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Apr 2 - 15, 2018 n Pages 76 n www.DSIJ.in 120
Analysis
Adani Enterprises
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ISSN 0971-7579
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Special Report Special Report

Can PNB Like Fraud Occur Gem & Jewellery Stocks : Opportunities 9 770971 757005

In Other PSU Banks? Galore For Value Investors Vol. 33 No. 9

Personal Copy of MANAGEMENT & ALLIED SERVICES
Personal Copy of MANAGEMENT & ALLIED SERVICES
CONTENTS
Personal Copy of MANAGEMENT & ALLIED SERVICES

Vol. 33 No. 09 • APR 2 - 15, 2018

19
MID-CAPS
Recommendations

10 Choice Scrip

IN 2018 12 Low Priced Scrip

13 Hot Chips

17 Analysis
Regulars
06 Editor’s Keyboard
Adani Enterprises Ltd 07 Company Index
Incubating Diversified Businesses For Better Returns 08 Market View
14 Technicals

56 Special Report
70 Query Board
73 Reviews
Can PNB Like FRAUD 74 Kerbside
Occur In Other PSU Banks?
Subscribers can access
the complete databank

62 Special Report
consisting of more than
3500 companies on our
website www.DSIJ.in
Gem & Jewellery Stocks
Communication Feature sections
Opportunities Galore For are advertorials provided by the
Value Investors company & carried on “as is” basis.

4 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

Personal Copy of MANAGEMENT & ALLIED SERVICES
 Markets Overreacting
Personal Copy of MANAGEMENT & ALLIED SERVICES

To Trade War Fears

T
he markets so far have reacted quite negatively to the fears of trade war. On the face of it, the
announcements made by US President Donald Trump do sound terrible for the world
trade; however, if one analyses what is happening in the US, one will understand that
Trump simply intends to balance the trade equation with China a little bit. He has not declared any
‘trade war’ with the rest of the world. He is basically acting in the best interest of his country and I
do not think that his decisions will create a turmoil in global trade and that his decisions will push
the world economy into recession, as is touted by a few economists. I think Trump is a smart
businessman and he is using his pragmatic negotiation skills for the benefit of his nation. He has
risen to be the President of the most powerful country in the world after having declared
bankruptcy for his firms almost six times. There is some madness in his method and markets are
finding it difficult to decipher his true intentions.

In my view, the trade war worries are untenable and the markets will start focusing on other factors
and issues that genuinely impact specific businesses. Our markets were down as HNIs were heavy
sellers in the market owing to the LTCG factor. The FIIs and the DIIs remained net buyers into the
market in the past couple of weeks even as the stock prices tumbled. Going ahead, I believe the
markets should improve in terms of sentiment and
some good amount of buying will resume starting
April 1.

One should focus on banks as I believe the worst has

been factored into the stock prices of banks. Select PSU
banks and private banks should be part of one’s
portfolio. The private banks in my view should grab
market share from PSU banks in the long term and
hence there is growth visibility for private banks. One
should explore opportunities in pharma and
infrastructure space as I see some good opportunities
emerging in these sectors.

Indeed, the recent market correction has created

mouth-watering opportunities in mid-caps and I believe long term investors can focus on this
space for some outperformance of their portfolio.

I am excited to share with you a list of top 250 mid-cap stocks in this special edition. Know our
views on mid-cap stocks in the cover story, which also brings to you experts’ views on mid-caps.

To understand what exactly happened in the PNB scam and whether more such scams are possible
in the banking sector, read our detailed story on one of the biggest frauds in banking sector that
shook the investing world.

We have also expressed our views on the gem and jewellery stocks in our separate special story,
which also talks about the past performance of the sector. Have a look to know what lies in store for
the sector.

When the time is tough for the markets, the only success mantra is to identify strongest possible set
of stocks for your portfolio. No innovation is required in such volatile times. Staying calm and
focused will more than do the job for investors in such a ‘noisy’ milieu. Stay invested in high
conviction stocks, and remember – no leverage trading.

Happy Investing!

V B PADODE
Editor-in-Chief

6 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

 Personal Copy of MANAGEMENT & ALLIED SERVICES
facebook.com/DSIJin twitter.com/DSIJ

Vol. 33. No. 09 • APR 2 - 15, 2018

Founder & Editor-In-Chief Marketing & Sales enquiry@dsij.in

www.dsij.in/apps.aspx
linkedin.com/in/DalalStreetInvestmentJournal
V B Padode G M - Marketing & Sales
Chief Copy Editor Farid Khan
Prakash Patil
Assistant Editor
Mumbai:
Anand Chinchole
(Manager-Media Sales)
List of Companies
Y
Yogesh Supekar
Delhi: our issue No. 6, Vol. 33 has good investment articles for all the readers. The issue
Research Atul Verma had provided financial snapshot of around important 250 companies which I, as
Neerja Agarwal (Sr. Manager - Sales & Marketing)
(Asst. VP – Research)
a reader, had to go through one by one. Instead, you should have given the list of
Lokesh Sharma companies in alphabetical order. That would have been greatly helpful for all the
Shashikant (Sr. Manager - Media Sales) readers.- Bharat N Pandya
(Asst. VP – Research) Bengaluru:
Karan Bhojwani N K Vishwanatha
(Sr. Manager - Sales)
Editor Responds: We thank you for writing to us and apprising us of your request. If you
(Manager Research)
have a look at our methodology, we have simply placed all the stocks in the order of their
Bhagyashree Vivarekar Chennai:
(Sr. Research Analyst) P V Bhaskar market capitalisation. The ones with highest market capitalisation are placed higher up in
Apurva Joshi (Sr. Manager - Media Sales) the order. Having said that, we shall consider your request and see how best we can
(Sr. Research Associate) provide the list in alphabetical order for all the information.
Mutual Funds :
Graphics Hemant Rustagi
Tax:
Recommendations
Vipin Bendale
Jayesh Dadia
Subscription & Customer Service
Utkarsh Sawale
Arvind Manor Company/Scheme Reco. Price (`) Column Page No

Adani Enterprises l Buy 159.60 Analysis 17

DSIJ Private Limited Allahabad Bank l Hold 48.35 QueryBoard 71
Andhra Bank l Hold 41.65 QueryBoard 70
Managing Director
Rajesh V Padode Bajaj Finance l Buy 1762.00 Technicals 16
For Customer Service Bajaj Finserv l Buy 5178.55 Kerbside 74
020-49072626 OR  service@DSIJ.in Balkrishna Industries l Buy 1073.00 Choice Scrip 10
Mumbai Office
BATA l Buy 728.00 Kerbside 74
419-A, 4th Floor, Arun Chambers, Tardeo, Next to AC Market
Mumbai - 400034 022-43476012/16/17 Bhansali Engineering l Buy 167.75 Cover Story 26
Pune Office Finolex Cables l Hold 671.00 QueryBoard 70
C-305, 3rd Floor, Trade Center, North Main Road, Near Axis Bank,
Opposite Lane no. 6, Koregaon Park, Pune - 411001 First Source Solutions l Buy 53.00 Hot Chips 13
020-49072600
Godawari Power and Ispat l Buy 442.00 Cover Story 27
Bengaluru
Boston Financial Advisory Group, # 54, IDBI Bank l Hold 72.25 QueryBoard 72
3rd Floor, 13th Main, 17th Cross, HSR Layout,
Indian Hume Pipe Company l Hold 318.00 Reviews 73
Bengaluru - 560102 080-25724800/600
LIC Housing Finance l Exit 552.00 Reviews 73
Chennai 9445546165
LT Foods l Buy 85.00 Low Priced Scrip 12
Delhi 8800978622
Marico l Buy 326.90 Kerbside 74
To advertise, mail us on ads@dsij.in Phillips Carbon Black l Buy 1094.00 Cover Story 26
Printer and Publisher: Nitin Sawant, Editor: V B Padode for DSIJ Pvt Ltd.
on behalf of Achievements Merchandise Pvt Ltd. Printed at Kala Jyothi Punj Lloyd l Exit 17.05 QueryBoard 72
Process Pvt. Ltd. Plot No.: W-17&18, M.I.D.C. Industrial Area, Taloja,
Dist. Raigad, Navi Mmbai. - 410 206. and published from 419-A, 4th Purvankara Projects l Buy 138.85 Hot Chips 13
Floor, Arun Chambers, Tardeo, Next to AC Market, Mumbai - 400034 
All rights reserved.  While all efforts are made to ensure that the
SBI l Buy 250.00 Kerbside 74
information published is correct and up-to-date, Dalal Street Investment Suven Life Sciences l Buy 173.50 Cover Story 27
Journal holds no responsibility for any errors that might occur. All
material contained herein is based on fundamental and technical analysis TeamLease Services l Buy 2217.00 Technicals 16
and other in-house methods, which though reliable, are not infallible. The
information given in the magazine is of an advisory nature. Readers are Trident Limited l Hold 59.40 QueryBoard 71
advised to consult experts before taking any investment decision and Dalal
Street Journal holds no responsibility for any losses that may arise due to
investment decisions made on the basis of information given within the BP - Book Profit • BPP - Book Partial Profits • BL - Book Loss
magazine. No reproduction is permitted in whole or part without written
consent from Dalal Street Journal  All disputes are subject to the Corrigendum : In issue no 8, vol no 33 , in the cover story page no 36 the name of the
exclusive jurisdiction of competent courts and forums in Mumbai only.  company should read Intellistocks instead of Intellistocks securities.We regret the error.
Dalal Street Investment Journal is a member of INS/ABCs.

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 7

Market Watch
Markets To Take Direction From Karnataka
Poll Results And Trade War Developments
T
he global markets tanked in
the past fifteen days, fearing
negative fall-out of trade war
triggered by the US. None of
the markets managed to close
in the green, if we consider the data of the
last couple of weeks. Dow Jones Industrial
Average closed down by 4.47 per cent,
S&P 500 slipped 4.59 per cent, even as
Nasdaq tanked 4.50 per cent. European
markets fell in line with their global
peers, with the FTSE 100 losing 4.65 per
cent, DAX dropping 4.53 per cent while
CAC 40 slipping 3.95 per cent. Hang Seng
was the best performer, as it slipped by a
mere 1.44 per cent in the past couple of
weeks. Nikkie was down 3.28 per cent,
while Shanghai dropped 5.24 per cent.
Sensex relatively outperformed the US
markets as it dropped 2.51 per cent in the
last couple of weeks. Nifty closed down
2.79 per cent. The outperformance came
from the mid-cap stocks as the mid-cap
index was down by 1.41 per cent during
the period. The small-cap index was
down by 2.76 per cent. Metal index was
the worst performing index, slipping by
6.62 per cent. Realty index was the only
other sectoral index that was down by
more than 6 per cent in the last 15 days.
Power index was among those sectoral
indices that were down by less than 2 per
8 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
Personal Copy of MANAGEMENT & ALLIED SERVICES
cent for the given period. Auto index
slipped by 2.26 per cent, Bankex by 2.39
per cent, FMCG 2.27 per cent and IT
3.89 per cent.
The most interesting aspect of the
markets in the past couple of weeks has
been that the FIIs and DIIs have been net
buyers in the markets, even as the prices
have been falling steadily. The FIIs were
net buyers to the tune of Rs 8071.17
crore, while DIIs have been net buyers to
the tune of Rs 2432.55 crore.
The prices of gold firmed up by 2.26 per
cent in the past couple of weeks owing to
the trade war fears. Silver was up by 2.48
per cent, while crude oil price was up by
Performance Of Indices
12th Mar 26th Mar Gain/Loss
Indices
2018 2018 (%)
SENSEX 33,917.94 33,066.41 -2.51
Nifty 10421.4 10130.65 -2.79
Mid-Cap 16,108.27 15,880.73 -1.41
Small-Cap 17,403.29 16,923.37 -2.76
Auto 24,588.62 24,034.06 -2.26
Bankex 27,784.70 27,121.34 -2.39
FMCG 10,498.10 10,259.42 -2.27
IT 12,582.39 12,092.47 -3.89
Metal 14,322.20 13,374.05 -6.62
Power 2,170.89 2,133.31 -1.73
Realty 2,397.67 2,247.83 -6.25
The most interesting aspect of
the markets in the past couple of
weeks has been that the FIIs and
DIIs have been net buyers in the
markets, even as the prices have
been falling steadily. The FIIs
were net buyers to the tune of
Rs 8071.17 crore, while DIIs
have been net buyers to the
tune of Rs 2432.55 crore.
more than 8 per cent.
Indian markets have underperformed
their global peers on q YTD basis.
However, the key Indian benchmark
indices lost less than their global peers
in the past couple of weeks. Going
ahead, Indian markets will keep an eye
on election results of Karnataka, trade
war developments and whether or not
the interest rate cycle hardens. While
few experts believe that the Sensex can
go down to 30,000 level in the near
term, in the long term, India’s positive
story remains intact. DS
12th Mar 26th Mar Gain/Loss
Indices
2018 2018 (%)
Dow Jones Ind 25335.74 24202.6 -4.47
S&P 500 2786.57 2658.55 -4.59
NASDAQ 7560.81 7220.54 -4.50
FTSE 100 7224.51 6888.69 -4.65
DAX 12346.68 11787.26 -4.53
CAC 40 5274.4 5066.28 -3.95
Hang Seng 30996.21 30548.77 -1.44
Nikkei 21469.4 20766.1 -3.28
Shanghai 3307.16 3133.72 -5.24
Net Investment In Equity Markets (`/Cr)
Date FIIs DIIs
12-Mar 374.65 -464.59
13-Mar 7,028.42 1,613.39
14-Mar -258.98 -432.03
15-Mar -705.4 256.45
16-Mar -150.46 -770.53
19-Mar 292.23 -191.52
20-Mar 344.16 731.17
21-Mar 98.44 197.78
22-Mar 161.11 409.89
23-Mar 1,628.19 -935.41
26-Mar -741.19 2,017.95
Total 8,071.17 2,432.55
DSIJ.in
Personal Copy of MANAGEMENT & ALLIED SERVICES
Recommendations
Balkrishna Industries
ON A ROLL ON THE BACK OF IMPROVEMENT IN DEMAND
HERE IS WHY
Demand improvement across geographies and
segments
Robust R&D capability
To set up a 60,000-tonne capacity carbon black
B
plant
alkrishna Industries (BKI)
operates mainly in the
business segment of tyres.
BKI is India’s leading player
in the global ‘Off Highway
Tyre (OHT)’ market, which includes
agricultural, industry, material handling,
forestry, lawn and garden, construction
and earth moving tyres. The company
caters to demand in over 130 countries
through distribution network in
Americas, Europe and the rest of
the world.
The management has indicated demand
improvement across geographies and
segments, especially in the US, since the
growth forecast in the US has been
revised upwards on the back of tax cuts
and stronger than expected activity in
2017. The company’s manufacturing base
comprises plants at Aurangabad,
Bhiwadi, Chopanki and Bhuj. The
company is investing `1.5 billion to set
up 60,000 MT p.a. carbon black plant (at
its Bhuj plant) to improve supply chain
in terms of quality and timing. The
company plans to commence operations
by the end of FY19. BKI recently
inaugurated its R&D centre that will
CMP
Monthly Stock Market Returns
(`)
BSE Code: 502355
CMP: `1073 FV: `2 Others
BSE Volume: 29863
Date: 28/03/2018
10 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
Equity
Personal Copy of MANAGEMENT & ALLIED SERVICES
35 per cent rise in business from farm
equipment manufacturers in Europe and
17 per cent growth in Off-the-Road
(OTR) tyres in the mining sector. The
company has guided for volume growth
of 11-13 per cent to 190,000-195,000
tonnes for the current fiscal, which looks
achievable given the traction in demand
for OHT tyres.
The buoyancy in demand can be gauged
from revenue growth of other leading
global OHT companies like Michelin,
Trelleborg and Titan International,
which have been witnessing decent
improvement in revenue growth.
BKI is gradually increasing its presence
in the OTR segment. In order to tap
mining segment, it has launched mining
tyres larger than 39-inch using its own
R&D. The product has been well-
accepted in both the OEM and
Best of LAST ONE Year replacement markets.
Name of Reco Exit/CMP Absolute Annual
Company Price Price (`) Gains Returns BKI’s standalone revenue for the quarter
(`) (%) (%) stood at `1161 crore, showing a growth
Bajaj Holdings 2064.05 2546 23.35 137.80
of 26 per cent YoY. The standalone
Aarti Industries 778.7 931.05 19.56 108.33 EBITDA for the quarter was at `352
Tata Sponge Iron 815.25 1124.45 37.93 103.45 crore, showing a growth of 14 per cent
Tata Metaliks 667.8 826.2 23.72 89.89 YoY. The operating margins in
Symphony 1429.8 1672 16.94 64.19 December 2017 dropped to 30.3 per cent
from 33.4 per cent a year ago due to
one-off expenditure on shifting of plant
allow the company to work closely with and machinery to Bhuj plant from
OEMs with deeper penetration, thus Waluj. The company’s profit after tax for
increasing its market share. The the quarter stood at `189.50 crore, an
continued demand for tyres for farming increase of 2.25 per cent YoY.
equipment in Europe is expected to lend
more credence to volume visibility at BKI On the valuation front, the company has
as it derives nearly 63 per cent of its sales a PE ratio of 31.54x. The company’s
from farm equipment machinery. return on equity (RoE) and return on
The company’s sales volume for the capital employed (RoCE) stood at 22.35
quarter was 49,553 metric tonnes, per cent and 24.70 per cent, respectively.
growing 23 per cent YoY, its highest in at Its debt-to-equity ratio stands at 0.38x.
least 18 quarters. This was on the back of We recommend a BUY on the stock. DS
Shareholding Pattern Last Five Quarters - Standalone (`/Cr)
December 2017 Particulars Dec '17 Sep '17 Jun '17 Mar '17 Dec '16
Total Income 1106.31 1114.45 1012.77 1002.94 896.43
Promoters 58.30
Other Income 77.74 82.50 92.27 61.72 63.16
Public 41.70 Operating Profit 367.73 387.40 308.48 317.09 341.13
Interest 1.89 2.60 5.14 5.27 4.90
0
Net Profit 189.50 202.98 153.14 137.47 185.69
Total 100 Equity 38.66 19.33 19.33 19.33 19.33
DSIJ.in
Personal Copy of MANAGEMENT & ALLIED SERVICES
Recommendations Equity
Personal Copy of MANAGEMENT & ALLIED SERVICES

LT Foods eyes a six-fold increase in sales from the

branded segment over the next four
years. Also, recently, LTFL launched the

HEALTHY RECIPE FOR GROWTH new avatar of leading brand Daawat and
quick cook brown rice, which is
expected to attract demand and generate
volumes.

HERE IS WHY On the financial front, the company

posted a 1.94 per cent hike in its net sales
Strong growth expected for Indian Basmati to `552.40 crore in Q3FY18 as compared
rice exports to `541.87 crore in the same quarter last
Well-diversified product basket year. The company ’s PBDT increased
37.15 per cent to `24.51 crore in Q3FY18
International business expansion as compared to `17.87 crore in the same
quarter last year. The company’s net

L
T Foods Ltd (LTFL) is a
branded specialty foods
company engaged in milling,
processing and marketing of
branded and non-branded
Basmati rice and manufacturing of rice
food products in the domestic and
overseas markets. The company has a
well-diversified product basket catering
to consumers of all income groups. The
company is present in segments like
Basmati rice, specialty rice (non-
Basmati) and other food products.
The company’s flagship brand ‘Daawat’
enjoys a 22 per cent market share in the
branded rice market in India. It also has
strong market share in North America,
where it sells Basmati rice under the
brand ‘Royal’. Currently, the company
has access to 1,40,000 traditional retail
outlets, 3,000 wholesalers and reaches 93
per cent of towns having population of
over 2 lakhs. It also has strong network
in modern trade.
According to ICRA, Indian Basmati rice
exports are expected to post strong
PRICED SCRIP
Best of LAST ONE Year
Name of Reco Exit/CMP Absolute Annual
Company Price Price (`) Gains Returns
(`) (%) (%)
Kriti Nutrients 30.7 48.3 57.33 1587.00
Universal Cables 88.85 107.65 21.16 507.84
National Fert. 61.3 78 27.24 350.22
Gufic BioScie. 78.7 95.1 20.84 288.55
Virinchi 88 110 25.00 225.00
growth in FY2018 and FY2019 on the
back of improved demand in the
international market, especially
from Iran, and transfer of higher paddy
prices over the last two procurement
seasons. This augurs well for the
company.
During the 9MFY18, the contribution of
branded revenues to overall revenues has
increased from 56 to 61 per cent. The
company will invest US $20 million for
branding and expansion in Europe, as it
profit rose by 77.89 per cent to `13.91
crore in the December quarter of FY18
as compared to `7.82 crore in the same
quarter last year.
On an annual basis, the company
recorded an increase of 14.01 per cent in
revenue to `2,076.37 crore in FY17 as
compared to `1,821.20 crore in FY16.
The company’s PBIDT increased by 6.32
per cent to `147.20 crore in the FY17 as
compared to `138.45 crore in the
previous financial year. However, the net
profit of the company declined by 0.79
per cent to `30.14 crore in FY17 as
compared to `30.38 crore in FY16.
On the valuation front, the company’s
TTM PE stood at 65.99x, while the
industry PE was 48.99x. The company’s
peers including Heritage Foods and
Jubilant Foodworks recorded a TTM PE
of 72.24x and 106.57x, respectively. The
company’s return on equity (RoE) and
return on capital employed (RoCE)
stood at 19.69 per cent and 15.40 per
cent, respectively. In the last one year, its
debt-equity ratio improved from 2.51 to
1.26 and the current ratio from 1.08 to
1.30. We recommend a BUY on the stock. DS

CMP
Monthly Stock Market Returns Last Five Quarters - Standalone (`/Cr)
Shareholding Pattern
(`) Particulars Dec'17 Sep'17 Jun'17 Mar'17 Dec'16
December 2017
Total Income 552.40 529.79 450.41 606.39 541.87
Promoters 56.01
Other Income 11.60 -0.60 3.72 9.25 2.03
Public 43.99 Operating Profit 43.41 40.27 39.64 41.84 46.09
BSE Code: 532783
CMP: `85 FV: `1 Others 0 Interest 18.91 19.87 22.23 23.92 28.14
BSE Volume: 118168 Net Profit 13.91 10.49 8.69 7.62 7.82
Date: 28/03/2018 Total 100
Equity 31.99 26.68 26.68 26.66 26.66

12 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

 Personal Copy of MANAGEMENT & ALLIED SERVICES

FIRST SOURCE SOLUTIONS CMP - `53

BSE CODE Volume Face Value Target Stoploss

532809 1545707 `10 `59 `48.50

F
SL, promoted by Spen Liq, a wholly- Scrip’s Movement
owned subsidiary of CESC, is
engaged in business process and
knowledge process management services
across customer life cycle. The company’s
public shareholders include Rakesh
Jhunjhunwala and ICICI Bank. The
company generated its FY17 revenue
majorly from BFSI (31.8%), telecom and 2018

media (32.2%), healthcare (35.8%). On

The scrips in this
column have been
recommended
with a 15-day investment
horizon in mind and
carry high risk. Therefore,
geographical basis, the US contributed Last Seven Days’ Volume Table
55.3%, UK 38% and India 5.8% to FY17 (No. of Shares)
revenue. Financially, the company posted Days Volume
10.5% and 7.5% growth in revenue and
20-03-2018 7,95,435
PAT, respectively. Even December 2017
21-03-2018 7,09,931
quarter reported marginal revenue growth 22-03-2018 6,29,678
and 45% PAT growth amid tax credit amid 23-03-2018 9,86,572
reduction in the US tax rate. The company 26-03-2018 13,50,404
could also repay nearly 18% debt during the 27-03-2018 14,22,937
quarter. The growth in healthcare business 28-03-2018 15,45,707
offset the repercussions of exiting domestic
business. Going forward, the company the total contract value of USD 15 mn
expects to crack great deals in healthcare and USD 75 mn for 3 and 5 years, respec-
and customer engagement segments, with tively. we recommend a BUY.
PURVANKARA PROJECTS CMP - `138.85
BSE CODE Volume Face Value Target Stoploss
532891 12,148 `5 `158 `129

investors are advised to
Scrip’s Movement
take into account their risk
appetite before investing,
as fundamentals may
or may not back the
recommendations.
2018
Last Seven Days’ Volume Table
(No. of Shares)
Days Volume
20-03-2018 43,545
21-03-2018 61,789
22-03-2018 34,715
23-03-2018 29,499
26-03-2018 50,243
27-03-2018 35,324
28-03-2018 12,148
(Closing price as of Mar 28, 2018)
P
urvankara is engaged in the construc-
tion and development of residential and
commercial properties. Its ongoing
projects are in Bangalore (43%), Chennai
(8%), Hyderabad (12%), Kochi (18%), West
India (8%). New launches include Bangalore
(40%), Chennai (26%), Hyderabad (22%),
Kochi (13%). The company would invest
`500 crore through a subsidiary and penetrate
into Goa to develop 32-acre land, which is
expected to fetch `1000 crore in five years. It is
foraying into a management contract with the
Park Hotels for hotel/serviced apartments.
The company would invest `3,200 crore for
development of more than 15 mn sq.ft. in
12-15 months in different cities. Financially,
company’s de-growth of 11.2% in revenue is
recovered in TTM revenue, which posted a
growth of 11.9% from FY17. PAT came in at
53% higher in FY17, driven by operational
efficiency. December quarter posted a revenue
and PAT growth of 26% and 21% respectively.
We recommend a BUY. DS

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Technicals
NIFTY Index Chart Analysis
Nifty Perks Up On Short Covering; Fresh Buying Yet To Come
M
arkets have been
vulnerable to the US
President Donald
Trump’s abrupt actions.
Trump's controversial
proclamations continue; this time it was
the signing of the memorandum
targeting imports from China. The
expected trade war between the world’s
two largest economies threatened the
markets across the world. Further, the US
Federal Reserve's 25 basis points interest
rate hike to 1.5% and indications of more
hikes to come during the year dampened
the sentiments. On the domestic front,
the ongoing free fall in the public and
private sector banks, realty and metal
sectors added to the sell-off in the Indian
markets. All-in-all, along with the sinking
broader markets, Indian benchmark
indices too had breached their major
supports, whereby Nifty plunged below
the 10,000-mark.
However, Nifty bounced back from its
second crucial support of 9,950 at the end
of the last week due to short covering.
The renegotiation of tariffs between the
US and China eased the trade war anxiety
amongst the investors, leading to a
bounce back in the global indices. On the
domestic front, a surprise rate cut in
government borrowing programme
raised hopes of RBI keeping the rates
14 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
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Roadmap for the next 15 trading sessions
Ideas Nifty Levels
Resistance for the medium term 10215-10230
Support for the medium term 10050-9950
unchanged and not hiking in the next
policy review, which will be announced
on April 5. The country might borrow
`2.88 trillion in the first half of FY19.
These factors helped the markets go off
lows, even during March F&O expiry.
The fiscal deficit number is expected to
be higher by 0.3% of the GDP, while
uncertainty persists on recapitalisation
and merger of public sector banks.
Nevertheless, the short covering may
continue for the next month too on
diminishing trade war concerns and
expected revival in the Q4 corporate
earnings. However, volatility would
continue in the wake of state election
hustle-bustle in April-May.
Technically, Nifty bounced back at the
end of the last week and witnessed sharp
upside at the start of the current week,
making a kind of double bottom on the
weekly time frame. On the daily time
frame, Nifty took major support at the
9,950 level, which was mentioned after
Nifty broke the levels of 10,075-10,035.
Equity
Action to be Initiated Probable Targets
Close above 10215-10230 on the daily chart on
closing basis would give further momentum to 10480-10630
the bulls.
Close below 10050-9950 on the weekly chart
9850-9685
would change the trend and trigger a retreat.
Nifty had breached its 200-day EMA
support level, but it is currently trailing
just above the levels. Hence, in case we
see fresh buying in the markets, we hold
10,280, followed by 10,480 as the major
resistance levels, provided 10,215 level is
duly broken which is its 50% retracement
level of the downward rally.
Above 10,480, Nifty would retest its
upward sloping trendline level and give a
short-term trend reversal. However, bulls
are quite hesitant to give immediate
momentum upside, with oscillators still
lying below 50.
Moreover, Nifty is trading with lower
tops and lower bottoms and would
continue to do so, unless 10,215-10,230
is broken on the upside. In that case, if it
retreats, we hold 10,050, followed by
9,950, as the immediate supports if the
levels of 10,115-10,110 is breached on the
downside. Below 9,950 level, support at
the levels of 9,850-9,770 is inevitable.
Hence, 10,630 on the upside and 9,685
on the downside would act as trend
reversals.
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Technicals Equity
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STOCK RECOMMENDATIONS

BAJAJ FINANCE ................................ BUY .................... CMP `1762

BSE Code : 500034 Target 1 ..... `1900 | Target 2 ..... `1970 | Stoploss....`1655(CLS)

The stock of Bajaj Finance is currently trading at `1762.

Its 52 week high/low stand at `1989/`1152.60 which were
made as on September 8, 2017 and April 5, 2017,
respectively, and depicts an uptrend in the long run.
However, after hitting its 52-week high or all-time high,
the stock had been witnessing gradual correction. On
February 5 and 6, the stock had hit below its multiple
support range of `1575-1590 near the `1514 level, but
bounced back in intra-day trade and sustained above the
levels on a closing basis. Since then, the stock has formed
a small ascending triangle pattern on the daily time frame.
Recently, the stock breached its multiple resistance at
`1737-1745, i.e., the upper trendline of the triangle, which
also acts as a provisional trend reversal. It also broke its
downward sloping trendline at `1770. Volumes are
justifiable and the 14-period RSI quoting at 63 suggests
momentum in the stock. The stock also has a multiple
point upward sloping trendline support at `1646.

TEAMLEASE SERVICES......................... BUY ................... CMP `2217

BSE Code : 539658 Target 1 ..... `2400 | Target 2 ..... `2500 | Stoploss....`2065 (CLS)
The stock of TeamLease is currently trading at
`2217. Its 52 week high and low stand at `2536.80/
`927.50 made on December 26, 2017 and March 29,
2017, respectively, showing an uptrend in the long
run. Considering a weekly time frame, the stock has
been consolidating at 50% retracement of the prior
upward rally up to its 52-week or all-time high levels.
Meanwhile, the price has taken 21-week EMA support
during consolidation. Considering the daily time
frame, the stock formed a descending triangle pattern,
where the lower horizontal trendline is a multiple
support range of `1990-2000. The stock gave a
breakout of the pattern at `2175 on March 27, 2018,
on a closing basis. The breakout was supported by
spurt in volumes and the 14-period RSI trailing at 57,
depicting momentum going forward. The stock is also
trading above its 21-day and 50-day EMA levels. The
14-period RSI has also broken out of its multiple DS

resistance at 55.
(Closing price as of Mar 28, 2018)

*LEGEND: n EMA - Exponential Moving Average. n MACD - Moving Average Convergence Divergence n RMI - Relative Momentum Index
n ROC - Rate of Change n RSI - Relative Strength Index
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.

16 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

Analysis
Renewable Energy
Coal Trading
Adani Enterprises Ltd
INCUBATING DIVERSIFIED
BUSINESSES FOR BETTER RETURNS
A
dani Enterprises Ltd (AEL),
incorporated in the year 1993,
is the flagship company of the
Adani group. The company
has primary interests in energy and
logistics sectors. The company’s segments
include trading, power, port, agri
products, real estate and others. AEL also
has diversified interests in power, mining,
oil and gas explorations, natural gas
distribution businesses supported by
port, shipping and trading activities.
The company’s coal mining business
involves mining, processing, acquisition,
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exploration and development of mining
assets. AEL’s city gas distribution business
is undertaken through its wholly-owned
subsidiary, Adani Gas Ltd, whereas it
operates the real estate business through
its subsidiary, Adani Infrastructure and
Developers Pvt Ltd. The company has
recently announced demerger of gas
sourcing and distribution business into
Adani Gas Limited (AGL). AGL will
issue fresh shares to the shareholders of
AEL and it will be listed on BSE and NSE.
AEL shareholders will receive one equity
share of AGL (Face Value of `1) for every
one equity share held in AEL. The
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL
Equity
City Gas Distribution
AGRO
transaction is expected to be concluded
by the second quarter of FY19.
Over the years, AEL has acted as a
unique incubator of Indian infrastructure
start-ups. An investment of `1 lakh in
AEL in 2003 would have multiplied over
25 times by 2017, which is among the
highest returns generated by an
infrastructure company in India. Over
the past few years, AEL has spawned
Adani Ports and Special Economic Zone
Limited (market capitalisation of about
`74,500 crore); Adani Power (market
capitalisation of about `9800 crore); and
Adani Transmission (market
capitalisation of about `21,500 crore).
Business Highlights
a) Coal Trading : AEL is among the top
three coal traders globally. The company
is also the largest coal handling merchant
in India for nearly a decade. AEL enjoys a
long term contract as mine developer
and operator for coal mining in the Parsa
Kente coal mines. In mine development
and operations business at Parsa Kente
17
 Analysis
coal mines in Chattisgarh, the company
supplied washed coal of 1.75 MMT to
RRVUNL in Q3 FY 18 as compared to
1.92 MMT in Q3 FY 17. The company,
along with its 100 per cent subsidiary
Gare Pelma III Collieries, has entered
into coal mine services agreement with
Chhattisgarh State Power Generation
Company Limited for development,
operation and mining of coal from Gare
Pelma Sector III coal block.
b) Renewable Energy : The company
has operationalised renewable projects of
1648 MW with a further pipeline of 550
MW of projects under various stages of
implementation across the country. On
account of operationalisation of projects,
the company generated 364 MU KwH in
Q3 FY 18 as compared to 145 MU KwH
in Q3 FY 17.
c) Agro : In edible oil business, AEL has
the leadership position with its ‘Fortune’
brand. The company leads the refined
edible oil market with 21 per cent market
share. In agro storage business, the
company has operationalized storage
facility with capacity of 25K MT at
Kotkapura. The company recently won 6
projects from the Punjab government
with a capacity of 3 lakh MT and the
commissioning of all these projects is
expected to be by March 2019.
d) City Gas Distribution : The company
provides piped natural gas to
households, industrial and commercial
consumers and compressed natural gas
for automobiles in four cities, namely,
Ahmedabad, Vadodara, Faridabad and
Khurja, through its 100 per cent
subsidiary and in Chandigarh, Allahabad
and Daman through a 50:50 joint
venture with Indian Oil Corporation.
The company envisages future growth
through the joint venture, which has
PEER  COMPARISON
 Stocks M cap P/E P/B
(`Cr.)
Adani Enterprises 17,855.42 22.74 1.21
3M India 22,005.75 71.48 15.25
MMTC 6,185.00 406.91 4.29
18 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
Equity
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been awarded the city gas projects in Adani Enterprises Ltd.
Ernakulum, Panipat, Udham Singh BSE Code : 512599 CMP : `159.60
Nagar, Dharwad, South Goa and Particulars Amonut (` Crore)
Bulandshahr. These projects are at
various stages of implementation. Net Sales 39995.13
% Change 20.21%
REBRANDING THE GROUP IMAGE Operating Profit 3547.31
For the first time ever, Adani Group has % Change 29.16%
set up a team of professionals to
coordinate and interact with the media Net Profit 426.35
and for dialogue with the government in % Change -42.31%
Delhi. The group is redesigning its Equity 109.98
communication strategy and planning a EPS (`) 7.17
redo of its brand image. As a part of this
strategy, it has recently hired Suhel Seth, FV (`) 1.00
a known name in this segment, to be CMP (`) 159.60
brand consultant. Seth had also been P/E (x) 22.74
consulted by Tata Group during its Dividend Yield (%) 0.25
management crisis in 2016 to help
Book Value (`) 134.13
rebuild their brand. The group has faced
a lot of criticism for its coal mining and (Trailing Four Quarter Data) n CMP As on 27-Mar-2018
railways project at Queensland, Australia.
Adani has struggled to find financiers for decreased 28 per cent YoY from `302.26
its Australia project. crore in Q3FY17. Due to the rise in the
EBITDA margin, interest and
FINANCIALS depreciation, the PAT margin for the
In Q3FY18, the company’s revenue quarter rose to 2.89 per cent from a
increased by 9.42 per cent QoQ to negative PAT margin of 0.17 per cent in
`9938.37 crore and 15.48 per cent YoY. Q2FY18. The EPS grew from `0.99 in
The company’s sales have been increasing Q3FY17 to `3.19 this quarter.
in the last two quarters after being on a
downward trend between Q3FY17 and On an annual basis, the company's total
Q2FY18. The EBITDA for the company income grew by 8.32 per cent to close at
increased by 11.97 per cent YoY and 35.5 `38,056.44 crore in FY17, up from
per cent QoQ to `1,048.55 crore in the `35,130.66 crore a year ago. The company
third quarter of FY18. reported a 17.40 per cent decrease in net
profit to `807.71 crore in FY17 as against
Due to the drop in employee and raw a net profit of `977.84 crore in FY16.
material expenses as a proportion of
sales, the EBITDA margin increased to On the valuation front, the company
10.55 per cent in the quarter, a rise of 204 has a PE ratio of 22.74x. The company’s
bps compared to the last quarter, return on equity (RoE) and return on
whereas, the EBITDA margin was 10.88 capital employed (RoCE) stood at 7.08
per cent in the same quarter last year. The per cent and 6.61 per cent, respectively.
PAT for the quarter was `217.6 crore, as
against a loss of `77.49 crore in the The company has a low return on
previous quarter, whereas the PAT equity of 7.14 per cent for the last three
years. AEL has a debt-to-equity ratio of
1.47x. It has delivered a poor growth of
    1 Yr     3 Yr     5 Yr Dividend -1.06 per cent over the last five years. The
Returns Returns Returns Yield (%) promoters have pledged 28.91 per cent of
(%) (%) (%)
their holdings. The dividend payout has
55.81 -35.83 -5.8 0.25
been 6.13 per cent of profits over the last
77.07 36.44 41.56 0 three years. We recommend our reader-
3.65 7.79 -24.03  0.49 investors to HOLD the stock for now. DS
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D E M O C R A T I Z I N G W E A L T H C R E A T I O N

P R E S E N T

MID-CAPS

IN 2018

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 19

Cover Story
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Mid-Cap High On Valuation,

But May Yet Outperform!
Mid-caps have taken a serious beating in the current wave of equity sell-off.
Nikita Singh finds out whether the underperformance in mid-caps is a global
phenomenon, while Yogesh Supekar highlights the merits of focusing on
those mid-caps for the long term that pay higher dividends!

I
ndian equity markets in 2018 have the markets. Says Haresh Mehta, Chief
underperformed their emerging Institutional Trader, First Global ,“The Lows made in 2018 (YTD)
market peers on a YTD basis and mid-cap and small-cap space remains the Small Cap 12.11% Feb-07
that has led to pessimists in the best bet without any doubt in my mind Mid Cap 10.65% Mar-07
markets to believe that maybe 2018 for the next 3-4 years, irrespective of the Sensex 2.43% Mar-07
is the year where we will see a flattish to political outcome of 2019 Union elec-
negative index (benchmark) returns. The tions.” Top 5 Mid-Cap Gainers (YTD)
mid-caps and small-caps have taken a Company YTD(%) Sector
beating in 2018 and these darlings of retail While majority of the investors believe NIIT Technologies 51.56 IT
investors have underperformed the that the long term mid-cap bull story is KPIT Technologies 24.84 IT
large-caps so far. intact, one cannot ignore the simple fact Firstsource Solutions 24.48 IT
that investors' confidence is shaken as of Polaris Consulting & Services 19.95 IT
The pain in mid-caps is visible as of now now due to the ferocious drop in prices of Zydus Wellness 18.63 FMCG
and the relatively deeper correction in majority of mid-caps. The mid-cap index
mid-caps has created a wonderful entry is down by nearly 10 per cent on a YTD Top 5 Mid-Cap Loser (YTD)
point for long term investors. For basis when compared to the Sensex, Company YTD(%) Sector
long-term investors who are convinced on which is down by more than 2 per cent on BLS Intl. Services -46.79 Miscellaneous
the fundamentals of the fastest growing a YTD basis. We saw that the small-cap Unitech -44.69 Realty
economy in the world, the mid-caps are index was down by 12.11 per cent in Siti Networks -39.88 Media & Entertainment
one investing space that cannot be February 2018, while the mid-cap index
JBF Industries -37.19 Textile
ignored. The year ahead of us is an was down by 10.65 per cent in March and
eventful year with the elections in 2019 Sensex was down by 2.43 per cent in Triveni Engg & Ind. -36.3 Agri
promising to create lot of uncertainty in March, since the beginning of the year. As on 28th Feb 2018

How have the mid-caps in India performed vis-a-vis their global peers?
The below table clearly shows that the mid-caps in India have clearly outperformed the mid-caps in emerging markets as well as
mid-caps in other markets over the long term. However, the mid-caps in India have underperformed mid-caps in the emerging
markets over the past one year and on a YTD basis.

MSCI Mid Cap Index Performace

1 Month 3 Month 1 Year YTD 3 Year 5 year 10 Year
Returns (%) Returns (%) Returns(%) Returns(%) Returns(%) Returns(%)
MSCI India Mid Cap Index -4.8 -1.18 18.99 -5.88 12.46 17.58 10.35
MSCI World Mid Cap Index -4.23 1.81 17.42 0.16 8.44 11.37 7.2
MSCI USA Mid Cap Index -4.16 1.19 12.7 0.28 8.11 12.71 9.38
MSCI Emerging Markets Mid
-4.54 7.59 25.98 1.82 6.76 3.63 2.47
Cap Index
As on 28th Feb 2018

20 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in


Rahul Agarwal, Director, Wealth Discovery/EZ Wealth
NIFTY MIDCAP 50
LTP (`)
As on Mar 18, As on Mar 19, Change
Company Name
2015 2018
Dalmia Bhar. 440.20 2841.35
Biocon 149.80 579.10
Indraprastha Gas 84.14 290.35
Balkrishna Inds 311.88 1060.10
Cholaman.Inv.&Fn 586.55 1436.45
Prasanna Pathak, Fund Manager-Equity, Taurus Mutual Fund.

Certain pockets within mid-cap segment will outperform large-caps handsomely
Will mid-caps outperform the large-caps in the
coming year?
We might not see the kind of outperformance which the
mid-cap stocks have delivered vis-a-vis large-caps over the last
3-4 years. However, there will be certain pockets within the
mid-cap segment which will outperform handsomely.
What is your outlook on mid-caps?
If you look at the last 3-4 years, there are many mid-cap and
small-cap companies where prices have soared manifold without
corresponding increase in earnings. The markets have given
them the benefit of demonetisation, GST disruptions, etc. The
expectations in earnings growth will be high going ahead and
some of these companies may disappoint. The room for error is
low in such cases and one needs to be cautious.
However, there are some pockets where the expectations on
earnings growth are low and there might be a positive surprise.
A case in point is IT mid-cap companies. The revival in earnings
growth may not be adequately captured in some of these
zero-debt reasonably-valued companies.
The mid-cap/small-cap universe is 6-7 times bigger as compared
to the large-cap space, which offers better stock-picking
opportunities even in a slightly stretched scenario.
What are the risks of investing in a predomi-
nantly mid-cap portfolio?
The mid-cap/small-cap portfolio tends to have a higher beta
(volatility). The businesses are evolving and the track record in
many cases is limited. The risk is, therefore, high. However, the
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A snapshot of the top
Change performing stocks in the Nifty
(`) (%)
Mid-cap 50 shows that com-
2401.15 545.47
panies such as Dalmia Bharat
429.30 286.58
206.21 245.08 and Biocon have given re-
748.22 239.91 turns that are unheard of in
849.90 144.90 the large-cap space. 
growth rates and returns also tend to be commensurately higher
in the longer haul. The risks in a mid-cap portfolio can be
minimised by good bottom-up stock-picking and adequately
diversifying the portfolio.
What sort of extra returns one should expect
for investing in mid-cap focused mutual fund?
The extra return expectations from mid-cap focused portfolio
depends on the phase of the market that we are in. In a slightly
matured bull markets, these expectations need to be moderated.
As mentioned above, a larger universe of mid-cap stocks do offer
much better stock-picking opportunities. However, stock
selection becomes more critical as the bull market matures. On a
longer time-frame, based on historical data, annualised outper-
formance of ~ 2% to 5% is possible.
Is it true that mid-cap over the long run have
outperformed large-caps historically?
BSE Mid-cap index, which was launched in the year 2003, has
outperformed BSE Sensex index by around 4% (annualised)
since inception. Though the time-frame in the above case is not
long enough, historical global data run over longer periods do
build a case for mid-cap outperformance. Logically also, the
mid-cap stocks should compensate adequately for the higher
risks as mentioned above.
However, as discussed above, one should be mindful of the
phase of the market that we are in. In a bad phase, these tend to
erode value faster. Investor must have the patience and appetite
to wear bad phases to enjoy long-term wealth creation through
mid-caps.
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 21
Cover Story
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Mid-cap IT sector
Some of the most important questions
that need to be answered for investors is
where in mid-cap space and what
percentage of portfolio should be invested
in mid-caps at this juncture. While it is
always prudent to remain diversified
across sectors, the mid-cap IT stocks have
caught investors' attention and have been
outperforming mid-cap stocks from other
sectors in 2018 so far. It does look like
mid-cap IT sector will continue its good
run in the coming years. Hence, some
decent weightage to mid-cap IT stocks is
warranted.
Says Sachin Relekar, Fund Manager, LIC
MF, "Mid-cap IT stocks is an interesting
area. However, each of the company from
the pack is different in respect of
revenues, margins, client mix and
product/service mix. This is starkly
different than large-cap IT companies.
The technological changes happening are
complex, impacting companies across the
IT pack. Therefore, we are trying to
understand which companies will benefit
from the changes and whose business
model could be under pressure.
One needs better insights into the
business models. The balance sheets of
most of these companies are healthy.
There are promising opportunities in the
sector. To summarize, we are looking at it
with bottoms-up approach, but at the
same time, given the scale of transforma-
tion in the technology space, some of the
names have large potential."
Portfolio Allocation
Investors ought not to forget that asset
allocation is one of the most important
determinants of portfolio performance.
As far as portfolio allocation goes for
retail investors, there is a strong case to
allocate a decent proportion of portfolio
to the mid-caps.
Says Achin Goel, Head of Wealth
Management & Financial Planning,
Bonanza Portfolio Ltd, "We would suggest
that exposure in the mid-cap segment
should be 30%-40% of the total portfolio
and the remaining 60%-70% in the
large-cap segment for the equity compo-
nent of asset allocation."

Harendra Kumar, MD, Institutional Equities, Elara Capital


Mid-caps have traditionally returned more than large-caps in big bull cycles.
How were the Q3FY18 results for the mid-cap
stocks and are the valuations looking
attractive at this juncture?
• Nifty Mid-cap 100 index reported a sales growth of ~13%
and EBITDA growth of ~20%. The EBITDA margins
improved by ~100bps from 18.6% to 19.6% YoY.
• However, PAT (ex financial) grew by meagre 2% due to lower
other income (mainly in healthcare, industrials and telecom)
and higher tax outflow (mainly in healthcare, transportation
and auto). Nifty Mid-cap PAT (including financials) de-grew
by ~19% due to higher provisions arising from rising NPA
book.
• The Beat ratio (number up upgrades minus downgrades
divided by total number of stocks) saw a slight deterioration
from 8% (37 stocks beat estimates, while 29 stocks missed
the estimates) to 5% (37 stocks beat estimates, while 32
stocks missed estimates)
• During Q3FY18 earnings season (since November 15, 2017),
Nifty Mid-cap 100 saw 12% downgrade in FY18 consensus
EPS estimate from 176 to 155
• The valuation do not appear attractive as mid-caps are
currently trading at 1-year forward PE multiple of 19x (~0.4
Standard Deviation above average of 16.4x)
How are the mid-cap concentrated portfolios
likely to perform in 2018?
We expect mid-cap portfolios to deliver a modest ~10-12%
return due to sustained domestic equity flows. We believe that
large part of high earnings growth expectation (~39% EPS
CAGR over 2017A-2020E) is already priced in the stock prices
(1 year forward PE multiple of 19x: ~0.4 Standard Deviation
above average of 16.4x).
Will large caps outperform mid-caps and small
caps in 2018? Your take.
Mid-cap is currently trading at 5% premium relative to large-cap
(compared to ~9% discount on a long term average basis). In
spite of steep valuation, we expect mid-cap to equal or slightly
outperform large-cap due to sustained domestic equity flows
and higher mid-cap earnings growth expectation relative to
large cap.
What are the key risks of investing in mid-cap
stocks at this juncture?
Any earnings disappointment remains the key risk of investing
in mid-cap at this juncture, given the markets are building in
~39% EPS CAGR over 2017A-2020E. As highlighted earlier, the
current earnings season saw 12% downgrade in FY18 consensus
earnings estimate.
Why should one invest in mid-caps?
Mid-caps have traditionally returned more than large-caps
in big bull cycles. Though they come with risks, their return
profile is good. One should invest in mid-cap stocks in
sunrise sectors such as rating agency, aviation, auto component,
retail, agro chemical, dairy, etc. where they are clear market
leaders having significant economic moat (ability to maintain
competitive advantage over its competitors). One can also
look at mid-cap cement companies which have location
advantages.

22 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

Communication Feature
Mahesh Tahilyani
MD, Forbes & Company Ltd
What are the new markets you will
be targeting in FY19 for your
various products under different
segments?
Relentless pursuit of competitiveness,
focus on technology,innovation and
quality, coupled with venturing into
solution-offering in our overall product
portfolio, has supported our strategic
initiatives and thinking and we are now
poised to provide a much larger portfolio
of products and services with higher
functional capabilities and lower total
cost of ownership to our customers. We
believe that the market is large and, given
our size today, we will be able to have a
more than proportionate share in the
Indian and international markets in the
coming years. This belief is validated by
the performance we have delivered in the
past two financial years and the plans
which have been firmed up for the future.
What is the growth outlook for
Forbes Technosys Ltd? How is the
domestic money transfer service
doing currently and how is it
expected to grow in demand?
Forbes Technology Limited is a portfolio
of businesses, i.e. manufacturing, software
services and fintech technologies with
immense potential and opportunity to
grow.
On the manufacturing side, this business
has seen some challenges in the last two
years due to reduction/removal of
subsidies on ATM and related products
etc., which made the business conditions
challenging for the sector we then
operated in. We are now re-balancing
and diversifying our portfolio to new
products to suit other domains and
industries(e.g. smart governance kiosks,
digital banking services, F-Tech
DSIJ.in
Forbes & Company Ltd
Personal Copy of MANAGEMENT & ALLIED SERVICES
Diversifying into international
markets will remain the focus of
growth across all businesses
solutions, Nextgen transaction
management solutions, Kiosk as a
Service (KaaS) etc.) and much more. We
hope to taste success and see the benefits
accruing in the near future.
As regards the software services and
fintech, we already have a reach of
approx. 70,000 franchises (and growing),
covering 3650 PIN codes across India.
This is an opportunity area and we are
confident of growing this business by
bringing in various other products and
services to grow this further in the area
of Aadhar-enabled payment services,
Bharat bill payment systems and
domain-specific services in insurance,
finance, manufacturing and similar
services.
Very specifically, as regards money
transfer business, we had seen some
challenges in this business due to
non-availability of cash itself at the
end of 2016,but we have successfully
achieved the pre-2016 levels in the third
quarter of FY2017-18. We believe that
this market will continue to grow at a
high pace and we will be a part of this
growth story.
How do you plan to increase the
dealer network for the precision
tool group?
In precision engineering, we have
adequate market coverage in the
domestic market and we are expanding
our international dealer network in
focused geographies. We are in the
process of upgrading our existing
channels to service our new product
portfolios which are more application-
orientated. We believe that the market
offers sufficient opportunities and our
renewed efforts on new markets with a
better product portfolio will be an
advantage.
What are your internal growth
targets for the coming year for all
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL
the business segments you are
present in?
In the precision engineering business,
under the “Totem” brand, we deliver
international standards of precision
cutting tools and, over time, we see its
recognition getting better. This is an
extensive line of high technology cutting
tools and features exclusive raw material,
cutting geometries and surface
treatments to help increase productivity,
reliability and tool life. We are
aggressively targeting domestic and
international markets and are confident
of delivering and meeting our targets.
As regards realty, our project
‘’VICINIA”,which is a real estate
development, is now around 37-40%
complete and we hope to complete the
project in time. We expect the
profitability will sustain and we do not
expect any surprises on this front.
Eureka Forbes Limited, one of the key
subsidiaries of the company, is one of the
leading direct sales companies having
strong distribution network of more than
7,000 strong direct sales force with
operations in more than 550 cities and
towns. It enjoys leadership position, both
in the domestic water purification and
vacuum cleaner industries. In addition,
the company’s consumer channel has
~20,000 dealers present across 1,550
towns in the country. We are confident
that Eureka Forbes Limited will continue
to be the market leader in domestic water
purification and vacuum cleaner
segments.
Diversifying into international markets
would continue to remain the focus of
growth across all businesses. With our
focus on innovation, technology and
solution-offering approach, coupled with
capacity expansion and enlarged product
portfolio, the management is fairly
confident of delivering better performance
in all the business segments.
23
Cover Story
Personal Copy of MANAGEMENT & ALLIED SERVICES

Ritesh Ashar, Chief Strategy Officer, KIFS Trade Capital

Looking at the fundamental side of mid-cap companies, these usually tend to be less
capital intensive businesses, having lower debt levels, presence in different business models
and operating in niche area, which helps these companies to deliver faster earnings growth
and justification of their higher valuations can be illustrated from the same. 

Company Dividend Top Mid-Cap Dividend Yielding Stock Performance

yield
Sonata Software 5.34 We tried to ascertain if investing in mid-cap stocks that reflect the best dividend
Banco Products (India) 4.03 yield in the space would be a good idea. In the list of the top 20 dividend-yielding
Redington (India) 3.9 stocks, we found that these high dividend yielding stocks have delivered relatively
Accelya Kale Solutions 3.86 superior returns compared to the benchmark, i.e Mid-cap index.
Hinduja Ventures 3.37
Puravankara 3.35 We can see in the table below that the dividend yielding mid-cap stocks have
delivered 79 per cent returns in the past one year, thus outperforming the bench-
NIIT Technologies 2.86
mark index returns handsomely. During the same period, Sensex was up by 11.78
Gateway Distriparks 2.76 per cent. On a long-term basis also, the evidence points towards outperformance of
Dhampur Sugar Mills 2.76 those mid-cap stocks that are distributing higher dividends. Over a three-year
Gujarat Mineral Development 2.44 period, the top dividend yielding mid-cap stocks have generated annualised returns
Corporation in excess of 44 per cent. The same set of stocks have generated returns in excess of
UFO Moviez India 2.34 43 per cent on an annualised basis over a five-year period. This reflects consistent
Man InfraConstruction 2.31 outperformance by dividend paying mid-cap stocks.
Deepak Fertilisers & 2.29
Annualised Returns
Petrochemicals Corporation
YTD (%) 1 year 3 Year 5 Year Returns
Geojit Financial Services 2.1
Tata Metaliks 2.06
Returns (%) Returns (%) (%)
Top 20 Dividend Yielding -8.13 79.06 44.01 43.63
Praj Industries 2.03
Mid Cap Stocks
DCM Shriram 1.97
Mid cap Index -10.32 15.46 14.60 21.02
JK Tyre & Industries 1.9
Sensex -3.11 11.78 5.29 11.8
Rain Industries 1.82
Indiabulls Ventures 1.72 Data as on 21st March

Conclusion
After being in the spotlight of investors’
attention for long, the mid-cap stocks
have suffered a setback in the stock
market in recent times. However, the
much sought-after segment remains the
focus of investments in anticipation of a
swift recovery. As mid-cap companies
operate in niche industries, investments
in these stocks mitigate the market risks
due to the greater size of opportunities
and the prospects of scalability. Bearing a
lower risk than the fickle small-cap
stocks, the mid-cap stocks have an edge
due to their higher potential to grow
than the large-cap stocks which may
have already had their best run.
The large-cap company stocks are sought
after as low risk investment options, but
these may provide only limited growth
prospects. The best return-yielding years
of large-cap companies are often long
gone but, in contrast, for the mid-cap
companies, the best is yet to come as
these companies carry on their opera-
tions aggressively and their stocks hit
fresh highs. Thus, despite the corrections
in the valuation in the short term,
mid-caps are promising investments
from a medium to long term perspective.
Considering the historic performances,
the mid-cap index has widely outper-
formed the large index over the last
decade. Higher exposure to mid-cap
stocks not only ensures diversification
in the composition of the risk factors in
the portfolio of the investors, but it
also helps the investors to set higher
targets and offers opportunity to acquire
stocks having higher potential to generate
returns. At this juncture, investor ought to
be focused on high quality mid-cap stocks
and remain invested for multi-year time
horizon. One can also focus on the high
quality dividend yielding mid-cap stocks
for outperformance.
We find the following top four
mid-cap stocks attractive at
current levels

24 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

Communication Feature MAS Financial Services Ltd.
Personal Copy of MANAGEMENT & ALLIED SERVICES

We will grow our AUM between

25% to 30%
What is the growth outlook for the used car loan segment?
This segment is recently started by us and will take few quarters to stabilize. We are
very optimistic on this segment in the medium to long term.

Under which loan segment does the company enjoy highest margin?
We endeavour to maintain 2.5% to 2.75% ROA (return on assets) across all the
products. However our flagship products MEL and SME generate marginally higher
returns.

What are the internal growth targets across loan segments-products?

We will grow our AUM between 25 per cent to 30 per cent. Micro-Enterprise Loans
(MEL) and SME will grow higher as compared to other products. Our SME loans
include working capital loans, loans for machinery and loans to purchase Industrial
Sheds. Whereas in MEL segment, we provide loans of up to INR 300,000 to retailers,
traders, small manufacturers and service providers.
Kamlesh Gandhi What are the risks associated with financing micro enterprise loans and SME
CMD, MAS Financial Services Ltd.
loans?
We are in the business of management of risk.The biggest risk is of non-payment of
loans arising out of number of situations. Over the years, we have developed the
MAS Financial Services is registered as systems and knack for quality assessment of our clients.
a non-banking financial company with
the Reserve Bank of India. With a How does your company intend to increase its retail presence and improve
plethora of retail finance options in its on its wide distribution network?
arsenal, MAS is focused on fulfilling the We have 3200 centres of retail distribution and work with 105 NBFCs as a part of our
requirements of lower income and distribution strategy. Credit distribution through NBFCs allows us to widen our
middle-income groups of the society. network while maintaining a relatively lower risk profile. We would like to gradually
The company offers Financial Services increase the number of centres and further consolidate at the centres we are already
for Micro Enterprises Loans, SME operational. Our understanding of target market, and relationships with key
Loans, Home Loans, Two Wheeler stakeholders helps us thrive in a competitive environment.
Loans, Used Car Loans, and
Commercial Vehicle Loans to satisfy What is the average ticket size of your two wheeler loans?
their varied needs. Its focus remains on We provide Two-wheeler loans to our customers, who primarily include farmers,
the vast lower income and middle self-employed and salaried individuals and professionals. For a tenure up to 36
income groups of the society, spread months, our average ticket size in Q3 FY18 was INR 48,114. As of December 31, 2017,
across urban, semi urban and rural our AUM for the segment was INR 3,554 Million.
areas, and including formal and
informal sector. The company aims to
acquire a significant market share in
financial services distribution with
assessment performed from various
perspectives of creditability in absence
of proper and systematic credit
documents, including credit worthiness
through other channels. The company
is also leveraging on the distribution
network of partner MFI-NBFCS/
NBFCS/HFCs/franchisees, thus
extending financial services to the
underpenetrated states and the BOP
segment.

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 25

Cover Story
Bhansali Engineering
CMP : `167.75
BSE CODE : 500052
Face Value : `1
BSE Volume : 126,173
B P
hansali Engineering Polymers (BEP) is in the business of
manufacturing ABS and SAN resins. ABS resins are used
in consumer electronics, appliances and automobiles
sectors. BEP is increasing its manufacturing capacity by
four-fold and in two stages to capture the domestic market,
which is highly import-dependent. The industry’s domestic
capacity caters to 60 per cent of the demand.
In the near term, the company plans to increase capacity to
137,000 MT from 80, 000 MT by December 2018, involving a
capex of `50 crore.
Further, the company is expected to commission a greenfield
expansion of 2 lakh TPA capacity by March 2021.In Q3 FY18,
the company posted net sales of `258 crore, up 4 per cent QoQ
and 110 per cent YoY.
The improvement in turnover can be attributed to higher
pricing trend for ABS and increase in capacity utilisation.
The company’s EBITDA margins improved sequentially by 154
bps and 938 bps YoY on account of lower raw material costs and
better realisations. Also, higher other income and moderate
other expenses helped net profit to increase 16 per cent QoQ
and 850 per cent YoY.
BEP, with its greenfield expansion plans, is on course to become
a dominant player in the domestic ABS market. Additionally,
the company is incurring a capex of `20 crore for the R&D
centre in Abu Road, which would be useful for customised and
high margin variants of ABS applications.
Further, considering the positive outlook for the auto and
consumer durables markets, we recommend a BUY on the
stock.
Last Five Quarters (`/Cr)
Sept-17 June-17 Mar-17 Dec-16 Sept-16
Total Income 257.93 292.87 251.17 216.59 122.95
Other Income 5.56 2.04 0.83 6.39 0.44
Operating Profit 48.87 39.86 30.36 28.32 9.55
Interest 2.25 2.48 1.11 2.61 2.29
Net Profit 29.06 25.1 16.88 15.06 3.06
Equity 16.59 16.59 16.59 16.59 16.59
26 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
Personal Copy of MANAGEMENT & ALLIED SERVICES
Phillips Carbon Black
CMP : `1094
BSE CODE : 506590
Face Value : `10
BSE Volume : 56,976
hillips Carbon Black (PCBL) is the largest manufacturer
of carbon black with a market share of about 40 per
cent. Carbon black is used as a reinforcement material
in manufacturing tyres.
The company also provides a complete portfolio of products to
meet the specific end requirements across rubber, plastics,
coatings, inks and other niche industries globally.
The company has an installed capacity of 4,80,000 tonnes
across its four plants at Durgapur, Kochi, Mundra and Palej.
The rise in coking coal price globally and the consequent rise
in coal tar price is expected to limit the production from
China. This augurs well for the company.
PCBL's revenue for Q3FY18 stood at `612.4 crore, an increase
of 26.2 per cent YoY The operating profits for Q3FY18 came in
at `96.95 crore, a rise of 49.8 per cent YoY. The EBITDA
margin expanded by 249 bps YoY to 15.8 per cent in Q3FY18.
The net profit after tax for the quarter stood at `56.59 crore,
rising 280.3 per cent YoY.
The company is trading at a price-to-earnings ratio of 19.65x
as against its peer Oriental Carbon & Chemicals (20.73x). The
company has been maintaining a healthy dividend payout of
33.05 per cent. The company has reduced debt and has a
debt-to-equity ratio of 0.67x.
PCBL has also de-risked its business model from the
fluctuations of crude prices, protecting itself from fluctuating
profitability as witnessed in the past and adding strength to its
business profile and ensuring robust profitability trend to
continue, going forward.
We recommend a BUY on the stock at the current level.
Last Five Quarters (`/Cr)
Sept-17 June-17 Mar-17 Dec-16 Sept-16
Total Income 612.40 597.58 637.32 613.33 538.60
Other Income 3.55 3.62 1.54 0.00 2.02
Operating Profit 100.50 98.24 94.06 92.32 66.76
Interest 6.80 11.60 12.81 13.98 11.55
Net Profit 56.59 50.78 48.16 28.14 14.88
Equity 34.47 34.47 34.47 34.47 34.47
DSIJ.in

Suven Life Sciences
CMP : `173.50
BSE CODE : 530239
Face Value : `1
BSE Volume : 19,460
S G
uven Life Sciences, which is in the business of design,
manufacture and supply of bulk actives, drug
intermediates and fine chemicals, caters to the needs of
global life science industry. The company generated about 94
per cent of its revenues in H1FY18 from NCE CRAMS
business and the rest from technical services.
The company has executed over 800 NCE-based CRAMS
projects for 70 global clients. The company also has its own
NCE pipeline, comprising 13 molecules, including four
molecules in various stages of clinical trials.
The company has exclusive marketing licence for malathion
lotion for the US and Canada from Taro Pharma, which is valid
till 2018. The company has spent more than `600 crore on the
NCE R&D.
In the last quarter, the company secured 9 product patents
covering Canada, India, Eurasia, Hong Kong, Norway and
USA. The company is also working on high value, low volume
eight to 10 molecules, which it expects to file by FY20.
In Q3FY18, the company reported 38.6 per cent increase in net
sales to `166.94 crore as compared to `120.45 crore during the
same period last year. The company’s PBDT increased 32.17
per cent to `53.53 crore in Q3FY18.
The company has posted 42.52 per cent increase in its net profit
to `34.59 crore in Q3FY18 as against `24.27 crore in Q3FY17.
The company has a PE ratio of 16.28x as against its peer Caplin
Point Laboratories (30.88x) and Shilpa Medicare (35.31x). The
company with a debt-to-equity ratio of 0.10x is virtually
debt-free.
We recommend our reader-investors to BUY the stock.
Last Five Quarters (`/Cr)
Sept-17 June-17 Mar-17 Dec-16 Sept-16
Total Income 163.66 106.86 141.02 180.15 115.55
Other Income 3.29 5.13 5.62 4.94 4.9
Operating Profit 54.68 50.13 50.91 53.11 41.76
Interest 1.15 0.94 1.27 1.57 1.27
Net Profit 34.6 31.75 29.57 40.07 24.27
Equity 12.73 12.73 12.73 12.73 12.73
DSIJ.in
Personal Copy of MANAGEMENT & ALLIED SERVICES
Godawari Power and Ispat
CMP : `442
BSE CODE : 532734
Face Value : `10
BSE Volume : 20378
odawari Power and Ispat is an end-to-end
manufacturer of mild steel wires. The company
manufactures sponge iron, billets, ferro alloys, captive
power, wire rods, steel wires, oxygen gas, fly ash brick and iron
ore pellets.
Currently, most of the company’s competitors are suffering
because of non-availability of iron ore and increasing iron ore
prices due to a penalty imposed on mining in Odisha. Although
Godawari too was hit marginally, its captive iron ore supply
(about 60 per cent of its requirements) helped in keeping its
costs low.
On the financial front, the company’s net sales rose 57.6 per
cent to `672.08 crore in Q3FY18 over the same period last
year. The company reported a consolidated net profit of `74.40
crore in Q3FY17, compared with net loss of `9.21 crore in
Q3FY16.
The company’s debt has decreased from `2,215 crore at the end
of FY17 to currently around `1,950 crore. The company has
also restructured its debt by increasing the tenure to a longer
period, thereby shifting some of its liabilities to the future. The
company is also planning to ramp up its iron ore mining from
1.5 million tonnes to about 1.8 million tonne and gradually
move up the value chain with higher production and generate
sufficient cash flows and repay its debt.
The company is also focusing on increasing production of high
value products like billets from 29,598 tonnes last year to
around 45,000 tonnes in Q3FY18.
Going forward, we expect the value-added products to generate
higher profits. We recommend our reader-investors to BUY the
stock.
Last Five Quarters (`/Cr)
Sept-17 June-17 Mar-17 Dec-16 Sept-16
Total Income 573.71 454.69 533.7 511.96 388.65
Other Income 0.42 0.62 3.33 2.54 5.75
Operating Profit 124.74 83.83 75.05 77.26 46.98
Interest 45.68 46.88 45.6 46.41 41.44
Net Profit 64.21 22.61 6.72 11.06 -13.58
Equity 34.11 34.11 34.11 34.11 32.76
(Closing price as of Mar 27, 2018)
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 27
 Personal Copy of MANAGEMENT & ALLIED SERVICES

Mid-cap 250 Ranking Methodology

I
t is again that time of the year when we bring on plate the top
250 mid-caps. We have ranked companies with market cap
between `1000–`5000 crore. The ranking considers the
highest market cap, sales and net profit. While arriving at the
ranking, the financial performance is the first criteria
and,therefore, we consider two primary factors – sales and net
profit. So, the companies with highest sales and net profit tend to
be ranked higher than the other companies.
the growth has been on these criteria for companies which were
ranked.
Sales and Net Profit
We see that 176 companies were able to grow their revenue, of
which 62 companies were able to grow revenues by more than
15% in FY17. However,the sales growth of 111 companies was
below 5%.

As the share price is the main market factor, we have considered Looking at the net profit, we see that 130 companies were able to
market capitalization as the third factor for ranking. Alongwith grow their net profits by more than 15%,while 82 companies
share price, investors are also keen to know the dividend they witnessed net profit growth of less than 5%, which can be
can expect from the mid-cap companies. attributed to pressure on margins or higher interest cost.

Hence, we rebase the dividend on FV of 10 to provide a

common platform to measure the returns. Assigning equal
weights to these parameters, we assign a cumulative rank. Please
note that we have evaluated the companies during the first week
of February. Also, these are rankings of companies based on the
above listed parameters and should not be considered as
recommendations. We hope it provides our readers information
to make good investment decisions.

RoNW – An important way to measure the performance

We see from the graph below that 118 companies from our set
were able to provide Return on Net Worth (RoNW) of 10-20,
while 58 companies have RoNW greater than 20. Also, 64
companies have RoNW of 0-10.

It is our constant endeavour to provide you regularlywith

We now look at the sales and net profits, which we have analysis and information that can help you to make informed
considered for the ranking. We would like to give a view of how investment decisions.

28 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

 Personal Copy of MANAGEMENT & ALLIED SERVICES

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 29

Financial Snapshot Personal Copy of MANAGEMENT & ALLIED SERVICES

Sr. No. Sr. No.

1 JK Tyre & Industries
BSE Code: 530007 Price (`): 187.90 Face Value (`): 2
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 7689.37 6953.12 7383.71 7651.76 6985.23
EBITDA 841.09 945.39 772.99 691.84 485.19
Interest 440.36 245.37 257.41 276.20 232.75
Net Profit/Loss 375.40 463.80 329.66 263.02 203.30
Basic EPS (`) 16.55 20.45 14.53 64.06 49.51
Equity 45.36 45.36 45.36 41.06 41.06
2 Allcargo Logistics
Book Value (`/Cr): 93.02 BSE Code: 532749 Price (`): 194.35 Face Value (`): 2 Book Value (`/Cr): 73.79
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 5583.36 5687.94 5628.80 4859.43 3926.81
EBITDA 298.74 369.16 318.00 215.85 209.45
Interest 32.42 42.49 53.47 56.32 41.51
Net Profit/Loss 231.82 278.26 239.89 149.33 169.74
Basic EPS (`) 9.44 11.04 19.03 11.85 13.47
Equity 49.14 50.42 25.21 25.21 25.21

Sr. No Sr. No
Sr. No. Sr. No.
3 Rallis India 4 Godfrey Philips India
BSE Code: 500355 Price (`): 245.35 Face Value (`): 1 Book Value (`/Cr): 57.16 BSE Code: 500163 Price (`): 927.85 Face Value (`): 2 Book Value (`/Cr): 327.14
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1678.30 1627.86 1821.84 1746.56 1458.18 Net Sales 2281.46 2417.00 2586.95 2482.48 2097.59
EBITDA 216.06 185.58 227.56 220.63 179.04 EBITDA 156.14 215.92 258.45 300.17 234.38
Interest 7.30 13.55 10.13 12.60 18.49 Interest 3.56 10.10 19.15 29.00 26.93
Net Profit/Loss 297.46 143.03 157.22 151.87 119.01 Net Profit/Loss 137.23 162.60 183.32 175.54 170.03
Basic EPS (`) 15.30 7.35 8.08 7.81 6.12 Basic EPS (`) 26.39 31.27 35.26 168.81 163.51
Equity 19.45 19.45 19.45 19.45 19.45 Equity 10.40 10.40 10.40 10.40 10.40

Sr. No. Sr. No.

5 Zensar Technologies
BSE Code: 504067 Price (`): 946.55 Face Value (`): 10
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 3060.38 2978.04 2655.78 NULL 2128.81
EBITDA 338.11 394.92 350.12 NULL 267.13
Interest 8.77 10.66 11.16 NULL 9.95
Net Profit/Loss 234.87 309.15 264.59 NULL 174.53
Basic EPS (`) 52.34 69.27 59.69 NULL 40.05
Equity 44.87 44.63 44.33 NULL 43.58
6 Balrampur Chini Mills
Book Value (`/Cr): 328.61 BSE Code: 500038 Price (`): 118.55 Face Value (`): 1 Book Value (`/Cr): 66.39
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 3460.13 2756.67 2986.98 2664.94 3317.12
EBITDA 764.00 309.06 10.52 108.47 353.67
Interest 55.43 75.60 102.09 117.84 143.87
Net Profit/Loss 592.99 99.30 -57.95 8.46 161.30
Basic EPS (`) 25.23 4.05 -2.37 0.34 6.60
Equity 23.50 24.50 24.49 24.48 24.43

Sr. No. Sr. No.

7 Gujarat Mineral Development Corp.
BSE Code: 532181 Price (`): 147.35 Face Value (`): 2
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 1663.81 1202.73 1418.88 1289.67 1674.68
EBITDA 393.35 194.35 384.39 484.17 768.58
Interest 1.33 0.62 1.69 0.00 0.00
Net Profit/Loss 324.09 241.17 500.49 439.13 600.84
Basic EPS (`) 10.19 7.58 15.74 13.81 18.89
Equity 63.60 63.60 63.60 63.60 63.60
Sr. No
Sr. No.
9 Bajaj Electricals
BSE Code: 500031 Price (`): 471.35 Face Value (`): 2
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 4261.71 4611.95 NULL NULL NULL
EBITDA 212.89 232.13 NULL NULL NULL
Interest 80.44 101.40 NULL NULL NULL
Net Profit/Loss 102.17 95.45 NULL NULL NULL
Basic EPS (`) 10.09 9.46 NULL NULL NULL
Equity 20.26 20.19 NULL NULL NULL
Note: Book value is in rupees per share
8 Essel Propack
Book Value (`/Cr): 126.02 BSE Code: 500135 Price (`): 285.80 Face Value (`): 2 Book Value (`/Cr): 66.44
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 2302.29 2184.65 2322.96 2126.63 1788.90
EBITDA 279.82 290.17 258.97 228.37 143.63
Interest 57.53 62.34 79.36 81.37 90.76
Net Profit/Loss 190.32 182.07 140.63 107.83 80.96
Basic EPS (`) 12.11 11.59 8.95 6.86 5.15
Equity 31.43 31.42 31.42 31.41 31.41
Sr. No
Sr. No.
10 Force Motors
Book Value (`/Cr): 84.72 BSE Code: 500033 Price (`): 3077.05 Face Value (`): 10 Book Value (`/Cr): 1266.76
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 3069.37 3060.14 2364.09 NULL 1973.04
EBITDA 155.02 182.51 66.09 NULL -15.96
Interest 5.54 4.32 6.55 NULL 8.25
Net Profit/Loss 180.09 179.65 101.62 NULL 14.49
Basic EPS (`) 136.68 136.34 77.13 NULL 11.00
Equity 13.18 13.18 13.18 NULL 13.18
Share price data is of Feb 1, 2018

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11 Karnataka Bank 12 Sonata Software
BSE Code: 532652 Price (`): 144.90 Face Value (`): 10 Book Value (`/Cr): 181.91 BSE Code: 532221 Price (`): 297.25 Face Value (`): 1 Book Value (`/Cr): 55.59
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 5185.40 4992.21 4698.42 4188.83 3764.29 Net Sales 2521.13 1940.50 1682.13 NULL 1311.09
EBITDA 7576.02 7690.35 7325.53 6446.99 5958.81 EBITDA 182.95 185.73 161.56 NULL 43.21
Interest 3694.78 3689.34 3529.57 3132.76 2860.56 Interest 9.05 7.95 2.76 NULL 5.89
Net Profit/Loss 452.26 415.29 451.45 311.03 348.08 Net Profit/Loss 153.72 158.59 133.70 NULL -28.05
Basic EPS (`) 16.00 22.04 23.96 16.51 18.48 Basic EPS (`) 14.62 15.08 12.71 NULL -2.67
Equity 282.62 188.47 188.46 188.42 188.35 Equity 10.52 10.52 10.52 NULL 10.52

Sr. No Sr. No
Sr. No. Sr. No.
13 Ratnamani Metals & Tubes 14 Jindal Saw
BSE Code: 520111 Price (`): 1015.05 Face Value (`): 2 Book Value (`/Cr): 254.19 BSE Code: 500378 Price (`): 151.20 Face Value (`): 2 Book Value (`/Cr): 164.49
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1411.83 1719.41 1676.81 NULL NULL Net Sales 7094.67 7732.47 8207.83 6655.85 6764.73
EBITDA 197.41 228.05 245.99 NULL NULL EBITDA 408.68 471.06 543.17 318.80 384.69
Interest 6.07 7.51 9.37 NULL NULL Interest 568.67 678.85 605.64 391.97 235.64
Net Profit/Loss 144.06 162.80 173.45 NULL NULL Net Profit/Loss 113.77 -7.25 -14.47 -85.54 -18.87
Basic EPS (`) 30.83 34.84 37.12 NULL NULL Basic EPS (`) 3.56 -0.23 -0.49 -3.10 -0.68
Equity 9.35 9.35 9.35 NULL NULL Equity 63.95 60.91 58.01 55.25 55.25

Sr. No. Sr. No.

15 Apar Industries
BSE Code: 532259 Price (`): 744.45 Face Value (`): 10 Book Value (`/Cr): 270.75
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 4831.98 5080.03 5121.86 NULL 4650.69
EBITDA 371.80 325.51 220.82 NULL 287.24
Interest 114.36 151.38 149.85 NULL 134.57
Net Profit/Loss 176.57 162.79 49.51 NULL 109.45
Basic EPS (`) 46.14 42.29 12.86 NULL 28.45
Equity 38.27 38.50 38.50 NULL 38.47
16 Greaves Cotton
BSE Code: 501455 Price (`): 138.75 Face Value (`): 2 Book Value (`/Cr): 37.89
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1634.44 1618.86 1697.71 1735.94 1906.12
EBITDA 196.50 223.41 151.44 143.08 199.88
Interest 0.81 1.01 2.37 4.93 1.54
Net Profit/Loss 180.66 200.41 83.63 123.40 148.02
Basic EPS (`) 7.40 8.21 3.42 5.05 6.06
Equity 48.84 48.84 48.84 48.84 48.84

Sr. No. Sr. No.

17 Deepak Fertilisers & Petrochemicals Corp. 18 PTC India
BSE Code: 500645 Price (`): 382.10 Face Value (`): 10 Book Value (`/Cr): 193.67 BSE Code: 532524 Price (`): 103.95 Face Value (`): 10 Book Value (`/Cr): 158.43
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 4150.12 4352.70 3812.45 3920.39 2673.13 Net Sales 15310.55 13985.36 13901.18 12099.08 9199.39
EBITDA 336.96 232.74 171.42 400.25 207.80 EBITDA 1368.66 1354.70 989.27 814.70 434.28
Interest 121.47 127.54 111.09 100.98 82.33 Interest 799.71 532.78 418.13 223.70 102.07
Net Profit/Loss 175.31 115.32 67.99 240.50 129.30 Net Profit/Loss 414.72 430.25 256.26 360.84 198.28
Basic EPS (`) 19.88 13.07 7.71 27.27 14.66 Basic EPS (`) 14.01 14.54 8.66 12.19 6.70
Equity 88.20 88.20 88.20 88.20 88.20 Equity 296.01 296.01 296.01 296.01 296.01
Sr. No Sr. No
Sr. No. Sr. No.
19 Time Technoplast 20 Va Tech Wabag
BSE Code: 532856 Price (`): 183.30 Face Value (`): 1 Book Value (`/Cr): 59.96 BSE Code: 533269 Price (`): 592.35 Face Value (`): 2 Book Value (`/Cr): 184.88
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2754.61 2472.08 2476.13 2186.31 1797.42 Net Sales 3207.91 2548.57 2435.15 2238.60 1618.85
EBITDA 288.73 249.15 251.10 221.37 224.16 EBITDA 277.51 200.81 198.55 173.49 143.95
Interest 90.11 96.23 104.30 98.98 88.58 Interest 52.58 47.14 39.23 25.21 22.00
Net Profit/Loss 147.10 138.27 109.61 95.43 103.47 Net Profit/Loss 102.40 92.19 110.10 113.35 90.34
Basic EPS (`) 6.50 6.58 5.22 4.54 4.92 Basic EPS (`) 18.76 16.92 20.28 42.63 34.03
Equity 22.61 21.01 21.01 21.01 21.01 Equity 10.91 10.90 10.86 5.32 5.31
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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Sr. No. Sr. No.

21 Mahindra Holidays & Resorts India
BSE Code: 533088 Price (`): 338.45 Face Value (`): 10 Book Value (`/Cr): 47.00
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 2282.16 1598.59 811.88 816.37 694.45
EBITDA 215.96 187.91 114.01 120.85 95.56
Interest 19.72 14.66 2.59 1.08 2.37
Net Profit/Loss 148.58 99.06 81.23 87.03 90.92
Basic EPS (`) 16.84 11.25 9.23 9.89 10.84
Equity 88.23 88.06 88.03 88.02 83.88
22 Kushal
BSE Code: 536170 Price (`): 155.65 Face Value (`): 2 Book Value (`/Cr): 5.67
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 2359.58 1589.90 433.01 302.52 NULL
EBITDA 159.47 115.38 19.90 16.30 NULL
Interest 3.87 10.44 11.34 9.92 NULL
Net Profit/Loss 140.16 98.99 6.57 4.49 NULL
Basic EPS (`) 5.91 8.34 2.77 1.89 NULL
Equity 47.45 23.73 23.73 23.73 NULL

Sr. No Sr. No
Sr. No. Sr. No.
23 Tamil Nadu Newsprint And Papers 24 Uflex
BSE Code: 531426 Price (`): 409.6 Face Value (`): 10 Book Value (`/Cr): 246.28 BSE Code: 500148 Price (`): 419.95 Face Value (`): 10 Book Value (`/Cr): 504.64
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2949.76 2417.54 2135.73 2285.22 1861.26 Net Sales 6504.78 6105.84 6180.34 5863.25 5161.08
EBITDA 521.28 439.77 368.41 314.17 227.15 EBITDA 556.75 516.75 452.22 416.55 416.98
Interest 252.02 139.30 154.93 128.21 120.97 Interest 186.82 176.98 186.93 233.31 229.69
Net Profit/Loss 264.56 253.93 166.73 161.18 91.48 Net Profit/Loss 348.46 312.84 254.76 201.64 190.37
Basic EPS (`) 38.23 36.69 24.09 23.29 13.22 Basic EPS (`) 48.25 43.32 35.28 27.92 26.36
Equity 69.38 69.38 69.38 69.38 69.38 Equity 72.21 72.21 72.21 72.21 72.21

Sr. No. Sr. No.

25 Rane Holdings
BSE Code: 505800 Price (`): 2473.00 Face Value (`): 10
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 2970.93 2407.12 2210.88 NULL 1928.33
EBITDA 171.70 116.68 115.30 NULL 67.43
Interest 49.54 44.93 46.12 NULL 34.36
Net Profit/Loss 136.82 65.54 70.94 NULL 38.38
Basic EPS (`) 95.83 45.90 49.69 NULL 26.88
Equity 14.28 14.28 14.28 NULL 14.28
26 TVS Srichakra
Book Value (`/Cr): 671.10 BSE Code: 509243 Price (`): 3595.10 Face Value (`): 10 Book Value (`/Cr): 732.77
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1960.52 2339.16 2176.43 1911.76 1651.94
EBITDA 226.61 278.04 175.27 122.61 75.51
Interest 20.13 16.18 31.09 49.53 62.22
Net Profit/Loss 147.62 186.22 99.63 55.13 27.19
Basic EPS (`) 192.79 243.20 130.12 72.00 35.51
Equity 7.66 7.66 7.66 7.66 7.66

Sr. No. Sr. No.

27 GHCL 28 Corporation Bank
BSE Code: 500171 Price (`): 319.00 Face Value (`): 10 Book Value (`/Cr): 138.00 BSE Code: 532179 Price (`): 38.50 Face Value (`): 2 Book Value (`/Cr): 105.37
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2810.54 2558.99 2373.61 2247.64 2274.99 Net Sales 19471.52 19411.26 19556.44 17958.57 15334.08
EBITDA 621.84 551.63 443.40 351.67 324.35 EBITDA 31388.53 31701.85 32515.62 29740.32 25243.31
Interest 136.78 164.40 170.42 183.19 177.95 Interest 15019.96 15171.46 15485.28 14174.08 11906.44
Net Profit/Loss 380.05 256.48 181.90 108.52 71.37 Net Profit/Loss 565.81 -502.00 572.87 568.49 1443.24
Basic EPS (`) 38.21 25.64 18.19 10.85 7.14 Basic EPS (`) 4.93 -4.91 6.84 33.93 94.38
Equity 99.47 100.02 100.02 100.02 100.02 Equity 229.41 204.50 167.54 167.54 152.91
Sr. No Sr. No
Sr. No. Sr. No.
29 Trident 30 Cox & Kings
BSE Code: 521064 Price (`): 77.65 Face Value (`): 10 Book Value (`/Cr): 54.10 BSE Code: 533144 Price (`): 243.55 Face Value (`): 5 Book Value (`/Cr): 180.94
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 4694.42 3684.02 3755.33 3868.96 3335.18 Net Sales 7176.29 2351.91 2569.09 2307.59 1808.74
EBITDA 475.75 381.30 339.45 459.20 293.89 EBITDA 585.56 718.38 813.21 939.46 570.68
Interest 141.05 136.41 205.96 210.33 235.28 Interest 225.51 253.67 324.35 323.58 370.54
Net Profit/Loss 337.22 229.10 117.86 194.02 49.31 Net Profit/Loss 146.96 53.94 91.78 383.17 248.42
Basic EPS (`) 6.62 4.50 2.32 6.24 1.59 Basic EPS (`) 8.32 3.19 5.42 28.07 18.20
Equity 509.58 509.37 508.64 311.09 310.84 Equity 88.28 84.66 84.66 68.26 68.26
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

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31 SREI Infrastructure Finance 32 FDC
BSE Code: 523756 Price (`): 95.70 Face Value (`): 10 Book Value (`/Cr): 97.78 BSE Code: 531599 Price (`): 233.70 Face Value (`): 1 Book Value (`/Cr): 71.42
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 4649.33 3231.98 3333.02 NULL 3083.40 Net Sales 1013.87 1006.34 889.31 845.85 772.83
EBITDA 2956.02 2386.73 2435.05 NULL 2476.03 EBITDA 208.90 189.86 159.76 182.11 152.99
Interest 2627.97 2310.75 2274.15 NULL 2139.25 Interest 1.41 1.45 1.81 3.10 1.60
Net Profit/Loss 243.36 72.52 130.20 NULL 263.18 Net Profit/Loss 188.53 156.62 148.15 135.32 155.17
Basic EPS (`) 4.84 1.44 2.59 NULL 5.23 Basic EPS (`) 10.60 8.81 8.33 7.61 8.58
Equity 503.24 503.24 503.24 NULL 503.24 Equity 17.86 17.86 17.86 17.86 18.16

Sr. No Sr. No
Sr. No. Sr. No.
33 Jindal Stainless (Hisar) 34 Gulf Oil Lubricants India
BSE Code: 539597 Price (`): 192.7 Face Value (`): 2 Book Value (`/Cr): 38.78 BSE Code: 538567 Price (`): 899.55 Face Value (`): 2 Book Value (`/Cr): 71.16
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 7774.48 7287.06 8193.18 0.00 NULL Net Sales 1131.06 1011.35 967.48 0.00 0.00
EBITDA 695.65 542.73 428.55 0.00 NULL EBITDA 173.13 153.12 124.57 -0.01 0.00
Interest 431.41 494.58 474.98 0.00 NULL Interest 9.74 17.79 17.75 0.00 0.00
Net Profit/Loss 286.86 25.43 -8.04 0.00 NULL Net Profit/Loss 121.08 100.31 77.41 -0.01 0.00
Basic EPS (`) 12.16 1.10 -0.35 -2.30 NULL Basic EPS (`) 24.39 20.24 15.62 -1.15 0.31
Equity 47.19 46.24 45.28 0.01 NULL Equity 9.93 9.91 9.91 0.05 0.05

Sr. No. Sr. No.

35 Andhra Bank
BSE Code: 532418 Price (`): 51.25 Face Value (`): 10
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 18218.32 17798.17 16511.57 14397.05 12972.06
EBITDA 26309.73 26478.00 24688.36 21835.70 19489.87
Interest 12496.03 12313.51 11829.93 10558.13 9151.24
Net Profit/Loss 207.10 557.99 655.78 440.11 1284.54
Basic EPS (`) 3.04 8.19 10.88 7.46 22.96
Equity 681.16 681.16 602.85 589.61 559.58
36 Venky’Standalone (India)
Book Value (`/Cr): 133.14 BSE Code: 523261 Price (`): 2799.20 Face Value (`): 10 Book Value (`/Cr): 376.96
(`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 2475.58 2121.86 1730.81 1736.12 1426.43
EBITDA 248.87 95.09 67.53 47.06 45.32
Interest 77.07 84.67 74.19 42.60 23.14
Net Profit/Loss 124.74 29.85 18.70 34.04 24.78
Basic EPS (`) 88.55 21.19 19.91 36.25 26.39
Equity 14.09 14.09 9.39 9.39 9.39

Sr. No. Sr. No.

37 Sintex Plastics Technology 38 KPIT Technologies
BSE Code: 540653 Price (`): 72.65 Face Value (`): 1 Book Value (`/Cr): 52.83 BSE Code: 532400 Price (`): 208.25 Face Value (`): 2 Book Value (`/Cr): 80.30
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 5994.68 NULL NULL NULL NULL Net Sales 1319.56 1261.86 1245.75 890.09 715.24
EBITDA 782.87 NULL NULL NULL NULL EBITDA 190.84 230.63 170.80 188.04 136.19
Interest 263.25 NULL NULL NULL NULL Interest 8.54 10.83 22.15 20.03 8.21
Net Profit/Loss 419.61 NULL NULL NULL NULL Net Profit/Loss 169.29 201.91 201.41 149.16 103.05
Basic EPS (`) 0.00 NULL NULL NULL NULL Basic EPS (`) 9.00 10.75 10.71 8.04 5.34
Equity 0.00 NULL NULL NULL NULL Equity 37.64 37.57 37.61 37.10 38.56
Sr. No Sr. No
Sr. No. Sr. No.
39 BSE 40 Himatsingka Seide
BSE Code: NULL Price (`): 870.80 Face Value (`): 2 Book Value (`/Cr): 548.85 BSE Code: 514043 Price (`): 346.45 Face Value (`): 5 Book Value (`/Cr): 108.40
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 517.23 424.79 583.71 485.06 509.55 Net Sales 2138.41 1886.84 1940.57 2028.15 1689.43
EBITDA 42.89 13.57 231.29 210.45 239.17 EBITDA 319.69 243.32 156.01 145.67 105.69
Interest 0.96 0.33 0.66 0.38 2.45 Interest 93.53 94.15 85.44 82.83 65.28
Net Profit/Loss 220.57 132.93 155.53 135.19 108.57 Net Profit/Loss 182.10 166.60 95.44 63.35 57.32
Basic EPS (`) 40.99 24.76 14.97 13.02 10.47 Basic EPS (`) 18.50 16.92 9.69 6.43 5.82
Equity 10.76 10.74 10.39 10.38 10.37 Equity 49.23 49.23 49.23 49.23 49.23
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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41 HSIL 42 Lakshmi Vilas Bank
BSE Code: 500187 Price (`): 435.50 Face Value (`): 2 Book Value (`/Cr): 200.08 BSE Code: 534690 Price (`): 130.65 Face Value (`): 10 Book Value (`/Cr): 107.42
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2078.17 2056.09 1980.62 1858.21 1761.27 Net Sales 2846.66 2568.30 2214.53 1983.95 1760.55
EBITDA 175.86 195.01 207.49 143.19 165.49 EBITDA 4259.30 3948.58 3468.16 3086.88 2791.18
Interest 33.48 41.20 77.52 71.78 69.39 Interest 2064.00 1922.99 1687.88 1497.94 1368.55
Net Profit/Loss 100.29 89.04 85.44 33.98 82.05 Net Profit/Loss 256.07 180.24 132.29 59.66 91.57
Basic EPS (`) 13.87 12.32 11.82 5.14 12.42 Basic EPS (`) 13.38 10.04 7.38 6.11 9.39
Equity 14.46 14.46 14.46 13.21 13.21 Equity 191.45 179.46 179.17 97.56 97.54

Sr. No Sr. No
Sr. No. Sr. No.
43 Tata Coffee 44 Greenply Industries
BSE Code: 532301 Price (`): 146.5 Face Value (`): 1 Book Value (`/Cr): 72.63 BSE Code: 526797 Price (`): 338.45 Face Value (`): 1 Book Value (`/Cr): 63.01
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1606.00 1764.45 1691.42 1677.17 1697.35 Net Sales 1661.76 1656.48 1564.25 NULL 2047.91
EBITDA 334.41 252.11 289.72 263.64 275.75 EBITDA 188.02 191.49 157.77 NULL 212.87
Interest 36.99 35.31 39.45 36.93 52.91 Interest 18.92 28.74 35.91 NULL 61.92
Net Profit/Loss 151.15 117.83 120.39 81.48 116.23 Net Profit/Loss 125.44 127.69 124.23 NULL 119.66
Basic EPS (`) 8.09 6.31 6.45 43.62 62.23 Basic EPS (`) 10.23 52.90 51.47 NULL 49.58
Equity 18.68 18.68 18.68 18.68 18.68 Equity 12.26 12.07 12.07 NULL 12.07

Sr. No. Sr. No.

45 Siyaram Silk Mills 46 PNC Infratech
BSE Code: 503811 Price (`): 659.30 Face Value (`): 2 Book Value (`/Cr): 127.29 BSE Code: 539150 Price (`): 182.70 Face Value (`): 2 Book Value (`/Cr): 56.95
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1573.93 1619.36 1510.30 1303.43 1041.31 Net Sales 2252.33 2394.60 1860.89 1359.96 NULL
EBITDA 142.19 146.13 133.29 110.96 88.43 EBITDA 382.51 298.27 219.53 135.27 NULL
Interest 31.70 30.49 30.57 28.71 25.15 Interest 310.19 128.75 92.51 60.87 NULL
Net Profit/Loss 91.01 87.57 78.79 63.57 55.01 Net Profit/Loss 118.28 216.10 91.28 55.18 NULL
Basic EPS (`) 97.09 93.42 84.05 67.81 58.69 Basic EPS (`) 23.05 42.12 22.93 13.86 NULL
Equity 9.37 9.37 9.37 9.37 9.37 Equity 51.31 51.31 39.81 39.81 NULL

Sr. No. Sr. No.

47 Monsanto India
BSE Code: 524084 Price (`): 2597.70 Face Value (`): 10
Last Five Year Standalone Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 640.71 541.57 556.43 581.84 442.42
EBITDA 147.60 98.55 108.13 133.23 58.76
Interest 1.10 0.68 0.41 0.51 0.70
Net Profit/Loss 147.53 101.25 106.30 122.89 67.34
Basic EPS (`) 85.46 58.65 61.58 71.19 39.01
Equity 17.26 17.26 17.26 17.26 17.26
Sr. No
Sr. No.
49 Shriram Pistons & Rings
BSE Code: NULL Price (`): 1775.00 Face Value (`): 10
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 1628.70 1392.96 1244.38 1169.71 1052.47
EBITDA 326.28 141.82 94.09 126.04 92.52
Interest 20.41 26.03 32.04 37.67 31.69
Net Profit/Loss 118.10 92.73 57.32 69.66 48.95
Basic EPS (`) 52.78 41.44 25.62 31.13 21.88
Equity 22.38 22.38 22.38 22.38 22.38
Note: Book value is in rupees per share
48 Navneet Education
Book Value (`/Cr): 306.80 BSE Code: 508989 Price (`): 146.60 Face Value (`): 2 Book Value (`/Cr): 29.71
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1181.34 949.81 979.48 NULL 805.66
EBITDA 252.89 176.81 206.49 NULL 167.86
Interest 4.29 3.55 9.11 NULL 7.87
Net Profit/Loss 170.61 103.39 130.34 NULL 106.69
Basic EPS (`) 7.30 4.34 5.47 NULL 4.48
Equity 46.71 47.64 47.64 NULL 47.64
Sr. No
Sr. No.
50 Cera Sanitaryware
Book Value (`/Cr): 350.63 BSE Code: 532443 Price (`): 3465.30 Face Value (`): 5 Book Value (`/Cr): 416.91
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1006.61 933.69 NULL NULL NULL
EBITDA 149.44 124.96 NULL NULL NULL
Interest 7.83 5.46 NULL NULL NULL
Net Profit/Loss 99.21 83.46 NULL NULL NULL
Basic EPS (`) 76.28 64.17 NULL NULL NULL
Equity 6.50 6.50 NULL NULL NULL
Share price data is of Feb 1, 2018

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51 Gujarat Ambuja Exports 52 National Fertilizers
BSE Code: 524226 Price (`): 241.00 Face Value (`): 2 Book Value (`/Cr): 74.40 BSE Code: 523630 Price (`): 69.80 Face Value (`): 10 Book Value (`/Cr): 37.20
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 3330.81 2736.48 2531.30 3091.81 3004.62 Net Sales 7619.94 7765.88 8519.69 NULL NULL
EBITDA 204.00 122.77 103.63 147.53 157.89 EBITDA 470.04 465.03 308.95 NULL NULL
Interest 22.79 9.91 15.00 20.65 21.70 Interest 189.75 227.88 301.36 NULL NULL
Net Profit/Loss 158.55 103.58 84.17 111.96 113.35 Net Profit/Loss 207.92 197.08 26.24 NULL NULL
Basic EPS (`) 13.83 7.49 6.08 8.09 8.19 Basic EPS (`) 4.24 4.02 0.53 NULL NULL
Equity 22.93 27.67 27.67 27.67 27.67 Equity 490.58 490.58 490.58 NULL NULL

Sr. No Sr. No
Sr. No. Sr. No.
53 Navin Fluorine International 54 Unichem Laboratories
BSE Code: 532504 Price (`): 793.75 Face Value (`): 2 Book Value (`/Cr): 154.95 BSE Code: 506690 Price (`): 360.20 Face Value (`): 2 Book Value (`/Cr): 116.96
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 747.66 679.68 591.51 NULL 550.02 Net Sales 1519.50 1334.56 1201.79 NULL 1080.80
EBITDA 127.91 94.86 52.08 NULL 61.92 EBITDA 133.42 124.90 60.07 NULL 135.94
Interest 1.83 3.78 3.33 NULL 6.12 Interest 3.37 2.88 3.04 NULL 3.29
Net Profit/Loss 138.38 83.50 54.56 NULL 43.39 Net Profit/Loss 108.68 108.03 75.39 NULL 113.23
Basic EPS (`) 141.33 85.32 55.85 NULL 44.45 Basic EPS (`) 11.96 11.89 8.31 NULL 12.52
Equity 9.79 9.79 9.77 NULL 9.76 Equity 18.18 18.17 18.15 NULL 18.09

Sr. No. Sr. No.

55 Sudarshan Chemical Industries
BSE Code: 506655 Price (`): 465.70 Face Value (`): 2 Book Value (`/Cr): 57.00
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1522.61 1409.33 1218.15 1118.63 872.89
EBITDA 144.46 119.28 86.73 92.33 51.46
Interest 30.61 34.34 36.97 40.65 32.68
Net Profit/Loss 103.40 69.91 54.38 35.05 22.01
Basic EPS (`) 14.94 10.10 7.86 50.63 31.80
Equity 13.85 13.85 13.85 6.92 6.92
56 VIP Industries
BSE Code: 507880 Price (`): 342.60 Face Value (`): 2 Book Value (`/Cr): 28.9
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1275.20 1216.45 1047.69 972.49 875.03
EBITDA 118.19 93.99 59.96 63.56 48.67
Interest 0.57 1.18 1.28 2.12 5.14
Net Profit/Loss 83.86 66.46 46.59 57.64 31.52
Basic EPS (`) 5.93 4.70 3.30 4.08 2.23
Equity 28.26 28.26 28.26 28.26 28.26

Sr. No. Sr. No.

57 Brigade Enterprises 58 Somany Ceramics
BSE Code: 532929 Price (`): 291.10 Face Value (`): 10 Book Value (`/Cr): 142.92 BSE Code: 531548 Price (`): 738.85 Face Value (`): 2 Book Value (`/Cr): 129.40
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2024.14 1676.11 1310.83 940.18 822.69 Net Sales 1810.99 1717.67 1543.12 NULL 1053.87
EBITDA 451.81 393.80 283.86 186.24 131.56 EBITDA 156.50 114.64 80.98 NULL 65.21
Interest 246.48 186.44 131.39 88.21 89.82 Interest 23.34 22.47 20.54 NULL 19.97
Net Profit/Loss 153.08 130.13 95.23 88.95 60.02 Net Profit/Loss 93.07 64.70 46.39 NULL 32.01
Basic EPS (`) 13.48 11.50 8.44 7.92 5.35 Basic EPS (`) 21.96 15.27 11.94 NULL 9.28
Equity 113.66 113.18 112.74 112.25 112.25 Equity 8.48 8.48 7.77 NULL 6.90
Sr. No Sr. No
Sr. No. Sr. No.
59 Simplex Infrastructures 60 CCL Products India
BSE Code: 523838 Price (`): 601.85 Face Value (`): 2 Book Value (`/Cr): 309.14 BSE Code: 519600 Price (`): 294.60 Face Value (`): 2 Book Value (`/Cr): 47.83
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 5612.49 5899.27 6202.43 5615.41 5897.49 Net Sales 976.49 932.12 880.57 716.82 650.73
EBITDA 510.06 438.09 427.67 379.49 329.91 EBITDA 198.79 176.35 144.42 113.99 95.04
Interest 444.96 429.33 392.98 334.93 289.94 Interest 11.17 10.82 13.61 17.06 23.07
Net Profit/Loss 136.78 68.41 57.32 58.47 53.25 Net Profit/Loss 134.31 122.12 93.98 64.42 47.43
Basic EPS (`) 27.65 13.83 11.59 11.82 10.76 Basic EPS (`) 10.10 9.18 7.06 4.84 35.65
Equity 9.93 9.93 9.93 9.93 9.93 Equity 26.61 26.61 26.61 26.61 13.30
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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Sr. No. Sr. No.

61 Nilkamal
BSE Code: 523385 Price (`): 1784.70 Face Value (`): 10 Book Value (`/Cr): 502.03
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 2023.96 2003.31 1894.59 1752.25 1702.19
EBITDA 181.14 183.79 98.78 104.85 89.75
Interest 11.67 18.04 32.51 42.51 44.93
Net Profit/Loss 122.53 113.32 50.48 47.05 37.14
Basic EPS (`) 82.11 75.94 33.83 31.53 24.89
Equity 14.92 14.92 14.92 14.92 14.92
62 Sharda Cropchem
BSE Code: 538666 Price (`): 434.80 Face Value (`): 10 Book Value (`/Cr): 106.39
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1399.23 1218.58 1061.06 790.37 NULL
EBITDA 256.11 229.82 147.94 125.33 NULL
Interest 0.05 -1.00 0.80 1.37 NULL
Net Profit/Loss 190.44 174.97 122.97 111.05 NULL
Basic EPS (`) 21.11 19.39 13.63 12.31 NULL
Equity 90.22 90.22 90.22 90.22 NULL

Sr. No Sr. No
Sr. No. Sr. No.
63 Minda Corporation 64 Maharashtra Seamless
BSE Code: 538962 Price (`): 201.7 Face Value (`): 2 Book Value (`/Cr): 31.83 BSE Code: 500265 Price (`): 506.85 Face Value (`): 5 Book Value (`/Cr): 320.30
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2962.04 2445.52 1970.64 1593.91 2173.58 Net Sales 1434.22 1023.30 1354.67 1208.30 1729.36
EBITDA 113.37 148.90 125.29 77.94 31.64 EBITDA 153.94 -18.47 74.75 52.85 133.83
Interest 40.93 33.38 39.46 27.51 42.43 Interest 33.91 28.16 20.20 5.57 7.48
Net Profit/Loss 96.08 107.27 89.53 79.34 5.99 Net Profit/Loss 115.82 8.85 117.72 101.50 152.44
Basic EPS (`) 4.63 5.17 4.36 39.16 2.94 Basic EPS (`) 17.29 1.32 17.08 14.86 21.61
Equity 41.60 41.60 41.46 20.26 20.40 Equity 33.50 33.50 33.50 34.14 35.27

Sr. No. Sr. No.

65 Balmer Lawrie & Company 66 Supreme Petrochem
BSE Code: 523319 Price (`): 239.05 Face Value (`): 10 Book Value (`/Cr): 119.19 BSE Code: 500405 Price (`): 372.55 Face Value (`): 10 Book Value (`/Cr): 60.32
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1706.36 3229.16 3258.25 NULL 3018.29 Net Sales 2918.62 2068.05 2652.54 3264.30 2968.18
EBITDA 184.94 210.52 176.26 NULL 196.48 EBITDA 275.06 85.69 69.70 60.98 129.69
Interest 4.54 22.06 22.70 NULL 22.69 Interest 4.70 5.31 16.60 22.84 24.00
Net Profit/Loss 170.08 178.88 152.13 NULL 166.07 Net Profit/Loss 179.41 56.05 35.70 30.59 72.82
Basic EPS (`) 14.92 62.76 53.38 NULL 101.97 Basic EPS (`) 18.59 5.81 3.70 3.17 7.52
Equity 114.00 28.50 28.50 NULL 16.29 Equity 96.50 96.50 96.50 96.50 96.84

Sr. No. Sr. No.

67 Sutlej Textiles & Industries
BSE Code: 532782 Price (`): 98.85 Face Value (`): 1
Last Five Year Standalone Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 2249.62 2271.33 1878.22 1880.62 1680.24
EBITDA 196.81 195.46 162.21 191.39 126.42
Interest 45.67 46.52 52.99 58.07 65.32
Net Profit/Loss 157.94 143.36 115.46 131.38 76.97
Basic EPS (`) 96.41 87.51 70.48 80.19 70.47
Equity 16.38 16.38 16.38 16.38 10.92
Sr. No
Sr. No.
69 JK Lakshmi Cement
BSE Code: 500380 Price (`): 413.00 Face Value (`): 5
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 2921.56 2635.24 2315.54 2056.61 2054.95
EBITDA 194.73 105.55 237.97 166.53 279.76
Interest 244.35 198.58 94.48 77.19 83.54
Net Profit/Loss 85.76 14.94 102.94 93.88 175.03
Basic EPS (`) 7.29 1.27 8.75 7.98 14.87
Equity 58.85 58.85 58.85 58.85 58.85
Note: Book value is in rupees per share
68 Bannari Amman Sugars
Book Value (`/Cr): 49.81 BSE Code: 500041 Price (`): 1846.85 Face Value (`): 10 Book Value (`/Cr): 850.96
(`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1751.79 1455.61 929.86 651.08 1339.74
EBITDA 278.20 142.89 76.88 91.75 217.59
Interest 97.07 115.87 92.84 61.92 45.16
Net Profit/Loss 145.17 31.79 1.03 28.69 142.49
Basic EPS (`) 115.76 27.79 0.90 25.08 124.56
Equity 12.54 11.44 11.44 11.44 11.44
Sr. No
Sr. No.
70 Bengal & Assam Company
Book Value (`/Cr): 120.18 BSE Code: 533095 Price (`): 2456.90 Face Value (`): 10 Book Value (`/Cr): 2181.62
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1484.94 1371.80 1309.05 1187.20 1080.72
EBITDA 183.95 110.77 93.88 44.34 73.81
Interest 51.77 53.28 51.48 53.37 60.89
Net Profit/Loss 327.54 242.30 173.41 72.64 34.90
Basic EPS (`) 377.20 279.03 199.70 83.65 40.19
Equity 8.68 8.68 8.68 8.68 8.68
Share price data is of Feb 1, 2018

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Sr. No. Sr. No.
71 Indian Metals & Ferro Alloys 72 Jamna Auto Industries
BSE Code: 533047 Price (`): 650.65 Face Value (`): 10 Book Value (`/Cr): 405.74 BSE Code: 520051 Price (`): 73.00 Face Value (`): 1 Book Value (`/Cr): 8.36
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1672.35 1211.30 1344.79 1317.85 1273.25 Net Sales 1299.46 1255.80 1095.08 833.76 980.15
EBITDA 404.79 -0.96 118.81 148.43 190.61 EBITDA 135.26 112.38 63.39 22.32 56.55
Interest 83.47 80.23 105.68 115.58 86.98 Interest 14.75 14.73 18.02 24.07 26.74
Net Profit/Loss 248.94 -54.27 3.68 34.92 52.82 Net Profit/Loss 104.74 71.50 29.38 13.84 27.73
Basic EPS (`) 92.28 -20.89 1.42 13.44 20.33 Basic EPS (`) 13.14 9.00 7.39 3.42 6.91
Equity 26.98 25.98 25.98 25.98 25.98 Equity 39.83 39.72 39.62 39.50 39.50

Sr. No Sr. No
Sr. No. Sr. No.
73 Heritage Foods 74 IL&FS Transportation Networks
BSE Code: 519552 Price (`): 751.4 Face Value (`): 5 Book Value (`/Cr): 64.80 BSE Code: 533177 Price (`): 79.25 Face Value (`): 10 Book Value (`/Cr): 140.45
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2642.89 2380.58 2072.97 1722.04 1601.81 Net Sales 7984.42 8263.79 6500.87 6586.99 6644.84
EBITDA 103.51 96.26 48.04 69.97 79.06 EBITDA 2872.56 2491.77 1986.32 1738.61 1743.46
Interest 11.22 15.46 15.93 13.22 16.70 Interest 3086.33 2530.87 1833.12 1470.96 1119.01
Net Profit/Loss 66.82 55.43 28.36 45.30 49.95 Net Profit/Loss 145.58 311.54 443.60 463.05 520.21
Basic EPS (`) 28.80 23.89 12.22 19.53 43.06 Basic EPS (`) 4.43 7.07 14.78 22.26 26.69
Equity 23.20 23.20 23.20 23.20 11.60 Equity 328.96 328.96 246.72 194.27 194.27

Sr. No. Sr. No.

75 Radico Khaitan
BSE Code: 532497 Price (`): 351.60 Face Value (`): 2 Book Value (`/Cr): 78.35
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1679.90 1651.82 NULL NULL NULL
EBITDA 170.52 149.30 NULL NULL NULL
Interest 80.38 84.75 NULL NULL NULL
Net Profit/Loss 80.71 78.14 NULL NULL NULL
Basic EPS (`) 6.07 5.87 NULL NULL NULL
Equity 26.61 26.61 NULL NULL NULL
76 Suprajit Engineering
BSE Code: 532509 Price (`): 313.90 Face Value (`): 1 Book Value (`/Cr): 36.81
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1213.79 952.50 611.80 NULL 462.54
EBITDA 178.93 138.56 87.07 NULL 69.23
Interest 28.88 24.97 16.40 NULL 10.17
Net Profit/Loss 122.66 71.94 50.29 NULL 47.12
Basic EPS (`) 8.77 5.48 4.19 NULL 3.93
Equity 13.99 13.13 12.00 NULL 12.00

Sr. No. Sr. No.

77 Skipper 78 Shipping Corporation of India
BSE Code: 538562 Price (`): 238.10 Face Value (`): 1 Book Value (`/Cr): 47.91 BSE Code: 523598 Price (`): 79.55 Face Value (`): 10 Book Value (`/Cr): 148.75
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1702.96 1506.22 1312.80 1041.51 900.35 Net Sales 3446.87 4247.98 4311.24 NULL NULL
EBITDA 214.49 195.13 193.17 95.13 72.70 EBITDA 204.08 485.95 126.82 NULL NULL
Interest 61.10 57.00 58.26 60.54 46.36 Interest 172.15 210.89 237.67 NULL NULL
Net Profit/Loss 111.50 95.13 89.17 26.91 18.71 Net Profit/Loss 175.62 389.40 195.01 NULL NULL
Basic EPS (`) 10.90 9.30 8.72 2.63 1.92 Basic EPS (`) 3.77 8.36 4.19 NULL NULL
Equity 10.23 10.23 10.23 10.23 9.74 Equity 465.80 465.80 465.80 NULL NULL
Sr. No Sr. No
Sr. No. Sr. No.
79 Phillips Carbon Black 80 Goodyear India
BSE Code: 506590 Price (`): 1161.50 Face Value (`): 10 Book Value (`/Cr): 329.74 BSE Code: 500168 Price (`): 1079.00 Face Value (`): 10 Book Value (`/Cr): 306.54
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1926.95 1894.72 2470.19 NULL 2284.91 Net Sales 1511.84 1747.13 1579.15 1568.72 1481.29
EBITDA 197.51 108.18 92.68 NULL 20.36 EBITDA 166.06 153.58 125.08 113.86 66.66
Interest 51.45 71.19 94.80 NULL 72.15 Interest 3.36 3.24 3.41 2.16 3.82
Net Profit/Loss 69.28 21.44 10.66 NULL -21.83 Net Profit/Loss 127.37 123.10 101.24 94.07 56.32
Basic EPS (`) 20.10 6.22 3.09 NULL -6.33 Basic EPS (`) 55.22 53.37 43.89 40.78 24.42
Equity 34.47 34.47 34.47 NULL 34.47 Equity 23.07 23.07 23.07 23.07 23.07
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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Sr. No. Sr. No.

81 Nesco 82 Triveni Turbine
BSE Code: 505355 Price (`): 597.80 Face Value (`): 2 Book Value (`/Cr): 120.78 BSE Code: 533655 Price (`): 129.00 Face Value (`): 1 Book Value (`/Cr): 12.23
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 311.43 259.54 194.51 161.11 NULL Net Sales 744.61 796.31 650.77 515.38 663.04
EBITDA 206.50 177.72 131.15 96.69 NULL EBITDA 151.59 153.20 106.78 90.05 148.07
Interest 5.05 0.13 0.13 0.11 NULL Interest 0.33 1.38 1.75 1.18 2.74
Net Profit/Loss 169.95 132.92 111.50 81.02 NULL Net Profit/Loss 123.55 107.60 90.53 67.96 104.49
Basic EPS (`) 120.60 94.32 79.13 57.50 NULL Basic EPS (`) 3.74 3.26 2.74 2.06 3.16
Equity 14.09 14.09 14.09 14.09 NULL Equity 33.00 33.00 33.00 32.99 32.99

Sr. No Sr. No
Sr. No. Sr. No.
83 Dixon Technologies (India) 84 Tata Investment Corporation
BSE Code: 540699 Price (`): 3838.3 Face Value (`): 10 Book Value (`/Cr): 170.25 BSE Code: 501301 Price (`): 833.65 Face Value (`): 10 Book Value (`/Cr): 457.23
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2456.76 1389.42 1201.34 1093.72 766.92 Net Sales 269.67 247.26 229.06 217.97 200.62
EBITDA 80.10 50.25 25.31 20.65 15.42 EBITDA 237.07 228.52 212.52 202.00 185.52
Interest 12.77 13.11 9.85 11.23 11.47 Interest 0.00 0.03 0.00 0.00 0.00
Net Profit/Loss 50.38 42.57 11.86 13.51 4.98 Net Profit/Loss 200.40 194.36 185.86 186.29 173.85
Basic EPS (`) 45.86 137.17 38.21 43.54 16.05 Basic EPS (`) 36.37 35.28 33.73 33.81 31.56
Equity 10.99 3.10 3.10 3.10 3.10 Equity 55.10 55.10 55.10 55.10 55.10

Sr. No. Sr. No.

85 Polyplex Corporation
BSE Code: 524051 Price (`): 494.85 Face Value (`): 10 Book Value (`/Cr): 1001.58
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 3207.67 3180.19 3204.16 3172.23 2534.86
EBITDA 245.96 144.32 68.41 -99.65 37.64
Interest 35.42 48.08 55.88 53.99 32.34
Net Profit/Loss 221.44 29.04 37.95 -6.83 21.23
Basic EPS (`) 69.23 9.08 11.86 -2.14 6.64
Equity 32.56 32.56 32.56 32.56 32.56
86 Inox Wind
BSE Code: 539083 Price (`): 128.15 Face Value (`): 10 Book Value (`/Cr): 98.67
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 3415.00 4414.13 2709.93 1566.81 NULL
EBITDA 497.83 658.53 405.52 164.66 NULL
Interest 155.12 95.95 62.25 46.00 NULL
Net Profit/Loss 303.29 451.87 296.43 132.28 NULL
Basic EPS (`) 13.67 20.36 13.36 6.61 NULL
Equity 221.92 221.92 221.92 200.00 NULL

Sr. No. Sr. No.

87 Firstsource Solutions 88 Puravankara
BSE Code: 532809 Price (`): 41.05 Face Value (`): 10 Book Value (`/Cr): 29.67 BSE Code: 532891 Price (`): 157.50 Face Value (`): 5 Book Value (`/Cr): 100.70
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 3555.61 3230.29 3034.65 3105.88 2818.54 Net Sales 1407.12 1550.70 1677.72 1310.20 1245.89
EBITDA 379.03 338.62 308.58 286.42 191.16 EBITDA 389.95 334.27 370.88 467.19 569.82
Interest 45.32 52.44 71.09 85.15 78.37 Interest 250.38 243.81 223.96 227.59 231.79
Net Profit/Loss 279.24 264.97 234.32 192.96 146.59 Net Profit/Loss 127.11 66.81 132.73 159.98 243.44
Basic EPS (`) 4.10 3.94 3.52 2.92 2.23 Basic EPS (`) 5.36 2.82 5.60 6.71 11.41
Equity 681.31 673.32 666.29 659.74 657.67 Equity 118.58 118.58 118.58 118.58 106.71
Sr. No Sr. No
Sr. No. Sr. No.
89 Kwality 90 Rupa & Company
BSE Code: 531882 Price (`): 98.20 Face Value (`): 1 Book Value (`/Cr): 46.95 BSE Code: 533552 Price (`): 449.00 Face Value (`): 1 Book Value (`/Cr): 55.29
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 6871.79 6414.05 5878.33 5010.95 3929.68 Net Sales 1092.75 1014.83 972.60 904.37 828.99
EBITDA 431.27 365.38 324.63 280.36 212.89 EBITDA 122.65 116.85 122.61 119.17 119.06
Interest 181.41 157.45 140.31 115.58 93.07 Interest 10.57 18.78 23.54 24.70 21.01
Net Profit/Loss 194.15 173.60 166.53 144.93 105.61 Net Profit/Loss 72.25 65.93 68.17 66.07 64.78
Basic EPS (`) 8.18 7.75 7.61 7.13 5.20 Basic EPS (`) 9.09 8.29 8.57 8.31 8.15
Equity 23.74 22.39 21.87 20.32 20.32 Equity 7.96 7.96 7.96 7.96 7.96
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

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Sr. No. Sr. No.
91 United Bank of India 92 KEI Industries
BSE Code: 533171 Price (`): 16.50 Face Value (`): 10 Book Value (`/Cr): 42.21 BSE Code: 517569 Price (`): 400.80 Face Value (`): 2 Book Value (`/Cr): 60.44
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 9427.91 9936.67 10180.48 10599.29 9251.49 Net Sales 2670.59 2351.02 2033.02 NULL NULL
EBITDA 14366.63 15656.49 15980.67 16927.82 14511.80 EBITDA 246.02 217.25 169.12 NULL NULL
Interest 7500.18 7656.11 7649.82 8036.47 6764.23 Interest 122.93 127.16 121.23 NULL NULL
Net Profit/Loss 219.51 -281.96 255.99 -1213.44 391.90 Net Profit/Loss 98.30 62.55 34.25 NULL NULL
Basic EPS (`) 1.57 -3.36 3.05 -21.87 8.64 Basic EPS (`) 12.64 8.10 4.43 NULL NULL
Equity 1394.36 839.52 839.52 554.75 374.71 Equity 15.56 15.45 15.45 NULL NULL

Sr. No
Sr. No.
93 Ujjivan Financial Services
BSE Code: 539874 Price (`): 385.55 Face Value (`): 10
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 1349.37 NULL NULL NULL NULL
EBITDA 816.21 NULL NULL NULL NULL
Interest 542.72 NULL NULL NULL NULL
Net Profit/Loss 207.67 NULL NULL NULL NULL
Basic EPS (`) 17.40 NULL NULL NULL NULL
Equity 119.38 NULL NULL NULL NULL
Sr. No
Sr. No.
94 Tide Water Oil Company India
Book Value (`/Cr): 145.53 BSE Code: 590005 Price (`): 6760.50 Face Value (`): 5 Book Value (`/Cr): 1835.12
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1129.78 1056.45 1037.24 972.54 897.02
EBITDA 131.94 123.33 69.07 83.18 84.26
Interest 1.50 0.23 0.55 0.27 0.21
Net Profit/Loss 115.28 90.41 158.55 64.81 62.91
Basic EPS (`) 330.81 259.44 1819.90 743.92 722.11
Equity 1.74 1.70 0.85 0.85 0.87

Sr. No. Sr. No.

95 Excel Crop Care
BSE Code: 532511 Price (`): 3513.45 Face Value (`): 5 Book Value (`/Cr): 406.95
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 968.42 895.88 1025.22 NULL 779.10
EBITDA 79.54 77.09 82.91 NULL 37.03
Interest 1.17 3.45 5.87 NULL 13.12
Net Profit/Loss 75.08 61.32 63.24 NULL 21.29
Basic EPS (`) 68.22 55.72 57.46 NULL 19.34
Equity 5.50 5.50 5.50 NULL 5.50
96 Deepak Nitrite
BSE Code: 506401 Price (`): 275.25 Face Value (`): 2 Book Value (`/Cr): 54.8
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1360.44 1372.93 1327.16 NULL NULL
EBITDA 97.93 127.26 103.22 NULL NULL
Interest 36.54 39.71 37.99 NULL NULL
Net Profit/Loss 97.80 62.73 52.90 NULL NULL
Basic EPS (`) 7.48 5.39 5.06 NULL NULL
Equity 26.14 23.26 20.91 NULL NULL

Sr. No. Sr. No.

97 Indo Count Industries
BSE Code: 521016 Price (`): 102.35 Face Value (`): 2
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 2152.82 2173.72 1716.89 1467.63 1186.78
EBITDA 290.34 415.61 232.79 139.27 71.25
Interest 42.12 54.91 65.02 49.89 43.58
Net Profit/Loss 232.24 264.72 145.66 109.96 29.33
Basic EPS (`) 11.76 67.04 36.87 30.96 8.24
Equity 39.48 39.48 39.48 35.48 35.48
Sr. No
Sr. No.
99 Hinduja Global Solutions
BSE Code: 532859 Price (`): 966.55 Face Value (`): 10
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 3710.99 3328.21 2807.58 NULL 1983.43
EBITDA 274.84 176.60 207.52 NULL 146.47
Interest 42.94 40.07 38.64 NULL 43.66
Net Profit/Loss 179.55 101.00 165.03 NULL 90.57
Basic EPS (`) 86.56 48.72 79.65 NULL 43.99
Equity 20.74 20.73 20.72 NULL 20.59
Note: Book value is in rupees per share
DSIJ.in
98 J B Chemicals & Pharmaceuticals
Book Value (`/Cr): 43.28 BSE Code: 506943 Price (`): 310.50 Face Value (`): 2 Book Value (`/Cr): 163.41
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1368.32 1255.14 1144.21 1021.86 866.13
EBITDA 193.59 164.24 141.48 120.47 80.98
Interest 5.37 9.57 6.82 6.23 5.28
Net Profit/Loss 184.06 161.88 100.41 61.50 79.44
Basic EPS (`) 21.70 19.09 11.84 7.26 9.38
Equity 16.96 16.96 16.96 16.95 16.94
Sr. No
Sr. No.
100 Forbes & Company
Book Value (`/Cr): 642.74 BSE Code: 502865 Price (`): 3715.75 Face Value (`): 10 Book Value (`/Cr): 346.54
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 3023.46 3801.20 3546.06 3067.67 1999.30
EBITDA 52.71 74.67 122.85 99.44 50.78
Interest 74.47 97.91 91.15 79.01 31.87
Net Profit/Loss 85.01 -37.90 32.47 40.06 85.55
Basic EPS (`) 66.76 -30.47 24.65 30.09 65.88
Equity 12.73 12.73 12.73 12.73 12.73
Share price data is of Feb 1, 2018
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 39
Financial Snapshot Personal Copy of MANAGEMENT & ALLIED SERVICES

Sr. No. Sr. No.

101 Shilpa Medicare 102 VRL Logistics
BSE Code: 530549 Price (`): 570.95 Face Value (`): 1 Book Value (`/Cr): 112.11 BSE Code: 539118 Price (`): 437.75 Face Value (`): 10 Book Value (`/Cr): 59.48
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 778.91 719.37 613.80 571.38 371.32 Net Sales 1803.09 1722.52 1671.20 1493.78 1325.50
EBITDA 145.41 126.72 107.22 92.81 53.53 EBITDA 120.00 177.77 185.21 119.96 112.89
Interest 2.69 6.86 4.05 3.52 1.44 Interest 24.00 30.69 58.60 59.91 59.12
Net Profit/Loss 109.05 103.78 73.69 75.67 47.34 Net Profit/Loss 70.47 102.31 91.22 57.18 45.70
Basic EPS (`) 13.61 13.46 19.12 20.57 19.30 Basic EPS (`) 7.72 11.21 10.66 6.68 5.87
Equity 8.01 7.71 7.71 7.36 4.90 Equity 91.24 91.24 85.54 85.54 70.70

Sr. No Sr. No
Sr. No. Sr. No.
103 LT Foods 104 Granules India
BSE Code: 532783 Price (`): 90.5 Face Value (`): 1 Book Value (`/Cr): 22.10 BSE Code: 532482 Price (`): 128.00 Face Value (`): 1 Book Value (`/Cr): 35.70
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 3286.55 2973.42 2734.58 2461.73 2207.68 Net Sales 1410.57 1429.53 1292.92 1095.86 764.37
EBITDA 313.68 305.09 217.25 213.48 177.28 EBITDA 227.33 212.39 155.96 128.48 61.94
Interest 154.55 147.80 151.15 113.42 117.13 Interest 32.26 39.92 32.35 20.43 17.67
Net Profit/Loss 117.43 72.11 72.49 78.33 56.05 Net Profit/Loss 164.52 118.47 90.91 75.23 32.57
Basic EPS (`) 4.40 27.04 27.40 29.78 21.42 Basic EPS (`) 7.19 5.47 4.45 37.09 16.18
Equity 26.66 26.66 26.45 26.31 26.17 Equity 22.87 21.67 20.43 20.28 20.13

Sr. No. Sr. No.

105 CARE Ratings 106 JK Paper
BSE Code: 534804 Price (`): 1360.90 Face Value (`): 10 Book Value (`/Cr): 168.27 BSE Code: 532162 Price (`): 142.95 Face Value (`): 10 Book Value (`/Cr): 76.4
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 287.43 279.37 260.55 235.59 203.03 Net Sales 2628.61 2460.78 2160.11 1737.93 1459.11
EBITDA 179.24 169.70 154.47 144.79 131.36 EBITDA 396.37 298.40 142.63 14.27 65.65
Interest 0.00 0.00 1.30 0.00 0.00 Interest 187.64 199.77 205.35 128.53 53.76
Net Profit/Loss 147.39 119.60 137.82 129.41 113.58 Net Profit/Loss 171.82 72.92 -18.39 -74.72 37.99
Basic EPS (`) 50.04 40.68 47.53 44.62 39.78 Basic EPS (`) 11.02 4.91 -1.35 -5.47 2.78
Equity 29.45 29.40 29.00 29.00 28.55 Equity 155.96 148.53 136.62 136.62 136.62

Sr. No. Sr. No.

107 Wheels India 108 West Coast Paper Mills
BSE Code: 590073 Price (`): 2156.85 Face Value (`): 10 Book Value (`/Cr): 388.39 BSE Code: 500444 Price (`): 272.70 Face Value (`): 2 Book Value (`/Cr): 96.77
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2172.87 2016.27 NULL NULL NULL Net Sales 1769.34 1700.04 1648.37 1562.32 1454.63
EBITDA 122.87 112.05 NULL NULL NULL EBITDA 227.08 142.00 120.35 80.48 132.25
Interest 47.79 57.58 NULL NULL NULL Interest 51.57 71.21 67.09 73.23 72.57
Net Profit/Loss 60.26 41.13 NULL NULL NULL Net Profit/Loss 128.50 8.86 1.12 6.63 18.11
Basic EPS (`) 50.08 34.18 NULL NULL NULL Basic EPS (`) 19.46 1.34 0.16 1.00 2.74
Equity 12.03 12.03 NULL NULL NULL Equity 13.21 13.21 13.21 13.21 13.21
Sr. No Sr. No
Sr. No. Sr. No.
109 Indian Energy Exchange 110 Indian Hume Pipe Company
BSE Code: 540750 Price (`): 1607.35 Face Value (`): 10 Book Value (`/Cr): 90.67 BSE Code: 504741 Price (`): 411.30 Face Value (`): 2 Book Value (`/Cr): 82.48
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 203.91 175.03 144.78 152.57 121.21 Net Sales 1799.54 938.94 1009.86 819.00 695.79
EBITDA 139.83 121.78 101.15 111.47 82.67 EBITDA 197.05 87.16 97.57 67.25 53.57
Interest 0.13 0.27 0.24 0.02 0.02 Interest 47.71 45.26 48.30 33.68 25.37
Net Profit/Loss 113.57 100.34 90.02 91.95 66.30 Net Profit/Loss 98.78 29.10 41.57 24.06 22.85
Basic EPS (`) 37.84 33.04 29.76 33.35 24.07 Basic EPS (`) 20.39 12.01 17.16 9.93 9.43
Equity 28.81 28.81 27.30 27.30 27.30 Equity 9.69 4.84 4.84 4.84 4.84
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

40 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

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Sr. No. Sr. No.
111 Gabriel India 112 Take Solutions
BSE Code: 505714 Price (`): 171.80 Face Value (`): 1 Book Value (`/Cr): 31.36 BSE Code: 532890 Price (`): 165.85 Face Value (`): 1 Book Value (`/Cr): 70.15
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1529.13 1438.23 1444.10 1286.61 1205.32 Net Sales 1344.56 1030.13 730.43 815.54 831.97
EBITDA 108.69 94.37 85.32 63.32 55.08 EBITDA 168.01 138.99 89.81 70.38 115.03
Interest 1.66 2.48 5.48 9.00 12.19 Interest 22.50 14.79 12.69 13.77 14.38
Net Profit/Loss 81.62 75.24 60.02 42.60 38.14 Net Profit/Loss 130.72 119.65 69.88 58.00 79.47
Basic EPS (`) 5.68 5.24 4.18 2.97 2.65 Basic EPS (`) 9.81 9.78 5.71 4.74 6.62
Equity 14.36 14.37 14.37 14.37 14.37 Equity 13.10 12.01 12.00 12.00 12.00

Sr. No Sr. No
Sr. No. Sr. No.
113 Repco Home Finance 114 HT Media
BSE Code: 535322 Price (`): 624.9 Face Value (`): 10 Book Value (`/Cr): 183.75 BSE Code: 532662 Price (`): 97.35 Face Value (`): 2 Book Value (`/Cr): 108.01
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1044.18 880.68 691.91 NULL NULL Net Sales 2452.09 2500.80 2289.71 2200.70 2048.38
EBITDA 925.27 777.24 616.83 NULL NULL EBITDA 173.55 206.10 168.27 226.69 191.12
Interest 646.31 548.27 431.48 NULL NULL Interest 95.12 63.01 46.69 64.94 44.60
Net Profit/Loss e 187.66 154.06 125.34 NULL NULL Net Profit/Loss 170.25 167.80 179.81 207.53 167.65
Basic EPS (`) 30.00 24.63 20.10 NULL NULL Basic EPS (`) 7.39 7.28 7.80 9.01 7.13
Equity 62.56 62.54 62.36 NULL NULL Equity 46.10 46.10 46.10 46.08 47.00

Sr. No. Sr. No.

115 Bombay Dyeing & Manufacturing Co.
BSE Code: 500020 Price (`): 221.50 Face Value (`): 2
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 1714.07 1849.46 2386.42 NULL NULL
EBITDA 84.45 152.97 205.51 NULL NULL
Interest 370.66 289.92 232.12 NULL NULL
Net Profit/Loss 57.41 -91.09 20.35 NULL NULL
Basic EPS (`) 2.78 -4.41 0.98 NULL NULL
Equity 41.31 41.31 41.31 NULL NULL
116 Techno Electric & Engineering Company
Book Value (`/Cr): 16.59 BSE Code: 533281 Price (`): 373.80 Face Value (`): 2 Book Value (`/Cr): 98.22
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1356.72 1097.20 793.89 NULL 700.13
EBITDA 261.72 170.87 147.70 NULL 169.13
Interest 37.34 44.29 43.13 NULL 52.17
Net Profit/Loss 192.74 140.57 105.08 NULL 120.35
Basic EPS (`) 16.88 24.62 18.41 NULL 21.08
Equity 22.84 11.42 11.42 NULL 11.42

Sr. No. Sr. No.

117 Himachal Futuristic Communications
BSE Code: 500183 Price (`): 29.50 Face Value (`): 1
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 2377.56 2611.05 2553.07 2019.47 606.53
EBITDA 168.13 248.99 198.48 134.57 43.38
Interest 61.33 47.82 44.38 43.99 85.74
Net Profit/Loss 122.92 126.17 323.87 475.01 56.37
Basic EPS (`) 0.99 0.97 2.57 3.70 0.45
Equity 123.94 123.94 123.94 123.94 123.94
Sr. No
Sr. No.
119 Savita Oil Technologies
BSE Code: 524667 Price (`): 1449.90 Face Value (`): 10
Last Five Year Standalone Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 1497.17 1501.87 1848.91 2080.79 1999.05
EBITDA 126.82 59.12 27.65 79.13 91.08
Interest 13.71 25.50 40.61 13.29 10.47
Net Profit/Loss 93.62 34.32 -1.27 89.74 103.32
Basic EPS (`) 64.11 23.50 -0.87 61.45 70.76
Equity 14.61 14.61 14.61 14.61 14.61
Note: Book value is in rupees per share
DSIJ.in
118 Vinati Organics
Book Value (`/Cr): 7.79 BSE Code: 524200 Price (`): 953.00 Face Value (`): 2 Book Value (`/Cr): 132.33
(`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 666.33 630.95 771.73 696.13 552.92
EBITDA 197.83 188.26 174.11 137.57 110.38
Interest 2.75 7.86 9.76 18.15 11.54
Net Profit/Loss 139.30 131.57 115.79 86.15 68.66
Basic EPS (`) 27.00 25.50 22.44 17.45 13.91
Equity 10.32 10.32 10.32 9.87 9.87
Sr. No
Sr. No.
120 Shankara Building Products
Book Value (`/Cr): 452.79 BSE Code: 540425 Price (`): 1655.40 Face Value (`): 10 Book Value (`/Cr): 172.32
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 2310.14 2035.92 NULL NULL NULL
EBITDA 142.97 110.05 NULL NULL NULL
Interest 50.75 46.02 NULL NULL NULL
Net Profit/Loss 60.27 40.73 NULL NULL NULL
Basic EPS (`) 26.38 18.62 NULL NULL NULL
Equity 22.85 21.87 NULL NULL NULL
Share price data is of Feb 1, 2018
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 41
Financial Snapshot Personal Copy of MANAGEMENT & ALLIED SERVICES

Sr. No. Sr. No.

121 Maithan Alloys
BSE Code: 590078 Price (`): 889.20 Face Value (`): 10 Book Value (`/Cr): 200.98
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1342.10 1150.80 1106.51 NULL 952.12
EBITDA 244.81 103.90 82.46 NULL 65.05
Interest 9.43 12.23 16.85 NULL 15.93
Net Profit/Loss 191.46 78.85 52.62 NULL 44.38
Basic EPS (`) 65.77 27.08 36.15 NULL 30.49
Equity 29.11 29.11 14.56 NULL 14.56
122 KNR Constructions
BSE Code: 532942 Price (`): 305.20 Face Value (`): 2 Book Value (`/Cr): 62.48
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1679.59 995.12 931.19 895.03 764.97
EBITDA 148.34 126.12 71.61 72.79 60.68
Interest 72.67 56.32 13.02 17.89 12.08
Net Profit/Loss 114.90 126.39 69.76 60.46 49.07
Basic EPS (`) 8.17 44.94 24.80 21.50 17.45
Equity 28.12 28.12 28.12 28.12 28.12

Sr. No Sr. No
Sr. No. Sr. No.
123 Nava Bharat Ventures 124 Dhampur Sugar Mills
BSE Code: 513023 Price (`): 157 Face Value (`): 2 Book Value (`/Cr): 198.88 BSE Code: 500119 Price (`): 182.70 Face Value (`): 10 Book Value (`/Cr): 141.80
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1380.93 1592.99 1813.82 1727.56 1142.17 Net Sales 2583.67 2233.02 1790.24 1822.80 1481.22
EBITDA 90.76 282.69 236.36 345.63 189.63 EBITDA 458.70 155.13 88.04 52.30 144.53
Interest 86.51 96.18 111.68 126.27 18.88 Interest 167.20 158.65 149.66 142.21 112.67
Net Profit/Loss 101.21 287.30 206.04 279.91 190.37 Net Profit/Loss 236.70 25.88 -12.83 -78.35 22.71
Basic EPS (`) 5.67 32.18 23.08 31.35 21.32 Basic EPS (`) 35.07 4.30 -2.19 -13.74 3.89
Equity 35.73 17.87 17.87 17.87 17.87 Equity 66.45 60.28 58.78 57.28 53.98

Sr. No. Sr. No.

125 Prime Focus
BSE Code: 532748 Price (`): 108.60 Face Value (`): 1 Book Value (`/Cr): 22.42
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 2153.62 1382.81 1607.59 1034.18 762.16
EBITDA 155.30 2.76 20.09 65.03 75.40
Interest 127.88 82.04 72.73 68.68 41.83
Net Profit/Loss 127.44 -108.47 -292.22 24.26 -20.31
Basic EPS (`) 4.26 -3.63 -9.78 1.31 -1.10
Equity 29.89 29.89 29.89 18.54 18.54
126 Lux Industries
BSE Code: 539542 Price (`): 1701.20 Face Value (`): 2 Book Value (`/Cr): 95.61
(`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 971.56 940.87 908.96 870.63 691.81
EBITDA 112.47 90.35 85.47 63.80 40.30
Interest 17.16 11.97 17.64 17.43 10.67
Net Profit/Loss 62.85 51.34 45.23 31.38 20.35
Basic EPS (`) 24.89 101.38 89.55 62.13 40.29
Equity 5.30 5.30 5.30 5.30 5.30

Sr. No. Sr. No.

127 Borosil Glass Works 128 Omaxe
BSE Code: 502219 Price (`): 991.05 Face Value (`): 1 Book Value (`/Cr): 355.42 BSE Code: 532880 Price (`): 229.85 Face Value (`): 10 Book Value (`/Cr): 116.65
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 556.96 414.33 325.67 NULL NULL Net Sales 1626.75 1667.78 1431.09 1623.14 2077.54
EBITDA 27.89 23.71 11.05 NULL NULL EBITDA 274.75 237.76 219.55 215.79 226.30
Interest 7.77 3.56 2.16 NULL NULL Interest 154.53 130.57 143.52 130.58 126.39
Net Profit/Loss 128.16 54.59 49.44 NULL NULL Net Profit/Loss 102.09 78.32 60.07 78.52 105.68
Basic EPS (`) 554.79 236.33 164.47 NULL NULL Basic EPS (`) 5.58 4.27 3.27 4.29 6.09
Equity 2.31 2.31 3.01 NULL NULL Equity 182.90 182.90 182.90 182.90 173.57
Sr. No Sr. No
Sr. No. Sr. No.
129 Ramco Industries 130 Multi Commodity Exchange of India
BSE Code: 532369 Price (`): 294.60 Face Value (`): 1 Book Value (`/Cr): 313.40 BSE Code: 534091 Price (`): 779.10 Face Value (`): 10 Book Value (`/Cr): 267.14
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 887.88 902.12 894.55 815.04 903.36 Net Sales 259.44 234.93 222.49 340.67 523.96
EBITDA 97.94 54.28 55.72 13.91 93.14 EBITDA 61.06 52.06 61.64 111.43 284.42
Interest 34.14 38.53 38.15 36.06 30.80 Interest 0.20 0.04 1.37 1.06 0.03
Net Profit/Loss 204.76 180.53 90.06 -3.08 67.46 Net Profit/Loss 126.59 42.48 125.77 153.16 299.15
Basic EPS (`) 23.63 20.83 10.39 -0.35 7.78 Basic EPS (`) 24.82 8.33 24.66 30.03 58.66
Equity 8.67 8.67 8.67 8.67 8.67 Equity 51.00 51.00 51.00 51.00 51.00
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

42 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

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Sr. No. Sr. No.
131 Polaris Consulting & Services 132 Jindal Poly Films
BSE Code: 532254 Price (`): 438.15 Face Value (`): 5 Book Value (`/Cr): 106.49 BSE Code: 500227 Price (`): 360.80 Face Value (`): 10 Book Value (`/Cr): 708.86
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1510.98 1825.71 1678.21 2005.25 1853.99 Net Sales 7017.07 7225.57 7286.89 5142.64 2231.79
EBITDA 138.64 163.35 153.65 104.72 169.13 EBITDA 402.25 762.07 419.14 228.19 49.46
Interest 0.00 0.00 0.00 1.04 1.91 Interest 100.19 92.90 82.25 119.54 35.12
Net Profit/Loss 99.34 89.76 130.72 83.97 167.06 Net Profit/Loss 193.40 371.13 172.09 78.12 10.24
Basic EPS (`) 9.73 8.85 13.08 8.43 16.79 Basic EPS (`) 44.17 84.76 40.93 18.58 2.44
Equity 51.06 50.68 49.96 49.78 49.75 Equity 43.79 43.79 42.05 42.05 42.05

Sr. No Sr. No
Sr. No. Sr. No.
133 Punjab & Sind Bank 134 J Kumar Infraprojects
BSE Code: 533295 Price (`): 44.3 Face Value (`): 10 Book Value (`/Cr): 153.40 BSE Code: 532940 Price (`): 322.80 Face Value (`): 5 Book Value (`/Cr): 183.58
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 8172.87 8744.34 8588.55 7972.71 7340.12 Net Sales 1437.50 1408.63 1343.19 1186.78 1000.68
EBITDA 12690.85 13928.52 14165.40 13077.51 11919.90 EBITDA 192.00 197.17 203.21 171.06 142.96
Interest 6013.54 6568.55 6909.35 6352.12 5699.10 Interest 65.95 61.06 76.76 57.64 40.64
Net Profit/Loss 201.08 335.97 121.35 300.63 339.22 Net Profit/Loss 105.51 103.16 94.39 84.05 75.74
Basic EPS (`) 5.02 8.39 3.03 10.92 12.71 Basic EPS (`) 13.94 13.63 29.29 30.23 27.24
Equity 400.41 400.41 400.41 275.28 254.02 Equity 37.83 37.83 32.23 27.80 27.80

Sr. No. Sr. No.

135 PTC India Financial Services
BSE Code: 533344 Price (`): 34.75 Face Value (`): 10 Book Value (`/Cr): 37.67
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1350.79 1186.91 NULL NULL NULL
EBITDA 1172.28 1061.54 NULL NULL NULL
Interest 644.69 530.11 NULL NULL NULL
Net Profit/Loss 345.33 391.10 NULL NULL NULL
Basic EPS (`) 5.38 6.96 NULL NULL NULL
Equity 642.28 562.08 NULL NULL NULL
136 Standalone H Kelkar & Company
BSE Code: 539450 Price (`): 303.85 Face Value (`): 10 Book Value (`/Cr): 56.13
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 980.51 926.56 835.53 NULL NULL
EBITDA 146.39 125.46 88.49 NULL NULL
Interest 5.16 14.38 18.52 NULL NULL
Net Profit/Loss 104.82 80.21 70.42 NULL NULL
Basic EPS (`) 7.25 5.55 5.32 NULL NULL
Equity 144.62 144.62 132.27 NULL NULL

Sr. No. Sr. No.

137 Welspun Corp 138 TeamLease Services
BSE Code: 532144 Price (`): 169.15 Face Value (`): 5 Book Value (`/Cr): 110.21 BSE Code: 539658 Price (`): 2309.95 Face Value (`): 10 Book Value (`/Cr): 222.92
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 5898.71 8320.44 8450.49 7704.72 10870.05 Net Sales 3041.87 2504.92 2007.07 NULL NULL
EBITDA 126.33 443.16 405.71 263.26 241.74 EBITDA 40.01 22.77 21.34 NULL NULL
Interest 235.71 263.68 283.03 296.40 493.08 Interest 1.10 0.39 0.14 NULL NULL
Net Profit/Loss 26.43 227.47 69.04 73.39 -70.32 Net Profit/Loss 66.34 24.80 30.78 NULL NULL
Basic EPS (`) 0.99 8.58 2.62 2.79 -2.67 Basic EPS (`) 38.80 14.51 60.24 NULL NULL
Equity 132.61 132.61 131.59 131.47 131.47 Equity 17.10 17.10 0.51 NULL NULL
Sr. No Sr. No
Sr. No. Sr. No.
139 Transport Corporation of India 140 Meghmani Organics
BSE Code: 532349 Price (`): 281.60 Face Value (`): 2 Book Value (`/Cr): 84.99 BSE Code: 532865 Price (`): 105.30 Face Value (`): 1 Book Value (`/Cr): 34.34
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1942.54 2521.41 2416.72 2226.50 2130.53 Net Sales 1422.94 1355.94 1294.21 1178.33 1058.48
EBITDA 102.83 137.94 138.64 121.20 127.34 EBITDA 198.04 210.11 128.38 115.63 109.99
Interest 30.09 29.50 33.32 31.12 33.63 Interest 50.89 63.66 74.62 67.61 64.33
Net Profit/Loss 80.69 81.70 81.39 71.62 69.51 Net Profit/Loss 87.70 82.58 43.89 22.80 17.22
Basic EPS (`) 10.54 10.74 10.76 9.82 9.54 Basic EPS (`) 3.45 3.25 1.73 0.89 0.67
Equity 15.32 15.21 15.13 14.59 14.57 Equity 25.43 25.43 25.43 25.43 25.43
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 43
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Sr. No. Sr. No.

141 Caplin Point Laboratories
BSE Code: 524742 Price (`): 573.50 Face Value (`): 2 Book Value (`/Cr): 29.22
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 401.65 238.72 251.77 173.09 127.03
EBITDA 112.07 56.50 50.59 32.08 20.34
Interest 0.13 0.11 0.23 0.12 0.30
Net Profit/Loss 96.16 45.76 41.04 25.85 13.98
Basic EPS (`) 12.72 30.29 27.16 17.11 9.25
Equity 15.12 15.11 15.11 15.11 15.11
142 Banco Products (India)
BSE Code: 500039 Price (`): 237.10 Face Value (`): 2 Book Value (`/Cr): 102.59
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1299.05 1204.29 1128.76 1161.77 1024.14
EBITDA 109.98 111.66 64.08 132.43 87.52
Interest 1.96 3.24 8.38 19.34 13.36
Net Profit/Loss 94.78 89.89 87.65 89.82 61.30
Basic EPS (`) 13.25 12.57 12.26 12.56 8.57
Equity 14.30 14.30 14.30 14.30 14.30

Sr. No
Sr. No.
143 Dhanuka Agritech
BSE Code: 507717 Price (`): 727.5 Face Value (`): 2 Book Value (`/Cr): 105.92
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 873.19 828.79 785.08 738.41 582.31
EBITDA 154.10 133.92 125.86 115.72 77.36
Interest 1.10 1.10 2.60 4.17 3.53
Net Profit/Loss 119.41 107.31 106.08 93.14 64.45
Basic EPS (`) 24.33 21.45 78.42 18.62 12.88
Equity 9.82 10.00 2.71 10.00 10.00
Sr. No
Sr. No.
144 ICRA
BSE Code: 532835 Price (`): 3976.65 Face Value (`): 10 Book Value (`/Cr): 504.86
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 333.03 341.15 321.91 282.96 251.41
EBITDA 92.33 91.47 89.28 79.63 55.03
Interest 0.00 0.55 1.98 0.82 0.00
Net Profit/Loss 74.18 76.24 65.45 68.93 59.16
Basic EPS (`) 74.90 76.24 65.45 68.93 59.16
Equity 9.90 10.00 10.00 10.00 10.00

Sr. No. Sr. No.

145 GIC Housing Finance 146 Reliance Home Finance
BSE Code: 511676 Price (`): 423.10 Face Value (`): 10 Book Value (`/Cr): 155.65 BSE Code: 540709 Price (`): 79.45 Face Value (`): 10 Book Value (`/Cr): 30.26
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1000.21 874.44 730.91 623.56 552.20 Net Sales 1078.57 796.04 500.95 422.82 355.59
EBITDA 893.41 789.83 660.80 551.15 484.57 EBITDA 820.22 653.64 410.95 336.14 290.70
Interest 667.84 600.65 508.93 419.25 373.23 Interest 748.53 535.93 316.70 276.98 254.22
Net Profit/Loss 147.73 124.50 102.96 97.55 85.03 Net Profit/Loss 172.59 86.75 69.06 43.39 27.48
Basic EPS (`) 27.43 23.12 19.12 18.11 15.79 Basic EPS (`) 14.90 13.18 10.49 6.59 4.13
Equity 53.88 53.88 53.88 53.88 53.88 Equity 115.82 65.82 65.82 65.82 65.82

Sr. No. Sr. No.

147 Zydus Wellness 148 The Andhra Sugars
BSE Code: 531335 Price (`): 1005.00 Face Value (`): 10 Book Value (`/Cr): 145.31 BSE Code: 590062 Price (`): 628.20 Face Value (`): 10 Book Value (`/Cr): 372.12
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 430.57 429.47 430.72 NULL 385.56 Net Sales 1278.63 1258.47 1107.46 1099.06 1232.22
EBITDA 91.91 84.23 92.06 NULL 92.07 EBITDA 168.82 101.87 37.11 98.33 167.41
Interest 0.55 0.00 0.00 NULL 0.00 Interest 25.74 28.73 23.34 21.45 23.15
Net Profit/Loss 108.98 101.69 108.95 NULL 97.11 Net Profit/Loss 121.41 48.12 -4.87 51.62 83.60
Basic EPS (`) 27.89 26.03 27.88 NULL 24.85 Basic EPS (`) 44.79 17.75 -1.80 19.04 30.84
Equity 39.07 39.07 39.07 NULL 39.07 Equity 27.11 27.11 27.11 27.11 27.11
Sr. No Sr. No
Sr. No. Sr. No.
149 Leel Electricals 150 Ashoka Buildcon
BSE Code: 517518 Price (`): 278.25 Face Value (`): 10 Book Value (`/Cr): 223.19 BSE Code: 533271 Price (`): 232.85 Face Value (`): 5 Book Value (`/Cr): 113.32
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2977.31 2382.53 1834.96 1439.69 1169.38 Net Sales 2975.26 2614.49 2319.72 1794.88 1852.68
EBITDA 235.88 229.30 191.29 153.76 117.69 EBITDA 621.09 494.32 321.28 255.63 239.50
Interest 118.89 104.67 92.84 84.02 50.74 Interest 789.86 447.78 272.11 133.54 139.45
Net Profit/Loss 85.14 56.06 81.64 76.09 56.15 Net Profit/Loss -9.96 58.45 81.48 97.45 84.19
Basic EPS (`) 21.11 15.48 23.11 21.54 18.11 Basic EPS (`) -0.53 3.12 5.14 6.17 15.99
Equity 40.34 36.21 35.33 35.33 31.01 Equity 93.57 93.57 79.31 78.98 52.65
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

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151 Eveready Industries India 152 Magma Fincorp
BSE Code: 531508 Price (`): 414.80 Face Value (`): 5 Book Value (`/Cr): 39.83 BSE Code: 524000 Price (`): 163.95 Face Value (`): 2 Book Value (`/Cr): 93.10
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1357.24 1323.33 1278.92 1153.41 1035.33 Net Sales 2344.47 2472.20 2353.63 2081.32 1606.89
EBITDA 118.81 90.34 92.04 48.85 30.29 EBITDA 1117.26 1463.28 1424.08 1338.64 1044.15
Interest 23.78 31.00 34.04 41.11 40.48 Interest 1125.44 1191.60 1232.94 1177.07 926.25
Net Profit/Loss 93.53 50.60 48.93 13.59 5.08 Net Profit/Loss 20.45 211.38 180.67 151.83 138.24
Basic EPS (`) 12.87 6.96 6.73 1.87 0.69 Basic EPS (`) 0.86 8.74 8.98 7.42 6.66
Equity 36.34 36.34 36.34 36.34 36.34 Equity 47.39 47.37 38.09 38.02 37.99

Sr. No Sr. No
Sr. No. Sr. No.
153 Indoco Remedies 154 Prakash Industries
BSE Code: 532612 Price (`): 268.15 Face Value (`): 2 Book Value (`/Cr): 70.71 BSE Code: 506022 Price (`): 217.50 Face Value (`): 10 Book Value (`/Cr): 146.37
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1096.77 1003.76 856.95 NULL 630.80 Net Sales 2173.50 2055.30 2836.41 2596.62 2510.91
EBITDA 93.18 111.97 118.42 NULL 69.54 EBITDA 158.15 84.42 311.41 257.90 219.85
Interest 6.21 12.51 10.58 NULL 21.88 Interest 73.07 68.64 60.73 57.83 55.33
Net Profit/Loss 77.06 82.98 82.81 NULL 42.72 Net Profit/Loss 81.00 20.58 9.34 173.16 164.89
Basic EPS (`) 8.36 9.00 8.99 NULL 4.64 Basic EPS (`) 5.83 1.53 0.69 12.88 12.26
Equity 18.43 18.43 18.43 NULL 18.43 Equity 139.05 134.49 134.49 134.49 134.49

Sr. No. Sr. No.

155 Gujarat Industries Power Company
BSE Code: 517300 Price (`): 122.25 Face Value (`): 10 Book Value (`/Cr): 147.84
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1310.56 1351.86 1214.72 1376.84 1416.04
EBITDA 303.14 277.35 305.32 317.50 386.76
Interest 73.19 61.80 78.00 88.27 105.15
Net Profit/Loss 229.25 188.13 126.34 185.98 218.82
Basic EPS (`) 15.16 12.44 8.35 12.30 14.47
Equity 151.25 151.25 151.25 151.25 151.25
156 Shoppers Stop
BSE Code: 532638 Price (`): 520.40 Face Value (`): 5 Book Value (`/Cr): 55.34
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 4910.14 4582.37 4278.94 3770.93 3177.19
EBITDA 23.27 61.65 142.72 35.29 17.06
Interest 87.35 87.24 78.14 65.33 54.66
Net Profit/Loss -37.28 2.05 42.40 -8.28 -11.29
Basic EPS (`) -4.46 0.24 5.09 -0.99 -1.36
Equity 41.75 41.73 41.68 41.61 41.49

Sr. No. Sr. No.

157 Electrosteel Castings 158 KCP
BSE Code: 500128 Price (`): 34.65 Face Value (`): 1 Book Value (`/Cr): 73.86 BSE Code: 590066 Price (`): 140.45 Face Value (`): 1 Book Value (`/Cr): 63.73
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2081.23 2160.34 2401.83 NULL 2214.07 Net Sales 1282.21 1296.00 1187.67 1043.10 1136.29
EBITDA 223.38 222.20 237.90 NULL 142.32 EBITDA 157.93 189.20 119.22 62.29 62.69
Interest 210.35 181.23 156.57 NULL 125.66 Interest 49.67 52.34 51.46 46.31 39.71
Net Profit/Loss 165.25 -33.22 -116.09 NULL -23.89 Net Profit/Loss 72.77 93.35 50.28 34.49 65.24
Basic EPS (`) 4.63 -0.93 -3.25 NULL -0.73 Basic EPS (`) 5.64 7.24 3.85 2.56 4.89
Equity 35.70 35.70 35.70 NULL 32.68 Equity 12.89 12.89 12.89 12.89 12.89
Sr. No Sr. No
Sr. No. Sr. No.
159 Swaraj Engines 160 Tata Metaliks
BSE Code: 500407 Price (`): 1986.90 Face Value (`): 10 Book Value (`/Cr): 228.13 BSE Code: 513434 Price (`): 884.90 Face Value (`): 10 Book Value (`/Cr): 81.93
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 666.14 525.91 539.70 608.28 479.03 Net Sales 1410.10 928.72 1098.59 1149.82 866.29
EBITDA 88.41 59.79 61.51 81.52 64.33 EBITDA 188.51 97.59 139.41 77.07 -13.91
Interest 0.12 0.04 0.01 0.04 0.15 Interest 37.50 32.96 32.20 25.53 19.41
Net Profit/Loss 68.84 51.20 51.84 67.00 55.40 Net Profit/Loss 116.05 50.61 83.66 38.60 -54.54
Basic EPS (`) 55.42 41.22 41.74 53.95 44.61 Basic EPS (`) 45.89 16.65 33.08 15.27 -21.57
Equity 12.42 12.42 12.42 12.42 12.42 Equity 25.29 25.29 25.29 25.29 25.29
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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Sr. No. Sr. No.

161 Srikalahasthi Pipes
BSE Code: 513605 Price (`): 378.90 Face Value (`): 10 Book Value (`/Cr): 175.91
Last Five Year Standalone Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 1177.87 1145.61 1083.55 989.40 863.89
EBITDA 200.05 239.40 154.45 89.07 29.07
Interest 39.29 42.05 43.69 54.90 60.42
Net Profit/Loss 140.23 158.80 82.98 38.70 -13.10
Basic EPS (`) 35.27 39.94 20.87 9.73 -3.29
Equity 39.76 39.76 39.76 39.76 39.76
162 Asian Star Company
BSE Code: 531847 Price (`): 1449.85 Face Value (`): 10 Book Value (`/Cr): 524.77
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 3493.86 3300.83 3221.26 3250.19 2462.21
EBITDA 110.86 113.28 120.86 120.88 81.50
Interest 27.59 19.77 26.86 25.60 22.10
Net Profit/Loss 66.13 72.55 81.96 77.97 47.77
Basic EPS (`) 41.31 45.33 51.20 48.71 29.84
Equity 16.01 16.01 16.01 16.01 16.01

Sr. No Sr. No
Sr. No. Sr. No.
163 Heidelberg Cement India 164 Triveni Engineering & Industries
BSE Code: 500292 Price (`): 159.1 Face Value (`): 10 Book Value (`/Cr): 42.67 BSE Code: 532356 Price (`): 62.85 Face Value (`): 1 Book Value (`/Cr): 32.39
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1717.46 1655.31 2044.28 1208.91 1103.95 Net Sales 2824.55 1915.02 2061.02 3153.36 1859.45
EBITDA 179.71 143.68 184.61 12.96 45.72 EBITDA 464.33 67.83 -77.30 -54.47 96.11
Interest 89.77 108.79 138.93 105.64 10.53 Interest 126.55 114.91 122.08 185.23 122.77
Net Profit/Loss 76.21 38.65 59.53 -40.73 30.84 Net Profit/Loss 252.96 -9.80 -152.06 -176.33 -52.29
Basic EPS (`) 3.36 1.71 2.63 -1.80 1.36 Basic EPS (`) 9.81 -0.38 -5.90 -6.84 -2.03
Equity 226.62 226.62 226.62 226.62 226.62 Equity 25.79 25.79 25.79 25.79 25.79

Sr. No. Sr. No.

165 Thirumalai Chemicals
BSE Code: 500412 Price (`): 2044.00 Face Value (`): 10 Book Value (`/Cr): 289.02
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1032.76 944.17 1072.26 NULL NULL
EBITDA 121.80 72.70 19.75 NULL NULL
Interest 16.73 23.05 34.71 NULL NULL
Net Profit/Loss 70.54 32.15 -13.72 NULL NULL
Basic EPS (`) 68.90 31.40 -13.40 NULL NULL
Equity 10.24 10.24 10.24 NULL NULL
166 Surya Roshni
BSE Code: 500336 Price (`): 394.35 Face Value (`): 10 Book Value (`/Cr): 142.96
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 3145.46 2964.16 NULL NULL 3543.90
EBITDA 173.91 181.37 NULL NULL 225.07
Interest 87.74 96.43 NULL NULL 144.72
Net Profit/Loss 71.63 67.26 NULL NULL 73.46
Basic EPS (`) 16.34 15.35 NULL NULL 16.76
Equity 43.83 43.83 NULL NULL 43.83

Sr. No. Sr. No.

167 Mahindra Lifespace Developers 168 Orient Cement
BSE Code: 532313 Price (`): 505.25 Face Value (`): 10 Book Value (`/Cr): 371.48 BSE Code: 535754 Price (`): 151.25 Face Value (`): 1 Book Value (`/Cr): 48.19
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 762.15 826.16 1086.10 705.26 738.34 Net Sales 1875.14 1509.19 1547.00 1438.45 1501.52
EBITDA 45.71 147.08 410.95 160.19 233.16 EBITDA 56.58 107.02 259.37 158.35 262.59
Interest 20.21 50.90 51.40 50.19 31.24 Interest 135.34 54.36 14.13 14.39 18.70
Net Profit/Loss 102.24 93.09 266.20 100.63 141.37 Net Profit/Loss -32.10 62.24 194.78 101.02 161.67
Basic EPS (`) 24.90 22.69 64.91 24.63 34.61 Basic EPS (`) -1.57 3.04 9.51 4.93 7.89
Equity 41.05 41.03 41.01 40.85 40.84 Equity 20.49 20.49 20.49 20.49 20.49
Sr. No Sr. No
Sr. No. Sr. No.
169 Bodal Chemicals 170 Suven Life Sciences
BSE Code: 524370 Price (`): 157.50 Face Value (`): 2 Book Value (`/Cr): 29.76 BSE Code: 530239 Price (`): 209.45 Face Value (`): 1 Book Value (`/Cr): 52.40
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1236.30 909.96 1045.31 959.52 529.59 Net Sales 543.53 499.52 520.86 NULL NULL
EBITDA 196.90 124.00 161.86 163.53 3.40 EBITDA 107.66 78.31 147.68 NULL NULL
Interest 8.69 12.20 27.28 46.91 40.37 Interest 5.68 5.42 4.71 NULL NULL
Net Profit/Loss 128.58 85.99 91.78 30.16 -23.24 Net Profit/Loss 87.19 66.74 108.75 NULL NULL
Basic EPS (`) 11.79 7.88 8.41 2.76 -2.13 Basic EPS (`) 6.85 5.24 8.54 NULL NULL
Equity 21.82 21.82 21.82 21.82 21.82 Equity 12.73 12.73 12.73 NULL NULL
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

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171 Kirloskar Brothers 172 Amber Enterprises India
BSE Code: 500241 Price (`): 373.00 Face Value (`): 2 Book Value (`/Cr): 113.46 BSE Code: 540902 Price (`): 1277.30 Face Value (`): 10 Book Value (`/Cr): 108.94
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2656.82 2594.36 2727.85 2682.34 2612.48 Net Sales 1554.48 978.07 1081.22 838.31 821.15
EBITDA 35.65 -11.75 95.74 160.95 150.66 EBITDA 88.05 72.21 66.75 46.95 39.68
Interest 44.53 52.26 50.46 51.38 54.51 Interest 54.00 48.16 37.83 28.22 18.75
Net Profit/Loss 3.83 -33.24 41.10 64.07 65.95 Net Profit/Loss 30.09 20.42 25.28 18.91 18.55
Basic EPS (`) 0.48 -4.19 5.18 8.07 8.31 Basic EPS (`) 12.64 9.41 11.65 8.71 10.37
Equity 15.88 15.88 15.88 15.87 15.87 Equity 23.81 21.70 21.70 21.70 17.89

Sr. No Sr. No
Sr. No. Sr. No.
173 NOCIL 174 Thyrocare Technologies
BSE Code: 500730 Price (`): 202.75 Face Value (`): 10 Book Value (`/Cr): 36.17 BSE Code: 539871 Price (`): 695.70 Face Value (`): 10 Book Value (`/Cr): 75.72
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 742.21 715.21 719.00 NULL 488.18 Net Sales 306.81 240.97 182.96 NULL NULL
EBITDA 144.20 124.74 98.77 NULL 11.92 EBITDA 100.32 75.26 59.51 NULL NULL
Interest 2.22 9.34 16.51 NULL 3.75 Interest 0.00 0.00 0.00 NULL NULL
Net Profit/Loss 120.43 78.26 57.10 NULL 42.13 Net Profit/Loss 70.97 51.80 45.22 NULL NULL
Basic EPS (`) 7.36 4.87 3.55 NULL 2.62 Basic EPS (`) 13.21 9.64 8.95 NULL NULL
Equity 163.58 160.79 160.79 NULL 160.79 Equity 53.72 53.72 50.54 NULL NULL

Sr. No. Sr. No.

175 JBM Auto
BSE Code: 532605 Price (`): 495.10 Face Value (`): 5 Book Value (`/Cr): 120.62
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1790.23 1517.76 1556.95 1363.89 1170.96
EBITDA 130.86 131.19 151.17 114.41 99.23
Interest 52.91 52.75 34.92 35.98 43.48
Net Profit/Loss 65.88 52.38 76.41 50.21 32.60
Basic EPS (`) 16.15 12.64 18.53 48.79 31.58
Equity 20.40 20.40 20.40 10.20 10.20
176 Sintex Industries
BSE Code: 502742 Price (`): 23.15 Face Value (`): 1 Book Value (`/Cr): 66.35
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1921.32 7733.53 7006.61 5842.62 5079.44
EBITDA 137.71 992.50 921.88 687.59 535.68
Interest 93.32 281.72 283.49 289.38 146.24
Net Profit/Loss 134.25 628.44 528.81 364.69 323.75
Basic EPS (`) 2.46 14.07 12.40 11.65 10.34
Equity 54.47 44.66 42.44 31.12 31.12

Sr. No. Sr. No.

177 Dollar Industries 178 Advanced Enzyme Technologies
BSE Code: NULL Price (`): 439.90 Face Value (`): 2 Book Value (`/Cr): 33.37 BSE Code: 540025 Price (`): 261.45 Face Value (`): 2 Book Value (`/Cr): 42.33
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 897.30 821.67 724.11 686.50 579.47 Net Sales 331.36 293.76 223.11 239.45 NULL
EBITDA 77.79 52.01 44.56 32.87 32.18 EBITDA 138.47 128.84 81.51 91.15 NULL
Interest 19.67 19.37 20.24 15.63 18.71 Interest 4.17 7.86 9.26 13.19 NULL
Net Profit/Loss 43.47 26.35 19.45 13.72 11.17 Net Profit/Loss 90.65 75.85 50.98 19.74 NULL
Basic EPS (`) 40.09 34.03 25.11 17.71 14.43 Basic EPS (`) 40.60 34.84 23.42 9.07 NULL
Equity 10.84 7.75 7.75 7.75 7.75 Equity 22.33 21.77 21.77 21.77 NULL
Sr. No Sr. No
Sr. No. Sr. No.
179 Accelya Kale Solutions 180 Balaji Amines
BSE Code: 532268 Price (`): 1424.35 Face Value (`): 10 Book Value (`/Cr): 120.93 BSE Code: 530999 Price (`): 675.70 Face Value (`): 2 Book Value (`/Cr): 109.10
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 367.40 340.98 302.82 316.74 303.84 Net Sales 670.48 643.15 618.77 610.13 511.80
EBITDA 130.09 119.51 101.51 124.83 118.84 EBITDA 132.95 107.34 81.68 74.54 67.51
Interest 0.00 0.65 0.49 0.48 0.53 Interest 12.94 22.15 34.88 31.51 25.40
Net Profit/Loss 91.34 83.02 67.40 83.93 84.38 Net Profit/Loss 82.35 57.61 33.20 33.51 31.17
Basic EPS (`) 61.20 55.62 45.15 56.23 56.53 Basic EPS (`) 25.42 17.78 10.25 10.34 9.62
Equity 14.93 14.93 14.93 14.93 14.93 Equity 6.48 6.48 6.48 6.48 6.48
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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Sr. No. Sr. No.

181 Jaiprakash Associates
BSE Code: 532532 Price (`): 20.40 Face Value (`): 2 Book Value (`/Cr): 21.69
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 13759.03 17321.26 19665.81 19834.37 18970.82
EBITDA -250.60 2963.84 4440.23 4667.55 5328.32
Interest 7406.54 7515.35 7228.74 6094.20 4568.84
Net Profit/Loss -8706.08 -3345.00 -1735.10 -824.84 461.79
Basic EPS (`) -35.79 -13.75 -7.13 -3.72 2.08
Equity 486.49 486.49 486.49 443.82 443.82
182 Seshasayee Paper & Boards
BSE Code: 502450 Price (`): 996.20 Face Value (`): 10 Book Value (`/Cr): 456.06
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1135.18 1031.87 1014.44 NULL 833.56
EBITDA 184.31 78.43 60.14 NULL 55.81
Interest 21.59 32.36 37.28 NULL 44.46
Net Profit/Loss 132.89 35.60 16.49 NULL 20.50
Basic EPS (`) 105.36 28.22 13.07 NULL 18.23
Equity 12.61 12.61 12.61 NULL 11.25

Sr. No
Sr. No.
183 Centrum Capital
BSE Code: 501150 Price (`): 72.65 Face Value (`): 1
Last Five Year Consolidated Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 6863.12 3994.73 4468.26 3484.45 2825.91
EBITDA 3.67 58.75 93.81 40.28 16.46
Interest 59.68 27.91 33.19 25.37 28.71
Net Profit/Loss 30.01 26.16 45.61 25.00 14.35
Basic EPS (`) 0.72 0.62 1.10 0.60 20.69
Equity 41.60 41.60 41.60 41.60 6.93
Sr. No
Sr. No.
184 VST Tillers Tractors
Book Value (`/Cr): 11.56 BSE Code: 531266 Price (`): 2477.70 Face Value (`): 10 Book Value (`/Cr): 566.06
(`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 695.12 646.67 551.60 624.22 481.66
EBITDA 86.92 100.32 90.81 115.02 68.81
Interest 2.98 2.56 2.12 1.77 1.28
Net Profit/Loss 71.75 74.13 69.52 82.94 48.57
Basic EPS (`) 83.05 85.81 80.46 96.00 56.22
Equity 8.64 8.64 8.64 8.64 8.64

Sr. No. Sr. No.

185 Mahindra Logistics 186 Eros International Media
BSE Code: 540768 Price (`): 469.65 Face Value (`): 10 Book Value (`/Cr): 49.98 BSE Code: 533261 Price (`): 201.65 Face Value (`): 10 Book Value (`/Cr): 211.9
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2666.59 2063.93 1930.90 1750.70 1532.05 Net Sales 1399.70 1582.68 1421.17 1134.66 1067.95
EBITDA 61.64 44.08 50.94 48.08 33.39 EBITDA 331.17 316.59 341.69 294.73 219.82
Interest 3.49 1.32 0.37 0.06 0.70 Interest 54.52 33.86 38.40 32.74 9.22
Net Profit/Loss 45.59 36.55 39.26 36.61 24.43 Net Profit/Loss 257.45 214.15 247.06 199.69 154.54
Basic EPS (`) 6.56 5.96 6.41 6.02 4.23 Basic EPS (`) 27.43 22.88 26.71 21.71 16.81
Equity 68.00 59.82 59.82 59.06 57.70 Equity 93.85 93.58 92.50 91.97 91.92

Sr. No. Sr. No.

187 Automotive Axles 188 I G Petrochemicals
BSE Code: 505010 Price (`): 1565.40 Face Value (`): 10 Book Value (`/Cr): 248.66 BSE Code: 500199 Price (`): 701.70 Face Value (`): 10 Book Value (`/Cr): 127.42
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1146.84 1085.97 461.14 676.93 642.53 Net Sales 1037.48 952.84 NULL NULL NULL
EBITDA 72.77 55.30 20.00 27.30 25.19 EBITDA 146.68 95.61 NULL NULL NULL
Interest 0.90 5.35 4.08 7.08 8.26 Interest 18.05 22.67 NULL NULL NULL
Net Profit/Loss 48.58 34.77 10.54 18.18 12.70 Net Profit/Loss 101.19 60.19 NULL NULL NULL
Basic EPS (`) 32.15 23.01 6.98 12.03 8.40 Basic EPS (`) 32.86 19.54 NULL NULL NULL
Equity 15.11 15.11 15.11 15.11 15.11 Equity 30.80 30.80 NULL NULL NULL
Sr. No Sr. No
Sr. No. Sr. No.
189 Kewal Kiran Clothing 190 Manpasand Beverages
BSE Code: 532732 Price (`): 1709.25 Face Value (`): 10 Book Value (`/Cr): 290.51 BSE Code: 539207 Price (`): 386.95 Face Value (`): 10 Book Value (`/Cr): 100.78
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 492.38 457.36 NULL NULL NULL Net Sales 701.46 556.71 359.75 294.31 240.24
EBITDA 94.77 99.90 NULL NULL NULL EBITDA 66.02 53.33 43.58 30.80 28.56
Interest 5.27 3.33 NULL NULL NULL Interest 1.18 5.72 10.65 7.71 4.28
Net Profit/Loss 85.27 67.93 NULL NULL NULL Net Profit/Loss 72.64 50.56 29.95 20.50 22.42
Basic EPS (`) 69.19 55.12 NULL NULL NULL Basic EPS (`) 12.70 10.10 7.97 81.97 89.66
Equity 12.33 12.33 NULL NULL NULL Equity 57.22 50.05 37.55 2.50 2.50
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

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191 Lumax Industries 192 TV Today Network
BSE Code: 517206 Price (`): 1847.25 Face Value (`): 10 Book Value (`/Cr): 337.92 BSE Code: 532515 Price (`): 452.65 Face Value (`): 5 Book Value (`/Cr): 95.56
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1299.78 1255.18 NULL NULL NULL Net Sales 608.10 546.01 476.56 389.44 312.67
EBITDA 59.38 50.65 NULL NULL NULL EBITDA 130.63 115.76 101.65 85.08 13.55
Interest 11.41 13.44 NULL NULL NULL Interest 8.41 0.19 1.48 3.59 3.34
Net Profit/Loss 55.22 52.03 NULL NULL NULL Net Profit/Loss 100.87 94.31 81.03 61.32 12.21
Basic EPS (`) 59.07 55.66 NULL NULL NULL Basic EPS (`) 16.91 15.81 13.59 10.31 2.05
Equity 9.35 9.35 NULL NULL NULL Equity 29.83 29.83 29.82 29.74 29.73

Sr. No Sr. No
Sr. No. Sr. No.
193 Bliss GVS Pharma 194 Kolte-Patil Developers
BSE Code: 506197 Price (`): 206.7 Face Value (`): 1 Book Value (`/Cr): 53.14 BSE Code: 532924 Price (`): 367.35 Face Value (`): 10 Book Value (`/Cr): 149.18
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 799.74 546.89 407.13 346.87 396.63 Net Sales 965.61 685.38 696.64 764.22 727.48
EBITDA 173.52 142.04 92.14 62.76 105.35 EBITDA 225.16 172.61 194.31 213.74 186.19
Interest 19.92 18.20 16.41 17.98 9.94 Interest 86.04 59.13 43.96 45.67 36.35
Net Profit/Loss 85.61 82.48 59.91 40.99 57.72 Net Profit/Loss 87.18 59.08 65.32 92.04 107.44
Basic EPS (`) 8.30 8.00 5.81 3.97 5.60 Basic EPS (`) 11.51 7.80 8.62 12.15 14.18
Equity 10.31 10.31 10.31 10.31 10.31 Equity 75.77 75.77 75.77 75.77 75.77

Sr. No. Sr. No.

195 Kirloskar Industries 196 Ingersoll-Rand (India)
BSE Code: 500243 Price (`): 1340.80 Face Value (`): 10 Book Value (`/Cr): 1202.19 BSE Code: 500210 Price (`): 770.05 Face Value (`): 10 Book Value (`/Cr): 336.28
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1137.24 1118.68 1368.48 1238.96 NULL Net Sales 633.65 658.83 655.53 578.72 581.37
EBITDA 122.64 103.29 93.78 66.36 NULL EBITDA 56.40 31.36 32.98 37.19 44.37
Interest 13.66 23.83 29.80 14.30 NULL Interest 0.79 0.43 2.08 1.19 1.09
Net Profit/Loss 75.40 72.29 61.65 58.33 NULL Net Profit/Loss 77.27 62.25 66.15 66.96 77.94
Basic EPS (`) 77.67 74.46 63.50 60.08 NULL Basic EPS (`) 24.48 19.72 20.95 21.21 24.69
Equity 9.71 9.71 9.71 9.71 NULL Equity 31.57 31.57 31.57 31.57 31.57

Sr. No. Sr. No.

197 Just Dial 198 Orient Refractories
BSE Code: 535648 Price (`): 512.15 Face Value (`): 10 Book Value (`/Cr): 134.08 BSE Code: 534076 Price (`): 169.20 Face Value (`): 1 Book Value (`/Cr): 22.75
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 718.61 690.83 589.80 461.29 NULL Net Sales 519.39 458.88 451.36 403.50 359.85
EBITDA 69.47 139.49 141.56 124.91 NULL EBITDA 96.61 79.28 74.35 75.56 63.16
Interest 0.00 0.00 0.00 0.00 NULL Interest 0.00 0.00 0.04 0.07 1.94
Net Profit/Loss 121.36 141.85 138.84 120.61 NULL Net Profit/Loss 68.62 55.82 52.84 52.85 41.39
Basic EPS (`) 17.45 20.42 19.70 17.19 NULL Basic EPS (`) 5.71 4.65 4.40 4.40 3.45
Equity 69.54 69.47 70.49 70.15 NULL Equity 12.01 12.01 12.01 12.01 12.01
Sr. No Sr. No
Sr. No. Sr. No.
199 BLS International Services 200 Hindustan Construction Company
BSE Code: 540073 Price (`): 209.30 Face Value (`): 1 Book Value (`/Cr): 16.07 BSE Code: 500185 Price (`): 39.55 Face Value (`): 1 Book Value (`/Cr): -5.72
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 634.96 504.96 450.02 385.58 NULL Net Sales 9866.78 8768.08 10352.95 9668.25 8509.98
EBITDA 56.41 31.21 25.28 21.05 NULL EBITDA 555.52 875.41 912.51 544.43 138.92
Interest 5.50 0.34 1.74 0.66 NULL Interest 1542.87 1354.74 1279.55 1091.42 900.28
Net Profit/Loss 49.96 30.91 23.58 20.46 NULL Net Profit/Loss -982.60 -318.14 -159.45 -277.40 -482.46
Basic EPS (`) 48.76 30.17 23.02 19.97 NULL Basic EPS (`) -9.72 -4.08 -2.47 -4.57 -7.95
Equity 10.25 10.25 10.25 10.25 NULL Equity 101.07 77.91 64.58 60.66 60.66
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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201 Federal-Mogul Goetze (India)
BSE Code: 505744 Price (`): 541.70 Face Value (`): 10 Book Value (`/Cr): 119.85
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1326.62 1328.02 1579.87 NULL NULL
EBITDA 130.91 97.22 93.88 NULL NULL
Interest 16.12 26.39 33.41 NULL NULL
Net Profit/Loss 75.63 47.60 39.51 NULL NULL
Basic EPS (`) 13.59 8.56 7.10 NULL NULL
Equity 55.63 55.63 55.63 NULL NULL
202 Kitex Garments
BSE Code: 521248 Price (`): 284.55 Face Value (`): 1 Book Value (`/Cr): 66.84
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 545.90 545.82 511.10 NULL NULL
EBITDA 149.97 165.00 147.41 NULL NULL
Interest 9.27 13.76 19.16 NULL NULL
Net Profit/Loss 83.78 109.69 98.52 NULL NULL
Basic EPS (`) 17.64 23.09 20.74 NULL NULL
Equity 4.75 4.75 4.75 NULL NULL

Sr. No
Sr. No.
203 INEOS Styrolution India
BSE Code: 506222 Price (`): 983.85 Face Value (`): 10
Last Five Year Standalone Financial Results
Particulars 2017 2016 2015 2014 2013
Net Sales 1482.35 1597.02 1463.29 1114.50 989.33
EBITDA 102.33 65.72 59.68 67.10 81.95
Interest 6.11 9.81 12.65 0.46 0.00
Net Profit/Loss 69.28 62.77 35.02 50.50 63.13
Basic EPS (`) 39.40 35.69 19.92 28.72 35.90
Equity 17.59 17.59 17.59 17.59 17.59
Sr. No
Sr. No.
204 Greenlam Industries
Book Value (`/Cr): 333.82 BSE Code: 538979 Price (`): 1220.00 Face Value (`): 5 Book Value (`/Cr): 120.48
(`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1075.93 1029.74 925.62 0.00 NULL
EBITDA 100.98 91.81 56.76 -0.01 NULL
Interest 28.40 32.25 30.19 0.00 NULL
Net Profit/Loss 49.80 37.70 19.33 -0.01 NULL
Basic EPS (`) 20.63 15.62 8.01 -0.80 NULL
Equity 12.07 12.07 12.07 0.05 NULL

Sr. No. Sr. No.

205 Oriental Bank of Commerce 206 Sona Koyo Steering Systems
BSE Code: 500315 Price (`): 114.05 Face Value (`): 10 Book Value (`/Cr): 366.09 BSE Code: 520057 Price (`): 105.80 Face Value (`): 1 Book Value (`/Cr): 25.58
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 18422.33 20058.71 19961.38 19017.48 17704.78 Net Sales 1583.19 1518.30 1552.97 1492.31 1460.02
EBITDA 28430.28 31284.08 31860.04 29990.97 28043.22 EBITDA 100.30 95.21 111.98 110.57 106.05
Interest 13512.83 14684.14 14877.18 13890.38 13003.62 Interest 28.54 31.73 31.14 39.23 41.09
Net Profit/Loss -1094.07 156.08 497.08 1139.41 1327.95 Net Profit/Loss 36.49 37.05 37.90 67.76 38.09
Basic EPS (`) -31.60 4.86 16.58 38.00 45.51 Basic EPS (`) 1.84 1.86 1.91 3.41 1.92
Equity 346.17 321.40 299.85 299.85 291.76 Equity 19.87 19.87 19.87 19.87 19.87

Sr. No. Sr. No.

207 Sarda Energy & Minerals 208 Igarashi Motors India
BSE Code: 504614 Price (`): 539.65 Face Value (`): 10 Book Value (`/Cr): 399.65 BSE Code: 517380 Price (`): 829.70 Face Value (`): 10 Book Value (`/Cr): 121.00
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1434.23 1485.91 1759.88 1591.38 1405.22 Net Sales 507.89 444.98 385.08 361.23 290.78
EBITDA 148.38 120.92 284.36 230.71 220.73 EBITDA 98.41 88.06 60.25 51.55 39.00
Interest 93.77 108.69 120.36 122.52 68.88 Interest 1.77 5.01 5.74 11.08 12.04
Net Profit/Loss 131.88 15.38 54.91 91.03 161.52 Net Profit/Loss 73.77 63.64 48.95 46.14 21.36
Basic EPS (`) 36.60 4.27 15.27 25.39 45.05 Basic EPS (`) 24.10 20.79 15.99 15.16 10.46
Equity 36.03 35.98 35.95 35.85 35.85 Equity 30.61 30.61 30.61 30.45 20.42
Sr. No Sr. No
Sr. No. Sr. No.
209 IFCI 210 La Opala RG
BSE Code: 500106 Price (`): 28.20 Face Value (`): 10 Book Value (`/Cr): 38.83 BSE Code: 526947 Price (`): 627.60 Face Value (`): 2 Book Value (`/Cr): 49.30
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 2739.73 3818.59 3251.21 2884.51 2705.85 Net Sales 263.05 249.30 223.33 177.86 153.92
EBITDA 1375.79 2772.15 2723.53 2259.69 2425.28 EBITDA 74.83 77.59 55.74 42.96 35.63
Interest 2289.32 2516.72 2102.29 1665.99 1814.61 Interest 0.80 1.11 0.84 3.28 4.19
Net Profit/Loss -458.49 337.45 521.60 508.10 450.87 Net Profit/Loss 54.95 58.71 41.74 29.95 22.88
Basic EPS (`) -2.76 2.03 3.14 3.06 2.71 Basic EPS (`) 9.90 10.58 7.52 28.27 21.59
Equity 1662.04 1661.59 1661.53 1661.12 1662.04 Equity 11.10 11.10 11.10 10.60 10.60
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

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211 Ahluwalia Contracts (India) 212 Hindustan Media Ventures
BSE Code: 532811 Price (`): 353.85 Face Value (`): 2 Book Value (`/Cr): 75.82 BSE Code: 533217 Price (`): 251.90 Face Value (`): 10 Book Value (`/Cr): 158.97
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1426.52 1249.58 1059.92 960.60 1430.87 Net Sales 933.27 917.72 NULL NULL NULL
EBITDA 148.88 140.76 93.56 23.05 -72.22 EBITDA 185.34 239.69 NULL NULL NULL
Interest 26.74 35.20 38.60 38.64 37.08 Interest 16.14 11.33 NULL NULL NULL
Net Profit/Loss 85.99 84.40 64.02 21.74 -71.31 Net Profit/Loss 189.52 178.74 NULL NULL NULL
Basic EPS (`) 12.84 12.60 9.56 3.46 -11.36 Basic EPS (`) 25.82 24.35 NULL NULL NULL
Equity 13.40 13.40 13.40 12.55 12.55 Equity 73.39 73.39 NULL NULL NULL

Sr. No Sr. No
Sr. No. Sr. No.
213 Jammu & Kashmir Bank 214 Jaiprakash Power Ventures
BSE Code: 532209 Price (`): 72.55 Face Value (`): 1 Book Value (`/Cr): 101.94 BSE Code: 532627 Price (`): 6.90 Face Value (`): 10 Book Value (`/Cr): 16.27
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 6685.80 6843.57 7061.13 6767.00 6136.80 Net Sales 4657.47 4114.38 4139.60 2874.39 2458.63
EBITDA 9142.38 9421.41 10053.79 9668.27 8965.31 EBITDA 915.06 1916.96 2260.96 1535.77 1581.95
Interest 4173.01 4132.20 4408.59 4081.89 3820.07 Interest 2749.64 2498.87 2189.11 1523.76 1212.58
Net Profit/Loss -1632.99 413.84 508.48 1181.08 1054.89 Net Profit/Loss -1294.69 -290.95 151.09 32.86 351.21
Basic EPS (`) -31.32 8.54 10.49 243.63 217.60 Basic EPS (`) -2.16 -0.99 0.51 0.11 1.20
Equity 52.15 48.49 48.49 48.49 48.49 Equity 5996.00 2938.00 2938.00 2938.00 2938.00

Sr. No. Sr. No.

215 Housing Development & Infrastructure 216 Sanwaria Consumer
BSE Code: 532873 Price (`): 56.60 Face Value (`): 10 Book Value (`/Cr): 264.59 BSE Code: 519260 Price (`): 24.25 Face Value (`): 1 Book Value (`/Cr): 4.48
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 723.77 1169.45 1022.48 872.27 1025.24 Net Sales 3512.44 2695.25 2644.67 2458.64 1968.66
EBITDA 605.41 779.38 790.60 814.98 1188.38 EBITDA 103.31 98.96 67.58 67.74 51.54
Interest 428.24 512.28 553.44 707.29 692.30 Interest 66.91 71.01 53.01 50.50 44.72
Net Profit/Loss 178.99 268.27 218.65 177.57 73.32 Net Profit/Loss 43.97 15.68 25.04 24.07 20.54
Basic EPS (`) 4.12 6.40 5.22 4.24 1.75 Basic EPS (`) 1.19 0.45 0.71 0.69 0.59
Equity 434.00 419.00 419.00 419.00 419.00 Equity 36.81 34.81 34.81 34.81 34.81

Sr. No. Sr. No.

217 LG Balakrishnan & Bros 218 Kiri Industries
BSE Code: 500250 Price (`): 975.50 Face Value (`): 10 Book Value (`/Cr): 317.45 BSE Code: 532967 Price (`): 562.60 Face Value (`): 10 Book Value (`/Cr): 301.06
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1282.70 1205.30 1172.98 1108.56 956.19 Net Sales 1123.15 1028.58 930.79 691.22 559.17
EBITDA 105.22 91.75 102.27 93.35 59.45 EBITDA 127.90 85.41 73.29 36.37 -10.45
Interest 15.53 17.89 17.70 17.90 22.94 Interest 8.82 73.48 86.31 80.22 77.54
Net Profit/Loss 66.48 63.50 71.21 61.91 32.73 Net Profit/Loss 266.35 195.71 181.52 9.91 -198.60
Basic EPS (`) 42.35 40.45 45.37 78.89 41.70 Basic EPS (`) 95.65 73.71 79.88 5.22 -104.53
Equity 15.70 15.70 15.70 7.85 7.85 Equity 27.84 26.55 22.73 19.00 19.00
Sr. No Sr. No
Sr. No. Sr. No.
219 Standalone Chand & Company 220 Jayant Agro Organics
BSE Code: 540497 Price (`): 463.85 Face Value (`): 5 Book Value (`/Cr): 192.54 BSE Code: 524330 Price (`): 387.90 Face Value (`): 5 Book Value (`/Cr): 98.75
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 684.15 537.60 NULL NULL NULL Net Sales 1662.54 1375.47 1580.72 1537.81 1621.00
EBITDA 142.70 99.12 NULL NULL NULL EBITDA 112.75 61.44 46.13 63.54 81.12
Interest 35.57 30.58 NULL NULL NULL Interest 31.94 28.07 42.18 34.56 35.82
Net Profit/Loss 58.21 46.57 NULL NULL NULL Net Profit/Loss 53.57 25.25 10.52 40.59 36.22
Basic EPS (`) 19.50 2309.56 NULL NULL NULL Basic EPS (`) 35.71 16.83 7.01 27.06 24.15
Equity 14.92 0.20 NULL NULL NULL Equity 7.50 7.50 7.50 7.50 7.50
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
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Sr. No. Sr. No.

221 Garware-Wall Ropes
BSE Code: 509557 Price (`): 983.00 Face Value (`): 10 Book Value (`/Cr): 205.64
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 865.28 824.82 782.23 684.57 599.37
EBITDA 118.05 89.53 67.03 51.23 42.17
Interest 6.42 8.73 10.25 16.12 14.48
Net Profit/Loss 83.33 61.90 43.12 26.76 24.72
Basic EPS (`) 38.08 28.29 19.71 12.18 10.43
Equity 21.88 21.88 21.88 21.97 23.71
222 Gateway Distriparks
BSE Code: 532622 Price (`): 227.20 Face Value (`): 10 Book Value (`/Cr): 94.39
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 393.40 1050.85 1111.32 1012.79 954.07
EBITDA 64.58 168.16 237.79 177.02 174.24
Interest 5.31 18.42 24.01 27.90 16.38
Net Profit/Loss 74.36 109.63 187.77 135.83 126.69
Basic EPS (`) 6.84 10.08 17.27 12.51 11.68
Equity 108.73 108.73 108.73 108.61 108.50

Sr. No Sr. No
Sr. No. Sr. No.
223 Novartis India 224 Rolta India
BSE Code: 500672 Price (`): 637.7 Face Value (`): 5 Book Value (`/Cr): 326.80 BSE Code: 500366 Price (`): 66.20 Face Value (`): 10 Book Value (`/Cr): 156.81
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 656.22 808.32 873.38 862.23 903.36 Net Sales 3179.88 3799.59 3679.46 2501.72 2178.78
EBITDA 22.30 19.75 -7.87 -4.95 86.45 EBITDA 696.90 590.35 654.62 442.13 501.39
Interest 0.72 0.18 0.21 0.27 0.22 Interest 562.08 476.74 401.34 247.94 221.76
Net Profit/Loss 57.22 198.61 79.11 98.53 119.73 Net Profit/Loss 166.74 189.11 245.17 283.69 -839.19
Basic EPS (`) 20.33 62.14 24.75 30.83 37.46 Basic EPS (`) 10.15 11.62 15.20 17.58 -52.02
Equity 14.07 15.98 15.98 15.98 15.98 Equity 164.27 162.70 161.33 161.33 161.33

Sr. No. Sr. No.

225 Jindal Worldwide 226 Hikal
BSE Code: 531543 Price (`): 658.00 Face Value (`): 5 Book Value (`/Cr): 69.57 BSE Code: 524735 Price (`): 218.00 Face Value (`): 2 Book Value (`/Cr): 65.31
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1157.85 1009.06 840.09 782.43 605.97 Net Sales 1013.94 925.65 871.85 829.21 660.42
EBITDA 84.29 92.87 55.61 46.81 38.69 EBITDA 130.65 113.56 118.22 150.01 135.09
Interest 30.85 42.79 26.70 23.22 22.05 Interest 49.85 62.21 60.05 68.01 59.89
Net Profit/Loss 66.56 40.27 26.64 25.06 13.53 Net Profit/Loss 63.88 41.20 40.41 63.90 25.25
Basic EPS (`) 33.19 20.08 13.28 12.50 6.75 Basic EPS (`) 7.77 5.01 4.92 38.87 15.36
Equity 20.05 20.05 20.05 20.05 20.05 Equity 16.44 16.44 16.44 16.44 16.44

Sr. No. Sr. No.

227 Vindhya Telelinks 228 Infinite Computer Solutions (India)
BSE Code: 517015 Price (`): 1136.55 Face Value (`): 10 Book Value (`/Cr): 484.85 BSE Code: 533154 Price (`): 398.05 Face Value (`): 10 Book Value (`/Cr): 252.77
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1033.45 1016.12 684.83 458.83 353.50 Net Sales 2366.28 2108.30 1737.43 1732.74 1390.61
EBITDA 115.16 157.89 91.48 45.44 17.48 EBITDA 154.23 143.48 138.53 110.31 157.72
Interest 36.70 53.52 34.53 20.29 17.51 Interest 1.06 1.20 1.21 1.95 2.75
Net Profit/Loss 86.80 94.90 74.57 34.82 21.18 Net Profit/Loss 120.88 120.84 112.88 89.80 130.74
Basic EPS (`) 73.24 80.08 62.92 29.39 17.87 Basic EPS (`) 36.58 31.22 28.11 22.20 30.72
Equity 11.84 11.84 11.84 11.84 11.84 Equity 33.05 38.71 40.16 40.44 42.56
Sr. No Sr. No
Sr. No. Sr. No.
229 Mas Financial Services 230 Kalyani Steels
BSE Code: 540749 Price (`): 636.55 Face Value (`): 10 Book Value (`/Cr): 53.32 BSE Code: 500235 Price (`): 352.40 Face Value (`): 5 Book Value (`/Cr): 170.58
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 340.63 287.78 225.68 176.93 137.94 Net Sales 1422.30 1180.49 NULL NULL NULL
EBITDA 253.50 209.53 163.47 122.48 93.48 EBITDA 234.24 183.23 NULL NULL NULL
Interest 151.26 134.04 105.54 75.42 54.66 Interest 9.65 12.08 NULL NULL NULL
Net Profit/Loss 67.42 50.01 38.82 31.68 26.84 Net Profit/Loss 155.61 113.46 NULL NULL NULL
Basic EPS (`) 14.93 27.82 24.05 16.35 19.55 Basic EPS (`) 35.65 25.99 NULL NULL NULL
Equity 42.96 16.00 16.00 16.00 10.00 Equity 21.86 21.86 NULL NULL NULL
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

52 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

 Personal Copy of MANAGEMENT & ALLIED SERVICES 250
SUPER
MID-CAPS
Sr. No. Sr. No.
231 HIL 232 Sharda Motor Industries
BSE Code: 509675 Price (`): 1748.65 Face Value (`): 10 Book Value (`/Cr): 671.87 BSE Code: 535602 Price (`): 2335.60 Face Value (`): 10 Book Value (`/Cr): 507.92
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1053.59 1096.28 1107.79 869.47 1036.51 Net Sales 1049.25 927.32 NULL NULL NULL
EBITDA 61.21 59.76 83.43 15.67 94.09 EBITDA 82.89 52.09 NULL NULL NULL
Interest 5.18 9.17 5.77 10.23 10.61 Interest 7.27 12.13 NULL NULL NULL
Net Profit/Loss 54.56 39.66 66.86 7.13 60.64 Net Profit/Loss 59.69 35.31 NULL NULL NULL
Basic EPS (`) 73.12 53.15 89.59 9.56 81.25 Basic EPS (`) 100.38 59.38 NULL NULL NULL
Equity 7.49 7.49 7.49 7.49 7.49 Equity 5.95 5.95 NULL NULL NULL

Sr. No Sr. No
Sr. No. Sr. No.
233 Steel Strips Wheels 234 Munjal Showa
BSE Code: 513262 Price (`): 1050.2 Face Value (`): 10 Book Value (`/Cr): 348.01 BSE Code: 520043 Price (`): 256.50 Face Value (`): 2 Book Value (`/Cr): 127.38
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1331.66 1181.89 1152.82 1063.83 969.93 Net Sales 1459.66 1501.84 1642.97 1597.97 1581.43
EBITDA 116.29 103.23 69.44 46.88 45.33 EBITDA 65.56 82.78 97.93 76.81 77.75
Interest 41.71 43.04 41.35 40.79 29.70 Interest 0.05 0.12 0.45 2.70 7.17
Net Profit/Loss 71.04 61.18 39.40 24.33 25.04 Net Profit/Loss 56.55 61.15 75.63 69.70 60.68
Basic EPS (`) 45.73 40.09 25.82 16.00 16.47 Basic EPS (`) 14.14 15.29 18.91 17.43 15.17
Equity 15.53 15.26 15.26 15.21 15.21 Equity 8.00 8.00 8.00 8.00 8.00

Sr. No. Sr. No.

235 Gayatri Projects
BSE Code: 532767 Price (`): 211.10 Face Value (`): 2 Book Value (`/Cr): 28.85
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 2115.35 1620.41 1500.77 1594.02 1971.34
EBITDA 279.86 257.07 221.96 219.77 293.42
Interest 256.94 285.18 265.28 268.62 270.45
Net Profit/Loss -0.30 1.23 -31.69 -64.97 9.55
Basic EPS (`) -0.01 0.34 -10.49 -21.49 3.16
Equity 35.45 35.45 30.23 30.23 30.23
236 Future Enterprises
BSE Code: 523574 Price (`): 42.70 Face Value (`): 2 Book Value (`/Cr): 77.05
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 4485.45 9318.85 11057.24 13897.25 20186.36
EBITDA 350.92 448.47 582.95 491.76 1610.45
Interest 521.80 499.65 679.18 725.95 1647.12
Net Profit/Loss 35.00 27.69 152.98 80.30 275.67
Basic EPS (`) 0.74 0.64 3.69 3.47 11.90
Equity 94.59 85.57 82.84 46.32 46.32

Sr. No. Sr. No.

237 Tejas Networks 238 Kaveri Seed Company
BSE Code: 540595 Price (`): 397.10 Face Value (`): 10 Book Value (`/Cr): 57.29 BSE Code: 532899 Price (`): 507.55 Face Value (`): 2 Book Value (`/Cr): 153.27
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 878.19 627.45 NULL NULL NULL Net Sales 704.99 892.78 1161.23 1011.11 712.03
EBITDA 117.81 74.33 NULL NULL NULL EBITDA 109.31 161.22 294.76 204.82 127.09
Interest 31.52 49.32 NULL NULL NULL Interest 0.24 0.24 0.17 0.24 1.51
Net Profit/Loss 63.22 28.53 NULL NULL NULL Net Profit/Loss 77.83 172.68 300.96 208.96 128.07
Basic EPS (`) 0.85 0.42 NULL NULL NULL Basic EPS (`) 11.27 25.01 43.68 30.40 93.47
Equity 74.01 66.52 NULL NULL NULL Equity 13.81 13.81 13.78 13.75 13.70
Sr. No Sr. No
Sr. No. Sr. No.
239 GOCL Corporation 240 Central Depository Services (India)
BSE Code: 506480 Price (`): 598.40 Face Value (`): 2 Book Value (`/Cr): 76.82 BSE Code: NULL Price (`): 332.90 Face Value (`): 10 Book Value (`/Cr): 52.52
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 495.65 484.15 390.09 1300.54 1264.79 Net Sales 146.00 122.85 105.42 NULL NULL
EBITDA 24.91 21.11 25.34 93.71 66.31 EBITDA 75.72 59.37 39.17 NULL NULL
Interest 62.78 64.38 63.17 100.52 62.67 Interest 0.00 0.00 0.00 NULL NULL
Net Profit/Loss 32.91 26.94 41.61 67.72 50.20 Net Profit/Loss 85.78 74.14 43.66 NULL NULL
Basic EPS (`) 6.64 5.43 8.39 6.83 5.06 Basic EPS (`) 8.21 7.09 4.18 NULL NULL
Equity 9.91 9.91 9.91 19.83 19.83 Equity 104.50 104.50 104.50 NULL NULL
Note: Book value is in rupees per share Share price data is of Feb 1, 2018
DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 53
Financial Snapshot Personal Copy of MANAGEMENT & ALLIED SERVICES

Sr. No. Sr. No.

241 Praj Industries 242 Orient Paper & Industries
BSE Code: 522205 Price (`): 104.20 Face Value (`): 2 Book Value (`/Cr): 37.91 BSE Code: 502420 Price (`): 47.95 Face Value (`): 1 Book Value (`/Cr): 23.91
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 914.99 1015.80 1011.85 NULL 919.07 Net Sales 1875.19 1820.36 1668.85 1576.63 1269.52
EBITDA 46.56 76.43 54.83 NULL 63.41 EBITDA 86.52 55.15 -18.51 -0.93 -43.80
Interest 1.31 1.31 2.47 NULL 2.31 Interest 44.32 51.19 43.78 37.12 19.19
Net Profit/Loss 44.60 69.45 76.27 NULL 68.03 Net Profit/Loss 50.59 21.02 -28.65 4.24 -32.23
Basic EPS (`) 2.49 3.90 4.30 NULL 3.83 Basic EPS (`) 2.38 1.03 -1.40 0.20 -1.57
Equity 35.89 35.59 35.49 NULL 35.49 Equity 21.22 20.49 20.49 20.49 20.49

Sr. No Sr. No
Sr. No. Sr. No.
243 GVK Power & Infrastructure 244 Dena Bank
BSE Code: 532708 Price (`): 21.55 Face Value (`): 1 Book Value (`/Cr): 7.02 BSE Code: 532121 Price (`): 24.85 Face Value (`): 10 Book Value (`/Cr): 63.99
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 3516.47 4164.47 3049.65 2820.93 2607.65 Net Sales 10181.67 10645.73 10763.49 9978.48 8899.39
EBITDA 487.65 784.86 112.17 568.25 332.07 EBITDA 15685.44 16546.48 17240.18 15804.10 14115.98
Interest 1890.37 2291.25 1473.62 964.52 746.09 Interest 7773.31 8168.99 8315.62 7473.40 6516.29
Net Profit/Loss -1302.28 -934.18 -834.68 -368.67 -335.97 Net Profit/Loss -863.62 -935.32 265.48 551.66 810.38
Basic EPS (`) -8.25 -5.92 -5.29 -2.33 -2.13 Basic EPS (`) -10.97 -14.02 4.73 10.26 23.15
Equity 157.92 157.92 157.92 157.92 157.92 Equity 787.15 666.93 561.15 537.82 350.06

Sr. No. Sr. No.

245 Hawkins Cookers
BSE Code: 508486 Price (`): 3058.10 Face Value (`): 10 Book Value (`/Cr): 201.74
Last Five Year Standalone Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 578.61 544.35 514.50 457.08 424.72
EBITDA 68.00 64.46 47.19 56.04 48.29
Interest 4.28 3.45 3.70 3.51 3.01
Net Profit/Loss 45.61 40.34 32.12 38.28 34.10
Basic EPS (`) 86.25 76.28 60.74 72.40 64.49
Equity 5.29 5.29 5.29 5.29 5.29
246 Vaibhav Global
BSE Code: 532156 Price (`): 717.20 Face Value (`): 10 Book Value (`/Cr): 128.7
Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013
Net Sales 1440.09 1275.85 1375.52 1298.27 892.89
EBITDA 60.14 33.90 122.07 134.74 56.58
Interest 6.41 6.82 7.33 14.50 14.46
Net Profit/Loss 57.73 39.82 103.16 152.53 -85.61
Basic EPS (`) 17.74 12.25 31.86 47.41 -26.70
Equity 32.53 32.50 32.38 32.18 32.06

Sr. No. Sr. No.

247 Geojit Financial Services 248 MEP Infrastructure Developers
BSE Code: 532285 Price (`): 98.65 Face Value (`): 1 Book Value (`/Cr): 23.82 BSE Code: 539126 Price (`): 86.05 Face Value (`): 10 Book Value (`/Cr): -0.48
Last Five Year Consolidated Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 273.72 245.95 304.67 NULL 238.34 Net Sales 1729.07 2006.80 1984.26 1197.91 1280.10
EBITDA 60.02 36.99 98.96 NULL 46.41 EBITDA 420.78 384.22 240.17 181.21 265.25
Interest 0.61 0.84 1.12 NULL 3.28 Interest 493.09 383.23 403.61 379.71 376.50
Net Profit/Loss 56.02 37.61 77.36 NULL 81.80 Net Profit/Loss 108.93 26.33 -115.33 -129.18 41.20
Basic EPS (`) 2.38 1.60 3.34 NULL 3.58 Basic EPS (`) 6.70 1.62 -10.34 -12.92 4.12
Equity 23.55 23.49 23.14 NULL 22.84 Equity 162.57 162.57 111.49 100.00 100.00
Sr. No Sr. No
Sr. No. Sr. No.
249 Kirloskar Ferrous Industries 250 McLeod Russel (India)
BSE Code: 500245 Price (`): 99.00 Face Value (`): 5 Book Value (`/Cr): 42.43 BSE Code: 532654 Price (`): 172.10 Face Value (`): 5 Book Value (`/Cr): 150.68
Last Five Year Standalone Financial Results (`/Cr) Last Five Year Consolidated Financial Results (`/Cr)
Particulars 2017 2016 2015 2014 2013 Particulars 2017 2016 2015 2014 2013
Net Sales 1133.71 1113.93 1365.09 1232.16 1198.11 Net Sales 1870.82 1926.32 1645.95 1788.76 1668.55
EBITDA 129.56 106.81 98.53 69.22 75.11 EBITDA 6.91 84.42 52.47 314.90 342.02
Interest 13.66 23.83 29.80 14.30 15.18 Interest 135.90 109.81 71.90 59.80 51.05
Net Profit/Loss 90.57 57.73 49.28 39.84 39.09 Net Profit/Loss 58.57 37.30 31.17 257.15 273.93
Basic EPS (`) 6.60 4.20 3.59 2.90 2.85 Basic EPS (`) 7.11 3.41 2.85 23.49 25.03
Equity 68.65 68.65 68.65 68.65 68.65 Equity 41.19 54.73 54.73 54.73 54.73
Note: Book value is in rupees per share Share price data is of Feb 1, 2018

54 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

Communication Feature
Italian Wood coatings brand SIRCA SPA, partners with
SIRCA India to set up manufacturing facility in India
Sanjay Agarwal
CMD, Sirca Paints India Ltd
Delhi-based Sirca Paints India Ltd is gearing up for putting up a
manufacturing facility in India. Sirca Paints India, engaged in
importing, trading and repacking of polyurethane coatings,
water-based coatings, melamine and NC products, wood care
products, wood fillers, abrasives, buffing compounds and
thinners, is all set to take things to a higher level.
In the year ahead, the major objectives of the company include
strengthening an effective brand name for Sirca, launch an IPO
and establish a new manufacturing facility.
Sanjay Aggarwal, Managing Director, Sirca Paints India Ltd,
DSIJ.in
Sirca Paints India Ltd
Personal Copy of MANAGEMENT & ALLIED SERVICES
says, “With rapid changes in lifestyle among discerning Indian
consumers, a high global growth rate in the paint and coating
industry is anticipated. Wood coatings and paints are an
indispensable part of today’s way of life owing to both
protective and decorative attributes. This makes manufacturing
of fast running products all the more imperative. Not only will
that help us reap the benefit of economies of scale, but also
offer international quality products at better prices.”
Sirca Paints India Ltd had recently entered into manufacturing
and technical knowhow agreement with Sirca Spa (Italy) as a
5.22% shareholder in Sirca Paints India Ltd., wherein it gets
exclusive rights to sell in Sri Lanka,
Bangladesh and Nepal in addition to India.
The company aims to expand its product
range in near future through its new
proposed manufacturing facility. With the
production capacity of more than 100 lacs
litres/kgs per annum, Sirca Paints India aims
to double its sales by the end of financial year
2020-2021. The company has already
identified the distributors in Nepal and Sri
Lanka, and with the manufacturing facility
getting operational by the end of March
2019, there will be boost in the sales of Sirca
India Limited
The company has successfully positioned
Sirca as a dependable quality brand in the
wood coatings industry amongst its
audience and enjoys a significant client base
of leading OEMs with strong and stable
relationships. The footprint of dealer
network is expanding consistently across
India after enjoying a continuing, successful
presence in states across North India.
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 55
 Special Report Personal Copy of MANAGEMENT & ALLIED SERVICES

Can PNB Like

investigative agencies, is likely to result in
cumulative impact on the Indian
banking industry to the tune of more
than $3 billion.

Modus Operandi
PNB’s Brady House Fort, Mumbai
branch, had issued LoUs to the accused
firms and people managing these firms
without having a sanctioned credit limit
or maintaining funds “on margin”. These
officials had been issuing LoUs on the
SWIFT messaging system without
entering the transactions on the bank’s

Occur In Other
own system. The LoUs were used to
obtain buyer’s credit from overseas
branches of other Indian banks.

PSU Banks?
The overseas banks’ branches extended
buyer’s credit to the importer on the basis
of an LoU issued by the importer’s bank,
i.e. PNB. These transactions were carried
out over the last seven years without

P
unjab National Bank (PNB), the
Delhi-based second-biggest
public sector lender’s fraud
relating to LoUs (Letters of
Undertaking); and followed by it, the
closure of Nirav Modi's and Mehul
Choksi’s jewellery businesses as a
consequence to fraud-related actions by
being detected. The accused firms,
instead of paying off the buyer’s credit
from their own businesses on due dates,
rather went on for ever-greening of the
loan, by way of issuance of fresh LoUs.

PNB LoU Fraud Exposure Direct exposure of banks to Nirav

Modi firms: (`3,000 crore approx)
Bank of Baroda
`425-450 Cr. OTHER BANKS
Exposure
State Bank of India (beside PNB)
(` in Cr)
`1,356 Cr. Central Bank of India 194
Union Bank of India Dena Bank 153
`1,920 Cr. Vijaya Bank 150
Allahabad Bank Bank of India 127
`2,400 Cr. Syndicate Bank 125
UCO Bank Oriental Bank of Commerce 120
`2,635 Cr. Union Bank of India 110

Punjab National Bank IDBI Bank 100

`11,400 Cr. Allahabad Bank 100

Source: BloombergQuint (published on 19.2.18) Source: Indian Express (published on 25.2.18)

Direct exposure of banks to Mehul Choksi firms:

Bank Exposure (` in Cr)
Amount lent by a consortium of 31 banks led by ICICI Bank to Mehul Chokshi's Gitanjali Group 5,200
Source: moneycontrol.com (published on 6.3.18)

56 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

 Personal Copy of MANAGEMENT & ALLIED SERVICES

Underlying Serious Issues
The maturity terms of LoUs issued
ranging from 30 days to a year have to be
examined in the light of RBI Master
Circular of 2015 and RBI Master
Direction of 2016, which prohibits
buyers’ credit beyond 90 days from the
date of shipment, for import of platinum,
palladium, rhodium and silver and
rough, cut and polished diamonds and
precious and semi-precious stones.
SWIFT works under standardized
system, wherein different individuals
perform the role of maker, checker and
authoriser at information transmitting
point. Had due diligence at different
layers been observed, the fraudulent
issuance of LoUs could have been
averted at the budding stage itself.
The frequency and high value of
transactions by the accused firms
relating to the payments of buyer’s
credit for the principal and interest
amount taking place over the years
should have aroused suspicion at the
branch/treasury/foreign department/
controllers level, who could have then
looked at the business model from the
safety and security perspective for the
PNB.
Various audits, viz.,. IT-related audit,
concurrent audit, regular audit and
statutory audit, seem to have not acted
with due diligence and prudential
banking. The due diligences at PNB’s
different layers of controllers appears
to be lacking on risk management
aspects.
RBI’s 2016 Guidance on SWIFT
transactions
In 2016, RBI had raised serious concerns
relating to the security environment in
the banks for the usage of SWIFT
messaging system and also shared the
indicative list of best practices to
strengthen the security environment for
SWIFT usage. Despite the RBI raising

Risk Management Gaps in PNB

Banks have an apex level Risk Management Committee of the Board (RMCB); as also Operational Risk Management Committee
(ORMC) and Credit Risk Management Committee (CRMC), especially overseeing the operational and credit risk areas. Despite
all these mandatory structures in existence, there have been multiple level failures in safeguarding the PNB’s interests.
Operational Risk:
The board of directors of a bank is primarily responsible for
ensuring effective management of operational risks
through RMCB and ORMC.
n The board of directors should be aware of the major aspects
of the bank’s operational risks as a distinct risk category that
should be managed, and it should approve an appropriate
operational risk management framework for the bank and
review it periodically. It is not clear whether in the PNB, its
ORMC brought up before the RMCB the agenda on the
SWIFT and Nostro account reconciliation related issues,
and if it did, what were the guidance given on these risks.
n The framework should be based on appropriate definition of
operational risk, which clearly articulates what constitutes
operational risk in the bank and covers the bank’s appetite
and tolerance for operational risk. The framework should
also articulate the key processes the bank needs to have in
place to manage operational risk. Did the RMCB or the
ORMC in PNB deliberated on the bank’s appetite and
tolerance for operational risk in the context of its security
environment for SWIFT usage, especially after regulator’s
concerns in 2016?
n Board should ensure that the bank has in place adequate
internal audit coverage to satisfy itself that policies and
procedures have been implemented effectively.
In PNB, was the operational risk management framework
subjected to an effective and comprehensive internal audit by
operationally independent, appropriately trained and
competent staff?
Credit Risk:
The directives were issued by the RBI way back in 2002,
wherein each bank had to put in place Credit Risk Manage-
ment Department (CRMD), independent of the Credit
Administration Department.
n Each bank has to measure, control and manage credit risk
on a bank-wide basis within the limits set by the Board/
CRMC. This needs to be looked into for the kind of LoUs'
exposure and if any industry-specific limits were set up by
the PNB at the apex level.
n For large banks, regulatory guidelines emphasize on a
separate set up for loan review/audit. For such a high level of
exposure to a particular group of industry, what were the
concerns raised on safety and security of banks’ interest by
the PNB auditors and Inspection & Audit Department.
n Be accountable for protecting the quality of the entire loan/
investment portfolio.
n The regulator emphasized that the strategy to sanction
non-fund facilities with a view to increase earnings should
be properly balanced vis-à-vis the risk involved and
extended only after a thorough assessment of credit risk is
undertaken.
The PNB appears to have relegated the significance of these
regulatory guidance in respect of credit risk management in
the case of Nirav Modi and Mehul Choksi fraud cases.

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 57

 Special Report
these concerns over SWIFT-related
messaging, the risk management gaps
continued in PNB. The regulator had
expressed concerns that most of the
banks did not have straight through
processing from CBS for trade finance
transactions such as Letters of Credit/
Comfort etc.
This ability to initiate LC messages
without reflection of transaction in the
CBS posed serious inherent risk. Despite
having a decentralised set-up for SWIFT
operations, there was no mechanism to
verify whether every outward trade
finance related SWIFT message had a
corresponding underlying LC and
thereby identifying fraudulent LC related
SWIFT messages, if any.
SWIFT INTEGRATION WITH
CBS STATUS:
Bank Status
SBI Integrated
Other PSBs Yet to integrate
Private Sector Banks Integrated
Source: Business Standard (details published
on 21.2.18)
The regulator advised the PSBs “to
explore Straight Through Processing
between CBS and SWIFT messaging
Prof Rajendra K Sinha, Chairperson, Centre of Excellence in Banking, IFIM Business School, Bengaluru
58 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
Personal Copy of MANAGEMENT & ALLIED SERVICES
system so as to avoid potential fraudulent
messages”.
Way Forward
The PNB fraud of such a high magnitude
warrants measures to ensure non-recur-
rence of such instances in the Indian
banking system.
n SWIFT platform linkage to CBS
platform is a must, so that messages
emanating on SWIFT system are
captured in the CBS. Various fields of
information need to be built in so that
unless these details are keyed in CBS
with maker/checker concept, the
SWIFT platform activation for
transmission of message will not take
place.
n RBI has to deal with an iron hand any
system based loopholes or any
regulatory non-compliance and
impose heavy penalties on defaulting
banks under the power vested under
the Banking Regulation Act, 1949
(Section 35A).
n A specialised forex audit annually/half-
yearly at forex authorised branches and
foreign/treasury department needs to
be instituted to keep an eye on SWIFT
messaging, Nostro reconciliations and
verifying underlying genuineness of
business transactions.
n Bank’s concurrent auditors must
develop forensic sensitiveness at bank’
branches where placed and must give
periodical reports to the immediate
controller on sensitive transactions,
commenting on genuineness of
transactions with supporting sanc-
tions; and existence, if any, of gaps/
non-compliances in systems and
processes.
n Scaling up of risk management
capabilities is a paramount necessity.
Risk management architecture of
Indian banks requires a thorough
revisit in the light of the PNB
fraud.
n PNB fraud episode must drive the
Indian banking system to take a close
look at the quality of imports, the
genuineness of the bills and an
incestuous relationship, if any, between
the importers and the exporters.
n Government outfits like Central
Economic Intelligence Bureau,
Financial Intelligence Unit, Directorate
of Revenue Intelligence, and Serious
Fraud Investigation Office, need to be
strengthened with robust structure and
latest technology to pre-empt financial
crimes. DS
DSIJ.in
Personal Copy of MANAGEMENT & ALLIED SERVICES
 Expert Speak Personal Finance
Don’t Allow Short Term SIP Returns To Dampen Your Spirits
T
he stock market has been
having a rough time over the
last couple of months. The
Sensex and Nifty are down
around 10 percent from their
peaks. In fact, the correction in mid-cap
and small-cap stocks has been much
deeper.
A combination of domestic and global
factors like rising bond yields,
reintroduction of long-term capital gains
tax on equities in the Union Budget 2018,
a large-scale fraud at Punjab National
Bank, emerging political uncertainty in
the country after BJP’s defeat in the
recent by-polls in UP and Bihar, US
President Donald Trump’s trade tariffs
and tightening of rates by the US Federal
Reserve have contributed to this volatility
in the market. On the positive side,
India’s Q3 GDP data grew at 7.2 per cent,
up from 6.5 per cent and 5.7 per cent in
the previous two quarters, respectively.
The Q3 GDP data is the best growth rate
recorded in a year.
While the current volatility doesnot
really indicate reversal of the bull market
trend, investors will well to brace
themselves for a period of volatility in the
near term. However, they must also
remember that volatility in the stock
60 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
Personal Copy of MANAGEMENT & ALLIED SERVICES
market is a natural phenomenon and,
hence,the key would be to keep their
focus on their asset allocation. Although
the current fall in the stock market has
negatively impacted the portfolios of
equity investors, the impact is felt more
by those who started investing during the
last one year or so. In fact, even those
investors who began investing through
Chief Executive Officer, Wiseinvest Advisors
SIP during this period are witnessing
either very low or in some cases negative
returns. No doubt, a situation like this
can be unnerving for investors who have
not yet become familiar with the vagaries
of the stock market. Some may have even
started wonderingwhether they did the
right thing by investing in equity and
equity-oriented funds.
It is important for these investors not to
panic and tackle the current situation in
the right way. First, they must remember
that one year is too short a period to
analyze the performance of equity and
equity-oriented funds. Second, the basic
objective of investing through SIP is to
accumulate a corpus by following a
disciplined approach over a committed
time horizon without having to worry
about the market levels. Third,
investments made during volatile periods
help in bringing the average cost down.
In other words, when one invests
through the volatile periods, the benefit
comes in the form of getting more units
allotted in a falling market. Last, but not
the least, the disciplined investors are
usually the first ones to benefit when the
market starts recovering from a rough
patch.
While investing through SIP doesnot
protect investors completely from the
volatility, the discipline of investing a
fixed amount at a fixed interval ensures
that impact is much less on the
performance of the funds. Simply put, it
always pays to invest for the long term as
well as stay committed to one’s defined
time horizon to realize the true potential
of equity as an asset class. Any haphazard
Hemant Rustagi
changes in asset allocation based on
short-term trends in the market may
result in a huge shortfall in what one may
be able to accumulate as against the
requirement to fulfil long-term
investment goals like children’s education
and retirement planning.
The right way to not feel compelled to act
impulsively during such volatile periods
is to follow a goal-based investment
approach. Since this process involves
assigning a time horizon to each of the
goals, only long-term monies get
directed to equity and equity-oriented
funds. This goes a long way in allowing
investors to stay calm during the
turbulent periods and,as a result,the
investment process continues
uninterruptedly.
If you are one of those investors who
may be facing the dilemma of what to do
now, you will take a major step towards
building your financial future by not
panicking and avoiding to make a
mistake of disrupting a carefully planned
investment process. In fact, if you began
investing without having a well-
established time horizon, it is time to do
so now. Remember, equity investments
require a time commitment and hence
you must have one. DS
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Gem & jewellery stocks

Opportunities Galore For
Value Investors

In the wake of the recent

scam that has jolted the
gem and jewellery (G&J)
sector, two questions are
plaguing the minds of
stock market investors.
First, how deeply are the
banks exposed to the
G&J sector? Second, can
the G&J sector still glitter
in the near future?
Tanay Loya finds out ...
Sector Overview
Over the years, the G&J sector has
gained prominence in the country on the
back of its dual utility of improving
aesthetics as well as providing a reliable
investment value. The G&J market
comprises of four major segments:
diamond-studded jewellery, gold
jewellery, silver jewellery and precious
and semi-precious gemstones and its
jewellery.
India is relatively smaller market for
the diamond-studded jewellery with
about 7 per cent market share. However,
it is a key market for gold jewellery,
constituting about 27 per cent of the
global gold jewellery market. A major
chunk of gold jewellery manufactured in
India is for domestic consumption,
whereas a major portion of polished
diamonds or finished diamond jewellery
is exported.
The southern Indian states account for
about 37 per cent of the country’s total
gold demand, followed by the western
region with about 32 per cent, northern
region with about 18 per cent and
eastern region with about 13 per cent of
the total demand. The demand for
diamond-studded jewellery in India
remains higher in the western and
northern regions as compared with the

62 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

 Personal Copy of MANAGEMENT & ALLIED SERVICES

southern and eastern regions, which are

predominantly gold jewellery consuming Last 5 quarters performance of G&J stocks

F
markets.
or the purpose of evaluation, we have considered the performance of 15
The sector provides employment to over companies from the G&J sector in the last five quarters. The net sales of the
2.5 million people and is home to more sector declined 29.8 per cent year-on-year for the December 2017 quarter. It is
than 500,000 players, with the majority important to note that this is on a low base, when net sales had increased marginally
being small players. Also, the G&J sector during the demonetisation quarter.
contributes 6 to 7 per cent to our GDP.
Based on the potential for growth, the The operating profit improved marginally by 2.26 per cent YoY and decreased 2.66
industry has been declared as a focus per cent QoQ. The profit after tax for the sector was not any better. On a year-on-year
area for export promotion. India is the basis, PAT decreased 40.66 per cent, whereas on a quarter-on-quarter basis, it
largest exporter of gems and jewellery declined 12.72 per cent. The sector has been under pressure as working capital was
and the industry plays a vital role in blocked owing to refund delays during the implementation of the goods and services
terms of foreign exchange earnings with tax. A more or less consistent decline in both sales and profitability in the last five
UAE, US, Russia, Singapore, Hong Kong, quarters can be observed.
Latin America and China being the
biggest importers. In sync with its sales and profitability numbers, the average one year return of the
stocks in our sample was -11.78 per cent. In the light of the recent scams, the sector
According to a World Gold Council wiped out over 50 per cent of the investors' wealth on a YTD basis. In the last three
report, India’s gold demand grew by 9.1 years, the sector grew 14.63 per cent annually, whereas in the last 5 years, the sector
per cent to 727 tonnes in 2017 due to low reported 22.25 per cent annual growth.
prices coinciding with Dhanteras,
positive economic backdrop and Quarter Dec-17 Sep-17 Jun-17 Mar-17 Dec-16
improved consumer sentiment, espe- Net Sales (`Cr.) 53,676.05 65,387.58 63,904.41 65,790.65 76,456.59
cially in rural areas. This happened when Operating Profit (`Cr.) 1,377.58 1,415.21 1,261.03 1,261.29 1,347.17
global demand for gold was at its lowest PAT (`Cr.) 246.11 281.97 379.93 365.07 414.73
since 2009, as weaker fund investments
outstripped a bump in jewellery Parameter YoY(%) QoQ(%) Returns (%)
consumption. Net Sales -29.8 -17.91 YTD -54.331
Operating Profit 2.26 -2.66 1 Year -11.776
Ongoing Turmoil PAT -40.66 -12.72 3 Year (annualised) 14.63
The act of ‘loot and scoot’ unleashed by As on 23th March 2018 5 year (Annualised) 22.25
diamond merchant Nirav Modi and
Gitanjali Gems promoter Mehul Choksi,
is expected to increase banks’ NPAs from guarantee. After the scam broke out, pull down the diamond and jewellery
the G&J sector from 12 per cent to 30 per PNB filed complaints against Nirav Modi foreign trade by six per cent next fiscal.
cent. PNB had extended guarantees to and his associates, including Mehul
Nirav Modi and his associates to raise Choksi, with the CBI. Just when everyone began to think that
`11,400 crore abroad without taking any the problem was limited to PNB, the
According to CARE Rating, investors’ sentiment was further dented
the banking sector had a total by the alleged `824 crore fraud by
loan exposure of `69,000 Chennai-based Kanishk Jewellers. Acting
crore to the G&J sector as of on a complaint lodged by State Bank of
December 2017 and its India, the CBI booked the promoters of
stressed assets accounted for the firm for defrauding at least 14 banks.
11.7 per cent. With the In the midst of this, the country’s
shutdown of these two diamond trade seems to have lost its
companies, the money raised sparkle.
by them, amounting to
`16,000 to 17,000 crore, India processes about a billion diamond
would take the overall gross pieces annually, amounting to $23 billion.
NPA ratio for this sector to Domestic consumption is about 7 per
about 30 per cent. The cent of the total diamond trade. Al-
shutdown of these two though, there may be a marginal drop in
companies is also expected to the domestic consumption post the Nirav

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 63

Special Report
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Modi incident, the exports are expected
to be unaffected. In February, India’s
import of rough diamonds showed a 9.26
per cent drop from a year ago period.
Interest Cover
Interest cover, which measures the ease
with which companies can pay their
interest obligation, has also deteriorated
to 1.7 times in the December 2017
quarter from 3.2 times in the same
quarter last year. However, as the saying
goes, every cloud has a silver lining.
According to Kotak Institutional
Equities, exposure of 18 banks' (12 public
sector and 6 private sector banks) overall
book to the G&J sector is only about 1
per cent. Nonetheless, the fact that
interest cover for the sector has been
deteriorating over time does not bode
well for the sector, especially if banks
turn overcautious and tighten liquidity to
the sector.
Bankers’ line of action
The bank officials are now making
frequent visits to the facilities of diamond
exporters and traders for stocktaking and
also to understand the trend in the global
markets. Some banks are also said to be
considering getting the stocks valued by
independent experts before lending to
the sector.

Some bankers have reservations about

the efficacy of store audits, given the
current IT infrastructure level in several
jewellery firms. Also, not many firms
have centralised inventory control. It is
Source: Kotak Institutional Equities not practical for banks to do stock audit
on a realistic basis by merely visiting
stores and factories, since many big or
Technical Analysis of G&J Stocks medium sized retailers have over 100

D
stores across the country.
isappointing Union Budget 2018-19 had become the catalyst for the
much-awaited correction in the Indian stock market from the all-time The inadequate number of independent
high levels. The sell-off by the long-term investors who would come assessors also serves as a big hindrance.
under the ambit of the newly introduced LTCG tax for holdings after March 31, The banks are expected to tighten their
2018, contributed to the fall. However, the biggest blow to the markets came in the purse strings while lending to the sector.
wake of the disclosure of jewellery designer Nirav Modi’s `11400 crore PNB scam. Although it may hurt the trade for some
Thereafter, the free fall in PSU banks and gem and jewellery stocks was inevitable. time, but in the long term, this will bring
more transparency in the trade and only
Nirav Modi-family promoted Gitanjali Gems witnessed a blood bath after the genuine players will survive. Also, the
news broke out and the stock has been falling consistently since then. As we Gem & Jewellery Export Promotion
always say, price discounts everything, Gitanjali Gems had cued a downfall by Council (GJEPC) has decided to form a
giving a multiple point upward sloping trendline breakdown at 61 levels on Febru- committee with senior bankers to find
ary 02 followed by a pullback and a retreat on February 14. Other stocks simply out how risk can be mitigated in
followed on cue. diamond trade and to ensure that
financing to the sector remains smooth.
Rajesh Exports, the top market cap jewellery stock witnessed a symmetric triangle
breakdown on February 19, while P C Jewellers, the second largest company by Conclusion
market cap, witnessed a bearish pennant pattern breakdown on February 15. It is important to differentiate between
Additionally, the fall was supported by rising volumes. On the other hand, stocks the current PNB-related fraud and the
such as Vaibhav Global, Thangamayil and Renaissance Jewellery are seen performance of the gem and jewellery
consolidating on the upside. Moreover, Titan Company, the only jewellery stock sector in general, as the two are not
in BSE 500, has outperformed the benchmark indices and is looking strong on related per se. The gem and jewellery
technical perspective. sector can be seen to be going through a
transformation phase. We do not expect
In the present scenario, majority of gem and jewellery stocks are trading below any immediate glitter from the sector.
their 200-day EMA, which is perceived to be the dividing line between a stock However, value investors should be all
that is technically healthy and one that is technically weak and, thereby, going ears since the stocks have largely
forward we do not see any immediate glitter in the G&J sector. corrected and are available at attractive
valuations. DS

64 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in


Jayesh Dadia, Chartered Accountant
I want to know how to decide the
residential status of an individual
under the Income Tax Act and its
implications?
Under Section 6(1) of the Income Tax
Act, an individual is said to be a resident
in India in any previous year (i.eApril to
March) if he satisfies atleast one of the
following basic conditions:
a) He is in India in the previous year
for a period of atleast 182 days
b) He is in India in the previous year
for a period of atleast 60 days or
more during the previous year and
atleast 365 days or more during
four years immediately
precedingthe previous year.
However, the period of 60 days referred to
in b) above may be read as 182 days if an
India citizen leaves India during the
previous year for the purpose of
employment outside India, or as a
member of crew of an Indian ship. For
example – Mr A, who is an Indian citizen,
is in India during the financial year
2017-18 for a period of only 120 days
because he left India during the financial
year 2017-18 for employment outside
India, then Mr A is not a resident in India
for the financial year 2017-18. However,
if Mr A has not taken any employment
outside India, then he will be treated as a
resident even though he has not stayed in
India for more than 182 days.
All those persons who are not resident in
India in a particular previous year would
be considered as ‘non-residents’.
Once you are resident in India, then your
global income would be taxed, whether
or not the same is accrued or received in
India. But if you are a non-resident, then
only the income which is received or
accrued in India is taxable.
DSIJ.in
Tax Column
Personal Copy of MANAGEMENT & ALLIED SERVICES
A Charitable Trust Can Give Donation To
Other Charitable Trust And Such Donation
Can Be Treated As Application Of Income
I own one residential property
which I have decided to give on a
rent of `60,000 per month. Can you
explain me how to compute my tax
liability and various compliances
under the Income Tax Act? I have
acquired the residential property
out of borrowed funds and I pay
interest of Rs2,00,000 annually.
Since you are the owner of the property,
the rental income would be taxed under
the head “Income from House Property”
in accordance with Section 22 to 24 of
the Income Tax Act. Your gross rental
income is `7,20,000. If you are paying
any municipal taxes, the same can be
deducted from the gross rental. You will
also be entitled to notional deduction of
30% of the net rental income. You will
also get deduction of Rs2,00,000 being
the interest paid on the borrowed funds
under section 24 of the Income Tax Act.
The tenant would deduct TDS at 10% at
the end of the previous year in the month
of March. You will get credit of the TDS
deducted in your hands when you
compute your tax liability.
I am a trustee of a charitable trust
registered under the Income Tax Act
and also having 80G certificate. The
total income of the trust during the
financial year 2017-18 on account
of interest on bank fixed deposits is
`20 lakh. We have spent on the
object of the trust `6 lakh only.
Thus, there is a surplus fund of `14
lakh. Is the surplus is taxable?
Whether a charitable trust can give
its surplus to another charitable
trust? Whether the surplus can be
accumulated and spent in
subsequent year?
Since you are a charitable trust registered
under the Income Tax Act, the trust
income can enjoy exemption under
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL
section 11 of the Income Tax Act, if the
trust spendsatleast 85% of the current
year’s income on the object of the trust.
Since the trust has not spent 85% of the
income, the surplus is taxable.
Yes, a charitable trust can give donation
to other charitable trust and such
donation can be treated as application of
income, provided the donation is not
towards corpus of the other charitable
trust.
Further, the surplus can also be
accumulated to be spent over a period of
5 years provided the trust files a
statement in Form 10 with the Assessing
Officer stating the purpose for which the
income is being accumulated or set apart
and the said form has to be filed on or
before the due date of filing the return.
I am an 80-year-old lady. I have sold
certain personal assets, such as
furniture & fixture, designer clothes,
watches and motor car.I received a
total consideration of `10 lakh
for these personal assets. Is this
amount taxable under the Income
Tax Act? I have also interest income
of `5 lakh.
The amount of Rs10 lakh received by you
on sale of your personal assets is not
taxable. Section 2(14) of the Income Tax
Act defines capital assets, which are
subject to capital gain tax. The personal
assets of an individual, such as movable
property, including wearing apparels and
furniture& fixtures for personal use, have
been excluded from the definition of
capital asset. Since all these assets, which
you have sold, were for your personal use,
the same is outside the purview of capital
assets and, therefore, not subject to tax.
The interest income of Rs5 lakh is
taxable. However, the entire income
would be exempt from tax since you are a
senior citizen of 80 years. DS
65
 Expert Speak Personal Copy of MANAGEMENT & ALLIED SERVICES

Stock Selection Using ROE And Sales Growth

I
n this article, we focus on a simple technique of identifying liquidated in June 2014. This method was repeated every year
shares which have potential to generate abnormal returns. and the results are as under.
We will use a combination of two ratios which are very
simple and commonly used. The data was obtained across all years as on June 1, and for
calculating returns of share price for portfolio 2013-2017, we
The year 2018 will be full of challenges with the introduction have used the values as on March 23, 2018.
of LTCG and issues concerning growth in earnings and NPAs
in banking system. The global issues relating to trade between Table-1
China and the US will continue to impact the market and the Total Number Average Portfolio S&P BSE
NIFTY
trick to survive is to invest in a stock which has consistency in of Companies Returns Sensex
returns. Any company can generate abnormal returns in a year 2009-2013 48 62% 24% 26%
but generating consistent return is the key. 2010-2014 48 66% 15% 13%
2011-2015 37 12% -3% -4%
In this study, we focus on the time-tested ratio known as 2012-2016 30 42% 18% 17%
Return on Equity (ROE/RONW) for identifying a stock with 2013-2017 26 17% 5% 5%
huge potential.
Table-1: The total number of companies qualifying on both the
The ROE ratio measures the profit earned on the owner’s fund. parameters of sales growth and ROE are decreasing every year.
Shareholders' fund is defined as capital invested plus all reserve This suggests that in the market it is becoming increasingly
and surpluses of the company. The ROE measures profitability difficult to generate sales growth of 15% and ROE of more than
earned on the shareholders' funds and is a benchmark for 10%. The average return of portfolio across all the years is
comparing one company with another and the company’s beating the index returns.
performance over the years. Increase in ROE can be caused by
any of the factors such as higher profit margins, higher capital If we generate a table to calculate how much excess return was
turnover, higher financial cost ratio, higher financial structure generated if an amount of `10,000 was invested in 2013 and
ratio, and lastly, due to change in tax structures. If we have to reinvested using the same investment philosophy, the results
look at this ratio from an investor's perspective, what is are astonishing.
important is that a minimum ROE should be achieved
year-on-year and it should be consistent over the years. We Table-2 Value of `10,000 Invested in portfolio with a holding
period of one year
consider ROE of 10% as a minimum expectation of
shareholders and the key is consistency in earning above 10% Portfolio S&P BSE Sensex Nifty
year-on-year. 2009-2013 16232.5 12396.2 12587.6
2010-2014 26989.2 14199.3 14201.1
Secondly, we consider growth in sales as an indication that the 2011-2015 30235.4 13772.6 13622.3
company is able to sell its products and increase its market 2012-2016 42941.4 16190.6 15878.0
presence. Increase in sales is the cleanest ratio, as accounting 2013-2017 50263.8 17055.9 16621.7
method cannot affect this ratio. The year-on-year sales growth
is calculated and we used 15% yearly growth in sales to select `10,000 invested in 2013 would become `50,263 on March 23,
companies. 2018, whereas the same amount invested in S&P BSE Sensex
would have become `17,055 and in Nifty the amount would
We considered top 1000 companies listed on the BSE and NSE have become `16,621.
based on market capitalisation. We obtained ROE, sales
growth and share price data between 2009 to 2018. We created Retail investors who are willing to take risk and open to invest
a portfolio of companies which had generated ROE in excess across sectors and are indifferent to large-cap, mid-cap and
of 10% and sales growth of 15% for consistently five years and small-cap can consider selecting stocks which are consistently
calculated returns with a holding period of one year. A generating ROE greater than 10% and sales growth of more
portfolio created using ratios from 2009 to 2013 will be than 15%. DS

Dr. Ruzbeh J Bodhanwala, Professor, FLAME University, ruzbeh.bodhanwala@flame.edu.in

CA. Shernaz Bodhanwala, Associate Professor, FLAME University, Shernaz.bodhanwala@flame.edu.in

66 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

 Our research-backed recommendations have been our greatest strength

Our Call Tracker

over the past so many years.Copy
Personal In fact,
ofhelping investors book
MANAGEMENT profits has
& ALLIED SERVICES
been the very essence of our existence. Here is a detailed guide on the
recommendations readers to get a quick insight on what to do next.

CHOICE SCRIP
RECOMMENDATIONS UPDATE FOR THE LAST ONE YEAR
Recom. Recom. Exit Exit Perc
Company Name
Date Price Date Price Return
19-Jul-16 Steel Authority of India (SAIL) 48.50 23-Jan-17 61.25 26.29
03-Aug-16 Crisil 2098.40 02-Aug-17 1844.35 -12.11
17-Aug-16 Rajesh Exports 435.35 03-Feb-17 498.50 14.51
30-Aug-16 Lupin 1509.50 01-Aug-17 1030.00 -31.77
13-Sep-16 Bharat Financial Inclusion 730.65 03-Oct-16 920.75 26.02
27-Sep-16 Bharat Electronics 128.21 23-Mar-17 154.10 20.20
12-Oct-16 Quess Corp 615.85 20-Apr-17 751.15 21.97
26-Oct-16 Equitas Holdings 176.70 26-Oct-17 146.10 -17.32
08-Nov-16 Muthoot Finance 359.05 15-Jun-17 480.55 33.84
22-Nov-16 Engineers India 138.12 05-Oct-17 149.20 8.02
07-Dec-16 Elgi Equipments 177.85 16-Jun-17 234.00 31.57
21-Dec-16 Gillette India 4264.35 07-Aug-17 5360.00 25.69
04-Jan-17 Power Grid Corporation of India 188.00 21-Nov-17 207.25 10.24
18-Jan-17 Oil India 337.30 03-Oct-17 351.70 4.27
01-Feb-17 IRB Infrastructure Developers 231.70 15-Dec-17 210.35 -9.21
15-Feb-17 Shriram Transport Finance Company 938.95 27-Oct-17 1153.95 22.90
01-Mar-17 Supreme Industries 1005.95 12-Sep-17 1165.00 15.81
15-Mar-17 Kajaria Ceramics 553.65 20-Sep-17 752.05 35.83
11-Apr-17 Aarti Industries 778.70 15-May-17 931.05 19.56
26-Apr-17 SJVN 35.05 04-Oct-17 35.20 0.43
10-May-17 Sadbhav Infrastructure Project 111.35 20-Nov-17 141.10 26.72
24-May-17 IDBI Bank 66.15 22-Feb-18 70.50 6.58
07-Jun-17 Bajaj Holdings & Investment 2064.05 07-Aug-17 2546.00 23.35
20-Jun-17 Tata Motors 468.00 Open -29.26
06-Jul-17 Power Finance Corporation 122.60 27-Oct-17 147.60 20.39
19-Jul-17 Dredging Corporation Of India 624.65 09-Nov-17 711.90 13.97
03-Aug-17 TCPL Packaging 658.55 Open -10.11
17-Aug-17 Tata Metaliks 667.80 20-Nov-17 826.20 23.72
31-Aug-17 Tata Sponge Iron 815.25 10-Jan-18 1124.45 37.93
14-Sep-17 Symphony 1429.80 18-Dec-17 1672.00 16.94
12-Oct-17 Time Technoplast 198.40 Open -18.93
26-Oct-17 Esab India 865.30 Open -17.25
09-Nov-17 CCL Products India 319.65 Open -11.54
23-Nov-17 Bajaj Finance 1763.85 Open 0.41
07-Dec-17 Minda Industries 1103.85 Open -4.24
21-Dec-17 J B Chemicals & Pharmaceuticals 325.00 Open -6.00
04-Jan-18 Kalpataru Power Transmissions 481.35 Open 0.14
18-Jan-18 IFB Industries 1460.10 Open -19.18
01-Feb-18 Eveready Industries India 415.10 Open -11.35
15-Feb-18 Essel Propack 279.20 Open -14.51
01-Mar-18 Colgate-Palmolive (India) 1051.65 Open -0.79
15-Mar-18 Escorts 854.20 Open -3.30

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 67

 Trackpad Personal Copy of MANAGEMENT & ALLIED SERVICES

L&T Construction Bags Orders Worth `4,353 Crore

E
PC major L&T Construction added another major project to its order book as
the company won contracts worth `4,353 crore in the power transmission and
distribution business in India as well as abroad. The company won an order from
Algeria-based Sonelgaz Group for the turnkey construction of a 220/60 kV Air
Insulated Substation in Draa Errich in Algeria. It also bagged an order from Egyptian
Electricity Transmission Company for the turnkey construction of 220kV overhead
transmission lines in order to interconnect the substations of North Hurghada and El
Qusair to the 220 kV grid. In the Middle Eastern region, the company bagged a
contract from the Oman Electricity Transmission Company SAOC for the installation
of third and fourth transformers at the Airport Heights Grid Station.While on the
domestic front, the Karnataka Power Transmission Corporation awarded the company
with an order to set up a 400/220kV gas insulated substation at Mylasandra in
Bengaluru. The company has also won several orders for electrification of households
in various districts across India, under the government’s Saubhagya scheme .

BSE's India INX Hits Highest Turnover In Gold Bandhan Bank Lists
Futures, Derivatives At More Than

I 30 Per Cent Premium

ndia’s first international exchange, India International Exchange Limited (India
INX) based out of the International Financial Services Centre at Gujarat

F
International Finance Tech -City achieved a significant milestone on March 26, ollowing the biggest IPO for an
2018 as its daily trading turnover in the derivatives segment reached `3,287 crore. Indian bank, Bandhan Bank got
listed on the exchanges on
The trading turnover on the India INX 32-troy ounce Gold Futures contract Tuesday. The stock opened at `485.00
touched its al l-time high of `1,895 crore comprising of about 68 per cent of the per share on BSE Sensex and at `499
turnover of the equivalent Gold Futures traded in the domestic markets on March 26, per share on NSE.
2018. The cumulative trading turnover of the exchange has crossed US$ 26.2 billion
mark on the back of a substantial hike in market participation. India INX has The equity shares of the bank were
maintained its lead in IFSC GIFT City with an overall market share of nearly 82 per listed under Scrip Code 541153 under
cent for March 2018. The cumulative trading turnover of the India INX Gold futures 'B' Group securities on the exchanges.
is US$ 11.5 billion with the S&P BSE SENSEX 50 Index Futures contributing US$ 11.6
billion. Whereas, t he cumulative turnover on the SENSEX 50 Index Options is US$ Bandhan Bank's IPO received an
2.5 billion. The India INX Futures are currently available on the SENSEX, SENSEX overwhelming response from both
50, Gold, Silver, Gold KG, Brent Crude Oil, Euro dollar, British Pound, Japanese Yen, institutional and retail investors. The
107 Indian equity stocks as well as international equities such as Apple, Microsoft, overall IPO was subscribed 14.63 times,
Facebook, Alphabet and JP Morgan. Option contracts have also been launched for while its QIBs portion was subscribed
several of these products. 38.67 times. The price band of the IPO
was `370-375 per equity share.
Hindustan Aeronautic Makes A Tepid Debut At closing, the stock of Bandhan Bank

T
he state-owned aerospace and defence company Hindustan Aeronautics made was quoting `477.20 per share, which is
a tepid debut on the stock exchanges on Wednesday as the share price of the `102.20 or 27.25 per cent higher
company fell by 4 per cent from its issue price of `1,215 per share. compared to its issue price of `375,
while `7.80 or 1.61 per cent below its
The stock opened on the National Stock Exchange at `1,159 per share and on the listing price.
Bombay Stock Exchange at `1,169 per share on Wednesday. The `4,229 crore IPO,
offered at a price band of `1,215-1,240 per share had only attracted a subscription of On its debut day, the stock hit a high of
99 per cent. Qualified Institutional Buyers (QIB) investors oversubscribed the issue by `498.40 per share and a low of
1.73 times, while retail investors subscribed 39 per cent and the non-institutional `455.00 on BSE Sensex. Bandhan
investors subscribed 3 per cent. The company had recorded a profit before tax of Bank's debut was helped by positive
`3,583 crore in the fiscal year 2017, up by 12 per cent from its PBT of `3,207 crore in market sentiments. BSE Sensex closed
FY16. The languid response of the investors toward the IPO was attributed to the at 33,174.39, up 107.98 points or 0.33
weak market sentiments and a broadly higher valuation of stocks in the market. per cent on Tuesday.

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Query-Specific

FINOLEX CABLES ANDHRA BANK

Can I purchase Finolex Cables for short term period? Should I buy Andhra Bank for short term period?
 -A Prasad Rao  - A Prasad Rao

HOLD HOLD
BSE/NSE Code 500144 / FINCABLES NSE Code 532418 / ANDHRABANK
Face Value `2 Face Value `10
CMP `671 CMP `41.65
52-Week High `750 / Low `453.90 52-Week High `76.10 / Low `32.55
Your Current -- Your Current --
Profit/(Loss) Profit/(Loss)

F A
inolex Cables Limited manufacturers electrical cables,
communication cables and copper rods. The company’s
business segments comprise of electrical cables,
communication cables and copper rods, among others.
On the financial front, the company ’ s net sales declined by
2.75 per cent to `656.78 crore in the third quarter of FY17 as
against `675.34 crore in the same quarter of FY16. The
company ’s PBIDT increased by 22.36 per cent to `98.08 crore
in the third quarter of FY18 as compared to `80.16 crore in the
same quarter of the previous fiscal. The net profit of the
company increased by 9.40 per cent to `74.87 crore in the third
quarter of FY18 as compared to `68.44 crore in the same
quarter of the previous fiscal.
On the annual front, the company posted a 3.51 per cent rise
in its net sales to `2,647.69 crore in FY17 as compared to
`2,558 crore in FY16. The company ’ s operating profit
increased by 16.94 per cent to `371.45 crore in FY17 as
compared to `338.89 crore in FY16. The net profit of the
company increased by 26.95 per cent to `315.89 crore in FY17
as against `248.84 crore in FY16. We would recommend our
reader-investors to HOLD the stock for long term period rather
than short term.
ndhra Bank operates through four segments, including
treasury operations, corporate/wholesale banking, retail
banking and other banking operations. The bank
provides various products and services, including deposits
and accounts, loans, credit cards, debit cards, travel cards,
online payment services, mutual funds and insurance. On the
financial front, the bank posted an increase of 3.19 per cent in
its interest earned to `4,549.26 crore in the third quarter of
FY18 as compared to `4,408.57 crore in the same quarter of the
previous fiscal. The operating profit of the company increased
by 46.12 per cent to `1,330.32 crore in the third quarter of FY18
as compared to `910.41 crore in the same quarter of the
previous fiscal. On the annual front, the bank posted a 2.23 per
cent increase in its interest earned to `18,027.42 crore in FY17
as compared to `17,634.68 crore in FY16. The operating profit
of the company increased by 10.81 per cent to `4,387.97 crore
in FY17 as compared to `3,960 crore in FY16. The net profit of
the company declined by 67.71 per cent to `174.34 crore in
FY17 as compared to `539.84 crore in FY16.
The stock is likely to see limited traction in short term, however,
it is likely to perform better in the long term. We recommend
our reader-investors to HOLD the stock for long term period.

Readers are requested to send only one query at a time so that more readers get a chance. For complaints regarding non-receipt of
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Company Name: DEMOCRATIZING WEALTH CREATION

Vol.
Vol. No.
No. 31
33 No.
No. 09
17
Query:
Send in your queries:
DSIJ Pvt. Ltd.
C-305, 3rd Floor, Trade Center,
Name: North Main Road, Near Axis Bank,
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Address:
Pune - 411001
E-mail: Email:editorial@DSIJ.in

70 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in


TRIDENT LIMITED
I bought 60 shares of Trident at `105. Should I hold
or sell the shares?
 - Jaskirat Singh Gujral
HOLD
BSE/NSE Code 521064 / TRIDENT
Face Value `10
CMP `59.40
52-Week High `109.50 / Low `59.05
Your Current (43.42 per cent)
Profit/(Loss)
T A
rident Limited manufactures terry towel, yarn and wheat
straw-based paper. The company’s segments include
textiles, paper and chemicals, and others. The company
operates around the world. Its textiles segment include yarn,
towel, bed sheets and dyed yarn manufacturing (including
utility service). The paper and chemicals segment includes
paper and sulfuric acid (including utility service). The others
segment includes sale of software and related services. Its
products include solid bath ensembles, beach towels,
embroidered towels, bath mats, bathrobes, printed bed linen,
duvets, duvet covers, cushion covers, viscose blended yarn, core
spun yarn, bamboo/cotton yarn, dyed bed linen set, micro
modal/cotton blended yarn, drawing paper, and Bible and offset
print paper. Its operates through brands of Trident Spectra,
Trident My Choice and Trident Natural.
On the financial front, the company posted 0.29 per cent rise in
its net sales to `1,137.17 crore in the third quarter of FY18 as
compared to `1,133.86 crore in the same quarter of the previous
fiscal. The company posted a drop in its PBIDT by 11.17 per
cent to `200.03 crore in the third quarter of FY18, as against
`225.19 crore in the same quarter of the previous fiscal. The
company also posted a decline of 7.07 per cent in its net profit
to `73.02 crore in the third quarter of FY18 as compared to
`78.58 crore in the same quarter of the fiscal.
On the annual front, the company’s net sales increased by 27.50
per cent to `4,615.27 crore in FY17 as compared to `3,619.70
crore in the previous fiscal. The company ’ s PBIDT increased
by 21.70 per cent to `888.55 crore in FY17 as compared to
`730.15 crore in the previous year. The company ’ s net profit
also increased by 39.06 per cent to `336.98 crore in FY17 as
against `242.33 crore in FY16.
In the view of the company’s extensive expansion plans, we
recommend our reader investors to HOLD the stock for long
term period.
DSIJ.in
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ALLAHABAD BANK
I have 150 shares of Allahabad Bank. Should I hold
these for a long term horizon? 
- Bhakhtyar Rohinton Panday
HOLD
BSE/NSE Code 532480 / ALBK
Face Value `10
CMP `48.35
52-Week High `92.50 /Low `43.35
Your Current --
Profit/(Loss)
llahabad Bank’s principal products and services include
debenture, security trusteeship fees and custodian fees.
It operates through four business segments including
treasury operations, corporate banking, wholesale banking,
retail banking and other banking business. It provides personal
banking; social banking; micro, small and medium enterprises
banking; retail credit products; corporate banking, and
international banking. The bank has over 3,209 domestic
branches and an overseas branch in Hong Kong. It has over
1,307 branches in rural areas, 720 in semi-urban, 656 in urban
and 526 in metropolitan centres. It has over 185 onsite and two
offsite e-lobbies, over 100 mini e-lobbies, 50 cash deposit
kiosks and 40 passbook printing kiosks spread over 380
branches. Its internet banking application features facilities
such as card hot listing, e-filing of income tax returns and
mobile banking registration.
On the financial front, the bank posted a decline of 1.20 per
cent in interest earned to `4,243.83 crore in the third quarter of
FY18 on a year-on-year basis. The bank posted an increase of
6.81 per cent in its operating profit to `922.17 crore in the third
quarter of FY2018, as compared to `863.34 crore in the same
quarter of the previous fiscal. However, the net profit of the
bank declined massively from a net profit of `75.26 crore in the
third quarter of FY17 to a negative `1,263.79 crore in the third
quarter of FY18.
On the annual front, the interest earned by the bank declined
by 6.48 per cent to `17,660.39 crore in FY17 as against
`18,884.94 crore in the previous fiscal. The bank ’ s operating
profit declined by 6.46 per cent to `3,866.77 crore in the third
quarter of FY18 as compared to `4,133.90 crore in the same
quarter of the previous year. The bank ’ s post-tax loss
narrowed down in FY17. The bank posted a net loss of
`313.51 crore in FY17 as compared to the net loss of `743.31
crore in FY16. We recommend our reader-investors to HOLD
the stock.
APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 71
QueryBoard
PUNJ LLOYD
I hold a few shares of Punj Lloyd purchased at
`385. Kindly share your opinion on the stock
 - Lakshmikant Khirwal
EXIT
BSE/NSE Code 532693 / PUNJLLOYD
Face Value `2
CMP `17.05
52-Week High `29.15/ Low `15.80
Your Current (95.71 per cent)
Profit/(Loss)
P I
unj Lloyd Ltd is engaged in engineering, procurement
and construction business, as well as trading of steel
products. The company provides EPC services in oil, gas
and infrastructure sectors, and trading of goods, including
purchase and sale of steel outside India. The company also
operates in the oil and gas sector, offering offshore services,
onshore field development, onshore rigs, pipelines, and
cryogenic and storage tank terminals. The company handles
engineering; boiler, turbine, generator; balance of power (BOP)
plant packages, and civil construction. The company offers a
range of solar solutions, including photovoltaics, concentrated
solar power, concentrating photovoltaics, and concentrating
heat and power. In defence sector, the company is focused on
the land systems, defence aerospace, defence electronics and
design engineering.
On the financial front, the company posted a 2.66 per cent
increase in its net sales to `1019.36 crore in the third quarter of
FY18 on a year-on-year basis. The company ’ s operating profit
increased by 138.30 per cent to `53.38 crore in the third quarter
of FY18 as compared to `22.40 crore in the same quarter of the
previous fiscal. The net loss of the company narrowed down by
20.65 per cent to `183.95 crore in the third quarter of FY18 as
compared to a net loss of `231.81 crore in the same quarter of
the previous fiscal.
On the annual front, the company posted a 12.34 per cent rise
in its net sales to `3,761.02 crore in FY17 as compared to
`3,347.82 crore in the previous fiscal. The company ’ s EBIDT
improved by 65 per cent, narrowing the negative amount of
`549 crore posted in FY16 to a negative `191.10 crore in FY17.
The net loss of the company also narrowed down from
`1,513.71 crore in the previous fiscal to `850.58 crore in FY17.
We recommend our reader-investor to Hold the stock for now
and gradually reduce its exposure to your portfolio to incur
minimal loses. However, if it falls below the levels of `15.5,
EXIT from the stock.
72 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018
Investment
Personal Copy of MANAGEMENT & ALLIEDHorizon
SERVICES
Query-Specific
IDBI BANK
I hold 99 shares of IDBI Bank. Should I hold the
shares for around five-year time period?
 -Lalita Khedkar
HOLD
BSE/NSE Code 500116 / IDBI
Face Value `10
CMP `72.25
52-Week High `89.80 / Low `50.25
Your Current --
Profit/(Loss)
DBI Bank Limited provides monetary intermediation of
commercial banks, saving banks, postal savings bank and
discount houses. The company provides personalised
banking and financial solutions to its clients. Its segments include
wholesale banking, retail banking and treasury services. Its
corporate/wholesale banking segment includes corporate
relationship covering deposit and credit activities. The retail
banking segment includes credit and deposit activities that are
oriented towards individuals and small business, including
priority sector lending. The retail banking segment also
encompasses payment and alternate channels, such as automated
teller machines (ATMs), point of sale (POS) machines, internet
banking, mobile banking, third party distribution and
transaction banking services. Its treasury services segment
includes trading portfolio of investments, money market
operations, derivatives trading and foreign exchange operations.
On the financial front, the bank posted a 11 per cent decline in
interest earned to `5,797.20 crore in the third quarter of FY18 as
compared to `6,515.93 crore in the same quarter of the previous
year. The operating profit of the bank surged by 679 per cent to
`1,419.99 crore in the third quarter of FY18 as compared to
`182.18 crore in the same quarter of the previous fiscal. The net
loss of the bank also narrowed down in the third quarter of
FY18. The bank posted a net loss of `1,524.31 crore for the
corresponding period as compared to `2,255 crore in the third
quarter of FY17. On the annual front, the bank posted a decline
of 0.90 per cent in the interest earned to `27,791.37 crore in FY17
as compared to `28,042.76 crore in FY16. The operating profit of
the bank increased by 24.49 per cent to `5,140.81 crore in FY18
as compared to `4,129.58 crore in the previous fiscal. However,
the net loss of the bank widened by over 40 per cent to post a
net loss of `5,158 crore in FY17 as compared to `3,664.80 crore
in the previous fiscal. The stock is likely to perform in the
long term, we recommend our reader-investors to HOLD
the stock. DS
(Closing price as on Mar 28, 2018)
DSIJ.in
Reviews
Personal Copy of MANAGEMENT & ALLIED SERVICES

In this edition, we have reviewed LIC Housing Finance and Indian Hume Pipe Company. We suggest our reader-
investors to EXIT in LIC Housing Finance and Hold Indian Hume Pipe Company .
Change Scrip’s Movement
LIC HOUSING FINANCE EXIT 6 Per Cent
CMP - `552

BSE CODE Reco. Price Face Value

500253 `579 `2

W
e had recommended LIC
Housing Finance in volume
32, issue no. 8 dated March 20
- April 2, 2017, under the ‘Special
Report’ section when the scrip was
trading at `579. Our recommendation
was based on robust loan mix, consistent
decline in costs, expanding margins,
controlled asset quality and robust
earnings visibility.
LIC Housing Finance Limited provides
housing finance, which includes loans
for purchase, construction, repairs and
renovation of houses/flats to individuals,
corporate bodies, builders and co-opera-
tive housing societies. It operates
through its subsidiaries, including
LICHFL Care Homes, engaged in the
business of establishing, running and
maintaining assisted living community
centres/care homes for senior citizens;
LICHFL Financial Services Limited is
engaged in the business of marketing
financial products and services.
On the financial front, the company
posted a 5.96 per cent rise in its net sales
to `3,738.10 crore in the third quarter of
FY18 as compared to `3,527.93 crore in
the same quarter of the previous fiscal.
The company’s PBIDT increased by 5.98
per cent to `3,544.37 crore in the third
quarter of FY18 as against `3,344.39
crore in the same quarter of FY17.
However, the net profit of the company
declined by 1.64 per cent to `491.07
crore in the third quarter of FY18 as
compared to `499.26 crore in the same
quarter of FY17.
On the annual front, the company’s net
sales increased by 12.83 per cent to
`13,986.94 crore in FY17 as compared to
`12,396.15 crore in FY16. The company’s
PBIDT increased by 11.13 per cent to
`13,103.29 crore in FY17 as against
`11,790.72 crore in FY16. The net profit
of the company increased by 16.27 per
cent to `1,931.05 crore in FY17 as
compared to `1660.79 crore in FY16.
After our recommendation, the share
price of LIC Housing Finance declined
by over 6 per cent. The stock is not likely
to record a growth momentum in the
near term. Hence, we recommend the
reader-investors to EXIT the stock.

Change Scrip’s Movement

INDIAN HUME PIPE COMPANY HOLD 42 Per Cent
CMP - `318

BSE CODE Reco. Price Face Value

504741 ` 556 `2

W
e had recommended Indian
Hume Pipe Company in
volume 32, issue no. 21, dated
September 18-October 1, 2017, under
the ‘Cover Story’ section when the scrip
was trading at `556. Our
recommendation was based on the
company’s strong presence in various
segments, including railway sleepers, air
rifles, development of land along with its
strong financial performance. The Indian
Hume Pipe Company Limited is
involved in the business of constructing
and maintaining projects relating to
water supply, irrigation, sanitation and
sewerage systems, and manufacturing of
pipes. The company operates through
construction contracts, including water
supply schemes, pipeline supply and
laying projects. Its others segment
development of land and other
miscellaneous items.
On the financial front, the company
posted a 12.73 per cent decline in its net
sales to `357.56 crore in the third quarter
of FY18 as compared to `409.72 crore in
the same quarter of the previous fiscal.
The company posted a 15.66 per cent
decrease in its PBIDT to `36.56 crore in
the third quarter of FY18 as against
`43.44 crore in the same quarter of FY17.
The net profit of the company was
reduced by 17.53 per cent to `14.68 crore
in the third quarter of FY18 as against
`17.80 crore in the same quarter of the
previous fiscal.
On the annual front, the company posted
a 90.19 per cent increase in its net sales to
`951.76 crore in FY16. The PBIDT of the
company increased by 114 per cent to
`207.58 crore in FY17 as compared to
`96.96 crore in FY16. The net profit of
the company also increased tremendous-
ly from `29.10 crore in FY16 to `98.79
crore in FY17. After our recommenda-
tion, the share price of Indian Hume Pipe
Company declined massively. However,
the stock is likely to recover its losses in
the near term. Hence, we recommend the
reader-investors to HOLD the stock. DS

include railway sleepers, air rifles, `1,810.13 crore in FY17 as compared to (Closing price as on Mar 27, 2018)

DSIJ.in APR 2 - 15, 2018 I DALAL STREET INVESTMENT JOURNAL 73

Kerbside
The recommendations provided in this column are taken from various market
Personal
sources such as brokers, analysts, Copy
dealers of MANAGEMENT
and investment & These
strategists, etc. ALLIED SERVICES
recommendations may not be backed by strong fundamentals. Therefore we advise
readers to use their own discretion before investing in these recommendation

PAN-INDIA FOOTPRINT
Bata India is the largest retailer and
BATA leading manufacturer of footwear in
India. The company has a pan-India
BSE Code: 500043 footprint in the market for more than
CMP: `728 eight decades. As per the sources, the
Switzerland-based shoe major, the
parent company of Bata India, expects India to be number one in
terms of turnover, surpassing Italy by this year-end. With majority
of the population in India being youth, the company plans to
shake off its traditional image and strike the right chord with the
youth by launching vibrant and trendy footwear.

PRICE VOLUME BREAKOUT Bajaj Finserv is the

FALL IN YIELD Recently
Bajaj Finserv holding company SBI the yield on
BSE Code: 500112 10-year
BSE Code: 532978 under which there
benchmark
CMP: `5178.55 are three key CMP: `250 bonds
financial sector
businesses: viz. lending through Bajaj crashed
Finance Ltd. (BFL), general insurance heavily and it registered its
under Bajaj Allianz General Insurance biggest one-day fall in just more
Company; and life insurance, under Bajaj than four years after the
Allianz Life Insurance Company. In government announced a lower
addition, there are wind-farm assets in borrowing target for the first half
Maharashtra with an installed capacity of of 2018-2019. The softening of
65.2 MW. The stock has witnessed yields is expected to bring relief
upsurge in price along with decent to banks that were staring at
volumes and market source suggest mark-to-market losses on their
there is still some steam left in the portfolio. One can look to buy SBI,
counter, hence it might potentially be on which could be benefited
the uptrend. substantially by the fall in yields.

AND FINALLY.. Marico

BSE Code: 531642
CMP: `326.90
Marico is one of India’s leading consumer products companies
operating in the beauty and wellness space. Marico has nurtured
multiple brands in the categories of hair care, skin care, edible oils,
health foods, male grooming, and fabric care. Marico well-
established household brands include Parachute, Parachute
Advanced, Saffola, Hair & Care, Nihar, Nihar Naturals, Livon, Set
Wet, Mediker and Revive. The Mariwala-controlled FMCG company
had reported strong Q3 numbers and a promising outlook. The
stock has done well, despite the overall market sentiment
remaining sluggish. This could be a good stock to buy as a
defensive bet in your portfolio. DS

(Closing price as on Mar 28, 2018)

74 DALAL STREET INVESTMENT JOURNAL I APR 2 - 15, 2018 DSIJ.in

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