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T
VOL. XXV No.1
A TIME COMMUNICATIONS PUBLICATION

Monday, 9 15 November 2015
S
Pages.29 Rs.15
Market seeks positive triggers

By Sanjay R. Bhatia
Last week the markets continued to move lower on account of weak global market cues and a disappointing set of
earnings data. Further, lack of consensus on the Bihar State Elections outcome also drifted the markets lower.
The US markets remained weak on account of the earnings season while the global markets awaited the jobs data, which
would give a clearer picture on the interest rate hike in the near-term.
Crude prices remained under pressure due to high
inventory data, which incidentally is at its five-year
high.
On the domestic front, earnings continued to
disappoint while the new Uday policy announced by
the government for the financial turnaround of power
distribution companies has received a mixed
response. The results of the Bihar State Elections
would be declared on Sunday, 8 November 2015, and
could lead to a knee-jerk reaction on the bourses.
Technically, the prevailing negative technical
conditions weighed on the market sentiment. The
Stochastic, RSI, MACD and KST are all placed below
their respective averages on the daily and weekly
charts. The Nifty remains placed below its 50-day SMA, 100-day SMA and 200-day SMA. The Nifty's (50-100 day SMA,
50-200 day SMA and 100-200 day SMA) Death Cross breakdown continues to hold valid. The Nifty has also broken out
of the rising channel on the daily charts, which is a negative sign. All these negative technical conditions could lead to
further selling pressure, especially at higher levels. The only saving grace for the market is the Stochastic, which is
placed in the oversold zone on the daily chart and could lead to short-covering and buying support at lower levels.
The DI line is placed above the ADX line and the +DI line on the daily charts and is placed above the 28 level on the
weekly charts indicating that sellers are gaining strength. The ADX line, however, is languishing below the 22 level on
the weekly charts indicating a trendless and choppy market trend.
It is important that the markets witness regular buying support at lower levels. With no respite seen on the earnings
front and with the Bihar Elections results just around the corner, the markets are likely to witness a knee-jerk reaction.
The only respite for the current selling pressure could be the prevailing oversold conditions or some reform
announcement by the Central Government.
The overall sentiment remains negative. Technically, it is important that the Nifty moves and sustains above its 50-day
SMA to record any sensible gains. In the event the Nifty continues to sustain below the 8K level, further selling pressure
could be witnessed and the Nifty could test the 7868 level.
A Time Communications Publication
In the meanwhile, the markets would take cues from the outcome of the Bihar Elections, earnings season, RupeeDollar
exchange rate, global markets and crude prices.
Technically on the upside, the BSE Sensex faces resistance at the 26730, 27131, 27650, 28100 and 28578 levels and
seeks support at the 24892, 24206, 22277 and 19963 levels. The resistance levels for the Nifty are placed at 8000, 8088,
8225, 8379, 8495 and 8622 while the Nifty's support levels are placed at 7868, 7655 and 7539.
BAZAR.COM
Marketmen turn Bihari

Thank god! India has some 29 odd states or else Dalal Street would have experienced innumerable tremors at each state
polls. First it was the U.P. poll which the BJP won with the Lok Sabha round, followed by 50-50 at M.P., Rajasthan and
New Delhi, which was a total wipe out of the BJP at hand of Arvind Kejriwal in Delhi. And quite like the market sinking at
that time, we are in a similar situation today. But,
neither did the boat sink that time nor will it now.
Performance alone is the only truth!
Several exit polls predicted a split outcome or a wafer
This issue marks the beginning of a 25-year old Money
thin majority. And Biharis they are how long can their
Times.
loyalty last is a billion dollar question! Also, how long
Confident, mature and not one to be carried away by
can the honeymoon last when you are sleeping with a
media hype that usually accompanies corporate working
foe? Thats what Nitish and Lalu are! They may
or projections.
eventually call it off during the seventh round at the
It is for this reason Money Times focuses on hard facts
marriage altar.
than promoters and their fancy projections that more
Going by the various exit poll outcomes, a stable
often than not are designed to boost share prices.
government is a distant possibility at Patna. Also, the
The true winner, however, is one who braves the ups and
Central governments hopes to win a good number of
downs with equanimity never losing sight of the road
Rajya Sabha contenders, is seemingly dashed. A majority
ahead
whether racing, walking, limping or trotting as we
in the upper house remains difficult for the BJP to have a
have witnessed over the past 25 years.
safe passage of economy booster bills.
The fact that we survived while 31 others fell by the
The market played it smart by preparing for such an
wayside is because of you dear reader.
eventuality since the last 10-12 trading sessions. It
Your subscription renewals was our only hope that kept
possibly picked up the hint from Amit Shahs statement
us going and may see new dynamism here onwards.
that the Bihar State Elections should not be seen as a
referendum of the NaMo government. The market also
Having performed, Money Times will only grow from
started discounting the misreading of BJPs strategies in
strength to strength.
discarding the caste-based policy for the development
And on what better occasion to take this pledge than
agenda. In short, the market knew before-hand that the
Deepavali.
possibility of a united opposition may weigh heavy on
Happy Diwali to all.
the BJP-led NDA. The fight here was between a group of
local stalwarts with an experience of over four decades

in ruling Bihar versus the BJP, which hardly has any experience in managing the Biharis.
Whatever one may comprehend from the exit poll results, there is little room for a reversal of the apple cart. It happened
in the 2014 Lok Sabha polls. So let Sunday, 8 November 2015, bring out the final tally and the level of stability the
winning combination may give.
Its time to remind readers that elections come and go and such Bihar-type situations arise quite often. The market takes
it all in its stride and moves on. It is commonly felt that the impact of positivity or negativity does not remain in our
minds beyond four days. So let the impact of the event remain for now. Treat the sharp fall as an opportunity to invest
and your Deepavali may not lack lustre.
The market will slowly de-link the Bihar Poll results from the New Delhis governance. The process has already begun
with Power Minister, Piyush Goyal, announcing power reforms within minutes of the exit poll. Whether this was preplanned to prove a point or just a coincidence, the show will, however, go on. So let marketmen turn Bihari but the show
will go on. Sometimes its the economics and sometimes its the politics that pull the trigger of the gun.
TRADING ON TECHNICALS
Lower range can attract support

By Hitendra Vasudeo
Last week, the
Sensex opened at
Last Close
26641.68,
attained a high at 26824.3 and moved down to register a low at 26190.17 before it finally closed the week at 26265.24
and thereby showed a net fall of 391 points on a week-to-week basis.
Diwali to Diwali: Sensex
If the year ended on 5 November 2015 to complete the yearly candle, then the lower range for the Sensex until next
Diwali could be as low as 24057 while it could face resistance at the 27041, 29248 and 34440 levels. As each level gets
crossed on a sustained basis, investors may look at the next. For the near-to-short-term, we expect 27041-29248 on the
upside and 24057 on the downside. The trading range will be between 24057 and 29248.
Weekly Chart
The last major rising swing was from 17448 to
30224. The retracements of this rise are placed at
25228, 23732 and 22277.
The 38.2% retracement has been tested as the Sensex
registered a low of 24833. As long as 24833 is not
violated strongly on the downside, a near-term
recovery from 25863 or from lower levels could be
witnessed.
For the rise from 24833 to 27618, the retracement
levels are placed at 26220 and 25863. The 61.8%
retracement is at 25863 and the last-swing higherbottom is at 25287 on the daily chart. Expect the
lower range to be tested. The lower range for the
week is at 26028-25394 while resistance levels are
placed at 26426-26620-27297. Support will be seen
in the lower range.
On a fall and close below 24833, the next retracement levels of 23732 and 22277 will be tested.
BSE Mid-Cap
A correction is currently being witnessed and a further rally can be seen only on a breakout above 11257. The objective
remains to exit long on a rally. Expect retracement levels of 10631-10395 to be tested.
Strategy for the week
Traders who are short can revise down their stop loss to 26825. Cover short position at the lower range of 2602825394. Lower range can attract support.
Sensex
26265
Daily Trend
DOWN
DRV
26625
Weekly Trend
DOWN
WRV
26869
Monthly Trend
UP
MRV
26302
WEEKLY UP TREND STOCKS

Let the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy with whatever low
registered below Center Point or Level 2 as the stop loss. After buying if the price moves to Level 3 or above then look to book profits as
the opportunity arises. If the close is below Weekly Reversal Value then the trend will change from Up Trend to Down Trend. Check on
Friday after 3.pm to confirm weekly reversal of the Up Trend.
Scrip
MARUTI SUZUKI INDIA

KPIT TECHNOLOGIES LT
RAMCO CEMENTS
BAJAJ FINANCE
DALMIA BHARAT ENTERP
Last
Close
Level
1
Level
2
Center
Point
Level
3
Level
4
Relative
Strength
Weekly
Reversal
Value
Up
Trend
Date
4523.00
144.05
373.75
5294.00
712.70
Weak
below
4425.0
136.3
359.5
5180.0
682.4
Demand
point
4447.3
138.0
362.4
5191.0
686.9
Demand
point
4500.7
142.3
370.9
5283.0
708.2
Supply
point
4576.3
148.4
382.2
5386.0
734.0
Supply
point
4705.3
158.7
402.1
5581.0
781.1
61.4
60.3
59.1
59.0
58.1
4450.8
133.1
353.4
5192.0
707.1
30-10-15
18-09-15
01-10-15
01-10-15
09-10-15
WEEKLY DOWN TREND STOCKS

Let the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell with whatever high
registered above Center Point or Level 3 as the stop loss. After selling if the prices moves to Level 2 or below then look to cover short
positions as the opportunity arises. If the close is above Weekly Reversal Value then the trend will change from Down Trend to Up
Trend. Check on Friday after 3.pm to confirm weekly reversal of the Down Trend.
Scrip
Last
Close
ABG SHIPYARD
IL&FS TRANSPORTION
VIJAYA BANK
DEVELOP. CREDIT BANK
JUBILANT FOODWORKS
Level
1
Level
2
Center
Point
Level
3
Level
4
Demand
point
Demand
point
Supply
point
Supply
point
Strong
above
42.1
81.7
30.2
74.5
1133.9
79.5
87.5
33.0
80.7
1324.8
103.5
90.8
34.9
84.7
1420.5
116.9
93.3
35.8
87.0
1515.8
127.4
94.2
36.7
88.8
1516.2
93.00
89.90
34.00
82.95
1420.05
Relative
Strength
Weekly
Reversal
Value
Down
Trend
Date
21.65
25.67
30.00
31.30
32.10
120.92
92.98
36.50
88.25
1491.89
01-10-15
16-10-15
30-10-15
16-10-15
09-10-15
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend.
Close below averages is defined as down trend. Close above averages is defined as up trend. Volatility
(Up/Down) within Down Trend can happen/ Volatility (Up/Down) within Up Trend can happen. Relative
Strength (RS) is statistical indicator. Weekly Reversal is the value of the average.
EXIT LIST
Last
Close
Scrip
EICHER MOTORS
Supply
point
Supply
point
16693.00 17155.46 17374.00
Supply
point
Strong
above
Demand Monthly
point
RS
17592.54
18300.00
15303.5
30.62
EVEREADY INDUSTRIES
265.20
269.80
273.27
276.75
288.00
240.4
34.38
SOLAR INDUSTRIES IND
3318.70
3356.83
3374.05
3391.27
3447.00
3210.9
35.11
DR. REDDY'S LABORATO
3630.00
3905.32
3995.00
4084.68
4375.00
3145.3
38.86
PIDILITE INDUSTRIES
542.05
553.09
557.90
562.71
578.30
512.3
39.87
KOTAK MAHINDRA BANK
655.00
664.43
669.50
674.57
691.00
621.4
40.25
TUBE INVESTMENT OF I
374.30
384.24
388.23
392.21
405.10
350.5
42.67
RICOH INDIA
866.00
868.65
877.50
886.35
915.00
793.7
43.46
J.K. LAKSHMI CEMENT
354.20
362.78
366.42
370.07
381.85
331.9
43.64
STRIDES ARCOLAB
1241.20
1265.22
1275.00
1284.78
1316.45
1182.3
45.14
MINDTREE
1500.75
1522.47
1533.20
1543.93
1578.65
1431.6
45.49
J.B.CHEMICALS & PHAR
271.75
280.10
283.52
286.95
298.05
251.1
49.29
INDRAPRASTHA GAS
477.55
482.94
485.55
488.16
496.60
460.8
53.42
REPCO HOME
691.65
694.78
698.42
702.07
713.85
663.9
57.45
CHENNAI PETROL.CORP.
189.45
196.85
201.65
206.45
222.00
156.2
58.15
IBUL HSG FIN
705.20
711.05
714.45
717.85
728.85
682.3
60.51
BUY LIST
Last
Close
Scrip
WONDERLA
Demand Demand
point
point
331.55
328.65
327.00
Weak
below
Supply
Point
Supply
Point
Monthly
RS
325.35
320.00
342.7
95.05
PUNTER PICKS
Note: Positional trade and exit at stop loss or target whichever is earlier. Not an intra-day trade. A delivery based trade for a possible time frame
of 1-7 trading days. Exit at first target or above.
Scrip
SKC
BSE
Code
Last
Close
Demand
Point
Strong
above
Weak
below
539363
49.50
48.35
49.70
44.00
Supply
Supply point
point
53.2
58.9
Risk
Reward
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend.
Close below averages is defined as down trend. Close above averages is defined as up trend. Volatility
(Up/Down) within Down Trend can happen/ Volatility (Up/Down) within Up Trend can happen.
! Note: Momentum breakout trend of stocks value(volume*close) between 10-80 lakhs.
TOWER TALK
Brave-heart traders who dont fear Chinese dumping can buy JK Tyre Industries available at a throw-away price of
less than Rs.100. Its bottom-line has jumped over 55%.
Royal Enfield reported 73% higher sales in October 2016 and also opened exclusive stores in Paris and Madrid. Buy
Eicher Motors for good gains.
2-minute noodles returning in 30 days. Nestle India to bounce back.
Sarla Performance Fibers is a steady performer and cheap at Rs.53.75. It may double in three months.
Nilkamal has declared excellent results in view of falling crude prices. The share will rally further.
EClerx Services has posted impressive
NIFTY & BANK NIFTY
results and declared a bonus issue. Money
Times had previously recommended this
(Live Market)
share. Buy on dips and hold for a target of
Identifies intra-day Trading Opportunities and also
Rs.2100 within 3 months.
provides positional calls for a day or two depending on the
Atul Ltd has posted higher sales and net
range of the target.
profits. Production facilities are also being
revamped. Better days ahead.
Available daily by SMS or on Live Chat.
Pincon Spirit has been hitting upper circuits
Subscription Rate: Rs.3000 per month & Rs.24,000 per
on account of excellent results. Continue to
annum.
hold.
Contact us on 022-22616970 for a FREE 2-Day Trial.
JK Lakshmi Cement shows signs of revival. Better days ahead.
Barista Coffee and Carnation Hospitality are both on the block for sale. The Amtek group wants to reduce debt. This
is good news for investors wanting to buy Amtek Auto for the long-term.
Analysts advise investors not to tender Essar Ports shares for delisting as they expect improved workings in the
next few years. This share is worth accumulating.
Recently declared results indicate that Brigade Enterprises is a share worth accumulating.
Nasdaq listed Virtusa is set to acquire a 53% stake in Polaris. An open offer to other shareholders may follow. Even
otherwise, this Company is underpriced.
An Ahmedabad-based analyst recommends to buy Banswara Syntex, KEI Industries, IVP, Precision Wires India,
Shree Ajit Pulp & Paper and Tanla Solutions.
BEST BET
Navin Fluorine International Ltd.

(BSE Code: 532504) (CMP: Rs.1684.75) (FV: Rs.10)
By Amit Kumar Gupta
Navin Fluorine International Ltd (NFIL) manufactures speciality fluorochemicals and is focused on fluorine chemistry
producing refrigeration gases, some basic building block fluorides and speciality organofluorines. Its manufacturing
facilities are located in Surat in Gujarat and at Dewas in Madhya Pradesh. NFIL operates in four segments: refrigerants,
bulk fluorides, speciality fluorochemicals and CRO/CRAMS (Contract Research and Manufacturing Services). Its
refrigerant gases segment caters to both stationary and mobile refrigeration and air-conditioning segments. Its bulk
fluorides segment caters mainly to the steel and aluminum sectors. Its speciality segment manufactures fluorine-based
molecules with applications in the pharmaceutical, agrochemical and petrochemical industries. Its CRO/CRAMS segment
offer research-based services to the pharmaceutical and agro industries.
NFIL reported stellar results with a 129% EBITDA growth y-o-y at Rs.317 million and PAT at Rs.232 million (131%
higher y-o-y) on account of higher realisation of R22 (Chlorodifluoromethane) and a better product-mix in speciality
chemicals. A pick-up in R22 prices was led by the following The government banned the import of pre-filled cylinders, which pushed up the demand from OEMs (Original
Equipment Manufacturers);
A 10% cut in the domestic output of R22 in FY15 under the Montreal Protocol. Further, the second round of capex
for enhancing CRAMS capacity and a JV with Piramal Enterprises is about to be completed. Hence, the share of the
speciality chemicals segment is expected to rise to 70% by FY18 from 50% in FY15. NFIL remains a net cash
company even at the peak of its capex cycle. Hence, we expect its free cash flows to turn positive from FY17.
Except inorganic fluorides, NFILs revenues grew across all segments - refrigerant (44%), speciality chemicals (20%),
CRAMS (150%) and inorganic fluorides (-21%).
An enhanced capacity of speciality chemicals at Dewas (which will commence production from H2FY16) and NFILs JV
with Piramal Enterprise (which will begin output from Q4FY16) will further boost the Companys profit ability.
NFILs revenues are expected to grow 20% over FY15-18, whereas its EBITDA and PAT are expected to register a CAGR
of 35% and 32%, respectively. Its RoCE and RoE are likely to rise to 15.5% and 16.8% by FY18 from 7.5% and 9.5% in
FY15.
Hence, we have a Buy on this stock with a price target of Rs.1925.
Technical Outlook: The NFIL stock looks very good on
Valuation
FY14
FY15
FY16E
FY17E
FY18E
the daily chart for medium-term investment and is
P/E (x)
27.1
28.3
21
16.3
12.3
making a higher high and higher low pattern on the
P/Cash EPS (x)
19.6
20.6
16.2
12.7
10
daily chart with strong uptrend moves. Moreover, the
P/BV (x)
2.8
2.6
2.4
2.2
2
stock is trading above all important moving averages like
EV/EBITDA (x)
21.7
21.1
16.1
11.6
8.4
200 DMA.
EV/Revenue (x) 2.9
2.6
2.3
1.8
1.5
Start accumulating at this level of Rs.1684.75 and on dips
to Rs.1604.75 for medium-to-long-term investment and a possible price target of Rs.1925+ in the next 6 months.
STOCK ANALYSIS
Manugraph India Ltd: To reprint profits

By Devdas Mogili
Manugraph India Ltd (MIL), established in 1972 in Mumbai, is Indias largest manufacturer of web offset presses. It is the
first Indian company to export Made in India printing machines to advanced countries such as Germany, France, UK and
USA since 1994-95. Mr. Sanat Shah is the Chairman of the Copmany while Mr. Pradeep Shah is the Managing Director.
MIL
commenced
operations
manufacturing
the
old
type
of
letter
press
printing
machines and gradually extended its product range to web offset machines and sheet-fed offset machines. The Company
is
technically
collaborated
with
M/s
Solna,
Sweden,
to manufacture printing machinery.
Subsidiaries: MIL has a wholly-owned subsidiary (WOS) - Manugraph Americas Inc. and now ranks first as a singlewidth, single-circumference press manufacturing company globally. It has thus strengthened its world-wide
presence, gained access to world-class technology and possesses multi-country designing and manufacturing
capabilities besides expanded portfolio and profiles.
Overseas Presence: Leading publishers from South America, Europe, the Middle East, Asia and the CIS countries have
invested in the Manugraph presses thereby establishing its significant presence in the overseas markets.
Performance: For FY15, MIL registered a sales turnover of Rs.216 crore with a net loss of Rs.10.74 crore fetching a
negative
EPS
of
Rs.3.53.
It
posted
a
negative
RoCE
and
RoNW
of 4.35% and 6.27% respectively.
Financial Highlights:
(Rs. in crore) Latest Results: In Q2FY16, MIL came out
with
a
decisive
turnaround
Particulars
Q2FY16
Q2FY15
H1FY16
H1FY15
FY15
performance
posting
total
income
of Rs.88
Total Income
87.55
62.66
120.92
120.72
215.52
crore
with
net
profit
of
Rs.9.31
crore
PBT
9.18
1.27
3.34
-2.59
-11.33
fetching
an
EPS
of
Rs.3.06
as
against
Re.0.65
Tax
-0.13
-0.71
-0.45
-0.49
-0.59
in Q2FY15.
Net Profit
9.31
1.98
0.71
-2.1
-10.74
Financials: With an equity capital of Rs.6.08
Equity (FV: Rs.2)
6.08
6.08
6.08
6.08
6.08
crore
and
reserves
Reserves
207.79
of Rs.207.79 crore, its share book value
EPS (Rs.)
3.06
0.65
0.91
-0.69
-3.53
works out to Rs.70.35. It has a
low debt-equity ratio of 0.08.

Share
Profile:
The
MIL
share
with
a
face
value
of
Rs.2.00
is
traded on the NSE and the BSE under the B group and its NSE Symbol is MANUGRAPH with BSE Code as 505324. Its 52week high/low is Rs.54.80/29. At its CMP of Rs.44.30, it has a market capitalization of Rs.134.74 crore against total sales
revenues of Rs.216 crore.
Dividends: The Companys dividend paying history is as follows:
FY15-25%, FY14-50%, FY13-75%, FY12-125%, FY11-75%, FY10-50%, FY09-100%, FY08-100%
One must note that MIL paid a 25% dividend for FY15 despite incurring a loss for the year.
Shareholding Pattern: The promoters hold 57.46% of the equity capital while the balance 42.54% stake is held by noncorporate promoters, institutions, mutual funds (Reliance Mid & Small Cap Fund) and the investing public.
Prospects: The Indian Printing Industry has undergone various revolutionary changes in the past 25 years. In 1991,
India initiated a process of reforms which aimed at shedding protectionism and embracing economic liberalization.
Privatization was encouraged with the aim of integrating the Indian economy with the world economy. This dramatic
change in the economic policy opened the doors for the Indian Print Industry to modernize by investing in the
latest technology and machinery.
India ranks among the top 7 publishing nations. The number of printers adopting newer modern technologies is
increasing rapidly. Progressive printers are equipped with the latest computer-controlled printing machines and digital
technologies are being used in pre-press operations so that optimum quality products can be obtained for consumers
at bare minimum prices.
MIL expects the domestic and the overseas markets to witness a positive growth in the current financial year. Volatility
in international markets and increasing competition has forced the Company to take steps to manufacture units at a
competitive price by adopting innovative operating practices. It has also added a new product line to maintain its market
share and competitive edge over others.
Further, a recovery in the global markets is anticipated. In addition, with the government taking adequate steps to revive
the economy leading to an improvement of the macro-environment and consumer sentiment, the economy and this
sector is bound to bounce back.
MIL continues to focus on technology. With strong in-house R&D activities, it is in a position to introduce technologically
superior products at competitive prices. India is expected to maintain its leadership position as a low-cost nation for
quality engineering capabilities.
The key challenges for the Indian economy this year are to fast-track infrastructure projects, improve electricity
generation and increase industrial production. These issues will bear fruit soon owing to the governments efforts to
push reforms and keep the Indian growth story
alive.
Free 2-day trial of
Conclusion: Manugraph India ranks as Numero
Uno
in
the
manufacture
of
web
Live Market Intra-day Calls
offset presses in India. With a whopping 60%
A running commentary of intra-day trading
market share and quality presses ranging in
speeds from 35000-70000 copies per hour, its
recommendations with buy/sell levels, targets, stop
presses
are
present
in
loss on your mobile every trading
almost all major publication houses. Over the
day of the moth along with pre-market notes via email
years,
MIL
has
emerged
as
a
for
thriving, nimble footed, printing machinery
Rs.4000
per
month.
manufacturing enterprise because of its
Contact Money Times on 022-22616970 or
ability to adapt itself rapidly to meet the
challenges
of
a
competitive
economy.
moneytimes.support@gmail.com to register for a free
At its CMP of Rs.44.30, the Manugraph share
trial
discounts earnings less than 12.6 times as against
the industry average of over 25 indicating good
scope for appreciation. In light of the Companys decisive turnaround performance, regular payouts, leadership status,
attractive market cap:sales ratio, a reasonable P/E multiple and bright prospects going forward, the MIL share can be
bought for decent returns in the medium-to-long-term.
GURU SPEAK
Buy on dips
Last week, I had firmly observed that the market was sliding to breach the Nifty 8000 level under the broad headline
Market enters the risky zone. The market which ended the week before last with a big weekly fall of 814 Sensex points
to close at 26656.83 followed by the CNX Nifty losing 230 points to close at 8065.8. Again with the fall last week, the
markets have fallen consecutively for five weeks in the backdrop of the Bihar Elections that are rumored not to favour
the BJP.
In fact, the Bihar electoral outcome has impacted the market along with a weak corporate
earnings leading to a Sensex fall of nearly 2000 points quite unexpectedly. Such issue-based rise
or fall in the markets impact market sentiments positively or negatively and have nothing to do
with real performance of companies. Instead, they create battlefields for speculators in the shortterm.
Going back, when the BJP led NDA won the Lok Sabha elections in May 2014 with a clear
majority, the market sentiment turned strongly positive and remained so for quite some time
even though corporate results did not improve till Q2FY15. This led several analysts to turn
bullish and they started projecting fancy targets.
By G. S. Roongta
Thus the market which was ramped up to hit a Sensex all time high of 30074.74 and Nifty high of
9119.2 gradually slipped back to the Sensex 26K and Nifty 8K levels respectively and harmed investors much more than
what they earned during May 2014 to March 2015.
This clearly indicates that the market moves on hopes and promises and fall back when the promises do not turn into
reality. This is exactly what might happen again after the Bihar Poll results are declared. Its impact will fade away within
a few days just like the Lok Sabha results or the Rajasthan MP Assembly results, which had no great impact on the
market.
Technical experts have, therefore, again started making short calls for Nifty futures towards 7600-7500 and those that
have a long position in the market are frightened and are squaring off their positions out to avoid losses and bears have
starting shorting taking advantage of the temporary fear and panic created.
This is nothing new and has occurred every time such situations are created. The market acts and reacts in extremes
whenever any new or big event happens or an issue crops up, which the speculators take advantage of based on the
overall outstanding position in the market. In such cases, when the market is in the overbought zone, bears take
advantage to go short until the event actually occurs and materializes to their liking.
A couple of months ago, expectations of the US Federal rate hike led a Sensex fall of nearly 2000 points with FIIs turning
net sellers aggressively. But when the date actually materialized and the US Federal decided to postpone the rate hike
until the end of the year, the Sensex bounced back and in fact gained more than what it had lost. Hence, it is natural for
traders with speculative positions in the F&O markets to be prepared for the ups and downs.
However, such aggressive fluctuations provide a good opportunity to real investors who venture into the market in a
panic as hinted in my last weeks article under the second headline Time for Value-picks. The post Bihar Poll results will
surely provide a good opportunity to investors to buy stocks of their choice much below their 52-week highs by which
they could benefit an additional 25-50% in the next 3 to 6 months or even earlier.
Is it not a great irony that despite the net FIIs investment of Rs.96000 crore in FY15 and about Rs.20000 crore in FY16,
the Indian stock markets show no signs of a bullish market?
Is it not an irony that despite a stable government at the Centre with a clear majority since the last 18 months, trade and
business activities havent taken off yet? Besides, none of the sectors at the corporate levels have shown any significant
improvement so far.
None of the major industries like Textiles, Fertilizer, Paper, Sugar, Steel, Cement and Power have made any significant
headway despite a fall in their input costs. This can be supplemented with the performance of the 50 Nifty stocks, if
analysed properly. A majority of these stocks have made new lows this year.
Particulars
Sector
52-week high
52-week low
CMP
Rise from 52-week low
ACC
Cement
1775
1303
1385.7
6.3%
SBI
Banking
336
221
243.25
10.1%
PNB
Banking
231
124
132.8
7.1%
Tata Power
Power
95
55
67.6
*
The
52-week
lows indicated
above have been
made in 201516 itself and as
such the star * in
the
rise
percentage has
no significance because market price as on 06-11-15 merely reflects the covering of short position. It may also be noted
that none of the stocks are half-way or near to their 52-week highs explaining the downward trend in force. The table
that covers almost all sectors clearly indicates that none of the sectors have benefitted from the Modi government so far.
Modi should consider himself lucky that the drop in crude oil prices from a high of $115 per barrel in May 2015 to $48 in
November 2015 was a big blessing as otherwise the Indian economy would have worsened by now and the current
account deficit would have soared and maintaining the budget deficit at 2% of the GDP would have been impossible.
This is the reason that the market is moving on hopes of improvement and traction with no real improvement in any of
the sectors.
Industrialists, businessmen and traders are all disappointed as they see no ray of hope in the business atmosphere to
improve while Mr. Modi is busy with his overseas tours and political rallies. Let us thank Mr. Deepak Parekh of HDFC
who first realized that nothing had changed at the ground level to improve the ease of doing business in India.
Had there been any positive change in the
business atmosphere, the Sensex would not
have lost 2000 points (or Nifty 600-800
points) on just global cues and not failed to
By G. S. Roongta
sustain at higher levels ever since March 2015.
Investment Advisory Service is provided by Mr. G. S. Roongta, a
The market has been in the trading zone since
market veteran in fundamental analysis with over 25 years of
the last 6-8 months with no clear sign of
improvement.
experience and who is well-known for his accurate forecasts
since 1986.
Had there been any bullish factor, it would
have stabilized the market by now without
Under this service, at a charge of Rs.1000, Mr. Roongta will
allowing it to slip again and again on petty
identify 5 scrips for short-term investment of 3-4 months.
issues like Bihar Poll results, US Federal rate
To subscribe, you can deposit cheque/cash or transfer the amount via
hike, inflation data, production data, monetary
RTGS/NEFT to the company bank account:
policy issues etc.
(1) Time Communications (India) Ltd C/A 10043795661 at State Bank
Despite the falling interest rates and inflation,
of India, Fort Market Branch, Fort, Mumbai 400 001 (IFSC: SBIN0005347)
the market has not yet breathed any sign of
or
relief. This means there is weakness
(2) Time Communications India Limited C/A 623505381145 at ICICI
somewhere either with the functioning of the
Bank Ltd., Fort Branch, Fort, Mumbai 400 001 (IFSC: ICIC0006235)
government or in its policy-related issues.
After transfer, please advise us by telephone/e-mail mentioning the
Analysing the market fluctuation in the weak
electronic transfer number and date of the payment.
under review, which is quite bearish as usual,
We also have Portfolio Advisory Service, another product
let us summarize it hereunder:
offering by Mr. Roongta under which he will review/restructure
On 2 November 2015, the Sensex opened at
your portfolio based on his sound fundamental knowledge and
26641.69, attained a high of 26824 but closed
the current market scenario. He will advise you which stocks
98 points lower at 26559.15 clearly indicating
you
can hold/exit, book profit/loss, switch to another stock and
that higher levels remain unsustainable.
you will be charged as per the size of your portfolio.
Q2FY16 results of Escorts, in which the big
Please note that both services are a one-time service only, so you
bull, Rakesh Jhunjhunwala had taken a
position last year, were below market
can continue subscribing to them as often you want (weekly or
expectations. Its net profit fell to Rs.16 crore
even monthly) and we will try to ensure that we recommend
from Rs.36 crore in the previous quarter. Its
new stocks each time.
market price, too, tanked from its 52-week
You can contact us on 022-22654805 or
high of Rs.190 to Rs.161.
moneytimes.support@gmail.com for further details.
Coffee Day IPO which was oversubscribed
Hindalco
BHEL
Tata Steel
Vedanta
Power Grid
Idea Cellular
Coal India
Aluminum
Heavy Engg.
Steel
Commodity
Power
Communication
Mining
177
300
492
263
159
203
447
68
192
200
76
121
137
300
80.9
191.8
220.1
92.25
131.1
139.2
341.65
*
*
*
*
*
*
*
Investment Advisory Service
failed to meet investors expectations as its market price fell 17% to close at Rs.271 on its listing day as against its issue
price of Rs.328.
On 3 November 2015, the Sensex attained a high of 26732.24 and a low of 26514 with an intra-day fluctuation of over
200 points to close 31 points higher at 26590.59 followed by the Nifty that closed 10 points higher at 8060.7.
Andhra Sugar, recommended as a Best Bet in Money Times last week, flared up to hit Rs.128 against its recent low of
Rs.88, recording a 40% appreciation in just a few days.
On 4 November 2015, the Sensex lost ground of what it had gained the previous day despite opening much higher at
26704 and attaining a high of 26800. Soon after 2 p.m. the markets collapsed and slipped into the red to surrender all
the intra-day gains to close 38 points lower at 26553 followed by the Nifty to close 20 points lower at 8040.2. This
means that traders are not in a mood to take risks before the Bihar Poll results and are squaring off their positions
before the final results are declared.
On Thursday, 5 November 2015, the market was extremely nervous as the Nifty breached the 8K level and closed lower
at 7955.45 losing 85 points. The Sensex closed 248 points lower at 26304 indicating a clear-cut panic due to the Bihar
Poll results even as global markets rallied throughout the week and were at their near-term 52-week highs including the
Dow Jones, FTSE and even the Asian Markets. Our bourses fell as speculators especially bulls and traders chose to play
safe in the backdrop of these important events. Note: The Sensex till 5 November in the week under review, fell from a
high of 27800 on 4 November to 26304 i.e. 500 points as against 814 points last week.
Index stocks have corrected under these panic situations and may fall further if the BJP lags behind. However, mid-cap
and small-cap stocks are relatively quite strong and have not been impacted much.
Despite the fears expressed earlier, I expect the market to show signs of improvement in H2FY16 on account of lower
inflation, lower interest rates, improved bottom-line (due to lower input cost), lower commodity prices, lower fuel costs,
etc.
I always recommend mid-cap and small-cap stocks which bear the minimum risk. Investors who invest in such stocks
will ultimately stand to gain on a Y-o-Y basis as intermediate fluctuations have no impact on growth-oriented stocks like
Andhra Sugar, Suzlon, Trident, GSFC, India Cements, Elecon Engineering, Century Textile, Prism Cement, JK Lakshmi
Cement, SAIL, among others. Even in this current sluggish trend, these stocks are least impacted.
Trading/investing in mid-cap and small-cap stocks is always safe, rewarding and less risky.
On 6 November 2015, the Sensex closed 38 points lower and the Nifty closed almost flat at 7954 (below 8K). The market,
in
spite
of
closing
in
the
red,
gave
some
comfort
as if long drawn carnage in stock prices looked to have been exhausted with bargain hunting buying started emerging in
several stocks. However, the outcome of the Bihar Poll results on Sunday, 8 November will dictate the market cues on
Monday, 9 November. If the BJP manages to win a majority, the markets will bounce back.
Dr. Reddys and Eicher Motors proved to be a bummer having lost heavily by over Rs.500 and Rs.1000, respectively.
Reliance Industries, SBI, BoB and several other banking stocks gained grounds despite worries. Hindalco, Grasim, India
Cement, AB Nuvo, India Cement and several other stocks were seen in the green territory hinting a Buy on dips, if at all
the market tanks on Monday.
10
STOCK WATCH
By Amit Kumar Gupta
Sangam (India) Ltd.
MONEY TIMES announces

DIWALI BONANZA OFFER 2015
(BSE Code: 514234) (CMP: Rs. 258.50)

(FV: Rs.10) (TGT: Rs.330)
of its specialized newsletters
Sangam (India) Ltd (SIL) is a textile
For Medium-to-long-term investors: 6-month Package @ Rs.6000 v/s Rs.8000
company that manufactures polyester
Roongtas Panchratna 6 & 7 (5 stocks/quarter)
viscose (PV) yarn. It also manufactures
Early Bird Gains (1 stock/week)
synthetic blended fabric used in denims
For Short-term Traders & Investors: 2-month Package @ Rs.7000 v/s Rs.9000
for brands such as Sangam Suitings and
Sangam Denim. Its other brands include
Techno Funda Plus (3 stocks/week)
Sangam Yarns and Channel Nine. SIL's
Fresh One Buy Weekly (1 stock/week)
product portfolio includes PV blended
For Daily Traders: 1-month Package @ Rs.5000 v/s Rs.6500
dyed/grey yarn, cotton spun yarn, cotton
Live Market Intra-Day Calls by SMS (4-5 stocks/day)
open-end yarn, texturized yarn, knitted
Fresh One Buy Daily (1 stock/day)
fabric, woven fabric, denim fabric and
st
seamless garments. It offers various types
Take advantage of this Diwali Offer, which ends on Monday, 30 November
of yarns such as single ply, double ply,
2015.
grindle, roving grindle, core spun, slub
To subscribe, you can deposit cheque/cash or transfer the amount via RTGS/NEFT to
and other fancy yarns. Additionally, the
the company bank account:
Company has a wind power plant. It has a
(1) Time Communications (India) Ltd - State Bank of India C/A 10043795661, Fort
network of around 100 dealers and
Market Branch, Fort, Mumbai 400 001 (IFSC: SBIN0005347) or
around 1000 retailers across India. Its
(2) Time Communications India Limited - ICICI Bank C/A 623505381145, Fort
manufacturing facilities are located in
Branch,
Fort, Mumbai 400 001 (IFSC: ICIC0006235)
Bhilwara, Rajasthan. SIL is the flagship
company of the Sangam Group, a
Note: For cash deposit, kindly add Rs.50 extra for SBI or Rs.100 extra for ICICI Bank
business conglomerate having business
as cash counting charges levied by the bank.
interests across various sectors including
After transfer, please advise us by e-mail mentioning the bank & branch, electronic
textile, steel, infrastructure, power and
transfer number and date of payment with your subscriber name and the product
energy.
selected to enable us to begin your supply immediately.
SIL is an integrated textile player with its
Contact us on 022-22616970, 22654805 or moneytimes.support@gmail.com.
product portfolio ranging from yarn and
fabrics to garments. It is a dominant
player in the domestic dyed PV yarn market with a 25% share and is growing rapidly in the highly fragmented PV fabric
market. Currently, about 58% of SILs revenues is generated from its yarn business and 38% from its fabric business.
The Company has recently forayed into the lucrative womens' intimate & active wear segment, by setting up a garment
facility and distributing garments under its own brand name Channel Nine.
Over the last five years, SILs revenues and net profit have grown at a CAGR of 11% and 25% respectively. For the same
period, it had incurred a capex of Rs.300 crore (forward and backward integration) while reducing its debt-equity ratio
to 1.43x in FY15 from over 3.6x in FY10 by focusing on cash inflows. Its return ratios have also improved consistently
with RoE and RoCE at over 15% in FY15 from less than 10% in FY10. The Companys financial performance has been
consistently improving due to its efforts to continuously move in backward-forward integration.
SIL has recently forayed into the garment segment by entering into the lucrative women's active & intimate wear
category in line with its strength in PV fabric. Currently, this segment is growing steadily at a double-digit rate and is
highly fragmented with less than 20% market share of organized players thereby providing a huge opportunity for
players like SIL. This strategic move has a potential to add Rs.150-200 crore to the Companys top-line with relatively
higher margins of close to 20% H2FY16 onwards.
Valuation: With an expected double-digit steady growth rate in earnings over the next couple of years and increasing
contribution from the branded garments segment (B2C business), the Sangam stock is likely to be re-rated and one may
expect handsome returns over the medium-to-long-term. Hence, we have a Buy on this stock with a price target of
Rs.330.
11
Technical
Outlook: The
Sangam (India) Ltd
stock looks very
good on the daily
chart for mediumterm investment and
continues to make a
higher-high
and
higher-low pattern
on the daily chart
with strong uptrend
moves.
Moreover,
the stock is trading
above all important
moving averages like
200 DMA.
Start accumulating at
this
level
of
Rs.258.50 and on
dips to Rs.225 for
medium-to-longterm investment and
a possible price
target of Rs.330+ in
the next 6 months.
*********
Great Dhamaka Again!
Roongtas Panchratna 7th Edition

Buying prices are lower due to heavy market correction
Five Gems from five different sectors of Paper & Paper
Products/IT/Petrochemicals/Finance/Textiles
All Stocks are highly liquid
All the five stocks have been beaten down heavily and bottomed out
Enough potential for growth
Possibility of giving 50 to 100% returns Y-o-Y
Risk/Reward ratio of 1::4
Dont miss this issue!!!

Have a look at the Panchratna performance given below:
Issue
No.
Date
April 2014
July 2014
Oct. 2014
Wonderla
Holidays
Ltd.
(BSE Code: 538268)
(CMP: Rs. 331.55)
(FV: Rs.10) (TGT:
Rs.375)
Wonderla Holidays
Ltd
(WHL)
is
engaged
in
the
business
of
amusement
parks
and
resorts.
Its
operating segments
include amusement
facilities, resorts and
others. Its resorts
offer
various
facilities such as a
stay at the resort,
rest-o-bar,
all-day
dining
facilities,
banquet
hall,
swimming pool, kid's
play
area
and
Jan. 2015
Apr. 2015
Jul. 2015
Scrip Name
Cheslind Textiles Ltd.

Katare Spinning Mills Ltd.
Trident Ltd.
Elecon Engineering Ltd.
Essar Ports Ltd.
Hind Syntex Ltd.
Suryaamba Spinning Mills Ltd.
Standard Industries Ltd.
Sarda Plywood & Industries Ltd.
Dish TV India Ltd.
Ashok Leyland Ltd.
Mangalore Refinery &
Petrochemicals Ltd.
National Steel & Agro Ltd.
Landmark Property Development
Company Ltd.
PVP Ventures Ltd.
Mukand Engineers Ltd.
KEC International Ltd.
Modern Steels Ltd.
Suzlon Energy Ltd.
Jaiprakash Associates Ltd.
Stock A
Stock B
Stock C
Stock D
Stock E
Stock F
Stock G
Stock H
Stock I
Stock J
Recom.
Rate
(Rs)
4.98
19.50
18.80
36.75
50.90
14.01
31.20
20
18.85
62.95
41.10
61.45
High
achieved (Rs)
% Gain
12.10
31.80
49.50
97
150.40
18.75
52.80
30.60
70
121.85
99.50
82.90
143%
63%
163%
164%
195%
34%
69%
53%
271%
94%
142%
35%
20.30
5.24
17.70
4.99
-13%
-5%
8.32
35.50
94.30
9.95
14.70
25.10
88.05
68.35
56.30
46.15
54.30
61.05
45.35
8.15
24.75
35.40
7.84
40.15
160.95
10.45
30.25
26.70
148.30
65.30
61.40
84.90
74.60
85.40
43.45
6.64
35.80
37.90
-6%
13%
71%
5%
106%
6%
68%
-4%
9%
84%
37%
40%
-4%
-19%
45%
7%
In the current market, Panchratna stocks are a sure way to reap rich rewards.
The 7th Edition of Panchratna was released on 1st October 2015.
Subscription Rate: Rs.2500 per quarter, Rs.4000 for two quarters & Rs.7000 per annum.
You can contact us on 022-22616970, 22654805 or moneytimes.support@gmail.com
12
gymnasium with access to its amusement park. It offers various schemes like free Uber rides, a 20% discount on entry
tickets for college students, up to 35% discount on park admission to school and pre-university course students, etc. It
operates two amusement parks, one in Bengaluru and one in Kochi under the brand name Wonderla. Its amusement
park in Kochi is located approximately 15 kms from the main city and offers over 59 rides. Its amusement park in
Bengaluru is located on the Mysore road (approximately 28 kms from the main city) and is spread across 82 acres of a
landscaped garden and has over 60 rides.
WHLs theme parks are a value-for-money weekend entertainment option. Its ticket charges ranging from Rs.600 to
Rs.1050 for 8-9 hours of entertainment is a value proposition compared to Rs.200-500 spent on watching a movie in a
multiplex which lasts for 2.5-3 hours or Rs.600-900 spent on watching sports events such as the Indian Soccer League or
the Indian Premier League which lasts for about 2-5 hours. The value-for-money entertainment option and proximity to
southern cities provides WHL a competitive edge over other theme and entertainment parks in key southern towns.
WHLs revenues are expected to grow at 30% CAGR over the FY15-18 period with (i) a steady improvement in footfalls;
(ii) WHLs upcoming amusement park in Hyderabad (which will get operational in Q1FY17); (iii) a strong growth in the
non-ticket revenues segment (F&B and product sales); and (iv) a 8-10% increase in the annual ticket price. Its current
OPM of 44-45% is better compared to some of the mature international parks. Further, its margins are likely to improve
gradually with increasing footfalls (as 70% of the operating cost is fixed in nature) and an improving revenue-mix
towards the non-ticketing revenues segment.
Despite an asset-heavy model and a long pay-back period, WHLs balance sheet has been in a comfortable position for
the past few years. Its debt-equity
ratio has remained below 0.3x in the
R E L E A S E D on 7th September 2015
last five years. Its free cash flows have
remained positive and have improved
10th Edition of Beat the Street 9
to Rs.55 crore in FY15 from Rs.6.2
On 8th June 2015, we published the 9th edition of Beat the Street 9. Within just
crore in FY13 indicating better
two months our 9 stocks have given blockbuster returns. Out of 9 stocks, 8 stocks
operating efficiencies of the Company.
have given double digit returns in this volatile market.
Its upcoming Hyderabad project of
Rs.250 crore will be funded by a mix
Stock
Recomm. Rate
Achieved Rate
% Appreciation
of internal accruals (Rs.70 crore) and
Infosys
975 (ABP)
1144
17.33%
an equity issuance (Rs.180 crore).
IRB Infrastructure
228
267
17.10%
Thus, WHLs balance sheet shall
Bajaj Electricals
260
310
19.23%
remain stable in the near-to-mediumIndian Hume Pipe Co
285
437
53.33%
term.
Dish TV India
94
122
29.78%
DCB Bank
125
151
20.80%
Valuation: WHL is a niche play on the
rising
trend
of
weekend
Sunil Hitech Engineers
193
352
82.38%
entertainment in urban India. Despite
KEI Industries
63
118
87.30%
an asset-heavy model, the Company
Idea Cellular
175
186.5
6.57%
has a stable balance sheet. Further, its
In just 8 weeks, our subscribers have earned handsome profit in the above
increasing footfalls will not only drive
stocks.
its earnings higher but also improve
Now the 10th Edition will be released on 7th September 2015. To benefit
its return ratios in the near-tofrom similar profitable ideas. Book your subscription now.
medium-term. The WHL stock is
currently trading at 18 times its
For more details contact Money Times. Subscription Rate: 1 Quarter:
FY18E EPS of Rs.17.8 and 9.5 times
Rs.3500, 2 Quarters: Rs.6500, 3 Quarters: Rs.9000, 1 Year: Rs.11000
FY18E EV/EBIDTA. The valuations of
Contact Money Times on 022-22616970/22654805 or
WHL are at a discount compared to
moneytimes.support@gmail.com
some of the international players in
this industry despite a better margin
profile. Hence, we have a Buy on this stock with a price target of Rs.379.
Technical Outlook: The WHL stock looks very good on the daily chart for medium-term investment and has formed a
saucer pattern on the daily chart. Moreover, it is currently trading above all important moving averages like 200 DMA.
Start accumulating at this level of Rs.331.55 and on dips to Rs.300 for medium-to-long-term investment and a possible
price target of Rs.375+ in the next 6 months.
13
PRESS RELEASE
Altina Awards Ceremony 2015

To recognize and celebrate entrepreneurship especially from entrepreneurs in the SME sector the Altina Awards 2015
were announced at a glittering function in Mumbai recently.
The first prize was won by Ratika Agarwal from Mumbai, the second prize went to Danish Zahoor from Pune, the third
Prize to Karina Dsouza from New Jersey, USA and the special prize to Natasha Vadekadath from Qatar Doha.
Also 40 consolation prizes were won by participants from various parts of the country. The Altina Entrepreneur
Excellence awards went to Furtados Music Pvt. Ltd, Alf Engineering Pvt. Ltd, Rossari Biotech Ltd. Express Pesticides Pvt.
Ltd. and SJIMR.
Altina Securities as a part of its CSR activity focuses on its twin objectives of promoting entrepreneurship and financial
literacy. Entrepreneurship is promoted both at the start up and scale up level.
NEW ISSUES
RCOM and GCX Connect Emerging Markets Corridor

Reliance Communications (RCOM), Indias fully-integrated telecommunications service provider, along with its
subsidiary Global Cloud Xchange (GCX), has announced a major expansion of its revolutionary Cloud Platform Cloud X
Fusion, putting over 300,000 Enterprises and 1.75B potential users into the Cloud. 3,210 Indian enterprises, 14,505
Global Enterprises and 231 of the Fortune 500 companies in Mumbai have connected through the RCOM/GCX network.
This network will allow users to multiply their corporate compute power by 9 to 15X and their storage capabilities by
over 100X. RCOM/GCX is taking another step forward by expanding its Data Center campuses in Mumbai and in
Bangalore, doubling the space and delivering 3X the power.
MARKET REVIEW
Market peeks at Samvat 2072

By Devendra A Singh
The BSE Sensex (30-share index) settled at 26265.24 tumbling 391.59 points followed by the CNX Nifty to close at
7954.3 declining 111.5 points last week ending Friday, 6 November 2015. The equity markets declined in four of the five
trading sessions last week. The markets declined last week on consolidated profit-booking over anxiety of an economic
meltdown in Brazil, Russia and China.
On the macro-economic data, growth in Indias manufacturing sector cooled to its slowest in 22 months in October 2015
as domestic demand softened adding pressure on the government to usher in long-promised reforms.
The Nikkei Manufacturing Purchasing Managers Index (PMI) compiled by Markit fell to 50.7 in October 2015 from 51.2
in September 2015. The 50 mark divides expansion from contraction.
A sub-index covering new orders dropped to a 2-year low of 51.2 from 52.5 as the uncertain economic climate deterred
clients from committing to new projects, Markit said.
Further, growth in 8 core sectors rose to a 4-month high of 3.2% in September 2015 on account of a sharp pick-up in
fertiliser production and electricity generation. The growth rate in September 2015 was the highest since 4.4% in May
2015, as per the Ministry of Commerce and Industry. These 8 core industries include coal, crude oil, natural gas, refinery
products, fertilisers, steel, cement and electricity comprising nearly 38% of Indias total industrial production which
grew at 2.6% in September 2014.
The cumulative growth rate in H1FY16 is now at 2.3% as against 5.1% in H1FY15.
According to a World Bank Annual Report, Doing Business 2016, India now ranks 130 (moving up 12 places from last
year) out of 189 countries for ease of doing business. World Banks Chief Economist and Senior Vice President, Kaushik
Basu said, A forward movement of 12 spots in the ease of doing business by an economy of the size of India is a
remarkable achievement.
14
The World Bank said that India implemented two reforms last year. For example, for starting a business, it eliminated
the requirements of a minimum paid-up capital and a certificate of commencement, significantly streamlining the
process for starting a business.
President Xi Jinping said, Chinas annual economic growth will be no less than 6.5% in next five years to realise the goal
to double 2010s GDP and per capita income by 2020.
The US Federal Chairperson, Janet Yellen, on Wednesday
hinted at a possible December 2015 interest rate hike, but
For the busy investor
also said that rates would rise only gradually to nurture
the US economic recovery.
Fresh One Buy Daily
US manufacturing activity in October 2015, hit a two and a
Fresh One Buy Daily is for investors/traders who are keen
half-year low but a rise in new orders offered hope for a
to focus and gain from a single stock every trading day.
sector buffeted by a strong dollar and relentless spending
With just one daily recommendation selected from stocks in
cuts by energy companies.
an uptrend, you can now book profit the same day or carry
Other data showed that construction spending rose in
over the trade if the target is not met. Our review over the
September 2015 indicating that the economy remained on
next 4 days will provide new exit levels while the stock is still
firm ground despite signs of consumer spending cooling.
in an uptrend.
This low risk, high return product is available for online
Manufacturers continued to cite the dollars strength and
subscription at Rs.2500 per month.
low crude oil prices as headwinds. The new orders subindex rose to 52.9 in October 2015 from 50.1 in September
Contact us on 022-22616970 or email us at
2015. Export orders, however, continued to contract.
moneytimes.suppport@gmail.com for a free trial
There were modest improvements in supplier deliveries
and backlog orders.
The EU economy is set to continue its moderate recovery over the next two years in the wake of the Greek bailout crisis
despite headwinds from the wider global economy, the Union stated.
Despite a slowdown in China and emerging markets hampering the demand for Euro-zone exports, the EU expects a
1.8% growth in FY16 and 1.9% in FY17.
Further, lower oil prices, a weak Euro and the ECBs economic stimulus policy of quantitative easing have helped boost
the Euro zone in recent months.
This is important, particularly against the backdrop of a slowing global economy continuing tensions in our
neighbourhood and the need to manage the refugee crisis decisively and collectively, EU added.
Key indices fell on Monday, 2 November 2015 on extended profit-booking. The BSE Sensex fell 97.68 points (-0.37%) to
close at 26559.15 while the CNX Nifty closed 15 points (-0.19%) lower at 8050.8.
Key indices registered marginal gains on Tuesday, 3 November 2015 on modest buying. The BSE Sensex edged 31.44
points (+0.12%) higher to close at 26590.59 while the CNX Nifty closed 9.9 points (+0.12%) higher at 8060.7.
Key indices dipped on Wednesday, 4 November 2015 on global cues. The BSE Sensex slipped 37.67 points (-0.14%) to
close at 26552.92 while the CNX Nifty closed 20.50 points (-0.25%) lower at 8040.20.
Key indices drifted lower on Thursday, 5 November 2015 on extended selling of equities. The BSE Sensex plunged
248.72 points (-0.94%) to close at 26304.20 while the CNX Nifty closed 84.75 points (-1.05%) lower at 7955.45.
Key indices ended nearly flat drifting lower on Friday, 6 November 2015. The BSE Sensex dipped 38.96 points (-0.15%)
to settle at 26265.24 while the CNX Nifty closed 1.15 (-0.01%) points lower at 7954.3.
For the future, events like Muhurat trading, Bihar State Election results (to be declared on Sunday, 8 November 2015),
corporate earnings, domestic and global macro-economic figures and Chinas economic behavior will dictate the
financial markets.
Corporate results witnessed mixed earnings so far. Indian corporates will continue to reveal their Q2FY16 results this
month. Investors will closely watch the management results which could cause revision in their future earnings forecast
of the company for the current year.
Muhurat Trading, a special trading session is scheduled to be held on Wednesday, 11 November 2015, on the Diwali
Lakshmi Pujan day. Trading would be conducted between 17:45 IST and 18:45 IST.
The Indian stock markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.
The government is scheduled to release data based on wholesale price index (WPI) and the combined consumer price
indices (CPI) for October 2015 for urban and rural India by mid-November 2015.
15
It is scheduled to reveal the industrial production data for September 2015 after market hours on Thursday, 12
November 2015.
Chinas growth stability is another vital factor that will dictate the global market trend in the near future. China is
scheduled to unveil its industrial production data for October 2015 on Wednesday, 11 November 2015.
EXPERT EYE
By Vihari
Deepak Nitrite Ltd:

Wonderful
chemistry!
FOR WEEKLY GAINS
Fast...FocusedFirst
Fresh One Buy - Weekly
(BSE Code: 506401) (CMP: Rs.64.70)

A product designed for short-term trading singling out one stock to
(FV: Rs.2)
focus upon.
The share of Deepak Nitrite Ltd (DNL)
can be bought for decent gains in the
Fresh One Buy Weekly (formerly Power of RS Weekly) will identify the
long term on account of its improving
stop loss, buy price range and profit booking levels along with its
relative strength, weekly reversal value and the start date of the trend
fundamentals.
or the turndown exit signals.
Incorporated
in
1970,
DNL
manufactures organic, inorganic, fine
This recommendation will be followed up in the subsequent week with
and speciality chemicals and is a
the revised levels for each trading parameter.
business partner for chemicals
worldwide in the pharmaceutical, agro,
Subscription: Rs.2000 per month or Rs.18000 per annum available via
rubber,
colorants
and
imaging
email & courier.
chemicals. It also manufactures
xylidines and cumedines. DNL has
For a free trial call us on 022-22616970 or email at
manufacturing facilities at Nandesari
moneytimes.support@gmail.com
and Dahej in Gujarat, Roha and Taloja
in Maharashtra, and at Hyderabad in
Telengana. Last year, DNL incorporated Deepak Nitrite Corporation Inc. in North Carolina (USA) for its marketing
operations in North America and South America. Also, it has a 49% stake in Deepak Gulf LLC, an associate in Oman.
DNL manufactures a variety of chemical intermediates due to its competence in various chemical manufacturing
processes. Diversified production and flexible capacities act as a natural hedge as they allow the Company to shift
production towards a product with higher demand. In the Bulk Chemicals & Commodities (BCC) segment, DNL
manufactures Nitro Toluenes, Fuel Additives and Sodium Nitrite which find application across colorants, rubber
chemicals, pharmaceuticals, explosives, dyes, pigments, agrochemicals, diesel blending, food colours, electroplating, etc.
Its Fine & Speciality Chemicals segment manufactures speciality chemicals, Xylidines, Oximes and Cumidines primarily
used as intermediates in colorants, pigments, fuel additives, agro chemicals and pharmaceuticals.
DNL also manufactures Fluorescent Whitening Agents (FWA) (brighteners commonly used in industries like paper,
detergents, textiles, coating applications in printing and photographic paper). It offers customer-specific products in
liquid, solid and powdered forms. It works closely with customers and through its R&D initiatives is able to enhance its
process efficiencies. This strategy results in repeat orders and long-term relationships with its customers.
DNL being a fully integrated manufacturing facility (from Toluene into PNT and further into DASDA) provides a
competitive advantage over companies that are dependent on others for the raw materials. Further, this allows the
Company to customise raw material as per customer specifications at every production stage.
In FY15, DNLs exports (39% of the total turnover) aggregated to Rs.517 crore (3% higher than FY14). Its net profit
jumped 39% to Rs.53.4 crore on 4.5% higher sales of Rs.1327.7 crore. Its EPS stood at Rs.5.1 and a dividend of 50% was
paid.
For Q1FY16, net profit jumped 38% to Rs.13.4 crore on 5% higher sales of Rs.336.4 crore fetching an EPS of Rs.1.3.
Towards the beginning of H2FY15, due to a sharp decline in global crude oil prices, there was disruption in the volume
off-take by some of DNLs customers who wanted to minimize inventory to insulate them from heightened volatility. Due
to this, some products witnessed a temporary decline in demand.
16
However, the impact of this development was temporary and DNLs performance bounced back in Q4FY15 and Q1FY16
as international crude oil prices stabilized albeit at lower levels. Improvement was also driven by high value-led growth
from established business segments due to a favourable shift in the product-mix along with improved cost efficiencies
and a positive impact as a result of de-bottlenecking initiatives.
With an equity capital of Rs.20.9 crore and reserves of Rs.325 crore, its share book value works out to Rs.33. The
promoters hold 57.3% of the equity capital, FIIs hold 5.5%, DIs hold 1% and PCBs hold 9.7%, leaving 26.5% with the
investing public. The value of the gross block is Rs.817 crore and the capital work-in-progress stood at Rs.38 crore.
Debts of Rs.545 crore give it a DER of 1.6:1. Its RoNW was 15.5%.
In FY15, DNL announced a Rs.1200 crore greenfield expansion project (funded by debts, internal accruals and equity
capital) through its wholly-owned subsidiary Deepak Phenolics Ltd to manufacture Phenol and Acetone at Dahej
(Gujarat). This project is likely to start operations by the end of FY18 with an annual capacity of 200,000 TPA and
120,000 TPA for Phenol and Acetone, respectively.
Phenol is widely used in the manufacture of various commercial products and finds applications in laminates, paints,
automobile lining, etc. while Acetone finds applications in Pharmaceuticals, Paints, Adhesives & Thinners, etc. Further,
the demand for Phenol and Acetone in India is expected to grow at a 7-8% CAGR. This facility will help substitute Indias
imports and help DNL to obtain a market leadership position.
The Optical Brightening Agent (OBA) business of the Companys FWA business unit witnessed the first near full year of
operation and delivered robust growth due to a low base. The management expects this business to ramp up gradually
to exceed the global industry growth rate as utilisation levels improve.
The chemical industry is dependent on the progress of its key customers, i.e. the manufacturing sector for growth. FY15
was a soft year for chemical companies as the global manufacturing sector was affected by a slowdown in China and
other emerging economies. In FY16, however, the global industrial cycle is likely to swing back with the US continuing to
witness a growth momentum. In fact, due to the competitive advantage of shell gas extraction, North America will
continue to witness sustained growth.
The most promising prospects were found in
emerging economies like Asia, Africa and the
Middle East. A sustained recovery in the
Can you spot a winner?
manufacturing sector and a shift in competitiveness
will result in driving the global economic growth.
Are you keen to write?
As a result, the size of the global chemical industry
If your answer is YES to all the three questions, MONEY
is expected to reach $4.7 trillion by FY18 and $5.8
TIMES, launched by the pioneers of investment journalism,
trillion by FY21 from about $3.9 trillion in FY13.
invites you to join its team of contributors.
Despite the slowdown in export markets and
lacklustre growth in domestic markets in FY14, the
Each and every analyst on our panel is passionate about
domestic chemical industry expanded and
stock investments and is an expert in his field. What is,
constituted about 3% of the global chemical
however, more significant is that most of them were our
industry. The chemical industry constituted about
subscribers first and have been writing for over 20 years
15% of the manufacturing sectors GDP and about
now.
9% of the total exports in FY14. Of the total size of
the chemical industry, bulk chemicals constitute
So if you want to join this eminent group, write to
about 39% of the market share while agromoneytimes.support@gmail.com and send us a sample of
chemicals constitute about 20%, speciality
your article written or published.
chemicals
constitute
about
19%
and
pharmaceuticals and Biotechnology constitute
about 21%.
Bulk chemicals, which comprise of organic and inorganic chemicals, are projected to grow to $25.7 billion by FY18 from
$18 billion in FY13 at a 7.3% CAGR. Organic chemicals, which form 34% of the bulk chemicals market, are expected to
grow 9%, driven by a strong demand in the end-user market. As a result, plants manufacturing organic chemicals are
expected to achieve full capacity utilisation by FY18. Inorganic chemicals are expected to grow at a 6-7% CAGR over the
next 5 years driven by strong demand from end-user industries like alumina, textiles, paper and detergents. The
utilization rate is expected to touch 92% by FY18 from 81% in FY13.
Are you passionate about stocks?
17
The domestic speciality chemicals segment is the fastest growing segment, which witnessed a 10% growth rate since
FY09 and was valued
at about $23 billion
in FY13 on account of
the strong demand
from
end-user
industries.
The
speciality chemical
market has gathered
enough momentum
and is expected to
touch about $42
billion
by
FY18
owing to strong
domestic
demand.
Exports
are
estimated to drive
the
speciality
chemicals segment
growth owing to its
competitive
scale
and low cost of
production
compared to other
economies.
Going forward, the
domestic
chemical
industry is expected
to post healthy gains
from
strong
production volumes
that
will
be
consumed locally as
well as exported.
Capacity utilization is
also expected to
improve
further.
India is at the
starting point of a
new capital-spending
cycle as the Make in
India initiative kicks
off. The domestic
chemical sector has
the
potential
to
become a global
manufacturing hub
like the domestic
pharmaceutical
industry and is likely
to grow at a 8%
CAGR over the next 5
years. A recovery in
the global economy
and external demand
will further accelerate chemical exports.
18
Demand for DNL products like Nitro Toluene derivatives, Fuel Additives, Speciality Agrochemicals and DASDA has risen
rapidly over the last 5 years and expectations of higher economic growth creates optimism about the demand driven
growth in these established businesses. DNL is well-positioned to gain from both the domestic and export markets in the
long run.
The Companys established businesses are expected to grow strongly led by consistent demand for higher value
products and increased volumes of certain products. An improved global economic scenario is also expected to support
this growth amid a stable exchange rate scenario. DNL has recently bagged a sizeable annual contract for FY16 from
Bayer Crop Science for supply of a major agro-intermediate.
The management has said that a few more offerings of drug intermediates for the anti-biotics and decongestant
therapeutic segments are in the pipeline and long-term contracts with multinational companies are underway in the
personal care intermediates segment. DNLs fine and speciality segment is expected to make a favorable impact on the
Company's top-line and bottom-line.
Based on its current going, DNL is all set to post an EPS of Rs.6.5. At its CMP of Rs.64.70, the DNL share trades at a
forward P/E multiple of just 9.9. A reasonable P/E of 15 will take its share price to Rs.98 in the medium-term. Its 52week high/low is Rs.91.45/54.50.
*********
Lakshmi Machine Works: A portfolio-pick

(BSE Code: 500252) (CMP: Rs.3550) (FV: Rs.10)
The share of Lakshmi Machine Works Ltd (LMWL) can be bought for solid appreciation of 40% in the long-term.
Founded in 1962, LMW is a global player and is among the three companies that manufacture the entire range of textile
spinning machinery from blow room to ring spinning. It manufactures equipment to support all textile processes from
bale plucking, mixing, cleaning, carding to spinning and has also diversified into manufacturing CNC (Computer
Numerical Control) machine tools. LMW has also set up an advanced technology centre to produce components for the
aerospace industry.
The Company primarily operates 4 major product segments - Textile Machinery, Machine Tools, Foundry and an
advanced Technology Centre. Additionally, it has a Wind Energy Division. All its divisions are located in and around
Coimbatore, Tamil Nadu. LMW has established a meaningful footprint across international spinning hubs like
Bangladesh, Turkey, Indonesia, Vietnam, Pakistan and China.
LMW enjoys a dominant market share of around 60% in the Rs.3500 crore domestic textile spinning machinery market
and aggressively focuses on other countries like China, Vietnam, Indonesia, Turkey, Pakistan etc. to improve its global
market share beyond 9% in the US$3.5 billion global textile spinning machinery market. These countries (including
India) account for around 90% in the total shipments of spindles over the past few years.
In FY14, LMW accounted for 21% (the largest share) in textile machinery exports. Its contribution of textile machinery
exports in its textile divisions revenue improved to 22% in FY15 from 5% in FY10 posting a 62% CAGR over the same
period. Analysts expect an export CAGR of 10% over FY15-FY17E.
For FY15, LMW recorded sales of Rs.2385 crore with net profit was Rs.207.5 crore fetching an EPS of Rs.184 and a
dividend of 375% was paid. In Q2FY16, net profit rose 21% to Rs.56.5 crore on 5% higher sales of Rs.620 crore. Its
Q2FY16 EPS is Rs.50. In H1FY16, net profit rose 5% to Rs.100.3 crore on 2% higher sales of Rs.1184 crore fetching an
EPS of Rs.89.
With an equity capital of Rs.11.3 crore and reserves of Rs.1249 crore, its share book value works out to Rs.1118. The
value of the gross block is Rs.1748 crore. LMW is a debt-free company with cash, loans given, investments and current
assets at Rs.1276 crore (Rs.1129/share). The promoters hold 28.4% of the equity capital, FIIs hold 13.3%, DIs hold
26.3% and PCBs hold 19.6%, leaving 22.5% stake with the investing public.
Indias textiles sector is one of the largest contributors to Indias exports contributing about 11% to the countrys total
exports basket. The domestic textiles consumption in India is at $66 billion and given the countrys population size, India
has the lowest domestic per capita spend on garments at $37 which is only 3% of the Australia (highest spender) at
$1131. On the exports front, the top five textiles and garment exporting nations are China, India, Italy, Germany and
Turkey. China is the single largest exporter with 39% share followed by India with a 5% share.
Asia and the Oceania region witnessed a cumulative shipment of 106.83 million spindles out of 114.25 million spindles
dispatched cumulatively over CY05-CY14, accounting for 93.5% of the cumulative shipment of spindles. LMW has a
sizable export to the countries in this region.
19
Indias growing population is a key driver for the textile-consumption growth in the country. Changing lifestyle, rising
incomes and increasing demand for quality products will fuel the demand for apparel. These developments augur well
for LMWs textile machinery division. LMW is also strengthening its presence in the overseas market, where the textile
industry is active. This will boost the Companys earning potential in the near future.
Demand for machine tools comes from industries such as automobiles, consumer durables, aerospace, defence, power
and power transmission, oil & gas and infrastructure. LMW launched several new machines and variants of existing
machinery such as special pickup spindles besides other tooled-up and automated solutions in FY15. Over the years,
LMWs machine tool division has strategically invested in modernising its capacity and capability. This will enable this
division to cater to the rising demand in line with the revival of the Indian economy in FY16.
The foundry industry is closely tied with the performance of the infrastructure industry across the globe. The
governments plan to boost infrastructure spending across India is expected to revive the fortunes of this industry.
Increased investment in infrastructure, defence production and the Railways augurs well for a substantial uptick in
demand for LMWs foundry division.
The Indian spinning industry is expected to add about 7-8 million spindles between FY14 and FY19 catalysed by
favourable investment policies instituted by the Central and State Governments. The Textile Machinery Manufacturers
Association suggests that of the 53 million spindles installed in India, only 35 million are operational, indicating an
annual replacement demand of 0.5-1 million spindles.
In the current years Union Budget, Rs.500 crore has been allocated for developing textile mega-clusters at six locations
in India. An additional Rs.10 crore has been allocated for setting up a Trade Facilitation Centre to promote handloom
products. Further, the governments Make in India campaign will further boost the Indian textile industry enabling it to
achieve a 20% growth in exports and sustain a 12% growth in the domestic markets until FY24-25.
LMW provides the latest Spinning Technology to Indian textile mills creating the building block of the textile super
power. LMWs strong financial health with positive free cash flows, huge cash on its books and zero debts, strong
management pedigree, market leadership status, its ongoing efforts to expand its global footprint and bright prospects
of this industry, give it strong revenue visibility.
LMWs share in textile machinery exports improved to 20.8% in FY15 from 7.2% in FY10. LMW continues to maintain its
thrust on exports going forward and is likely to register an export CAGR of 10% over FY15-FY17E outperforming the
industrys export CAGR.
Based on the current going, Lakshmi Machine Works is likely to post an EPS of Rs.195 in FY16 and Rs.220 in FY17. At its
CMP of Rs.3550, the LMW share trades at a P/E multiple of 18.2 and 16.1 on FY16E and FY17E earnings respectively. A
reasonable P/E of 24 on FY17E earnings will take its share price to Rs.5280 in the medium-to-long term. Its 52-week
high/low is Rs.4499.40/3275.
20
STOCK SCAN
Srikalahasthi Pipes Ltd: Buy before it leaps

(BSE
Code:
513605)
(CMP:
Rs. 273.60) (FV:
Rs.10)
By Dildar Singh
Makhani
Srikalahasthi Pipes
Ltd (SPL) is a
leading
manufacturer of
Ductile Iron (DI)
Pipes (from pig
iron) and has a
manufacturing
facility
in
the
Chittoor District of
Andhra Pradesh.
Its
integrated
facility comprises
backward
and
forward
integration units in
a
centralized
complex
spread
over 200 acres.
SPL supplies DI
Pipes to various
Water
Boards,
PHED
(Public
Health
and
Engineering
Department)
of
Municipal
Corporations, MES
(Manufacturing
Execution System),
Railways
and
Turnkey
Contractors across
India for their
Water
Infrastructure
Projects which is
the thrust area of
the
central
Government.
SPL is an associate
of the Pipes major,
Electrosteel
21
Castings Ltd (ECL), which is a five-decade old water infrastructure company that offers techno-economic solutions for
water supply and sewerage systems. ECL is Indias largest and one of the few manufacturers in the world to make DI
Pipes, DI Fittings and Cast Iron (CI) Pipes.
Since SPLs core business is to manufacture and supply DI pipes for Water Infrastructure Projects across the country, the
Company has been categorized as a Public Utility Services Industry engaged in Water Infrastructure Development by the
Government of Andhra Pradesh.
Infrastructure
Own Railway Siding: SPL has its own electrified railway siding to accommodate two full rakes at one time. The
siding is utilized for bringing iron ore from Hospet and coal from Chennai/Krishnapatnam Ports and for dispatch of
pig iron to Punjab and dispatch of cement by railway wagons.
Leased Plot at Krishnapatnam Port: SPL has leased a plot at Krishnapatnam Port to accommodate the coal
imported from Australia.
Water arrangement: SPL has a long-term agreement with Tirupathi Municipal Corporation (TMC) for supply of
sewerage water for 25 years.
Power: SPL's unit is connected with 132 KV power for 15,000 KVA and hence can draw additional power for future
expansions.
Material Handling facilities: SPL has its own transport division with over 60 tippers, pay loaders, JCBs, Hydra
Cranes, Coles Cranes, Forklifts etc, with sufficient garage/ maintenance shop stuffed with appropriate manpower to
cater to the day-to-day handling of various materials in all its Divisions.
Long-term leased limestone mines in Kadapa: SPL has 3 Limestone mines in Tippalur, T.V.Palle and Kazipet in
Kadapa District. Limestone is consumed in Mini-Cement Plants (MCPs) and Mini-Blast Furnaces (MBF).
Integrated Facility
Coke Oven Plant: SPL has 3 Batteries (each with 34 ovens) and has a capacity of 175,000 TPA coke of Blast Furnace
grade. Coke oven's coal requirements are mainly met from Australian mines.
12 MW Power Plant: Its power plant is based on waste heat recovery of Coke Oven Plant. No other fuel is used for
power generation and the entire power generated is used for captive consumption.
Mini-Blast Furnace: SPL has a Tata Korf MBF with a capacity of 275,000 TPA of liquid metal equipped with Hot
Blast Stoves and Sinter plant. In the manufacturing process of MBF, around 30-35% of the slag that is generated is
utilized for producing slag cement in the Mini-Cement Plant and the surplus is sold in the market.
MBF has a 2.5 MW Captive Power Plant which is run through its own BF gas and its present power generation is 1.7
MW.
Sinter Plant: SPL has set up a 33 sq.mts. Sinter plant with a rated capacity of 1400 MT/Day and an objective to
consume iron-ore fines in place of costlier calibrated ore.
Mini-Cement Plant: A Mini-Cement Plant was set up in 1995 in order to utilize the slag being generated from MBF.
The capacity of the Cement Plant is 100,000 TPA and is categorized as a Mini-Cement Plant as per the central excise
tariff. Slag cement produced in the cement plant is sold under the Srikalahasthi Gold Cement brand. Around 15% of
the Companys production is utilized internally for cement mortar lining of DI Pipes in the DI Pipe plant and the
balance quantity of slag cement (PSC) is sold in Chennai/AP/Kerala markets.
The Cement plant has 2 Vertical Shaft Kilns of capacity 100 TPD and 60 TPD with a cement mill. A major raw
material used in Cement manufacturing is limestone, which is sourced from the Companys leased limestone mines
situated at the Kadapa District in Andhra Pradesh. By-products (i.e. coke fines and iron-ore fines) are also utilized in
the cement plant.
DI Pipe Plant: SPLs core business is to manufacture and supply DI Pipes. The other infrastructure facilities
mentioned above are backward/supportive integration for manufacturing DI Pipes. The capacity of the DI pipe plant
is 225,000 TPA. Liquid metal from MBF is a major raw material and power generation from 12 MW CPP is utilized in
the DI Plant. SPL installed an additional Annealing Furnace in 2009 designed for using BF gas thereby reducing oil
(HSD i.e. High Speed Diesel and LDO i.e. Light Diesel Oil) consumption significantly. It has a flange pipe unit that
produces Flange pipes. This plant has 6 Induction Furnaces, 2 Converters, 8 Spinning Machines, 2 Annealing
Furnaces and 5 Finishing Lines.
22
Eco-friendly
initiatives:
SPL is committed to
environmental
protection
and
preservation
of
natural resources by
adopting
and
implementing the 3
principles of Reduce,
Reuse
&
Recycle
which provide the
following benefits:
Effective
utilization of solid
wastes like Slag
and Coke Fines
and
converting
the same into slag
cement.
Substitution
of
LDO (Light diesel
oil) /HSD (High
Speed Diesel) in
Annealing
with
Blast Furnace Gas.
Waste
gas
generated
from
Coke Oven Plant
and MBF is used
for
power
generation.
Usage of Tirupati
Municipalitys
sewage water for
various industrial
applications
thereby
conserving
ground
water
resources.
Effective
utilization of solid
waste generation
across the plant
by converting the
same into bricks
useful for civil
construction.
For
its
contribution
to
environment
protection,
SPL
was awarded The
Best
Industry
23
practicing Cleaner Production Technologies and Climate Change Mitigation Measures by APPCB (Andhra Pradesh
Pollution Control Board).
Financial Parameters:
With an equity capital of Rs.39.76 crore and reserves of Rs.253.53 crore, SPLs share book value works out to Rs.73.76. It
has reported improved results consistently q-o-q. Its EPS has consistently improved over the past few quarters to
Rs.9.39 in Q2FY16 from Rs.4.65 in Q2FY15. The Company may post an EPS of Rs.40 in FY16.
SPLs total income has also grown to Rs.1081.86 crore in FY15 from Rs.735.64 crore in FY12.
It has a small debt of Rs.378 crore (Rs.410 crore in FY14) as against its size and turnover. The management is debtconscious and aims at reducing the amount of its secured lenders.
Further, one may note that the Companys finance and inventory costs are reducing. Its receivables are also on the down
trend. This means that SPL is able to sell its products practically on a cash basis (or with zero debtor days) as the
demand for its products is high resulting in lower inventory.
The rising gross block of assets and depreciation indicate SPLs probable expansion plans. SPLs operating margins have
shot up to 17.13% in FY15 from 11.82% in FY14 and 5.93% in FY13.
Dividend payouts: SPL paid 30% dividend for FY15 and 15% for FY14 and may enhance it to 50% for FY16.
Shareholding pattern: The promoters hold 50.78% of the equity capital, institutions hold 3.85%, NRIs hold 3.06% and
Bodies Corporate hold 15.99%, leaving 26.32% with the investing public.
Share profile: At its CMP of Rs.273.60, the SPL share trades at a trailing P/E multiple of Rs.6.8. On an expected EPS of
Rs.40, the share will cross Rs.540 within a year. Hence, accumulate this stock before its price takes a leap.
VALUE PICK
Danlaw Technologies India Ltd: For multi-bagger gains

(BSE Code: 532329) (CMP: Rs. 60.75) (FV: Rs.10)
REVIEW
By Sachin Oak
The earnings season so far has been weak and worries over
Shreyas Shipping Logistics, which was recommended 3
domestic growth continue to weigh on the market sentiment
weeks back, hit its 52-week high of Rs.529 on 19 October
which has led the markets back on the downward path.. A
2015 yielding 10% return in just 7 days. The stock may still
value investor, however, need not worry about the broad
be accumulated for higher profits.
markets as value stocks perform better and post good
results. One such value-pick is Danlaw Technologies India Ltd. (DTIL).
Company background:
DTIL is the offshore technology and product development center of its parent company - Danlaw Incorporated, founded
by Mr. Raju Dandu and Mr. Lloyd Lawrence in Michigan, USA in 1984. DTILs mission is to provide high quality services
and products in Automotive Electronics, develop R&D driven Signal Processing technologies for communication and
control, configure solutions and provide exceptional Information Technology (IT) services in the areas of education,
health, banking and e-governance and provide world-class products and solutions for secured access through biometric
access control technologies with intelligent solutions built around RFID (Radio Frequency Identifications), Time and
Attendance. It determines to build quality into products and services to achieve the highest degree of customer
satisfaction.
DTIL operates in four IT and Engineering activities - Engineering and Industrial Automation, IT, Intelligent Security
Systems (ISS) and Research and Development (R&D).
Its Engineering division provides embedded software and hardware solutions with a primary focus on Automotive
Software and related services and has several products oriented towards Automotive Messaging Protocols.
Its IT division develops web-enabled products and services ranging from educational products for challenged school
children to management of mega municipal information systems.
The ISS division serves the Intelligent Security needs for entry control into establishments and machines.
Its R&D division supports development of new technologies in voice processing, identification and communication.
It has developed algorithms for echo cancellation, speech compression and modems, etc.
24
DTILs core strength is to develop activities that encompass complete project cycles from feasibility study to
requirements, design, coding, testing, implementation and customization. This single-roof expertise has led to
consolidation of existing partnerships and customers and acquisition of new ones, which is reflected in the speed of
activity expansion of the Company as well as its financial strength. Its clientele includes automobile majors like General
Motors, Ford, Sumitomo and Visteon. Moreover, its parent company has been providing exceptional value in Embedded
Software Solutions and Onsite Engineering Resources to the automotive electronics industry for over 25 years.
In Q2FY16, DTIL posted net profit of
Financial performance:
(Rs. in lakh)
Rs.48.6 lakh as against Rs.24.91 lakh
Particulars
Q2FY16
Q1FY15
Q2FY15
FY15
FY14
FY13
in Q2FY15. The combined profits for
Total Income
264.93
315.06
209.64
874.07
833.55
869.99
the first two quarters of FY16 are
Total Expenses
236.17
223.59
200.54
877.01
894.54
797.84
already higher than the profit for
Other Income
35.87
33.32
29.25
120.63
122.24
113.37
FY15. Its revenues have grown 26%
Finance cost
0.85
0.36
0.06
to Rs.264.93 lakh from Rs.209.64 lakh
Tax Expenses
15.18
39.14
13.44
23.55
20.54
59.76
y-o-y and it has been steadily
Net profit
48.60
85.65
24.91
94.14
40.35
125.70
reporting profit for the past 3 years.
EPS (Rs.)
1.31
2.3
0.67
2.53
1.08
3.38
Industry outlook:
The automotive electronics industry is heavily influenced by the widespread use of smart phones and tablets. Currently,
these devices are being used to pair with the music systems to play music, answer calls and for navigation. However, the
expensive infotainment head units could soon get replaced with smart phones/tablets with numerous applications like
cloud-based navigation, fuel reminders, driver profile, locating parked vehicles, real-time traffic scenario, state of battery
charge, emergency/service assist, remote vehicle interaction etc. which will be more ground-breaking. Connected car
technology is one big area that has been swept by the revolutionizing concept called Internet of Things (IoT). Over the
next few years, automotive OEMs (Original Equipment Manufacturers) will compete to use connected car technologies
all over the world. According to an industry report, the connected car market is growing at a 5 year CAGR of 45% (10
times faster than the overall car market). 75% of the expected 92 million cars shipped globally in 2020 are expected to
be built with internet-connection hardware. DTIL and its parent company are experts in this domain and can benefit
enormously from this demand.
Conclusion:
The DTIL share price has already doubled since its Q1FY16 results. If the Company is able to maintain its consistency in
profits for the next two quarters as well, then this stock will prove to be a multi-bagger for investors. At its CMP of
Rs.60.75, the share discounts only 8.4 times its FY16E EPS of Rs.7.2 compared to 30 for Tata Elxsi, which is one of its
competitors. A P/E multiple of 15 will take its share price to Rs.105 which is a good 40% upside from its CMP whereas
an optimistic P/E of 20 will yield Rs.150. The stock is trading at its 52-week high/low of Rs.75.90/13.75. Accumulate this
stock in the price range of Rs.65-75 with a price target of Rs.105 in the medium-term and Rs.150 in the long-term.
25
FIFTY: FIFTY
SNL
Ltd.
Bearings
Why Techno Funda Plus is highly popular among investors?

Techno Funda Plus is a superior version of the Techno Funda column that has recorded near
(BSE
Code:
505827)
90% success since launch. Since January 2015, Nifty is trading in narrow range but even in
(CMP: Rs.126) (FV: Rs.10)
this range bound market, Techno Funda + stocks have given mind-blowing returns to
SNL Bearings Ltd (SNL),
investors. We at Techno Funda + identified such stocks that give handsome returns as against
promoted
by
NRB
their peers. At Techno Funda plus we gives 3 stocks per week for short-to-medium-term
Bearings Ltd (NRB), is a
investment and most of them have given handsome returns to subscribers.
leading Needle Roller
After 1st July 2015 onwards we have recommended 54 stocks. When the market was is in
Bearing
manufacturer
negative
shape since August. 22 out of these 54 stocks have given mind-blowing returns
mainly for the automobile
industry. Its clientele
Stocks
Recomm. Rate
TF+ Target
Highest after Recom.
includes
various
Godrej Consumer Products
1190
1350
1456
Automobile majors such
Emami
1125
1250
1368
as Bajaj Auto, Hero
Sterlite Technologies
72
90-95
110
MotoCorp, TVS Motors,
Sunil Hitech Engineers
250
290
352
Maruti Suzuki and Tata
JBF Industries
260
300
318
Motors.
SNL
also
India bulls Housing Finance
670
725
820
manufactures
certain
Motherson Sumi Systems
353
385
396
industrial bearings used
Dishman Pharmaceuticals
178
215
420
in textile machineries and
Union Bank Of India
177
205
222
household
appliances.
Jindal Poly Films
375
425
612
SNL is ISO/TS16949:2009
RTS Power Corporation
32
45
55
certified and exports its
Tanfac Industries
38
55
60
products
to
various
Cosmo Films
143
185
266
countries
across
the
ITL
Industries
37
54
55
globe.
Jet Airways (India)
327
380
483
Established in 1983 in
KPIT Technologies
107
135
146.65
Ranchi,
SNL
was
NCL Industries
94
125
135
originally promoted by
SUN TV Network
365
415
415
the Shriram Group of
Reliance Infrastructure
348
390
410
Industries in technical
Kaveri Seed Company
426
490
543
collaboration with INA of
Radico Khaitan
93
115
116.55
Germany. By virtue of
Nilkamal
1030
1150
1188
being associated with
In
this
kind
of
market,
techno
funda
plus
is
suitable
product
for
short
term investors to reap
INA,
SNL
got
the
good
rewards.
opportunity to avail of the
finest technologies in
For more detail contact Money Times. Subscription Rate: 1 Month: Rs.2500, 3 Months:
Needle
Bearing
Rs.6000, 6 Months: Rs.11000, 1 Year: Rs.18000 Contact Money Times on 022manufacturing. In 2000,
22616970/22654805 or moneytimes.support@gmail.com.
Indias most progressive
business group - NRB
took over the management of SNL. Today, with a combination of different world -class technologies, SNL can
rightfully boast of being technologically ahead of many in this business.
SNL has the capability to manufacture its own special purpose machines required for manufacturing bearings.
Further, it has the ability to design and develop low-cost automation thereby making it the most cost-effective
manufacturer.
SNL is a unique industrial unit that manufactures its own machines for its products and designs and develops all
sorts of low-cost automation that add to its productivity significantly. Its team of talented and innovative people
are inclined to develop cost-effective machines and processes that led to customer satisfaction.
In Q2FY16, SNL registered sales of Rs.7.5 crore with PAT of Rs.1.51 crore fetching an EPS of Rs.4.14 on an equity
capital of Rs.3.61 crore. Its H1FY16 EPS stood at Rs.7.32. At its CMP of Rs.126, the SNL share trades at a P/E
26
multiple of less than 10 its FY16E earnings and 8 times its FY17E earnings. Its OPM and NPM stood at about 30%
and 17% respectively. The NRB share is currently trading at a P/E multiple of about 20x. Thus, the SNL share is
available at a throwaway price. We have a Buy on this stock since it has the potential to double in the short -term.
********
Enkei Wheels (India) Ltd: Solid Turnaround

Enkei Wheels (India) Ltd (EWIL), a part of the Enkei Group (a global leader in this segment), manufactures Aluminum
Alloy Wheels for two-wheelers and four-wheelers.
With the help of Japanese Technology, EWILs plant is well-equipped with advance machinery and system for
manufacturing aluminum alloy wheels. Its clientele includes Maruti Suzuki, Toyota, Honda, Nissan, Honda Motorcycle,
Hero Motorcorp, among others.
The market capitalization of the Company stands at Rs.219.92 crore. In FY15, its revenue rose to Rs.384 crore from
Rs.280 crore in FY12 with net PAT at Rs.2.28 crore against a loss of Rs.5.3 crore in FY12. Its FY15 EPS was Rs.1.76. EWIL
has a small equity base of Rs.6.7 crore.
In Q2FY16, EWIL registered sales of Rs.107.6 crore with net PAT of Rs.2.2 crore fetching an EPS of Rs.1.68.
The Company is just on the crisp of a turnaround and we believe that it has a long way to go. The promoter - Enkei Corp
of Japan, holds about 67% of the equity capital. Motilal Oswal holds about 5% stake in the Company.
A market cap of Rs.223 crore against sales of Rs.400 crore looks attractive. Accumulate the EWIL share on dips for a
price target of Rs.800 in the long-term. This stock is a steal considering the Companys global leadership, its MNC status
and an attractive market cap:sales ratio, among others. Hence, Buy Right and Sit Tight.
********
Asahi Songwon Colors Ltd: Takeover Target

Asahi Songwon Colors Ltd (ASCL) is a niche player in the pigment and dyes industry and intends to be a global player in
this. It manufactures pigment green 7/Cpc Beta Blue and Blue Crude and exports a substantial part of its production to
leading multinationals across the world on account of the quality of its products. Its manufacturing plants are located at
Mehsana and Vadodara in Gujarat.
Its products find application in various industries such as paint, PVC (Polyvinyl Chloride), plastic, rubber, solvent and
water-based printing ink, among others. ASCL has recently completed a major capacity expansion program for the beta
blue pigment and has nearly doubled its capacity. In the past, it was falling short of capacities for the beta blue pigment
and hence went slow on new customer additions. Its major clients include chemical giants like DIC (Japan), BASF and
Clariant Chemicals.
The demand for the Companys products is buoyant in the international markets, as many developed countries have
banned the production of these hazardous chemicals. The promoters hold 63% of the equity capital, Clariant Chemicals
holds 6% and DIC Corporation of Japan holds a 7% stake in the Company. Recently, it transferred the CPC Green Division
of Asahi Songwon to another group company Aksharchem India Ltd (AIL). We believe that post this demerger and
transfer of division, the promoters are likely to keep AIL with them and sell out Asahi Songwon to DIC Corporation of
Japan. With Indo-Japanese ties going strong, many Japanese companies would be interested in buying out their Indian JV
partners. The stock trades at a forward P/E multiple of around 10, which is cheap considering its growth prospects, its
MNC client-base and the niche segment that it operates in. Also, if the story turns out as it seems, expect the open offer to
come at a price of Rs.300-Rs.350. The ASCL share is a strong buy on every dip.
TECHNO FUNDA
Nayan Patel
Modison Metals Ltd.

(BSE Code: 506261) (CMP: Rs.44.10) (FV: Re.1)
Modison Metals Ltd (MML), founded in 1965 and headquartered in Mumbai, manufactures and sells electrical contacts
for low, medium, and high voltage switchgear industries. It provides electrical contacts for low-voltage applications
27
including silver tin oxide, steel/Ni/Cupro nickel-backed buttons, solid/bimetal rivets, silver tungsten & silver tungsten
carbide, silver cadmium oxide contacts, silver brazing alloys, dispersion strengthened copper, fine silver
powder/granules, silver graphite, silver inlays, edgelays, overlays, through lays, and copper/brass toplays. It also offers
electrical contacts for medium-voltage applications such as copper, copper zirconium, copper chromium, copper
chromium zirconium current carrying parts, copper tungsten, EB welded arcing, brazed arcing contacts, eutectic brazing
alloys for vacuum applications, copper chromium discs and cast on plugs and segments. Additionally, MML provides
silver bullion bars and coins. It is also engaged in refining and recovery of precious metals, melting and assaying of
silver, silver-plating activities, R&D of contact materials for special applications and offers electron beam welding
services.
It has an equity capital of Rs.3.25 crore with reserves of Rs.93.75 crore. The promoters hold 51.57% of the equity capital
while the investing public holds the remaining 48.28% stake.
Financial Performance:
(Rs. in core) In Q2FY16, MML posted total income of Rs.43.11
crore as against Rs.45.83 crore in Q2FY15. The
Particulars
Q2FY16
Q2FY15
H1FY16
H1FY15
FY15
PAT, however, rose 27.79% to Rs.3.31 crore
Total Income
43.11
45.83
82.84
83.27
174.32
fetching an EPS of Rs.1.02. For H1FY16, it
PBT
5.68
3.91
8.27
4.82
6.64
reported total income of Rs.82.84 crore as
Tax
2.37
1.32
3.33
1.65
2.04
against Rs.83.27 crore in H1FY15 while its PAT
PAT
3.31
2.59
4.93
3.17
4.6
jumped 55.52% to Rs.4.93 crore. Its H1FY16 EPS
EPS (Rs.)
1.02
0.8
1.52
0.98
1.42
stood at Rs.1.52. One may note that the
Companys H1FY16 PAT was higher than its full year FY15 PAT. It paid a 75% dividend for FY15.
At its CMP of Rs44.10, the MML stock trades at a P/E multiple of just 23 and looks safe and strong at this level.
Accumulate this stock with a stop loss of Rs.38. On the upper side, it could zoom to Rs.65-68 levels in the medium-term
and further up to Rs.85-90 levels in the next 15-18 months. Its all-time high is Rs.75. The stock can deliver mind-blowing
returns in Samvat 2072.
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Printed & Published by R.N. Gupta for the proprietors Time Communications (India) Ltd. and printed by him at The Dangat Media Pvt. Ltd.
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Disclaimer: Investment recommendations made in Money Times are for information purposes only and derived from sources that are deemed to
be reliable but their accuracy and completeness are not guaranteed. Money Times or the analyst/writer does not accept any lia bility for the use of
this column for the buying or selling of securities. Readers of this column who buy or sell securities based on the information in this column are
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28
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