, including those that
have been loss-making. These companies may witness improved revenues, better cash flows,
and a more favorable market environment, allowing them to recover from previous financial woes.
The Role of Management in Economic Cycles :- However, it is essential to look beyond the
surface and examine the underlying management practices of these companies. I've often ob-
served that management tends to operate as they did in the past, even during times of economic
growth. This can be a critical factor in determining whether the turnaround is sustainable or tempo-
rary.
The Risk of Reverting to Losses :- Companies with management that fails to adapt and inno-
vate are at a high risk of reverting to losses when economic growth slows down.
Over-reliance on Market Conditions : Some management teams rely too heavily on favorable
market conditions to drive their success. When these conditions change, their inability to pivot
quickly can result in financial instability and a return to losses.
The Importance of Adaptable Management :- In contrast, companies with adaptable and for-
ward-thinking management are better positioned to weather economic fluctuations. These man-
agement teams continuously innovate, streamline operations, and develop strategic plans that
consider potential economic downturns. As a result, they can maintain stability and even continue
to grow during challenging times.
Investor Caution: Proceed with Care :- In my investment career of 36 years, I have come
across 100s of temporary turnarounds but only countable permanent turnarounds. Stock investors
should be cautious when investing in companies with a history of losses, even if they show signs
of turnaround during periods of economic growth. The apparent recovery might be short-lived if the
management does not have the capability or willingness to adapt to changing market conditions.
Investors should conduct thorough due diligence, looking beyond short-term performance and fo-
cusing on long-term sustainability.
Happy investing!
Dr. Anil Kumar Asnani
SEBI Reg. Research Analyst
Financial Weekly TM

Kishore Purswani
Buffettology-XVIII
(Does the Business Have an identifiable Consumer Monopoly)
Introduction :- Mary Buffett and David Clark in Chapter sixteen of their book titled
"Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett the World's
Most Famous Investor" have deliberated upon nine questions that can help an investor to identify
a truly excellent business. In the previous article, we deliberated briefly on the nine questions and
in this article we shall discuss the first question in detail.
Does the business have an identifiable consumer monopoly? :- Warren
Buffett describes a consumer monopoly as a business that possesses a dominant market position
due to its strong brand, unique product, or lack of viable competitors, allowing it to control pricing
and sustain high profitability. These companies typically have significant "economic moats," which
are competitive advantages that protect them from rivals and ensure long-term success. Examples
include companies with iconic brands, exclusive products, or substantial customer loyalty that cre-
ate barriers for other businesses to enter or compete effectively in the market.
A consumer monopoly, often characterized by its strong market position and competitive advan-
tages, has several key characteristics. Some of the characteristics are as follows:
Dominant Market Position : A single company or a very few companies dominate the
market, controlling a significant share of the market. IRCTC is a perfect example as it is the only
company which provides rail ticketing services. Google dominates Google in the search engine
market with over 90% market share, making it the go-to search engine for most internet users.
Strong Brand Loyalty : Consumers have a strong preference for the company's products
or services, often due to brand recognition and trust. Coca Cola is a brand which is trusted by
millions of consumers.The brand's strong recognition and customer loyalty make it difficult for com-
petitors to take significant market share.
Pricing Power : The Company can set prices without losing significant market share be-
cause of the lack of viable competitors.Apple can set premium prices for its iPhones due to its
strong brand and loyal customer base, without losing significant market share.
High Barriers to Entry : New competitors find it difficult to enter the market due to high
Cont...
Financial Weekly TM

startup costs, regulatory requirements, or the strong brand presence of the monopolist.Boeing and
Airbus in the commercial aircraft industry are the perfect examples. The high costs of research and
development, manufacturing, and regulatory approvals create significant barriers for new competi-
tors.
Unique Product or Service : The Company offers a product or service that is unique or
superior to what competitors can offer, often protected by patents, trademarks, or proprietary
technologies.Microsoft offers a comprehensive and widely used suite of office productivity tools
that are difficult for competitors to match in terms of functionality and integration.
Economies of Scale : The Company can produce goods or services at a lower cost per
unit due to its large scale of operation, further discouraging new entrants.Walmart's vast network of
stores and its ability to buy in bulk allows it to offer lower prices than smaller competitors.
Network Effects : The value of the company's product or service increases as more people
use it, making it difficult for competitors to attract customers away.WhatsApp provides a platform
whose value increases as more users join, making it the primary social network where people
connect with friends and family.
Sustained Competitive Advantage : The Company has long-term advantages that
protect its market position and profitability, often referred to as "economic moats" by Warren
Buffett.Amazon's logistics network, vast product selection, and customer service provide a sus-
tained competitive advantage over other online retailers.
Regulatory Environment : Sometimes, regulatory factors contribute to the monopoly,
such as government grants, exclusive licenses, or natural monopolies in utilities and
infrastructure.Utility companies like HPCL, BPCL, IOC, etc. operate as a regulated monopoly pro-
viding petrol and diesel without competition due to regulatory protection.
Conclusion :- These characteristics allow a consumer monopoly to maintain its dominant
position and profitability over time, providing a strong, stable investment opportunity as described
by Warren Buffett. The examples illustrate how consumer monopolies leverage their unique char-
acteristics to maintain a dominant market position and competitive edge.
Happy Investing!
Kishore Purswani
M No 9425604104,
Mail id: kishore.purswani@gmail.com
Financial Weekly TM

Scrip Watch - Siddharth Shah
Dalmia Bharat (Rs 1817.00) :- Cement producer Dalmia Bharat reported an 8 per cent
rise in its profit after tax (PAT) attributable to the owners of the company in the June 2024 ended
quarter. The company said the quarter also included a one-time provision related to its impending
deal with Jaiprakash Associates. For the quarter under review, Dalmia Bharat reported a PAT of
Rs 141 crore, up from Rs 130 crore a year ago. Income from operations was flat at Rs 3,621 crore.
Reported PAT, the company said, was flat at Rs 145 crore, against Rs 144 crore a year ago. The
exceptional items for the quarter, the company said, also include an impact of Rs 84 crore on
account of a one-time provision being created with Jaiprakash Associates, which is undergoing
insolvency proceedings. Earnings before interest, taxation, depreciation and amortisation (Ebitda),
the company said, increased 9.2 per cent to Rs 669 crore. The company said its installed cement
capacity at present stands at 46.6 million tonnes per annum (MTPA). In the quarter under review,
cement sale volumes rose 6.2 per cent to 7.4 MTPA. Buy.
LTI Mindtree (Rs 5760.00) :- LTI Mindtree, last week, reported a consolidated net profit
of ?1,134 crore for the quarter ended June 30, 2024 — down by 1.5 per cent from ?1,152 crore
reported by the company in the year-ago period. The revenue from operations for the reported
quarter stood at ?9,143 crore, higher by 5 per cent y-o-y compared to ?8,702 crore reported in the
corresponding quarter of the last financial year. Anticipating better demand, LTI Mindtree hired
14,000 freshers in Q1FY25. The utilisation of trainees increased to 88.3 per cent from 86.9 per cent
in the previous quarter. The company’s board of directors granted approval to set up a wholly-
owned subsidiary in Brazil, with an initial investment of $1 million. Revenue for its BFSI segment
witnessed 35.2 per cent y-o-y growth. The Technology, Media & Communications segment growth
was reported at 25.6 per cent. The Manufacturing & Resources segment growth was reported at
18.5 per cent. The Consumer Business segment growth was reported at 14.5 per cent. The com-
pany managed to crack four new deals in the quarter gone by, including one from a major US
airline. A leading Japanese automotive company also awarded LTIMindtree a multi-year service
desk support contract. Buy this IT stock for medium to long term perspective.
Bharti Airtel (Rs 1461.00) :- After the revision of tariff plans, Bharti Airtel has now intro-
duced new data booster packs to enable users on plans without Unlimited 5G benefits to upgrade
their plans and avail themselves of Unlimited 5G data benefits. At the time of the tariff revision, Airtel
announced that only users on plans with 2GB of data per day or more would enjoy Unlimited 5G Data
benefits. However, for customers who are missing out on unlimited 5G benefits, Airtel has now launched
new data booster packs for users on 1GB per day and 1.5GB per day plans to upgrade to unlimited
5G. Airtel has launched three new data booster packs. These upgrade packs, priced at Rs 51, Rs
101, and Rs 151, can be activated on existing data packs to enable customers to enjoy unlimited 5G
data benefits. Airtel stated that the upgrade plans also offer additional 3GB, 6GB, and 9GB of data on
top of the unlimited 5G data benefit for the rest of the current plan validity. Airtel has recently revised
its 1GB per day and 50GB bulk data packs,. Now, the launch of these new data upgrade packs will
help users without Unlimited 5G data benefits to upgrade and enjoy these missing benefits.It will
increase its customer base as well its revenue and profit also. Buy.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly TM

PTC Industries Ltd - CMP - Rs. 13,576
BSE: 539006 NSE: PTCIL
PTC Industries Ltd. Board Approves
Rs. 700 Cr Fund Raise through QIP
Corporate SCAN
PTC Industries Limited (BSE: 539006, NSE: PTCIL), a
leading Indian manufacturer of precision metal components
for critical applications, has announced that its board has
approved Raising of funds, aggregating up to Rs. 700 Crores
through Qualified Institutions Placement (QIP), subject to nec-
essary approvals including the approval of the members of
the Company and such other regulatory/ statutory approvals
as may be required.
Recently, Aerolloy Technologies Limited (a wholly owned
subsidiary of PTC Industries Ltd. {ATL}), a manufacturer of
strategic and critical materials and high integrity metal com-
ponents, for various critical and super-critical applications in
aerospace, announced that we it has successfully developed
the most advanced casting technology for manufacturing
Single Crystal and Directionally Solidified blades and vanes
for Aero-engine and Industrial Gas Turbine applications. The
company has setup this manufacturing capability at its Lucknow facility. This technological know-how makes PTC the only
company to have this capability in India and amongst very few in the world. This technology till now has been kept very closely
guarded and access to this technology has remained restricted for any country in the developing world. Creation of this indig-
enous capability by the company is a of major milestone for the company in achieving its overarching objective (Dharma) - to
achieve Parity.
This capability and its related infrastructure will enable the company to produce Airfoils (blades and vanes) with complex
internal hollow cooling passages while having highly specialized microstructures like Single Crystal or Directionally Solidified.
This manufacturing technology is extremely specialized and has traditionally been closely guarded by industry leaders in 3
- 4 countries worldwide. With this strategic advancement, the company is now among very few companies in the world to have the
technology and capability to manufacture and deliver these most advanced metallurgical components.
In order to achieve higher levels of efficiencies Aero-engines and Industrial Gas Turbines need to operate at very high
temperatures, in excess of 2500 degrees Celsius, in the combustion and exhaust (hot section) portions. Airfoils (blades and
vanes) which are used in this "hot section" need to withstand these extremely high operating temperatures (at which any metal
alloy would melt) and simultaneously intensely high rotational forces. Single Crystal and Directionally Solidified castings are
advanced casting techniques used to manufacture metal components with exceptional strength and resistance to very high
temperatures. Using these technologies castings can be produced having a microstructure with no grain boundaries (Single
Crystal) or aligned grains (Directionally Solidified). These metallurgical properties in the Airfoil castings significantly enhance
their performance in demanding environments such as aircraft engine turbines, where they help improve efficiency and reliabil-
ity. Airfoils (blades and vanes), used in such demanding applications and environment, utilise these metallurgical properties of
Single Crystal or Directionally Solidified microstructures along with capability to cast internal hollow cooling passages to operate
at such high temperatures and high loads.
PTC Industries Limited is a leading Indian manufacturer of precision metal components for critical applications for over 60
years. Through its wholly owned subsidiary Aerolloy Technologies Limited, the company is manufacturing and supplying Tita-
nium and Superalloy castings for Aerospace and Defence applications within India as well as for exports. The company is
substantially expanding its Aerospace castings capability by making a multi-million-dollar investment in a new state-of-the-art
manufacturing facility at the newly acquired 50 acres land in the Lucknow node of the Uttar Pradesh Defence Industrial Corridor.
This facility will be a fully vertically integrated with a Titanium and Superalloy Mill, producing aerospace grade ingots, billets, bars,
plates and sheets in these critical and strategic materials.
***
Financial Weekly TM

Market Tips - Het Zaveri
UltraTech Cement (Rs 11268.00) :- UltraTech Cement reported a flattish consoli-
dated net profit of Rs 1,695 crore for Q1FY25 compared to Rs 1,690 crore a year ago. UltraTech’s
April-June quarter consolidated revenue rose about 2 percent from a year ago to Rs 18,069 crore.
The cement maker’s revenue from operations stood at Rs 18,070 crore, a 2 percent increase from
Rs 17,737 crore reported by the company in the corresponding quarter of the last financial year. Its
Profit After Tax (PAT) for the period, stood at Rs 1,695 crore. On the operational front, the cement
maker saw its domestic sales volume register a 6 percent growth on year-on-year (YoY) basis.
Energy costs were lower by 17 percent YoY, mainly on account of reduced fuel prices. Raw mate-
rial costs marginally rose by 1 percent, attributable to the increase in the cost of fly ash and slag.
The company's grey cement capacity expanded by 8.7 MTPA, taking its total grey cement capacity
of the company to 149.5 MTPA in India. Invest.
Dabur India (Rs 633.00) :- FMCG maker Dabur India is optimistic of a gradual uptick in
consumption this fiscal and expects its power brands to drive growth as it expands deeper into the
hinterland. Dabur expects an improvement in rural consumption, where it will continue to expand
its footprint, while for urban markets, it will increase play by adding more premium offerings and
entering into adjacent categories. Dabur's portfolio currently includes nine distinct power brands
eight in India and one in the overseas markets, which together account for around 70 per cent of its
total sales. As part of its growth strategy, Dabur is also focusing on new-age channels like Quick
Commerce, besides traditional channels. There has also been the emergence of Quick Commerce
as a robust channel, which has seen exponential growth. Over the rural market, the company said
the continued focus of the current government on infrastructure development, support to rural in-
comes and expectation of a normal monsoon bode well for a recovery. Four of its Power Brands -
- Dabur Chyawanprash, Dabur Honey, Dabur Red Toothpaste and Real juices -- account for 50
per cent of its consolidated revenue and 58 per cent of total production. Now, 20 of Dabur's brands
are part of the billion-rupee turnover Club. Buy.
Godrej Properties (Rs 3246.00) :- Realty firm Godrej Properties recently acquired a
7-acre land in Bengaluru to develop a luxury housing project with an estimated revenue of Rs
1,200 crore. This 7 acres of land is in Thanisandra, North Bengaluru on an outright basis. The
development on this land will comprise a high-end residential project featuring premium residen-
tial apartments of various configurations. The proposed project is estimated to have a developable
potential of about 9 lakh square feet with a revenue potential of around Rs 1,200 crore. In a sepa-
rate filing, Godrej Properties said it will develop an 11-acre land parcel in Hinjewadi, Pune. The
development on this land will comprise primarily group housing and high street retail. The project
will have a developable potential of around 2.2 million square feet with an estimated revenue of
around Rs 1,800 crore. In this bull market, Godrej is on high growth trajectory. Accumulate
Financial Weekly TM

SMART TIPS Smita N. Zaveri
L&T Finance (Rs. 183.00) (Code: 533519) :- The shares of this company are listed in
the A group and touched a 52-week high of Rs. 194 and a low of Rs. 117. Promoter holding is 66.37% and
public shareholding is 33.63%. The company started with financing farm equipment and commercial ve-
hicles, before entering the housing finance business in 2012. It acquired Indo Pacific Housing Finance
Limited and Family Credit Limited in the same year. The company has increased its focus and lending to
rural and housing segments. The company’s market cap is Rs. 43,684 crore. Its equity is Rs 2488 crore
and reserves are Rs. 20,949 crore. In the March quarter, its income increased from Rs. 3417 crore to Rs.
3677 crore and profit from Rs. 415 crore to Rs. 553 crore. The company has recently launched a super bike
loan, with interest rates starting at 5.99%, for 60 months. The company’s two-wheeler loan book has in-
creased from Rs. 8716 crore to Rs. 10447 crore in the last year. The stock can be seen at fresh highs in the
short term.
Manappuram Finance (Rs. 228.00) (Code: 531213) :- The shares of this NBFC are
listed in the A group and have a face value of Rs. 2. The shares touched a 52-week high of Rs. 229 and low
of Rs. 124. The company is largely based in South India and offers gold loans and loans for housing and
commercial vehicles. It is focusing more on the housing finance segment. It has 4,300 branches and added
3.25 lakh new customers. The number of live gold loan customers is more than 26.3 lakh. Its subsidiary
Ashirwad Microfinance registered 57.18% growth. Promoter holding is 35.20% and public shareholding is
64.80%. Its market cap is Rs. 13,333 crore. Its equity is Rs. 169 crore and reserves are Rs. 11,378 crore.
For the March quarter, Manappuram Finance's income increased from Rs. 1798 crore to Rs. 2362 crore
and profit from Rs. 415 crore to Rs. 563 crore.
Indus Tower (Rs. 419.00) (Code: 534816) :- Promoted by Bharti Airtel, Bharti Infratel
was among the largest telecom tower companies globally but was merged with Indus Towers. The A group
listed shares touched a 52-week high of Rs. 424 and a low of Rs. 157. It has over 2.04 lakh towers in 22
telecom circles. Its equity is Rs. 2695 crore and its reserves are Rs. 24,343 crore. Promoter holding is
68.99%. FIIs and DIIs own 20.71% and DIIs 7.08% shares respectively. The company’s market cap is Rs.
1,10,330 crore. Writing off dues of Vodafone had impacted Indus Towers’ numbers, but the situation has
improved now. The company registered income of Rs. 7638 crore and profit of Rs. 1853 crore in the March
quarter. It should benefit from the growth of Airtel and Vodafone Idea.
Ashok Leyland (Rs. 228.00) (Code: 500477) :- The stock had fallen to Rs. 12 in August
2013, from where it has risen manifold. A part of the Hinduja Group, the company makes commercial vehicles.
The company reported consolidated income of Rs. 13,613 crore and net profit of Rs. 927 crore for the March
quarter. Its equity is Rs. 293.55 crore and reserves are Rs. 8710 crore. Promoter holding is 51.52%. FIIs and
DIIs own 21.45% and 12.23% shares respectively. The company’s market cap is Rs. 65,761 crore. The stock
is trading near its highs but has the potential to rise further. The company’s ROE is 28.8% and ROCE is
15.2%. The company has partnered with Bajaj Finance, a part of Bajaj Finserv, to provide financial solutions
for vehicles. The partnership will enable both Ashok Leyland and Bajaj Finance to offer customised and seam-
less financial solutions to customers.
Financial Weekly TM

Smart super duper - Het Zaveri
Birla Soft (Rs 724.00) (Code: 532400) : Listed in the 'A' group on BSE, the face value of
this company's shares is Rs 2. During the year, the share price ranged from a high of Rs 861.6 to a low of Rs
375.2. At the current price, the company's market cap is Rs 20,604 crore. The company is part of the S&P BSE
50 index. Birla Soft was formed a few years ago after separating from KPIT Technologies. The promoters hold
a 40.90% stake, FIIs 18.82%, DIIs 20.89%, and the public 19.38%. The company's equity is Rs 55 crore, with
reserves of Rs 2,989 crore. In the March quarter, revenue increased from Rs 1,226 crore to Rs 1,363 crore,
and profit rose to Rs 180 crore from Rs 112 crore in the previous year's March quarter. In the financial year
2024, the company achieved revenue of Rs 5,678 crore and a profit of Rs 624 crore. The company reported
an EPS of Rs 22.61, and at the current price, the stock is trading at a PE of 33.4. The financial year 2024
performance was the strongest in the company's history, with an operating profit of Rs 836 crore. The company's
ROI is 22.7 and ROCE is 30.1. The book value of the company's shares is Rs 110. The company provides
various services, including computer programming, consultancy, and software development. The stock is still
inexpensive compared to its peers and can be considered for attention at lower levels.
India Cement (Rs 346.00) (Code: 530005) :- Promoted by S. Srinivasan, this company
mainly sells cement in South India but is now expanding its business in Western India as well. Listed in the 'A'
group on BSE, the face value of this company's shares is Rs 10. During the year, the share price ranged from
a high of Rs 354.65 to a low of Rs 172.55. The company, which is over six decades old, has 8 plants in South
India, 1 in Maharashtra, and 1 in Rajasthan. The company's equity is Rs 309.90 crore, with reserves of Rs
5,265 crore. Promoters hold a 28.42% stake, and the public holds 71.58%. The company has been facing
high debt for a long time, and its results have been weak. In the financial year 2024, the company reported
revenue of Rs 5,112 crore, an operating profit of Rs 99 crore, and a loss of Rs 227 crore. Business tycoon
RadhakishanDamani had a significant stake in this company, from which UltraTech Cement acquired up to a
23% stake. At the current price, the company's market cap is Rs 10,535 crore.
JK Paper (Rs 551.00) (Code: 532162) :- Part of the JK Corporation Group, JK Paper is a
leading paper company in India. The group also owns listed companies like JK Tyre and JK Lakshmi Cement.
JK Paper produces office paper, packaging boards, printing and writing paper, and specialty paper, with a
capacity of 455,000 TPA. Listed in the 'A' group on BSE, the face value of this company's shares is Rs 10.
During the year, the share price ranged from a high of Rs 639.15 to a low of Rs 312.55. At the current price,
the company's market cap is Rs 9,337 crore. The company's equity is Rs 169 crore, with reserves of Rs 4,900
crore. In the financial year 2024, the company's revenue increased from Rs 6,437 crore to Rs 6,659 crore,
while profit decreased from Rs 1,208 crore to Rs 1,133 crore. The company reported an EPS of Rs 66.22 for
the financial year 2024. The March quarter results were weak, with revenue remaining steady at Rs 1,719
crore and profit decreasing from Rs 284 crore to Rs 279 crore. The company achieved an EPS of Rs 16.27 for
the March quarter. At the current price, the stock is trading at a low PE of 8.07. For the financial year 2023, the
company paid a 80% dividend, and for the financial year 2024, it paid an interim dividend of 35% and declared
a final dividend of 50%. The stock is worth considering if there is a price correction.
Chambal Fertilizer (Rs 489.00) (Code: 500085) :- Listed in the 'A' group on BSE, the
face value of this company's shares is Rs 10. During the year, the share price ranged from a high of Rs 575 to
a low of Rs 250.2. At the current price, the company's market cap is Rs 19,620 crore. Promoters hold a
60.70% stake, FIIs 15%, DIIs 7.07%, and the public 17.25%. The company's equity is Rs 401 crore, with
reserves of Rs 6,873 crore. In the March quarter, revenue decreased from Rs 3,599 crore to Rs 2,643 crore,
while profit increased from Rs 94 crore to Rs 97 crore. In the financial year 2024, revenue decreased from Rs
27,773 crore to Rs 17,966 crore, while profit increased from Rs 1,034 crore to Rs 1,276 crore. For the finan-
cial year 2023, the company paid a 75% dividend, and for the financial year 2024, it paid an interim dividend
of 45% and declared a final dividend of 30%. The company produces various fertilizers and chemicals and has
2 plants in Kota, Rajasthan. The company manufactures DAP, MOP, SSP, various pesticides, and seeds.
Margins have been under pressure for the past few quarters, resulting in significant correction in the stock.
Financial Weekly TM

A.J. Diwan (Mumbai)
Diwan-E-Khas
Good investment Shares

There are certain shares looks good for long term investments. The main condition is NDA
should not loose majority in lok Sabah. The government is allocating more funds for infra-
structure development. So cement and steel shares may get strength. The first one is Ambuja
cement. After rainy season, demand may sour and next three months results may surprise
Investors. In a year 25 to 30 % appreciation is possible on conservative basis
In banking ICICI BANK has potential to beat all leading banks. We expect at least rs.200
jump in one year. People assume that SBI electoral bonds issue is over But with strong
opposition, the issue may come up.sbi is not bad but this risk we have to take in account
while investing.
TATA STEEL and motors are good not only to hold but buy on every decline. In a year
Tata steel may go up to 190 or so and motor about, 1300.
RELIANCE expanding in JIO and with increased tariffs, share price may go up to 3350 in
years come.
Although NASDAQ was down in US on last Thursday, We like to support IT Sector:
Infosys, Wipro, TCS and HCL expected to come out with good results so in falling markets
these stocks are worth accumulating slowly for investments. GRASIM is good pick, Get out
of Mother Sumi and Asian paints. LT FINANCE holds with Rs 5 SL.

Financial Weekly TM
V.L. Infraprojects Limited

comes out with an SME IPO
Over the years, it has successfully executed around 30 projects worth Rs. 104.86 cr. Over time, its
execution capabilities have grown significantly both in terms of the size of projects. As of July 13,
2024, it has 15 on-going projects worth approximately Rs. 338.81 Cr. As per RHP
Corporate
Feature
Objects of the Issue
1. To Meet Working Capital
Requirements; and
2. General Corporate Purposes.
V.L. Infraprojects Limited specializes in designing, con-
structing, and commissioning various government projects,
particularly in the water infrastructure and irrigation segments.
It is involved in executing water supply and sewerage infra-
structure projects, including the procurement and installation
V.L.Infraprojects IPO Details
of pipes, construction of civil works, and installation of electro- IPO Date : July 23, 2024 to July 25, 2024
mechanical equipment, as well as providing operations and Face Value : Rs 10 per share
maintenance services for water distribution pipelines. The com- Price Band : Rs 39 to Rs 42 per share
pany is a Government Approved Contractor in “AA” Class with Lot Size : 3000 Shares
the Government of Gujarat and holds various licenses and
Total Issue Size : 4,410,000 shares
registrations in Karnataka, Telangana, and Madhya Pradesh.
Over the years, it has successfully executed around 30 (aggregating up to Rs 18.52 Cr)
projects worth Rs. 104.86 cr. Over time, its execution capabili- Fresh Issue : 4,410,000 shares
ties have grown significantly both in terms of the size of projects (aggregating up to Rs 18.52 Cr)
that it bids for and executes, and the number of projects that it Issue Type : Book Built Issue IPO
executes simultaneously. As of July 13, 2024, it has 15 on- Listing At : NSE SME
going projects worth approximately Rs. 338.81 Cr. As per RHP
VL Infraprojects Ltd. (VLIL) is coming out with an SME
Share holding pre issue : 11,302,500
IPO. It will issue 4410000 equity shares of Rs. 10 each. It will Share holding post issue : 15,712,500
raise Rs. 18.52 crore at the upper cap. Issue price band is Rs. Market Maker portion : 240,000 shares
39 - Rs. 42 per share. The issue opens on July 23, 2024, and Spread X Securities
will close on July 25, 2024. The minimum application to be Lead Manager : Beeline Capital Advisors
made is for 3000 shares and in multiples thereon, thereafter.
Post allotment, shares will be listed on NSE Emerge. The issue
Registrar : Skyline Financial Services
constitutes 28.07% of the post-IPO paid-up capital of the com-
pany. From the net proceeds of the IPO, it will utilize Rs. 14.80
V.L. Infraprojects Limited specializes in design-
cr. for working capital, and the rest for general corporate pur- ing, constructing, and commissioning various
poses.
The issue is solely lead managed by Beeline Capital Advi- government projects, particularly in the water
sors Pvt. Ltd., and Skyline Financial Services Pvt. Ltd. is the
registrar to the issue. Beeline group's Spread X Securities Pvt.
infrastructure and irrigation segments. The com-
Ltd. is the market maker for the company. pany is a Government Approved Contractor in
On the financial performance front, for the last three fiscals,
the company has posted a total income/net profit of Rs. 30.78 “AA” Class with the Government of Gujarat and
cr. / Rs. 0.83 cr. (FY21), Rs. 35.61 cr. / Rs. 1.11 cr. (FY22), holds various licenses and registrations in
Rs. 45.65 cr. / Rs. 2.23 cr. (FY23), and Rs. 114.00 cr. / Rs.
6.14 cr. (FY24). Due to higher spending on infra by state gov- Karnataka, Telangana, and Madhya Pradesh
ernments its FY24 performance marked sharp improvements.
Trends are likely to continue in the near term, opines management.
For the last three fiscals, it has reported an average EPS of Rs. 2.86, and an average RoNW of 28.55%. The issue is priced at a P/BV of 2.90
based on its NAV of Rs. 14.47 as of March 31, 2024, and at a P/BV of 1.89 based on its post-IPO NAV of Rs. 22.20 per share (at the upper cap).
If we attribute FY24 earnings to its post-IPO fully diluted paid-up capital, then the asking price is at a P/E of 10.74.
Cont...
Financial Weekly TM

VL Infraprojects Ltd. (VLIL) is coming out with
an SME IPO. It will issue 4410000 equity shares
Promoters of VL Infraprojects Limited
of Rs. 10 each. It will raise Rs. 18.52 crore at the Mr. Rajagopal Reddy Annam Reddy
Chairman, Managing Director & CEO
upper cap. Issue price band is Rs. 39 - Rs. 42 per • Mr. Reddy completed his Bachelor of Engineering
share. The issue opens on July 23, 2024, and (Mechanical) from Sri Venkateswara University in
will close on July 25, 2024 1998.
• He obtained an MBA from the Indian School of Busi-
For the reported periods, the company has posted PAT ness Management and Administration in 2009.
margins of 2.71% (FY21), 3.11% (FY22), 4.89% (FY23), 5.39% • He has over 20 years of experience in the con-
(FY24), and RoCE margins of 20.24%, 18.41%, 22.97%, 39.09% struction industry.
respectively for the referred periods.
It also provides operations & maintenance services for wa-
Mrs. Mydhili Rajagopal Reddy
ter distribution pipelines. The company began its operations fo- Whole Time Director
cusing on water pipeline projects in Gujarat. It has since ex- • Mrs. Mydhili completed her degree in Bachelor of
panded services to encompass all aspects of road construc- Commerce from Sri Venkateswara University in
tion, irrigation, water infrastructure, and environmental projects. the year 2002.
It has locational presence in the state of Madhya Pradesh, • She is having over 9 years of experience in the
Telangana, Maharashtra, and Gujarat. The company is commit- administration and human resource (HR)
ted to maintaining the highest standards, the same is evident by Mr. Nageswara Rao Repuri
the ISO 9001:2015 certification for quality management, ISO Whole Time Director & CFO
14001:2015 certification for environmental management, and ISO
• Mr. Nageswara completed his degree of Bach-
45001:2018 certification for occupational health and safety man-
elor of Commerce from Andhra University in the
agement systems.
The Vision of the Company is to stride towards becoming a
year 2004.
prominent player in Engineering and Construction Industry. It • He is having over 18 years of experience in the
has focused on its vision and is working with a strategy to tap the Accounting
huge growth potential in the Infrastructure Sector, in India both independently and through collabora-
tions. To achieve this, the company is committed to complete customer satisfaction by creating a
value-driven ethical & professional working environment with well-defined objectives. These goals
would be embracing the principles of engineering excellence, fostering innovation, leadership develop-
ment, employee engagement and encouraging collaborations at all levels.
The company has achieved a great reputation in this field within a short span of time with its strong
& effective management and in time project execution. Company has successfully handled and ex-
ecuted various water infrastructure projects of Gujarat Water Supply and Sewerage Board, Gujarat
Water Infrastructure Limited, Nagarpalikas, Public Works Department (PWD) also with Joint Venture
with Spun pipe Construction co (Baroda Private Limited), HM Electro Mech Limited, Krishna Construc-
tion Co., Partnership Firm.
Out of total revenue from operations more than 50% of revenue originates from Top 10 Customers
consisting of Gujarat Water Supply and Sewerage Board, GKC Projects Limited, Naandi Infratech Private
Limited, Nagarapalika Parishad, Kurwai, Nagarapalika Parishad, Sirmour, Nagarapalika Parishad, Pali and Nagarapalika Parishad, Dhanpuri. Further,
out of its total purchases more than 50% of purchases originates from Top 10 suppliers consisting of The Spunpipe and Construction Company
(Baroda) Private Limited, H.M. Electro Mech Limited, Umiya Steel Corporation, Bajrang Industries, AL Muneer MM Traders, Sri Rama Traders, AL Adil
Traders, Saurashtra Cement Limited, Kamala Paints and Hardware and Jindal Saw Limited. As of March 31, 2024, it had 30 employees on its payroll.
According to the management, it has shifted its focus from small dia pipelines to big dia pipelines projects that gives better margins and going
forward, it is adding other activities like constructions of Roads, Irrigation related services and real estate constructions.
In the Budget 2023-24, India's capital investment for infrastructure has increased by 33% to Rs. 10 lakh crore (US$ 122 billion), accounting for
3.3% of GDP. The Indian Railways received its highest[1]ever outlay of Rs. 2.40 lakh crore (US$ 29 billion), nearly nine times that of 2013-14. The
National Infrastructure Pipeline (NIP) has expanded to 9,142 projects across 34 sub-sectors, with 2,476 projects under development and an
estimated investment of US$ 1.9 trillion. Transportation projects, particularly roads and bridges, constitute nearly half of these under[1]development
projects. So, there is very bright future in Infrastructure space.
***
A GLIMPSE OF COMPLETED PROJECTS A GLIMPSE OF ONGOING PROJECTS

30 Projects Completed worth Rs 10,486.43 Lakhs 15 Projects Ongoing worth Rs 33,880.94 Laksh
Financial Weekly TM

Investment Ideas Nayan Patel
SREE RAYALASEEMA HI-STRENGTH HYPO LIMITED

BSE CODE 532842 & NSE SYMBOL - SRHHYPOLTD
Rs.567 FV.Rs.10
COMPANY PROFILE
Sree Rayalaseema Hi-Strength Hypo Limited, is a part of the TGV group. It is the only Indian
manufacturer of Calcium Hypochlorite and is front ranking producer of Stable Bleaching Powder
(SBP), Monochloro Acetic Acid, Chloro Sulphuric Acid, Sulphuric Acid. It is one of the few compa-
nies in the world that are dedicated to research and development of products in water treatment
and purification. It generates power through wind mill power units located in Tamil Nadu and 10
MW thermal power plant at Gondiparla in Andhra Pradesh.
The various chemicals that
SRHHYPOL manufactures are:
1) Calcium hypochlorite : Calcium hypochlorite is an extremely versatile sanitation and disin-
fection product. SRHHYPOL's Aquafit is a high grade calcium hypochlorite which has very wide
applications in swimming pools and drinking water treatments. It is one of the few in the world
and the only one in India, to manufacturer and export Calcium Hypochlorite of 65% - 70 %
Min Chlorine content.
2) Stable Bleaching Powder : Due to its multi-dimensional properties, it finds ready application
in a range of industries such as textiles, paper, leather, aquaculture and sugar industry. It is even
used for water and sewage treatment.
3) Monochloro Acetic Acid : SRHHYPOL is a front-ranking producer in this product. It is used
by all the leading manufacturers of Non-Steroid Anti-Inflammatory Drugs, pharmaceuticals, pesti-
cides, organic chemicals, etc.
4) Sulphuric Acid : It is used in steel, heavy chemicals and fertilizer industry.
Company has recently started production of Sodium Metal which is only of its king in
India, this speciality Chemical plant is expremely difficult to construct and is very danger-
ous as well. This Sodium Metal plant is likely to be a game changer for the company.
TRIGGERS:
" The demand of Calcium Hypochlorite is growing in domestic and international market as it is
used in cleaning Water.
" Most of the raw materials are easily available locally thus saving their logistic cost. SRHHYPOL
Cont...
Financial Weekly TM

has a distinctive edge in the manufacture of this product because of indigenous raw material
availability and supply of some specialized chemicals by Sree Rayalaseema Alkalies and
Allied Chemicals Ltd.
" It is trading at PE of just 13
" Company has recently started production of Sodium Metal which is only of its king in
India, this speciality Chemical plant is expremely difficult to construct and is very dan-
gerous as well. This Sodium Metal plant is likely to be a game changer for the company.
" Company is for traying into Semi Conductor, any development into further into this segment
would Re-Rate the company
" Promoter of this company hails from Andhra

Pradesh and he has now become Industries Minis-
ter in ChandraBabu Naidu Cabinet.Due to this big
growth possible in next 5 years.
" Company has done multiple expansions across multiple chemicals in last few years
and the fruits of which are likely to come
" According to management, the company gets advance payments even one year prior to deliv-
ery of the products which is a big trigger for the company
" This Debt Free regular dividend paying company posted EPS of Rs 46 for FY24
" Investor can watch SRHHYPOLTD.
Disclaimer: Investing in equity is very risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct & 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. Consult your financial
advisor before taking any position.
Financial Weekly TM

GRM Overseas Ltd - CMP - Rs. 195, BSE: 531449 NSE: GRMOVER
launches "10X Gulistan" Kachi Ghani Mustard Oil
Corporate SCAN
Panipat, Haryana: GRM Overseas Ltd. (BSE: 531449,
NSE: GRMOVER), one of the leading Indian basmati rice
exporters and India's leading food FMCG, has launched
"Gulistan Kachi Ghai Mustard Oil" under its 10X brand portfolio. The mustard oil pack which comes in 1L
bottles and 5L Jars will be available across the country. The launch of Gulistan Kachi Ghani Mustard Oil is
a part of GRM Overseas' aim to strengthen product offerings of its subsidiary GRM Foodkraft Private
Limited (GFK).
The branded Mustard oil retail market is expected to grow at a CAGR of 11% in the next five years. The
key factors driving the demand for mustard oil in India include the shift towards unrefined oils for their
associated health benefits, leading to strongly surging demand from both urban and rural regions.
Commenting on the launch, Atul Garg, Chairman & MD, GRM Overseas said, "We are excited to intro-
duce Gulistan Kachi Ghani Mustard Oil which will further strengthen our position in the fast-growing pack-
aged food industry in the domestic market. Our focus has always been to reach a wide consumer base with
a diverse range of products to strengthen our 10X brand. The launch of Gulistan Kachi Ghani Mustard Oil is
a part of our mission to provide the Indian consumers with a basket of food staples enriched with goodness.
Mustard is the only oilseed native to India and it connects us to Indian roots and farmers as well."
From humble inception in 1974 to redefining itself in the form of GRM, the Company has travelled a long
way since then. Initially set up as a rice processing and trading house, it is growing to become a consumer
staples organisation. During the initial years, GRM exported rice to the Middle East, the United Kingdom,
and the United States. Gradually expanding its reach, GRM has developed a market for its rice in 42
countries, thereby achieving the title of being among the top 5 Rice Exporters in India. GRM has three rice
processing units with an overall annual production capacity of 4,40,800 MT based out of Panipat (Haryana),
Naultha (Haryana) and Gandhidham (Gujarat).

Additionally, the Company has a warehousing
facility of 1.75 Lakhs sq ft space adjacent to the
Gandhidham plant facilitating speedy shipments
from Kandla and Mundra ports.
GRM sells products under its brands, namely
"10X", "Himalaya River" & "Tanoush," and also
sells through private label arrangements under
customers' brands. GRM has endeavoured to
reach consumers directly with its brands and
products in recent years. By placing its prod-
ucts on the shelves of several major retailers in
India and abroad, GRM has ensured that the end
consumer always has easy access to their high-
quality products. The Company aims to deliver
the best quality products to customers with strin-
gent and proactive quality control procedures in
place, according to international requirements.
***
Financial Weekly TM

Primary Market - Dilip K. Shah
The secondary market is currently booming since June,

benefiting the primary market with significant gains
Steps are being taken to control speculative activity and
price manipulation during SME IPOs and listings
Exchanges have now set a cap of five lakh applications for SME IPOs,
which is expected to reduce demand in SMEs
This week, 18 issues are hitting the market, including one main board,
eight SMEs, five rights issues, and four NCDs
SanstarLtd's main board issue of 51025 crore at 90 to 95 will open on July 19 and close on July 23
SAR Televentures' NSE SME issue of 150 crore at 200 to 210
will open on July 17 and close on July 24
VL Infra Projects' IPO, opening on July 23 at 39 to 40, is already seeing strong interest
ManglamInfra's 2762 crore NSE SME IPO will enter the market on July 24
NSE SME's Chetana Education will enter the market on June 24,
and Aprameya Engineering on July 25
BSE SME's 6121 crore VVIP Infratech IPO will open on July 23, and Clinitech Lab will open on July 25
Sahaj Solar's NSE SME IPO, priced at 180, saw a bumper listing with 90% premium
- SanstarLtd's main board IPO was oversubscribed 423 times on the first day
- The allotment listing will be announced soon Indowind Energy's
rights issue of 4830 crore at 50 will open on July 26 and close on August 5
- Currently, four rights issues are in the market: Spright Agro, Mitcon Consult,
Bhandari Hosiery, and SAR Tele
- This week, four more issues from Edelweiss Fin, SMC Global,
Kosamattam Fin, and KLM Aziva will be in the market
- Edelweiss Fin's NCD issue was subscribed 125 times by July 19,
SMC Global 025 times, and Kosamattam Fin 033 times
- Investors are showing strong response to SME IPOs-Sahaj Solar 500 times,
Sati Poly 499 times, Kataria 393 times
- Aley Comm 196 times, PrizorV iztech 214 times, Three M 35 times, and
Tunwal's IPO was subscribed 1231 times
Rajputana Industries
- Ola Electric aims to keep its IPO valuation low:
SME IPO likely to
SAI Life Science has submitted papers to SEBI for its IPO open on 29th JUly
- Northren Are. Capital's IPO has received SEBI approval, with offer price
Milky Mist plans a 2000 crore IPO around Rs 35 to 40
Cont...
Financial Weekly TM

Main - line IPO (Non SME)
Sr Company Issue Open Dt. Issue size Offer price Lead Manager Rating & Remark
Issue Close Dt. (Rs. Cr.) (Rs.) (Out of 50%)
1. Sanstar 19-7-2024 Fresh : 4,18,00,000 Share 90 to 95 Pantomath Capital 33%
Limited 23-7-2024 OFS : 1,19,00,000 Shares FV Rs 2 Registrar : Link Intime Apply for
Total : 5,37,00,000 Shares Medium Term
Total Size : Rs 510.15 Cr
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 SAR (NFO) 22-7-2024 71,42,857 Shares 200 to 210 500 Shares Pantomath 30%
Televentures 24-7-2024 Rs 150 Cr FV Rs 2 Rs 1,05,000 Capital Apply for Long Term
2 RNFI 22-7-2024 67,44,000 Shares 98 to 105 1200 Shares Choice 31%
Services 24-7-2024 Rs 70.81 Cr FV Rs 10 Rs 1,26,000 Capital Apply for Long Term
3 V.L. 23-7-2024 44,10,000 Shares 39 to 42 3000 Shares Beeline 34% ; Apply for Short term
Infraprojects 25-7-2024 Rs 18.52 Cr FV Rs 10 Rs 1,26,000 Capital (Listing Gain)
4 Chetana 24-7-2024 54,00,000 Shares 80 to 85 1600 Shares Hem 28%
Education 26-7-2024 Rs 45.90 Cr FV Rs 10 Rs 1,36,000 Securities Risky Bet
5 Manglam 24-7-2024 49,32,000 Shares 53 to 56 2000 Shares Unistone 31%
Infra 26-7-2024 Rs 27.62 Cr FV Rs 10 Rs 1,12,000 Capital Apply for Long Term
6 Aprameya 25-7-2024 50,40,000 Shares 56 to 58 2000 Shares Hem Next Week
Engg. 29-7-2024 Rs 29.23 Cr FV Rs 10 Rs 1,16,000 Securities
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 V VIP 23-7-2024 65,82,000 Share 91 to 93 1200 Shares Share 32%
Infratech 25-7-2024 Rs 61.21 Cr FV Rs 10 Rs 1,11,600 India Apply for Medium Term
2 Clintech 25-7-2024 6,02,400 Share 96 1200 Shares First 25%
Laboratory 29-7-2024 Rs 5.78 Cr FV Rs 10 Rs 1,15,200 Overseas Clear Avoid
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. Bhandari 8-7-2024 7,66,11,591 6.26 15 Shares for every BSE -- Risky Bet
Hosiery to Shares FV Rs 1 32 shares held on NSE Registrar
Exports 22-7-2024 Rs 48.19 Cr 19-6-2024 Link Intime
2. SAR 15-7-2024 1,50,00,000 200 1 Shares for every Pantomath Cap. Apply for
Televentures to Shares FV Rs 2 1 shares held on NSE Registrar More than
22-7-2024 Rs 300 Cr 9-7-2024 Link Intime entitlement
3. Indowind 26-7-2024 2,14,66,956 22.50 1 Shares for every NSE Surjan Alpha Next Week
Energy to Shares FV Rs 10 5 shares held on BSE Registrar
5-8-2024 Rs 48.30 Cr 16-7-2024 Bigshare Services
Non Convertible Debenture (NCD) Issues at a Glance

Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
1. SMC 19-7-2024 Base Size Rs 75 Cr. 1,000/- 10 NCDs BSE CRISIL A/Stable Apply for
Global 1-8-2024 Oversubscritpion Rs. 75 Cr (Rs.10,000) NSE by CRISIL Long Term
Overall Size : Rs 75 Cr Lead manager : Corporate Pr. ICRA (A Stable)
Registrar : Link Intime by ICRA
2. Kosamattam 19-7-2024 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE Ind A-Stable Apply for
Finance 1-8-2024 Oversubscritpion Rs. 100 Cr (Rs.10,000) by IRRPL Medium Term
Overall Size : Rs 200 Cr Lead manager : SMC Capital
Registrar : KFin Techno
3. KLM Axiva 22-7-2024 Base Size Rs 75 Cr. 1,000/- 10 NCDs BSE -- Next Week
Finvest 2-8-2024 Oversubscritpion Rs. 75 Cr (Rs.10,000)
Overall Size : Rs 150 Cr Lead manager : Vivro Fin.
Registrar : KFin Techno
Financial Weekly TM

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

Sanstar Limited IPO 150 90 to 95 44 to 45 4,200
Small HNI 63,000
Big HNI 63,000
SME IPOs
Aelea commodities BSE SME 1200 91 to 95 75 to 77 70,000
SATI Poly Plast Limited NSE SME 1000 123 to 130 132 to 135 1,00,000
Prizor Viztech NSE SME 1600 82 to 87 113 to 115 1,35,000
Three M Paper Boards BSE SME 2000 67 to 69 30 to 34 54,000
Tunwal E-Motors BSE SME 2000 59.00 4 to 5 6,000
Kataria industries NSE SME 1200 91 to 96 73 to 75 65,000
Macobs Technologies NSE SME 1600 71 to 75 24 to 25 26,000
SAR Televenture (FPO) NSE SME 500 200 to 210 28 to 30 12,000
RNFI Services limited NSE SME 1200 98 to 105 48 to 50 40,000
V.L.Infraprojects NSE SME 3000 39 to 42 39 to 40 90,000
VVIP Infratech BSE SME 1200 91 to 93 45 to 47 42,000
Chetana Education NSE SME 1600 80 to 85 9 to 10 12,000
Mangalam Infra NSE SME 2000 53 to 56 14 to 15 18,000
Clinitech Laboratory BSE SME 1200 96 0.00 --
Aprameya Engineering NSE SME 2000 56 to 58
Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO
Subscription Figures of SME IPO (Dt. 19-7-2024)

IPO Listing Day Subscribed
Sahaj Solar NSE SME Issue Closed on 15-7-2024 506.77x
Aelea Commodities BSE SME Issue Closed on 16-7-2024 195.83x
SATI Poly Plast NSE SME Issue Closed on 16-7-2024 498.69x
Prizor Viztech NSE SME Issue Closed on 16-7-2024 214.20x
Three M Paper Board BSE SME Issue Closed on 16-7-2024 35.07x
Tunwal E-Motors NSE SME Issue Closed on 18-7-2024 12.31x
Kataria Industries NSE SME Issue Closed on 19-7-2024 393.87x
Macbos Technologies NSE SME Issue Closed on 19-7-2024 202.32x
SAR Televentures NSE SME (FPO) Issue Opens on 22-7-2024 --
RNFI Services limited NSE SME Issue Opens on 22-7-2024 --
V.L.Infraprojects NSE SME Issue Opens on 23-7-2024 --
Vvip Infratech BSE SME Issue Opens on 23-7-2024 --
Chetana Education NSE SME Issue Opens on 24-7-2024 --
Manglam Infra NSE SME Issue Opens on 24-7-2024 --
Clinitech Laboratory BSE SME Issue opens on 25-7-2024 --
Aprameya Engg. NSE SME Issue Opens on 25-7-2024 --
Financial Weekly TM

Tentative Timetable for SME & Main Line IPOs
IPOs Name Issue Basis Refund/ Credit of Listing
Closes of Unblock Shares Date
Date Allotment Amount to Demat
Main Line IPOs
Sanstar IPO 23-7-2024 24-7-2024 25-7-2024 25-7-2024 26-7-2024
SME IPOs
Aelea commodities BSE SME 16-7-24 18-7-24 19-7-24 19-7-24 22-7-24
Sati Poly Plast NSE SME 16-7-24 18-7-24 19-7-24 19-7-24 22-7-24
Prizor Viztech NSE SME 16-7-24 18-7-24 19-7-24 19-7-24 22-7-24
Three M Paper Boards BSE SME 16-7-24 10-7-24 19-7-24 19-7-24 22-7-24
Tunwal E-Motors NSE SME 18-7-24 19-7-24 22-7-27 22-7-24 23-7-24
Kataria Industries NSE SME 19-7-24 22-7-24 23-7-24 23-7-24 24-7-24
Macobs Technologies NSE SME 19-7-24 22-7-24 23-7-24 23-7-24 24-7-24
SAR Televentures NSE SME (FPO) 24-7-24 25-7-24 26-7-24 26-7-24 29-7-24
RNFI Services limited NSE SME 24-7-24 25-7-24 26-7-24 26-7-24 29-7-24
V.L.Infraprojects NSE SME 25-7-24 26-7-24 29-7-24 29-7-24 30-7-24
Vvip Infatech BSE SME 25-7-24 26-7-24 29-7-24 29-7-24 30-7-24
Chetana Education NSE SME 26-7-24 29-7-24 30-7-24 30-7-24 31-7-24
Manglam Infra NSE SME 26-7-24 29-7-24 30-7-24 30-7-24 31-7-24
Clinitech Laboratory BSE SME 29-7-24 30-7-24 31-7-24 31-7-24 1-8-24
Aprameya Engg. NSE SME 29-7-24 30-7-24 31-7-24 31-7-24 1-8-24
Subscription figure of Sahaj Solar

Sanstar Limited SANSTAR LIMITED Listing Information
No. Shares Issue Application Shares Amount NSE SME IPO
Offered/ Subscribed (Rs) Listing Date 19-7-2024
Retail (Min) 150 14,250
Reserved 19-7-24 Offer Price Rs. 180.00
Retail (Max) 2100 1,99,500
QIB 1,07,40,000 0.05x S-HNI (Min) 2,250 2,13,750 Listing Price 342.00
NII 80,55,000 9.89x S-HNI (Max) 10,500 9,97,500 Listing Day High 359.10
Retail 1,87,95,000 4.19x B-HNI (Min) 10,650 10,11,750 Listing Day Low 342.00
Total 5,37,00,000 4.23x
Listing Day Close 359.10
CMP (19-7-2024) 359.10
Subscription figure of
SMC Global
Category No. of Bond Issue
Offered/ Subscribed
Reserved 19-7-2024
Institutional 75,000 0.00x
Subscription figure of Subscription figure of
Non Inst. 1,87,500 0.02x
Kosamattam Finance HNI 1,87,500 0.32x Edelweiss Fin.
Category No. of Bond Issue Retail 3,00,000 0.41x Category No. of Bond Issue
Offered/ Subscribed Total 7,50,000 0.25x Offered/ Subscribed
Reserved 19-7-2024 Reserved 19-7-2024
Institutional 1,00,000 0.00x Institutional 1,00,000 0.00x
Non Inst. 1,00,000 0.01x Non Inst. 1,00,000 1.46x
HNI 3,00,000 0.20x HNI 4,00,000 0.92x
Retail 5,00,000 0.55x Retail 4,00,000 1.84x
Total 10,00,000 0.33x Total 10,00,000 1.25x
Financial Weekly TM

Grey Market Movement
High volatility in the Grey Market due to flooding SME IPOs in the Primary Market
With a good response to the mainboard IPO of SANSTAR Ltd. the premium has surged
Listing of SATI Poly, Prizor, and VL Infra is expected to be spectacular with a 90% premium
For Aelea and Kataria's SME IPOs, a listing gain of 70% to 80% is anticipated
IPOs of Three M Paper, RNFI, and VIP could see a premium listing of 45% to 50%
Chetna Education,Tunwal, and Manglam's SME IPOs might have a return of 10% to 20%
Recently, due to the significant activity in the primary market, particularly with SME IPOs,
there has been a lot of buzz in the grey market. Currently, SME IPOs are not only seeing premi-
ums but also substantial trading at subject-to prices. There are currently exciting deals happen-
ing in the grey market with one mainboard IPO and approximately 15 IPOs on counters.
* Mainboard IPO :- Currently, there is only one mainboard IPO, SASTAR Ltd. The offer price
is between 90 and 95, and initially, the grey market premium for this IPO was seen at 50 to 55.
However, it has now settled to around 44 to 45. With a good response from the market on the first
day, there is a possibility that the premium price might increase further from upcoming levels.
* SME IPOs :- Most IPOs in the SME segment are seeing significant premiums. Not only that,
but many IPOs are being listed at high premiums. In such conditions, investor attraction remains
strong, and with the announcement of most SME IPOs, premiums and subject-to deals start im-
mediately. Thus, SME IPOs are proving to be lucrative along with mainboard IPOs, leading to
substantial volumes and transactions worth crores of rupees.
Currently, approximately 15 issues in the SME segment are seeing deals in the grey market.
Among them, SATI Poly Plast and V.L. Infra Project are expected to list with a spectacular 90%
premium, and there might be a 5% upper circuit limit.
Aelea Commodities and Kataria Industries are expected to list with a 70% to 80% premium,
Three M Paper, RNFL Services, and VVIP Infratech with a 45% to 50% premium, and Macobs
Techno with a 30% to 35% premium. Chetan Education, Tunwal C-Motors, and ManglamInfra's
IPOs might list with a 10% to 20% premium. However, there has been no trading activity yet in the
grey market for Clinitech Lab and Aprameya Engineering's SME IPOs.
Financial Weekly TM

Since the beginning of June, the Indian stock markets have been on a bullish spree, setting new
lifetime high records each day. This fiery surge in the secondary market is greatly benefiting the
primary market. The current boom in the IPO market is historical and unprecedented. The rush of
SME IPOs seems endless, with two IPOs entering the market before one even exits. Recently, the
BSE-SME IPO index touched an all-time high of 101,077. Due to this surge, SEBI has directed
exchanges to tighten some rules and regulations.
Recently, NSE announced that the maximum listing price for SME IPOs would be capped at
90% of their issue price. This is due to allegations of price manipulation, with some companies
listing at 300% to 400% premiums and others seeing subscriptions between 1000 to 1800 times.
To control speculative trading, more regulations are expected to be introduced soon.
The minimum application for SME IPOs will now be five lakhs. The primary market, like the
equity market, has shown strong stability. In the absence of foreign investors, domestic investors
are increasingly participating. Especially in SME IPOs, subscriptions have been extraordinarily
high, with some companies needing five crore rupees receiving offers worth 12,000 crore rupees.
To curb this surge and reduce subscriptions, SEBI is considering increasing the minimum invest-
ment size from one to 1.5 lakhs to five lakhs. New regulations for the secondary and primary mar-
kets are expected soon from SEBI. NSE has already implemented new listing rules from July 4,
capping the premium at 90%.
However, this rule has been in place at BSE for some time. Steps are being taken to curb the
listing surge. To control large subscriptions, preparations are underway to set a five lakh minimum
application rule for SME IPOs, effectively sidelining small investors with less than five lakhs to
invest.
Last week, the primary market saw eight SME IPOs, with Sahaj Solar's NSE SME IPO already
listed. Among these eight SME IPOs, six were NSE SME and two were BSE SME. The NSE SME
IPOs included Sati Poly, PrizorViztech, TunwalEmotors, Kataria Industries, and Macobs Tech,
while the BSE SME IPOs included Aelea Commodities and Three M Paper. Additionally, one
NCD and six rights issues were present in the market last week.
This week, only one IPO, Sahaj Solar (NSESME), was listed. It listed at 342, a staggering 90%
premium over its offer price of 180 on July 19.
* Last Week's SME IPOs:
Sahaj Solar Plast (NSESME) : The issue, priced between 123 and 130, with a total value of
17.36 crore, closed on July 16 with a strong response from investors. The issue was oversub-
scribed 499.13 times overall and 670.62 times in the retail segment. The listing is scheduled for
Monday, July 22. It is expected to list at a 90% premium, around 247, and the price could go up to
Cont...
Financial Weekly TM

259.35 after listing. Investors could see a 95% return, making this IPO a blockbuster.
PrizorViztech (NSESME) : This issue, priced between 82 and 87, with a total value of 25.15
crore, also closed on July 16 after being oversubscribed 219.45 times overall and 264.20 times in
the retail segment. The listing is scheduled for Monday, July 22. It is expected to list at a 90%
premium, around 165.30, and the price could increase further. Investors could see a 95% gain,
making this IPO highly attractive.
Tunwal E-motors (NSESME) : This fixed-price issue at 59, with a total value of 115.64 crore,
opened on July 15 and closed on July 18. The listing is scheduled for Tuesday, July 23. The issue
was oversubscribed 12.31 times overall and 16.64 times in the retail segment. However, there was
a lack of enthusiasm for this IPO, and it is expected to list modestly, around 60 to 65. If the market
does not support it, the price might drop below the issue price.
Kataria Industries (NSESME) : Priced between 91 and 96, with a total value of 54.38 crore, this
IPO opened on July 16 and closed on July 19. The listing is scheduled for Wednesday, July 24.
The issue was oversubscribed 393.72 times overall and 274.33 times in the retail segment. Due to
the strong response, it is expected to list around 170 to 175, offering a 75-80% return to investors.
Macobs Techno (NSESME) : This issue, priced between 71 and 75, with a total value of 19.46
crore, closed on July 19. The listing is scheduled for Wednesday, July 24. The issue was oversub-
scribed 195.00 times overall and 161.38 times in the retail segment. It is expected to list around 95
to 100.
Aeled Commodities (BSESME) : Priced between 91 and 95, with a total value of 51 crore, this
IPO closed on July 16. The listing is scheduled for Monday, July 22. The issue was oversub-
scribed 195.83 times overall and 164.95 times in the retail segment. It is expected to list around
170 to 175, offering a 70-80% return to investors.
Three M Paper (NSESME) : Priced between 67 and 69, with a total value of 39.83 crore, this
issue closed on July 16. The listing is scheduled for Monday, July 22. The issue was oversub-
scribed 171.33 times overall and 175.19 times in the retail segment. It is expected to list around
100 to 105, providing a 40-50% return to investors.
* Listing:
Sahaj Solar (NSE SME) : Against the offer price of Rs. 180, this IPO listed at a booming Rs.
342.05 on Friday, July 19, with a 90% premium.
This week, one mainboard issue is Sanstar Ltd., and there are a total of eight IPOs in the SME
segment in the pre-market, with six IPOs in the NSE SME segment and two in the BSE-SME
segment. The NSE SME segment includes RNFI Service, SAR Televentures FPO, V.L. Infra
Projects, Mangalam Infra, Chetna Education, and ApraneyaEngi. The BSE SME segment has
VVIP Infra and Clinitech Lab. Detailed analysis of all these IPOs is provided in a separate box.
Cont...
Financial Weekly TM

Additionally, three NCD issues and two rights issues are entering the market.
* Mainboard IPOs of This Week:
• Sanstar Ltd. (Mainline) : This combo IPO, with a price band of Rs. 90-95 and a total of Rs.
510.15 crore, includes a fresh issue of Rs. 397.10 crore and an OFS of Rs. 113.05 crore. The
minimum application is for 150 shares. The issue will open on July 19 and close on July 23.
Subscription : On the first day, the subscription was 4.21 times overall, with QIB: 0.05x, HNI:
9.88x, bHNI: 10.73x, sHNI: 8.16x, and retail at 4.16 times.
Expected Subscription : Currently, due to the absence of other new IPOs on the mainboard and
the relatively small size of this issue, better responses are expected in the final days. It is estimated
that this issue could be subscribed 15-20 times in retail, over 60 times in sHNI, over 40-45 times in
bHNI, and overall over 50 times in the HNI category.
Allotment Refund : Allotment refund will be on July 24, refund on July 25, and shares will be
credited to the account on July 25.
Listing : The share will list on Friday, July 26. The listing price could be around 140-145, and
post-listing, it could go up to 150-160 plus. If shares are allotted, it would be beneficial to hold them
for the short to medium term.
* SME IPOs of This Week:
• SAR Televentures (NSE SME) (FPO) : This FPO, with an offer price of Rs. 200-210 and a total
of Rs. 150 crore, will open on July 22 and close on July 24. The listing will be on Monday, July 29.
Since this IPO is already listed, it is likely to list around 240-245 on the listing day. Holding this
share could yield good returns in the medium to long term.
• RNFI Services (NSE SME) : This issue, with a price band of Rs. 98-105 and a total of Rs. 70.81
crore, will open on July 22 and close on July 24. The listing will be on Monday, July 29. The listing
price could be around 150-155.
• VVIP Infratech (BSE SME) : This issue, with a price band of Rs. 91-93 and a total of Rs. 61.21
crore, will open on July 23 and close on July 25. The listing will be on Tuesday, July 30. The listing
price could be around 135-140.
• V.L. Infra Projects (NSE SME) : This IPO, with a price band of Rs. 39-42 and a total of Rs. 18.52
crore, will open on July 23 and close on July 25. The listing will be on Tuesday, July 30. The share
is expected to list with a 90% premium at around 79.80. Post-listing, the price could increase to
83.79.
• Manglam (NSE SME) : This issue, with an offer price of Rs. 53-56 and a total of Rs. 27.62
crore, will open on July 24 and close on July 26. The listing will be on Wednesday, July 31. Con-
sidering the current conditions, the listing price could be around 70-75. As the premiums have just
Cont...
Financial Weekly TM

started in this IPO, the listing price could be even higher in the coming days.
• Chetna Education (NSE SME) : This issue, with an offer price of Rs. 80-85 and a total of Rs.
45-90 crore, will open on July 24 and close on July 26. The listing will be on Wednesday, July 31.
Considering the current conditions, the listing price could be around 95-100. With a rise in the grey
market premium in the coming days, the listing could be at an even higher price.
• Clinitech Lab. (BSE SME) : This issue, with a fixed price of Rs. 96 and a total of Rs. 5.78 crore,
will open on July 25 and close on July 29. The listing will be on Thursday, August 1.
• Aprameya Engineering (NSE SME) : This IPO, with an offer price of Rs. 56-58 and a total of
Rs. 29.23 crore, will open on July 25 and close on July 29. The listing will be on Thursday, August
1.
* NCDs Issue:
Last week, only one NCD issue, Edelweiss Financial, was active in the debt market. This issue
will close on July 22. By July 19, this NCD was subscribed 1.22 times.
This week, two more NCD issues are entering the debt market. Additionally, KLM Axiva will
enter the market on July 22.
• SMC Global (NCD) : This issue, with a total of Rs. 150 crore (Rs. 75 crore base issue and Rs.
75 crore oversubscription), will be listed on BSE and NSE. The NCDs have a tenure of 24, 36, 60
months, and the coupon rate is between 9.94% to 10.40%. CRISIL & ICRA have rated this issue as
A/Stable. The issue will open on July 19 and close on August 1. On the first day, this issue was
subscribed 0.25 times.
• Kosamattam Finance (NCD) : This issue, with a total of Rs. 200 crore (Rs. 100 crore base
issue and Rs. 100 crore oversubscription), will open on July 19 and close on August 1. The listing
will be on BSE. The NCDs have a tenure of 18, 24, 30, 36, 39, 48, 60, and 84 months, and the
coupon rate is between 9.25% to 10.25%. India Rating & Research has rated this issue as IND- A-
/Stable. On the first day, this NCD issue was subscribed 0.33 times.
* Rights Issue:
Last week, there were six rights issues active in the pre-market. Out of these, two rights issues,
Sreshtha Invest and SEPC, have closed, while four rights issues, Spright Agro, Mitcon, Bhandari
Hosiery, and SAR Televentures, are still active in the market.
This week, the rights issue of Indowind Energy is entering the market on July 26. This issue,
with 21,466,956 shares at a face value of Rs. 10 and an offer price of Rs. 22.50, totals Rs. 48.30
crore. The listing will be on BSE and NSE. The entitlement is 1:5, and the record date is July 16.
The issue will close on August 5, 2024.
Cont...
Financial Weekly TM

Sanstar Limited Main Line IPO
Opened on 19th July & Closes on 23rd July
Price Band Rs. 90 to 95; Listing on NSE & BSE
In consistent financial performance with setback in Top lines in Fy24
Exponential growth in Bottom lines is surprising and
Unlikely to sustain going further. Faces competition from many listed players
Good market shares Domestically and Globally
Investors may apply for midterm to long term rewards
Founded in 1982, Sanstar Limited manufactures specialty plant-based products and ingredient solutions for food,
pet food and other industrial applications in India. The company's product portfolio includes liquid glucose, dried
glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and
by-products such as germ, gluten, fiber and fortified proteins. These products are used in: Food products, Pet food
products: as nutritional ingredients; and Other industrial products
Issue Details
• Issue Opens on 19th July & Closes on 23rd July 2024
• Object of the issue : Funding the capital expenditure requirement for the expansion of the Dhule Facility; Repayment
and/or pre-payment, in part or full, of certain borrowings availed by the Company,
• Fresh Issue : 4,18,00,000 Shares ; Rs 397.10 Cr, OFS : 1,19,00,000 Shares ; Rs 113.05 Cr., Total : 5,37,00,000
Shares ; Rs 510.15 Cr Financial Performance : Consolidated Basis
• Face Value Rs. 10 • Offer price Rs. 90 to 95 Particulars (Rs. Cr.) FY22 FY23 FY24
• Minumum Lot Size : 150 Share • Listing on : BSE NSE Total Revenue 504.77 1209.67 1081.68
• BRLM : Pantomath Capital • Registrar : Link Intime India Private Ltd Profit After Tax 15.92 41.81 66.77
• Company Management : Gouthamchand Sohanlal Chowdhary, EPS 1.08 2.98 4.75
Sambhav Gautam Chowdhary, and Shreyans Gautam Chowdhary RONW (%) 32.51 28.00 30.92
• Market Cap : Rs. 1731.32 Cr.
• Pre Issue Promoter Holding : 99.77% • Post Issue Holding : 70.37%
• Issue constitutes 29.44% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 3.55 & RONW : 30.22%
• Pre IPO Eq. Capital Rs. : 28.09 Cr.• Post IPO Eq. Cap. Rs. 36.45 Cr.
• Pre IPO : P/BV Ratio 6.18 (NAV : 15.37) • Post Issue P/BV Ratio : 2.82 (NAV : 33.64)
• Pre IPO P/E Ratio : 19.98 • Post IPO asking P/E on fully diluted equity : 25.93
• Industry Peer Group PE Ratio : 35.66
• BRLM’s Performance : This is 9th Issue from BRLM in last 3 years. In last 8 Listing : 8 Issued opened with premium.
OTHER SIDE OF THE COIN

• Average cost of acquisition of PROMOTERS and Selling Shareholders is Rs. 0.34, 0.35, 0.44, 0.70, 1.80, 2.17 per
share while the issue price is Rs. 90 - 95 per share at FV of Rs. 10.
• Apart from issuing equity at par company has also issued shares at Rs. 10 and 21 in November, 1982, December
1983, March 1994, March 2012, and December 2013.
• Company has also issued bonus shares in ratio of 1:1 in March 2012.
• Company has also offered Rights shares in ratio of 3:1 in April 1985.
• Company requires high working capital for its day-to-day operations.
• Company's top 10 customers contributed only 40% to its overall sales in FY24 compared to 73% in Fy22.
• The face value of Equity shares is Rs 2. If it is converted in to Rs. 10 then offer price will be Rs 450 to 475 per share.
Recommendation :- Company has posted inconsistency in top lines with setback in FY24 com-
pared to FY23. On the contrary company has posted sudden multi fold jump in PAT in FY23 compared
to Fy22 and again a jump of 1.5x in Fy24, which is surprising and unlikely to sustain going further. On
valuation front, P/BV comes to 2.82 based on its NAV of Rs. 33.64 and PE comes to 25.93, so issue
looks fairly priced. Company faces competition from listed players. Company has good market share
in Domestic and Global markets in manufacturing of specialty products and ingredient solutions.
Considering company's market share and its performance in previous years, investors can invest in
this company for mid-term to long term rewards.
Financial Weekly TM

SAR Televenture Limited NSE SME FPO
Opens on 22nd July & Closes on 24th July ; Price Band Rs. 200 to 210
Company Rs. 55 from the offer price of Rs. 24.75 crores
It entered the market in November 2023 with the first issue
It has posted continue growth in its financial performance for last two fiscal
Sudden around 4x jump in top & bottom line of FY24 is surprising
On valuation front considering all parameters issue appears fairly priced
Investors may consider to apply for long-term rewards
Incorporated in May 2019, SAR Televenture Limited provides telecommunication solutions for network
operators. The company installs and commissions 4G and 5G towers, Optical Fibre Cable (OFC) systems,
and deals in network equipment. SAR Televenture is registered as an Infrastructure Provider Category I (IP-
I) with the Department of Telecommunications (DOT). The company leases out built sites such as GBT/RTT/
Pole sites and Out-Door Small Cell (ODSC), and it also establishes and maintains assets such as Dark Fibers,
Right of Way, Duct Space, and Towers to grant on a lease, rent, or sale basis to the licensees of Telecom
Services.
Issue Details
• Issue Opens on 22nd July & Closes on 24th July 2024
• Object of the issue : Funding setting up of Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home
Passes; Funding setting up of an additional 1000 number of 4G/5G telecom towers; Funding incremental
working capital requirement of the Company Financial Performance : Consolidated Basis
• Total Issue Size : 71,42,857 200 Shares ; Rs 150 Cr Particulars (Rs. Cr.) FY22 FY23 FY24
• Face Value Rs. 2 • Price Band Rs 200 to 210 Total Revenue 4.75 32.52 124.17
• Minumum Lot Size : 500 Share • Listing on : NSE SME Profit After Tax 0.04 3.94 15.66
EPS 1.78 181.28 14.20
• BRLM : Pantomath Capital Advisors • Registrar : Link Intime India
RONW (%) -(47.94) 33.20 21.81
• Company Management : M.G Metalloy Private Limited.
• Market Cap : Rs. 787.50 Cr.
• Pre Issue Promoter Holding : 66.27% • Average of last 3 Yrs. EPS Rs. 67.82 & RONW : 13.98%
• Pre IPO Eq. Capital Rs. : 6.00 Cr. • Post IPO Equity Capital Rs 7.50 Cr.
• Pre IPO : P/BV Ratio 4.39 (NAV : 47.87)
• Industry peer Group PE Ratio : 27.90
• BRLM’s Performance : This is 9st Issue from BRLM in last 3 years. In last 8 Listing : 8 Issued opened with
premium.
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 35.52 and Rs.
38.55 per share while the offer price of FPO is Rs. 200 to Rs. 210 is
• Post IPO Equity Capital Rs. 7.50 crores so it may take a long time for the company to migrate to the main
board.
• There are limited players in telecom service provider industries. Tower installation business is limited.
• The operational performance of the company is limited.
• Most of the company's revenue comes from the subsidiary.
• Cash flow has been negative in the last financial year.
Recommendation : - The Company engaged in Telecom solutions related services. The
company entered in to the market with its maiden issue for Rs 24.75 cr. in November 2023 at
price of Rs 55 (Face value of Rs 2). On financial front it has posted consistent growth in its
financial performance for last two fiscals. However sudden around 4x jump in top line & bot-
tom line for FY24 is surprising. On valuation front considering P/BV of 4.39 and PE of 14.79
(based on FY24 earrings) issue appears fairly priced compared to peers average PE of 27.90.
Investors may consider to apply for long term rewards.
Financial Weekly TM

RNFI Services Limited NSE SME IPO
Opens on 22nd July & Closes on 24th July ; Price Band Rs. 98 to 105
The company has posted inconsistent financial performance in the last two years
It marked setback in bottom line for FY23 & De-growth in top line FY24
Company's PAT Margins are very thin & its debt / equity ratio is very high
On valuation front, the issue appears to be fully priced considering all the parameters
Investors may consider to apply for medium to long term returns
Incorporated in 2015, RNFI Services Limited is a financial technology firm that offers B2B and B2B2C
solutions through its online portal and mobile application. It focuses on providing banking, digital, and Gov-
ernment-to-Citizen (G2C) services across India. The company's business can be divided into four catego-
ries:- Business correspondent services; Non-business correspondent services; Full-fledged money changer
service; and Insurance broking.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY22 FY23 FY24
• Issue Opens on 22nd July & Closes on 24th July 2024 Total Revenue 190.80 1069.40 943.05
• Object of the issue : Funding the working capital requirements of the Profit After Tax 5.55 4.89 9.96
Company, Funding Capital expenditure requirements for the EPS 2.94 3.03 5.85
Purchase of Micro ATMs/laptops/Server, Strengthening our RONW (%) 49.42 31.99 40.92
technology infrastructure to develop new capabilities.

• Issue Size : 67,44,000 Shares ; Rs 70.81 Cr • FV Rs. 10 • Price Band Rs. 98 to 105
• Minumum Lot Size : 1200 Share • Listing on : NSE SME
• BRLM : Choice Capital Advisors • Registrar : Skyline Financial Services Private Ltd
• Company Management : Ranveer Khyaliya, Nitesh Kumar Sharma, Deepankar Aggarwal, Rajan Kumar,
Krishna Kumar Daga, Charanjeet Singh and Simran Singh Private Trust.
• Market Cap : Rs. 262 Cr. • Pre Issue Promoter Holding : 89.53%
• Industry peer Group PE Ratio : 46.23
• BRLM’s Performance : This is 3rd Issue from BRLM in last 2 years. In last 2 Listing : 2 Issued opened with
premium.
• The average cost of acquisition of equity shares by the promoters of the company is Rs NIL while the
offer price is Rs. 98 to 105.
• In November 2023, the company issued bonus shares in the ratio of 177:1.
• Apart from initial equity shares at par the company issued further equity shares at a price of Rs 1887 (Fv
Rs 10) in April 2023
• A significant portion of revenue is generated from their banking partners.
• Co. is dependent on front end network partners for distribute of its products and services.
• Its PAT margin is 1.06 which is very low.
• Debt to equity ratio is 1.02 which raises concern.
Recommendation : - The Company is engaged in the business of providing fintech solu-
tions on B2B and B2B2C. The company has recorded unstable financial performance in the
last two financial years and setback in bottom line with sudden jump in top line for FY23 and
de-growth in top line and mega profit in bottom line for FY24. On valuation front considering
P/BV of 2.56 and PE 26.3 issue appears fully priced. On the basis of FY23 earnings P/BV
stands 6.05 and PE stands 53.57. Thus IPO appears aggressively priced. Investors may
consider to apply for the medium to long term return.
Financial Weekly TM

V.L.Infraprojects Limited NSE SME IPO
Opens on 23rd July & Closes on 25th July ; Price Band Rs. 39 to 42
The company has recorded consistent growth in top-bottom lines in the last 3 years
Considering all the parameters on the valuation front, the issue price seems reasonable
Looking to the pending orders of Rs 160 cr. and Governments focused Infra Projects
Investors may consider to apply for short term rewards or listing gain
V.L.Infraprojects Limited was founded in 2014 and offers the planning, construction, and commissioning
of various government projects, especially in the field of water infrastructure and irrigation. The company is
engaged in the execution of water supply and wastewater infrastructure projects which mainly include
procurement of pipes and their laying, connection, and commissioning with backward integration, including
all related civil engineering works such as civil works, pumping stations, and installation of electro-mechani-
cal equipment (pumping machines) for distribution of water supply from river to household.
Issue Details
• Issue Opens on 23rd July & Closes on 25th July 2024 Financial Performance : Consolidated Basis
• Object of the issue : To Meet Working Capital Requirements Particulars (Rs. Cr.) FY21 FY22 FY23 FY24
Total Revenue 30.78 35.61 45.65 114.00
and General Corporate Purposes.
Profit After Tax 0.83 1.11 2.23 6.14
• Issue Size : 44,10,000 Shares ; Rs 18.52 Cr EPS -- 1.04 2.10 5.43
• Face Value Rs. 10 • Price Band Rs. 39 to 42 RONW (%) -- 15.13 21.79 37.53
• Lot Size : 3000 Share
• Listing on : NSE SME • BRLM : Beeline Capital Advisors • Registrar : Skyline Financial
• Company Management : Mr. Rajagopal Reddy Annam Reddy, Mrs. Mydhili Rajagopal Reddy, and Mr.
Nageswara Rao Repuri are the company's promoters.
• Market Cap : Rs. 65.99 Cr. • Industry peer Group PE Ratio : 13.92
• Pre Issue Promoter Holding : 90.91% • Post Issue Promoter Holding : 65.39%
• BRLM’s Performance : This is 44th Issue from BRLM in last 3 years. In last 10 Listing : 10 Issued opened
with premium.
• The average cost of question of equity shares by the promoters of the company is Rs. 0.72, Rs. 1.49 and
Rs. 2.10 per share while the offer price is Rs. 42.
• The company has issued bonus shares in the ratio of 19:1 in December 2015, 1740:1000 in January
2020, 3:2 in March 2023 and 2:1 in October 2023.
• Most of the revenue is generated from the state of Gujarat. o The Company has certain pending litigation.
• Substantial portion of revenue comes from limited customers. o The company's business is working
capital intensive.
Recommendation : - The Company offers the planning construction and commissions of
various government projects. It has posted consistent growth in its top lines & bottom lines
for the last three fiscal. On valuation front considering P/BV of 1.89 and PE 10.75 (based on
FY24) issue appears reasonably priced compared peers EMS Ltd PE of 13.92. Further look-
ing to the pending orders of Rs 160 Cr and government focus in infra sectors. Investors
may consider to apply for Short term rewards or listing gain.
Financial Weekly TM

VVIP Infratech Limited BSE SME IPO
Opens on 23rd July & Closes on 25th July ; Price Band Rs. 91 to 93
Consistent growth in Revenue and PAT in all three fiscals
Company faces competition from EMS limited
On valuation front issue looks fully priced
Order book of Rs. 477.62 crores including O&M order book of 126.19 crores
Investors can invest in this IPO for mid-term to long term period
VVIP Infratech Limited, originally incorporated as Vibhor Builders Private Limited, is an infrastructure com-
pany established in 2001. The company mainly works on projects in Uttar Pradesh, Uttarakhand, NCR Delhi,
and other northern parts of India. It is a Class 'A' civil and electrical contractor with more than two decades of
experience in the execution and construction of infrastructure projects like sewerage, sewage treatment plants,
water tanks, water treatment plants, sector development works, power distribution and substations up to 33
kVA, Jal Jeewan Mission etc.
Issue Details :- Issue Opens on 23rd July & Closes on 25th July 2024 Particulars (Rs. Cr.) FY22 FY23 H1FY24
• Object of the issue : Capital Expenditure, Working Capital , Total Revenue 185.24 210.56 285.88
• Issue Size : 65,82,000 Sh. ; Rs 61.21 Cr Profit After Tax 4.53 13.58 20.71
• Face Value Rs. 10 • Price Band Rs. 91 to 93 EPS 74.83 224.29 20.08
• Minumum Lot Size : 1200 Share • Listing on : BSE SME RONW (%) 6.66 15.71 18.73
• BRLM : Share India Capital Services • Registrar : Maashitla Securities Private Limited
• Company Management : Mr. Praveen Tyagi, Mr. Vaibhav Tyagi, and Mr. Vibhor Tyagi
• Market Cap : Rs. 232.22 Cr. • Pre Issue Promoter Holding : 92.34%
• Pre IPO Eq. Capital Rs. : 18.39 Cr.• Post IPO Eq. Cap. Rs. 24.97Cr.
• Pre IPO : P/BV Ratio 0.87 (NAV : 107.22) • Industry peer Group PE Ratio : 10.10
• BRLM’s Performance : This is 12th Issue from BRLM in last 2 years. In last 10 Listing : 8 Issued opened with
premium & 2 Issue opened with at par.
• Average cost of acquisition of PROMOTERS and Selling Shareholders is NIL and 0.34 per share while the
issue price is Rs. 91 - 93 per share at FV of Rs. 10.
• Apart from issuing equity at par company has also issued shares at Rs. 42 at FV of Rs. 10 in February,
2024.
• Company has also issued bonus shares in ratio of 28:1 in September 2023.
• Company and its promoters are involved in many litigations.
• Company's registered office is on lease.
• Company requires high working capital for day-to-day operations.
• Company's top 10 suppliers contributed 44%, 27.23%, 53.43% of the total revenue in Fy24, 23 and 22
respectively. • Company has reported negative cash flow in past.
• Company works on contract basis with its vendors.
Recommendation :- Company has reported constant growth in Top lines in all three fiscals.
It has reported 225% jump in PAT in FY23 and 400% jump in Fy24 compared to FY22 which
is surprising and raises eyebrow. On valuation front, P/BV comes to 0.87 based on its NAV
of Rs. 107.22 on PRE IPO basis and PE comes to 11.21, so issue looks fully priced. Com-
pany faces competition from EMS Limited. Company's orderbook position stands at 477.62
crores including O&M of 126.19 crores. Considering growth of water treatment industry in
upcoming years and past financial record, investors can apply in this IPO for mid-term to
long term period.
Financial Weekly TM

Chetana Education Limited NSE SME IPO
Opens on 24th July & Closes on 26th July ; Price Band Rs. 80 to 85
Constant growth in Top lines in all three fiscals
Exponential growth in Bottom lines in all three fiscals is surprising
On valuation front issue looks aggressively priced
Company faces competition from listed peers
Risk taking investors may apply for long term period
Established in 2017, Chetana Education Limited specializes in publishing textbooks for CBSE/State
Board curriculum for the K-12 segment and educational software for educational videos for teachers and
students accessible through QR (Quick Response) codes. The company has a portfolio of 700 titles (as of
2023) with 15 different brands including Master Key, Self-Study, Firefly, Bright Buddies, My Skill Book,
Grade Me, QR Series, etc. The company has also developed a range of digital content to enhance stu-
dents' understanding of specific subjects and harness the content for a better learning experience.
Issue Details :- Opens on 24th July & Closes on 26th July 2024 Financial Performance : Consolidated Basis
• Object of the issue : Repayment of certain borrowing availed by Particulars (Rs. Cr.) FY22 FY23 FY24
the Company, in part or full; To meet Working Capital requirements Total Revenue 43.12 75.61 93.67
General Corporate Purpose. Profit After Tax 1.68 6.85 12.03
• Total Issue Size : 54,00,000 Shares ; Rs 45.90 Cr • FV Rs. 10 EPS 1.12 4.57 8.02
RONW (%) 8.63 30.04 47.67
• Price Band Rs. 80 to 85 • Minumum Lot Size : 1600 Share
• Listing on : NSE SME • BRLM : Hem Securities • Registrar : Link Intime India Private Ltd
• Management : Anil Jayantilal Rambhia, Rakesh Jayantilal Rambhia & Shilpa Anil Rambhia
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 73.53%
• Pre IPO Eq. Capital Rs. : 15 Cr.• Post IPO Eq. Cap. Rs. 20.40 Cr.
• Market Cap : Rs. 173.40 Cr. • Industry Peer Group PE Ratio : 15.36
• BRLM’s Performance : This is 52nd Issue from BRLM in last 3 years. In last 51 Listing : 49 Issued opened
with premium & 2 Issue Discount.
• Average cost of acquisition of PROMOTERS is 10 while the issue price band is Rs. 80 - 85 per share at
FV of Rs. 10.
• Company's business is cyclical as well as seasonal.
• Company generates majority of its revenue from Maharashtra Board and CBSE.
• Company has reported negative cash flows in past.
• Company has been recently converted into public limited from erstwhile LLP.
• Company's registered office is not owned by it.
• Company operates in a highly-competitive and disintegrated industry.
Recommendation :- Company has posted constant growth in its Top lines in all three
fiscals along with almost 6 times jump in FY23 and 12x jump in Fy24 compared to Fy22
which raises eyebrows and unlikely to sustain going further. On valuation front, P/BV comes
to 2.43 based on its NAV of Rs. 34.88 and PE comes to 14.41, so issue looks aggressively
priced. Company faces high competition from listed players such as S.Chand and Navneet.
Risk taking investors may apply for long term period.
Financial Weekly TM

Manglam Infra and Engineering Limited NSE SME IPO
Opens on 24th July & Closes on 26th July ; Price Band Rs 53 to 56
Consistently growing Top and Bottom lines in all three fiscals
On valuation front issue looks fully priced
Faces very high competition ; Investors may apply for long term period
Incorporated in 2010, Manglam Infra and Engineering Limited is a company that helps manage
infrastructure projects. They provide detailed project reports, supervise and control quality, and
handle the operation and maintenance of things like highways, bridges, tunnels, and urban build-
ings. The company has provided services in states like Madhya Pradesh, Jammu & Kashmir, Bihar,
Arunachal Pradesh, Jharkhand, Himachal Pradesh, Uttar Pradesh, Manipur, Nagaland,
Maharashtra, Assam, Rajasthan, Uttarakhand, and Haryana.
Issue Details :- Issue Opens on 24th July & Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY22 FY23 FY24
th Total Revenue 26.78 34.78 40.51
Closes on 26 July 2024
Profit After Tax 3.33 5.54 6.76
• Object of the issue : To meet the working capital requirements, EPS 4.28 5.40 5.34
RONW (%) 53.46 61.42 49.44
• Issue Size : 49,32,000 Shares ; Rs 27.62 Cr
• Face Value Rs. 10 • Price Band Rs. 53 to 56
• Minumum Lot Size : 2000 Share
• Listing on : NSE SME • BRLM : Unistone Capital • Registrar : Bigshare Services Pvt Ltd
• Management : Yogendra Kumar Singh, Ajay Verma, Nisha Singh, Seema Verma.
• Market Cap : Rs. 98.54 Cr. • Pre Issue Promoter Holding : 100%
• Average of last 3 Yrs. EPS Rs. 5.18 & RONW : 54.10% • Pre IPO Eq. Capital Rs. : 12.66 Cr
• Industry Peer Group PE Ratio : 23.13

• Average cost of acquisition of PROMOTERS is 10 while the issue price band is Rs. 53 - 56 per
share at FV of Rs. 10.
• Company is highly dependent on Government Bodies for its Infrastructure Consultation Projects.
• Company requires high working capital for day-to-day operations.
• Company faces competition from organized as well as unorganized players.
• Company's offices are on rent.
Recommendation :- Company has posted constant growth in its Top lines and Bottom
lines in all three fiscals. On valuation front, P/BV comes to 2.20 based on its NAV of Rs. 25.41
and PE comes to 14.57, so issue looks Fully priced. RoNW and EPS has decreased in FY24
compared to FY23. Company operates in competitive segment. Considering constant growth
in Revenue, PAT and order booking of Rs 79 Cr., Investors may apply for long term period.
Financial Weekly TM

Clinitech Laboratory Limited BSE SME IPO
Opens on 25th July & Closes on 29th July ; Offer Price Rs. 96
Minor De-growth in Top lines in FY24 and FY23 compared to FY22
Inconsistency in Bottom lines with setback in FY24; issue looks aggressively priced
EBITDA and PAT margins have dropped in FY24
Faces competition from listed peers ; RHP is not available
Investors may avoid this IPO
Founded in 1990, Clinitech Laboratory Limited provides diagnostic and health testing and services. The
company performs more than 150 tests in its centres, which are divided into different categories: Biochemi-
cal Tests, Immunology Tests, Hematology Tests, Molecular Biology Tests, Serology Tests, Microbiology
Tests and Histopathology Tests. The company conducts more than 3 lakh tests per year in its NABL
(National Accreditation Board for Testing and Calibration Laboratories) accredited laboratories equipped
with modern technology and high quality equipment. Financial Performance : Consolidated Basis
Issue Details :- Issue Opens on 25th July & Closes on 29th July 24 Particulars (Rs. Cr.) FY22 FY23 FY24
• Object of the issue : Expansion of Diagnostic Centres Total Revenue 6.46 6.36 6.44
Profit After Tax 0.51 0.61 0.37
• Issue Size : 6,02,400 Shares ; Rs 5.78 Cr • Face Value Rs. 10
EPS 3.42 4.09 2.37
• Offer Price Rs. 96 • Lot Size : 1200 Share • Listing on : BSE SME
RONW (%) 27.74 25.75 10.46
• BRLM : Inventure Merchant Banker • Registrar : Bigshare Services
• Company Management : Jagdish Umakant Nayak, Jyoti Jagdish Nayak, and Ashutosh Jagdish Nayak
• Market Cap : Rs. 21.91 Cr. • Industry Peer Group PE Ratio : 57.74
• Pre Issue Promoter Holding : 83.63% • Post Issue Promoter Holding : 61.56%
• Average cost of acquisition of PROMOTERS and Selling Shareholders is NIL while the issue price is Rs.
96 per share at FV of Rs. 10.
• Apart from issuing equity at par company has also issued shares at Rs. 38 at FV of Rs. 10 in Decem-
ber2023.
• Company has also issued bonus shares in March 2018, March 2019 and March 2022.
• Sudden drop in RoNW and EPS in FY24 compared to Fy23.
• Company's diagnostic centres are in Thane and Navi Mumbai region and its operations are 100% con-
centrated in these regions.
• Company's registered offices are on lease.
• Company has recorded negative cash flows in past.
Recommendation :- Company has reported constant de-growth in Top lines in all three
fiscals. Company's PAT has dropped to 0.37 in Fy24 from 0.61 in Fy23. On valuation front, P/
BV comes to 2.35 based on its NAV of Rs. 40.88 and PE comes to 59.03, so issue looks
aggressively priced. Company's EBITDA and PAT margins have dropped to 15.87 and 5.76
in Fy24 from 21.53 and 9.63 in FY23. Company faces competition from its listed peers. Con-
sidering degrowth in Financials and competitive segment investors can clearly avoid this
IPO.
Financial Weekly TM

SMC Global Securities Limited NCDs Issue
Opened on 19th July & Closes on 1st August, 2024
Offer price Rs. 1000 per NCD; Listing on BSE & NSE
Company is entering the market with a Maiden Debt Offer
It has posted consistent growth in top lines but setback in bottom line for FY23
Post IPO Debt/Equity Ratio 1.56 : Free Reserve over 51 times to Equity Capital
Considering A-Stable Rating and attractive coupon rate
Investors may consider to apply for medium to long term
SMC Global Securities Limited was founded in 1994 and offers diversified financial ser-
vices. The company offers brokerage services, portfolio management services, investment
banking, asset management, distribution of financial products, financing (NBFC), insurance
broking services, real estate broking services, clearing and depository services, fixed in-
come securities, financial, mortgage and credit advisory services.
Particulars (Rs. Cr.) FY22 FY23 FY24
Total Revenue 1120.82 1215.65 1645.04
Issue Details Profit After Tax 174.57 120.40 188.28
• Issue Opens on 19th July & Closes on 1st August 2024

• Object of the issue : To meet the working capital requirements. General corporate pur-
poses. • Base Issue Size : Rs. 75 Cr., Oversubscritpion Rs. 75 Cr ; Overall Size Rs 150 Cr
• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs
• BRLM : Corporate Professionals Capital • Registrar : Link Intime India Private Ltd
• Rating : CRISILA/Stable by CRISIL Ratings Limited and [ICRA] (A Stable) by ICRA
• Tenor : 24, 36, and 60 Months • Coupon Rate : 9.41% to 10.40%
• Category : Institution : 10%, Non Institutation : 25%, HNI : 25%, Retail : 40%
Recommendation : - The company has entered the market with the first debt offering.
The top line has registered a steady growth in the last two years. However it marked set
back in bottom line for FY23. Its post issue debt / equity ratio will stand enhanced to 1.56
from 1.30 as on 31st March 2024. Promoters holding 67.28%, Free reserve of Rs 1075 Cr. is
over 51 times to its equity capital of Rs 20.94 Cr. Considering A/Stable Rating by CRISIl &
ICRA and attractive coupon rate from 9.94 to 10.40%. Investors may apply for 36 Month to
60 Months.
Financial Weekly TM

Kosamattam Finance Limited NCDs Issue
Opened on 19th July & Closes on 1st August, 2024
Offer price Rs. 1000 per NCD; Listing on BSE
This is the 31st debt offer of the company since April 2014: the last offer in April 2024
It has posted consistent growth in top & bottom line for the last four fiscal
Post Issue Debt Equity Ratio increased to 5.61: Reserve Rs.7.02 Crore
Considering IND A-/Stable rating and attractive coupon rate
Investors may considering to apply for medium term or 36 Months tenure
Kosamattam Finance Limited is a non-deposit-taking NBFC primarily engaged in the business
of gold loans. The company is part of the Kosamattam Group, which is headed by Mathew K.
Cherian. The head office of the company is located in Kottayam in the state of Kerala. Kosamattam
Finance provides loans against pledge of household ornaments to businessmen, vendors, trad-
ers, farmers, employees, and families in Kerala, Karnataka, Tamil Nadu, Andhra Pradesh,
Maharashtra, Delhi, Gujarat and Telangana and the Union Territory of Puducherry.
Issue Details Financial Performance : Consolidated Basis
Particulars (Rs. Cr.) FY20 FY21 FY22 FY23 FY24
• Issue Opens on 19th July & Total Revenue 499.33 541.84 624.79 782.54 858.94
Profit After Tax 47.66 65.25 80.00 107.05 113.70
Closes on 1st August 2024
• Object of the issue : For the purpose of onward lending. For repayment of interest and principal of
existing debts of the company. For general corporate purposes.
• Base Issue Size : Rs. 100 Cr., Oversubscritpion Rs. 100 Cr ; Overall Size Rs 200 Cr
• Issue Price : Rs. 1000 NCDs • Minimum Lot Size : 10 NCDs
• BRLM : Smc Capitals Limited • Registrar : Kfin Technologies Limited
• Rating : IND A-/Stable by India Ratings & Research Private Limited (IRRPL).
• Tenor : 18, 24, 30, 36, 39, 48, 60 and 84 months
• Coupon Rate : 9% to 10.75%
• Category : Institution : 10%, Non Institutation : 10%, HNI : 30%, Retail : 50%
Recommendation :- This is the 31st debt offer from the company since April 2014. Its last
offer was in April 2024. The company has posted consistent growth in top lines and bottom
line for the last four fiscals. Its debt/equity ratio of 5.39 will raise to 5.61 posts this NCDs
issue. Considering IND A-/Stable rating and attractive coupon rates from 9.25% to 10.25%.
Investors may apply for medium term of 36 Months tenure
Financial Weekly TM

Smart Best Buy S. N. Zaveri
HDFC Bank : MFs continuously purchasing this counter since six months
VST Industries stock sees sharp jump after bonus announcement
TCS: Profit jumps, stock jumps, momentum will continue
Bajaj Auto: Riding on domestic as well export market
Muthoot Finance : Overall, the stock is on strong pitch.
HDFC Bank (Rs 1607.00) : In the first half of 2024, Mutual Funds acquired HDFC Bank
shares worth over 42,000 crore, even as foreign investors slightly reduced their holdings in India's
largest bank by Market Capitalization. In June alone, mutual funds purchased 4.09 crore shares of
HDFC Bank, valued at 6,887 crore. This marked the sixth consecutive month of substantial buying,
with previous monthly acquisitions as follows: May - 7,600 crore, April - 1,886 crore, March - 4,600
crore, February - 8,432 crore, and January - 12,884 crore. The stock is worth accumulation at
current level as well at every decline. Buy.
VST Industries (Rs 4576.00) : Shares of VST Industries Ltd., one of the largest portfolio
holdings of veteran investor Radhakishan Damani, jumped over 17% on Friday to hit a record high
after the company announced plans to consider an issue of bonus shares at its upcoming board
meet. VST Industries' board will consider the issue of bonus shares at its board meet on July 25,
during which it will also consider its June quarter earnings. This is the first instance of the company
planning to consider a bonus issue of shares. The company has never split its stock either. Since
2020, VST Industries has been paying dividends to shareholders in excess of 100 per share, while
since 2012, it has been paying dividends in excess of 50 per share to its shareholders. Radhakishan
Damani is one of the largest shareholders in VST Industries. As of the recent shareholding pattern,
Damani, along with entities run by him, hold close to 34% stake in the company, which is the
highest in his portfolio after Avenue Supermarts. Buy.
TCS (Rs 4302.00) : India's largest IT services company Tata Consultancy Services (TCS)
marginally beat Bloomberg estimates for its first-quarter (Q1) of 2024-25 performance, but macro-
economic uncertainties continued to weigh on the management's demand outlook. For Q1, TCS
net profit grew 8.7 per cent year-on-year (Y-o-Y) to Rs 12,040 crore, but fell 3.1 per cent sequen-
tially. Revenue increased 5.4 per cent Y-o-Y and 2.2 per cent sequentially to Rs 62,613 crore.
Bloomberg had estimated revenue to be at Rs 62,128 crore and profit at Rs 11,959 crore. Margins
for the quarter were 24.7 per cent, a 1.5 per cent Y-o-Y increase. This was a surprise for many
considering the company announced a salary hike during the first quarter. K Krithivasan, chief
executive officer and managing director of TCS, maintained that FY25 would be better than FY24,
but said to call out on growth trends or green shoots was still too early. Emerging markets, espe-
cially India, Latin America, and MEA, outperformed the US. India grew 61.8 per cent Y-o-Y prima-
rily due to the BSNL deal, followed by the UK deal at 6 per cent. In verticals, the banking, finance,
Cont...
Financial Weekly TM

and insurance sector, the largest for TCS, was down 0.9 per cent Y-o-Y but improved 1.3 per cent
sequentially. Communications, media, and technology grew 4.8 per cent sequentially. The stock
has jumped after results. Momentum will continue. Buy in phased manner.
Bajaj Auto (Rs 9384.00) : Bajaj Auto Ltd posted an 18 percent on-year rise in its Q1 FY25
consolidated net profit to Rs 1,941.79 crore. Revenue jumped 16 percent on-year to Rs 11,932
crore. Bajaj Auto results exceeded analysts' expectations. The Rajiv Bajaj-led company sold
11,02,056 units of vehicles in the June 2024 quarter, a growth of 7 percent as against 10,27,407
units sold in the same quarter last year. Domestic business maintained its momentum and resil-
ience, registering its ninth successive quarter of double-digit growth o Sustained broad-based growth
across the motorcycles, commercial vehicles and electric scooters portfolio. The electric portfolio
(e2W, e3W) comprised 14 percent of domestic revenues this quarter. EBITDA went up by 24
percent to Rs 2,415 crore from Rs 1,954 crore, while operating margin improved by 130 basis
points (bps) to 20.2 percent from 19 percent YoY. The company saw a healthy export growth, with
revenue rising in double-digit on-year. Bajaj launched world's first CNG bike in this quarter which
might increase its sales. Accumulate.
Muthoot Finance (Rs 1839.00) : As gold prices hit record highs, foreign brokerage
Jefferies is bullish on gold NBFCs in India, seeing further headroom for growth. The brokerage
initiated coverage on Muthoot Finance with a 'buy' call, and a target price of Rs 2,200. This indi-
cates an upside of 20. According to Jefferies, gold NBFCs offer higher leverage to gold prices.
Additionally, the players should gain from stabilising competition and diversification, which in turn,
will support loan growth. Loan growth is expected to be stronger than the past three fiscal years, at
17-19 percent EPS CAGR for FY24-27 compared to 3-8 percent in FY21-24. Muthoot Finance is
expected to deliver an 18 percent RoE over the next three years. The asset quality risk in gold is
low, returns are high and the firms' earnings have been steadily improving. Muthoot has gold
loans which are 82 percent of its AUM, on its better gold price leverage. RBI's advisory is actually
positive and not negative as it said to reduce risk and if there is risk, go for provisioning. Overall, the
stock is on strong pitch. Buy.
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
19th July, 2024 unless specified 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

Remedium Lifecare Ltd - CMP Rs. 18.7 BSE: 539561
Board to Consider Rs. 1000 Cr Acquisition of
Specialty Chemical Company
Corporate SCAN
Remedium Lifecare Ltd. (BSE: 539561), a com-
pany engaged in trading API intermediates (KSMs
and CRMs) and various other raw materials essen-
tial to API trading, has announced that its board will
meet on 08 August 2024 to consider the acquisition
of an unlisted company in the specialty chemicals
sector with a global footprint. The acquisition will be
executed via a stock swap and the issuance of op-
tionally convertible debentures, resulting in a 100%
buyout. The acquisition value is expected to be
around INR 1000 crores, subject to agreement on
valuation parameters and the completion of due dili-
gence on the target company's financials and legal
formalities.
The board will also Consider and approve the Un-Audited Standalone Financial Results for the quarter
ended June 30, 2024.
Earlier, the board approved fund raising through Qualified Institutional Placement (QIP) to raise funds up to
Rs. 200 Cr to finance the acquisition of Good Manufacturing Practices (GMP) assets in the Active Pharmaceu-
tical Ingredients (API) and Intermediates space, as well as the acquisition of technology, Intellectual Property
(IP), including US Drug Master File (USDMF), Certificate of Suitability to the Monographs of the European
Pharmacopoeia (CEP), tech packages, and other assets.
Recently, the company has received a multi-year supply contract from Aster Biotech Ltd., a pharmaceutical
distribution company based in the United Kingdom. The supplies scheduled between July 2024 and June
2025 alone are valued at one hundred seventy-five crore rupees (Rs. 175,00,00,000/-).
Remedium Lifecare Ltd., a company engaged in trading API intermediates (KSMs and CRMs) and various
other raw materials essential to API trading, has bolstered its performance and presence within the pharma-
ceutical and healthcare domains by trading amino isophthalic acid, tellurium oxide, grignard reagent, iodine,
selenium metal powder, trimethyl sulfoxonium iodide (TMSI). As a leading contract trader and brand owner of
advanced intermediates and APIs, Remedium has shifted its paradigm into the trading of intermediates and
APIs.
Reflecting the ethos of its Chairman, who believes in "working hard in silence and letting success make the
noise," Remedium is dedicated to upholding uncompromising quality standards. Remedium has consistently
raised the industry's benchmarks through its commitment to developing intermediates (KSMs & CRMs) and
APIs that deliver unique value to patients and societies worldwide. Adapting swiftly to evolving demands, the
company has emerged as one of the fastest-growing organizations in the global pharmaceutical industry.
"Quality is an ongoing process of building and sustaining relationships," is the firm belief at Remedium. Its
unwavering commitment to quality products is backed by a highly qualified team of professionals, a cutting-
edge infrastructure, and deep industry knowledge. Remedium strives to create mutually beneficial partner-
ships, adhering to high-quality standards as a matter of habit rather than chance.
Remedium is passionate about excellence and strives to deliver products with 0% defects, earning trust as
a reliable source for quality pharmaceutical and healthcare products. It is committed to a rigorous product
development process that involves constant modernization and adherence to international standards, since it
has one of the largest portfolios of intermediates and active pharmaceutical ingredients (APIs), responsible
for the therapeutic effects of various medicines.
***
Financial Weekly TM

Dalal Street Whispers Dilip K. Shah
Infosys (Rs 1792.00) :- Profit down 20.1 per cent to Rs 6,368 crore (Q-o-Q). Other income
drops 72 per cent to Rs 733 crore; Revenue grows 3.7 per cent to Rs 39,315 crore. Ebit increases
8.8 per cent to Rs 8,288 crore; Margin expands to 21.1 per cent. The company also raised FY25
revenue growth forecast to 3-4 per cent.
L &T Technology Services (LTTS) (Rs 4879.00) :- L&T Technology Services

retained its full-year revenue growth forecast of 8 per cent-10 per cent but missed quarterly rev-
enue expectations. The company's revenue grew about 7 per cent to Rs 2,462 crore ($294.4 mil-
lion) for the three months ending June 30, missing analysts' expectations of Rs 2,531 crore, per
LSEG data.
Shoppers Stop (Rs 779.00) :- Q1FY25 net loss at Rs 22.7 crore Y-o-Y; Revenue
increases 7.6 per cent to Rs 1,069.3 crore.
Rallis India (Rs 324.00) :- Profit declines 23.8 per cent to Rs 48 crore in Q1FY25;
Revenue rises 0.1 per cent to Rs 783 crore.
JSW Infrastructure (Rs 315.00) :- Q1FY25 profit slips 8.9 per cent Y-o-Y to Rs 292.4
crore; Revenue jumps 15 per cent to Rs 1,009.8 crore.
Dr Reddy's Laboratories (DRL) (Rs 6639.00) :- Signs non-exclusive patent

licensing agreement with Takeda Pharmaceutical Company for Vonoprazan tablets in India.
Sagar Cements (Rs 238.00) :- Net loss narrows to Rs 28.4 crore; Revenue rises 3.9 per
cent to Rs 560.6 crore.
GPT Infraprojects (Rs 163.00) :- Receives Rs 103 crore order from NHAI and Eastern
Railway.
Dixon Technologies (Rs 11266.00) :- CCI approves acquisition of up to 56 per cent

shareholding of Ismartu India.
Tech Mahindra (Rs 1491.00) :- Approves merger of subsidiary vCustomer Philippines

(Cebu) Inc. with parent company.
Zydus Lifesciences (Rs 1144.00) :- :USFDA classifies injectables manufacturing

facility inspection in Gujarat as Official Action Indicated (OAI).
Tata Technologies (Rs 997.00) :- Profit declines 15.4 per cent Y-o-Y to Rs 162 crore
in Q1FY25; Revenue rises 0.9 per cent to Rs 1,269 crore. Ebitda down 7.7 per cent at Rs 231.1
crore and margin dips to 18.2 per cent.
Cont.....
Financial Weekly TM

Persistent Systems (Rs 4580.00) :- Profit drops 2.8 per cent Q-o-Q to Rs 306.4 crore
in Q1FY25. Revenue rose 5.7 per cent to Rs 2,737.2 crore. EBIT grows 2.6 per cent to Rs 384
crore, EBIT margin dips to 14 per cent.
Dalmia Bharat (Rs 398.00) :- Profit rises 0.7 per cent Y-o-Y to Rs 145 crore in Q1FY25;
Revenue drops 0.2 per cent to Rs 3,621 crore.
JTL Industries (Rs 220.00) :- Opens QIP issue on July 18 at a floor price of Rs 221.57
per share.
Tata Consumer Products (Rs 1187.00) :- Capital Raising Committee to meet on

July 23 to finalise rights issue details worth Rs 3,000 crore.
South Indian Bank (Rs 27.00) :- Profit surges 45.4 per cent Y-o-Y to Rs 294.1 crore in
Q1FY25; Net interest income increases 7.2 per cent to Rs 865.8 crore. In terms of asset quality,
Gross NPA remains flat Q-o-Q at 4.50 per cent; Net NPA falls to 1.44 per cent.
Tanla Platforms (Rs 970.00) :- Profit increases 4.3 per cent Y-o-Y to Rs 141.2 crore in
Q1FY25; Revenue grows 10 per cent to Rs 1,002.2 crore.
CIE Automotive India (Rs 587.00) :- Profit increases 1.3 per cent Y-o-Y to Rs 216.4
crore in Q1FY25; Revenue drops 1.2 per cent to Rs 2,292.7 crore.
CEAT (Rs 2671.00) :- Profit jumps 7 per cent Y-o-Y to Rs 154.2 crore in Q1FY25; Rev-
enue increases 8.8 per cent to Rs 3,192.8 crore.
Vodafone Idea (Rs 15.00) :- Approves second tranche of preferential equity shares
allotment worth Rs 614.5 crore to Nokia Solutions and Ericsson India.
Asian Paints (Rs 2945.00) :- Asian Paints reported a 24.6 per cent decline in net profit
to Rs 1,186.8 crore for Q1FY25, with revenue decreasing 2.3 per cent to Rs 8,969.7 crore. Earn-
ings before interest, taxes, depreciation and amortisation (Ebitda) dropped 20.2 per cent to Rs
1,693.8 crore, resulting in a margin decrease to 18.9 per cent from 23.1 per cent on a year-on-year
(Y-o-Y) basis.
LTIMindtree (Rs 5760.00) :- LTIMindtree's Q1FY25 consolidated results showed a 3.1

per cent increase in net profit to Rs 1,135.1 crore, supported by a 2.8 per cent rise in revenue to Rs
9,142.6 crore. Ebit grew 4.8 per cent to Rs 1,370.9 crore, expanding the margin to 15 per cent from
14.7 per cent.
L&T Finance (Rs 175.00) :- L&T Finance recorded a 29.1 per cent rise in net profit to Rs
685.5 crore in Q1, driven by a 17.4 per cent revenue increase to Rs 3,784.4 crore. Net interest
income surged 23 per cent to Rs 2,020 crore, underpinning a consolidated book size growth of 13
per cent to Rs 88,717 crore.
Cont.....
Financial Weekly TM

Network18 Media and Investments (Rs 79.00) :- Network18 Media and Invest-
ments reported a 3 per cent decline in Q1 revenue to Rs 3,141 crore, accompanied by an operating
Ebitda loss of Rs 148 crore compared to Rs 84 crore previously.
Zee Entertainment Enterprises (Rs 137.00) :- Zee Entertainment Enterprises'

board has approved raising funds by issuing 5 per cent foreign currency convertible bonds (FCCBs)
amounting to $239 million (approximately Rs 1,997.22 crore) to selected investors.
Hathway Cable & Datacom (Rs 22.00) :- The net profit fell 18 per cent to Rs 18.32
crore in Q1FY25, as opposed to Rs 22.4 crore in Q1FY24. During the same period, revenue in-
creased 0.7 per cent to Rs 502.6 crore from Rs 499.2 crore.
Kolte-Patil Developers (Rs 410.00) :- Collections grew 19 per cent to Rs 612 crore
in Q1FY25 from Rs 513 crore in Q1FY24. Sales value rose 1 per cent Y-o-Y to Rs 711 crore from
Rs 701 crore.
One 97 Communications (Paytm) (Rs 458.00) :- FlixBus has entered a strategic

partnership with Paytm to enhance distribution capabilities, leveraging Paytm's extensive cus-
tomer base and technological expertise.
Bharti Airtel (Rs 1461.00) :- Bharti Airtel added 12.50 lakh subscribers in May 2024, a
66.2 per cent increase from the previous month, holding a 33.17 per cent market share of wireless
subscribers as of May 2024.
Reliance Industries (Rs 3109.00) :- Reliance Jio added 21.95 lakh users in May,
holding a 40.6 per cent market share of wireless subscribers as of May 2024.
ONGC (Rs 319.00) :- ONGC has commenced production from its coal bed methane block
in Bokaro, Jharkhand, with initial production at 1,70,000 SCMD expected to rise to 3,00,000 SCMD
by the fiscal year-end.
Techno Electric & Engineering Company (Rs 1483.00) :- Techno Electric &
Engineering Company has launched its Qualified Institutions Placement (QIP) issue, fixing the
floor price at Rs 1,506.58 per share on July 16.
Glenmark Pharmaceuticals (Rs 1413.00) :-

Glenmark Pharmaceuticals has received final approval from the United States Food and Drug
Administration (US FDA) for Topiramate capsules USP, used in epilepsy treatment.
TVS Motor Company (Rs 2405.00) :- TVS Motor Company will invest 200 million
pounds in Norton Motorcycles for international expansion, focusing initially on the USA, Germany,
France, Italy, and India.
Cont.....
Financial Weekly TM

Aditya Birla Money (Rs 170.00) :- Aditya Birla Money saw a robust 73.4 per cent jump
in Q1 net profit to Rs 16.4 crore, with net interest income rising 47.8 per cent to Rs 88.5 crore.
Just Dial (Rs 1254.00) :- Just Dial's Q1 performance showed a 69.3 per cent spike in net
profit to Rs 141.2 crore, supported by a 13.6 per cent revenue growth to Rs 280.5 crore. Ebitda
surged 119.8 per cent to Rs 80.6 crore, resulting in an expanded margin of 28.7 per cent.
GMR Airports (Rs 91.00) :- GMR Airports has reported an 8 per cent year-over-year
increase in passenger traffic for June, with domestic and international traffic rising by 6.4 per cent
and 12.8 per cent respectively. Aircraft movements also grew by 6 per cent YoY.
KEC International (Rs 867.00) :- KEC International secured new orders worth Rs
1,100 crore for transmission & distribution projects in India, the Middle East, Australia, and the
Americas, including significant contracts from Power Grid Corporation of India and UAE.
Vodafone Idea (Rs 15.00) :-

Vodafone Idea reported a loss of 9.24 lakh subscribers in May, maintaining an 18.66 per cent
market share of wireless subscribers as of May 2024.
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates
/ indices on 19th July, 2024 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation.
• Though, every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad
jurisdiction
Smart Investment Website Index
40,888 hits only 1 Week
Total number of Hits
2,25,81,111
Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
Financial Weekly TM

Be alert in banking sectors
Col Ajayastromoneyguru
This week of calendar year 2024 is represented by planet known as sun and year 2024
represented by planet known as Saturn.
This week Sun & Venus, and Saturn and moon are together on different sign .
Now this week Jupiter and Mars are together in Venus house.
As per Astro Economics this week public sector stocks should be under focus. Especially
defense, infrastructure, housing sector should be under watch.
Banking stocks may see some pressure therefore investors need to take care.
You can do research on these sector stocks
The above recommendation is purely for research purpose, take advice for your financial
advisor for taking any financial decision.
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly TM

Srestha Finvest Ltd - BSE: 539217 - Rs. 2.31
Srestha Finvest Ltd. Signs Fresh Agreement with
Felix Industries to Advance Renewable Energy
Corporate SCAN
Srestha Finvest Ltd., a leader in financial solutions,
has announced that In continuation of existing busi-
ness arrangement between Srestha Finvest Ltd.
(Srestha) and Felix Industries Ltd. (Felix) have yet
again joined hands through the signing of a Facility
Agreement aimed at advancing renewable energy and
sustainability initiatives where in Srestha would ex-
tend further towards lending in renewable energy and
clean water related projects aimed at sustainable de-
velopment.
Through this fresh agreement, Felix shall secure
funding for capital work of plant installation for the
order procured by Felix with Aarti Industries Ltd for renewable energy, clean water and water recycle related project for
the tune of about Rs. 50 million in total to be funded in two phases. With a aim to further provide robust financial support
to a diverse in to Renewable Energy and water segment, fostering sustainability and marking a significant move towards
Green Environment and sustainable projects this arrangement would strengthen the financial support to Felix.
Earlier, the company announced that it has joined hands with Felix Industries Ltd. (Felix) through the signing of a
Facility Agreement aimed at advancing renewable energy and sustainability initiatives.
The Signing of said agreement paves way for Srestha towards lending in renewable energy and clean water related
projects aimed at sustainable development. Through this agreement, Felix is well-positioned to secure funding for their
renewable energy, clean water and water recycle related projects. The Facility Agreement comprises various provisions
aimed at enhancing support for Renewable Energy and sustainability related projects. Srestha will fund Rs. 250 million
for targeting the above mission in next 1-2 years and also expand its footprint in new technology sectors.
Earlier, the company announced stellar earnings for the quarter and year ended 31 March 2024. For the quarter ended
31 March 2024, the company reported Revenue from operations at Rs. 391.85 Lakhs, a growth of 462.36% YoY. PAT
was reported at Rs. 506 Lakhs (Q4FY24), and Net PAT (total comprehensive income) came in at Rs. 1767.74 Lakhs
(Q4FY24)
For the year ended 31 March 2024, the company saw a stellar 269% growth in its revenue from operations, growing
from Rs. 274.56 Lakhs (FY23) to Rs. 1013.01 Lakhs (FY24). PAT came in at Rs. 173.86 Lakhs (FY24), while the Net
PAT (total comprehensive income) stood at Rs. 2404 Lakhs (FY24)
Srestha Finvest Ltd is a leader in the field of financial solutions, offering comprehensive solutions to both individuals
and businesses. In an Indian financial landscape predominantly reliant on traditional financing avenues, Srestha Finvest
recognizes the gaps that stem from a lack of specialized players in the sector. The company, observing the absence of
structured financial solutions, limited skill sets, and regulatory constraints that restrict tailored offerings from financial
institutions, discerns an opportunity to innovate and deliver customized solutions. Focusing on the Lending Business
segment, Srestha Finvest is committed to providing specialized and comprehensive solutions to both Indian corporates
and individuals, nurturing and empowering their growth endeavors.
The company prioritizes structured credit products supported by robust cash flows, ensuring a secure and high-
quality wholesale lending portfolio. Within the Wholesale Lending Business, the company facilitates diverse credit
solutions encompassing project funding, mezzanine financing, acquisition financing, bridge financing, working capital
requirements, and personal finance, among others.
With a vision to expand and diversify its business verticals, Srestha Finvest aspires to emerge as a comprehensive
hub, offering all-encompassing solutions for finance and investment-related products. The securities of the company are
listed on BSE (BSE: 539217).
***
Financial Weekly TM

Senior Astrologer
Dharmesh Joshi
Nifty Predictions ; 22-7-2024 to 26-7-2024

" Please consider 10 minutes plus and minus in each prediction, and act accordingly. " Ganesha
advises you to compare every prediction with the prediction of the previous time slot. " Hey pals!
Book is available; order your personalised book as soon as possible from the link below.
22-07-2024 Monday :- " Slot - 7 You may remember, which was given in monthly file and book
- " Now talking about today's intraday- " This week the movement of Bank Nifty works in a very
strange pattern, so make a daily strategy and work accordingly. " 9.15 to 11.30 Nifty will play around
a psychology figure around the surface. " 11.30 to 13.30 Nifty up. " 13.30 to 15.30 High-volatile,
high-fluctuation and unpredictable time slot is aspected by Ganesha.
23-07-2024 Tuesday :- " The Union Budget 2024-25 will be presented in Parliament on July 23,
so you can understand how much volatility there will be in the market. " Technically, fundamentally
all will work in their own way with different observations, should intraday or F&O be done on the
day the budget is there? " Even if Ganesha refuses, do it with some caution, so that the risk is
reduced. " 9.15 to 10.00 Observe Nifty, do nothing. " 10.00 to 13.00 overall has strength in Nifty,
which may move to the upside, but there will be a small correction around 10.50. " From 13.00 to
14.30 overall Nifty which has gone up in previous slot, profit booking will come in this slot. " 14.30
to 15.30 Nifty mix to be positive.
24-07-2024 Wednesday :- " Yesterday, everyone will have said the budget is good and bad in
their own way, the effect of which will be seen in the opening today, so work by making a strategy
in the temporary opening. " According to the planets, the coming days can be said to be confusing
in personal life and professional life, so make a strategy accordingly. " 24-07-2024 and 25-07-
2024 will be the same pattern, only if you make a strategy after 5 minutes of opening it will be fun in
intraday. " Buy nifty around 10.50 with risk today and exit around 12.40. " From 12.40 to 15.30 a
graph like (W) is formed in English, so you make a strategy accordingly and keep resuffling posi-
tions.
25-07-2024 Thursday :- " Ganesha is observing boring and dull day today. " A time frame
like 11.00 "Jahan Te Vahin Waaps" can be said from the opening. " 11.00 to 13.00 Stock has more
momentum than Nifty, so job on the upside. " Last 2.30 hours only and only jobbing, which has a
slot with no clear trend.
26-07-2024 Friday :- " Slot - 1 = 9.15 to 10.55 Nifty remains soft overall. " Slot - 2 = 10.55
to 12.45 Nifty up. " Slot - 3 = 12.45 to 13.25 Nifty remains down. " Slot - 4 = 13.25 to 14.35 nifty up.
" Slot - 5 = 14.35 to 15.30 Nifty remains down.
Financial Weekly TM

News Track
Hi-Tech Pipes Ltd.
Achieves Ever Highest Sales Volume In Q1FY25
Hi-Tech Pipes Limited (NSE: HITECH, BSE: 543411), one of the leading Steel Pipes companies in India, has announced that
it has achieved the highest sales volume in its history for Q1FY25. This remarkable milestone is a testament to the company's
commitment to excellence, innovation, and customer satisfaction.
In Q1, Hi-Tech Pipes has recorded a significant increase of 45% with a total sales volume of 1,22,155 MT compared to the
same period last year from 84,489 MT and 13% on Q-o-Q compared to the sales volume of 1,07,721 MT in Q4FY24. This
achievement is attributed to the company's strategic initiatives, including expansion of product lines, enhanced marketing efforts,
and process optimizations.
Commenting on operational performance, Mr. Ajay Kumar Bansal, Chairman and Managing Director, Hi-Tech Pipes Ltd.
Said, "We are thrilled to reach this major milestone, which demonstrates our team's dedication and hard work. Our focus on
quality, customer-centric approach, and continuous improvement has enabled us to achieve this record-breaking sales volume.
We are confident that this momentum will continue, driving our growth and success in the industry. Further, we are extremely
pleased with the contribution of our new manufacturing facility Sanand Unit II Phase 1, Gujarat, to our sales volume. The facility
has been operational in the end of Q4FY24 and has already started to make an impact on our production capacity and efficiency.
This new facility is a game-changer for us, and will further cement our leadership position in western market."
Recently, the company approved the allotment of 1,77,55,000 equity shares against conversion of warrants, to members of
the promoter group and non-promoter group. Earlier, the company announced that it has been recognized as the highest
taxpayer (Bhama shah Award) for FY2023-24 in Bulandshahr District by the Department of Commercial Taxes Uttar Pradesh.
This prestigious award acknowledges Hi-Tech Pipes contribution to the nation's economy through its timely and transparent
payment of taxes. The company's commitment to compliance and ethical business practices has earned this distinguished
recognition.
One of India's leading steel processing companies, providing world class innovative products for nearly Four decades with a
strong presence in steel pipes, hollow sections, tubes, cold rolled coils & strips, road crash barriers, solar mounting structures,
GP/GC Sheets, Color Coated Coils and a variety of other galvanized products. The Company operates Six(6) state-of-the-art
integrated manufacturing facilities located at Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP) - near Bangalore, and Khopoli
(Maharashtra), with an installed capacity of 7,50,000 MTPA, on a consolidated basis. The Company has direct marketing
presence in over 20 states with more than 450+ Dealers & distributors across India.
Bhatia Communications & Retail (India) Ltd.

Board To Consider Raising Funds to Accelerate Business Growth
Bhatia Communications & Retail (India) Ltd. (BSE: 540956), a leading company engaged in the retail and wholesale distribu-
tion business of trading mobile handsets, tablets, home appliances and other electronic equipment, has announced that its board
will meet on July 20, 2024 to consider the proposal to raise funds, to accelerate business growth and to augment the long term
financial resources of the Company, by way of issue of Warrants/Equity Shares/Convertible Securities, subject to all necessary
approvals.
Earlier, the company reported strong earnings for the year ended 31 March 2024. For FY24, the company reported Revenue
at Rs. 415 Cr, recording a growth of 20% YoY. EBITDA Grew 25% YoY, and was reported at Rs. 18.45 Cr. Net Profit (PAT) came
in at Rs. 11.53 Cr, growing 36% YoY.
Bhatia Communications & Retail (India) Ltd. is engaged in the retail and wholesale distribution business of trading mobile
handsets, tablets, data-cards, mobile accessories, air conditioners, washing machines, and other electronic equipment. It sells
smart mobile handsets of all major brands, including Apple iPhone, Samsung, Oppo, Vivo, Honor, Jio, Realme, Redmi, Nokia,
and more. These products, along with tablets, data cards, and accessories, are available under one roof through its retail outlets
located across the South Gujarat region, including Surat, Vapi, Valsad, Navsari, Vyara, and other towns in South Gujarat.
Additionally, the company provides the same services through its franchise retail chain dealers in the South Gujarat region.
The business began in 2008 with a single shop by taking over the running business of the partnership firm M/s. Bhatia Watch
& Gift. Now operating under the name Bhatia Communication/Bhatia Mobile - "The Mobile One Stop Shop," it has expanded. As
of FY24 the company has 203 stores (193 owned and 10 franchise). The company is deepening footprint in Maharashtra with a
target of 25 stores by FY25
Besides mobile handsets, tablets, and accessories, the company is also engaged in trading home appliances such as
televisions (smart TV, LED TV, and LCD TV), air conditioners, air coolers, microwaves, refrigerators, washing machines, and
other home appliances. It sells these home appliances from various brands like Akai, Whirlpool, Kenstar, Panasonic, Haier,
Voltas, Usha, and many more.
The company also provides credit/EMI facilities to its customers for purchasing its products. It has tied up with major leading
credit houses to offer these services.
Financial Weekly TM

News Track
One Point One Solutions Ltd. Executes Term
Sheet to Acquire 100% Stake in a BPO Company
One Point One Solutions Limited (NSE: ONEPOINT), a leading provider in technology-enabled business process manage-
ment (BPM) services, has announced that the Company has executed non-binding Term Sheet to acquire 100% stake in a BPO
company subject to successful completion of legal and financial due diligence. The company is a well-established provider of
Contact Center Services in Latin America serving clients from North America. This strategic acquisition will enhance One Point
One's capabilities in the Contact Center Services sector and help it Expand its global presence. It will help the company Combine
expertise to create a strong synergy within the IT industry. One Point One Solutions is in the early stage of this acquisition.
Earlier, the company announced a significant client win within the Energy and Utility industry. This partnership is with one of
India's largest and most renowned integrated power companies.
The esteemed company, a key component of India's largest conglomerate, operates as an Indian electric utility and electricity
generation entity based in Mumbai, India. The company has been a pioneer in technology adoption, with many firsts to its credit,
supporting the country's energy independence. With a distinction of being among the top private players in each sector of the
value chain including solar rooftop and value-added services, the brand is credited with steering the energy sector on technol-
ogy, process and platform. The brand has now over a century of expertise in technology leadership, project execution excellence,
world-class safety processes, customer care and driving green initiatives committed to 'lighting up lives' for generations to come.
By combining their strengths, both organizations are poised to enhance operational efficiency and customer satisfaction in
the utility sector. One Point One Solutions is excited to contribute to this mission and looks forward to achieving new milestones
in business process management and customer service excellence.
One Point One Solutions is a full-stack player in BPO, KPO, IT Services, Technology & Transformation and Analytics. The
company was incorporated in the year 2006 and offers comprehensive solutions in technology, accounting, skill development
and analysis. In 2024, the company acquired a major stake in ITCube Solutions Pvt Ltd., which is an IT + BPM/KPO services
company headquartered in Pune and Cincinnati, Ohio. ITCube Solutions with over two decades of experience, serves clients
across sectors and has a robust presence in the USA, England, Netherlands, Germany, Kuwait, Oman, UAE, Qatar, India,
Singapore, and Australia.
The company serves a broad spectrum of industries including Telecom & Broadcasting, Retail and E-commerce, Consumer
Durables & FMCG, Banking and Finance, Travel & Hospitality, Insurance & Healthcare and has 6 service centers located across
Navi Mumbai, Gurgaon, Chennai, Bangalore, Indore and Pune with 5,600+ seats on per shift basis, allowing to cater to a
significant volume of clients. The company offers services like Originations, Customer services, Sales, Collections, Tech Helpdesk,
Backoffice, Accounting, Litigation, Recruitment, Design, Development, Intelligence and a lot more. Akshay Chhabra, the founder
of 1Point1 Solutions Ltd., focuses on technology-driven innovation to build efficiencies and position the company as a leader in
the BPM space.
The company has also forayed into global markets with its wholly-owned subsidiary company "ONE POINT ONE USA INC" in
the Delaware, United States of America. Since the listing in 2017, the brand has built a robust portfolio with 50+ clientele including
prominent players from across the verticals.
Kavveri Telecom Products Ltd.

Board Approves Name Change to Kavveri Defence & Wireless Technologies Ltd.
Kavveri Telecom Products Ltd. (BSE: 590041, NSE: KAVVERITEL), a leading wireless products manufacturer, providing
world class hardware products and solutions for the telecom, defence and space industry, has announced that its board has
approved the name change of the company from "Kavveri Telecom Products Ltd." to "Kavveri Defence & Wireless Technologies
Ltd."
Earlier, the company bagged a Purchase Order for Rs. 109 Millions for Radio frequency products and Antennas under the
Make in India initiative for a mission-critical project in India. Kavveri developed these products at its Research and Development
centre in India for the first time under Make in India initiative.
The enormous amount of efforts spent on its R & D over the last several years is now reaping rewards for the company. Kavveri
Telecom is currently endeavouring to procure orders from overseas markets with an end aim to be a global manufacturing hub
for its products in India under the Make in India initiative.
Commenting on the development, Mr. Shivakumar Reddy, Managing Director, Kavveri said that, "It is incredibly gratifying to
design and develop these mission-critical products under the Make in India initiative for the first time. Having accomplished many
firsts in the wireless industry in India, we are committed to leveraging our expertise and experience to expand our market reach
and contribute significantly to making Bharat Atmanirbhar. The benefits of the Make in India initiative, coupled with the significant
expected growth of infrastructure in India, make; a very exciting time for us at Kavveri." Kavveri is a leading wireless products
manufacturer, providing world class hardware products and solutions for the telecom, defence and space industry. Kavveri
combines expertise with experience to deliver stateof-art products and solutions spanning the wide spectrum of wireless Industry
up to 18 GHz frequency range. The diverse range of products manufactured by Kavveri include Antennas, RF (Radio Frequency)
Components, Filters, Combiners, Multi-couplers, Repeaters, TMA/TMB and many more.
Financial Weekly TM

News Track
Eraaya Lifespaces Ltd. Remits USD 12 Mn for Ebix, Inc. Acquisition,
Expects to remit another USD 35 Mn within July 2024
Eraaya Lifespaces Ltd. (BSE: 531035) is pleased to share the updates on the status of the acquisition process of Ebix Inc.,
wherein an amount of USD 12 Million (INR 101 Crores Approx) has been remitted on 16th July 2024, making it a total of USD
21.75 Million (INR 181 Crores Approx) that has been remitted till date towards the acquisition. Further to this USD 35 Million (INR
293 Crores Approx) will be remitted within July 2024 itself.
The bid submitted by the consortium led by Eraaya Lifespaces Limited had been approved and accepted as the highest and
best bid for Ebix and declared as the winner following the auction process overseen by the U.S. Bankruptcy Court at an ascribed
enterprise value of USD 361 Million (INR 3,009 Crores approximately).
The acquisition will be effectuated through Ebix's Plan of Reorganization proposed in its Chapter 11 proceedings, subject to
ongoing negotiations among the consortium, Ebix, and Ebix's creditors and other stakeholders. The U.S. Bankruptcy Court had
allowed the Plan of Reorganization to be sent to creditors for voting and scheduled a hearing to consider approval of the plan.
The acquisition includes 100% of the equity in Ebix by the Consortium which includes assets and certain liabilities in the
worldwide subsidiaries of Ebix. EBIX INC., (NASDAQ: EBIXQ) is a leading international supplier of On-Demand software and E-
commerce services to the insurance, financial and healthcare industries.
Elevating Experiences, Embracing Heritage. Eraaya Lifespaces is a premier lifestyle and hospitality company dedicated to
curating unforgettable experiences worldwide. Rooted in a passion for excellence, we blend luxury, comfort, and style to create
immersive environments that transcend mere existence. Our portfolio celebrates India's rich culture and heritage, offering unique
escapes in iconic destinations. Whether it's crafting flawless events or producing innovative content, Eraaya Lifespaces is
committed to exceeding expectations and creating memories that last a lifetime. Welcome to Eraaya, where luxury and heritage
converge in perfect harmony.
While Eraaya stands as a beacon of innovation and excellence in its current domain, with a solid foundation built on
determination, guided by a clear vision, informed strategy, and unwavering commitment to excellence, the company has gar-
nered recognition in the industry.
Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents
a promising avenue for growth, diversification, and sustained relevance in an ever-evolving market. Eraaya has set its sight on
exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisi-
tions of a varied bunch of businesses.
Eraaya Lifespaces embarks on this transformative journey of expansion into new business fields, Eraaya is poised to carve
a new path of success, driving innovation, and creating value for stakeholders while shaping the future of business in dynamic
and unprecedented and unforeseen ways.
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Financial Weekly TM

News Track
Pioneer Embroideries Ltd. Leading the Way in Embroideries,
Laces, and Specialized Polyester Filament Yarn
Pioneer Embroideries Ltd. (BSE: 514300, NSE: PIONEEREMB) is one of the largest manufacturer-exporter of Embroideries,
Torchon/Bobbin laces, Raschel laces and other garment accessories.
Earlier, the company reported strong earnings for the year ended 31 March 2024. During the financial year, both the busi-
nesses - Specialized Polyester Filament Yarn (SPFY) and Embroidery and Laces (EL) - grew almost equally, with the former
contributing about 84% to the Company's revenues. Both the businesses also witnessed rise in EBIDTA and margins, over
previous year and PEL's EBIDTA grew 72% from ? 153.1 mn to about ? 263.9 mn.
As the capacity expansion in both the businesses got completed during the year, FY23-24 saw a substantial rise in interest
cost, from ? 36.4 mn to about ? 92.6 mn. Depreciation also increased by about 48% to about ? 125.4 mn during the year. Both
these cost items limited the rise in Profit before Tax and Exceptional Items, which rose from? 32.1 mn to about ? 45.8 mn only.
Exports however, remained constrained for both SPFY and EL, owing to higher logistics costs related to Red Sea conflict, and
overall inflationary trends in Europe and US affecting both demand and retail inventory levels for textiles in general. With its
effective marketing network rising to the challenge, PEL did well in domestic market and non-traditional export geographies. The
domestic sales for EL grew by 39% to about ? 506.5 mn and that of SPFY grew by 15% to about ? 2,389.4 mn.
For PEL, the performance in the second half was expectedly better, as its expanded capacities came into play. While turnover
in H2 was higher by 15% over H1, despite macro headwinds, the EBIDTA margins were substantially higher at 9.1% as
compared to 6.4% in H1.
Established in 1991 by Mr Raj Kumar Sekhani, Pioneer Embroideries Limited ("PEL") is one of India's notable manufacturers
and exporter of value-added Specialized Polyester Filament Yarn and Embroidery & Laces. It has a state-of-the-art SPFY
manufacturing facility at Himachal Pradesh and three Embroidery & Laces manufacturing facilities in Gujarat, Dadra & Nagar
Haveli and Maharashtra.
Within a few years, PEL has carved a permanent niche for itself in the SPFY business worldwide, with best-in-class quality
under the SILKOLITE brand. PEL has a yarn capacity of about 18,000 MT pa. The Company's products find application mainly in
the non-apparel segment, used in carpets, bath mats, upholstery fabrics, and curtains. PEL became one of the first textile
companies to create a brand in a highly commoditized yarn business.
PEL's products enjoy a premium in the marketplace because of better quality, design, and capacity. Owners of the heritage
brand - Hakoba - PEL has added strength to the brand by building upon an extensive library of embroidery designs, making
Hakoba synonymous with high-quality embroidery across the world. At present, the Company has three embroidery and lace
manufacturing facilities at Naroli (UT DN&H), Sarigam (Gujarat) and Degaon (Maharashtra), along with a wide marketing
presence at all the major markets.
Rathi Steel And Power Ltd.

Bags Order to Supply Stainless Steel Products to Bansal Wire Industries
Rathi Steel and Power Ltd. (BSE: 504903), a leader in stainless steel products like Wire Rods, Billets, Flats, has announced that the
company's has received an order to supply stainless steel products to Bansal Wire Industries Limited, who are leaders in downstream
applications of our products, of an approximate order value of Rs 7.8 Cr (including GST and considering value of base grade product category).
Recently, the company announced that its steel melting unit at Ghaziabad has been declared as Pioneer Unit under "The Industrial and
Service Sector Investment Policy 2004" of Govt. of Uttar Pradesh and pursuant to which it has received an amount of Rs. 4.72 Cr from Govt.
of Uttar Pradesh as Refund against its claim of Electricity Duty Exemption.
Earlier, the company reported stellar earnings for quarter and year ended 31 March 2024. Revenue for the full year was Rs. 492.83 crore
in FY24. EBITDA (excluding other income) was at Rs. 20.79 crore for FY24, EBITDA Margin was 4.22% for FY24. PAT for the year was Rs.
23.53 crore, while PAT Margin stood at 4.78%
The company also announced its plan ahead with Focus on stainless steel products, to enhance capacity as well as utilization levels while
maintaining lean cost-structure. The fund raise and debt resolution has strengthened the balance sheet and positions the Company to leverage
the headroom for growth in the market - Rathi commands a substantial market share in Northern India for long stainless steel. Company aims
to leverage its broad product portfolio and cater to diverse range of sectors. Utilize retail network to push SS rebar and B2B for value-added
products. Company to increase capacity utilization at existing plant. Infrastructure is strong enough for further capacity expansion at minimal
capex cost, should the need arise based on anticipated demand.
The company's capacity utilization being gradually ramped up. In May 2024, Rathi commenced a Cost Optimization Project to synchronize
its steel casting and rolling process across all major equipment, to reduce fuel/scale loss. In April 2024, the Company completed the moderniza-
tion of its Wire Rod Mill, and commenced commercial production from the same. This has improved product acceptability. In April 2024, Rathi re-
initiated banking relationships via fund-raise with Kotak Mahindra, after becoming debt-free, with focus on prudent financial management.
Incorporated in 1971, Rathi Steel and Power Limited manufactures and supplies steel and steel related products. The Company specializes
in stainless steel products like Wire Rods, Billets, Flats etc., which are primarily used in Infrastructure, Engineering, Household applications.
Rathi operates a plant in Ghaziabad, UP, with an installed rolling capacity of 2,00,000 tons per annum. The Company also operates a steel melting
shop with installed capacity of over 90,000 tons per annum to manufacture stainless steel billets.
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:::: INDEX LEVELS ::::

21st July 2024 to 27th July 2024 5

Tega Industries Ltd (TEGA)

21st July 2024 to 27th July 2024 6

Company Name Close as on Close as on Change

21st July 2024 to 27th July 2024 7

21st July 2024 to 27th July 2024 8

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

21st July 2024 to 27th July 2024 9

21st July 2024 to 27th July 2024 10

21st July 2024 to 27th July 2024 11

21st July 2024 to 27th July 2024 12

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

21st July 2024 to 27th July 2024 13

21st July 2024 to 27th July 2024 14

The Majiwada Project is projected to generate total realizations of

21st July 2024 to 27th July 2024 15

21st July 2024 to 27th July 2024 16

21st July 2024 to 27th July 2024 17

21st July 2024 to 27th July 2024 18

21st July 2024 to 27th July 2024 19

Praj Industries (Rs 688.00)

21st July 2024 to 27th July 2024 20

ONGC- RESEARCH REPORT

21st July 2024 to 27th July 2024 21

21st July 2024 to 27th July 2024 22

21st July 2024 to 27th July 2024 23

21st July 2024 to 27th July 2024 24

Corporate Sanstar IPO Details

21st July 2024 to 27th July 2024 25

21st July 2024 to 27th July 2024 26

Download our app

21st July 2024 to 27th July 2024 27

Smart School Article 81

in a stock is an act of grave error.

21st July 2024 to 27th July 2024 28

Disclaimer : There is a chance of biases including confirmation bias, information bias,

21st July 2024 to 27th July 2024 29

21st July 2024 to 27th July 2024 30

For ordering the book click on the Amazon link Or

21st July 2024 to 27th July 2024 31

ECB meeting this week and

21st July 2024 to 27th July 2024 32

21st July 2024 to 27th July 2024 33

Momentum option buy

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

21st July 2024 to 27th July 2024 34

at an issue price of Rs. 56.20 per warrant,