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Only Financial Weekly Published in English & Gujarati Page
58

GAMC No. :1703/2018-20. Issued by SSP Ahd. Valid up to 31-12-2020

VOL : 13 • Issue No: 3 RNI No : GUJENG / 2008 / 24320 1st March 2020 to 7th March 2020

FII Activity (Rs. in Cr.)

Date Buy Value Sell Value Net Value
24-2-2020 5969.32 7130.22 -1160.9
25-2-2020 5356.93 7672.00 -2315.07
26-2-2020 5821.6 9158.2 -3336.6
27-2-2020 5548.34 8675.7 -3127.36
28-2-2020 14161.82 15590.56 -1428.74
TOTAL 36858.01 48226.68 -11368.6
DII Activity (Rs. in Cr.)
Date Buy Value Sell Value Net Value
24-2-2020 4171.7 3655.49 516.21
25-2-2020 4383.78 2821.5 1565.28
26-2-2020 6635.51 3849.84 2785.67
27-2-2020 6695.91 3198.41 3497.5
28-2-2020 11757.09 4135.93 7621.16
TOTAL 33643.99 17661.17 15985.82

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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 4
INVESTMENT

Active funds vs. Passive funds

Which one is better for investors
Mr. Aashish Sommaiyaa
MD & CEO, Motilal Oswal asset Management Company

I am a believer in the power of equities to create wealth and change life outcomes for
investors. But I believe there are few reasons which prevent investors from benefiting from
the power of equity investing. The most important one is the inability to keep patience and
understand the nature of cycles. Equity markets are cyclical and hence equity investment
products’ return profile is inherently cyclical.
One of the key reasons preventing investors from creating wealth in equities is lack of
awareness and appropriate education about equity investing from neutral third parties in
absence of any product related agenda. The discussion around promoting passives basis
alpha or the lack of it is one of futility and wastefulness for precisely the same reason. It is of
little relevance in the investment matters of the uninitiated where they are looking for basics
around getting started in the process of building their pot of wealth to achieve certain goals
while industry personnel load their prescient but irrelevant convictions and beliefs on these
investors.
The biggest dis-service to development of passive products in India is done by the obses-
sive debate throwing around data on alpha or the lack of it. To say you will have no alpha
basis recent performance is the absolute equivalent of promoting equity products basis past
performance and both do equal harm to the process.
There is a lot more to passive products, which is not as obvious as the alpha discussion…let
the process play out and while the alpha story is destined to play out, we don’t need to wait.
There is a plethora of reasons for investors to keep passives front and centre.
Increasing awareness and education amongst investors, especially influence of western
experiences and literature – irrespective of how the experience here in India pans out there
is a lot of literature and experiences emerging out of the USA which shows the prowess and
penetration of passives and the reasons for the same in the USA. The USA is the mecca for
the investing world and their influence on investment thinking is undeniable.
Long story short, if you are someone who loves simplifying decision making and love to
follow trends, passive funds should surely be on your consideration set in some measure
and then you decide which way to tilt significant portfolio of your assets as experience plays
out with time.
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 5
INVESTMENT

ONE PAGER REPORT

Mr. Parthiv Shah
Director Tracom Stock Brokers Pvt. Ltd.
Mobile: 9727751649
Mr. Parthiv Shah, is a Director at Tracom Stock Brokers Pvt. Ltd. He
has done his BE and MS and is involved in stock research since last
10 years. He regularly appears on CNBC English, Awaaz and Bajar to
discuss his Fundamental views.

HIKAL : Rs 129
Market Cap Rs 1600
- Hikal name comes from Hiramath and Kalyani who manage this company.
- Its an R&D focused API and Agro Chemicals intermediate manufacturing com-
pany and supplies to many customers on a global scale.
- It developed new API for Pregabalin (CNS) using an enzymatic process and
would start adding revenues in FY20
- Hikal very few companies who does CRAMS for global MNC's patented prod-
ucts (HIGH MARGINS BUSINESS)
- Hikal is world's largest supplier of Gabapentin API for Neuropathic use
- Has clients like Pfizer, Bayer, Alpharma and over 25 such clients
- New product launches to help 25% of total sales over next 2-3 years
- Hikal is also into Biocides business which has strong potential as regulatory
requirement no other Indian company is there and its an import substitute
- Similarly potential in enzyme catalyst is also high with limited competition
- Hikal has completed pilot testing for Animal Health product for a Japanese
customer
- Files 3-4 DMF every year
- last 5 years capex of Rs 500 cr
- Will spend another 350 cr in next 18-24 months in panoli facility for both CP
and Pharma business. Can do Rs 525 cr post this capex
- Company imports 35% of raw material from China (capex also does back-
ward integration so dependence on China would go low)
- We find Hikal to have a great long term prospects.
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 6
INVESTMENT
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 7
INVESTMENT

Smart Education : Ankit Gala (9819664831)

Economic Moat - Must for Long Term Investment
Last week we had seen list of various Qualitative and Quantitative factors which one needs to
analyze to identify good companies for investing point of view.
Economic Moat of the Company :
Legendry Investor, Warren Buffet popularized the term 'Economic Moat' which refers to the abil-
ity of a business to maintain competitive advantages over its competitors in order to protect its long-
term profits and market share from its rivals.
Thus 'moat' works as a protective barrier which protects company's business from rival compa-
nies in the same industry.
As a long term investor, to create wealth, one should invest in companies which have strong
economic moat.
Warren Buffett explained the term 'Moat' in a U.S. News & World Report dated 12th June 1994
-
"Look for the durability of the franchise. The most important thing to me is figuring out how big a
moat there is around the business. What I love, of course, is a big castle and a big moat with
piranhas and crocodiles."
Here,
Castle = A highly attractive business built upon a winning strategy and strategic brand.
and
Moat = Barriers to competitor imitation and entry.

Cont....
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 8
INVESTMENT
Some of the ways by which companies can create economic moat that allows them to have a
significant advantage over its competitors include - cost advantage due to economies of scale;
high switching cost; company's intangible assets like patents, brand recognition, government li-
censes, etc; or exceptional management or a unique corporate culture.
There are a few companies like Apple, Amazon, Facebook, Reliance Industries, HDFC Bank,
Walmart, etc that are easily identified worldwide because of their wide economic moat. But having
only moats are not always as obvious, especially with companies you may not be as familiar with.
To identify stocks having wide economic moat, one needs to analyze stocks stock performance
and financial statements.
Some of the things to look for:
" Consistent earnings even during bad Economic times.
" High level of cash on hand.
" Better financial performance compared to competitors in the same industry.
" Product Dominance in market.
" Powerful Intellectual Property
" High Brand Recognition
A company with a wide moat is usually a company worth investing in. Historically it has been
seen that companies having wide moat have outperformed other companies and broader market
in terms of wealth creation.
Next week onwards we shall try to understand another such important factor i.e., Promoters or
Management Background.
To learn Fundamental Analysis you can read the book Fundamental Analysis of Shares by
Ankit Gala & Khushboo Gala. Book is available in English.

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

Co. Name Code Price Co. Name Code Price
Lemon Tree 541233 50.00 Berger Paints 509480 566.00
NLC India 513683 60.50 Hatsun Agro 531531 691.00
J.K. Paper 532162 115.00 RBL Bank 540065 290.00
Max India 539981 93.00 Gulf Oil 538567 788.00
India Cement 530005 96.00 Bharat Rasayan 590021 7189.00
NOCIL 500730 89.00 Nilkamal 523385 1403.00
Ambuja Cement 500425 205.00 Atul Ltd. 500027 5118.00
Guj. Apollo 522217 122.95 Pidilite 500331 1515.00
FDC 531599 234.00 Affle India 542752 1794.00
Mishra Dhatu 541195 245.00 Apollo Hospital 508869 1722.00
IRB Infra 532947 83.00 Cera Sanitary 532443 2485.00
Narayana Hru. 539551 332.00 Metropolis HC 542650 1861.00
Tube Invest 540762 528.00 Britannia 500825 2971.00
TCNS Clothing 541700 591.00 Navin Fl. 532504 1430.00
Havells India 517354 613.00 Sanofi India 500674 7289.00
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 9
INVESTMENT

KEC: Fundamentally Strong; Technically Weak

By Vijaya Kittu M, GetPaidIndia.com
The author feelsthat investors need to keep an open eye on fundamental and technical views of
their invested stocks. Readers can reach him on WhatsApp at +91 98495 19188.
Power transmission and equipment company KEC International is a decent performer beating
the index in all time frames of 1-year and upwards. The stock fell on Friday is in line with the weak
broader market. The stock went recently went ex-dividend, and the share price got adjusted to
reflect that. What is even more important is that the stock is a sell according to oscillators and a
strong sell according to moving averages. The share is close to Support 1 level of 305 (Feb levels;
Fresh levels will come after the first trading day of March). Clearly, the stock is technically weak.
That leaves us to the next area - the fundamental aspects of the stock. Quarterly numbers an-
nounced recently are good. A 16% YoY in consolidated revenue, thanks to the robust performance
in the T&D business. SAE and railways business grew decently while cables, civil and solar busi-
ness de-grew. The recent order inflows and progress in ongoing projects look decent - the Saudi
Arabia project, Delhi and Cochin Metro works and the Brazil project, etc. The latest payment situ-
ation has improved the financial position of the company with its receivables by 16 days. The
company expects to grow its revenues by 16-18% in FY20. The company recently changed its
debt mix by bringing in higher foreign debt and reducing its interest cost burden a bit. KEC's debt to
equity ratio stands a bit higher at 0.86.
KEC recently entered into a share purchase agreement with KEC Global Mauritius, a whole
owned subsidiary of the company, to acquire 100% shares of a step-down subsidiary KEC Interna-
tional Malaysia Sdn. Bhd, which is a subsidiary of KEC Global. This simplifies the holding struc-
ture of the company a bit.
KEC Towers LLC, Dubai, a wholly-owned subsidiary of the company, has acquired a transmis-
sion tower manufacturing facility with an installed capacity of 50000 MT situated in mainland Dubai,
UAE. This acquisition will strengthen the company's capabilities in the Middle East and Africa.
The stock valuations seem to be comfortable. The fair value of this mid-range performer ap-
pears to be at around Rs. 388. This medium risk high return stock is suitable for moderate to high-
risk takers who are having a long-term view. A high-beta momentum stock with high ROCE and
low PE, FIIs recently increased their holding while DIIs marginally decreased their holding in the
company.
The stock recently came below the 30 & 50-day simple moving average showing signs of tech-
nical weakness. However, with fundamentals being healthy, it can be a slow and gradual accumu-
lation opportunity for those who are interested.

Avoid financial accidents! Become an empowered investor

Learn the Art of Investing by attending our learning session near you.
Chennai (7 & 8 March 2020), Hyderabad (29 March 2020),
Bengaluru (25 & 26 April 2020), Mumbai (1-3 May 2020)
To register, WhatsApp to +91 98495 19188
Financial Weekly

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March 2020 10
INVESTMENT

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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 11
INVESTMENT

Rapid Fire Stocks

Kalpna J (Email- Kjtech79@gmail.com)

(Ring : 97690 37711) Twitter : @Kj_TechTrades

Titan Company (Accumulate )

Buy At CMP 1254 , Targets 1444- 1550,
Time frame 6-18 Months (SL - 1050)
Titan Company Limited, a joint venture between the TATA Group and the Tamil Nadu Industrial
Development Corporation (TIDCO) commenced operations in 1984 under the name Titan Watches
Limited. Titan Company is the fifth largest integrated own brand watch manufacturer in the world.
Over the last three decades, Titan has expanded and explored into under penetrated markets and
created leading brands across categories.
Titan Company launched ‘Tanishq’, India’s most trusted and leading jewelry brand. Tanishq
has been synonymous with superior craftsmanship, exclusive designs and guaranteed product
quality. The jewellery is manufactured in a fully integrated manufacturing plant with state-of-the-art
equipment. The Tanishq retail chain currently has over 200 exclusive boutiques in over 115 cities.
Completing the jewellery portfolio is Zoya, the retail store in the luxury segment, and most recently,
CaratLane.
Titan Company Ltd had reported a whopping 67% rise in net profit to Rs 277.93 crore for the
quarter ended September 30, 2017 against Rs 165.98 crore in the corresponding quarter last year.
Jewellery segment, which contributed to nearly 80% of total revenue, has registered a solid 37%
growth at Rs 2,748.20 crore on year-on-year basis, with its EBIT (earnings before interest and tax)
growing 66.4% YoY.
Selected as Best Employer for "National Award for the Empowerment of Persons with Disabili-
ties - 2014" by Government of India
• Titan ranked among the 100 most sustainable corporations in Asia in the Channel News Asia
Sustainability Ranking 2014.
• "Champion of Champions" award at the 8th Loyalty Summit for the Encircle Loyalty Program.
2014
• Top Indian Company award under the Gems and Jewellery Sector at the Dun & Bradstreet
Corporate awards, 2014
• "Hall of Fame" award at 12th Franchisee Awards 2014 by Franchisee India

Cont...
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 12
INVESTMENT

United Breweries
Buy at CMP 1245 - for the Targets of 1350 -1590 ,
SL - 1090 Time Frame - 5 Months to 24 Months (Add in Dips)
United Breweries Holdings Limited or UB Group is an Indian conglomerate company headquar-
tered in UB City, Bangalore in the state of Karnataka, India. Its core business includes beverages,
aviation and investments in various sectors.
United Breweries Limited is synonymous with innovation and aggressive marketing that is
complemented by a strong
distribution network which encompasses an impressive spread of owned and contract manu-
facturing facilities across the country.The company was bought by the late Mr. Vittal Mallya in
1947, and since then, has consistently tasted success and never looked back.
Today, each one of the 89,763 outlets selling beer in India, sell atleast one brand from United
Breweries
Their flagship brand 'Kingfisher', has achieved international recognition consistently, and has
won many awards at international beer festivals. Our most popular beer, Kingfisher Premium La-
ger beer, is currently available in 69 countries and
leads the way among Indian beers in the international market.
UB GROUP - BUSINESSES
PROFITABLE SUBSIDIARIES
The company owns many successful companies, like the United Breweries Limited (UBL) which
is a market leader in its field. It controls over 50% of the Indian beer market. Again, we have to
mention its biggest brand Kingfisher which reached the markets of 52 countries. The company is
very progressive with the acquisition of other smaller companies which led them to set up a mo-
nopoly in India. Still, legal troubles and indebtedness led the company under the ownership of
Heineken, which owns 43% shares of UBL since 2016.
Cont...

Rapid Fire Stocks

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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 13
INVESTMENT
Similar to UBL, the United Spirits Limited (USL) ranked very high in 2006 as the third biggest
global spirit manufacturer. In fact, this manufacturer owns seven brands that are worth millions.
The company went global buying businesses all over the world like Whyte and Mackay ten years
ago. But meanwhile, the company was sold in 2014 to a company based in the Philippines.
UB Engineering Limited (UB EL) was acquired by the UB Group in 1988, and it participates in
construction projects, procurement projects, mechanical equipment testing, and infrastructure works.
The company was founded in 1963, and it went public nine years later. The company also over-
sees maintenance of plants for different industries, and not only in the home country, but it is also
known for its international business deals.
Mangalore Chemicals and Fertilizers is a business run from a factory in Karnataka and is spe-
cialized in the production of fertilizers. The company offers an array of products like diammonium
phosphate, soil conditioners, urea, granulated and specialty fertilizers, as well as micronutrients.
Another subsidiary worth mentioning is the UBICS Inc which is a firm offering IT consulting
services, as well as IT equipment and supplies to professional businesses.
THE KINGFISHER AIRLINES
The Kingfisher Airlines
The airline in ownership of the UB Group was based in Mumbai, and it was entitled to 50% of the
Kingfisher Red carrier which is a low-cost airline. It was the second largest market holder in India
until 2011, but the carrier hit rock bottom only one year later in 2012 when its business tumbled
down to the lowest market ranks. The DGCA shut down the airline by revoking their flight license.
Subsequently, the Indian Government withdrew the flights it had allocated to this airline and reas-
signed them to other providers.
In 2014, the airline was officially insolvent and ceased its operations. The company was active
for somewhat more than a decade. The airlines turned to Bombay Stock Exchange (BSE) in 2011
disclosing that their net worth significantly dropped. The company did take certain measures like
fleet recovery and a debt repayment plan which could still attract investors. Some lenders believed
that once the company gets the needed capital, it will recover. Still, the company was doomed to
fail, and despite the will of investors, it failed to stay viable.
FORCE INDIA FORMULA 1
Force India Formula 1
This F1 team is operating in Britain but under an Indian license. It is also a part of the UB
Groupsince their chairman Mallya sat together with a Dutch businessman and handed out a $90
million dollar deal by buying Spyker F1. Force India came into being in 2007. At first, the team had
a tough time with scoring no points in 29 races, but in 2009, Italian Fisichella finished second in the
Belgian Grand Prix. Sutil was also one of the drivers who brought points to the team by finishing
fourth in the Italian Grand Prix.
In 2011, a fair share of 42.5% shares was sold to another Indian magnate, the Sahara India
Pariwar. The price was $100 million. Since then on, the team has been renamed to Sahara Force
India, whereby Force India also owns 42.5%. The Mol family owns the remaining 15%. The most
important sponsor of Force India is, of course, another giant from the UB Group, i.e. the most fa-
mous one Kingfisher. Whyte and Mackay, which used to be owned by the UB Group, recently, also
joined the sponsorship.
THE EAST BENGAL FOOTBALL CLUB
This club is also part of the UB Group empire and plays in the highest Indian league called the
I-League. The club is very successful, and one of the best in India with three claimed titles in the I-
League. The team also represents India in Asian cups and competitions. The red and gold team
has so far over 100 trophies under their belt including international competitions as well. The club’s
main sponsor is Kingfisher Premium
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 14
INVESTMENT

SMART
BUY OF THE WEEK
Dark Horse

PIX TRANSMISSIONS
(500333) (125.7) (Face Value Rs.10)
Incorporated in 1981, PIX Transmissions Ltd is the Particulars Qtr. Ended
leading manufacturer of Belts and related mechanical Q3FY20 Q3FY19 % Var.
Power Transmission products in India. The Company Sales 83.58 75.23 11
PBT 9.96 4.88 104
features state-of-the-art Belt manufacturing units as well PAT 7.74 3.02 156
as a completely automated Rubber Mixing facility in EPS 5.68 2.22 156
Nagpur. The company offers various industrial, textile,
automotive, agricultural, lawn and garden, construction, Latest High September 2018
High price 284.4
hi-power rated, and special application belts for various
CMP 125.7
applications. It also provides a range of pulleys, bushes, Discount from high 56%
couplings, and bespoke products under the PIX-

PowerWare brand name; and accessories, such as laser guided pulley alignment tools, digital
tension meters, belt length measurement products, analog tension testers, pulley gauges, ploy-V
belt wear gauges, belt cutting machines, and belt profile gauges, as well as service kits and drive
design software. The company has overseas subsidiary operations in Europe, and Middle-East, in
addition to over 250 committed Channel Partners in over 100 countries worldwide.
Company is having capacity of 90,000 belts per day and it is largest in India, 3rd largest in Asia.
It is one of top 10 belt manufacturer in the world. It has an equity base of just Rs.13.63 crore that is
supported by reserves of around Rs.209.11 crore. The Promoters hold 61.30%, FIIs hold 1.43%
while the investing public holds 37.22 % stake in the company. Promoters are increasing their
stake from buying shares from open market which is very good sign. Its share book value stood at
Rs.156.84 and stock is available at P/BV ratio of just 0.82x.
For Q3FY20, its net profit soared 156% to Rs.7.74 crore against Rs.3.02 crore on 11% higher
sales of Rs.83.58 crore fetching an EPS of Rs.5.68.
It is regular dividend paying company. It paid 15% dividend for FY16, 20% for FY17, 25% for
FY18 and paid 27.5% for FY19. Currently, the stock trades cheap at a P/E of 5.7x and at 56%
discount to its September 2018 high of Rs.284.4.
Investors can accumulate this stock with a stop loss of Rs.96. It may give very good re-
turns in medium to long term.
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 15
INVESTMENT

NITTA GELATIN
(506532) (124.3) (Face Value Rs.10)
Incorporated in 1976, Kochi based Nitta Gelatin In-
Particulars 9 Month Ended
9MFY20 9MFY19 % Var. dia Limited manufactures and sells gelatin, ossein,
Sales 266.49 215.9 23 dicalcium phosphate (DCP), and collagen peptide pri-
PBT 17.52 4.08 329 marily in India. The company offers gelatin, an ingre-
PAT 12.33 0.83 1386
dient used in the drug delivery systems, such as two
EPS 13.58 0.91 1392
piece hard capsules, soft capsules, tablets, coated tab-
Latest High January 2018 lets, mini, micro capsules, etc.; and in the edibles com-
High price 284.9 prising confectionery, gelatin desserts, dairy products,
CMP 124.3 meat products, and beverages and juices. It also pro-
Discount from high 56%
vides collagen peptide, a hydrolyzed form of collagen,
which is a fibrous protein present in the extracellular matrix of living cells for application in healthcare,
personal care, and food products. In addition, it manufactures ossein for use in the production of
gelatin; and produces and supplies DCP to poultry farms and animal feed manufacturers. Further,
it provides Chitosan, a polysaccharide that is used in various applications, such as pharmaceuti-
cal, medical, cosmetic, food and agriculture, veterinary, pulp and paper, textile, water treatment,
etc. Additionally, the company offers NutriGold, a foliar spray for various crops to farmers; Seed Aid
to enhance germination of the seedling; and CartiPep, a protein supplement for cartilage and joints.
Nitta Gelatin India Limited also exports its products.
It has an equity base of just Rs.9.08 crore that is supported by reserves of around Rs.146.66
crore which is 16 times higher than equity. It has a share book value of Rs.168.71 & price to book
value ratio is just 0.73 which is highly impressive. The Promoters hold 74.48% (Nitta Gelatin Inc
JAPAN holds 42.96% while Kerala State Industrial Development Corporation holds 31.53%) while
the investing public holds 25.40% stake in the company.
During 9MFY20, its PAT zoomed 1385.54% to Rs.12.33 crore as against Rs.0.83 crore on 23.43%
higher sales of Rs.266.49 crore fetching an EPS of Rs.13.58. It has recorded 255.33% higher profit
against FY19 in just first nine months of FY20.
Currently, the stock trades at a P/E of 7.5x. It paid 15% dividend for FY19.
Its recent high rate was Rs.285 which was formed in January 2018. Stock almost corrected 56%
from recent high.
Investors can accumulate this stock with a stop loss of Rs.100. It may give very good
returns in medium to long term.
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 16
INVESTMENT

Stock Buzz
Subramanian Mahadevan
dolphincapital@gmail.com

Shipping Corporation of India (Rs.45)

Sailing Safely!
Shipping Corporation of India Limited (SCI) - is a Mumbai based company incorporated in 1950
owned by Government of India (63.75%) operates and manages vessels that services both na-
tional and international lines. The company owns and operates around one-third of the Indian
tonnage, and has operating interests in practically all areas of the shipping business; servicing
both national and international trades. SCI operates in three segments - liner and passenger ser-
vices, bulk carriers and tankers and technical and offshore services. Liner segment includes break
bulk and container transport and bulk segment includes tankers (both crude and product), dry bulk
carriers, gas carriers and phosphoric acid carriers. Others include offshore vessels, passenger
vessels and services and ships managed on behalf of other organizations. SCI fleet includes dry
bulk carriers, very large crude carrier (VLCC) tankers, crude oil tankers, product tankers, container
vessels, passenger-cum-cargo vessels, phosphoric acid and chemical carriers, LPG and ammo-
nia carriers, and offshore supply vessel. With slight uptick in global shipping order book coupled
with stable demand, shipping industry is on the verge of a huge turn-around after a multi-year
slowdown. The largest domestic ship liner Shipping Corporation of India (SCI) reported a net profit
net profit of Rs 295.25 crore in the quarter ended December 2019 as against Rs 191.57 crore
during the previous quarter ended December 2018. Sales rose 17.00% to Rs 1257.61 crore in the
quarter ended December 2019 as against Rs 1074.85 crore during the previous quarter ended
December 2018.SCI may see significant improvement in financial performance going forward. One
of the cheapest 4000+ crore turnover (FY19E) PSU where the cash reserves on its balance sheet
is more than its current market cap and it is available at attractive valuations for multi-bagger re-
turns.

South Indian Bank (Rs.9.3)

Banker for Generations!
South Indian Bank Limited (SIB) - is a one of the earliest banks in Southern part of India, South
Indian Bank (SIB) was incorporated in 1928 at Trissur in Kerala. Under the RBI Act, SIB was the
first private sector bank in Kerala to become a Scheduled Commercial Bank in 1946. Currently, the
bank is led by Mr. V. G. Mathew, MD & CEO. The bank has a strong presence in South India (80%+
branches). As on June 2016, the bank had a network of 838+ branches and 1,300+ ATMs. Over the
Financial Weekly

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March 2020 17
INVESTMENT
past few years, the bank has achieved considerable progress in terms of bringing profitability focus
among branches, re-energizing employees, improving asset quality, and creating greater brand
awareness and technology coverage. The employee compensation has been linked to perfor-
mance and union clout has diminished. The re-branding exercise of bank has created greater
brand re-call and awareness among customers. We believe the present management is innova-
tive and dynamic. Nine decade old South Indian Bank (SIB) with strong deposit franchise, robust
loan growth, superior business model and great asset quality, is one of the cheapest mid-sized
private sector banks trading at 0.35 times (FY20E) and close to 0.2 times (FY21E) adjusted book
value versus City Union Bank, the closest listed peer which is half the size of SIB in terms of
business is trading at more than 3 times book. Pain would still persist for three more quarters as
slippages are expected to be around 600 crores. Gulf based billionaire MA Yusuff Ali, LIC of India
and Government of Singapore besides private equity giants like Cinnamon Capital, CX Partners
hold significant stake and firmly believe that this stock could be a multi bagger for sure in two years
with very limited downside. Investors are advised to buy immediately for double digit returns as
downside is very limited from current levels.

- Subramanian Mahadevan

Buy or Sell, Confused ?

Let the EXPERTS Help You
Join our Service for 1 Month & We are
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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 18
INVESTMENT
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com

CORONAVIRUS INFECTS THE MARKET

CRASH REMINSCIENT OF 2008 :- The Market suffered its worst week
since the 2008 meltdown. As the Coronavirus spreads its wings across
the world, the Financial Markets across the globe have crashed and are
entering Bear territory. Even though the Coronavirus has still not entered
the Indian territory; it now seems more a question of 'when' and not 'if'.
With every Support being broken, the intensity of fall kept on increasing.
The Market crashed by an unprecedented 7% for the week, thereby negat-
ing Trends across all time-frames. Strong Trendline Support on the weekly
timeframe is at Nifty 11013; a breach of which can take the Nifty all the
way down to higher bottom at 10637. In the extreme short term, the indi-
ces are highly oversold and hence a dead cat bounce cannot be ruled out.
But any pull-back should not be construed as a reversal, but rather an
opportunity to short.

This Weeks Recommendations

Rec. Name CMP SL TGT-1 TGT-2
Sell RIL 1329 1359 1284 1238
Sell Jubilant F. 1757 1788 1710 1661
Sell AxisBank 697 709 678 658
Sell AdaniPort 342 352 327 311
Sell JSWSteeL 236 243 225 213
:::: INDEX LEVELS ::::
S3 S2 S1 CLOSE R1 R2 R3
NIFTY 10746 10941 11090 11201 11384 11536 11714
SENSEX 36701 37230 37807 38297 38718 39441 40117
Cont...
Financial Weekly

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March 2020 19
INVESTMENT
TECHNICALLY SPEAKING :- Sensex opened the week at 41037, made a high of 41037, low
of 38219 and closed the week at 38297. Thus it closed the week with a massive loss of 2873
points. At the same time the Nifty opened the week at 12012, made a high of 12012, low of 11175
and closed the week at 11201. Thus the Nifty closed the week with a loss of 879 points.
On the daily charts, both the indices have formed a big Opening Black body Marubuzo after a
big Gap down opening. Even on weekly timeframe, both Sensex and Nifty have formed a very Big
Opening Black body Marubuzo after a gap down opening. Thus candlestick study on daily as well
as weekly timeframe, suggest continuation of strong bearishness in the near term.
Both the indices fell on Friday with a big Bearish Gap. Thus Sensex 39087-39423 and Nifty
11384-11536, will now act as strong Resistance. Also this Gap can be called as a Measuring Gap,
which gives a bearish target of Sensex 36801 and Nifty 10674.
Immediate strong Support for both the indices comes in the form of weekly Trendline which will
fall at Sensex 37400 and Nifty 11013. A break of the above Support can lead the Sensex to test its
previous higher bottom of 35987 and Nifty 10637.
This week, both the indices crashed and closed well below the Short term average of 20dma
(Sensex - 40674 and Nifty - 11934), Medium term average of 50dma (Sensex - 41102 and Nifty
12088) and even the Long term average of 200dma (Sensex - 39447 and Nifty - 11687). Thus the
Trend in the Short term, Medium term as well as Long term Timeframe has turned Bearish.
MACD and Price ROC are both negative and continue in Sell mode. RSI (24) indicates strong
Bearish momentum. Stochastic Oscillator %K (06) is below %D and hence is in Sell mode. But
more importantly, both RSI and Stochastic Oscillator are strongly oversold and a bounce from
current levels cannot be ruled out. ADX (24) suggests Downtrend gaining strength. Directional
Indicators are in Sell mode as +DI is below -DI. OBV continues in Sell mode, making lower top
lower bottom formation. Bollinger Band continues in Sell mode. MFI (28) suggests Negative Money
Flow. Thus Oscillators are suggesting a bearish bias.
Options data for March series indicate highest Call Open Interest at 12000 and highest Put
build-up is at the strike of 11000. Thus Options data suggests a wide trading range with Resis-
tance at 12000 and Support at 11000.

Financial Weekly
Every Sunday Every Wednesday

English & Gujarati Edition Gujarati Edition

Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 20
INVESTMENT

Jignesh R Mehta
(SEBI Registered Research Analyst)
E-mail : support@kiranjadhav.com
Website : www.KiranJadhav.com
Phone: 9327 11 3344 / 9328 11 33 44
Twitter: @jigneshrmehta

Worst weekly loss since 2009, what now?

After registering one more day of black Friday, our markets saw straight fall for all five days of the
week. The spot plunged sharp and 2 days of the week on Wednesday and Friday saw the gap-
downs. On the Wednesday, spot tried to recover but on Friday, it didn't even show any respite and
kept falling to finally close at 11201.75 at the day end to register the weekly decline of 7.28% on
Nifty.
Corona Virus Outbreak :- We must be aware about the fact that the Corona Virus fear intensi-
fied just after the US market started plunging with the news that one of their state, California was
declared with health emergency. By that time the experts already proclaimed that Corona virus is
an outbreak of the world and it is pandemic. By living in this part of the hemisphere, in India, the
blessings in disguise are, 1.) The health emergency in California was precautionary measure con-
sidering epidemic nature of it, 2.) Corona virus retreats in hot weather and in India, summer is
already started, 3.) Everyone has embarked on making the vaccine of this virus and few countries
are about to introduce it, 4.) Historically, the biggest one day fall in Nifty have witnessed a swift
recovery.
Technical View :- Technically speaking, the much of the gains of the recent past is eroded in
just one week. Still, Nifty has managed to trade in the long term range that we have been speaking

Nifty Weekly Chart

Cont...
 Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 21
INVESTMENT
all through out. The same range can be seen in the figure 1 below. It is the weekly chart of Nifty
where in, trading range is marked with yellow lines. Even though Nifty is at a good support where
it is seating now, it still has well-defined support at 11000 levels, this is coming from the bottom line
of long term range of last one year and more. 11000 seems to be a good psychological level but
there are good supports do exist further below this. The one that is nearest, is the support which
comes from the weekly low of September which was witnessed before our FM's September an-
nouncements. It is marked with sky blue horizontal line on the chart. This support is also at utmost
important as volume on and after the announcement was pretty high. Similarly the support for Bank
Nifty exist exactly where it is seating now and the well-defined support coming from the yearly
range comes at 28000.
Derivative Data :- PUT OI was easy to identify on Monthly expiry, as it was maximum on 11000
strike, making it a firm support for the coming week. CALL OI on 11500 is not visibly large enough
to make it a decisive resistance.
Forex :- So far $ 72.45 level was recognized as an upside and the same has been achieved,
now we have upside range opened until $ 74.50. Thus, rupee against dollar has weakening propo-
sition. The support exist at 72 levels for now.
Crude :- An already established down trend played well for Crude and down side opened up
swiftly. Crude currently seating at 3270. It has further down side open until 3130 and 3000 levels.
Down going crude is a huge positive for our market at this hour.
On an end note, we would advise all of you to remain low profile as India VIX has gone in to
higher trajectory. The way low volatile market is not good for traders, the higher volatility more than
18 VIX is also not good. One should restraint the clear price patterns and strict stop loss in their
actions and even more than that wait for the sanity to come to the markets.
Jignesh R Mehta
SEBI Registered Research Analyst
www.kiranjadhav.com
support@kiranjadhav.com
Phone: 9327 11 33 44 / 9328 11 33 44
Twitter: @jigneshrmehta
Disclosers : Views expressed in this article/articles are personal opinion of Author and it does not
constitute an offer to buy or sell securities mentioned herein. Enough care has been taken before arriving
at these data, figures & charts, however, readers are advised to do their own assessment before taking
any actions in the market. The author and his company does not take any responsibility for any results that
may arise out of using this information.

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

Zydus Wellness 1471.00 Sail 35.00
Punjab Alkalies 37.45 SBI 302.00
Quess Corp. 512.00 Wheels India 509.00
Prism Johnson 60.00 DIC India 402.00
Transpek 1846.00 Bharat Forge 435.00
Spice Jet 83.00 Orient Press 122.00
M.M. Forging 384.00 Sudarshan Chem. 460.00 Vedanta 114.00
DHFL 14.00
IEX 175.00 Titan 1254.00 JSPL 153.00
NBCC 26.00
Kiri Industries 382.00 GSK Pharma 9444.00 Tata Motors 129.00
Ruchi Soya 61.00
J.B. Chemical 537.00 Nestle 15770.00 Reliance Ind. 1328.00
Modi Rubber 34.00
Indian Hotel 134.00 Divis Labs. 2106.00 JSW Steel 235.00
Bodal Chemical 69.00
Sadbhav Engg. 70.00 NESCO 723.00
ITD Cementaion 53.00 Jubilant Food 1757.00
INOX Leisure 429.00
BASF 1030.00 Tata Steel 381.00
Kanoria Chemical 38.00
Trent 736.00
V-Mart 2231.00
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 22
INVESTMENT
- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 11158. As informed in last session that Nifty
was at resistance & if sustains at that level then Resistance will Turn to Support. However, Nifty failed to
hold the levels mainly because of fear of coronavirus getting spread more. The virus is pandemic and thus
global indices have been affected. In such situations, no levels hold true. However, would like to give you
levels. Nifty support is at 10700 and Nifty resistance is at 11600 levels. If Nifty crosses and sustains above
11600 then can turn positive.
Bank Nifty Overview : In Last Trading Session, Bank Nifty closed at 29091. Bank Nifty had a steep fall
and is now at support. There are chances for Bank Nifty to be bit volatile as the range keeps widening. As
the range is too wide, it does not make any sense to give you levels for Bank Nifty.

Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
Apollo Hos. 508861 Sell 1820 1731 Target Achieved
Muthoot Fin. 533398 Sell 945 871 Target Achieved
SRF 503806 Sell 4187 3847 Target Achieved
Torrent Ph. 500420 Sell 2265 2096 Target Achieved

Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Amaraja Battery 500008 643 595/605 615 625 585
Glenmark 532296 277 265/270 280 295 255
Kotak Bank 500247 1622 1585/1590 1605 1625 1570
NMDC 526371 90.35 85/90 95 105 82
Yes Bk. (Delivery) 532648 28.8 25/28 36 45 20

Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Apollo Hospital 508861 1743 1820/1825 1800 1770 1845
MFSL 500271 576 625/635 615 605 645
Torrent Pharma 500420 2141 2255/2275 2235 2205 2295

Note : All calls are momentum calls based on technical analysis and all levels as per future prices (If
scrip not available in futures then BSE Cash price). All these calls are given based on daily charts but intra-
day signals are equally important to enter the trade in a timely manner. Timing is very important and we at
shareinfoline.com give you timely calls based on intra-day charts. Read Disclaimer at
ShareInfoline.com
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 23
INVESTMENT

TECHNICAL TALK Dhananjay Kadam

TECHNICAL ANALYST, M. 7588622374

STOCKS FOR HANDSOME GAIN

RBL BANK
close price-290
This week domestic and interna-
tional markets are falling badly . In ev-
ery sector we seen big selling. On daily
chart RBL BANK Trading in down trend
channel from Dec. 2019 . Today this
stock made bearish pattern on daily
chart as per this pattern stock may
more fall in coming days. Short this
stock for Targets of 260 with Stop loss
of RS 300 on daily close basis, Time
frame - 9 days.

DIVIS LAB
Close Price- 2107
This company is leading company from
Pharma sector. This stock is continuous in
uptrend from last 4 months now a days in-
creased fear of CORONA virus in China and
another many countries Pharma companies
will get benefits of such situations. On daily
chart this stock taken good support also this
stock not fallen down in this week with index.
Looking strong to buy in range of RS 2075 to
2100 with Daily close base Stop loss of RS
2050 . Target will be 2240.
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 24
INVESTMENT

Techno Funda Sachin Shah : 9372144204

(Mumbai)

sound stocks growyourwealthwithsachin@gmail.com

TRANSPEK INDUSTRIES LTD

(506687) (1846) (FV 10)
Transpek Industry Limited, synonymous to
Creative Chemistry, was set up in the year 1965
for manufacturing of transparent acrylic sheet,
from there it was christened as 'Transpek'. The
company has grown in leaps and bounds, di-
versified and emerged as one of the most re-
sponsible producers and exporter of chemicals.
With its expertise in handling Chlorine and Sul-
phur, Transpek has indigenously developed pro-
cess for chlorinated chemicals like Thionyl Chlo-
ride and various Acid and Alkyl Chlorides.
Technical Observations : The stock is in
Q3FY20 Q3FY19 buy mode on ADX, MACD, PSAR and SUPER
Sales 165.85 crore Sales 167.27 crore
PAT 29.92 crore PAT 14.42 crore TREND on daily, weekly and monthly charts.
Sales Growth -1% PAT Growth 107.49% The stock trading at 1846 can be bought at CMP
and on dips with a target of 2400 over the next
15 to 18 months.

VOITH PAPER FABRICS INDIA LTD

(522122) (1062) (FV 10)
The Voith Paper Fabrics Ltd (India), subsidiary of the Voith Group, which is headquartered in
Germany, is a family-owned multinational corporation in the mechanical engineering sector as
well as the automation and IIoT business with worldwide operations. Voith Paper Fabrics Ltd of-
fers a diverse range of services and prod-
ucts for business and industry worldwide.
Complete solutions are available for all kinds
of fields including paper machines, high
value rotating equipment and drivelines, and
hydropower equipment and services for in-
dustrial facilities.
Technical Observations : Stock is in buy
mode ADX, MACD, PARABOLIC SAR and
SUPER TREND are in buy mode on weekly
and monthly charts. Stock can be bought with
at 1062 and added on dips with a target of Q3FY20 Q3FY19
1400 in 21 to 24 months. Sales 34.81 crore Sales 27.10 crore
PAT 7.61 crore PAT 5.80 crore
Sales Growth 28.45% PAT Growth 31.21%
Financial Weekly

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March 2020 25
INVESTMENT

FAIRCHEM SPECIALITY LTD

(530117 & NSE) (643) (FV 10)
Fairchem Speciality Ltd is India's largest
manufacturer of Dimer acid used in many con-
sumer products including paints. Fairchem
also processes Tocopherol which is used in
formulating Natural Vitamin-E.
Technical Observations : The stock is in
buy mode on ADX, MACD, PSAR and SU-
PER TREND on daily, weekly and monthly
charts. The stock trading at 643 can be bought
9MFY20 9MFY19
Sales 1232.19 crore Sales 899.49 crore at CMP and on dips with a target of 900 over
PAT 129.11 crore PAT 41.42 crore
Sales Growth 37% PAT Growth 212% the next 15 to 18 months.
Financial Weekly

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March 2020 26
INVESTMENT

Terrific Shots - Dilip K. Shah

INOX Leisure (Rs.429.00) (Code:532706) :- The group is active in chemicals, enter-

tainment and wind energy businesses. The group has been moving forward on path of growth
silently for many years. INOX Leisure owns 143 multiplexes with 595 screens in 67 cities of the
country. It is also active in film production and film distribution along with operating food courts and
restaurants. In December quarter, the company's income increased from Rs433.09 crore to
Rs512.91 crore, while profit decreased from Rs36.46 crore to Rs35.01 crore. As against equity of
Rs102.61 crore, the company has reserves of Rs861.20 crore. The sector is booming which may
benefit the company. A number of big budget movies are going to be released in the fourth quarter,
which will prove beneficial to the company. The stock is good option to buy in phased manner.
Star Cement (Rs.86.00) (Code:540575) :- The company has been demerged from
Star Ferro and Cements. As against equity of Rs41.92 crore, the company has reserves of Rs1681.74
crore. In December quarter, the company's income increased from Rs416.43 crore to Rs451.16
crore, while profit decreased from Rs82.28 crore to Rs71.22 crore. The company has good pres-
ence in North-East market, where limestone is easily available so the production cost goes down.
The company's total production capacity is 4.3 MTPA. It also enjoys good presence in Nepal and
Bhutan. The fundamentals are strong, so it is good option for long term investment.
Aster DM HC (Rs161.00) (Code:- 540975) :- The promoters hold 37.80%, FII hold
13.08 %, DII hold 3.99 % and public hold 44.17 % stake in the company. As against equity of
Rs505.23 crore, the company has reserves of Rs2708.53 crore. In FY2019, the company's income
increased from Rs6721.16 crore to Rs7962.71 crore, while profit increased from Rs268.88 crore to
Rs333.11 crore with EPS of Rs6.63. In the first nine months of 2020, the company's income in-
creased from Rs5761.68 crore to Rs6437.13 crore, while profit increased from Rs147.47 crore to
Rs168.35 crore. The company provides healthcare services in UAE, Oman, Saudi Arabia, Qatar,
Kuwait, Bahrain, Philippines and other countries. It used to own 9 hospitals, 90 clinics and 206
pharmacy stores in foreign countries and 10 multi-specialty hospitals and 7 clinics in India as on
September 30,2017. It may get benefitted from Government's Ayushman Bharat scheme. Phased
wise investment can be done. The company's buy back scheme will open on February 20 and
close on March 5, in which it will buy 5714285 shares at price of Rs210 a share.
Honda Siel Power (Rs.1157.00) (Code: 522064) :- It is a subsidiary of Japan's
Honda Motor Company, which has its plant at Noida. It manufactures portable generators, water
pumping sets and general purpose pumps, and engines. It has its manufacturing plants at Greater
Noida and Puducherry. It has 15 area offices and network of more than 600 dealers. Currently
North America accounts for majority of its export. It also exports products to Indonesia, Taiwan and
Korea. In December quarter, the company's income increased from Rs219.62 crore to Rs237.74
crore, while profit increased from Rs16.93 crore to Rs17.12 crore with EPS of Rs16.88. It may
cross 52 week high in long term.

Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this
stocks • I/My family have no financial interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short
/ Medium Term investor Only • Smart Investment will not be responsible / liable for any loss arising out of investment based on tis advices • Past performance may or
may not be substainedin future "
(Dilip K. Shah)
Research Analyst
SEBI Regn No. : INH000002152
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 27
INVESTMENT
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com

Amid ups and downs the downward trend

will continue in the share market
BSE Index (38297.29) :- It is moving downward from top of 41709.30. It shows oversold position
on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis.
Three gaps of bearish trends have already been witnessed on the chart. On upward movement,
beyond 38350 it may go up to 38750, 39087 and 39423. On the downward movement, below
38219 it may go down to 37750, 37560, 37150 and 36770. The investor indulging in new selling
must be cautious. Follow stop lose.
Nifty Future (11580.00) :- It shows downward movement from top of 12260.40. It shows over-
sold position on daily basis, overbought to neutral on weekly basis and overbought on monthly
basis. On upward movement, beyond 11200 it may go up to 11300, 11400 with resisting level at
11540. On the downward movement, below 11116 it may go down to 11090, 10975, 10865, 10760
and 10645.
Bank Nifty Future (29091.00) :- It shows downward movement from top of 31627.70. It shows
oversold position on daily basis, neutral on weekly basis and overbought on monthly basis. On
upward movement, beyond 29310 it may go up to 29432, 29665 with resisting level at 29951. On
the downward movement, below 28970 it may go down to 28550, 28150, 27770 and 27380.
Century Textiles (506.75) :- It shows downward movement from top of 656.90. It shows over-
sold position on daily basis, towards oversold on weekly basis and overbought on monthly basis.
On upward movement, beyond 520 it may go up to 532 with resisting level at 536. On the down-
ward movement, below 503 it may go down to 500, 488 and 475 level.
HCL Techno (534.35) :- It shows downward movement from top of 623.50. It shows oversold
position on daily basis, while overbought on weekly and monthly basis. On upward movement,
beyond 564 it may witness resisting level at 568. On the downward movement, below 531 it may
go down to 527, 521 and 516.
ICICI Bank (497.25) :- It is moving downward from top of 550.70. It shows oversold position on
daily basis, while overbought position on weekly and monthly basis. On upward movement, be-
yond 511 it may witness resisting level at 523. On the downward movement, below 492 it may go
down to 492, 489, 478 and 468 level.
JSPL (153.90) :- It shows downward movement from top of 202.40. It shows oversold position
on daily basis, while overbought position on weekly and monthly basis. On upward movement,
beyond 162 it may witness resisting level at 171. On the downward movement, below 146 it may
go down to 140 and 133.
L&T (1187.05) :- It shows downward trend from top of 1383.70. It shows oversold position on
daily, weekly and monthly basis. On upward movement, beyond 1197 it may witness resisting
level at 1253. On the downward movement, below 1162 it may go down to 1115, 1055 and 1000.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.

Golden quote :-
The body achieves what the mind believes
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 28
INVESTMENT

Dilip Davda
e-mail Expert’s Eye
dilip_davda@rediffmail.com

COVID-19 brings massacre

Clean sweep week with furious Friday
Corona Virus from China making dent in global provinces kept a tab on general sentiment and
we too felt tremors. The week under report started on a poor note with mega loss for first session
and continued to slide throughout the week. However, first mega fall session fell short for the last
session that marked Furious Friday with bloodbath. Entire week traded in red and thus we wit-
nessed clean sweep negative week after long. As benchmarks have broken lower level supports,
further drain is not ruled out going forward, opined seasoned analysts. Although some analyst
predicts China COVID-19 issue as a blessing in disguise for Indian economy, our dependent on
China support is at the center stage for a while. Throughout the week, FIIs remained net sellers.
Friday fall was marked with highest turnover of the day indicating further weakness in the pipeline
going forward. Indices marked recent big weekly fall of around 7%.
For the week, we witnessed movements of benchmarks in the range of 12012.55 - 11175.05 for
NSE Nifty and 41037.01 - 38219.97 for BSE Sensex. With volatile trades, we marked wild ups and
downs.
The week ended with Loss of 879.10 points for NSE Nifty and of 2872.83 points for BSE Sensex.
As global agencies were busy calculating negative impact of COVID-19 on world economy, we
marked negative opening on Monday that finally resulted in a mega single day loss with trades in
Cont....

DIVIDEND ANNOUNCED
Alufluoride (20%), AMJ Land (10%), Anuh Pharma (55%), Avanti Feeds (500%), Bajaj Auto
(1200%), Bajaj Finance (500%), Bajaj Finserv (100%), Bajaj Holding (400%), Bharat Forge
(100%), Coastal Corp (15%), Exide (250%), Gravita India (35%), Gulshan Poly (70%), L G
Balkrishna (50%), Linde India (75% + 25%), Maharashtra Scooter (500%), Pee Cee Cosma
(30%), Pudumjee Paper (20%), Quick Heal (40%), Rishiroop (10%), Sacheta Metal (2%), Sahyadri
Ind (25%), Tech Mahindra (200%), Vesuvius (87.4%), Asahi Songwon (30%), Asian Paints
(715%), Bharat Bijlee (125%), Dr. Lal Pathlabs (60%), Elantas Beck (50%), Kama Holdings
(300%), Kovai Medi (30%), Navin Fluorine (200%), Plastiblends (75%), Sanofi India (1060% +
2430%), Stovec Ind (600%), Wonderla Holiday (18%), Apollo Tyres (300%), Carborundum Univ
(275%), CCL Prod (75% + 75%), Cholamandalam Fin (65%), Cholamandalam Inv (35%),
Mahanagar Gas (95%), PTL Enterprise (125%), Sharda Crop (20%), Sonata Soft (1450%),
Sundram Fasteners (280%), Transpek Ind (100%), Ador Fontech (90%), Chemcrux (30%), Finolex
Ind (100%), JK Paper (40%), Jubilant Foodworks (60%), Jubilant Life (500%), KRBL (280%),
KSB Ltd (80%), Lincoln Pharma (15%), Maithan Alloy (60%), Manappuram Fin (27.5%), NLC
India (70.6%), Relaxo Footwear (125%), Vedanta (390%), UFO Moviez (150%), Apar Ind (95%),
Deccan Cements (80%), IMPAL (100%), JK Cement (75%), Manaksia (375%), Motherson Sumi
(150%), PVR Ltd. (40%), Shanthi Gears (200%), Sudarshan Chem (25% + 290%), Supreme Ind
(500%), Tube Inv (350%), Valiant Org (60%), Visaka Ind (50%) etc.
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INVESTMENT
negative zone for the entire session. NSE Nifty lost 251.45 points to Bonus announced
close at 11829.40 and BSE Sensex marked deficit of 806.89 points to Veeram Sec. (134 for 100)
end the day at 40363.23. In fact, market greeted US Prez Donald Trump
with negative trading for the day and thus surprised one and all. According to market experts,
spread of Corona Virus cases in other countries lead to slide in global market sentiment. Banking,
Metal and Auto counters lead the doom. Mid and Small cap counters too met with selling spree
across the board. FIIs were net sellers while DIIs were net buyers for the day. Nifty closed below
12K and Sensex below 40.5K and thus played spoil sport.
Although we marked cautious positive openings on Tuesday, market gave up post noon after
both side movements to finally end the session in red. NSE Nifty marked deficit of 31.50 points to
end the day at 11797.90 and BSE Sensex lost 82.03 points to close at 40281.20. Corona Virus has
not only impacted China, but is spreading in other countries and raising concern. Oil and Gas,
Auto, Pharma and IT counters lead the doom and got support from select fancy counters in Mid and
Small cap. Market breadth remained negative. FIIs were net sellers while DIIs were net buyers for
the day.
On Wednesday, we witnessed negative opening and market remain in red for the entire session
to close with further erosion. NSE Nifty lost 119.40 points to close at 11678.50 and BSE Sensex
marked deficit of 392.24 points to end the day at 39888.96. Fear of damage by Corona Virus con-
tinued and kept a tab on global market sentiment. Continued hammering on IT, Auto, Power, Metal,
Oil and Gas, Pharma counters kept market in negative sone. Wide spread selling in Mid and Small

Nifty & Sensex Movement during the last week

Nifty Open High Low Close Diff
24-Feb-20 12012.55 12012.55 11813.4 11829.4 -251.45
25-Feb-20 11877.5 11883.05 11779.9 11797.9 -31.5
26-Feb-20 11738.55 11783.25 11639.6 11678.5 -119.4
27-Feb-20 11661.25 11663.85 11536.7 11633.3 -45.2
28-Feb-20 11382 11384.8 11175.05 11201.75 -431.55
Net Weekly Loss -879.1
BSE-Sensex Open High Low Close Diff
24-02-20 41,037.01 41,037.01 40,306.36 40,363.23 -806.89
25-02-20 40,497.72 40,536.00 40,220.59 40,281.20 -82.03
26-02-20 40,194.89 40,255.39 39,760.39 39,888.96 -392.24
27-02-20 39,947.80 39,947.80 39,423.27 39,745.66 -143.30
28-02-20 39,087.47 39,087.47 38,219.97 38,297.29 -1,448.37
Net Weekly Loss -2,872.83
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INVESTMENT
cap kept market breadth hugely negative. FIIs were net sellers and DIIs were net buyers for the
day.
For Thursday we marked divergent openings that finally ended in red. NSE Nifty marked deficit
of 45.20 points to end the day at 11633.30 and BSE Sensex lost 143.30 points to close at 39745.66.
Spreading of Corona Virus to Japan, US kept a tab on general market sentiment and thus we
marked negative trades on the derivatives expiry day too. However, short coverings arrested mega
slide and thus we witnessed recovery from the lower levels of the day. IT, Realty, Banking counters
lead the doom and got support from Auto, Oil and Gas sector counters. Mid and Small cap ham-
mering continued and that lead to negative market breadth. FIIs remain net sellers for the day
while DIIs were net buyers for the day.
Friday marked gap down opening on poor global trends fearing COVID-19 deep impact on
world economy and we witnessed bloodbath with Furious Friday. NSE Nifty lost 431.55 points to
close at 11201.75 and mirroring similar trends BSE Sensex marked deficit of mega 1448.37 points
to end the day at 38297.29. While Nifty managed to close above 11.2K, Sensex broke 38.3K level
and raised concern. Metal counters lead the doom and got support from across the board. Metal,
Auto, IT counters continued to be under hammering. Mid and Small cap counters too eased on
selling at every rise. However, Mid and Small cap indices outperformed benchmarks despite mar-
ket breadth remaining hugely negative. FIIs were the net sellers while DIIs were the net buyers for
the day.
Following FIIs' unabated exit, Dollar continued to surge against Rupee to mark Rs. 72.20 per
dollar by week end and raised concern. However, withCOVID-19 likely impact, Brent Crude eased
to mark 52.18$ a barrel and brought sigh of relief. Now all eyes will be on auto and cement sector
dispatches for February 2020 coupled with micro and macro economic data from domestic and
global markets. FIIs exit move will continue to trigger intermittent movements of the markets for a
while.
Amidst such a scenario, benchmarks movement is likely in the range of 12000-10500 for NSE
Nifty and 40000-36500 for BSE Sensex for the coming week.
DISCLAIMER : No financial information whatsoever published anywhere here should be con-
strued as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter
published here is purely for educational and information purposes only and under no circumstances
should be used for making investment decisions. Readers must consult a qualified financial advi-
sor prior to making any actual investment decisions, based on information published here. Any
reader taking decisions based on any information published here does so entirely at own risk.
Above information is based on the details available as on the date along with market perceptions.
Investors should bear in mind that any investments in stock markets are subject to unpredictable
market related risks. (THE AUTHOUR IS SEBI REGISTERED RESEARCH ANALYST)
Financial Weekly

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INVESTMENT
A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire

Are all MNC stocks safe?

Most of the times there is a theme prevailing in the market.
Due to corporate governance issues investors lost heavily in large numbers of stocks during last
couple of years. As a result, some big investors like Mutual Funds, FPIs etc started investing in
MNCs which are well known for running their companies in an honest and ethical way. Sensing
the sharp up move in their share price, retail investors too joined the bandwagon and share prices
of MNC stocks continued their upward journey.
Subsequently, came the reduction in Corporate tax and MNCs were the major gainers, as most
of them they were operating under highest tax bracket. Retail investors thought they made a right
decision and increased their holdings. As a result, share price further jumped. More fresh investors
joined the fray,
All investors must appreciate that - while buying a share we pay a Price for which we get a
Value. What we get should always be more than what we pay. Most investors never try to under-
stand this concept and blindly follow the market trend / theme. Sooner or later this rising trend of
stocks makes them highly over-valued and even sometimes turn into a bubble.
To make the concept clear, assume that you are working for a reasonably good company with
good pay and good work-culture. One day you get an offer from an MNC with one-fourth the pay.
Will you join this new company?
Most probably, not.
Same with MNC stocks. Investors are blindly grabbing these stocks without considering the
valuations. No doubt most of these companies have highest level of corporate governance, but at
what PE? at what growth rates? Has their future potential changed for the better?
Just scan the last 10 years track record and you will be surprised to find that many of these
companies' earnings growth rate is not even a thirdof the ruling PE ratio!
Not that all the MNC stocks are ruling at absurdly high valuations but most stocks are.
Warren Buffett released his annual letter to Berkshire Hathaway shareholders on last
Saturday.Excerpt reads "…..we constantly seek to buy new businesses that meet three criteria.
First, they must earn good returns on the net tangible capital required in their operation. Second,
they must be run by able and honest managers. Finally, they must be available at a sensible price.
When we spot such businesses, our preference would be to buy 100% of them."
Always try to get more Value than what you pay the Price. As we all do while shopping for
grocery, Refrigerator, TV etc.
Act rationally, always.
A. K. Asnani
Author | Advisor | Coach | Mentor |
09893512098
smartasn@gmail.com
(investors are advised to act as per their own conviction. Above are only the views of the
Author)
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INVESTMENT

Scrip Watch - Siddharth Shah

Nestle India (Rs. 15770.00) (Code : 500790) :- Nestle India,the domestic arm of the
Swiss FMCG giant, reported a net profit of Rs473.02 crore, up 38.41% in the quarter ended December 31,
2019 due to lower tax expenses and strong domestic sales. The company, which follows the January-Decem-
ber period as the fiscal year, reported a 8.70% rise in revenue from operations at Rs3,149.29 crore in the
quarter this year. Total sales grew by 7.45%, while domestic sales grew by 10.05%. However, export sales
dropped by 9.75% due to lower exports of coffee to Turkey, it added. Total dividend including final dividend
Rs342.00 per equity share (includes special interim dividend of Rs180.00 per equity share out of the accumu-
lated profits of previous years). Nestle India earnings per share (EPS) for the reporting quarter stood at
Rs49.06 per equity share of face value Rs10. Accumulate.
Godrej Properties (Rs. 1009.00) (Code : 533150) :- Godrej Properties has bought
about 3 acre land parcel in Mumbai from DIC India Ltd for Rs 153 crore. The company has entered into an
agreement to purchase land in the upcoming & fast developing micro-market of Chandivali, Mumbai. Spread
across about 3 acres, this project will offer 0.45 million square feet of saleable area primarily comprising
residential apartments with a small amount of retail space. The consideration of this land parcel is up to Rs
153 crore to be paid in three tranches. Earlier this month, Godrej Properties acquired nearly 27 acre land
parcel in the national capital for Rs 1,359 crore to develop luxury housing project. Meanwhile, the company
sold properties worth Rs 3,532 crore during the April-December 2019 period, up 12 per cent as compared
with a year-ago period. According to an investors' presentation, the company's sales bookings stood at Rs
3,155 crore during April-December 2018. This realty stock looks attractive at current level. Buy.
Divi’s Lab. (Rs. 2106.00) (Code : 532488) :- Divi’s Labs is up 18 per cent so far this
year after rallying 68 per cent in last two years. Institutional investors hold 35.1 per cent in this pharma stock,
which trades at 45.3 times its trailing 12-month PE compared with an industry average of 27.9.In the pharma-
ceuticals space, while Divi’s remains better placed compared to many peers due to good growth and absence
of regulatory overhang, it will also benefit from the expected API (Active Pharma Ingredients) supply con-
straints from China due to coronavirus outbreak, as it is a leading maker of this raw material. Divi’s Lab has a
great combination of generics and CRAMS. Generics is about 55% of the business, CRAMS is about 45%, and
continues to deliver stellar numbers. In CRAMS, it has superior chemistry skills and the ability to come in the
late lifecycle strategies and extremely good relations with innovators. Invest.
Nesco (Rs. 723.00) (Code : 505355) :- Nesco Limited (Nesco) is the holding company of
a mix of services businesses. One of the two main businesses is the Nesco IT Park. It comprises an informa-
tion technology (IT) park, building private IT parks and providing space on a licence basis; these fetched
34.88% of Nesco’s operating revenue for FY18-19. The second business comprises an exhibition & conven-
tion centre. It is a diversified engineering conglomerate with business verticals including exhibitions, events,
hospitality, MICE and realty. Positive free cash flows, healthy balance sheet and management’s focus on
business expansion makes the stock a decent medium to long term investment. In addition, the company’s
Bombay Exhibition Centre and foods segment are well poised to grow and the likely improvement in rentals
will support its EBITDA margins going forward. The stock has corrected a bit in an overall market correction.
Accumulate at every decline.
Honeywell Automation (Rs. 33037.00) (Code : 517174) :- Honeywell Automa-
tion India is engaged in the manufacture of electronic systems and components; repair and maintenance, and
trading of machinery, equipments and supplies. The company operates through the automation & control
systems segment. It operates through two geographical segments: domestic and exports. Its net profit surged
69% to Rs 144.74 crore in Q3 December 2019 as against net profit of Rs 85.62 crore in Q3 December 2018.
Net sales jumped 11% to Rs 901.20 crore. Current tax expenses rose 7.8% to Rs 49.49 crore compared with
Rs 45.91 crore in Q3 December 2018. The rising focus on exports may also be value accretive to their
shareholders. Honeywell Automation India, which generates nearly half of its revenue from exports compared
with one-third in FY16, has gained fourfold on bourses in the past three years. Honeywell’s export grew by 24
per cent annually between FY16 and FY19. In the first nine months of FY20, its revenues grew 9 per cent
while earnings grew by 38 per cent driven by exports. The stock has rallied from Rs.25,200 level to Rs.33,300
level. Buy in phased manner.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of
his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up
or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived
from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses
made by anybody.
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INVESTMENT

Market Tips - Het Zaveri

Colgate (Rs. 1284.00) (Code : 500830) :- Colgate Palmolive has reported a 3.6 percent
jump in its third quarter net profit at Rs 199.1 crore versus Rs 192.1 crore in the same quarter last fiscal. The
company’s revenue rose 5.9 percent at Rs 1,147 crore against Rs 1,083.7 crore, YoY. EBITDA were up 5.8
percent at Rs 316 crore against Rs 314.5 crore and margin was down at 27.5 percent versus 28.6 percent,
YoY. The company reported a net sales growth of 4.1% despite category headwinds in both rural and
urban. The relaunch of its flagship brand, Colgate Strong Teeth has helped gain household penetration and
its new Charcoal variant has seeing early traction. For the nine months ended ended December 31, 2019,
net sales recorded at Rs. 3,425.2 crore, an increase of 4.2% over the same period of the prior year. The
stock corrected in recent months. It is a good opportunity to enter into this counter. Buy. Buy more on
decline.
Lumax Industries (Rs. 1226.00) (Code : 517206) :- Despite significant weakness
within the industry, Lumax continues to bag new orders. In the PV (passenger vehicle) segment, it got new
orders from Tata Motors for supplying various components to multiple cars. It has also bagged orders from
Maruti for multiple upcoming models. In the 2W (two-wheeler) segment, it bagged the order for M&M Jawa
and Honda Shine SP125. Also, it secured the order for new Honda Active 6G.. LED penetration in India is
still very low (15-20 percent) and hence, there is a huge potential for the company both in terms of sales
growth and margin expansion. LEDs are high-value and high-margin products for the company and contrib-
ute around 32 percent of its sales. The management has set a target for LED sales to reach 50 percent of
revenues eventually.The Bharat Stage (BS) VI rules are set to be implemented by April 2020 and require
vehicles to be more energy efficient, which is expected to lead to faster adoption of LEDs. The stock is
worth accumulation.
Havells India (Rs. 613.00) (Code : 517354) :- Havells India, a leading fast-moving
electrical goods and consumer durables company, is betting big on smart innovation in its products and
aspires to extend its smart and Internet of Things (IoT) enabled portfolio beyond fans and water heaters to
other small domestic appliances too. Currently, Havells has smart products in fans and water heaters. It
recently launched its first smart product in fans, Carnesia-I, dubbed an “intelligent fan” at Rs4,500. These
fans sense the temperature and humidity in the room and accordingly adjusts the fan speed, along with
other such ‘smart’ features.Going forward, investments will be directed towards increasing the manufactur-
ing capacity for fans at its plant in Haridwar, Uttarakhand by 25-30 per cent. The current production capac-
ity of the plant is more than 10 million fans annually. Havells India is also looking at entering new categories.
The stock, after making 52-week low of Rs.586 in the beginning of the February, has bounced back almost
10 per cent. It is a good stock to bet on.
Atul Ltd. (Rs. 5118.00) (Code : 500027) :- Atul classifies its business under two major
heads: (A) Life science chemicals which covers crop protection and pharma & aromatic and from which it
derives 32 per cent of revenues. (B) Performance & other chemicals, which covers aromatics and derives
68 per cent of revenue. Bbulk chemicals, colors and polymers are also pruduced under this category.With
4 manufacturing facilities, the company caters to more than 6,000 clients and generates nearly 50 per cent
of revenue from exports. Both the business segment had fairly strong growth resulting in overall revenue
CAGR of 12 per cent over FY14-19. Atul is expanding capacities in various segmentsAtul’s Ebitda margins
have expanded 530bps over the last five years, standing at 19 per cent as on FY19.It is fundamentally very
strong stock. Buy.

Disclosures : At the time of writing this article, author, his clients & dependent family members may
have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent
family members may make purchases or sale of the securities mentioned in website. Author may have
positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody.
Financial Weekly

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INVESTMENT

SMART TIPS Smita N. Zaveri

NOCIL (Rs. 94.00) (Code: 500730) :-Shares of this specialty chemicals company are
listed in the A Group, and have face value of Rs. 10. The shares touched a high of Rs. 150 and low
of Rs. 74 in the last 52 weeks. Promoter holding in the company is 33.73%. It had paid 25% divi-
dend last year, and dividend yield works out at more than 2%. NOCIL's equity is Rs. 165.42 crores,
while it has surplus reserves of Rs. 983.42 crores. For December quarter, NOCIL reported income
of Rs. 194.31 crores, operating profit of Rs. 35.69 crores, and net profit of Rs. 20.67 crores. Oppor-
tunities are growing for the company in the US and Russian markets, even as demand is slowing
down in the domestic and Chinese market. Domestic tyre manufacturers' capex of Rs. 150-180
billion, and global capex of $10 billion, provide long-term growth opportunities. A part of Arvind
Mafatlal Group, NOCIL is likely to gain from the Corona Virus woes of China. The stock is trading
at a P/E multiple of 10.20, and can deliver 20-25% returns in the short term.
JK Paper (Rs. 115.00) (Code: 532162) :- Shares of this B Group listed paper and
paper products company touched a 52-week high of Rs. 155 and low of Rs. 93 in the last 52
weeks. Promoter holding in the company is 48.40%. This JK Group company makes office paper,
packaging boards, printing & writing paper, and specialty paper. It has two plants with a total ca-
pacity of 4,55,00 tonnes per annum. It has recently acquired a plant in Telangana for Rs. 375
crores. Prime Minister Narendra Modi's plans to curb single-use plastic will benefit paper compa-
nies. The company's products are exported to over 60 countries. For Q3, JK Paper's consolidated
income declined 5.60% to Rs. 820 crores, while profit increased 18.3% to Rs. 31 crores. The com-
pany is benefiting from levy of anti-dumping duty on uncoated copier paper imported from Thai-
land, Indonesia, and Singapore. The stock can be seen at Rs. 125 in the short term, and a new 52-
week high price in the medium to long term.
JB Chemicals (Rs. 536.00) (Code: 506943) :- Shares of the A Group listed pharma
sector company have face value of Rs. 2. The shares touched a 52-week high of Rs. 599 and low
of Rs. 307. The company has positive cash-flow, and it is completely debt-free. JB Chemicals is
expected to benefit from the increase in prices of 21 drugs by NPPA. Metronidazole is one of the
compounds for which the price has been hiked. JB Chemicals makers four formulations based on
this compound, which account for 10% share of the company's revenue. For December quarter,
the company reported income of Rs. 385 crores, and profit of Rs. 62.17 crores. The stock is trading
much cheaper compared to its competitors.
Prism Johnson (Rs. 65.00) (Code: 500338) :- Shares of this A group listed cement
company touched a 52-week high of Rs. 104 and low of Rs. 58. Promoter holding in the company
is 74.87%. Prism is an integrated cement company, and produces cement, ready to mix concrete,
tiles, bath products and kitchen products. It has three divisions, viz. Cement, H&R Johnson and
RMC Readymix. The company's market cap is Rs. 3219 crores. For December quarter, Prism
Johnson reported income of Rs. 1374 crores, and profit of Rs. 7.59 crores. The income was Rs.
1434 crores in the same quarter of last year, while profit was Rs. 19.02 crores. The company had
reported loss in September quarter, which means it has recorded turnaround position in December
quarter. The stock can be seen trading in three digits in the coming quarters.

SEBI Registered Research Analyst)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
28st February, 2020 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly

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INVESTMENT

Smart super duper - Het Zaveri

India Cement (Rs.96.00) (Code:530005) :- The company promoted by S Srinivasan

is engaged in selling cement in South Indian Markets. However, it is also expanding its presence
in Western Indian Markets. The company has eight plants in south India, one plant each in
Maharashtra and Rajasthan. As against equity of Rs309.90 crore, the company has reserves of
Rs4898.13 crore. The company is facing high debt problem for a long term. The company's results
have been poor but Radhakishan Damani and his family has increased the stake in the company.
If the market insiders are to believe, the Damanis are moving forward for hostile take over of the
company because the promoters have only 28.34% stake and out of that 229 crore shares are
pledged.
FDC Ltd (Rs.234.00) (Code:531599) :- The pharmaceutical company is listed in 'B'
group with face value of Rs1 a share. The stock prices remained between Rs269.20 and Rs152.
As against equity of Rs17.52 crore, the company has reserves of Rs1427.72 crore. In the third
quarter, the company's income increased from Rs256.17 crore to Rs321.22 crore, while profit in-
creased from Rs45.78 crore to Rs74.15 crore. The company paid 225% dividend for continuous
three years from 2015 to 2017. The equity is small but the promoters holding is higher. The com-
pany has its plants at Roha and Walunj in Maharashtra, Baddi in Himachal Pradesh. It manufac-
tures 300 products and exports it to around 50 countries. The stock may cross Rs300 level.

Indian Hotel Co Ltd (Rs.134.00) (Code:500850) :- It is promoted by Tata Group. It

owns more than 100 hotels on 62 locations in India and 15 hotels in Maldives, Malaysia, UK, USA,
Bhutan, Sri Lanka, Africa and Middle East. The tourism sector is witnessing growth due to proper
promotion by the government of India. As against equity of Rs118.93 crore, the company has re-
serves of Rs4348.99 crore. In December quarter, the company's income increased from Rs1323.45
crore to Rs1372.72 crore, while profit increased from Rs161.78 crore to Rs203.13 crore. The com-
pany paid 35% dividend for 2017, 40% dividend for 2018 and 50% dividend for 2019 . The company's
bottom line is improving. It also plans to expand its presence and add more rooms so it can be
considered for investment.

SIS (Rs.550.00) (Code:540673) :- The company is associated with security and facility
management including cash logistics, electronic security, mechanized cleaning, pest and termite
control,etc. It has presence in 29 states of India and some of the foreign countries. It came up with
IPO in August 2017 at price of Rs815. The stock prices touched nearly 1400 after listing. In first
nine months of 2020, the company's income increased from Rs5138.42 crore to Rs6275.42 crore,
while profit increased from Rs142.33 crore to Rs229.36 crore. As against equity of Rs73.32 crore,
the company has reserves of Rs1377 crore. It paid 35% dividend for 2019. It can be considered for
investment as the stock may witness bullish trend once midcap and smallcap market sentiment
improves.

Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the
stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or
sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in
their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to
be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We
assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or
financial losses made by anybody.
Financial Weekly

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March 2020 36
INVESTMENT

Di wan-E-Khas A.J. Diwan (Mumbai)

E-mail : divanconsultancy@rediffmail.com

HORROR FILM IN STOCK MARKETS

There is severe fall in World stock markets; China's virus is taking toll on markets. The T.V.
channels also asked investors and Traders not to buy. In last few days Dow Jones Index lost 3000
points and at this time of writing this another 350 points Dow future is down.
There are many countries that have closed schools and international flights to certain affected
destinations are also cancelled. The crude prices are falling on expected demand fall. in tune with
world markets, our markets have also witnessed steep fall. On Friday we lost 1450 points in index
and 350 points in Nifty. There is no bottom finished as we do not know how much down side is
possible?
We are surprised why G.E. Shipping is still at Rs.250? We feel that further fall is possible. The
stock movement may not take place for some time.
We were always advocating fall in ITC share price from Rs.250/60 range. The share price has
nosedived to Rs. 200.
We feel that Auto Industry may fall further. Maruti. Tata motors and Mothersum sumi. The ex-
pected dividend Mother sumi can go below Rs.100. TVS motors is very strong in falling markets.
The share has taken support at Rs.421 and closed above Rs.435. The company has appointed
foreign distributors.
SBI credit card issue is one of surprise for us. Rs. 10000 Cr. issue for credit card? The issue may
get subscribed due to reputation of SBI. One must book profit on listing.
In our markets we feel that Hotel industries, Aviation and Shipping may face hard time to sur-
vive. Sun Pharma can be bought with s/l at Rs.365. When we see steel sector share price, we get
shock. The further fall is expected in Tata steel, JSW, Vedants and Jindal.
The fall in Oil PSU may delay disinvestments and that may affect GDP growth.
In following markets ICICI can be bought on every fall of Rs.5 to Rs.10 in small lots. Grasim fall
may continue. We are waiting to see whether Reliance is taking support at Rs. 1290? We like all of
you to take care of portfolio and health.
Financial Weekly

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March 2020 37
INVESTMENT

Investment Ideas telegram.me/rupeegains7

NIFTY :- For next week NIFTY has strong support around 11085 levels. Break will take it to
10950 levels. On the upper side NIFTY will face strong hurdle at 11385 levels, cross over with
volume and close above will create short covering at take NIFTY up to 11455-11540 levels…
BANK NIFTY
For next week BANK NIFTY has strong support around 28920 levels. Break will take it to 28600-
28500 levels. On the upper side BANK NIFTY will face strong hurdle at 29550 levels, cross over
with volume and close above will create short covering at take BANK NIFTY up to 29725-29950
levels…

INVESTMENT IDEAS…
AMINES & PLASTICIZERS LTD (506248) (31.6) (Face Value Rs.2) :-
Incorporated in 1973, Mumbai based Amines & Plasticizers Limited produces and sells various
chemicals in India. Company is the pioneer and one of the largest producers of Ethanolamines,
Alkyl Alkanolamines, Morpholine Derivatives like NMMO 50% & Gas Treating Solvents in India.
APL has also now diversified its activities into producing various Specialty Ethoxylates and
Propoxylates, Block polymers and Co-Polymers of EO and PO besides Fatty Alcohol Ethoxylates
and Propoxylates, PPG's (of various molecular weights like 425, 900, 1020, 2000 & 4000), Ce-
ment Grinding Aids, TIPA 85%, DEIPA 85%, Phenoxyethanol of High Purity and Oil field Chemi-
cals such as H2S scavengers, Demulsifiers, Acid Corrosion Inhibitors, Flow improvers / Pour point
Depressants for Crude oil as well as Lube oil, Bactericides, Emulsifiers & Mud Surfactant, Dispers-
ant for Oil spills etc.In the field of Ethanolamines and Alkyl Alkanolamines, APL is serving approxi-
mately 75-80% of the total demand of the Indian Market and is regularly exporting its products to
over 50 countries globally including USA, Canada, Germany, New Zealand, South Korea, South
East Asia, Japan, Australia and the Middle East countries etc. Company is having manufacturing
facility in Navi Mumbai.
It has an equity base of just Rs.11crore that is supported by reserves of around Rs.81.67crore.
The promoters hold 73.17% while the investing public holds 26.83% stake in the company.
Company has reported fantastic numbers for 9MFY20. For 9MFY20, PAT zoomed 81% to
Rs.18.59crore on sales of Rs.298.96crore fetching an EPS of Rs.3.38. Currently, the stock trades
at a P/E of just 7x. It paid 15% dividend for FY19. Its recent high rate was Rs.109.9 which was
formed in January 2018. Stock almost corrected 71.25% from recent high. Everyone, whose finan-
cial advisor is allowing to trade in this stock for medium to long term can watch with stop loss of 26.
MAHINDRA EPC IRRIGATION LTD (523754) (124.45) (Face Value Rs.10)
:- MEIL is one of the pioneering companies in India in the micro-irrigation space and one of the
major players in organized segment. It currently operates through a wide network of dealers and
sells agriculture irrigation systems, landscape irrigation systems, industrial pipes, pumps and pro-
tected cultivation solutions. The products from MEIL are known for their high quality and technol-
ogy. MEIL has grown to become one of the top five companies in India in the micro-irrigation space.
It has an equity base of just Rs.27.75crore that is supported by reserves of around Rs.124.92crore.
The Promoters hold 54.58% while the investing public holds 45.42% stake in the company.
Company has reported fantastic numbers for Q3FY20 and 9MFY20. For Q3FY20, PAT zoomed
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March 2020 38
INVESTMENT
98% to Rs.7.77crore on higher sales of Rs.82.7crore. During 9MFY20, PAT grew 130% to
Rs.13.71crore on higher sales of Rs.201.3crore. Currently, the stock trades at a P/E of just 18x.
Company paid 10% dividend for FY19. Its recent high rate was Rs.208.7 which was formed in
January 2018. Stock almost corrected 40.4% from recent high. Everyone, whose financial advisor
is allowing to trade in this stock for medium to long term can watch with stop loss of 110.
GMR Infrastructure Ltd (532754 & NSE) (20) (Face Value Re.1) :- GMR
Infrastructure Limited, a leading global infrastructure conglomerate with interests in Airport, En-
ergy, Transportation and Urban Infrastructure. Recently Company has announced the signing of
definitive agreements for the sale of its entire stake in GMR Kamalanga Energy Limited (GKEL) to
JSW Energy Limited. JSW Energy acquires entire stake in GMR Kamalanga for Rs.5321 crore.
Through this divestment, the entire debt of GKEL of Rs.4141 crore will be reduced. Company has
also announced Strategic Partnership with Groupe ADP for Airports Business. GIL has signed a
Share Purchase Agreement pursuant to which Groupe ADP will hold 49% stake in GMR Airports
Limited (GAL) for an equity consideration of Rs.10780 crore, valuing GAL at the Base Post Money
Valuation of Rs.22000 crore. This equity consideration comprises of: (1) Rs.9780 crore towards
secondary sale of shares by GMR group; and (2) Rs.1000crore equity infusion in GAL. Everyone,
whose financial advisor is allowing to trade in this stock for medium to long term can watch with
stop loss of 17.

Disclosures: At the time of writing this article, author, his clients & dependent family members may have
positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family
members may make purchases or sale of the securities mentioned in website. Author may have positions in
above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody.

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It is best time to invest in Midcaps-Smallcaps
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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 39
INVESTMENT

Primary Market - Dilip K. Shah

Corona Virus mayhem in China leads to crumbling of share markets thus Primary Market is also in trouble
The primary market that became vibrant with the first IPO of 2020 of SBI Cards will be pushed in long vacation
Primary Market is all set to welcome SBI Cards IPO: Robust response in anchor investor category
Antony Waste's mainboard IPO with price band of 295 to 300 will open on March 4
SM Auto Stamping's BSE SME IPO with fixed price of Rs18 will enter the market on March 3
JM Fin Products NCDs issue got 1 time subscription: Issue will close on March 9
Muthoot Vehicle's NCDs issue got 2 time subscription: Subscription may close ahead of schedule
SBI Cards: How will be subscription in retail and HNI? When and How will be listing and allotment?
Rossari Biotech's Rs700 crore issue gets SEBI approval
Will Antony and SM Auto face problems due to bearish trend and fancy in SBI Cards issue?
What will be the strategy of SBI Shareholders in SBI Cards IPO?
With announcement of SBI Cards IPO, primary market pundits believed that the first IPO of
Calendar year 2020 will lead to long queue of mainboard IPOs in the market. However….
The investors are in shock due to the change in environment in last one week, where in Nifty
has crumbled by 880 points and Sensex by 2875. More than 36 countries in the world have been
engulfed by Corona Virus that emerged from China. There is a panic due to Corona Virus, which is
leading downfall not only in share markets across the world but also in crude oil, metal, bond yield,
current and other segments.
It seemed that the Indian companies will jump into the market to reap benefit of post budget
market once SBI Cards IPO tests the mood of the market. However, this may not turn out to be true
and primary market may be pushed into a long vacation.
This week three IPOs are entering into the market and two NCDs issues are present in the
market.
* This week's IPOs :- Out of three IPOs hitting the market, the two except SBI Cards may face
troubles.
• SBI Cards :- Rs10,354 crore IPO will enter the market on March 2. However, the anchor in-
vestment segment opened on February 28 has got robust response at upper price band. It is be-
lieved that around 74 bidders have been allotted shares at this price.
The anchor investors include leading fund houses, PE investors and pension funds like Gov-
ernment of Singapore, Government Pension Fund, Nomura, Kuwait, HDFC, Birla, ICICI Pruden-
tial, L&T, Edelweiss, Goldman Sachs India, DSP, Tata Mutual Fund, etc.
How will be subscription : Taking into consideration the current situation, it may get 1.5 to 2
times subscription in retail segment and 60-80 times in HNI.
Shareholder category :- As there is no minimum allotment in this category, the allotment will
be propose net. Shareholders can apply in general and shareholder both categories. It is believed
that there will be huge influx of Rs2 lakh application so allotment will be tough.
HNI Category :- The banks and NBFCs are likely to charge 15 to 17% interest rates for 9 days

BSE SME IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. SM Auto 3-3-2020 38,40,000 Eq. 18 8000 Eq. Shares Hem
Stamping 5-3-2020 (Rs. 6.91 Cr.) (Rs. 1,44,000) Securities
28% AVOID Cont...
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INVESTMENT

Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Min. Rs. 1,00,00 Rs. 2,00,000 Listing Lead Rating Remark
Issue Close Dt. (Rs. Cr.) (Rs.) App. Limit Limit Manager (Out of 50)
1 SBI Cards & 2-3-2020 Fresh Issue : Rs. 500 Cr. 750 to 755 19 Shares 114 Shares 247Shares BSE Axis Cap.,
45%
Payment 5-3-2020 OFS : 130526798 Eq. Shares (Empl. Disc. (Rs. 14345) (Rs. 86070) (Rs. 186485) NSE BoA Mer.
Listing Gain
(Book Building) Total : Rs. 10,354 Cr. Rs. 75) HSBC Sec.,
Nomura,
SBI Cap.
2 Antony 4-3-2020 Fresh Issue : Rs. 35 Cr. 295 to 300 50 Shares 300 Shares 650 Shares BSE Equirus 35%
Waste Hand. 6-3-2020 OFS : 57,00,000 Sh. (Rs. 171 Cr.) (F.V. Rs. 5) (Rs. 15000) (Rs. 90000) (Rs. 195000) NSE Capital Average
(Book Building) Total : Rs. 206 Cr.

SBI Cards IPO Grey Markets Premium

IPOs Offer Price Premium Kostak Price Subject to
QIB Portion : 50% Name (Rs.) (Rs.) *Min. Appl. Sauda
NII Portion : 15% SBI Cards 750-755 270 to 272 3000-3200 4200-4300
Retail Portion : 35% (Seller) (H : 4500)
• (Employee Reservation 18,64,669 Eq. (H : 380) (L : 1200)
Shares) (L : 198)
Don't subscribe IPO only on the basis of Grey premium.
• (SBI Share Holder Reservation 1,30,52,680 Before Investing check the fundamentals of IPO
Eq. Shares)
• The State Bank of India holds a 76% in SBI SBI Cards & Payment Antony Waste Hand.
Retailers may apply Retailers may apply
Cards and the rest is held by Carlyle Group. Shares Amt. Shares Amt. Shares Amt. Shares Amt.
19 14,345 133 1,00,415 50 15,000 350 1,05,000
as against expected rate interest rate of 6 38 28,690 152 1,14,760 100 30,000 400 1,20,000
to 8% earlier. In such case, if the listing is 57 43,035 171 1,29,105 150 45,000 450 1,35,000
below expectations, then HNIs will be in 76 57,380 190 1,43,450 200 60,000 500 1,50,000
problems. 95 71,725 209 1,57,795 250 75,000 550 1,65,000
114 86,070 228 1,72,140 300 90,000 600 1,80,000
In Employee category , they can apply 247 1,86,485 650 1,95,000
in public issue, shareholder and employee
categories up to Rs5 lakh. Tentative Dates of SME & Main Line IPO’s
Allotment-Refund :- Allotment may be SBI Cards Antony SM Auto
on March 11, refund on March 12 and Waste Stamping
shares may be deposited in account on Issue Closes 5-3-2020 6-3-2020 5-3-2020
Finalization of Basis of Allotment 11-3-2020 12-3-2020 11-3-2020
March 16. Initiation of Refund 12-3-2020 13-3-2020 12-3-2020
Listing :- It may get listed around Credit of Equity Shares 13-3-2020 16-3-2020 13-3-2020
Rs1050 to Rs1100 on March 16 and may Listing 16-3-2020 17-3-2020 16-3-2020

go up to Rs1150 if the market takes 'U-Turn'. As there will be many investors who are looking for
listing gain and book profit, there will be temporary correction in the share prices. The investors
holding it for long term may get benefit.
* Antony Waste Handing Cell :- The issue has suddenly decided to enter the market so may
face problems due to bearish trend in the market and fancy in SBI Cards issue. As the issue size is
less than Rs250 crore, it will get listed in 'T' group. There is hardly any possibilities of higher
premium in the issue.
* SM Auto Stamping - BSE SME IPO :- Rs6.91 crore issue with fixed price of Rs18 will open on
March 3 and close on March 5. The investors have kept distance from SME IPOs for quite some
time. Therefore, it may not get good response. Moreover, the track record and fundamentals are
poor and offer price is aggressive. It will be advisable to keep distance from the issue.

Cont...
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March 2020 41
INVESTMENT

Non Convertible Debenture (NCD) Issues at a Glance

Sr Company Issue Open Bond size F.Value Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
J. M. 13-2-2020 Base : Rs. 100 Cr. 1,000/- 10 NCDs BSE AA/Stable
APPLY
1. Financial 9-3-2020 Oversubscription up to. (Rs.10,000) by
Products Rs. 200 Cr. Lead manager : ICRA & CRISIL
(Total : 300 Cr.) A.K. Capital, JM Fin.,Trust Invt.
Muthoot 25-2-2020 Base : Rs. 100 Cr. 1,000/- 10 NCDs BSE A/Stable
2. Vehicle 18-3-2020 Oversubscription up to. (Rs.10,000) by CRISIL
APPLY
& Asset Rs. 100 Cr. Lead manager : BBB+/Stable
Finance (Total : 200 Cr.) Inga Advisors Pvt. Ltd. By CARE

Subscription figure of
* This week's NCDs issues:-
J.M. Fin. Products NCDs • JM Finance Products :- The issue with bas price of Rs100
Category No. of Bond Issue crore and shelf limit of Rs300 crore has got 0.98 times subscrip-
Offered/ Subscribed tion, so it needs around Rs200 crore more.
Reserved 28-2-2020 • Muthoot Vehicles :- The issue with base price of Rs100
Cat. 1 QIB 1,00,000 0.00x
Cat. 2 NII 1,00,000 0.26x crore and shelf limit of Rs200 crore has got 2.04 times subscrip-
Cat. 3 HNI 4,00,000 0.34x tion on February 28, so it may close ahead of schedule.
Cat.4 Retail 4,00,000 2.03x * Upcoming mainboard IPOs:-
Total 10,00,000 0.98x • Rossari Biotech :- Specialty chemical company plans
Subscription figure of Rs700 crore IPO. It will issue new equity shares worth Rs1.50
crore and will also offer one crore share of promoters. The com-
Muthoot Vehicle & Asset
pany will use the proceedings for catering to the working capital
Category No. of Bond Issue
need, debt repayment and other general corporate purposes.
Offered/ Subscribed
Reserved 28-2-2020
Cat. 1 QIB 1,00,000 0.00x
Cat. 2 NII 4,00,000 3.07x
Cat. 3 HNI 5,00,000 1.62x
Total 10,00,000 2.04 ***

GREY MARKET MOVEMENT

Crumbling share markets increase selling pressure in the grey market
SBI Cards premiums goes below 275 level from Rs. 380
Grey market in panic as operators have shuttered down
leading to fall in kostak volumes
Grey Market had become active in SBI Cards IPO since December 1, 2019. There had been
many ups and downs in premiums, application rates and subject to rates. Not only that at one
point of time, operators were planning to cancel all the deals.
It should be noted that the premium started from 50/60 and touched new heights every day.
Even when the share markets were going down, the premiums went up to Rs 380 level on Thurs-
day. However, the global effect of Corona Virus led to fall in the premiums of SBI Cards IPO.
As per the last reports, the premiums have come down from Rs 380 level to below Rs 275
level in just one day and are currently at 270 to 272 (Seller) level. Application rates have come
down from Rs 4200 to Rs4400 and are now at Rs 3000 to 3200 level. Subject to rates are not
being quoted and premiums and application deal volumes are going down under selling pres-
sure. Nobody is ready to take risk of new deals currently.
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INVESTMENT

SBI Cards & Payments Main LIne IPO

Issue Opens on 2nd March & Closes on 5th March
Price band Rs. 750 to 755; Listing on BSE & NSE Platform
Looking to the high PE &
P/BV offer is aggressively priced: However
Considering sound fundamentals, brand image, first moved from segment
Fancy creates in the markets;
Investors may apply for listing gain & short to long term
Incorporated in 1998, SBI Cards and Payment Services Limited is a subsidiary of SBI, India's
largest commercial bank in terms of deposits, advances and the number of branches. SBI currently
holds (along with its nominees) 689,927,363 Equity Shares, constituting to 74.00 % of the pre-Offer
issued, subscribed and paid-up Equity Share capital of the Company. The company the 2nd larg-
est credit card issuer in the country, with a 17.6% and 18.1% market share of the Indian credit card
market (number of credit cards) as of March 31, 2019, and November 30, 2019, respectively, and a
17.1% and 17.9% market share of the Indian credit card market ( total credit card spends) in fiscal
2019 and in the eight months ended November 30, 2019. SBI Cards offers a wide range of credit
cards to individual and corporate clients including lifestyle, rewards, shopping, travel, fuel, bank-
ing partnership cards, and corporate cards, etc. SBI Cards has partnered with several leading
names across industries, including Air India, Apollo Hospitals, BPCL, Etihad Guest, Fbb, IRCTC,
OLA Money and Yatra, amongst others. As a subsidiary of SBI, the company has access to SBI's
extensive network of 21,961 branches across India. The partnership enables it to market its cards
to a huge customer base of 445.5 million customers. Headquartered in New Delhi, as of December
31, 2019, the company has a sales force of 38,677 outsourced sales personnel operating out of
145 Indian cities.
Issue Details
• Issue Opens on 2nd March & Closes on 5th March, 2020
• Object of the issue : OFS for Selling Shareholders, Future Capital requirments.
• Fresh Issue : 66,22,517 Eq. Shares (Rs. 500 Cr.)
OFS : 13,05,26,798 Eq. Shares (Rs. 9854.77 Cr.)
Total Issue Size : 13,71,93,464 Eq. Shares (Rs. 10,354.77 Cr.)
• Face Value : Rs. 10, Total Rs. 10354.77 Cr.
• Offer price : Rs. 750 to 755 Per Share
• Minimum Lot : 19 Shares Shares • Listing : BSE NSE
• BRLM’s : Kotak, Axis Cap., DSP Merrill, SBI Capital
• Registrar : Link Intime
• Company Management : State Bank of India.
Financial Performance Consolidated Basis
Particulars (Rs. Cr.) FY 17 FY 18 FY19 FY 20 (9M)
Total Revenue 3471.04 5370.19 7286.81 7240.16
Profit After Tax 372.86 601.14 862.72 1161.21
EPS 4.75 7.40 9.43 12.45
RONW (%) 26% 25% 24% 24%
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March 2020 43
INVESTMENT
• Pre Issue Promoter Holding : 74%
• Post Issue Promoter Holding : 69.51%
• Average of last 3 Yrs. EPS Rs. 7.97 & RONW 24.67%
• Pre IPO Equity Capital Rs. 932.33 Cr. Post IPO Equity Capital Rs. 938.95
• Pre IPO P/BV Ratio 13.31 (NAV : 56.70)
• Post Issue : P/BV Ratio : 14.62 (NAV : 51.73)
• Pre IPO P/E Ratio : 80.06
• Post IPO asking P/E on Fully diluted equity : 45.40
• Industry Peer Group PE Ratio : No Listed Peers.
• BRLM’s performance : Total 47th issue Handaled in Last 3 Years. In Last 46 Listing, 29 Issues opened
with premium & 17 Issues Opened with Discount.
Other side of Coins
• Average cost of acquisition of selling shareholder is Rs. 28.69 to 81.19 and offer price is Rs. 750
to 755
• It has issued 52,222,222 right shares at a fixed price of Rs. 90/- per shares in July 2018. Further
on an amalgamation of SBI business process company issued 95,112,054 equity shares in July
2019
• It has offered Rs. 75 discount per share to eligible employee but here is no discount offer to retail
investors.
• It has reported negative cash flow operating activities.
• Registered & corporate office are not own by the company. It is on lease.
• RONW is going down every year
• Company has to pay 2% royalty & fees for using SBI logo
• RBI has capped on Interchange fee/MDR
• Intense completion from Banks, NBFCs & New Age payment avenues. Like UPI & Digital wallet.
Recommendation : The Company's total income increased at a CAGR of 44.9% & net profit
grew at a CAGR of 52% between 2017 to 2019. It has also reported good numbers for 9 months
ended on 31st Dec. 2019. Hence it has sound fundamental. But considering P/BV of 14.62 & PE of
45.40 the issue appears aggressively priced. American express traders at a PE of 17 with RoE of
30% & Capital one traded at 9.2 & RoE of 10%
However considering strong track record, leading players in the market, well-known promoter is
SBI with strong brand recognition, first mover from this segment and fancy is in the market. Inves-
tors may apply for 35 to 40% listing gain and short to long term rewards.
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INVESTMENT

Antony Waste Handling Cell IPO

Issue Opens on 4th March & Closes on 6th March 2020
Price Band Rs. 295 to 300 (F.V. Rs. 5), & Listing on BSE NSE
Company's fundamentals are average
Sudden jump in NP of H1 of FY20 is surprising
On valuation front considering low PE & P/BV,
Offer price appears reasonable
Investors may apply for long term in this average issue
Incorporated in 2001, Antony Waste Handling Cell Limited is engaged in offering Municipal
Solid Waste (MSW) Management services. The service range of the company includes solid
waste collection, transportation, processing and disposal services to Indian municipalities. It
has in-house expertise in landfill construction and management sector.
The company is a part of Antony group which has a diversified business model including
ancillary and automotive body-building industries. Till 30 Nov 2018, Antony Waste Handling
Cell Ltd has completed 25 projects for municipalities and private players. The company
mainly takes MSW processing projects, MSW C&T projects, and mechanized sweeping
projects. Some of the major clients of the company are Municipal Corporation of Delhi (MCD),
Jaypee International Sports, and Kalyan Dombivali Municipal Corporation (KDMC). Cur-
rently, the company has 1089 vehicles whose components are obtained from international
suppliers named BUCHER Municipal AG and Compost System GmbH.
Issue Details
• Issue Opens on 4th March & Closes on 6th March, 2020
• Object of the issue : To reduce outstanding borrowing.
• Fresh Issue : Rs. 35 Cr., OFS : 57,00,000 Eq. Shares (Rs. 171 Cr.)
• Face Value : Rs. 5, Total Issue Size Rs. 206 Cr.
• Offer price : Rs. 295 to 300 Per Share
• Minimum Lot : 50 Shares Shares • Listing : BSE NSE
• BRLM’s : Equirus Capital
• Registrar : Link Intime India Pvt. Ltd.
• Company Management : Jose Jacob, Shiju Jacob and Shiju Antony.
• Pre Issue Promoter Holding : 65.02%
• Post Issue Promoter Holding : 51.10%

Financial Performance Consolidated Basis

Particulars (Rs. Cr.) FY 17 FY 18 FY19 FY 20
(Frist Half)
Total Revenue 291.20 290.78 298.52 225.63
Profit After Tax 41.04 39.88 34.42 37.84
EPS 14.93 13.45 12.35 11.30
RONW (%) 35.74 24.48 18.10 15.70
Financial Weekly

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INVESTMENT
• Issue Constitutes 25.66% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 13.75 & RONW 23.17%
• Pre IPO Equity Capital Rs. 12 Cr. Post IPO Equity Capital Rs. 13.35 Cr.
• Pre IPO P/BV Ratio 2.69 (NAV : 111.55)
• Post Issue : P/BV Ratio : 2.42 (NAV : 123.74)
• Post IPO asking P/E on Fully diluted equity : 10.05
• Industry Peer Group PE Ratio : No Listed Peers.
• BRLM’s performance : This is the 3rd issue Handaled in Last 3 Years. In Last 2 Listing, 1
Issues opened with premium & 1 Issues Opened with Discount.
Other side of Coins
• The average cost of acquisition of Equity shares to the promoter & Selling shareholders is Rs. 1
to Rs. 173.72, price band Rs. 295 to 300
• It has issued bonus shares in the ratio of 4:1 on 9th Dec. 2018 & Feb. 2020
• As per DRHP original IPO size was more than Rs. 300 Cr. But now it has been reduced to Rs.
206 Cr. Due to pre - IPO placement.
• IPO well be listed in the T Group as issue size is below Rs. 250 Cr. Under the circumstance
volatility will be limited.
• Bottom line of FY 18 & FY 17 have been gone down in comparison FY 17
• Top lines remained stagnant at Rs. 290 to 298 Cr. From FY 17 to FY 19
• RONW is continuously going down every year & has come down from 36% to 18% in between
FY 17 to FY19
• In H1 of FY 20 Net profit has surpassed FY19 Hence sudden jump in Net profit is surprising.
• Its high working capital & workers intensive segment.
• Registered office & corporate office are not owned by the company. It is on lease
• Company has pledged shares of their subsidiaries to the lenders.
Recommendation :- Company's financial performance for FY 17 to FY 19 is not so good and
sudden jump for H1 of FY20 is surprising. However on valuation front considering PE of 10.5 & P/
BV of 2.69 offer price appear reasonable. As it is connected with government initiative, like 'Swachh
Bharat' & 'Smart Cities' will fetch good benefits. Investors may apply for long term in this average
issue.
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March 2020 46
INVESTMENT

SM Auto Stamping BSE SME IPO

SME IPO Opens on 3rd March & Closes on 5th March 2020
Offer price fixed at Rs. 18; Listing on BSE SME Platform
Company fundamentals & track record is very poor
Considering PE of 300 plus, Valuations appears very costly
Investors may avoid this aggressively priced IPO
Nashik - Mah. Based SM Auto Stamping Ltd (SMASL) is a manufacturer of precision sheet metal stamp-
ing and deep drawn components such as welded assemblies & press tools. The company focuses on
customer needs and provide a direct solution in the automobile & engineering sector. It has a specialization
in dealing with complex sheet metal pressed design, components, welding fixtures, high-quality stamping
dies, welded assemblies for vehicles, high tonnage stamped components, and welding fixtures. The SMASL
supplies products to TS 16949 certified clients. It has three manufacturing units located at Nashik
(Maharashtra), Mumbai and Pune which are producing 6 million components per year. Currently, it has 350
direct and indirect employees. Some of the components of the company are automotive clutches, automo-
tive propeller shaft drive, automotive brake system, and automative body trims.
Issue Details
• Issue Period : 3rd March to 5th March Financial Performance Consolidated Basis
• Object of the issue : Working capital requirment. Particulars (Rs. Cr.) FY 17 FY 18 FY19 FY 20
• Issue Size : 38,40,000 Equity Shares (Frist 6 Month)
• Face Value : Rs. 10, Issue Size Rs. 6.91 Cr. Total Revenue 53.36 65.90 76.30 32.22
• Offer price : fixed at Rs. 18 Per share. Profit After Tax -1.77 0.71 3.07 0.04
EPS -1.66 0.80 2.54 0.04
• Minimum Lot : 8000 Shares Shares RONW (%) -22.45 9.82 23.68 0.42
• Listing : BSE SME Platform
• BRLM’s : Hem Securities • Registrar : Big Share Services.
• Company Management : Mr. Mukund Narayan Kulkarni, Mr. Suresh Gunwant Fegde and Mrs. Alka Mukund
Kulkarni
• Pre Issue Promoter Holding : 99.99%
• Post Issue Promoter Holding : 73.11%
• Issue Constitutes 26.88% of the post issue paid up capital.
• Average of last 3 Yrs. EPS Rs. 1.26 & RONW 11.37%
• Pre IPO Equity Capital Rs.10.45 Cr. Post IPO Eq. Capital Rs. 14.29 Cr.
• Pre IPO P/BV Ratio 1.67 (NAV : 10.77)
• Post Issue : P/BV Ratio : 1.42 (NAV : 12.71)
• Pre IPO P/E Ratio : 7.09
• Post IPO asking P/E on Fully diluted equity : 3.08
• BRLM’s performance : This is the 27th issue Handaled in Last 3 Years. In Last 10 Listing, 6 Issues opened
with premium & 1 Issues Opened with Discount and 3 issues opened with at par.

Other side of Coins

• The average acquisition cost of shares by the promoter is Rs. 1.25 to Rs. 10 and offer price Rs. 18
• It has issued bonus shares in the ratio of 7:1 in Sept. 2019
• It has reported loss in FY17
• The sudden jump in net profit of FY 19 is surprising doubtful.
• Financial performance of H1 of FY20 is very poor.
• Logo is not registered under the trade - mark Act.
• Promoters are engaged in same line business.
• Operations are subject to high working capital requirement.
• It has incurred substation in debt on Sept. 30, 2019 outstanding amount was Rs. 2386 Lakhs.
Recommendation : - Company's track record & fundamentals are very poor & considering PE of 300
plus. Offer is aggressively priced. Investors may avoid this IPO firmly.
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 47
INVESTMENT

Smart Best Buy S. N. Zaveri

Affle India : Opportunity to invest after steep correction
Britannia : Fundamentally strong FMCG counter
Sanofi India announced huge Dividend, stock gallopped
Navin Fluorine rallies on a multi-year contract worth Rs.2900 crore
Bharat Rasayan: JV with Nissan will help
Affle India (Rs. : 1794.00) (Code : 542752) :- Affle India stock has corrected 14 per
cent on Friday. It is a good opportunity to enter into this counter. Affle India is a global technology
company with a proprietary consumer intelligence platform that delivers consumer engagement,
acquisitions and transactions through relevant Mobile Advertising. The platform aims to enhance
returns on marketing investment through contextual mobile ads and also by reducing digital ad
fraud. While Affle’s Consumer platform is used by online & offline companies for measurable mo-
bile advertising, its Enterprise platform helps offline companies to go online through platform-based
app development, enablement of O2O commerce and through its customer data platform. Affle
(India) Limited successfully completed its IPO in India. Affle Holdings is the Singapore based pro-
moter for Affle (India) Limited, and its investors include Microsoft, D2C (an NTT DoCoMo subsid-
iary), Itochu, Bennett Coleman & Company (BCCL) amongst others.Affle (India) Ltd.’s inbuilt op-
erational leverage is helping the mobile marketing firm drive user conversions—or getting them to
click on advertisements and complete specific actions, including purchases—for its advertiser-
clients. Affle India focuses on user conversion, as its revenues are dependent on success rather
than clicks. The company’s business model is based on three use cases—new user conversion
(online); conversion of existing user (repeat conversion online); and new/existing user conversion
offline. Buy in phased manner.
Britannia Industries (Rs. 2971.00) (Code : 500825) :- Britannia industries’
stock has corrected 2 per cent on Friday in a huge downfall in overall index. It is fundamentally very
strong and has weathered such a big correction number of times. The company has reported a
23.26% jump in consolidated net profit for the December quarter at Rs.369.88 crore. It posted a 5%
jump in total revenue from operations at Rs.2,982.68 crores up from Rs2,842.44 crore it reported in
the year ago period. Despite 3-4% inflation in raw material costs, the company saw gross margins
dip by just 44 bps. OPM improved by 94 bps, led by operating efficiencies and cost-saving initia-
tives. New products/ categories continue to perform well and contributed close to a 2% revenue
growth. During the quarter, significant increase in milk prices impacted the company’s dairy busi-
ness. Britannia’s focused efforts on distribution and processes will help it get back on high growth
trajectory. Buy in phased manner.
Sanofi India (Rs. 7289.00) (Code : 500674) :- Shares of Sanofi India hit a record
high of Rs 7,638, surging 9 per cent, on the BSE on Wednesday after the pharmaceutical company
announced a total dividend of Rs 349 per share. On Thursday, the stock jumped another 2.78%
per cent and closed at Rs. 7311.80. The total dividend of Rs 349 per equity share will be paid after
approval of shareholders at the ensuing Annual General Meeting scheduled on April 28, 2020.
The final as well as one-time special dividend, if approved by the shareholders, will be paid on or
after May 5, 2020. In September 2019, the drug maker India had sold its Ankleshwar manufactur-
ing plant to European pharmaceutical company Zentiva for Rs 261 crore as a part of its long-term
strategy. Sanofi had said it would use the sale proceeds for further business development and to
reward shareholders. In the past one month, Sanofi India has outperformed the market by gaining
Cont...
Financial Weekly

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March 2020 48
INVESTMENT
15 per cent, as compared to a 4 per cent decline in the S&P BSE Sensex. Buy on decline.
Navin Fluorine (Rs. 1430.00) (Code : 532504) :- Shares of Navin Fluorine Interna-
tional almost doubled within just three months and made new 52-week high of Rs.1629 last week. However,
after that, the stock corrected with an overall market correction. Navin Fluorine has entered into a $410
million (about Rs 2900 crore) multi-year contract with a global company for manufacture and supply of a
high performance product in the fluorochemicals space. The project will entail an investment of about $51.50
million (Rs 365.50 crore) in the manufacturing facility and $10 million (Rs 71 crore) in captive power plant.
The company will execute this capex and the project through its wholly owned subsidiary, Navin Fluorine
Advanced Sciences. The facility will be located at Dahej, Gujarat. The capex will be funded through a mix of
internal accruals and debt. The supplies are expected to commence from Q4 of FY2022.Navin Fluorine
International is one of the manufacturers of speciality fluorochemicals. On a consolidated front, net profit
rose 16.8% to Rs 45.13 crore in Q3 December 2019 as against Rs 38.63 crore reported in Q3 December
2018. Net sales grew 11.4% year-on year (YoY) to Rs 260.50 crore. Buy on decline.
Bharat Rasayan (Rs. 7189.00) (Code : 590021) :- Bharat Rasayan has, recently,
executed a joint venture agreement with Nissan Chemical Corporation (NCC) under the name-Nissan Bharat
Private Limited.As per the joint venture agreement, Nissan Bharat Rasayan Pvt Ltd, which is the joint
venture company, has been incorporated in India. This partnership is expected to benefit both Bharat Rasayan
Limited (BRL) and Nissan Chemical Corporation (NCC) as the companies intend to construct new manu-
facturing factory in India for various technical products. This joint venture enables NCC to expand its manu-
facturing base in India with the help of BRL. As per the agreement, NCC will hold 70 per cent and BRL will
hold 30 per cent of the total share capital of the joint venture company.NCC is Japanese research-based
company and is also considered as one of the largest manufacturers of agrochemicals in Japan along with
global operations. While, Bharat Rasayan Limited is a manufacturer of technical grade pesticides, interme-
diates and bulk formulations in India. Bharat Rasayan has very small equity of just Rs.4.25 crore. Buy.

(SEBI Registered Research Analyst)

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
28th February, 2020 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions o All disputes are subject to Ahmedabad jurisdictioner

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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 49
INVESTMENT

Dalal Street Whispers Dilip K. Shah

IRB Infra (Rs. 83.00) (Code: 532947) :- IRB Infrastructure will repay bank loans after
its private infrastructure investment trust (InvIT) received Rs. 3800 crores from Singapore-based
sovereign fund GIC. The company will use Rs. 3000 crores to repay loans and Rs. 800 crore to
fund construction projects. The company also bagged the Mumbai-Pune Expressway project re-
cently.
Indian Hotels (Rs. 134.00) (Code: 500850) :- There is movement in this share even
in a weak market. The company plans to adopt an asset-light model to expand its presence. The
company is also focusing on its basket of food related brands.
Navin Fluorine (Rs. 1430.00) (Code: 532504) :- This commodity chemicals com-
pany has signed a multi-year contract of Rs. 2900 crores with a global company.
Bandhan Bank (Rs. 382.00) (Code: 541153) :- The RBI has lifted the ban it had
placed on this private bank on opening of new branches. Moreover, the share has been included in
the F&O segment with effect from February 27.
India Cement (Rs. 96.00) (Code: 530005) :- The shares of this South India based
company have rocketed 40% after D-Mart promoter Damani family acquired a large number of its
shares. Gopikishan Damani has acquired 85 lakh shares or 2.85% stake in the company.
ITD Cementation (Rs. 53.00) (Code: 509496) :- Rating agency ICRA has removed
the 'rating watch with developing implication' and assigned stable outlook on credit instruments
worth Rs. 4900 crores.
Sanofi India (Rs. 7289.00) (Code: 500674) :- Shares of this pharma company are in
focus since a week. The company reported nine percent increase in income and 23% rise in profit
for the third quarter.
Thomas Cook (Rs. 46.00) (Code: 500413) :- The company has announced buy
back of shares worth Rs. 150 crore at Rs. 57.50 apiece. There is a difference of more than 20% in
the current price and the offer price.
Chola Invest (Rs. 306.00) (Code: 511243) :- The share is up 5% in 2020, and is
likely to rise further. According to analysts, the company has raised Rs. 1200 crores which will
allow it to report strong growth in the coming 2-3 years.
SpiceJet (Rs. 83.00) (Code: 500285) :- The nearly 25% decline in crude prices in the
last one month will lead to significant cost reduction for the company's operations. Moreover, the
airline is set to launch flights on 11 more routes from March 11.
Lasa Super Generics (Rs. 45.00) (Code: 540702) :- This healthcare sector com-
pany has recently taken over Harishree Aromatics & Chemicals. This will allow it to increase its
market share and diversify into new products.
NLC India (Rs. 60.00) (Code: 513683) :- Known as Neyveli Lignite earlier, the com-
pany has presence in lignite mining and power generation. The shares surged after the company
announced dividend of Rs. 7.06 for 2019-20.
Alphageo (Rs. 191.00) (Code: 526397) :- The company has won a Rs. 184 crore
order for 2D and 3D Seismic Data Acquisition services in Assam from Vedanta.
V-Mart (Rs. 231.00) (Code: 534976) :- This retail company has 260 stores in 195
cities. It plans to invest Rs. 70 crores to open 40 more stores in 2020-21.
Cont.....
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 50
INVESTMENT
Pidilite (Rs. 1515.00) (Code: 500331) :- Pidilite has announced acquisition of 70%
stake in Italian company Tenax for Rs. 80 crores.
NBCC (Rs. 26.00) (Code: 534309) :- This building and construction company is ex-
pected to benefit from the central government's plans to redevelop seven housing colonies. The
company has received the green signal for Rs. 32,000 crore projects in New Delhi.
Greenply Industries (Rs. 126.00) (Code: 526797) :- Promoters have been in-
creasing their stake in the company. Recently, the promoters acquired 25,000 more shares.
SBI (Rs. 302.00) (Code: 500112) :- The Rs. 10,300 crore IPO of SBI Cards is set to
open on March 2. SBI holds 74% stake in SBI Cards. The IPO will help in significant value unlock-
ing.
Atul Auto (Rs. 225.00) (Code: 531795) :- This Rajkot-based automobile company
has reported strong performance even in a weak market. Reports suggest that the company is in
the process of doubling its capacity.
CEAT (Rs. 1023.00) (Code: 500878) :- According to reports, the company has devel-
oped a tyre that can last for 1 lakh km. The new tyre will be launched soon. The company is also a
strong candidate for bonus issue.
Abbott India (Rs. 15,709.00) (Code: 500488) :- Pharma sectors are in the limelight
due to the Corona Virus epidemic in China. There is a buzz that the company may soon announce
a bonus issue. Movement can be seen in the stock in the coming days.

Disclosures as per SECURITIES AND EXCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may
have investment in this stocks • I/My family have no financial interest or beneficial interest of more than 1% in the company whose stocks I am
recommending • Stop loss is useful for Short / Medium Term investor Only • Smart Investment will not be responsible / liable for any loss arising
out of investment based on tis advices • Past performance may or may not be substainedin future " (Dilip K. Shah) Research Analyst : SEBI
Regn No. : INH000002152

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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 51
INVESTMENT

Investor’s Third Eye

Smt. Dr. Hemavathy / Padmanaban (Chennai)
E-mail : investorsthirdeye@gmail.com

Investor's Third Eye

Astrological planetary predictions for stock market investments

(2nd March 2020 to 8th March 2020)

In this week, Saturn takes its position in its own house Capricorn along with Mercury, The
speculative planet Rahu in the house of Mercury- Gemini, Jupiter and Mars along with Ketu
in the house of Jupiter - Sagittarius, Venus in Aries and Moon takes its position in the house
of Taurus, Gemini and Cancer , Sun in the house of the Aquarius.

2nd and 3rd March 2020 : Moon in the house of Venus taking its position in the its
own star (Rohini) brings good movement of stock prices by influencing the investor's mindset.
Railways stocks such as IRCTC, RITES, IRCON, Parag Milk, Waterbase, Mindtree, Kiroloskar
Brothers, Rallis India, Carieer Point may outperform

4th March 2020 : Venus in the house of Mars - Aries, Saturn along with Mercury in
Capricorn may bring volatility in the markets. Investors of Fertilizers, Chemicals, cement,
automobile, iron ore , steel, coal, natural gas must remain patience to reap good gains in
future. IRCTC, Rites, Apex Frozen, JK paper, India Glycol, Balkrishna Industries may show
good growth in stock prices.

5th March 2020 : Moon in the house of Mercury- Gemini along with speculative planet
Rahu impacts the investor's mindset by creating a situation dilemma about their stock in-
vestments which tends to create volatility in the markets on this day. Investors of agro
based stocks, automobiles, chemicals, banking and financial sector, consultancy firms, en-
tertainment based firms, telecommunication sector, Information technology need to wait to
see reasonable returns on the investments in future. IRCTC, Rites, IRCON, Granulles India,
Abbott India, GSK Consumer, Mahindra EPC may outperform.

6th March 2020 : Moon taking its seventh position in the star of Jupiter towards the
house of Jupiter - Sagittarius where Jupiter, Mars, Ketu takes its position may favour the
market to certain extent. Investors of Health, Pharmaceuticals, sugar based firms, solar
energy based firms, and railway based sector like RITES, IRCTC, consumer durables may
gain to certain extent. Timken India, Torrent Pharma, Ajanta Pharma, n. Ugar Sugar, Shakti
Sugar, Balrampur Chini, KEC International are likely to gain
Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 52
INVESTMENT
Overall, According the quotes of Warren Buffet " Stock market is the device of
transferring money from impatient to patient" hold good this week.

Investor's Third Eye

Astrological predictions for gold price movements
(2nd March 2020 to 8th March 2020)
2nd March and 3rd March 2020 : Moon in the Taurus house taking its position in its
own star (Rohini) favours the bullion buyers to procure gold

4th March 2020 :Venus in Aries and the conjunction of Mercury and Saturn in Capri-
corn may create volatility in the bullion markets.

5th March and 6th March 2020 : The conjunction of Moon and the speculative
planet Rahu in Gemini taking seventh position towards the house of planet of wealth and lord
of Gold - Jupiter (Sagittarius) where Jupiter occupies its position in its own house along with
mars and Ketu may tend to impact the bullion market creating volatility in the gold prices.

Financial Weekly
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Financial Weekly

SMART 1st March 2020 to 7 th

March 2020 53
INVESTMENT

REVIEW OF “SMART PLUS NEWS LETTER”

Amazing 24% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. Weekly Ch. Company Reccom. Weekly Ch.
17-2-2020 High (%) 17-2-2020 High (%)
Escorts 883 910 3.06 GSK Consumer 9696 9867 1.76
Apollo Hospital 1705 1800 5.57 Abbott India 14768 15738 6.57
INOX Leisure 473 487 2.96 MindTree 959 1048 9.28
Metropolish 1772 1828 3.16 Alembic Pharma 642 671 4.52
Colgate 1338 1352 1.05 IPCa Labs. 1408 1456 3.41
IRCTC 1557 1927 23.76 Carieer Points 125 140 12
IFB Agro 370 417 12.7 Waterbase 140 146 4.29
Ramco Cement 792 803 1.39 Rallis India 231 245 6.06
Titan 1293 1329 2.78 Indoco Remeides 251 265 5.58
PVR 2070 2114 2.13 Sri Kalahasthi Pipe 224 228 1.79
CEAT 1014 1069 5.42 Asina Granito 240 250 4.17
Britannia 3096 3133 1.2 Kirloskar Brothers 156 179 14.74
Johnson Controls 2856 2962 3.71 Mahindra EPC 146 152 4.11
IRCON 553 587 6.15 Timex 38 39 2.63
KEC Intl. 339 343 1.18 Conart Engg. 25 27 8
Apex Frozen 367 380 3.54 Karnataka Bank 78 79 1.28
Manappurm Fin. 160 176 10 ITDC 60 61 1.67
ICICI pru. 482 494 2.49 APM Ind. 19 20 5.26
Granulles India 175 187 6.86 Spice Jet 89 92 3.37
Nippon Life 393 441 12.21 Gravita 65 67 3.08
Torrent Pharma 2112 2241 6.11 ITD Cementaion 60 61 1.67
Cadila HC 270 279 3.33 RSWM 117 124 5.98

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