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MARKET NEEDS
RAM’S BLESSING
Markets doesn't seem
to be ready for big fall,
every dip is still
buy in here!
Selling spree may increase with spurt in share prices
July expiry week
Bear's was successful turns negative
to stop Bull's rally Snap last six week's
gaining streak
Primary Markets
Rights Issues flood the market, two exited and three entered
Shriram Trans' Rights Issue closed on July 30 and PVR on July 31
M&M Fin, Gateway Distri, Refex Ind and Spencer Retail
Rights Issues entered the market
MindSpace Business Park REIT issue got 13 times subscription
Yes Bank's FPO got listed at flat rate and went into discount
This week only BSE SME IPO of Suratwala Business with
price of Rs.15 will enter the market on August 3
Corrections Are Temporary, Growth Is Permanent
Only Financial Weekly Published in English & Gujarati
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GAMC No. :1703/2018-20. Issued by SSP Ahd. Valid up to 31-12-2020

VOL : 13 • Issue No: 25 RNI No : GUJENG / 2008 / 24320 2nd Aug. 2020 to 8th Aug. 2020
FII Activity (Rs. in Cr.)

Date Buy Value Sell Value Net Value
27-07-20 4090.97 4544.28 -453.31
28-07-20 5836.36 5590.41 245.95
29-07-20 5725.05 6077.67 -352.62
30-07-20 6462.05 6254.75 207.3
31-07-20 4283.29 5241.93 -958.64
TOTAL 26397.72 27709.04 -1311.32
DII Activity (Rs. in Cr.)
Date Buy Value Sell Value Net Value
27-07-20 3560.65 4538.53 -977.88
28-07-20 3990.8 5008.2 -1017.4
29-07-20 4301.09 4806.71 -505.62
30-07-20 5558.41 5945.65 -387.24
31-07-20 4447.93 4005.2 442.73
TOTAL 21858.88 24304.29 -2445.41
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Financial Weekly
SMART 2nd August 2020 to 8 th

August 2020 5
INVESTMENT
D(en)O(f)W(ealth)
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English), Smart Plus News Letter & Smart Bonanza (Gujarati Weekly), Smart Investment proudly announces launch of DOW
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during the week i.e. during the interval of publication of our 2 issues.
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Performance of our last Recommendation
Stocks Reco Date Reco Price Recomm. High After
M&M FIN 16th April 20 163 181-185 240
EID PARRY 20th April 20 147.5 165-175 314
LAURUS LAB 21st April 20 423 445-460 724
ALEMBIC PHARMA 21st April 20 630 685-700 983.15
ENDURANCE TECH 27th April 20 615 650-675-700 950
EID PARRY 8th May 20 156 175 314
PLASTIBLEND India 1st June 20 160 190-200 Target achieved
Moldtech Techno 3rd June 20 41 55-60 45.5
KALPATARU POWER 5th June 20 218 245 Exit at 215
TALBROS AUTO 5th June 20 101 120-125 Exit at 100
IBULLS HSG FIN 10th June 20 152.5 175 263.45
MAHESHWARI LOG 10th June 20 188 225 Stop loss
Rain Industries 18th June 20 76 85 105
MIDHANI 18th June 20 210 227-235 230
DBL 24th June 20 293-280 325-350 Made a high of
315 on 23rd July
KEI IND 2nd July 20 351 390-400 made a high of
398 on 13th July
SRIKALHASTI PIPES 3rd July 20 190 225-235 made a high of
224 on 15th July
MEGHMANI ORG 9th July 20 58 70-75 made a high of
63.25 on 20th July
NOCIL 14th July 20 105 120-125 made a high of
113.85 on 23rd July
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Financial Weekly

August 2020 6
INVESTMENT
PTC India Financial Services Ltd

likely to go to Adani
PFS is a non-banking finance company promoted by
PTC India Limited. PFS has been granted the status of an
Infrastructure Finance Company (“IFC”) by the Reserve
Bank of India. The company offers an array of financial
products to infrastructure companies in the entire energy
value chain and other infrastructure industries. PFS also
provides fee based services viz loan syndication and un-
derwriting etc. PFS offers structured finance, hybrid in-
Corporate Feature
struments, advisory services and other relevant supports
to its clients to mitigate risks and effectively implement Adani Capital along
the project and generate higher returns. PFS has suc- with Adani Green Power
cessfully funded around 153 projects from Renewable and is in race to buy PTC
Infra sectors since its inception in FY 2007. India Ltd’s 64.99 per
Parent company PTC India has announced to sell its cent stake in subsidiary
entire stake in PTC Financial (PFS) which is a profit mak- PTC India Financial
ing company. It has chosen Offer For Sale(OFS) route for Services Ltd (PFS). The
this stake sell and 31st was the last date of OFS. There
successful bidder’s
name is likely to be
Cont... announced in a month
Stock Information (As on 31st July, 2020)

Stock Price Rs. 17.66
Market Cap (Full) (Rs. Cr.) Rs. 1134.27
Book Value Rs. 34/-
Face Value Rs. 10
EPS Rs. 1.71
P/E 10.01
P/B 0.52
Dividend Yield 4.5%
52 Week High / Low Rs. 18.10 / Rs. 6.748
No. of Shares Outstanding 64.22 Cr.
Financial Weekly

August 2020 7
INVESTMENT
are at least 12 contenders including Adani group. Adani Capi-
tal along with Adani Green Power is in race to buy PTC India
PFS stock is trading
Ltd’s 64.99 per cent stake in subsidiary PTC India Financial
at Rs.17-18 which is
Services Ltd (PFS). The stock has already started upward
almost risk-free. It
journey with this development. Adani group entity is one of the
is trading at almost
favourites to win the bid. The successful bidder’s name is likely
half the price of its
to be announced in a month. Power Finance Corporation is
Book Value of
also believed to be interested.
Rs.34. As and when
With the Adani Group is betting big on both the infrastruc-
the sell transaction
ture and finance services space, the bid for PFS could help it
happens, the stock
grow business in inorganically and it will be win-win for both
is expected to zoom
the companies. For PFC, which is a specialised financial in-
around Rs.60 plus
stitution in the power sector, the PFS acquisition could be syn-
level or more in next
ergistic. Earlier, in a regulatory filing on July 17, 2020, PTC
6-12 months
Cont...
Marquee Clients
Financial Weekly

August 2020 8
INVESTMENT
PFS is expected to
report net profit of
Rs.225-250 crore for
the current financial
year 2020-21. It is
expected to report net
profit of Rs.40-50
crore in Q1 result
which is to be an-
nounced next week
India had said it wanted to divest its control-
Covid effect ling stake in PFS and invited potential
will be just 5% purchaser(s)/investor(s) to submit their inter-

est.
PFS does not see any significant
Company’s total outstanding credit as on
concern for projects which have
March’20 is Rs 11394 crore with almost 80%
been commissioned / completed.
book is financing Renewable Energy projects
Covid effect well be just 5 per cent.
Around 50% of its loan book is of where NPAs are zero. Other major financing
commissioned renewable projects is to Transmission Projects. NPAs belong
which are having must run status. mainly to legacy Thermal Power Projects. As
Projects under commissioning, per management 80% NPAs are recoverable
where project activities have been in couple of quarters. PFS is expected to re-
halted, respective government has port net profit of Rs.225-250 crore for the cur-
issued / is issuing extension of rent financial year 2020-21. It is expected to
timelines for commissioning dates report net profit of Rs.40-50 crore in Q1 re-
and it is continuously monitoring sult which is to be announced next week.
these projects to analyse the vari- PFS’s net interest income(NII) was Rs 374
ous developments. The company crore in FY’20. With NIM of 3.31% and CAR
has granted moratorium of upto six
at 23.72% and with strong support of its lend-
months on the payment of all
ers, company is having lendable resource
instalments and/or interest, as ap-
pipeline of Rs 3000 crore and that too at finer
plicable, to the eligible borrowers
who have applied for moratorium cost of around 8.5%. Company is expected
and these borrowers constitute to grow with healthy planned disbursement
around 50% of its loan book. After of Rs 3500-4000 crore in current FY ‘21 it-
allowing the moratorium, company self.
is having sufficient liquidity.
Cont...
Financial Weekly

August 2020 9
INVESTMENT
Management
Shri Deepak Amitabh, Chairman
He is an former Indian Revenue Services (IRS) Officer. He also
serves as Chairman and Managing Director of PTC India Limited. He
has more than 35 years of experience in the field of auditing, financing
and revenue mobilization.
Dr. Pawan Singh, MD & CEO

He is former Civil Officer and served as Director (Finance) of Delhi
Power Company Ltd, Delhi Transco Ltd, Genco etc.. He was involved with
power reforms in Delhi and served in various infrastructure sector organi-
zations like Power grid, Indian Railways, Tata Steel. He has been on board
of various companies/ institution including IIFCL (AMC), presently also on
Board of PTC Energy, MDI, Chairperson of Audit Committee.
PFS is paying dividend to

its shareholders regu-
larly. Its dividend yield is
almost 4 per cent which
is much better than Bank
savings rate
PFS’s Long Term Liability to

Short Term Lability has improved
to 91%:9% with adequate liquid-
ity in the system. It has no capi-
tal market exposure and Commercial Paper outstanding is also nil. Stress / NPA accounts
are on declining trend and focus is on improving operational performance. Capital adequacy
is comfortable at 23.72 %. It has large pipe line of clean energy and sustainable infrastruc-
ture projects to support growth.
In the meantime, PTC India Financial Services Limited (PFS) has received Commercial
Paper (CP) subscription of Rs.300 crore at competitive interest rate from a nationalized
bank. The money received / to be received under the current CP issuance is to be utilized for
Cont...
Company’s total outstanding credit as on March’20 is

Rs 11394 crore with almost 80% book is financing
Renewable Energy projects where NPAs are zero
Financial Weekly

August 2020 10
INVESTMENT
Shareholder
Information
Top 5 Shareholders
(As on 31st June, 2020) % of holdings
PTC India Limited 64.99
Life Insurance Corporation of India 2.13
Dimensional Emerging Markets Value Fund 0.37
Emerging Markets Core Equity Portfolio 0.36
The emerging Markets Small Cap Series 0.24
Shareholding Pattern as at 31st June, 2020
augmenting of cash flows at competitive cost and for on lending to sustainable infrastructure
projects, and it would help in improving Net Interest Margin (NIM) of the company with
diversified sources of borrowing.
PFS is paying dividend to its shareholders regularly. Last year it had paid Rs.0.80 per
share i.e 8 per cent. Earlier in 2018, it had paid Rs.0.20. It had paid Rs.1.5 per share in 2017
i.e. 15 per cent, Rs.1.2 in 2016 i.e. 20 per cent. Its dividend yield is almost 4 per cent which
is much better than Bank savings rate.
As and when in next 2-4 Qtrs, when this Sell Transaction happens, this Infrastructure
Finance company’s stock can gradually move at least towards its Book Value of Rs 34.
However, by that time if company can recover significant NPAs and disbursements picks
up, it can attract valuations higher than BV(as is trend in NBFCs sector) and can easily
attract buyer around 1.5-2X of its book value which is around Rs 60, if company is able to
recover planned NPAs in next 2 Qtrs. So around present price of 17-18, it appears almost
risk free, with potential to double or even higher in next 6-12 months.!!
******
Financial Weekly

August 2020 11
INVESTMENT
REVIEW OF “SMART PLUS NEWS LETTER”

Amazing 21% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. Weekly Ch. Company Reccom. Weekly Ch.
27-7-2020 High (%) 27-7-2020 High (%)
Delton Cables 34.85 40 14.78 Coal India 130 133 2.31
L&T Finance 61 62 1.64 Majesco 464 564 21.55
Ramco Cement 688 718 4.36 Marico 356 364 2.25
Tech Mahindra 653 683 4.59 HDFC 1841 1897 3.04
Aarti Ind. 950 970 2.11 Divis Lab. 2349 2560 8.98
Asian Paints 1714 1777 3.68 Sun Pharma 458 509 11.14
ACC 1344 1446 7.59 Escorts 1127 1166 3.46
HCL Techno 680.65 712 4.61 Shiva Agro 28 31 10.71
Reliance Ind. 2149 2177 1.3 Infibeam 74 77 4.05
Muthoot Fin. 1302 1361 4.53 NMDC 85 87 2.35
MCX 1501 1705 13.59 Karnataka Bank 44 45 2.27
MindTree 1021 1081 5.88 Tera Software 24 25 4.17
Axis Bank 446 460 3.14 Tata Motors 103 106 2.91
Apollo Hospital 1511 1716 13.57 Welspun India 36 39 8.33
HUL 2211 2242 1.4 BDH Ind. 75 77 2.67
HDFC LIfe 622 640 2.89 Balaji Tele 89 93 4.49
Colgate 1383 1448 4.7 Manappurm Fin. 179 182 1.68
Shriram Trans. 707 725 2.55 Exide Ind. 157 159 1.27
Bajaj Ele. 411 437 6.33 Everady Ind. 118 124 5.08
Rallis India 297 313 5.39 Dalmia Sugar 110 123 11.82
Deepak Nitrite 593 615 3.71 HIKAL 137.55 154 11.96
Adani Port 292 318 8.9 KEI Ind. 363.85 369 1.42
Ambuja Cement 201 221 9.95 Godrej Agrovet 454.45 464 2.1
Adani Enter. 168 179 6.55 Thangamayil Jew. 293 351 19.8
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Financial Weekly

August 2020 12
INVESTMENT
Jatin Sanghavi
Market Scan (Mumbai)
(M) 098205 26455
[email protected]
TRENDLINE RESISTANCE
DOES THE TRICK
DAILY GAP @ 11244-11035 PROVIDES SUPPORT.
Surpassing one Resistance after another had become a ritual for the Market, but there was a
twist in the tale for the week gone by. It took the Weekly Trendline Resistance at 11344 to stop the
rampaging Nifty in its one way upward journey. It started with formation of Bearish Harami on
Wednesday, the top of which lay exactly at the Weekly Trendline Resistance. The fall in the Nifty
finally found Support at the lower boundary of daily Gap at 11244-11035. For the week ahead,
strong Support will be seen at the Weekly Gap Support at 10953-10933 followed by 10860 which
is the 200dma. On the positive side, only a weekly closing above Nifty 11344 will negate the bear-
ishness of past week.
TECHNICALLY SPEAKING.
Sensex opened the week at 38275, made a high of 38617, low of 37431 and closed the week at
37606. Thus it closed the week with a loss of 522 points. At the same time the Nifty opened the
week at 11225, made a high of 11341, low of 11026 and closed the week at 11073. Thus the Nifty
closed the week with a loss of 121 points.
On the daily charts, both the indices have formed a small Black body candle with a slightly
longer lower shadow. Last three days formed 3 black body candles but cannot be classified as 3
Black Crows as the candle size did not fulfil the criteria. Wednesday completed Bearish Harami
with confirmation on Thursday, indicating a Reversal in very short term timeframe. On the weekly
Cont...
This Weeks Recommendations
Rec. Name CMP SL TGT-1 TGT-2
Buy TorrentPharma 2663 2613 2738 2815
Buy IndiaMart 2828 2770 2917 3009
Buy IPCALab 1874 1836 1932 1993
Buy GodrejProp 926 907 955 985
Buy Dabur 513 503 529 546
:::: INDEX LEVELS ::::
S3 S2 S1 CLOSE R1 R2 R3
NIFTY 10713 10847 10953 11073 11239 11341 11471
SENSEX 36254 36810 37185 37606 38199 38617 39087
Financial Weekly

August 2020 13
INVESTMENT
timeframe, both Sensex and Nifty have formed a Black body candle which was smaller than real
black body candle. Thus daily candlestick formation suggests a Bearish bias in the near term.
Finally the Bulls failed to cross the Weekly Trendline Resistance at Sensex 38627 and Nifty
11344. A price drop from that level saw both the indices fall, before finding Support at the lower
boundary of the daily Gap between Sensex 38386-37747 and Nifty 11244-11035. Only a close
above Nifty 11344 will negate the bearishness in the near term.
Further fall in the Market can take the Indices down to test the strong Support in the form of
Weekly Bullish Gap at Sensex 37185-37125 and Nifty 10953-10933, followed closely by 200dma
(Sensex - 36905 and Nifty - 10860). A break of this Support can lead the Nifty down to test the
higher bottom made few weeks back at Sensex 35877 and Nifty 10562.
Bullish Island still holds, whose failure point is below the Low of Opening White Body Marubuzo
which is at Sensex 32348 and Nifty 9544. In case of a failure of Bullish Island, Market will go down
to test the higher bottoms at Sensex 29968 / Nifty 8806.
Both the indices are above the Short term average of 20dma (Sensex - 37221 and Nifty - 10952)
as well as Medium term average of 50dma (Sensex - 35260 and Nifty 10393). Both the indices also
continue to remain above the Long term average of 200dma (Sensex - 36905 and Nifty - 10860).
Thus the Trend in the Short term as well as Medium term Timeframe is Bullish, whereas the Trend
in the Long term Timeframe also continues to be Bullish.
MACD is positive but in Sell mode. Price ROC is positive and continues in Buy mode. RSI (60)
has dropped but still suggests bullish momentum. Stochastic Oscillator %K (72) is below %D and
hence in Sell mode. ADX (39) suggests UpTrend is strong. Directional Indicators continue in Buy
mode as +DI continues above -DI. MFI (52) suggests Positive Money Flow. OBV continues in Buy
mode. Buy signal in Bollinger Band continues. Thus Oscillators are suggesting a mixed bias.
Options data for August series indicate highest Call Open Interest at the strike of 11500. Highest
Put build-up is at the strike of 11000. Thus Options data suggest a short term trading range with
Resistance @ 11500 & Support @ 11000.
Buy... Buy... Buy on Dips Hold Sell on High

Future Enter 16.00 Amber Enterprise 1481.00 Coal India 129.00
Anuh Pharma 283.00
PTC India 51.00 Majesco 592.00 ITC 194.00
Chambal Fert. 158.00
NMDC 83.00 Linde India 631.00 Gujarat Gas 289.00
Huhtamaki PPL 242.00
Hind. Copper 35.00 Biocon 409.00 JSW Energy 45.00
J.K. Laxmi Cement 293.00
IDFC Bank 26.00 Atul Ltd. 5047.00 Bank of Baroda 46.00
Heidleberg Cement 185.00
Walchand Nagar 51.00 Infosys 966.00 Havells India 583.00
Aster DM 132.00
Subex 9.00 Aurobindo Pharma 874.00 MGL 975.00
Essel Propack 234.00
Rico Auto 27.00 Tata Elxsi 938.00 United Breweries 952.00
Kirloskar Bro. 131.00
Lumax Auto 95.00 ICICI Pru. 451.00 United Spirits 581.00
Zydus Wellness 1607.00
Kopran 48.00 Voltas 597.00 ONGC 78.00
Caplin Point 432.00
Alembic Ltd. 79.00 Godrej Consumer 691.00 Tata Motors 104.00
Tata Coffee 90.00
Financial Weekly

August 2020 14
INVESTMENT
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Financial Weekly

August 2020 15
INVESTMENT
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Financial Weekly

August 2020 16
INVESTMENT
MOVE FORWARD
BPS RAJA (Mumbai) E-mail [email protected]
THE NEXT TOP COP IN PHARMA

UNICHEM BSE: 506690 | NSE: UNICHEMLAB RS.224
The Shares of Unichem are very much in demand since the company informed that it has re-
ceived the Establishment Inspection Report (EIR) from United States Food and Drug Administra-
tion (USFDA) for its Active Pharmaceutical Ingredients (APIs) facility at Roha.
The company received EIR on May 13 and the USFDA had conducted the inspection of its
Roha facility from February 17 to 21, 2020.
INDIAN BUSINESS SOLD TO TORRENT PHARMA FOR RS,3600 Cr.
Torrent Pharma is acquiring the domestic business of Unichem Laboratories for Rs 3,600 crore
in a deal that will make the Ahmedabad-based company among the country's top five drugmakers
What is very share holder friendly response by the Unichem CMD PrakashModyis he plans to
return half of the Rs 3600 crore to his stakeholders.
The rest will be used for acquisitions, to improve existing manufacturing, marketing and R&D
facilities. He plans to spotlight complex biologics and specialised generics as part of a rejigged
overseas strategy, with a special focus on the US.
PrakashModi has already apparently 'identified specific opportunities and niches which we can
potentially capitalise on,' clearly indicating that he is ready for his next innings
Unichem Lab has six drug manufacturing locations across the country. It is one of the leading
pharmaceutical companies. It functions in therapeutic areas like gastroenterology, cardiology,
diabetology, psychiatry, neurology, anti-bacterials, anti-infectives, and pain management
Unichem said it plans to use the funds to invest in its international business by focussing on
research & development in biosimilars, new chemical entity and complex generics. "The deal will
enable the organisation to deliver superior results in areas of innovative research, new chemical
and biological entities and move into next the orbit of growth. Torrent, we believe, is the right com-
pany as they have the expertise and right presence in the key therapies to take forward these
established
It has already paid 200% div or Rs4. If a part of the sale proceeds to be returned to the share
holders will there be a bumper divided?
Cont....
Financial Weekly

August 2020 17
INVESTMENT
BLACK ROSE INDUSTRIES (RS 145).

We have recommended this scrip earlier around Rs130 and suggested that
one should wait for the June quarter results to judge the progress of the expan-
sion.
UPDATE ON INSTALLED CAPACITY OF POLYACRYLAMIDE LIQUIDS
The company has installed the next phase of additional capacity for the manu-
facture of polyacrylamide liquids and commenced production at the facility. The
current installed capacity of polyacrylamide liquids is 6,600 MTPA. The company
plans to ramp up production to full capacity in January-March, 2020.
COMMENCEMENT OF COMMERCIAL PRODUCTION AT THE EXPANDED
PLANT
The company has completed its expansion of acrylamide capacity and com-
menced commercial production at the expanded plant. In addition to 20,000 MTPA
of acrylamide for merchant sales, the plant will produce intermediate monomer
for the production of polyacrylamide liquids (40,000 MTPA) and polyacrylamide
solids (10,000 MTPA).
Now the way the share is moving up last two sessions is a clear indication that
the results to be announced will be good.
For the quarter ended 31-03-2020, the company has reported a Consolidated
sales of Rs 98.05 Crore, up 3.90 % from last quarter Sales of Rs 94.37 Crore and
up 12.82 % from last year same quarter Sales of Rs 86.90 Crore Company has
reported net profit after tax of Rs 4.39 Crore in latest quarter.
Once the expansions and the plant is fully operational it is projected that it can
report a net profit around Rs 60 Cr against a small capital of Rs 6 Cr. Since the
lockdown would have hampered the expansions by 2021-22 a feat like this can
be achieved..Since the first quarter is almost washed off the results to be re-
ported for June quarter may not be that impressive. But the future holds excel-
lent prospects and the share can be a multibagger
Cont....
Financial Weekly

August 2020 18
INVESTMENT
BSE: 524790, RS.200 (Rs.10 FV)

CORONA DRUG DISCIVERY?
A MULTIBAGGER IS POSSIBLE WITH JUST RS 8 Cr capital
Everest Organics has announced that Oseltamivir, API has been developed
and manufactured in the plant of Everest Organics Limited located at Telangana.
Oseltamivir is well known as key active ingredient in the prevention of influenza A
and influenza B.
Recently it has been discovered that Oseltamivir is also effective in fighting
against Covid-19 virus, the on-going world pandemic in co-administration with
other supporting drugs. "Oseltamivir drug falls in a medication class called
neuraminidase inhibitors. lt is the major ingredient in the blockbuster Tamiflu com-
position, which is an approved drug for the treatment of H1N1 and is more re-
cently supposedly possible in treating Novel Corona treatment.
Everest has developed Oseltamivir API vide Non infringement route. Everest
Organics Limited has an edge in supplying the bulk drug Oseltamivir to the for-
mulators at shorter notice said, Dr.SrikakarlapudiSirisha,Director of Everest Or-
ganics Limited.
Furthermore with strong R&D capabilities, the Company from time to time shall
evaluate its range of product in anti-viral segment that shall enable to create
substantial value for all the stakeholders.
Everest Organics Limited is a fast growing API and Bulk drug manufacturing
company with world class facility and is committed to manufacturing excellent
quality products and customer service. The Company produces Active Pharma
Intermediates "APls" for quality conscious customer around the globe.
All shares of pharmacos in this field are moving up have some investment in
this co which is not known to many.
Cont....
Financial Weekly

August 2020 19
INVESTMENT
BIOFIL CHEMICALS & PHARMACEUTICALS RS.26

(RS.10 fv) BSE: 524396 | NSE: BIOFILCHEM
Net Sales at Rs 3.72 crore in March 2020, up 50.15% from Rs. 2.47 crore in March 2019.
Quarterly Net Profit at Rs. 0.15 crore in March 2020 up 624.02% from Rs. 0.02 crore in
March 2019.
EBITDA stands at Rs. 0.56 crore in March 2020 up 75% from Rs. 0.32 crore in March
2019.
BiofilChem EPS has increased to Rs. 0.11 in March 2020 from Rs. 0.01 in March 2019.
BiofilChem shares closed at 13.00 on July 01, 2020 (NSE) and has given -33.67% returns
over the last 6 months and 128.07% over the last 12 months.
ACKNIT INDUSTRIES
BSE: 530043 Rs.67 face val Rs.10
This is a small capital based (Only Rs.3 Cr0 co manufacturing industrial gloves. Now
there is news that it is also diversified into making gloves for Covid19 protection as well as
PEP which is much needed in all hospitals and very much high priced as well
BUZZING STOCKS
Capri Global Capital Rs197 is being accumulated on some good news
coming from the Board meeting scheduled on Friday
Coral Lab : It has a small capital of Rs.3.5 Cr. The face value is Rs.10 EPS is
Rs15, There is informed buying in this counter on some expected good results for the quarter
ended in June. Keep a watch current price Rs22
Shree Pushkar Chemicals touched a 52 week new high at Rs 130 after

a long time and this has invited profit booking. Since all the expansion will contribute to its
profitability the fundamentals remain strong. Hence keep a watch and buy if it starts moving
up again
FINE ORGANIC INDUSTRIES Rs 10 paid CMP Rs2123 Did anyone

expected Dixon tech will touch Rs7000? Fine Organic is consolidating for a big rise in the
Dixon way says an informer.
Financial Weekly

August 2020 20
INVESTMENT
Rapid Fire Stocks
Kalpna J (Email- [email protected])

(Ring : 97690 37711) Twitter : @Kj_TechTrades
Infosys (Buy at CMP - 967)

Targets - 1111 TO 1250 , Time Frame - 5 to 12 months
(Add in all dips)
Infosys a global leader in next-generation digital services and consulting, and Roland-
Garros, announced a strategic three-year technology partnership. The collaboration is aimed
at enriching the game by providing fans, players and coaches with a completely new experi-
ence, leveraging Infosys’ expertise in digital technologies such as artificial intelligence, big
data & analytics, mobility, virtual and augmented reality.
Infosys Limited is an Indian multinational corporation that provides business consulting,
information technology and outsourcing services. It has its headquarters in Bengaluru,
Karnataka. The company is engaged in software development in the form of services, turn-
key projects and products for the domestic and export market. The software development is
targeted towards the distribution, banking, telecommunication and manufacturing sectors
worldwide
Infosys is a global leader in next-generation digital services and consulting. They enable
clients in 45 countries to navigate their digital transformation. With over three decades of
experience in managing the systems and workings of global enterprises, and expertly steer
the clients through their digital journey. They do it by enabling the enterprise with an AI-
powered core that helps prioritize the execution of change and also empower the business
with agile digital at scale to deliver unprecedented levels of performance and customer
delight. Their always-on learning agenda drives their continuous improvement through build-
ing and transferring digital skills, expertise, and ideas from the innovation
Cont....
Financial Weekly

August 2020 21
INVESTMENT
Bata India (Buy at CMP - 1268 )

Targets - 1555- 2250, Time Frame 5 to 12 Months
(ADD IN ALL DIPS)
Company is planning expansion and eyes on revenue of $1 bn in 4-5 years; with plans to
open 80-100 stores per year
Bata Brands SA is a Swiss multinational shoes maker based in Lausanne, Switzerland. It
is a family-owned global footwear and fashion accessory manufacturer and retailer. It is the
largest shoemaker company in the world by volume, selling 1 million shoes every day.
The company is organized into three business units: Bata, Bata Industrials and AW Lab.
The company has a retail presence of over 5,300 shops in more than 70 countries and
production facilities in 18 countries
The business is organised in 5 regions: Africa (with regional office based in Nairobi), Asia
Pacific (with regional office based in Singapore), LatAm (with regional office based in Santiago
de Chile), South Asia (with regional office based in New Delhi) and Europe/Developed Mar-
kets (with regional office based in Padova, Italy).
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Financial Weekly

August 2020 22
INVESTMENT
Jignesh R Mehta
(SEBI Registered Research Analyst)
E-mail : [email protected]
Website : www.KiranJadhav.com
Phone: 9327 11 3344 / 9328 11 33 44
Twitter: @jigneshrmehta
Markets doesn't seem to be ready for big fall,

every dip is still buy in here!
Synopsys for the concluded week:
This week when we started, global cues were subdued and hence first day of our week saw
mild pressure. Since we were up beat overall on our markets, on the second day, even with same
global cueswe managed to close above Monday's high with good conviction. Wednesday has
been the day of red candle for so many consecutive weeks and we know it is just a co-incident. It
was Thursday, we saw some substantial pressure on the markets which led it to close below the
range of previous 7 trading sessions. Thursday set some cause of caution on our benchmark and
when we did not see recovery on Friday, it finally became a week of loss for both our benchmark
NIFTY and BANKNIFTY. While, NIFTY gave up about -120.70 points of the week, BANKNIFTY
gave up hefty -1022 points. In the percentage terms it was -1.08% and -4.52% of returns respec-
tively. Sector wise PHARMA and IT rescued our markets with cumbersome +8.90% and +4.55% of
weekly gains respectively. FINANCE, MEDIA and PSE remained the spoil sport for the week with
negative gains of -4.08%, -4.73% & -3.51% respectively. MIDCAP and SMALLCAP remained calm
for the week and did cause much deviation and remained nearly same with less than 0.5% of
change for the week.
Technical View on Nifty:

Attached chart 1 is a daily chart of NIFTY. Time and again we have to mention all you readers
the structure of our market which is still higher tops and higher bottoms. This structure remains
positive until our markets trades
above the yellow colored support
line which comes near to 10900
kind of levels. Also, please re-
member that formation of higher
tops and higher bottoms remains
as it is until earlier bottom is taken
out. Earlier bottom on NIFTY is
placed at 10570 kind of level
which is very far from here and our
market has shown no sign even
to visit that kind of levels any soon.
We therefore advice you not to lis-
ten to any bearish anticipating
Chart 1: Nifty - Daily
Cont...
Financial Weekly

August 2020 23
INVESTMENT
voices and focused only the charts and levels suggested above. We should also not forget that
while we are trading in the range of 11000-11300, it is the same range our markets witnessed in 1st
week of March which was the time the global pandemic just announced. We believe that these
range of the markets quite an interesting resistance range and hence new positivity will only emerge
once our earlier high is decisively broken which comes to 11300 & 11350 kinds of level. However,
while markets are consolidating in current range we surely believe it to be a range of stock specific
accumulations.
Technical View on Bank Nifty:

Attached chart 2is a daily chart of BANKNIFTY. Last time we showed you how the BANKNIFTY
was traveling in side of an up trending channel so far. While NIFTY posted negative returns for the
first time after so many weeks, our BANKNIFTY shown down side outperformance by giving up
about 4.52% which is quite high compare to NIFTY. With these move BANKNIFTY has already
suggested that it has been a feeble associate of NIFTY and it will continue to be laggard. However
by looking at the current chart of BANKNIFTY we can spot a horizontal support line which we
mentioned also in our last article. This line comes to around 21000 & 20800 kind of zone. While we
do see some kind of consolidation for coming few weeks in BANKNIFTY but we do not see any
major sell offs until this mentioned levels are intact. New upside move can be emerged only above
23000 kind of level which seems to be our resistance for now for BANKNIFTY.
Chart 2: Bank Nifty - Daily
Derivative Data:
Weekly OI data for NIFTY suggests that after a long time now the CALL writes are overpowering
the PUT writers because higher OI is concentrated on CALL side this time. The maximum CALL OI
is placed at 11500 strike and second highest OI which is also a CALL OI is placed at 11200 strike.
PUT OI this time is quite lower and this suggests weaker supports for the NIFTY. Highest PUT OI
is placed at 11000 and then 10800 strike.
Monthly OI data for NIFTY suggests very strong picture because here PUT writes still rule over
the CALL writers. Highest OI on monthly data is coming from PUT OI placed at 11000 strike. This
clearly suggests that longer term market view is not bearish until PUT writers at 11000 are so
strong. CALL OI is very less and accumulated only at 11500 strike.
For BANKNIFTY the highest weekly & monthly CALL OI is placed at 22500 strike and PUT OI is
placed at 21000 strike. Here, monthly data view matches to that to monthly.
Financial Weekly

August 2020 24
INVESTMENT
All and all, while going ahead in to the next week, NIFTY has a strong Support to hold and
BANKNIFTY has strong Resistance to cap.
NIFTY Support: Strong at 1100,

BANKNIFTY Support: 21000
Nifty Resistance: 11500, BANKNIFY Resistance: Strong at 22500
PCR & FUTURE OI
PCR on the chart is also a kind of higher tops and higher bottoms formation since end of MAR-
2020. PCR in recent few days have come off from top levels but it is still not giving up for NIFTY.
Current PCR-OI stands at 1.33 which also suggests the upper hand of Put writers, hence upper
hands of BULLS in the market. The first day of the month of August series have been associated
with lots of FUTURE OI addition in the series. Higher Future OI and increase PCR on day end
closing still suggests a bullish picture for the NIFTY.
Forex
This is after a long time USDINR chart suggests its changing stance every week. Last week, we
were at the view that same was in bear hands and from 75 USD, it was heading for lower levels.
Much to our anticipation, we did see 74.80 kind of levels last week. This week again the stance is
BULLISH for USDINR chart. Hence Rupee will remain on weakening side. This time support comes
from 74.80 kind of levels for AUG future series. Expected levels are 75.3 for now. 75.3 is the first
resistance and if it is breached, we can expect 75.4 and even higher.
Crude:
Last week we summarized that Crude oil WTI futures was showing some sign of weakening.
We also believed that any close below 3000 would cause a bearish sentiment. The same thing
has been witnessed on Thursday when Crude closed below 3000 for the first time, markets was
ready for big plunge only until OPEC+ opens its tap which finally caused a smart recovery from the
lower levels. By writing OPEC+ opening their taps, we mean that the organization of petroleum
exporting countries have curb their outputs to large extend to enable to WTI Futures chart to re-
bound on last day of the week. Now Crude is back above 3000 mark so it has gone in to consolidat-
ing range for now. This time a strong support exist at 2900. Upside range remains to be 3200 for
now.
Wishing you a profitable week ahead!
Author:
JIGNESH R MEHTA
SEBI Registered Research Analyst
www.kiranjadhav.com
[email protected]
Phone: 9327 11 33 44 / 9328 11 33 44
Twitter: @jigneshrmehta
Financial Weekly

August 2020 25
INVESTMENT
Alternative Investment Returns Monitor

Price Price Return Return
10-7-19 10-7-2020 1 Week 1 Yr.
Gold 34452 49070 -0.1% 42.43%
Silver 39010 52085 1.66% 33.52%
WTI Crude 56.78 41.20 3.99% -27.44%
Value of Rs. 1 Lakh Invested in Various Asset

(As on 10-6-2020) Sensex Gold Silver FD (SBI) PPF*
1 Year 94910 143674 135284 106800 107900
1 Year
Post Tax Returns 94910* 130572 124699 104760 107900
5 Year 132294 188568 141794 146933 151757
5 Year
Post Tax Returns 132294* 179711 137615 131317 151757
* Notes : Cumulative equity gains up to Rs. 1,00,000 in a financial year are tax free.
All post - tax returns are calculated for an individual in the 30% tax braket, without considering the indexation benefit
Top 5 SIPs Top 5 MIPs

Top 5 Equity Schemes based on Top 5 MIP Schemes based on 3
10 Yr. SIP Return yr. SWP returns
Scheme Name Return Scheme Name Return
Annualised Annualised
Mirae Asset Emerging 17.86 Baroda Conservative 7.55
SBI Small Cap. 17.03 Indiabulls Saving 7.18
Canara Robeco Emergin 15.38 ICICI Prudential 6.38
Axis Long Term Equity 13.36 Canara Robeco Conservative 6.34
Principal Emergin 13.26 LIC MF Debt Hybrid 5.93
Financial Weekly

August 2020 26
INVESTMENT
Alternative Investment Returns Monitor

Price Price Return Return
23-7-19 23-7-2020 1 Week 1 Yr.
Gold 34,837 50,500 2.91% 44.96%
Silver 40,835 60,785 16.7% 48.86%
WTI Crude 56.65 41.85 2.70% -26.13%
Value of Rs. 1 Lakh Invested in Various Asset

(As on 24-6-2020) Sensex Gold Silver FD (SBI) PPF*
1 Year 100743.1 145920 145705.6 107000 107900
1 Year
Post Tax Returns 100668* 132144 131993 104900 107900
5 Year 135630.6 207072 175025 145240 151757
5 Year
Post Tax Returns 132067* 196364 167523 130232 151757
* Notes : Cumulative equity gains up to Rs. 1,00,000 in a financial year are tax free.
All post - tax returns are calculated for an individual in the 30% tax braket, without considering the indexation benefit
Top 5 SIPs Top 5 MIPs

Top 5 Equity Schemes based on Top 5 MIP Schemes based on 3
10 Yr. SIP Return yr. SWP returns
Scheme Name Return Scheme Name Return
Annualised Annualised
Mirae Asset Emerging 18.54 Baroda Conservative 7.96
SBI Small Cap. 17.34 I.B. Saving Income 7.54
Canara Robeco Emergin 16.13 ICICI Prudential 6.80
Principal Emergin 13.97 Canara Robeco 6.79
Axis Long Term 13.77 LIC MF Debt Hyrbid 6.34
Fast Growing Stocks Least Expensive Stocks Best PEGs Income Generators Least Risky
Higesht Expected Revenue The 5 Stocks with the Top 5 Stocks with the least Top 5 Stocks with the Top 5 Stocks With the
growth over the previous year lowest forward P/E price earning to growth ratio highest dividend yield lowest downside risk
Co. Name Revenue Co. Name Lowest Co. Name Earning Investor Earn as Div. for Co. Name Lowest
Growth(%) Forward PE (%) Grwoth Ratio Every Rs.100/- Invested Downside Risk
PI Industries 32 HG Infra 7.54 Dilip Buildcon 0.10 Co. Name Hig.Div. Yield Sanofi India 1.15
HDFC 30 PFIZER 8.25
NTPC 7.75 HG Infra Engg. 0.29 Dr. Reddy’s Lab. 1.21
Dixon Techno 28 SUN TV Network 6.58
Power Grid 8.59 NTPC 0.43 Solar Ind. 1.24
Engineers India 6.14
Granules India 27 Tata Power 9.44 Granules India 0.49 Syngene Int. 1.31
Embassy Office 5.08
HG Engg. 26 Zee Enter 9.77 Escorts 0.49 HUL 1.35
Power Grid 4.71
Financial Weekly

August 2020 27
INVESTMENT
Company Name Price to BV 1 Yr

Companies Performance
Dish TV India 0.27 -76.53
Which Spice Jet -6.21 -65.34
Canara Bank 0.44 -59.26
have Chennai Petroleum
Indiabulls Real Estate
0.89
0.37
-54.93
-49.09
Mahindra LifeSpace Developers 0.72 -46.18
P/BV Bharat Heavy Electricals
Bank of India
0.44
0.41
-40.39
-37.97
Manglore Refinery * Petro. 0.80 -33.67
Less Vedanta
IDFC First Bank
0.60
0.93
-32.11
-24.44
than IndoStar Capital Finance

IFCI
0.92
0.29
-18.06
-15.64
Central Bank of India 0.54 -1.14
1 Suzlon Energy
The India Cements
-0.33
0.68
13.42
24.83
BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
PTC India Fin. 533344 17.66 ICICI Bank 532174 346.00
Godrej Agrovet 540743 458.00 Deepak Nitrite 506401 643.00
G.E. Shipping 500620 225.00 IEX 540750 179.00
Future Retail 540064 110.00 Laurus Labs. 540222 933.00
UPL 512070 478.00 Godrej Prop. 533150 926.00
Adani Gas 542066 153.00 MCX 534091 1697.00
Bajaj Consumer 533229 175.00 Escorts 500495 1133.00
Sonata Software 532221 263.00 Tech Mah. 532755 682.00
Tata Comm. 500483 759.00 IPCa Labs. 524494 1883.00
Cadila HC 532321 388.00 Torrent Pharma 500420 2663.00
ICICI Sec. 541179 455.00 IndiaMart 542726 2829.00
Kajaria Cera. 500233 405.00 Jubilant Life 530019 795.00
Dabur 500096 513.00 Amara Raja 500008 709.00
Bajaj Ele. 500031 425.00 Dr. Reddy 500124 4521.00
Shilpa Medi 530549 551.00 Dixon Techno 540699 7629.00
Financial Weekly

August 2020 28
INVESTMENT
Smart Education : Ankit Gala : [email protected]

Standalone and Consolidated Financial Statements
Last week we had seen details about Statement of Changes in Equity of a company and
this week we shall see details of Standalone and Consolidated Financial Statements of a
Company.
Standalone Financial Statements show the financial position of the company alone without tak-
ing into consideration of its subsidiaries, joint ventures or associate companies.
Consolidated Financial Statements show the financial position of the company itself along with
its subsidiary companies, associate companies and joint ventures.
There are many single entity companies which do not have any subsidiaries, joint ventures or
associate companies. Such companies will have standalone financial statements.
On other hand companies that have number of subsidiaries, joint ventures or associate compa-
nies, will declare standalone financial statements of the parent company as well as consolidated
financial statements of the entire business group.
In case of some companies, especially big corporate houses or conglomerates the standalone
financial statements do not provide any meaningful insight as the main and more activities are
done by its subsidiary companies, joint ventures or associate companies.
One of the best examples of this can be Reliance Industries Ltd - a business group that as of
now has 124 subsidiaries and 50 joint ventures / associate companies.
Standalone v/s Consolidated Financials: Which one should be used in Stock Analysis?
Investors should always make use of consolidated financial statements for analysis of stocks.
This is because the consoli-

dated financial statements
show the complete picture of the
financial position and business
performance of an entire group
of companies as opposed to
one company's standalone po-
sition.
But this does not mean that
we completely ignore the
standalone results.
From next week we shall try
to understand about various Fi-
nancial Ratios and their impor-
tance and how they are used to
analyze stocks.
To learn Fundamental Analysis you
can read the book Fundamental Analy-
sis of Shares by Ankit Gala &
Khushboo Gala. Book is available in
English and Gujarati.
Financial Weekly

August 2020 29
INVESTMENT
SMART BANKING & FINANCIALS

By Vijaya Kittu M, GetPaidIndia.com
The author feels that investors need to study sectoral trends from time to time. He is on
WhatsApp at +91 98495 19188
1. The Delhi High Court has sent the Union Ministry of Law and Justice and the Insolvency and Bank-
ruptcy Board of India a notice. A plea by Rajiv Suri was filed before the court on the constitutional
validity of Insolvency and Bankruptcy Code (Amendment)Ordinance, 2020. The court would be hear-
ing the matter on 31 August 2020.
2. RBI suggested the Government to hold 26% in PSBs and give longer terms to its CEOs. If the Govern-
ment takes this step seriously, it will pave the way for major reforms in PSBs.
3. ICICI Bank made an additional COVID-19 related provisioning worth Rs. 5,550 taking the total provi-
sions to Rs. 8,75 crores. Loans under Moratorium have come down from 30% to 17.5%. The Bank's
NII is up 19.9%. Net profit is up 36.3% as per Q1 FY21 results.
4. HDFC Ltdprofits are down 4.7% in Q1 largely because of higher provisioning reflecting ongoing pan-
demic impact. Keki Mistry, the VC and CEO, said that provisioning is mostly done with. Provisioning
has come down from 27% in phase-1 to 22.4% in phase-2. As much as 70% of the builder loan book is
under Moratorium.HDFC received shareholders'approval for raising upto Rs. 1.25 lakh crores by pri-
vate placement of bonds or hybrid instruments.The company also got shareholder approval stake sale
in HDFC Life Insurance and HDFC Ergo General Insurance and is subject to RBI approval.The raised
capital will be used to strengthen the long-term capabilities of the company. Stock is enjoying fair
valuations. The loan exposure of Jet Airways and Orissa Slurry will be reflected in the next quarter.
5. MCX is catching investor attention as gold prices are going upwards. MCX is the leading stock ex-
change for commodities, including gold derivatives.
6. CDSL is in the limelight for two reasons. Its Q1 standalone net jumpedup 82%. The new margin norms
introduced by SEBI will benefit depository participants to a certain extend. Further, CDSL's wholly-
owned subsidiary - CDSL Ventures - has received the approval to act as a local authentication user
agency or e-KYC user agencyfrom the UIDAI.
7. SBI's holding in YES Bank has come down from 48.21% to 30%. Yes Bank has made a further public
offering (FPO) to strengthen its book and to make for recent pandemic provisions. SBI, too, partici-
pated in the FPO. Meanwhile, Yes Bank said it would go strict with NPAs. The Bank has taken posses-
sion of Anil Ambani Group's Mumbai Head Office.
KWJ Webinar on Investing with Mutual Funds

Learn Active Investing with MFs +
Passive Investing with ETF & Index Funds
4 Sessions on 16 & 23 August 2020
Webinar Fee + Study Material: Rs. 2000
To Register, WhatsApp to +91 98495 19188
Financial Weekly

August 2020 30
INVESTMENT
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Financial Weekly

August 2020 31
INVESTMENT
SMART
BUY OF THE WEEK
Dark Horse
Some successful recommendations of
Smart Buy of the Week (Smart Dark Horse)
Recommended Dt. Stocks Recomm. High after Gain
Price Recomm. (%)
18th May 20 ADVANCED ENZYME 157 194.65 24%
Last week SHIVA GLOBAL 28.6 33 15%
Dark Horse-1
T & I GLOBAL LTD (522294) (83.55)

(Face Value Rs.10)
T & I GLOBAL LIMITED (TIGL) is a leading manu-
Particulars Year Ended
facturer and exporter of Tea Processing Machinery FY20 FY19 % Var.
with the expertise to supply customized processing Sales 95.79 132.36 -28
PAT 11.61 7.12 63
equipment for CTC, Orthodox & Green Tea. TIGL has
EPS 22.90 14.05 63
two full fledged manufacturing facilities in India - at
Kolkata the capital city of West Bengal, and at Coimbatore, the industrial city of Tamil Nadu. TIGL
is the only Tea Machinery Manufacturing Company which has a 1000 acre Tea Estate in North
Bengal. TIGL is the only Tea Machinery Manufacturing company which produces 8,00,000 Kgs of
Tea (Black CTC & Green Tea per annum).
With an equity capital of Rs.5.07 crore and reserves of Rs.39.51 crore, TIGL's share book value
works out to Rs.88. The promoters hold 53.30% of the equity capital, which leaves 46.70% stake
with the investing public. Promoters have increased their stake by 1.56% during January 2020 to
June 2020.
During FY20, its PAT zoomed 63% to Rs.11.61 crore as against Rs.7.12 crore sales of Rs.95.79
crore fetching an EPS of Rs.22.90. Currently, the stock trades at a P/E of 3.8x.
Investors can accumulate this stock with a stop loss of Rs.68. It may give very good returns in
medium to long term. Cont....
Financial Weekly

August 2020 32
INVESTMENT
Dark Horse-2
AGARWAL INDUSTRIAL CORPORATION LTD
(531921 & NSE) (81) (Face Value Rs.10)
(NSE Symbol: "AGARIND")
The Company is a leading manufacturer and import- Particulars Year Ended
ers of Bitumen & Bituminous products and its plants FY20 FY19 % Var.
Sales 787.03 531.47 48
are located at Belgaum, Hyderabad, Taloja, Baroda
PAT 25.55 13.45 90
and Cochin (Company's WOS). Company manufac- EPS 24.91 13.11 90
tures and trade quality products like Paving grade Bi-
Month of Latest High May 2017
tumen. Industrial Grade Bitumen, Bitumen Emulsions,
High price 791
Modified Bitumen, Bitumen Coat, Bitumen Paints, Bi- CMP 81
tumen Insulation material etc which are known for their Discount from high 90%
quality and standard. Its profound background of being in the logistics business (transportation of
Bitumen & LPG) has been a key factor to foray into this segment. Company has excellent profes-
sional relations with all major road contractors in India due to Company's ethical, transparent and
good governance policies. Company has excellent Bulk Bitumen Storage facilities to effectively
handle and market bitumen imports at Karwar, Belgaum, Hyderabad, Haldia, West Bengal Dighi,
Maharashtra, Hazira Gujarat and Kakinada. Company is the pioneers of logistics in Bitumen, which
is predominantly used in road construction business.
It has an equity base of just Rs.10.26 crore that is supported by reserves of around Rs.147.25
crore. The promoters hold 59.33% while the investing public holds 40.67% stake in the company.
During FY20, its PAT zoomed 90% to Rs.25.55 crore as against Rs.13.45 crore on 48% higher
sales of Rs.787.03 crore fetching an EPS of Rs.24.91.
Currently, the stock trades at a P/E of 3.25x. It has recommended 15% dividend for FY20.
Its recent high rate was Rs.791 which was formed on May 2018. Stock almost corrected 90%
from recent high.
Investors can accumulate this stock with a stop loss of Rs.67. It may give very good returns in
medium to long term.
Financial Weekly

August 2020 33
INVESTMENT
Stock Buzz
Subramanian Mahadevan
[email protected]
Godrej Agrovet Limited (Rs. 458.00)

Nurturing Feed!
Godrej Agrovet Limited (GAL) - is a diversified, Research & Development focused agri-busi-
ness company, dedicated to improving the productivity of Indian farmers by innovating products
and services that sustainably increase crop and livestock yields. GAL belongs to renowned busi-
ness house of India namely 'Godrej' Group known for its ethics and corporate governance, also
has other listed group companies like Godrej Properties, Godrej Consumer Products etc. which
has created enormous amount of wealth to retail shareholders over the years besides a track record
of doling out dividends and bonuses over the years. GAL hold leading market positions in different
businesses segments it operates - Animal Feed, Crop Protection, Oil Palm, Dairy and Poultry and
Processed Foods.Innovation being the key driver, GAL constantly experimenting and looking for
research-based solutions to improve farm productivity and thereby, the profitability of farmers. For
example, Milk More, our innovative cattle feed, improves the yield of high milk-producing animals.
Its Crop Protection business has developed exclusive products like Vipul, Vikas, Combine and
Hitweed to offer a complete crop protection solution. In 2015, GAL set up the Nadir Godrej Centre
for Animal Research and Development in Nashik, Maharashtra; a one-of-its-kind animal husbandry
research centerin the private sector in India to improve animal productivity. GAL's Animal Feed
business is one of the largest organized players in the Compound Feed market in India, with an-
nual sales of more than a million tonnes across cattle, poultry, aqua feed and specialty feed. In line
with the ambitions of expanding its presence in the "Animal Protein" space further, GAL acquired
controlling stake in Cream Line Dairy Products Limited - a leading Dairy player in South India. The
company has significant presence in Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and
Maharashtra, under the "Jersey" Brand name. It also has a very interesting value-added product
portfolio like Curd, Flavored Yogurt, and Ice Cream among others. Its poultry business, Godrej
Tyson Foods, best known for two brands, Real Good Chicken and Yummiez, is a joint venture with
Tyson Foods, one of the largest poultry processing companies in the world. Godrej Tyson Foods is
the second largest player in the processed poultry segment in India. The share price is trading
close to its IPO price of Rs. 460/share (October 2017) and its major investors include Temasek,
Aberdeen, Nomura, Invesco, JP Morgan, Ashburton and few other domestic mutual funds. Pro-
moter has more skin in the company and controls close to 68.8% backed by strong products with
great brand recall and competent management. Its dairy business alone generates more than 1200
crore of annual revenue and could potentially be a first demerger candidate within GAL and has all
the ingredients to become a national level dairy player after Amul five years from now. Accumulate
on every dips for great gains in years to come.
Financial Weekly

August 2020 34
INVESTMENT
- Parag Salot
Technical Trading Trends (SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview : In Last Trading Session, Nifty closed at 11104. As informed in last session,
Nifty resistance to be at 11200/11300 levels and you can see that Nifty touched 11300 and again down. Our
view remains same as last week - Nifty is already at resistance and thus we suggest to avoid buy in Nifty,
rather sell at rise or wait for selling opportunity based on intra-day charts. We will review our levels only if
Nifty closes above 11300. If Nifty closes above 11300 then it can open upside till 11600 else we would like
to sell Nifty at rise.
Bank Nifty Overview: In Last Trading Session, Bank Nifty closed at 21695. Bank Nifty support
is at 21300. Bank Nifty resistance at 22200 levels and if crosses 22200 then can touch 22900 levels.
Trading Results
Scrip Name BSE Code Buy / Enter at Did High/ Remarks
Sell Low
Adani 512599 Buy 165 191 Target Achieved
Exide 500086 Buy 151 157 Did High
Sun Pharma 524715 Buy 470 540 Target Achieved
Wipro 500209 Sell 290 281.70 Did Low
Trading Buy
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Cadila 532321 391 384/390 400 415 374
Canara Bank 532483 101 95/100 110 125 88
Lupin 500257 918 900/905 925 940 885
SRTRANSFIN 511218 695 685/695 705 725 677
Sun Pharma 524715 484 475/480 490 510 467
Tata Motors 500570 105 94/98 110 120 89
Trading Sell
Scrip Name BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
Infy 500209 972 990/1000 980 960 1009
Biocon 532523 414 430/435 425 410 445
Tata Consumer 500800 429 450/455 435 420 465
Wipro 507685 281 295/302 285 270 315
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

August 2020 35
INVESTMENT
TECHNICAL TALK Dhananjay Kadam

TECHNICAL ANALYST, M. 7588622374
Corrections Are Temporary, Growth Is Permanent
J.K. Cement Ltd (Last close Rs 1500)

It is engaged in manufacturing cement and cement products. Its product portfolio includes grey
cement, white cement and wall putty.
52 weeks High / Low : 1564.85 / 795.25
Book Value: 391.84
Stock P/E: 23.72
Dividend Yield: 0.49 %
ROCE: 12.81 %
ROE: 11.40 %
Sales Growth (3Yrs): 6.43 %
* Company has good consistent profit growth of 28.14% over 5 years
* Company has been maintaining a healthy dividend payout of 28.31%
Technicals : Channel continuation pattern on daily chart. One can buy and hold for a price
target of Rs 1620- 1680. Stop-loss is Rs 1457 on daily closing basis. Time frame is 21 days.
Sms Pharma (Last close Rs. 75)

SMS Pharmaceuticals Limited is engaged in manufacturing and sale of bulk drugs and active
pharmaceutical ingredients (APIs), and their intermediates.
It is a global player in API manufacturing having strong research and manufacturing team sup-
ported by state of art facillities. It's an integrated pharma company with presence in over 70 coun-
tries.
52 weeks High / Low : 74.60 / 23.55
Book Value: 43.38
Stock P/E: 18.59
Dividend Yield: 0.35 %
ROCE: 15.96 %
ROE: 12.93 %
Sales Growth (3Yrs): -8.73 %
Technicals : Bullish Channel continuation pattern on daily chart. One can buy and hold for a
price target of Rs. 91. Stop-loss is 70 on daily closing basis. Time frame is 15 days.
Financial Weekly

August 2020 36
INVESTMENT
TRADNICAL STRATEGY
Email: [email protected], M. 9228237373
NIMESH THAKER, BARODA
Sebi Registered NO. : INH000005874
Bear's was successful to stop

Bull's rally But…
Last week I said that "Nifty 11250-11300 is big challenge for bulls”, we had seen that nifty closed
negative on weekly basis after a six week of continuous rise. If we think of august month's nifty
move then there is very less possibility for big rally in Nifty. Because in June and July Nifty had
given 7.5% returns in each month so in other way after a 15 % of jump in two month there will be
less possibility of big move in Nifty.
On technical chart point of view, Inverted hammer kind of formation on weekly chart indicates
caution however we need confirmation for any trend reversal. so, it is early to predict any big profit
booking at current stage hence we will move with trend and will go for buy on dips strategy. On
downside 10920-10850 will be strong support zone for Nifty while 11240-11300 zone will act as
major resistance, above that we can expect 11450 level in Nifty.
As per option positions Nifty has built strong base at 11000-10950 and indicates that short term
traders don’t expect nifty below 11000-10950 zone. However upside is caped at 11300-11350
level.
I think that bears were successful to stop bull's rally, but underling indicators and option position
indicates that bear cannot sustain much and we may see bull's attack again. So i recommend to
Buy Nifty on any dips near 11000 with the stop loss below 10850 and target of 11300-11450.
For your stock of trade related queries you can contact me on 9228237373
Lupin : Buy Range: 926-910

Target: 970-1010 Stop loss : 890
Allocation: 10% of trading capital
The stock has given break-out of 905 resistance after consolidation with huge vol-
ume indicates strength. I expect stock may test to 970-1010 in short term hence recom-
mend to buy with stop-loss below 890 with on closing basis.
Financial Weekly

August 2020 37
INVESTMENT
Techno Funda Sachin Shah :

[email protected]
(Mumbai)
sound stocks M. : 9372144204
Some of my multi-bagger recommendations in

SMART INVETSMENT
Recomm. Date Stocks Rate High Price Appreciation
5th Nov 18 DIVIS LAB 1499 2645 76%
19th Nov 18 RELIANCE IND 1127 2199 95%
14th Jan-19 Muthoot Finance 536.7 1406 162%
Torrent Pharma 1880.9 2755 46%
28th Jan-19 GRANULES 94.7 311 228%
4th Feb-19 DR REDDYS 2786 4560 64%
11th March-19 P I INDUSTRIES 993 1838 85%
10th June-19 GMM PFAUDLER 1380 4630 236%
30th Sep-19 RALLIS INDIA 174 324 86%
7th Oct-19 DIXON TECH 3000 7800 160%
11th Nov-19 IPCA LAB 1070 1902 78%
18th Nov-19 NAVIN FLOURINE 909 1915 111%
27th April-20 LAURUS LAB 495 945 91%
25th May-20 CIPLA 639.35 724 13%
15th June-20 DAAWAT 36 55.7 55%
NATCO PHARMA LTD

(524816 & NSE) (782.55) (FV 2)
Natco Pharma Limited, established in 1981 in Hyderabad, is a vertically integrated and R&D
focused pharmaceutical company engaged in developing, manufacturing and marketing of fin-
ished dosage formulations and active pharmaceutical ingredients focusing primarily on niche thera-
peutic areas and complex products marketed and distributed in over 40 countries. In the API seg-
ment the company develops and manufactures products with multi-step synthesis, semi synthetic
fusion technologies, high-potency APIs and

peptides.
Technical Observations : Natco
Pharma is trading at 782 and is above 5, 10,
20, 50, 200 EMA and SMA on daily charts.
Stock is in buy mode on ADX, MACD, PARA-
BOLIC SAR and SUPER TREND on daily,
weekly and monthly charts. Add on dips and
corrections with a target of 1045 within 18 to
21 months. Cont...
Financial Weekly

August 2020 38
INVESTMENT
DISHMAN CARBOGEN AMCIS LTD

(540701 & NSE) (196.55) (FV 2)
Dishman Carbogen
Amcis Group provides
drug development and
commercialisation ser-
vices to the pharmaceu-
tical and
biopharmaceutical in-
dustries, at all stages of
drug development. The
company's capabilities
span from contract
chemical process re-
search and develop-
ment to the supply of
Active Pharmaceutical Ingredients (APIs) - as well as drug products for preclinical studies, clinical
trials and commercial use. Besides being a service provider company also offers high quality Cho-
lesterol and Vitamin D analog products produced at their facility in The Netherlands.
Technical Observations : DCAL is trading at 196 and is above 5, 10, 20, 50, 200 EMA
and SMA on daily charts. Stock is in buy mode on ADX, MACD, PARABOLIC SAR and SUPER
TREND on daily and weekly charts. Stock can be added on dips and corrections with a target of
390 within 21 to 24 months.
Financial Weekly
Every Sunday Every Wednesday
English & Gujarati Edition Gujarati Edition

Financial Weekly

August 2020 39
INVESTMENT
Terrific Shots - Dilip K. Shah
Sonata Software (Rs. 263.00) (Code: 532221)

As against equity of Rs. 10.38 crore, the company has reserves of Rs. 659 crore. In
March quarter, the company's increased from Rs. 836 crore to Rs. 929 crore, while profit
decreased from Rs. 65 crore to Rs. 62 crore. In FY2020, the company's income increased
from Rs. 2961 crore to Rs. 3743 crore, while profit increased from Rs. 249 crore to Rs. 277
crore. It paid handsome dividend of 2025, i.e. Rs. 20.05 per share. The stock is being quoted
at P/E of 9.9. The IT shares have witnessed improvement in the prices in July. The stock can
be invested on downward movement. The IT stocks can become safe bet in volatile market
by giving steady returs.
Dixon Techno (Rs.7629.00) (Code:540699)
The company manufactures electronic equipment like set-up box, mobile and LED panel.
It also manufactures equipment for Washing Machine, LED Lights and Security Surveillance.
These products are mainly imported in India but now the government is focusing on Vocal for
Local and may impose import duty which may help the domestic companies in this field. As
against equity of Rs.12 crore, the company has reserves of Rs.530 crore. In FY2020, the
company's sales increased from Rs2984 crore to Rs4400 crore, while profit increased from
Rs63 crore to Rs120 crore. The operating profit increased from Rs136 crore to Rs223 crore.
The stock is being quoted at PE of 56, but still it seems attractive. The stock can be invested
at any correction in the current price.
Godrej Agrovet (Rs.458.00) (Code:540743)
The company has recently come up with an IPO at price of Rs460. It is active in segments
like animal feed, crop protection, pam oil, dairy, poultry and processed food segments. In the
financial Year 2020, the company's income increased from Rs5917.73 crore to Rs6964.04
crore, while profit decreased from Rs329.04 crore to Rs306.19 crore. In June quarter, the
company witnessed profit of Rs.100.6 crore on income of Rs.1562.4 crore despite lockdown.
It has backing of Godrej Group. It paid 45% dividend for FY2019 and 55% for FY2020. The
company's all business segments might not see effect of CORONA Virus. The segments like
Crop Protection and Dairy will start showing results once lockdown is over. The stock is
good option for investment on downward trend. June quarter results shows that the stock is
good option for long term investment.
Tech Mahindra (Rs. 675.00) (Code: 532755)
The promoters hold 35.83% in the IT consulting and software company. It has been pro-
moted by Mahindra Group and has business of $21 billion and 2.40 lakh employees across
100 countries. Mahindra and Mahindra hold 26.04% stake in the company. It boasts of
important position in digital transformation, consulting, business engineering and solutions
sector. The company's 50% income comes from US, 25% from Europe and 25% from other
countries. In June quarter, the company recorded net profit of Rs. 854 crore on income of
Rs. 7165 crore and other income of Rs. 172 crore. There is a possibility of buy-back in this
stock. It may cross Rs. 800 level in short to medium term and Rs. 900 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

August 2020 40
INVESTMENT
Sarvesh Ashok Trivedi
Stock Wave (Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Selling spree may increase with

spurt in share prices
BSE Index (37606.89) :- It is on downward
movement from top of 38312.02. It shows towards over-
sold position on daily basis, overbought on weekly ba-
sis and neutral on monthly basis. August 3 to 7 will be
gain turning days. On upward movement, beyond it may
go up to 37820,3789. On downward movement, below
37431 it may go down to 37050, 36660,36260,35875.
Bank Nifty Future (21695.00) :- It shows downward moment from top of 23148.55. It
shows towards oversold position on daily basis, from overbought to natural position on weekly
basis and oversold position on monthly basis.On upward movement, beyond 21755 it may go upto
21990, 21025, 20830, 20520. On downward movement, below 21400 it may go down to 21290,
21025, 20830, 20520.
Nifty Future (11104.95) :- it shows downward moment from the top of 11343. It shows
overbought to neutral position on daily basis, overbought position on weekly basis and neutral
position on monthly basis. On upward movement, beyond 11125it may go up to 11235, 11343,
11550. On downward movement, below 11000 it may go down to 10900, 10790, 10670, 10553.
Bharti Airtel (554.95) :- it shows sideways moment once it reaches level of 612. It shows
Neutral position on daily basis and overbought position on weekly as well as monthly basis. On
upward movement, beyond580 it may go up to 596, 612. 543 and 537 are support level for the
stock.
Glenmark Pharma (452.35) :- It shows Sideways moment after reaching 405 level. It
shows overbought position on daily, weekly and monthly basis. On upward movement, beyond
459 it may go up to 470, 496, 520. It may indicate weak position once it reaches 429.
HDFC (1781.95) :- It shows sideways moment after reaching 1947.90. It shows Neutral
position on daily basis, Overbought to neutral position on weekly basis and Oversold position on
monthly basis. It gets support on the levels of 1750, 1700 once it falls from the level of 1759.
Reliance Ind. (2069.10) :- It shows Upward moment from the bottom of 1993. It shows
Overbought position on Daily, Weekly as well as monthly basis. It may witness resisting levels at
2140, 2183, 2199. It may indicate weak position once it reaches 2060.
Maruti (6262.75) :- It shows Upward moment from the bottom of 4637.50. It shows Over-
bought position on daily basis, Overbought to neutral position on weekly basis and neutral position
on monthly basis. On upward movement, beyond 6394 it may go up to 6585, 6820.On downward
movement, below 6010 it may go down to 6005.
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Golden quote
Laughter is the closest distance between two people
Financial Weekly

August 2020 41
INVESTMENT
Dilip Davda
e-mail Expert’s Eye
[email protected]
July expiry week turns negative

Snap last six week's gaining streak
With the firm positive start for the week, the overbought market gave up and posted first negative
week after six straight gaining weeks. While Reliance continued to be firm amidst its delayed Q1
numbers, mixed trends in FMCG, Pharma, Cement, Consumer Durables, IT counters kept the week
in red for most part of the week. Mega gains of Tuesday helped the market in averting clean sweep
for the week. In fact market moved in a range bound manner in a trading zone. Inflow of results kept
market in stock specific mode as usual. We witnessed see-saw in FIIs buying and selling for the
week. DIIs remain net seller for first four sessions and turned net buyer in the last session of Friday.
Spike in COVID-19 cases world over kept a tab on general sentiment.
For the week, benchmarks moved in the range of 11341.40 - 11026.65 for NSE Nifty and 38617.03
- 37431.68 for BSE Sensex.
The week ended with LOSS of - 120.70 points for NSE Nifty and of - 522.01 points for BSE
Sensex. Thus derivatives expiry week turned negative and snapped last six week's gaining streak
and also failed to have clean sweep of gains for the month of July 2020.
On Monday, though market opened on a positive note, it gave up post noon to close in red.
NSE Nifty lost 62.35 points to close at 11131.80 and BSE Sensex marked deficit of 194.17 points
to end the day at 37934.73.Fear of rising NPAs amidst increasing COVID-19 cases and excessive
rain in some part of country kept a tab on the market sentiment. While Reliance Industries surged
Cont....
During the week dividend announcement

Bharti Infratel (23%), Creative Castings (100%), Jyoti Resins (25%),Keerthi Ind (9%), Lohia
Securities (2%), Orissa Bengal (5%), Prithvi Exchange (2.5%), Zee Entertainment (30%),
Dhunseri Inv (15%), GRM Overseas (50%), Hexaware Tech (75%), IL & FS Inv (30%),
Sadhna Broadcast (0.2%), Shrishti Infra (2.5%), Supershakti Metaliks (5%), AVT Natural
(35%), Centum Elect (25%), Generic Engg (1%), Genus Power (10%), GMM Pfaudler (50%),
Jagsonpal Pharma (10%), Lovable Lingerie (5%), Nectar Life (5%), Rail Vikas (11.4%),
Sagar Cement (25%), Solitaire Machine (7.5%), SREI Infra (0.5%), Asian Star (15%),
Neelamalai Agro (100%), Nucleus Soft (30%), Rushil Décor (5%), SRF Ltd (50%), Sujala
Trading (1%), Bombay Oxygen (10%), Competent Auto (10%), Golkunda Diamonds (10%),
Nikhil Adhesives (10%), Shree Ganesh Remedies (15%), Solar Ind (300%), Star Paper
(25%), Vaibhav Global (50%), Vakrangee (25%), Voith Paper (50%) etc.
Financial Weekly

August 2020 42
INVESTMENT
During the week Gautam Gems announced bonus issue in the ratio of
6 shares for every 5 shares held and Sadhna Nitro announced surprised
bonus in the ratio of 1 share for every 2 shares held.
Anuh Pharma has convened board meet on
07.08.20 to consider bonus issue.
ahead and got support from IT counters, selling spree in Auto, Pharma, Banking and Consumer
Durables kept market in red zone. Market breadth remained negative as Mid and Small cap
underperformed benchmarks. FIIs and DIIs were the net sellers for the day.
Markets opened on a positive note on Tuesday, and traded in green zone for the day amidst
short covering ahead of derivatives expiry. NSE Nifty scored 168.75 points to end the day at
11300.55, BSE Sensex gained 558.22 points to close at 38492.95. Although global markets were
showing weakness, we marked all out buying from fund houses in index heavy weights that kept
market in green. Metal, Auto, IT, Banking and Pharma counters gained on fresh support and short
coverings. Mid and Small cap select counters too gained on informed buying. However, for the
second session of the week market breadth remained negative as Mid and Small cap
underperformed benchmarks. However, FIIs were the net buyers and DIIs were the net sellers for
the day.
Cont....
Nifty & Sensex Movement during the last week

Nifty Open High Low Close Diff
27-Jul-20 11225 11225 11087.85 11131.8 -62.35
28-Jul-20 11154.1 11317.75 11151.4 11300.55 168.75
29-Jul-20 11276.9 11341.4 11149.75 11202.85 -97.7
30-Jul-20 11254.3 11299.95 11084.95 11102.15 -100.7
31-Jul-20 11139.5 11150.4 11026.65 11073.45 -28.7
Net Weekly Loss -120.7
Sensex Open High Low Close Diff
27/07/2020 38,275.34 38,275.34 37,769.44 37,934.73 -194.17
28/07/2020 38,052.18 38,554.72 37,998.13 38,492.95 558.22
29/07/2020 38,427.15 38,617.03 37,884.41 38,071.13 -421.82
30/07/2020 38,262.83 38,413.81 37,678.42 37,736.07 -335.06
31/07/2020 37,847.88 37,897.78 37,431.68 37,606.89 -129.18
Net Weekly Loss -522.01
Financial Weekly

August 2020 43
INVESTMENT
On Wednesday we marked cautious negative opening that finally ended with mega loss for
the day. NSE Nifty lost 97.70 points to close at 11202.85 and BSE Sensex marked deficit of 421.82
points to end the day at 38071.13. Although Pharma counters rallied, offloading at every rise in
Reliance and select counters in IT, Consumer Durables, Auto counters kept market in red zone the
day. Mid and Small cap counters too met hammering at every rise. However, market breadth re-
mained negative despite outperformance by Mid and Small cap indices. FIIs and DIIs were the net
sellers for the day.
Though markets opened on a firm positive note on Thursday, it gave up post noon to close in
deeper red for the day. NSE Nifty marked deficit of 100.70 points to end the day at 11102.15 and
BSE Sensex lost 335.06 points to close at 37736.07. Continued US-China war trade tension, surge
in COVID-19 pandemic cases kept a tab on general sentiment. Amidst F & O Expiry, heavy offloading
in Banking, Oil and Gas, FMCG shadow over surge in IT and Pharma counters. Hammering was
witnessed for Mid and Small cap counters as well. For the second session in a row market breadth
remained negative despite outperformance by Mid and Small cap indices. FIIs were net buyers
while DIIs were the net sellers for the day.
After cautious positive openings on Friday, markets moved both ways to finally end the ses-
sion in red. NSE Nifty lost mere 28.70 points to close at 11073.45 and BSE Sensex marked deficit
of 129.18 points to end the day at 37606.89. Thus closing of benchmarks above sentimental levels
of 11.1K and 37.5K respectively gave a sigh of relief. However, this was the third straight negative
closing marking hat tricks for the week. Select Pharma and Metal counters gained and got support
from indices heavy weights like Grasim, UPL etc. Reliance eased on profit booking and got sup-
port from Auto and Banking counters for slide of the indices. Mid and Small cap indices outper-
formed benchmarks but market breadth remained hugely negative. FIIs remained net sellers while
DIIs turned net buyers for the day.
Dollar hovered around Rs.74.80 a Dollar. Brent Crude Oil too kept moving around 43.5$ a bar-
rel. Market men will have auto and cement dispatch and other economical data for the month of
July 20 on radar coupled with movement of ongoing monsoon season. For the ensuing week, we
have 300 odd results announcements that will keep market on stock specific mode as usual. Glo-
bal cues will keep a tab on general sentiment. Market may salute Ram Janmabhoomi Shilanyas at
Ayodhya that is taking place on 5th August 2020. Announcement of more stimulus may also trigger
the sentiment in general. Postponement of new Margin ruling by SEBI till August end may propel
market sentiment for a while.
Amidst such a scenario, benchmarks movement is likely in the range of 11550-10550 for NSE
Nifty and 39250-36750 for BSE Sensex for the coming week.
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell
securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes
only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial
advisor 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

August 2020 44
INVESTMENT
A. K. Asnani
(M) 9893512098
Smart Verc (Bhopal)
Author of Book
Way to Billionaire
How not to lose money - III

In the first part of this series we discussed about the most powerful investor 'Mr Market'.
In the second part we deliberated on emotional reasons which hinder the profits.
In this third and the concluding part we shall give thoughts to the remaining issues which the
investors face while creating wealth from stocks.
Lack of confidence
Often investors sell the stocks which later prove Multibaggers. The prime reason for such actions are -
" You purchased stock on somebody else advice
" Your advisor is unable to guide you.
" Due to sharp fall in share price
" Fresh IPO company
" Unknown management
" Facing crash for the first time.
Inappropriate stock allocation

Individual stock weightages play a very crucial role in determining your total portfolio returns apart from
providing an optimum diversification.
Couple of years ago one of my investor friends called me and said 'Despite many multibaggers in my
portfolio the total returns are negative, can you help me where I am going wrong.'
Out of curiosity I asked him how many multibaggers you have?
He replied 8!
I was stunned! 8 multibaggers and still his returns are negative.
I requested him to send his entire portfolio of stocks along with quantities. When I received the portfolio,
I could easily make out what went wrong. He was holding total 209 stocks and, in most cases, he had
higher allocation to risky stocks and lower for undervalued stocks.
Early profit booking

Often, I hear these word - 'After 100% gains I sold half of my stocks and freed the rest'
This is another wrong practiceresponsible for reducing your portfolio gains. If you are confident of the
company prospects and the stock continues to remain under-valued and the allocations remain within
limits then there is no reason to sell even a part of the stock.
To summarise, the efforts required to stop the losses are equally important as the efforts required to pick a
quality stock at reasonable valuations.
Look into each and every stock in your portfolio and think - Had I not owned this stock; will I buy today?
If the honest answer is 'NO' then sell that stock!
(investors are advised to act as per their own conviction. Above are only the views of the Author)
Financial Weekly

August 2020 45
INVESTMENT
Scrip Watch - Siddharth Shah

HAL (Rs. 872.00) (Aerospace) :- HAL stock has corrected a bit and now it is below
Rs.900. It is a good opportunity to enter into this counter. HAL is gearing up to build 83 LCAs in the
more sophisticated Tejas Mark 1A configuration, an order the defence ministry has cleared. Mean-
while, the government as initiated process for the disinvestment of 15% Paid-up equity Capital of
Hindustan Aeronautics. HAL has announced a record turnover of over Rs 21,100 crore for 2019-20.
HAL will be one of the beneficiaries of the increase in FDI limit in defence manufacturing under the
automatic route to 74 per cent from 49 per cent. Its current order book position stands at Rs 52,000
crore. If seen according to the yearly sales, then it is a left balance for another 2 years to two and a half
year. Order book position will reach around Rs 1.10 lakh crores this year. Buy in phased manner.
Marico (Rs. 363.00) (Personal Products) :- Marico : FMCG firm Marico Ltd has
reported a 23.17 per cent increase in its consolidated net profit to Rs 388 crore for the first quarter
ended June 30. However, its revenue from operations fell 11.12 per cent to Rs 1,925 crore during
the quarter under review, as against Rs 2,166 crore in the corresponding quarter previous year.
During the period, domestic sales were down 14.50 per cent at Rs 1,480 crore, over Rs 1,731 crore
in the same period a year ago. Revenue from the international business was up 2.29 per cent to Rs
445 crore, as against Rs 435 crore a year earlier. Consolidated earnings before interest, tax,
depreciation and amortization (Ebitda) margins expanded by 298 basis points to 24.3% which is
the best ever in many years. Promoters held 59.6 per cent stake in the company as of March 31,
2020, while FIIs held 22.7 per cent, DIIs 10.5 per cent and public and others 7.2 per cent. Motilal
Oswal has given buy rating to Marico with a target price of Rs 405. Buy.
SUN TV Network (Rs. 386.00) (Broadcasting & Cable TV) :- Sun TV : Sun
TV is one of the dominant media player, particularly in south. The company’s revenues would be
impacted due to Covid-19 crisis in FY21, the management sees a cushion to net profit from lower
cost of revenues and much lower amortisation, which should enable it to maintain flattish net profit.
In programming, priority will be for producing fictions while non-fiction shows will have to wait for a
few months.) Sun TV still intends to spend its committed Rs 1.5 billion on original shows for SunNXT.
It does not expect IPL in FY21, however, in case IPL is played, it should add Rs 2 billion in pre-tax
profit with the downside risk of Rs 25 crore from ticketing revenue. The company’s unique model of
higher subscription revenues (54 per cent in Q4FY20) and GRP benefit from a strong movie library
in the South market will help outperform peers on earnings, and mitigate downside risk. Buy in
phased manner.
Dr. Reddy’s Labs. (Rs. 4521.00) (Pharmaceuticals) :- Dr Reddy's Laborato-
ries: Dr Reddy's Laboratories, last week, reported a 12.6 percent year-on-year drop in consoli-
dated net profit at Rs 579 crore for the quarter ended June 2020. Revenue from operations during
Q1FY21 stood at Rs 4,418 crore, up 15 percent yoy. Gross margin came at 56 percent in Q1FY21,
up 430 bps over the previous year against 51.7 percent in Q1FY20 and up 450 bps against 51.5
percent in Q4FY20. EBITDA improved 2 percent YoY to Rs 1,162 crore but margin dropped 320
bps YoY to 26.3 percent. The company's Pharmaceutical Services and Active Ingredients (PSAI)
saw 88 percent YoY growth. India market witnessed a degrowth of 10 percent YoY while the Eu-
rope market grew 48 percent yoy. North America and Emerging Markets grew 6 percent and 9
percent, respectively. The stock has rallied 26 percent during the June quarter and gained 41
percent year-to-date. Still, it will outperform the market. Buy.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the
securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no
responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
Financial Weekly

August 2020 46
INVESTMENT
Market Tips - Het Zaveri
Kajaria Ceramics (Rs. 405.00) (Furnishing, Paints)

Kajaria Ceramics posted a weak set of 4QFY20 numbers on the top line front with steep
volume decline due to Covid-19. Sales volumes fell 20% YoY to 18.2 MSM on account of
Covid-19 impact, specifically in the second half of March. KJCs revenue declined 20% YoY
to Rs6.5bn while EBITDA came in at Rs0.9bn down 21.8% YoY. Kajaria’s sales volume
decline of 20% YoY was largely attributable to disruption in logistics and closure of plants
due to lockdown. In terms of resumption, the company restarted its Gailpur plant (partially),
Malootana & Jaxx plants (in full capacity) in June and plans to open other plants gradually.
However, overall weakness in the real estate sector and slowdown in the economy implies
that volume growth would only be back by FY22. The management has refrained from giving
guidance for FY21E given uncertainties surrounding pandemic and timing of economic re-
covery. Invest.
Godrej Consumer Products (Rs. 691.00) (Personal Products)

FMCG firm Godrej Consumer Products expects its hygiene brand Protekt to be a Rs 500-
crore brand in the next three years, as the company is expanding its product range in the
segment. Company says Godrej Protekt is likely to grow seven to eight times from its
current size in the next 3 years, as more people are adopting hygiene habits after the pan-
demic. The Godrej group firm has recently introduced 12 products in the personal and home
hygiene range, foraying into products such as face masks, germ protection Fruit & Veggie
Wash and Multipurpose Disinfectant Solution. Health and hygiene products have now be-
come the fourth vertical of the company. This has seen a huge growth in the segment as
Indians are taking more and more habits of hygiene. Institutional segment is going to be a
large segment when India opens up offices, hotels, malls and other places fully. Moreover,
GCPL has also partnered the Indian Railways to promote travel hygiene among passengers
and rail employees under its Protekt India Movement. Invest.
L&T Infotech (Rs. 2412.00) (IT Consulting & Software)

L&T Infotech stock has seen huge rally after March. The stock has given more than 80 per
cent return since. The stock has jumped 50 per cent in last two months. The company has
reported a 17.1 percent jump in consolidated net profit for the quarter ended June 30, 2020,
at Rs 416.4 crore compared to last year’s same quarter. On a quarter-on-quarter (QoQ)
basis, profit was down 2.6 percent. Consolidated revenue from operations saw an 18.7
percent yoy jump to Rs 2,949.20 crore; sequentially, it was down 2.1 percent. The company's
basic earnings per share stood at Rs 23.92 against Rs 20.51 yoy. In June quarter, FPI have
increased their stake in the compnay. The company’s management has said that it is not
going to see de-growth in Q2 onwards. Buy on decline.
Financial Weekly

August 2020 47
INVESTMENT
Ultratech Cement (Rs. 4124.00) (Cement & Cement Products)

Aditya Birla Group company UltraTech Cement has reported a 37.8 percent year-on-year
decline in consolidated profit due to one-time loss and lockdown impact on revenue but
managed to beat analysts' estimates which was pegged at Rs 480 crore for the quarter. The
double other income to Rs 278.8 crore against Rs 134.7 crore YoY supported profitability
during the quarter. Consolidated revenue from operations fell 33.2 percent to Rs 7,633.8
crore compared to the year-ago period as sales volume plunged 22 percent to 14.65 million
tonnes, hit by lockdown. EBITDA dropped 29.7 percent year-on-year to Rs 2,074.6 crore in
Q1 FY21, but margin expanded to 27.2 percent during June quarter 2020 against 25.8 per-
cent in June quarter 2019 due to cost control measures. The company’s focus on conserving
cash continued unabated due to which net debt reduced by Rs 2,209 crore. The stock has
rallied after results. Buy.
ICICI Bank (Rs. 346.00) (Banks)

ICICI Bank: ICICI Bank reported a 36% rise in its net profit at Rs 2,599 crore in the June
quarter. The bottom line was also cushioned by Rs 3,092 crore income from the stake sale in
its subsidiaries. ICICI Bank had sold 3.96% stake in ICICI Lombard for Rs 2,250 crore and
1.5% stake in ICICI Prudential Life for Rs 840 crore during June quarter. Further, ICICI Bank
will have to sell around 4% stake in its subsidiary, ICICI Securities, in the current financial
year. The bank’s net interest income (NII) rose 20% y-o-y to Rs 9,280 crore, The fee income
stood at Rs 2,104 crore in June 2020, compared to Rs 3,039 crore to June 2019. Net interest
margin (NIM) stood at 3.69%, down 18 basis points (bps) from 3.87% in the previous quar-
ter. Total advances grew 7% y-o-y to Rs 6.31 lakh crore, with retail assets registering 11%
y-o-y growth in the June quarter. Total deposits increased by 21% y-o-y to Rs 8.01 lakh
crore and the bank’s current account savings account (CASA) ratio stood at 41%, down from
43.4% a year ago. ICICI Bank’s net NPA ratio decreased 18 bps sequentially to 1.23 % from
1.41% as on March 2020. The stock has corrected in recent days. Grab this opportunity.
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

August 2020 48
INVESTMENT
SMART TIPS Smita N. Zaveri
Crompton Greaves Consumer (Rs. 245.00) (Code: 539876)

Shares of this household appliances sector company are listed in A Group. The shares touched
a 52-week high of Rs. 301 and low of Rs. 178. Promoter holding in the company is 26.19%. The
company was demerged from Crompton Greaves, and has given very good returns to investors
since its listing. It makes electrical products such as fans, lighting, home appliances and pumps. It
commands a good market share in fans and lighting segment. It can be expected to continue show-
ing good growth in the coming times. For June quarter, the company reported consolidated income
of Rs. 738.68 crore and profit of Rs. 74.80 crore. Its income was Rs. 1,364 crore and profit Rs.
122.44 crore in the same quarter last year. The share can be seen crossing the 52-week high price
in the short to medium term, and touching new high.
IDFC First Bank (Rs. 28.00) (Code: 539437)
The shares of this bank are listed in A Group. The bank provides financial solutions to individu-
als, small businesses, and corporates. The bank has 503 branches as of June 30. Despite the
lockdown, the bank's branches continued operations in all major cities. The bank was the first to
introduce video-based KYC for its customers. For the first quarter, the bank reported 5.2% growth
in income to Rs. 4316 crore. It reported pre-tax profit of Rs. 127.55 crore for the quarter as against
pre-tax loss of Rs. 963 crore last year. The bank's gross NPAs declined from 2.60% to 1.99%. The
bank's net interest income grew 38% year-on-year, while it was higher by 4% q-o-q in spite of the
lockdown. The CASA deposits surged a whopping 145% over last year. The bank's loan book
grew 26%. The book value of the share is Rs. 28.30. The stock can be seen touching the 52-week
high in the short to medium term and making a fresh high.
Delton Cables (Rs. 36.00) (Code: 504240)
Shares of this X Group company touched a 52-week high of Rs. 50 and low of Rs. 12. The
company was established in 1948 by Ramkumar Gupta. Promoted holding is 73.80%. It is a lead-
ing manufacturer of high quality cables, wires, and switchgear products. Its products are exported
to over 40 countries. Its products are used in as many as 12 segments, including telecommunica-
tions, oil & gas, cement, steel, power, mining, water treatment, energy, defence, etc. It has manu-
facturing plants at Faridabad in Haryana. Its clients include GE, Honeywell, ABB, IOC, L&T, NTPC,
Punj Lloyd, Indian Railways, etc. Book value of the shares is Rs. 66.32. For March quarter, it re-
ported income of Rs. 29.46 crore and profit of Rs. 1.67 crore. For the whole year, income is esti-
mated at Rs. 145 crore and profit Rs. 9.02 crore. The stock is trading at a forward PE multiple of just
3.35.
LG Balkrishna (Rs. 228.00) (Code: 500250)
Shares of this B Group listed company have face value of Rs. 10. The company makes automo-
tive parts, such as chains, sprockets, tensioners, belts, break shoe, etc., which are sold under the
noted brand name Rolon. It has manufacturing plants in Tamil Nadu, Maharashtra, Uttarakhand,
Karnataka, Haryana, and Rajasthan. It has reserves of Rs. 674.75 crore. Promoter stake is 47.14%.
Book value of the share is Rs. 225. For FY 2020, it reported sales of Rs. 1543 crore and profit of Rs.
91.63 crore. For March quarter, it reported income of Rs. 335 crore and profit of Rs. 17.68 crore.
Quarterly EPS was Rs. 5.63. The stock is trading at a price to book value of just 1. The stock can be
seen trading at Rs. 300-350 in four to five 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 31st August, 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

August 2020 49
INVESTMENT
Smart super duper - Het Zaveri
Adani Gas (Rs153.00) (Code:542066)

The company has got demerged from Adani Enterprise recently and has got listed. The
promoters hold 74.80%, FII hold 19.91% and other investors hold 4.94% stake in the com-
pany. In FY2020, the company's income increased from Rs1718.96 crore to Rs1874.55
crore, while profit increased from Rs228.40 crore to Rs436.32 crore. In March quarter, the
company's income decreased from Rs466.00 crore to Rs462.00 crore, while profit increased
from Rs76.00 crore to Rs121.41 crore. The company is active in city gas distribution and the
sector is witnessing fast growth. It also operates in verticals like CNG, PNG and Industrial
Gas distribution. It supplies gas in Ahmedabad, Vadodara, Faridabad, etc. The Government
also wants to make India a gas-based econonmy, which may benefit the company. The
stock may be costly at current level but it can be bought at any correction in the prices.
Bajaj Consumer (Rs.175.00) (Code:533229)
The company controlled by Kushagra Bajaj mainly produces hair oil and other products in
the segment. It owns brands like Bajaj Almond Drops, Bajaj Kailash Parbat, Bajaj Brahmi
Amla, Bajaj Amla Shikakai, Bajaj Jasmine Hair oil, etc. It also manufactures toothpaste
under brand name Bajaj Red. It had taken over skin brand Nomarks in 2013. Out of 8
manufacturing facilities in India, it owns three in Himachal Pradesh, Uttarakhand and Assam.
It has 454 employees and exports it products in SAARC countries, Gulf Countries, Gulf
Middle East, Asian and African countries. It paid 1400% dividend in 2020. Company's Market
cap is 2589 Crores.
Sagar Cement (Rs.632.00) (Code:502090)
The company has been manufacturing cement in Andhra Pradesh for more than three
decades. In FY2021, the company's sales decreased from Rs.344.00 crore to Rs264.00
crore, while profit increased from Rs30.00 crore to Rs36.00 crore. In FY2020, the company's
sales decreased from Rs1218.00 crore to Rs1095.00 crore, while profit increased from Rs14.00
crore to Rs33.00 crore. The main market of the company is Andhra Pradesh and Telangana,
which are witnessing new development. The mega infrastructure projects of the government
may help the company. Majority of the cement companies have witnessed good volume
growth in June quarter, which is likely to continue in future. It is good option for small
investment.
Persistent System (Rs.918.00) (Code: 533179)
IT Consulting and Software segment company's equity is Rs.76 crore and its reserves are
Rs. 2309 crore. In June quarter, the company's income increased from Rs.832 crore to
Rs.991 crore, while profit increased from Rs.82 crore to Rs.90 crore. The company's major-
ity income comes from America and it is witnessing growth. The stock is available near to 52
week high so small investment can be made in this stock. MFs hold 24.74% and FIIs hold
19.17% stake in the company. The IT companies are witnessing growth after lockdown so
they may witness higher growth in future as well.
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

August 2020 50
INVESTMENT
Di wan-E-Khas A.J. Diwan (Mumbai)

MARKET NEEDS RAM’S BLESSING

The stock market is again showing uncertainty. Sometimes going up without any reason
and coming down also without any reason. The fall has reasons (a) Inflation (b) Industrial
Growth not picking up despite unlock. The precious metals are going up. In the past, people
were accumulating gold & silver when expecting war. Our borders are tensed and we are
deploying more armed forces on border. The crude prices are going up despite steady tone
in the world markets. Inflation is high. Corporate results are mixed. Few days ago, RBI
governor’s statement on bank was negative.
Reliance’s results are not as good as it seems on paper. Refining margin has come down.
Bottom line improves because of 4600cr. plus other income. The company wants to acquire
Big Bazaar. Amazon deal of 9.9% investment in JIO was announced but price was not fixed.
The share remains below Rs2150, Bears will enjoy.
Nifty supports are at 11035/11040/25. The last support is at 11,000. On upper side 11200
is resistance.
In Yes Bank we had written that issue price of Rs12/- against stock price of Rs26/- did
surprise us. Now share price falls to issue price and may fall further.
In Mahindra finance 1:1 right at Rs50/- against market price of Rs145. Why investors
should not sale at Rs140 plus and not hold right share.
Axis Bank: Worst is yet to come, sale on every rise. Some adverse news know to market
that is sure.
Titbits: Sale DLF 143/144. Stop-loss 146.
Ujjivan is now overbought zone, may decline.
ICICI 365 is resistance.

Financial Weekly

August 2020 51
INVESTMENT
Investment Ideas telegram.me/rupeegains7
NIFTY :- For next week NIFTY has strong support around 11015 levels. Break will take
it to 10950-10900 levels. On the upper side NIFTY will face strong hurdle at 11150 levels, cross
over with volume and close above will create short covering at take NIFTY up to 11300-11340
levels…
Bank Nifty :- For next week BANK NIFTY has strong support around 21375 levels.
Break will take it to 21030---20925 levels. On the upper side BANK NIFTY will face strong hurdle
at 21985 levels, cross over with volume and close above will create short covering at take BANK
NIFTY up to 22250---22345 levels…
Some of our successful recommendations

Recommended Stocks Recomm. High after Gain
Date Price Recomm. (%)
27th April 20 Anuh Pharma 144 288 100%
11th May 20 Bajaj Steel 84 143.65 71%
18th May 20 GAEL 117 186.5 59%
Laurus Labs 437.25 945 116%
1st June 20 Alufluoride 98 192.9 97%
20th July 20 Indo Count Industries 40 76.45 91%
Last week Alpa Lab 20.7 25.4 23%
INVESTMENT IDEAS…
KANPUR PLASTIPACK LTD
(507779) (70.65) (Face Value Rs.10)
Established in 1971, Kanpur Plastipack Limited today is one of the world's leading manu-
facturers and exporters of FIBCs and bulk bags, delivering a diverse range of superior
quality products to its global customers. Company offers fully integrated industrial bulk pack-
aging solutions ranging from Flexible Intermediate Bulk Container (FIBC), Woven Sacks to
Polypropylene (PP) high tenacity Multifilament Yarn (MFY).
With an equity capital of Rs.14.32 crore and reserves of Rs.114.25 crore, KPL's share
book value works out to Rs.89.83. The promoters hold 72.31% of the equity capital which
leaves 27.69% stake with the investing public. Promoters have increased their stake by
0.61% during July 2019 to June 2020.
Cont....
Financial Weekly

August 2020 52
INVESTMENT
For Q1FY21, KPL reported 172.34% higher PAT of Rs.3.84 crore on sales of Rs.77.06
crore and an EPS of Rs.2.69.
At CMP, KPL trades at PE ratio of just 13x earnings. Everyone, whose financial advisor is
allowing to trade in this stock for medium term to long term can watch with stop loss of 55.
KRITI INDUSTRIES (INDIA) LTD

(526423) (25.5) (Face Value Re.1)
Incorporated in 1990, Indore based, Kriti Industries (India) Limited manufactures and sells
plastic products in India. The company offers RPVC pipes and fittings, casing pipes, PE
coils, sprinkler systems, submersible pipes, suctions, garden pipes, SWR and drainage pipe
and fittings, CPVC and plumb pipes and fittings, micro irrigation laterals, RPVC ring fit pipes
(elastromeric) and fittings, HDPE and MDPE pipes and fittings, PLB telecom ducts, and
micro ducts under the Kasta brand name. It serves agriculture, building products, micro
irrigation, and infrastructure sectors.
It has an equity base of just Rs.4.96 crore that is supported by reserves of around Rs.94.12
crore. The promoters hold 66.13% while the investing public holds 33.87% stake in the
company.
Company has posted robust numbers for FY20. During Q4FY20, Its PAT grew 2721.73%
to Rs.6.49 crore as against Rs.0.23 crore on sales of Rs.71.02 crore fetching an EPS of
Rs.1.31. During FY20, its PAT zoomed 207.65% to Rs.18.49 crore as against Rs.6.01 crore
on sales of Rs.548.72 crore fetching an EPS of Rs.3.73.
Currently, the stock trades at a P/E of 6.85x. It has paid 15% dividend for FY20.
Its recent high rate was Rs.62.8 which was formed on 6th March 2018. Stock almost
corrected 60% 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 19.
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 pur-
chases 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

August 2020 53
INVESTMENT
Primary Market - Dilip K. Shah
Indian bourses ride bullish trends in the last six weeks

Indices have witnessed a spurt of 45% from bottom in March
Despite higher share prices, liquidity in the market, retailers' pres-
ence and FII inflow IPO market is dry
In the current calendar year only SBI Cards,
Rossari and MindSpace entered the market
Rights Issues flood the market, two exited and three entered
Shriram Trans' Rights Issue closed on July 30 and PVR on July 31
M&M Fin, Gateway Distri, Refex Ind and Spencer Retail
Rights Issues entered the market
MindSpace Business Park REIT issue got 13 times subscription
Yes Bank's FPO got listed at flat rate and went into discount
This week only BSE SME IPO of Suratwala Business with
price of Rs.15 will enter the market on August 3
In the last six months the Indian bourses have been riding the bullish trend and the indices
have hit the highest point and witnessed a spurt of 45% from bottom in March. Now, the
indices are just 10-12% away from their historic high. However, in the last week the bullish
trend has slowed down resulting into volatility in the market.
Listing Information of It should be noted that despite bullish trend, higher liquidity due to
Yes Bank FPO stimulus package and opening of 20 lakh demate accounts during
BSE Code 532648
Listing Date 27-7-2020 lockdown along with higher inflow of FIIs, the companies are hesi-
Offer Price Rs. 12.00 tating from entering the market.
Listing Price Rs. 12.30
Listing Day High Rs.12.30 The primary market has witnessed only three IPOs in the current
Listing Day Low Rs.12.30
Listing Day Close Rs.12.30 calendar year - SBI Cards, Rossari Biotech and MindSpace Busi-
CMP (31-7-20) Rs.11.95 Cont...
Tentative Timetable for Various IPOs Subscription Figures of

MindSpace Suratwwala MindSpace Business Park
REIT Business No. Shares Issue Subscribed
Issue Closes 29-7-2020 5-8-2020 Offered/ 27-7-20 28-7-20 29-7-20
Finalisation of Basis of Allotment 6-8-2020 10-8-2020 Reserved
Refund / Unblocking of Fund from ASBA 7-8-2020 11-8-2020 QIB 3,69,52,600 0.37x 0.83x 10.61x
Credit of Equity Shares to Demat A/c. 7-8-2020 12-8-2020 NII 3,07,93,800 0.40x 1.65x 15.51x
Listing on BSE / NSE 12-8-2020 13-8-2020 Total 6,77,46,400 0.39x 1.23x 12.96x
Financial Weekly

August 2020 54
INVESTMENT
UTI AMC to enter the market with OFS of Rs.3000 crore

PE Giant Warburg Pincus backed Kalyan Jew is all set for Rs. 1700 crore IPO
When and how will be listing of MindSpace? What after listing?
Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Min. Listing Lead Manager Rating Remark
Issue Close Dt. (Rs. Cr.) (Rs.) App. (Out of 50)
1 UTI -- 3,89,87,081 Eq. Shares -- -- BSE Axis Capital, BoA Meriill Lynch,
Asset -- (Rs. 3000 Cr.) -- NSE Citigroup, ICICI Securities
Management J.M. Financial, Kotak Mah. Cap.
(Book Building) SBI Capital
ness Park REIT. It is believed that the companies will enter the market only after there are
signs of stability in the market and start of new bull run.
On the other hand, the Rights Issues have flooded the market. After Reliance Ind, AB
Fashio, Arvind Fashion, Shriram Transport Finance and PVR, M&M Fin, Gateway Distripark,
Refex Industries and Spencer Retail have entered the market.
Insight into last week's issue:-

Yes Bank (532648)
The FPO with price band of Rs.12 -13 got listed nominal premium of Rs. 12.30 against
discovery price of R.s12 and went down to Rs.12.30. It went down further to Rs.11.95 on
Friday.
It should be noted that Yes Bank's share price was Rs.19 when the issue opened. Smart
Investment had correctly predicted that the stock will get listed between Rs.12 and Rs.13.
MindSpace IPO
Rs.4500 crore IPO opened on July 27 and closed on July 29. The company received bid for
87,78,24,600 units against 6,77,46,400 units offered.
Subscription :- It has got 10.60 times subscription in QIB category and 15.51 times in
NII category, which includes retail category. The overall subscription level reached 12.96.
Cont...
Which of M&M Fin, Gateway Smart Investment's prediction

Distri, Refex Ind and Spencer Retail turned out true that Yes Bank's IPO
Rights Issues is worth subscribing? will get listed between 12 and 13
Financial Weekly

August 2020 55
INVESTMENT
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. Suratwwala 3-8-2020 46,00,000 Eq. 15 8000 Eq. Shares Hem
32% AVOID
Business 5-8-2020 (Rs. 6.90 Cr.) (Rs. 1,20,000) Securities
Group
Market Lot :- It will be in lot of 200 and multiplication of the same.

Allotment-Refund :- the allotment will take on August 6 and fund unblocking and
share deposit will be on August 7. Allotment standard are not known so allotment ration can't
be predicted.
Listing :- The issue will get listed on August 12. It may get listed at higher premiums so
investors may get higher listing gain.
It is believed that 7.5% tax free yield in 2021-22. It is advisable to hold the units for long
term after allotment.
This week's SME IPO

Suratwala Business Group
Realty company plans to come up with Rs.6.90 crore IPO with fixed price of Rs. 15. It will
open on August 3 and close on August 5. The fundamentals are poor so it is advisable to stay
away from the issue. More details are given in separate box.
Insight into upcoming issue:-

UTI AMC
The company will enter the market offering 1,04,59,949 equity shares. SBI, LIC, BOB,
PNB, T Rowe Price will offer shares. It is completely OFS so fresh equity issue size will be
zero. QIB portion will be 50%, HNI portion will be 15% and retail portion will be 35%. There
will be 1,16,36,124 shares reserved for the anchor investors, while 2 lakh shares will be
reserved for the employees. The grey market will turn active with this issue.
Kalyan Jewellers
The private equity giant Warburg Pincus backed Kalyan Jewellers is likely to enter the
market with Rs.1700 crore IPO in the fourth quarter of the financial year.
Cont...
Financial Weekly

August 2020 56
INVESTMENT
Right Issues Ãkh yuf Lksh

Sr Company Issue Open Dt. Issue size Offer price Ratio & Listing Lead Manager Recommedation
Issue Close Dt. (Rs. Cr.) (Rs.) Record Dt.
1. Mahindra & 28-7-2020 61,77,64,960 Eq. Shares 50 1 Shares BSE Kotak, Axis Sec., BNP Paribas Attractive
Mahindra To (Rs. 3088.83 Cr.) Per Share for every NSE Citi Group, HDFC Bank, Apply
Financial 11-8-202 1 shares HSBC Securities ICICI Sec., blindly
held Nomura Fin, SBI Capital
2. REFEX 27-7-2020 55,26,848 Eq. Shares 45 5 Shares BSE Keynote Financial Services Apply
Industries to (Rs. 24.87 Cr.) Per Share for every NSE for
10-8-2020 14 shares Medium to
held as on Long Term
17-6-2020
3. Gateway 30-7-2020 1,61,07,859 Eq. Shares 72 4 Shares BSE ICICI Securities
Distriparks To (Rs. 115.98 Cr.) Per Share for every NSE AVOID
13-8-2020 27 shares
held as on
24-7-2020
4. Spencer’s 4-8-2020 1,06,04,563 Eq. Shares 75 2 Shares BSE ICICI Securities Next Week
Retail to (Rs. 79.53 Cr.) Per Share for every NSE
18-8-2020 15 shares
held as on
29-7-2020
Insight into the Rights Issue

Rights Issues of Shriram Transport Finance and PVR have got closed.
M&M Fin's Rights Issue has entered the market on July 28 and Gateway
Distripark's issue has entered the market on July 30, while Spencer Retails
issue will enter the market on August 4. It should be noted that in this col-
umn last week, we gave detailed analysis of M&M Fin Rights Issue.
Refex Industries
Opened on 27th July & Closes on 10th August
The company is active in refrigerant gas re-filling business. The company's manufacturing
facility is at Thiruporur near Chennai. It is also active in Coal and Ash trading.
The company has offered 55,26,848 equity shares at price of Rs.45 to raise Rs.24.87
crore. The issue has opened on July 27. It will issue 5 shares to each of the eligible share
holders with 14 shares. The issue will close on August 10. The lead manager is Keynote Fin,
Issue registrar is Cameo Corporate. Post Issue the equity will go up from Rs. 15.47 crore to
Rs.21 crore.
Financial Performance :- In FY2019, the company recorded net profit of Rs.31.63

crore on turnover of Rs.462.90 crore, while in FY2020 it recorded net profit of Rs.33.13 crore
on turnover of Rs.665.54 crore. Cont...
Financial Weekly

August 2020 57
INVESTMENT
The current share price is Rs. 51. It witnessed 52 week high at Rs.91.58 and low at Rs.
28.48. It has witnessed dip of 45% in share prices in a year. Market cap is Rs.167.22 crore.
Current EPS is Rs.15.37, book value is Rs.32.31, P/BV is Rs. 1.58. PE is 3.24, while peer
companies' PE is 17.76.
Recommendation :- The shares are offered at 10% discount from the current price.
The financial performance also seems good and value is also attractive compared peers.
Investors can subscribe it for medium to long term.
Gateway Distripark
Opened on 30th July & Closes on 13th August
It is integrated intermodal logistic services provider company. It provides cargo transpor-
tation, handling, storage and other facilities. Its subsidiary Gateway Railway Freight Ltd
holds authority for operating container trains with Indian Railway.
The company has offered 4 shares against 27 shares for raising Rs. 115.98 crore. The
record date is July 24. It opened on July 30 and closed on August 13. It will get listed on BSE
and NSE. The issue lead manager is ICICI Securities and Registrar is Link Intime. The
company's equity is Rs.108.73 crore which will go up to Rs.124.8 crore post issue.
Recommendation :- the company is offering shares at Rs. 72 against current price of

Rs. 79. The fundamentals are por and shares are offered at only 10% discount so it is
advisable to stay away from the issue.
Spencer Retail
Spencer Retail's right issue Opens on 4th August with 1,06,04,563 Equity Shares offer Rs.
75 Per Shares Issue closes on 18th August. In this rights issue, Company mobilze Rs. 79.53
cr. in this Right Offers. Company is offering 2 Rights shares for every 15 shares held as on
29th July 2020.
The current price of this issue is Rs. 83 while the stock's high price during 52 weeks is Rs.
110 and low price of Rs. 21.
Note : Demand for online shopping is on the rise amid a lockdown caused by the Corona
virus, which is facing competition from other departmental stores such as Big Bazaar, Reli-
ance Retail, D-Mart and many more. Difference between the current price and the offer price
is just Rs. 8. for More details with Recommendation will be published on Next week.
Financial Weekly

August 2020 58
INVESTMENT
Suratwwala Business Group Ltd. (BSE SME IPOs)

Issue Opens on 3rd Aug. & Closes on 5th Aug.
Offer price Rs. 15 ; Listing on BSE SME Platform
Realty sector is under pressure & projects located in Pune district only
Looking to the very poor track record & expensive offer price
Industry may avoid this very costly issue
Incorporated in 2008, Suratwwala Business Group Ltd is a real estate development company devel-
oping commercial and residential projects in Pune District. The company focusses on the development,
sale, and maintenance business of properties. Suratwwala also provides the space on rent for banners,
hoardings, and towers on buildings and unsold space for a particular time duration.
The company has completed one residential projet of 16 one BHK Apartments and one commercial
project named Suratwwala Mark Plazzo - Phase I in Pune district. The company is working on Phase II
of the commercial project.
Financial Performance Consolidated Basis
Issue Details
• Issue Opens on 3rd August & Closes on 5th Au- Particulars (Rs. Cr.) FY-18 FY-19 FY-20
gust, 2020 Total Revenue 11.20 9.13 10.88
• Object of the issue : Working Capital Profit After Tax 2.96 0.86 0.32
Requirment. EPS 31.41 3.49 --
• Issue Size : 46,00,000 Fresh Equity RONW (%) 31.84 8.78 --
• Face Value Rs. 10, Total Rs. 6.90 Cr.
• Offer price Rs. 15 Per Shares • Minimum Lot : 8000 Shares
• Listing : BSE SME Platform • BRLM’s : Hem Sec. Ltd.
• Market Maker : Hem Sec. Ltd. • Registrar : Link Intime (I) Pvt. Ltd.
• Company Management : Mr.Jatin Dhansukhlal Suratwala and Mr. Manoj Dhansukhlal Suratwala.
• Pre Issue Promoter Holding 99.92% • Post Issue Promoter Holding 73.42%
• Agverage of last 3 Yrs. EPS Rs. 1 & RONW 9.51%
• Pre IPO Equity Capital Rs. 12.74 Cr. • Post IPO Equity Capital Rs. 17.34 Cr.
• Pre IPO P/BV Ratio : 1.24 (NAV : 12.07) (31-3-2020) • P/BV Ratio - (NAV : 12.08)
• Post IPO asking P/E on fully diluted equity : 84
• Industry Peer Group PE Ratio : 12.52
• BRLM’s Performance : Total 28 Issue Handaled in last 4 Years. In Last 10 listing 6 Issues opened with
premium & 4 Issue at par.
Other Side of Coin

• The average cost of acquisition of equity to the promoter is Rs. 3.22 to 3.81 & offer price is Rs.
15
• It has issued bonus shares in the ratio of 400:1 on 7th March 2019
• It has also issued 38,14,983 rights shares at par on 27 July 2019
• Companies do not own registered office.
• It has reported negative cash flow in the past
• Trade mark is not registered in company's name
• Group company have incurred losses in the last three fiscal years
Recommendation : Company is from realty sector which is in under pressure due to
lack of demand & its projects are located in only Pune district, hence business scope is
very limited. Looking to the unstable top lines continuously decline in RONW & bottom
lines, fundamentals seems very poor, considering high P/BV & PE ratio offer price is very
expensive. Hence investors may avoid this IPO.
Financial Weekly

August 2020 59
INVESTMENT
Smart Best Buy S. N. Zaveri
P. I. Indsutries (Rs. 1760.00) (Agrochemicals)

Agrochemicals major PI Industries Ltd has has reported a subdued performance for the March
quarter. However, it has maintained a positive outlook for FY21. Revenue grew just 6% in Q4
versus a double-digit growth in the preceding six quarters. Operating earnings were up 7%. The
company could not book revenue worth Rs100 crore due to the covid-19 outbreak in the March
quarter. As a result, operating earnings in the quarter were lower by Rs 22 crore. Revenue in the
domestic business dropped 12% due to delays in product placements. Despite the drop in rev-
enue, profit margins expanded 24 basis points from a year ago to 22% last quarter. The company
sees strong business prospects, given conditions for the kharif crop season are favourable and
industry data indicates healthy sales of agriculture inputs. Consequently, PI Industries expects to
recoup the Rs100 crore revenue loss it incurred in the June quarter. PI Industries’ custom synthe-
sis manufacturing (CSM) order book increased by $100 million q-o-q to $1.5 billion. Buy this stock
at current level and at decline, if any.
MCX (Rs. 1697.00) (Investment Companies)

MCX : India’s largest exchange in the commodity derivatives segment Multi Commodity Ex-
change of India Ltd (MCX) has reported much better Q1 number. Its net profit for the quarter ended
June 30, 2020 increased by 29% to Rs.56.43 crore from Rs. 43.70 crore over the corresponding
quarter ended June 30, 2019. Total income increased by 11% to Rs. 122.70 crore. Operating in-
come decreased by 14 % to Rs. 73.01 crore. EBITDA 29% to Rs.76.20 crore. EBITDA margin was
62.10% and net profit margin was 46%. The average daily turnover of commodity futures contracts
traded on the Exchange decreased by 16% to Rs. 23,129 crore. Exchange's market share in com-
modity derivative space has increased to 96.71% as against 91.60% in the corresponding Q1
FY19-20. During Q1FY2021, total quantity of 21,028 MT of base metals has been delivered as
against 4,773.50 MT in Q1 FY19-20 through the exchange mechanism. The stock hit 52-week new
high of Rs.1792 last week. Buy. Buy more at decline.
ICICI Prudential (Rs. 451.00) (Life Insurance)

ICICI Prudential Life: ICICI Prudential Life Insurance's Q1 net profit was flat at Rs 286.86 crore.
The insurer had posted a profit after tax of Rs 284.64 crore in the year-ago period. The annualised
premium equivalent (APE) was Rs 823 crore in Q1 compared to Rs 1,470 crore. APE refers to 100
percent of the regular premiums and 10 percent of single premiums. Value of New Business (VNB)
for Q1 was Rs 210 crore, showing a decline of 35 percent on a YoY basis. With an APE of Rs 823
crore, VNB margin was 24.4 percent for. The total assets under management at the end of June 30
stood at Rs 1.7 lakh crore. The insurer had a debt-equity mix of 57-43 at June 30, 2020. Here, 94.3
percent of the debt investments are in AAA rated and government bonds. The solvency ratio was
205.1 percent against regulatory requirement of 150 percent. Buy.
Bajaj Finance (Rs. 3251.00) (Finance - NBFCs)

Bajaj Finance : Sharekhan is bullish on Bajaj Finance has recommended buy rating on the
stock with a target price of Rs 3800 in its research report. Bajaj Finance Ltd (BFL) reported mixed
Cont...
Financial Weekly

August 2020 60
INVESTMENT
Q1FY20 numbers, with tepid business growth, but asset quality improved sequentially, and the
moratorium share fell to 15.7% of AUM from 27% which is a positive. Asset quality improved se-
quentially with gross NPA and net NPA at 1.40% and 0.50% respectively, from 1.61% and 0.65%
in Q4FY20. With a strong balance sheet, robust risk management and prudent management, BFL
is a strong franchise for the long term and is well-placed to ride over medium term challenges.
Accumulate in phased manner.
Balkrishna Industries (Rs. 1322.00)

(Auto Tyres & Rubber Products)
Balkrishna Industries: Tyre maker Balkrishna Industries has started looking at other markets to
import chemicals and raw material, as it seeks to reduce its dependency on China amid the
government's call to make domestic economy self-reliant. Balkrishna Industries (BKT) manufac-
tures agricultural, off-road and all terrain vehicles tyres for exports and domestic market. BKT is the
only tyre maker in the country, which has its own Carbon Black plant at Bhuj, with its total current
capacity at 1,40,000 metric tonne per annum. The second phase of the project with a capacity of
80,000metric tonne per annum was commissioned on March 12, this year. Besides meeting its
own requirement, BKT sells Carbon Black to the market also. The company is expecting pick up in
industrial construction and mining, a sector which the government is pushing to open up. The
company has already said it expects to spend Rs 600 crore this fiscal largely towards its ongoing
capex programme. The stock is in strong hands. Do not expect much correction in this stock. Accu-
mulate.
Market is looking exhausted now

But some stocks will out perform in the current market
To know
Which stocks will out perform
NIFTY during this week?
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Financial Weekly

August 2020 61
INVESTMENT
Dalal Street Whispers Dilip K. Shah

Dixon Techno (Rs. 7629.00) (Code: 540699) :- The company is expected to benefit
from the government's move to ban imports of TV sets.
Tata Communications (Rs. 759.00) (Code: 500483) :- The company has re-
ported very good numbers for the first quarter. Consolidated net profit surged 236%, while income
grew 6%. EBIDTA was 26%, while margins jumped 390 bps to 23.7%. The nationwide lockdown
and work from home led to increase in bandwidth usage. It also benefited from lower operating
costs due to the lockdown.
NMDC (Rs. 83.00) (Code: 526371) :- The company has hiked iron ore prices by 8-9%.
It has restarted its steel plant, which will also have a positive impact on performance.
RCF (Rs. 46.00) (Code: 524230) :- The Board of this PSU is slated to meet on August
5 to consider various fundraising proposals.
Satin Credit (Rs. 75.00) (Code: 539404) :- The company's board has approved the
proposal to raise funds by coming out with a rights issue. It will raise shares at Rs. 60 apiece to
raise Rs. 120 crore. There is a difference of 20% in the current and offer price.
J Kumar Infra (Rs. 95.60) (Code: 532940) :- A sharp correction was seen in the
shares from the Rs. 190 levels. Post-lockdown, work has started on all its projects. It has orders
worth Rs. 11,600 crore on its books. A bull run can be seen in the stock in case the government
announces another relief package.
Inter Globe Aviation (Rs. 979.00) (Code: 539448) :- Aviation sector has borne
the brunt of Covid-19 forced lockdown. Inter Globe Aviation or Indigo has strong presence in the
Indian aviation sector. The stock has been flying high after announcement of Q1 results. Broker-
age house UBS has given a 'Buy' rating on the stock with a target price of Rs. 1,500.
India Mart (Rs. 2829.00) (Code: 542726) :- Trading volumes of the stock have gone
up by four times. The share has surged 28% in three weeks. The share is just 10% away from the
all-time high. However, analysts believe that the stock is overbought, and will correct somewhat
before touching a new high.
Laurus Labs (Rs. 933.00) (Code: 540222) :- The company reported net profit of Rs.
172 crore for the June quarter, which was more than 11 times higher than profit of Rs. 15 crore in
the same quarter of last year.
Tech Mahindra (Rs. 682.00) (Code: 532755) :- Majority of the IT companies have
announced strong results. Shares of Tech Mahindra are also in focus as a result. The company is
likely to announce new deals and report strong revenue growth in the coming quarter.
Escorts (Rs. 1133.00) (Code: 500495) :- Demand for tractors is strong due to a good
monsoon so far. The company's EBIDTA from tractor business rose 356 bps to 14.5% in the first
quarter. Cont.....
Financial Weekly

August 2020 62
INVESTMENT
Colgate (Rs. 1423.00) (Code: 500830) :- Shares of FMCG companies have been in
focus in the past few days. Both domestic and MNC FMCG companies have reported better-than-
expected results. Colgate's EBIDTA for Q1 jumped 190 bps to 30%.
Adani Power (Rs. 35.00) (Code: 533096) :- The Competition Commission of India
has given its approval to Adani Power to acquire 49% stake in Odisha Power.
Bata India (Rs. 1267.00) (Code: 500043) :- LIC has increased its stake in this foot-
wear company from 4.46% to 6.47%.
Balkrishna Industries (Rs. 1322.00) (Code: 502355) :- Shares of this off-road
tyre manufacturer have surged 85% in the last year. Recovery in demand post-lockdown, espe-
cially from the replacement market, is expected to have positive impact on its performance.
GE Shipping (Rs. 225.00) (Code: 500620) :- The company has appointed former
RBI Governor Urjit Patel as an additional and independent director for a term of five years. The
company reported profit of Rs. 468 crore for Q1 as against loss of Rs. 54 crore last year.
Karur Vysya Bank (Rs. 34.00) (Code: 590003) :- The bank reported 45% rise in
net profit for Q1. Moreover, gross NPA declined from 9.17% to 8.34%, while net NPA fell from
4.94% to 3.44%.
Manappuram Finance (Rs. 58.00) (Code: 531213) :- The company has decided
to raise Rs. 500 crore by issuing NCDs. Moreover, domestic gold prices touching Rs. 55,000 per
10 gram is adding shine to its gold loan business.
NBCC (Rs. 23.00) (Code: 534309) :- Shares of this PSU are showing positive moves
after a long time. The company has won a Rs. 204 crore order for construction of police headquar-
ters in Seychelles. Its net profit has been rising for the past two quarters.
Infibeam (Rs. 76.00) (Code: 539807) :- Ravi Agarwal has increased his stake in this
Gujarat-based company from 3.75% to 4% by buying 34 lakh shares. The development pushed the
stock to a fresh 52-week high. The stock is up 62% in three months.
Wipro (Rs. 281.00) (Code: 507685) :- This IT major has selected Google Cloud to
advance its digital transformation strategy. The company will move its enterprise-wide SAP foot-
print to the Cloud platform.
IDFC First Bank (Rs. 26.00) (Code: 539437) :- This bank reported net profit of Rs.
617.36 crore in the June quarter as against a loss of Rs. 93.55 crore in the same quarter last year.
Moreover, gross NPA declined form 2.60% to 1.99%, while net NPAs fell from 0.91% to 0.51%. The
share is on the radar of small investors.
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
Financial Weekly

August 2020 63
INVESTMENT
Investor’s Third Eye

Smt. Dr. Hemavathy / Padmanaban (Chennai)
Astrological planetary predictions

FOR STOCK MARKET INVESTMENTS
(3RD AUGUST TO 9TH AUGUST 2020)
Our Honorable Prime minister of the nation made a strong pitch while addressing the USIBC
India Ideas Summit for American business to invest in India listing out several sectors such as
aviation, insurance, defence, energy, space making India a land of opportunities enhancing the
FDI limit in insurance sector investment from 49% to 100%. The speculative planet - Rahu and
Venus taking its position in Gemini favours this great move. In this week, Rahu and Venus takes its
position in the house of mercury- Gemini, mars in Pisces, Saturn in Capricorn, Jupiter and Ketu in
Sagittarius, Sun and mercury in the house of moon - Cancer. Moon occupies Capricorn, Aquarius
and Pisces houses.On 3rd and 4th august 2020, moon in the house of Capricorn along with Saturn
and sun and mercury in the house of moon - Cancer taking seventh position towards Capricorn
house favours the market to certain extent. On 5th and 6th August 2020, moon in aquarius taking
fifth position towards Venus and the speculative planet Rahu in Gemini brings good movement of
stock prices. On 7th August 2020, Jupiter and Ketu in Sagittarius and Venus and the speculative
planet Rahu in Gemini taking seventh position towards Sagittarius brings volatility in the market to
certain extent. Several sector such as health sector, Pharmaceuticals, Government based stocks,
Chemicals, Tele communication, fertilizers, agro based machinery products, aviation, energy, pa-
per may outperform. Pancea Biotech, Rallis India, HAL, BEmL, RITES, IRCTC, Hester Bio sci-
ence, Nath Biogenes, JK Agri genetics, Globus spirits, Hathway Telecom, Network 18, Bharat
Dynamics, Laurus Lab, Kaveri seeds ay show good movement in share prices.
Astrological planetary predictions for

GOLD PRICE MOVEMENTS
(3rd AUGUST TO 7th AUGUST 2020)
3rd and 4th aug 2020 :. Moon along with Saturn in capricorn taking second position
towards Jupiter along with Ketu in Sagittarius brings volatility in gold prices.
5th and 6th aug 2020 : Moon in Aquarius taking fifth position towards Venus and
speculative planet Rahu in Gemini brings fluctuations in gold prices.
7th aug 2020 : Sun in the house of moon - Cancer where moon is taking its position in
the eigth house Aquarius brings volatility in gold prices.
Financial Weekly

August 2020 64
INVESTMENT
Senior Astrologer
Dharmesh Joshi
Mob. : 9909941816
E-mail :
[email protected]
Sensex Predictions : Dt. 3rd August 2020 to 7th August 2020

" Please consider 10 minutes plus and minus in each prediction, and act accordingly. " Ganesha
advises you to compare every prediction with the prediction of the previous time slot.
03-08-2020 Monday
" Today the market will be boring and it will move in a slow process, so feels Ganesha. " From
9:15 to 10:25, Nifty will keep playing around the surface. " From 10:25 to 12:15, there may be an
uptrend in Nifty. " After 12:15, there won't be any strength in the market but just do jobbing. Again
and again, the market will try to move towards the soft side.
04-08-2020 Tuesday
" If we see it astrologically, the planets are presently working in a highly uneven pattern. The
reason being Ketu-Jupiter, Moon-Saturn, Rahu-Venus and Sun-Mercury, meaning eight out of nine
planets are in opposite combination. " From 9: 15 to 10:15, take a tea break and observe the
pattern. The reason being that you are not going to get money in this slot. " From 10:15 to 11:21,
Nifty will move up step by step. " From 11:21 to 12:02, there will be an upside V-shaped graph.
Thus, you won't get an idea about what position should you make at this time. If you don't under-
stand, then avoid. " From 12:02 to 13:41, Nifty may go down step by step. " From 13:41 to 14:09, it
can be called "No position Zone". " After 14:09, Nifty may go down step by step.
05-08-2020 Wednesday
" Today work with the preparation of speculation. " Today, today trade only if you are prepared
for both profit = loss else you will find faults with Ganesha. " Around 10:10, buy Nifty and exit as
soon as you earn Rs two. " Sell Nifty around 12:00 and exit as soon as you earn Rs three. " Sell
Nifty around 14:04 and exit as soon as you earn Rs 3. But keep the calculations for staying there till
the end.
06-08-2020 Thursday
" From 9:15 to 9:45, Nifty will do timepass around the surface. " From 9:45, starting will be down,
thereafter the market will catch an uptrend gradually. " After 12:15, there is a mixed pattern. Thus,
every 15 minutes the trend will change. Keep reshuffling the trades under this consideration.
07-08-2020 Friday
" Today there will be a frequent downtrend in Nifty. This Ganesha has written one week in
advance. " On 10-08-2020, there will be volatility in Bank Nifty, it will be an upside for any reason.
" There is zero weightage in the slot from 9:15 to 10:25. So, there won't be much fun. If you have to
do, then do fast jobbing. " From 10:25 to 12:15, the positive effect of buying in "A" group will influ-
ence Nifty's call ratio. " From 12:15 to 13:27, there will be mixed to the down pattern. " From 13:27
to 13:55, Nifty will make a temporary jump. " From 13:55 to 15:15, Nifty will be down. " In the last 15
minutes, there will be a recovery in Nifty.
Financial Weekly

August 2020 65
INVESTMENT
Brokerages View
Goldman Sachs says Hexaware stock influenced
more by delisting than its fundamentals
Goldman Sachs equity research arm has said the recent rally in Hexaware Technologies NSE
1.44 % stock price is in?uenced more by expected outcome of shareholder ballot results than its
earnings fundamentals. It has given a sell call on its stock price with a revised twelve month target
price of Rs 296, implying more than 20% downside from the current market price.
The stock price of Hexaware Technologies has rallied 48% after the promoters announced their
intention to delist the stock from Indian bourses at an indicative offer price of Rs 285.
“Stock we believe in the near term could be inuenced more by outcome of shareholder ballot
results (due on 10th Aug) around approval of promotor’s de-listing plan, rather than near term
earnings fundamentals,” the report said.
“Our 12-month price target of Rs 296 is based on an 85%/15% split of PE and M&A value ap-
plied to our next 12 months sales estimates. The target PE is in line with the average 12-year
historical PE while the target enterprise value/Sales is based on similar historical M&A transac-
tions,” said the report.
The report added that despite reporting increase in deal wins, muted growth outlook for July-
December 2020 came in as a negative surprise and could be an indication of pricing pressure or
vendor consolidation ahead. It added that the key risks include higher-than-expected IT demand,
INR depreciation vs. USD, stronger market demand for automation and cloud solutions and poten-
tial M&A/ de-listing at a higher price.
Stock price of many delisting bound companies had gone up in the past, fuelling concerns of
stock price running ahead of fundamentals in some cases, especially after the failure of delisting of
speciality chemical company Ineos Styrolution. The stock price of Ineos is currently trading at around
Rs 510 as against the discovered price of Rs 1,100 through reverse book building, where its pro-
moter did not even make a counter offer.
Analysts tracking the company said that Hexaware Technologies has one of the lowest EBITDA
margins of around 15.5% as compared to the mid-cap industry average of 18.5-19.0% as it has one
of the highest subcontractor expenses amongst mid-cap peers due to higher on-site mix. The com-
pany has seen a year-on-year decline in EBITDA margin over the last 3 years.
Promoters of two other companies such as Vedanta NSE 2.66 % and Adani Power have also
announced voluntary delisting plans from Indian bourses recently.
Financial Weekly

August 2020 66
INVESTMENT
News Track
Resonance Opportunities Fund Picks up

Stake in Best Agrolife Ltd.
Best Agro life all geared to tap opportunities in FY23
BSE listed Best Agro life Ltd., a
leading global player in agrochemi-
cals sector and one of India's largest
manufacturers of agro-inputs is all
geared to tap the exciting opportuni-
ties available for Indian Agro-chemi-
cal Companies. Planning a long term
strategy and to avoid conflict of inter-
est among business segments and
as a good corporate governance
measure the company has decided
to integrate all its businesses in
single entity.
Looking to the positive developments, and strong fundamentals, the shares of Best Agrolife is
still sn excellent BUY at current levels.
The share was also featured in our earlier issue has gone up substantially in the last week after
our recommendation and is expected to touch new highs. Investors are advised to buy at current
levels for further gains.
Indian Agro-chemical companies will be the key supplier in changed world order. Furthermore,
innovations and new chemistries in most compliant regulatory environment shall drive the growth
for Indian Agro-chemical companies. Vinod Kumar, Director, Best Agrolife Ltd said, "We are a
perfect fit in all the criteria's' that we believe will drive the future growth. Riding on this growth wave
our goal is to become a Rs. 2000 crore company by 2022." He further added, "We are working with
a SINGLE POINT AGENDA to emerge as an icon for growth, technology and innovation and to
become a significant player of Indian Agro-Chemical Industry both in terms of turnover and mar-
gins."
Currently, the company caters to several Bluechip Corporates for P2P which include UPL Ltd,
Jubilant, Indo Gulf Fertilisers, Mahindra Summit Agriscience, Bharat Rasayan, etc.
According to a recent survey, the estimated size of Indian agro chemical market is USD 3 Bil-
lion, which is a positive for companies like Best Agrolife. The boost to the agro sector by the current
government will increase demand of agro chemicals and insecticides.
Financial Weekly

August 2020 67
INVESTMENT
Reveiw of SMART INVESTMENT Last Issue

Amazing 21% RETURN
SMART GAIN FOR SMART INVESTORS
Company Reccom. Weekly Ch. Company Reccom. Weekly Ch.
27-7-2020 High (%) 27-7-2020 High (%)
MARKET SCAN SUPER DUPER
EicherMotors 20800 21381 2.79 Hindustan Zinc 200 210 5.00
AartiInd 950 970 2.11 Rallis India 297 313 5.39
RAPID FIRE STOCKS Deepak Fert. 133 147 10.53
HDFC Life 622 640 2.89 IRB Infra 122 126 3.28
Reliance Ind. 2150 2177 1.26 BHAVI CHAAL
BRAKING SHARES LG Balkrishna 225 233 3.56
Tera Software 24.65 25 1.42 Alpa Labs. 20.7 24 15.94
Brooks Labs. 34.55 36 4.20 BEST BUYS
Ortin Labs. 13.95 15 7.53 Escorts 1127 1166 3.46
DARK HORSE Hero Moto 2741 2841 3.65
BDH Ind. 75.6 77 1.85 GUPSUP
Shiva Glbal 28.6 31 8.39 Dishman Carbogen 170 187 10.00
TECHNICAL TALK M&M Finance 141 148 4.96
J.K. Cement 1503 1537 2.26 Jenburkt Pharma 391 465 18.93
SURE SHOT Majesco 464 564 21.55
Reliance Ind. 1995 2177 9.12 India Mart 2465 2600 5.48
SUN TV 380 387 1.84 Sun Pharma 486 509 4.73
Fine Organics 2032 2098 3.25 Dilip Buildcon 295 310 5.08
STOCK TO WATCH Bank of India 47 48 2.13
M&M 598 620 3.68 Rallis India 298 313 5.03
Kaveri Seeds 583 599 2.74 Info Edge 3187 3276 2.79
Natco Pharma 729 749 2.74 Jayshree Tea 54 56 3.70
MARKET TIPS Dhanuka Agritech 853 866 1.52
MCX 1501 1705 13.59 Muthoot Finance 1302 1361 4.53
MindTree 1022 1081 5.77 Hindustan Zinc 201 210 4.48
SMART TIPS Tinplate 146 152 4.11
Mishra Dhatu 210 213 1.43 Balmer Lawrie 115 119 3.48
Cochin Shipyard 331 341 3.02 TTK Prestige 5487 5515 0.51
MRPL 36 38 5.56 HUL 2209 2242 1.49
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Financial Weekly

August 2020 68
INVESTMENT
Editor : Dilip K. Shah
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purposes only and derived from source that are deemed to be reliable but their accuracy and
completeness are not guaranteed. Smart Investment or the analyst / writer do not accept any
liability for the use of this column for the buying or selling of securities. Readers of this column who
buy or sell securities based on the information in this column are soley responsible for their ac-
tions. The author, his company or his acquaintance may / may not have positions in the scrips
featured herein
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INVESTMENT
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BLACK ROSE INDUSTRIES (RS 145).

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BSE: 524790, RS.200 (Rs.10 FV)

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Shree Pushkar Chemicals touched a 52 week new high at Rs 130 after

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Kalpna J (Email- [email protected])

Infosys (Buy at CMP - 967)

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Bata India (Buy at CMP - 1268 )

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