Market Wizard Newsletter Issue 66 - Sip Basket

WEEKLY
REPORT
ISSUE – 66 DATE : 13-11-22

TABLE OF CONTENTS
SIP STOCK RECOMMENDATION:
• RELIANCE INDUSTRIES LIMITED
• ITC LIMITED
• LARSEN & TOUBRO LIMITED
• HDFC AMC LIMITED
• STATE BANK OF INDIA LIMITED
• BHARTI AIRTEL LIMITED
• SUN PHARMACEUTICALS LIMITED
• PIDILITE INDUSTRIES LIMITED
• TATA CONSULTANCY SERVICES LIMITED
• HDFC BANK LIMITED
TABLE OF CONTENTS
• IDFC FIRST BANK LIMITED
• GOLDBEES (NIP IND ETF)
• CPSE ETF
• CASTROL INDIA
• MAZAGON DOCK SHIPBUILDERS LIMITED
• BSE LIMITED
• BPCL LIMITED
• CAMS LIMITED
• MGL LIMITED
• ASIAN PAINTS LIMITED
• LIC LIMITED
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PORTFOLIOS ALSO. PLEASE CONSULT YOUR FINANCIAL ADVISOR BEFORE INVESTING.
RELIANCE INDUSTRIES
Reliance Industries is India's largest private sector Company on all major financial parameters. It is a diversified
conglomerate with business interests across oil refining, petrochemicals, exploration and production, retail and digital
services. The Company has one of the world’s largest refining assets with high Nelson complexity level and an integrated
petrochemical complex. RIL launched its telecom services, under the brand JIO, in September 2016 and this business has
already started reporting profits.
Core businesses of refining and petrochemicals accounted for nearly 60% of consolidated EBITDA in FY2020, while
customer-centric businesses (retail and digital services) contributed 35% to consolidated EBITDA.
BUSINESS AREA OF COMPANY:
Over the last five years, RIL has seen a huge transformation from being an energy Company to becoming a market leader
in both the Digital and Retail space.
The Company’s activities include hydrocarbon exploration and production, petroleum refining and marketing
petrochemicals, retail and digital services, manufacturing and trading of synthetic textiles and fabrics. The Company has
world class facilities set up at Allahabad, Nagpur, Silvassa, Vadodara, Hoshiarpur and many more.
Reliance Jio is now the top-ranked mobile telecom operator in India both in terms of adjusted gross revenue (market
share of 43%) and subscriber base (market share of 32%). Furthermore, Reliance Jio is rolling out its state-of-the-art
wireline services across homes and enterprises with a focus on offering platform-based digital services.
RELIANCE INDUSTRIES
The Company has launched JioMart services in 200 cities in India and order flow is 4x times pre-lockdown period.
Building a digital ecosystem is crucial to leverage JioMart platform and support its unique online-offline retailing strategy.
Potential listing of Jio and the retail business could further unlock value from consumer centric businesses and create long-
term wealth for investors.
In the retail venture, the Company has set up Reliance Fresh and Reliance Smart as supermarket retail stores, Reliance
Digital as an electronics speciality store, Reliance Jewels – Jewellery speciality store, Trends – apparel store for all age
group and gender and footwear.
Reliance Joint Venture company Viacom 18 won the digital rights of IPL for Rs 20,500 crore for the Indian sub-continent
has also bagged rights for matches that include the opening match, four playoff games and 13 evening double header
matches.
FUNDAMENTALS OF THE COMPANY:
The Company has a market capitalization of 16.04 Lakhs Crores. The Company has large equity of 676.6 Crore outstanding
shares of Rs.10 with the Promoters holding around 50.62% stake in the Company. 86 Mutual Fund Schemes holds around
5.64% stake of the company, 1794 Foreign Portfolio Investors holds around 23.87% stake, while LIC holds around 6.29%
stake, and Trusts, HUF and rest being held by Non – Institutional Investors and QIB’s holds stake in the company
The share trades at around 2.01 times the book value along with a PE of around 24.16 times against Industry PE of 19.19
times as per the latest financials.
RELIANCE INDUSTRIES
The Company has a market capitalization of 16.04 Lakhs Crores. The Company has large equity of 676.6 Crore outstanding
shares of Rs.10 with the Promoters holding around 50.62% stake in the Company. 86 Mutual Fund Schemes holds around
stake, and Trusts, HUF and rest being held by Non – Institutional Investors and QIB’s holds stake in the company
The share trades at around 2.01 times the book value along with a PE of around 24.16 times against Industry PE of 19.19
times as per the latest financials.
ROE has been around 9%-12% while the ROCE is around 8%-12%. The diversification of the business and the size of the
Company make it the market leader which cannot be compared with any other Company.
Sales have been growing at a CAGR of around 7.14% over the past 3 years, while growth in Net Profit have been at a
CAGR of around 13.86% over past 3 years.
THIS COMPANY IS NOW A VIRTUALLY DEBT FREE COMPANY by raising funds through stake sale and rights issues.
RELIANCE INDUSTRIES
FINANCIALS:
Q1FY23: The Company Revenue from Operations stood at Rs. 2,23,113 Crore as against Rs. 2,11,887 Crore in its previous
year, a growth by 46% Y-o-Y.
Consolidated PAT at Rs. 17,955 crore (up 46% y-o-y; up 10.8% q-o-q).
Segment Wise Revenue Breakup
• Retail segment Revenue up 52% YoY.
• Digital service segment Revenue up 22% YoY.
• O2C segment Revenue up 57% YoY.
• Oil & Gas segment . Revenue up 183% YoY.
Key Highlights:
• Jio reported 4.8% q-o-q rise in ARPU to Rs. 175.7, led by tariff hike and better subscriber mix.
• Recovery in wireless subscriber additions by 9.7 million q-o-q to 420 million in Q1FY2023.
• Retail EBITDA margin improved by 50bps q-o-q, led by rise in share of lifestyle/electronics and operating leverage.
• Q1FY2023 capex at Rs. 31,442crore ($4 billion) funded through internal accruals.
• Rise in depreciation reflects increased upstream production and higher capacity utilisation at Jio.
We will add this Company on all above parameters in SIP Format.

RELIANCE INDUSTRIES
SOURCE: SHAREKHAN INVESTOR EYE – OCT’21

ITC LIMITED
ITC Limited is an Indian multinational conglomerate headquartered in Kolkata, West Bengal, and is one of the largest diversified
players in India with its presence in businesses such as cigarettes, FMCG, hotels, papers, packaged foods and confectionery,
apparels, stationery, and many products. The Company is the market leader in the domestic cigarette and is one of the largest hotel
chains by revenue and profitability, with a strong room inventory.

During the year first six decades of the Company's existence they were primarily devoted to the growth and consolidation of the
Cigarettes and Leaf Tobacco businesses, but later the seventies witnessed the beginnings of a corporate transformation. The
Company now has established a vibrant portfolio of 25 world-class Indian brands including Aashirvaad, Sunfeast, Yippee! Bingo! B
Natural, ITC Master Chef, Fabelle, Sunbean, Fiama, Engage, Vivel, Savlon, Classmate, Papercraft, Mangaldeep, Aim, and others.
The Company has spun off its information technology business into a wholly-owned subsidiary ITC Infotech India Ltd to pursue
emerging opportunities in this area. During the period of Covid-19, the Company through its popular brand Savlon commenced the
production of Savlon masks and sanitizers and tied up with Zomato for “contactless” food delivery. ITC has been focusing on
derisking its business model by reducing dependence on its core cigarette business by scaling up the fast-growing consumer goods
and hotel businesses.
ITC's Branded Packaged Foods business is one of the fastest-growing food businesses in India, and also in key geographies of North
America, Africa, the Middle East, and Australia. Recently, the Company has acquired a 100% stake in Sunrise Foods, launched a
new range of fragrances, introduced unique “Dark Milk” chocolate, entered into a strategic partnership with Amway, launched 70
new products in H1FY2021 which are registering good robust growth.
ITC LIMITED

ITC has 25 mother brands spread across multiple FMCG sectors. Popular brands include:
• Packaged foods: Aashirvaad, Sunfeast, Bingo, Yippee noodles, Candyman and mint-o
• Personal Care: Savlon, Fiama, Vivel and Superia
• Stationary: Classmate and Paperkraft
• Apparels: WLS
• Agarbattis: Mangaldeep and AIM (matches)
Many of its brands are leading players in their markets. Presently, Aashirvad Atta, Bingo, Sunfeast & classmate are No. 1 player in
their markets. Yippee, Engage & Mangaldeep are No.2 players in their respective industries.
ITC is the second largest exporter of agri products from the country. It trades in feed ingredients, food grains, marine products,
processed fruits, coffee etc.
It also exports leaf tobacco under this vertical. ITC is India's largest and world's 5th largest leaf tobacco exporter.
ITC is the market leader in value added paperboards segment. It is also India’s largest converter of paperboard into high quality
packaging.
ITC acquires 10% stake in Blupin Technologies the company behind brand Mylo. With this investment, lTC expects to further
expand its presence in the D2C mother and baby care segment. ITC Infotech pays $33 million to PTC under deal to partially acquire
American company’s product lifecycle management implementation services.
ITC LIMITED
The Company has a Market Capitalization of around 4.11 lakh crores with 1,239.92 crores outstanding shares. LIC holds
around 15.73% stake in the Company while Tobacco Manufacturers (India) Limited holds around 24.16% stake. 331 Mutual
Funds Schemes aggregating to 10% stake, 845 Foreign Portfolio Investors aggregating to 12.68% stake, 59 Insurance
Companies holds around 20.91% stake, while rest is being held by QIBs and Non-Institutional Buyers.
The stock trades at 6-7 times the Book Value and at a PE Multiple of 25.17 times against the Industry PE of 24.7 times. The
Company has reported an EPS of 13.19 times as per latest financials with an ROE of 22%-26% and continuously reporting
ROCE of 28%-34% over the past years.
Sales have been growing at a CAGR of around 7.86% over the past 3 years, while growth in Net Profit have been at a CAGR
of around 6.3% over past 3 years.
Despite the Company being involved in such a diversified business with continuous R&D on the launching of new products.
The Company is a DEBT FREE Company and has consistently announced hefty dividends.
ITC LIMITED
FINANCIALS:
During the Financial Year 2021-22, revenues grew by 16% y-o-y while net revenue grew by 16.8% y-o-y to Rs. 15,530.9
crore led by strong double digit growth across categories. The cigarette business’ net revenues grew by 11% to Rs. 6,443.4
crore aided by volume growth of 9-9.5%. Non-cigarette FMCG business grew by 12.3% y-o-y to Rs. 4,142.0 crore, agri
business grew by 29.6% y-o-y to Rs. 4,366.3 crore, paper, paperboard & packaging (PPP) business reported revenue growth
of 31.8% y-o-y to Rs. 2,182.8 crore, while hotel business grew by 35.4% y-o-y to Rs. 389.6 crore.
PAT registered a growth of 15.5% y-o-y to Rs. 15,486 crore as compared to Rs. 13,390 crore in its previous year.
Despite inflationary pressures, the company managed to maintain its OPM at 33.6% with improvement in the margins of
cigarette business and non-cigarette FMCG business.
Q1FY23 Results: ITC posted strong performance in Q1FY2023, with net revenue growing by 41.5% y-o-y to Rs. 17,289.7
crore, largely led by strong double digit growth across categories. -
Cigarette business net revenues grew by 29% y-o-y to Rs. 6,609 crore. Non-cigarette FMCG business grew by 19.5% y-o-y
to Rs. 4,451.4 crore. The Agri and Paper, paperboard & packaging (PPP) businesses registered strong performance with a
revenue growth of 82.7% and 43.3%, y-o-y to Rs. 7,473 crore and Rs. 2,267.2 crore, respectively. Hotels business revenue
grew by 4.4x y-o-y to Rs. 555 crore. PAT grew by 38.3% y-o-y to Rs. 4,168.9 crore

LARSEN & TOUBRO LIMITED
Larsen & Toubro Ltd was incorporated in the year 1946 as a private limited Company. Earlier the company was established as a
partnership firm founded by two Danish engineers Henning Holk Larsen with Soren Kristian Toubro in Mumbai. In December
1950 the Company became a Public Company with a paid-up capital of Rs.2 million.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing, and financial services and is one
of the largest players in India’s private sector. A strong customer-focused approach and constant quest for top-class quality have
enabled the company to attain and sustain a leadership position in major lines of businesses over eight decades. The company
operates in over 30 countries worldwide.
L&T Construction is a division of Larsen & Toubro (L&T) a major Indian technology, engineering, construction, manufacturing
and financial services conglomerate, with global operations. L&T addresses critical needs in key sectors - Hydrocarbon,
Infrastructure, Power, Process Industries and Defence - for customers in over 30 countries around the world. Larsen & Toubro is
an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries
worldwide. The Company is also engaged in services relating to Information Technology with 3 Listed Entities: L&T Infotech,
Mindtree, L&T Technology Services, Financial Services with L&T Financial Services.
LT group is ranked among the Top 15 contractors worldwide. Several iconic buildings, both in India and overseas - from airports
to IT parks, malls to monuments, high-rises to hospitals, statues, institutional spaces, office buildings, cement plants, industrial
warehouse have been built by LT In July 21, The Buildings & Factories business has secured an order from a reputed developer to
construct residential towers in Mumbai’s suburb of Mulund.(Mumbai) and also received repeated order from Uttar Pradesh of The
Water and Effluent Treatment business.
Hindustan Aeronautics Limited-L&T consortium has won a ₹860 crore deal from NewSpace India Limited to build five rockets,
marking the industry's maiden foray into end-to-end production of Polar Satellite Launch Vehicles (PSLVs).
L&T's Water & Effluent Treatment Business bags order in the range of 1,000 to ₹2,500 crore from Gujarat Government. This is
the single largest order secured by the business in Gujarat.
L&T Construction bags order in the range of 1,000-2,500 crore from Odisha Government for water & effluent treatment business.
The Company has a Market Capitalization of around 2.82 lakh crores with equity size of 140.54 crore outstanding shares of Face
Value of Rs. 2. LIC holds around 12.63% stake in the Company, 55 Mutual Funds (aggregating to 17.94% stake), 675 Foreign
Portfolio Investors (aggregating to 21.28% stake), 40 Insurance Companies (aggregating to 20.04% stake), while rest is being
held by Non-Institutional Investors and Trusts.
The share trades at around 3-4 times the book value at a PE of 29.42 times against Industry PE of 59.07 times as per latest
financials. The Company has been continuously reporting a ROE in the range of 13%-18% and ROCE of 11%-15% over the past
years. Sales have been growing at a CAGR of around 5% over the past 3 years.
The Company has been continuously announcing dividend to its Shareholders.
FINANCIALS:
Q2FY23: Consolidated revenues grew by ~23% y-o-y to Rs. 42,763 crore. The growth continued to be led by accelerated
execution in the infrastructure projects segment and IT&TS portfolio. g EBITDA margin in energy projects (8.5% vs 6.6% in
Q2FY22) and hi-tech manufacturing (18.5% vs 14.5% in Q2FY22) segments, while its infrastructure projects business
continued to witness cost pressures.
Net profit grew by 29% y-o-y to Rs. 2,229 crore.
L&T’s order book stands at a record level of Rs. 3.7 lakh crore, translating to 2.2x its TTM consolidated revenue. The
management maintained its order intake and revenue growth guidance of 12-15% for FY2023E with strong bias towards upper
range. It expects OPM in the core projects business to be at 9.5% and working capital requirements to be at 20% of sales for
FY23E.
Defence and ship building order prospects is at Rs 16,000 crore. In defence, there are 7-8 key opportunities that the company is
pursuing.

HDFC AMC
HDFC Asset Management Company Ltd. (HDFC AMC) is the investment manager to the schemes of HDFC Mutual Fund
(HDFC MF). It is India’s most profitable mutual fund manager, leading in actively managed equity-oriented assets under
management (AUM). Started in 1999, it was set up as a joint venture between Housing Development Finance Corporation
Limited (HDFC) and Standard Life Investments Limited (SLI). During FY18-19 it carried out an initial public offering, and
became a publicly listed company in August 2018. It offers a comprehensive suite of savings and investment products
across asset classes, which provide income and wealth creation opportunities to its large retail and institutional customer. It
has a dominant position in equity investments, with the highest market share in actively managed equity-oriented funds.
HDFC AMC is among the largest and profitable mutual funds with a AUM of 4.18 lakh crore as on June 2021.The
Company has strong distribution network with 227 branches and over 70,000 empanelled distribution partners resulting
into market share of around 12.40%.
Revenue from operations for the Company comprises of investment management fees from the Mutual Fund and portfolio
management services and advisory fees. Investment management fees from the Mutual fund consists of fees from various
schemes which invest in different categories of securities like Equity, Debt etc.The Company also provide portfolio
management and separately managed accounts services to HNIs, family offices, domestic corporates, trusts, provident
funds, and domestic and global institutions.
HDFC AMC
The Investment Philosophy of the Company:
1)Equity Oriented Schemes: Equity-oriented schemes constituted 44% of the total AUM as of June 30, 2021. The AMC
is the largest actively managed equity-oriented mutual fund manager in the country. HDFC AMC manages and runs
around 24 Equity Oriented Schemes.
2)Debt Oriented Schemes: Debt Schemes Investments in fixed income securities are guided by the investment
philosophy of Safety, Liquidity and Returns (SLR). All investments are done in line with the Scheme Information
Documents (SID) and in permitted instruments. HDFC AMC runs and manages around 68 Debt Oriented Schemes.
The Company is having a Share Capital with 21.33 crores outstanding shares of Face Value of Rs. 5 and a Market
Capitalization of around 44,800 crores. Out of the above, Promoters holds around 62.8% of the stake of the Company
(HDFC Ltd holding around 52.59% stake, while Standard Life Investments Ltd holds around 10.21% stake), 223 Foreign
Portfolio Investors aggregately hold around 12.34% stake in the Company, 14 Insurance Companies holds around 9.27%
out of which LIC holds around 8.12% stake, while the rest is being held by Non-Institutional Investors.
HDFC AMC
The share trades at around 8–9 times the Book Value at a PE ratio of 32.45 times against Industry PE of 26.02 as per the
latest financials and EPS is 64.77 per Share. The Company has been continuously reporting ROE in the range of 28%-
42% over the years, with ROCE in the range of 36%-62%. Sales have been growing at CAGR of 5.39% over the past 3
years with Net Profitability growing at CAGR of 14.39% over 3 years. Company has been declaring dividend every year
since it got listed.
FINANCIALS:
The AUM stood at INR 4,293 Billion, reflecting a 3.4% Q-o-Q growth. On a Y-o-Y basis, the AUM growth continues to
fall by 2.2%.
The revenues for Q2FY23 stood at INR 5,447 Million, an increase of 4.4% Q-o-Q, while it was flat on Y-o-Y basis.
Despite the YoY decline in the AUM, revenues were flat for the quarter owing to improved yields led by increasing
contributions from the equity-oriented funds. The equity AUM share improved from 46.2% as of September 30, 2021, to
53.6 as of September 30, 2022.
The PAT for Q1FY23 stood at INR 3,142 Mn, a decline of 9.0% YoY and 8.5% QoQ.
STATE BANK OF INDIA LIMITED
STATE BANK OF INDIA
SBI is the largest public sector bank in terms of assets, deposits, branches, number of customers, and employees having
Pan-India presence and thus enjoys a dominant position and market share in the Indian Banking space. SBIN reported
strong performance, with healthy NII and strong recovery in retail credit growth. Promoters – President of India hold
around 57.62% stake in the Company, 71 Mutual Fund Schemes hold around 13.04% stake,953 Foreign Portfolio Investors
hold around 10.55% stake, LIC hold around 8.34 % stake.
SBI as on date has around 22,219 number of branches with a customer base of 45.92cr. The Company has 62,617 PAN
India basis ATMs & ADWMs (Automated Deposit & Withdrawal Machines).
During FY2021, Bank’s deposits growth has remained in double digits with growth at a rate of around 13.56% to 36,81,277
crore from the previous year’s level of 32,41,621 crores. On a positive note, the CASA deposits grew at a faster pace of
16.73%, compared to term deposits growth of 12.23%. Within CASA, the current account deposit grew by 27.36%, while
Saving Bank Deposits grew by 14.79%, which has resulted in the CASA ratio improving by 97 bps to 46.13% in FY2021.
The strong domestic loan growth is led by growth in retail personal loans, driven by home loans, Xpress credit and gold
loans. The retail personal loans segment grew by 16.47% to 8,70,711 crore in FY2021. Bank’s investment portfolio
increased to 13,61,885 crores (domestic portfolio was 13,14,424 crore and foreign portfolio was 47,461 crore) in FY2021
compared to 10,58,048 crore in FY2020.
STATE BANK OF INDIA LIMITED
SBI reported strong loan growth of 12% y-o-y/ 6% q-o-q led by strong growth in mortgages (11.5% y-o-y) , wholesale
book (11% y-o-y) and overseas book (15%). Core operating profits grew by 33%y-o-y/ 2% q-o-q mainly on account of
higher net interest income and contained opex. Provisions were down by 35% y-o-y and grew by 4% q-o-q. Total credit
cost stood at 1.09% of average advances during the quarter.
Net interest income grew by 15% y-o-y / 2% q-o-q led by higher loan growth. NIMs remained stable q-o-q reported at
3.12%.
Asset quality improved significantly with GNPA & NNPA ratios falling by 53 bps / 32 bps q-o-q to 3.97%/1.02%. PCR
improved by 400 bps q-o-q to 75%.
PAT grew by 41% y-o-y / 8% q-o-q led by contained credit cost.
Higher advance growth witnessed during the quarter led by mortgages, wholesale and Overseas book. Asset quality saw
improved significantly q-o-q , besides a reduction in restructured book & SMA 1&2 book q-o-q.

BHARTI AIRTEL LIMITED
BHARTI AIRTEL LIMITED :
Bharti Airtel Limited is a leading global telecommunications company with operations in 18 countries across Asia and Africa. The
company had around 354.10mn customers across its operations at the end of Aug-21. The Company ranks among the top three
mobile service providers globally in terms of subscribers. Airtel is a diversified telecom service provider offering wireless, mobile
commerce, fixed line, home broadband, enterprise, and DTH services.
Recent Corporate Development: Bharti Airtel (“Airtel”), India’s premier communications solutions provider and Tata Group,
announced a strategic partnership for implementing 5G networks solutions for India.
The board of Bharti Airtel approved a fund-raising of up to Rs. 21,000 crore through the issuance of equity shares of the company
on rights basis to eligible equity shareholders of the company as on the record date. The rights issue will be priced at Rs. 535 per
share.
Management highlighted that it has gained market share in each of its business given its relentless focus on improving customer
experience and sharp focus on quality customers. The enablers to gain market share in the respective businesses are - (1) digitising
the core to improve experience and eliminate waste, (2) modularising capabilities to drive new revenue streams.
Airtel Xstream Fiber launched in Ladakh and Andaman and Nicobar Islands with this Airtel has become the first private ISP to
roll-out FTTH broadband in these remote geographies.
Bharti Airtel picks 14.30% stake in SPV Avaada MHAmravati the company picked the stake to procure cost-effective renewable
energy, and to comply with the regulatory requirements for captive power plants.
BHARTI AIRTEL LIMITED
BHARTI AIRTEL LIMITED :

SUN PHARMACEUTICALS LIMITED
Sun Pharma is India’s top drug maker and world’s fourth largest specialty generic pharmaceutical Company founded by
Dilip Sanghvi. Founded in 1983, Sun Pharma has grown to become India’s largest pharmaceutical company with global
revenue of over $4 billion.
The company manufactures and markets a large basket of pharmaceutical formulations, covering a broad spectrum of
chronic and acute therapies, which include generics, branded generics, complex or difficult-to-make technology-intensive
products, over-the-counter (OTC) products, anti-retroviral (ARVs), APIs, and intermediates.
The company produces a comprehensive and diverse portfolio of generic and specialty medicines targeting wide spectrum
of chronic and acute treatments. Its product portfolio includes generics, branded generics, specialty, difficult-to-make
technology intensive products, anti-retrovirals, APIs and intermediates. It offers medicines in all form of dosages i.e.
injectables, sprays, ointments, creams, liquids, tablets and capsules.
The company’s global presence is supported by over 40 manufacturing facilities. India and the US are predominant
markets, accounting for nearly 65% of revenue.
The company is amongst the leading Indian pharma companies operating in Western Europe, Canada, Japan, Australia and
other markets as well. It has established local manufacturing units in Canada, Japan, Australia, Israel and Hungary and
follows a distribution-led growth model in these markets. In FY21, the company earned 67% of revenues from
international business

The company is among the largest specialty generic pharmaceutical company and India's top pharmaceutical company. A
vertically integrated business and a skilled team enables it to deliver high-quality products, trusted by customers and
patients in many countries across the world, at affordable prices.
The company is the largest pharma company in India with 8.2% market share as per FY21.
It has a strong brand positioning with 28 of its brands present in top 300 pharma brands in the country. It also has low
product concentration with its top 10 brands contributing only 20% of its Indian revenues. It has a strong sales strength
with 11,000 people in its sales team.
It sells products across 15+ therapeutic categories with dominant market share in key therapeutic areas such as cardiology,
neuro-psychiatry, gastroenterology and others.
Products
• Formulations
• Active Pharmaceutical Ingredients - Crams
• OTC
Presently, the company owns and operates 44 manufacturing facilities/ sites across the world either directly or through
subsidiaries/ associates of JVs. It operates 30 plants for manufacturing of formulations and 14 plants for APIs. 24 of the
total plants are located in India while the rest are located in other countries across the world.
The Company has a market capitalization of 2 Lakhs Crores. The Company has equity size of 239.93 Crore outstanding
shares of Rs.1. The Promoters holding around 54.48% stake in the Company, 41 Mutual Fund Schemes holds around
stake, and Trusts, HUF and many more holds stake in the company.
The share trades at around 4-5 times the book value along with a PE of around 60.2 times against Industry PE of 31.42
times as per the latest financials. ROE has been around 6%-10% while the ROCE is around 8%-11%. Sales have been
growing at a CAGR of around 9.97% over the past 3 years whereas Net Profit has been growing at a CAGR of around
22.41% over the past 3 years.
The Company Debt to Equity ratio stands at around 0.02 times indicating negligible debt in the Company and Company
has been continuously announcing dividend.
In the US, the company has 515 products and filings for 89 ANDAs await USFDA approval, including 28 tentative
approvals. During Q1FY23, the company received three approvals. Also Sun pharma has 13 NDA’s awaiting USFDA
approvals. Sun Pharma’s market share in India stood at 8.5% as of June 2022. The Company has launched 22 new products
in India markets in Q1 and has launched in excess of 70 products in FY22, which points at a strong growth momentum and
would add to growth going ahead
FINANCIALS:
Sun Pharma’s consolidated topline growth for FY22 was 15.6% with revenue standing at 38,654 crores, recording a strong
recovery compared to the low single-digit growth recorded in FY21. The profitability of the Company has also improved,
with the FY22 EBITDA margins at 26.5% compared to 24.8% recorded in FY21.
Revenues from the US grew by 12.7% YoY with growth mainly driven by ramp-up in specialty product sales. Ilumya,
Cequa, Levulan and Odomzo were the key contributors while Absorica witnessed decline in sales as expected, due to the
entry of generics. Revenue from the India Formulations business grew by 23.4% to ₹127,593 Million, driven by growth
across most of the Company’s therapies
Q1FY23: Sun pharma reported a strong growth on the sequential basis, while y-o-y basis, growth moderated due to a high
base on account of COVID-19. Revenues at Rs 10,762 crore, were up 10.7% y-o-y backed by a 15.8% y-o-y growth in US
sales while emerging markets grew by 17.8% y-o-y. The operating profit at Rs. 2,739 crore was almost flat y-o-y. The other
income for the quarter was sharply lower at RS 2 cr as compared to a run rate of Rs. 100 crore. This resulted in the adjusted
PAT declining by 4% y-o-y at Rs 1915 crore.
Sun Pharma is in the process of expanding its specialty portfolio to other geographies and has launched Illumya and Cequa
in Canada and Winlevi in the US. With Winlevi, the Company has managed to reach 10,000 doctors, which have prescribed
medicine and traction points at a ramp up.

PIDILITE INDUSTRIES LIMITED
Pidilite industry was founded by Late B K Parekh in the year 1959 and was also known as the Fevicol man. Pidilite is a
leading manufacturer of adhesives and sealants, construction chemicals, crafts products, DIY (Do-It-Yourself) products and
polymer emulsions in India. Company manufactures from adhesives, sealants, waterproofing solutions and construction
chemicals to arts & crafts, industrial resins, polymers and more, its product portfolio is as diverse as it is ever-evolving.
The company has manufacturing facilities across India including in Mahad, (Maharashtra); Vapi, (Gujarat); Baddi and Kala
Amb, both in (Himachal Pradesh).
The company’s brand name Fevicol has become synonymous with adhesives to millions in India and is ranked amongst the
most trusted brands in the country. Some of the other major brands are M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit and
Fevicryl.
Pidilite has divided its business into two segments; Consumer & Bazaar Product segment (C&B; includes adhesives,
sealants, art and craft material and others, construction and paint chemicals) and Industrial Product segment (IP; includes
industrial adhesives, synthetic resins, organic pigments, pigment preparations and surfactants). C&B accounts for 84% of
Pidilite’s standalone revenue while balance is contributed by IP segment.
The waterproofing market in India is divided into three segments – 1) organised real estate and commercial, 2) individual
housing (in top metros such as Delhi and Bangalore), and 3) consumer home improvement. Overall penetration of the
waterproofing segment is around 40% in India.
With lower penetration and higher demand due to rising awareness of the product, it is one of the fastest growing products
for PIL. Some of the PIL’s products such as Steel grip tape, D-Klog Drain cleaner, Motomax, and Terminator are gaining
good traction on the B2C model due to higher sales on the e-commerce platform.
The company has an established & extensive pan-India network, comprising over 5,000 distributors, servicing 200,000
dealers, retailers and contractors across India.
The Company has a global presence with operations in 11 countries and presence in 80+ countries across the globe and has
500+ SKU’s which are exported every year. The Company also operates about 19 subsidiaries internationally.
The Company also has a strong presence in Bangladesh and a presence of 15+ years in its market. Pidilite has a play across
major categories in the country & has expanded its distribution network aggressively. It has setup its 2nd manufacturing
facility in the country and considers it as a drive market for the business.
Infrastructure: Company has an established infrastructure and network of 26 manufacturing facilities and 29 co-makers
across India. It plans to add 12 new facilities till 2023. It has strong R&D infrastructure with 3 R&D in-house centres in
India. Additionally, the Co. has 1 R&D centre each in Singapore and the USA.
During FY22, the aggregate capex was Rs. 370 crores that was primarily spent in relation to expansion.
The Company has a Market Capitalization of around 1.35 Lakh crores with 50.83 crores outstanding shares with the Face
Value of 1. The Promoters holds 69.94% stake of the Company, 29 Mutual Fund Schemes holds around 4.04% stake, 597
Foreign Portfolio Investors holds around 11.34% stake of the company, Life Insurance Corporation also holds around
2.91% stake, while the rest is being held by Non-Institutional Investors.
The share trades at 20–21 times the Book Value at a PE of 104.05 times as against the Industry PE of around 29.1 times.
The Company has been continuously reporting a ROE in the range of 20%-28% and ROCE of 26%-40% over the past
many years.
Sales have been growing at a CAGR of around 11.91% over the past 3 years, while growth in Net Profit have been growing
at a CAGR of around 8.97% over past 3 years.
The Company has been continuously announcing Dividend. The Company debt to Equity ratio stands at 0.05 indicating
negligible debt in the books.
FINANCIALS:
During the Financial Year 2020-21, The Company Revenue from operations stood at Rs. 9,921 Crores as against Rs. 7,293
in its previous financial year, grew by 36% Y-o-Y.
Profit After Tax of the Company was at Rs. 1,195 Crores as compared to Rs. 1,122.05 crores, a growth of 6.1% Y-o-Y.
Domestic consumer bazaar business has witnessed a growth in revenue of 7.6% Y-o-Y. and in the international business, the
Americas grew 46% YoY, the Middle East and Africa grew 21% Y-o-Y, and Asia 24% Y-o-Y.
Q2FY23: The company has reported Revenue of Rs 3,011.15 Crore as against Rs 3,101.11 Crore, growth by 2.88% Q-o-Q.
The Company has reported Profit after Tax of Rs 334.67 Crore as compared to Rs. 354.1 Crore in its previous quarter.
Domestic consumer bazaar (C&B) business registered growth of 14% y-o-y and B2B business grew by 18.4% y-o-y.
Volume growth in the domestic consumer bazaar business stood at 1%, while it remained almost flat for the B2B business.
In the international market, Asia and Middle East and Africa delivered strong performance, registering y-o-y revenue
growth of 38% and 20%, respectively.
TATA CONSULTANCY SERVICES LIMITED
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with
many of the world’s largest businesses in their transformation journeys for over 50 years. It is a subsidiary of the Tata
Group and operates in 149 locations across 46 countries.
TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and
solutions. This is delivered through its unique location independent agile delivery model, recognized as a benchmark of
excellence in software development.
TCS considers industry verticals as its go-to-market business segments. The Company has domain expertise in a broad set of
industries, comprising Banking, Financial Services and Insurance (BFSI), Retail and Consumer Business, Communications Media
and Technology (CMT), Manufacturing and Others. The last category includes Life Sciences and Healthcare, Energy, Resources
and Utilities, Public Services and others.
TCS has over 4,88,000 of the world’s best-trained consultants in 46 countries. The Company has 50 subsidiaries as on March 31,
2021.
TCS geographic footprint covers North America, Latin America, the United Kingdom, Continental Europe, Asia-Pacific, India, and
Middle-East and Africa. TCS generates around 52% of total revenues from the Americas clients base, followed by Europe (31%),
India (6%) & the rest of world accounts for the rest 11% of revenues.
TCS has over 4,88,000 of the world’s best-trained consultants in 46 countries. The Company has 50 subsidiaries as on March 31,
2021.
Services offered by TCS
• Consulting & TCS Interactive
• Analytics and Insights
• Internet of Things
• Blockchain & Cloud Infrastructure
• Enterprise Applications
• Microsoft Business Unit
• Cognitive Business Operations
• Conversational Experiences & Quality Engineering
• Automation & AI
• Engineering & Industrial Services
• Cloud Apps, Microservices & API
• Cyber Security
TCS geographic footprint covers North America, Latin America, the United Kingdom, Continental Europe, Asia-Pacific,
India, and Middle-East and Africa. TCS generates around 52% of total revenues from the Americas clients base, followed
by Europe (31%), India (6%) & the rest of world accounts for the rest 11% of revenues.
The company serves to some of the biggest conglomerates in the world like Google, Amazon, Azure, Openstack, Adobe,
Intel, Bosch, IBM, Apple, Oracle, Symantec, etc. Presently, it has 48 clients which pays 100 million USD on yearly basis &
101 clients who pays 50 million USD on yearly basis.
The Company is having a Share Capital with 365.91 Crores outstanding shares of Face Value of Rs.1 and a Market
Capitalization of around 11.33 Lakh Crores. Out of the above, Promoters- Tata Group holds around 72.3% of the stake of
the Company, 39 Mutual Fund Schemes hold around 3.38% stake, 1499 Foreign Portfolio Investors hold around 13.5%
stake, LIC holds around 3.94% stake, while the rest is being held by Non-Institutional Investors.
The share trades around 11.69 times the Book Value at a PE Ratio of 28 times as per the latest financials of June-2022
against the Industry PE of 25.95 times. The Company has been continuously reporting ROE in the range of 30%-45% over
the years while ROCE stands in the range of 40%-61%. Sales have been growing at a CAGR of around 9.4% over the past
3 years, while growth in Net Profit had been at a CAGR of around 6.84% over past 3 years.
The Company is DEBT FREE and has been continuously announcing dividend over the years.
TCS is one of the leading IT services companies with a wide-range of capabilities, robust digital competencies, strong
platform and stable management. The company is the preferred partner of large corporates and is increasing its
participation in large digital implementation.
FINANCIALS:
On a consolidated basis, the revenue for FY 2022 was 1,91,754 crore, higher by 16.8 percent over the previous year’s
revenue of 1,64,177 crore on account of accelerated spending on digital transformation initiatives, cloud adoption and
increased outsourcing.. The profit after tax for FY 2022 and FY 2021 was 38,449 crore and 33,520 crore respectively.
Q2FY23: TCS reported revenue growth of 4% q-o-q and 15.4% YoY in CC terms with revenue standing at 55,309 crores.
Retail & CPG reported a strong revenue growth of 15.1% y-o-y, followed by communication & media (11.9% y-o-y),
technology & services (up 11.1% y-o-y) and life science and healthcare (up 10.8% y-o-y). The revenue growth of the
manufacturing, BFSI and regional markets further moderated to 8.6%, 6.9% and 2.3%, respectively, y-o-y in Q2FY2023.
The company’s headcount stood at 6,16,171, a net addition of 9,840 employees q-o-q. India, MEA and North America
clocked a growth of 7.8%, 7.1% and 3.5% q-o-q, respectively, on USD terms. A stable management, full-service
capabilities, the ability to structure large multi-service deals and multi-horizon transformation demand would help TCS to
deliver strong revenue growth in the upcoming years.PAT for the Company stood at 10,465 crores with a growth of 9.9%
on q-o-q basis.

HDFC BANK LIMITED
HDFC Bank Ltd. is one of India’s leading private banks and was among the first to receive approval from the Reserve
Bank of India (RBI) to set up a private sector bank in 1994. HDFC Bank was incorporated in August 1994 in the name of
HDFC Bank Limited, with its registered office in Mumbai, India. The bank commenced operations as a Scheduled
Commercial Bank in January 1995.
HDFC Bank caters to a wide range of banking services covering commercial and investment banking on the wholesale side
and transactional / branch banking on the retail side. The bank has three key business segments: Wholesale Banking,
Treasury and Retail Banking.
Key Ratios - FY22
• Capital Adequacy Ratio - 18.9%
• Net Interest Margin - 4.2%
• Gross NPA - 1.17%
• Net NPA - 0.32%
• CASA Ratio - 46.1%
• Cost to Income ratio – 38.3%
HDFC BANK LIMITED
Segment revenue - FY22
• Treasury – 14%
• Retail banking – 46%
• Wholesale banking – 27%
• Other banking operations – 13%
The Bank has offices and branches in Bahrain, Hong Kong, UAE, and Kenya where they offer NRI clients Offshore
Deposits, Bonds, Equity, Mutual Funds, Treasury, and Structured products offered by third parties from Bahrain Branch. As
on March 31, 2022, Balance Sheet size of International Business was US$7.66 Billion.
The Bank's network includes 21,683 Banking outlets comprising Branches (6342) and Business Correspondents (15,431),
ATMs/ Cash Deposits, and Withdrawal Machines (18,130) spread across India as of FY22.
HDFC is a leading player in the Payments ecosystem in the country. Every third rupee spent on cards in India happens on
an HDFC Bank’s issued instrument.
They have issued almost 3.21 Crore debit cards and 1.45 Crore credit cards.
Company has proposed a scheme of amalgamation for the amalgamation of (i) HDFC Investments Limited and HDFC
Holdings Limited, wholly-owned subsidiaries of Housing Development Finance Corporation Limited, with and into HDFC
Limited, and (ii) HDFC Limited with and into HDFC Bank Limited. The Company has received approval from the CCI and
the RBI and the amalgamation is expected to be complete by the third quarter of FY24.
HDFC BANK LIMITED
The Company is having a Share Capital with 557 crores outstanding shares of Face Value of Rs.1 and a Market
Capitalization of around 8 Lakh Crore. Out of the above, Promoters holds around 25.73% of the stake of the Company, 507
Mutual Fund Schemes hold around 18.03% stake of the Company, 1385 Foreign Portfolio Investors hold around 32.31%
stake of the Company, while the rest is being held by Non –Institutional Investors.
The share trades at around 3-4 times the Book Value at a PE of 19.23 times against the Industry PE of around 20.6 times
with ROE of around 16%-22% and ROA (RETURN ON ASSETS) of 1.8%-2% over the past many years. Sales have been
growing at a CAGR of around 8.93% over the past 3 years whereas Net Profit has been growing at a CAGR of around
19.42% over the past 3 years.
HDFC BANK LIMITED
FINANCIALS:
During the Financial Year 2021-22, Total Income of the Company stood at Rs. 26,509.8 Crores as against Rs. 24,714.06
Crores in its previous year, a growth by 7% YoY. Driven by sharp decline in the credit cost and lower tax rate.
Company has improved core fee income growth to double digit level of 12% YoY Q4FY2022.
The business of the bank has increased at improved pace of to 19% with acceleration in loan growth to 21% and the
deposits growth also accelerated to 17%. The credit deposit ratio improved to 87.8% end March 2022 from 87.2% QoQ and
84.9% YoY.
Net Interest Margins (NIMs) of the bank has moderated to 4.0% in Q4FY2022 on sequential basis from 4.1% in
Q3FY2022, while NIMs eased from 4.2% in the corresponding quarter last year.
Gross non-performing assets declined to 1.17% of gross advances end March 2022, as against 1.26% end December 2021
and 1.32% end March 2021.
The Bank held floating provisions of Rs 1451 crore and contingent provisions of Rs 9685 crore end March 2022.
Profit After Tax of the Company stood at Rs. 10,055.18 Crores as against Rs. 8,186.51 Crores in its previous year, grew by
23% YoY.
HDFC BANK LIMITED
FINANCIALS:
Q2FY23: Net Interest income grew by 18.9% y-o-y /7.9% q-o-q led by healthy advances growth of 23.4% y-o-y/ 6.1% q-
o-q and an improvement in margins. NIMs (calc.) improved by 20bps q-o-q at 4.1% mainly due to higher yields despite rise
in cost of funds. Core fee income grew by 36.5% y-o-y/ 2% .
Around 55% of total loans are floating rate loans, while the balance 45% comprises fixed-rate loans. Deposits mobilization
was strong during the quarter. Total deposits grew by 19.0% y-o-y /4.3% qoq. CASA deposits grew by 15.4% y-o-y/ 3.4%
QoQ. CASA ratio stood at 45.4% versus 46.8% in Q2FY22. Term deposits grew by 22.1% y-o-y /5.1% QoQ. Overall retail
deposits grew by 20% y-o-y and accounts for 83% of total deposits.
Asset quality remained stable during the quarter. Bank`s GNPA in absolute terms were up by 1.5% q-o-q & NNPA were flat
q-o-q
Nearly 157 new branches were added during the period. 500 branches are in WIP stage. Branch addition is expected to
accelerate in H2FY23. As far as the timeline of the merger is concerned, bank is on track to complete the merger by
Q2FY24.
• Š
Strong loan growth and healthy deposit mobilization along with margin expansion.
• Annualised slippages ratio (bad loan formation) stood at 1.5% versus 2.1% in last quarter.
• Total contingent provisions at Rs. 11,000 crore (0.74% of total advances).

IDFC FIRST BANK LIMITED
IDFC first bank was incorporated in December 2018 by founded by the merger of IDFC Bank and Capital First.The Key Person of
IDFC First is V Vaidyanathan (Managing Director and CEO) under whose visionary leadership IDFC First Bank has reached at
this peak.
Prior to merger, IDFC Bank was created by a demerger process of a large infrastructure financing institution (funded loan book of
75,000 crore). It had loan assets carved out from IDFC Limited, and was funded largely by wholesale liabilities. At merger as of
December 31, 2018, the Bank had 1,08,020 crores of Institutional borrowings and institutional deposits and 10,400 crore of Retail
Deposits. Within just a year, IDFC First have grown retail liabilities (Retail CASA and Retail Term Deposits) by 20,710 crores, up
157%, from 13,214 crores as on March 31, 2019 to 33,924 crore as on March 31, 2020. Retail Deposits as a percentage of total
customer deposits increased from 32.63% as on March 31, 2019 to 58.77% as on March 31, 2020.
Ratios FY22:
a) Capital Adequacy Ratio - 16.74%
b) Net Interest Margin - 5.96%
c) Gross NPA - 3.76 %
d) Net NPA - 1.53%
e) CASA Ratio - 9.88%
Presently, the bank operates a network of 641 branches and 719 ATMs across India.
Earlier, the company was borrowing at 7.6% (FY19), funded largely by high yield infra bonds. Based on high CASA growth
(CASA ratio went from ~9% in Dec ‘19 to ~48% in March ‘22 the cost of funds is down to 6.8%.
Bank has increased the Core Deposits (Retail CASA + Retail Term Deposits) as a % of Total Customer Deposits as on Dec 31,
2022 to 73% from 27% as on December 31, 2018.
Retail and commercial loans were 35% of total funded assets in Dec ‘18. At present, they stand at 72% of the total funded assets.
The Co. has brought down infrastructure loans from Rs. 22,710 cr (Dec'18) to Rs. 6,891 cr (March 22). They accounted for 5.2%
of the total funded assets of the Bank during the current fiscal. Guides to bring it down to nil by FY24/25.
The retail loan book of the bank is well diversified across different business verticals and at present constitutes 63% of total funded
assets.
The Company has a Market Capitalization of around 35,900 crores with equity size of 623.23 crores outstanding shares of Face
Value of Rs. 10. The Promoters – IDFC Financial Holding Company holds around 36.47% stake of the Company, 18 Mutual Fund
Schemes holds around 4.09% and 180 Foreign Institutional Investors holds around 11.7% stake of the company, 21 Insurance
Company also holds around 5.21% stake of the Company, President of India holds around 4.2% stake, while rest being held by
Non-Institutional Investors and QIB.
The share trades at around 1-2 times the book value at a PE of 21.2 times as per Latest Financials against the Industry PE of
around 19.72 times. Sales have been growing at a CAGR of around 12.06% over the past 3 years.
FINANCIALS:
During the Financial Year 2021-22, The Total Income of the Company stood at Rs. 20,345 Crores as against Rs. 18,180 Crores in
its previous year. Total Interest Earning was at Rs. 17,173 Crores as compared to Rs. 15,968 Crores in its previous year.
Profit after Tax of the Company stood at Rs. 132 Crores as compared to Rs. 483 Crores.
As on 31st March 2022, the bank’s Gross NPA ratio was 3.70% as compared to 4.15% in the previous fiscal. The Net NPA ratio
stood at 1.53% compared to 1.86% last year. In particular, the NPA ratios of the Retail and Commercial lending segments
improved significantly. The Gross NPA ratio of the Retail and Commercial Finance Book improved from 4.01% as on March 31,
2021 to 2.63% as on March 31, 2022. The Net NPA % in this segment improved from 1.90% in the previous financial year to
1.15% in the current fiscal. The early bucket collection efficiency stood at 99.6% on 31st March 2022.
Q2FY23: The Interest Income earned during the quarter grew by 11.1% Q-o-Q was at Rs. 5,470 Crores as against Rs. 4,922
Crores in its previous quarter.
Profit after Tax of the Company stood at Rs. 556 Crores as against Rs. 474 Crores in its previous quarter, a growth by 17.1% Q-o-
Q.
The growth was driven by retail book which stand at Rs.1,08,228cr. Deposit has also displayed a robust performance, led by
growth in the CASA book. CASA ratio of the bank stood at 51.3%, compared to 49.9% in FY22. Capital Adequacy of the bank
stands at 15.35%.

GOLDBEES & CPSE ETF
GOLDBEES (NIPPON INDIA ETF):
Gold BeES is an open-ended passively managed Exchange Traded Fund (ETF), launched by Benchmark Mutual Fund. The fund is
designed to provide returns (before expenses) that closely correspond to the returns provided by the domestic price of gold. Gold
BeES offers investors a convenient means to invest in gold without the hassles of storage and without compromising on the
quality. In terms of tax implications, investors must note that Gold BeES is treated like a debt fund. So tax incidence on sale of
Gold BeES is similar to that on sale of debt funds.
Gold is considered to be a safeguard against inflation. The reason for this is that the factors that affect the price of gold are usually
different from factors that impact prices of financial assets like stock markets and bonds. So in times when financial assets are in
turmoil due to inflation or any other development, the price of gold will tend to move in the other direction and money flows into
'safe' assets like gold. In a portfolio, gold brings in much needed stability over the long-term.
CPSE ETF:
Central Public Sector Enterprises Exchange Traded Fund (CPSE ETF) is an open-ended ETF that was launched in Mar 2014 and is
managed by Nippon Life India Asset Management. Though an ETF is a type of a mutual fund, usually, you can trade (buy/sell) the
units on a stock exchange via a trading account.
CPSE ETF operates a concentrated portfolio that consists of stocks with a 20% weight on the underlying index, i.e. Nifty CPSE
Index. Currently, the ETF invests in stocks of 11 public companies that belong to the energy and oil sectors with major holding in
ONGC, NTPC, Power Grid Corporation and Coal India.
CASTROL INDIA LIMITED
Castrol India Ltd is principally engaged in the business of manufacturing & marketing of automotive and industrial
lubricants and related services and is providing coke and refined petroleum products.
The Company is a part of Castrol Limited UK (part of BP Group). BP through its wholly owned subsidiary Castrol Limited
UK holds 51% stake in Castrol India.
Castrol India is the 2nd largest manufacturer of automotive and industrial lubricants in the Indian lubricant market and
owns around 20% market share in the overall Indian lubricant market.
Castrol India is an India-based company engaged in providing coke and refined petroleum products. The company is
involved in manufacturing lubricating oils.
Products offered by the company
• Automotive lubricants
• Industrial lubricants
• Marine & energy lubricants
The Company has three manufacturing plants located at Patalganga in Maharashtra Paharpur in West Bengal and Silvassa
(Union Territory).
Castrol India provides a high performance range of products and services across automotive industrial and marine and energy
segments. It is the market leader in the retail automotive lubricant segment providing iconic high performance brands like Castrol
EDGE Castrol MAGNATEC and Castrol GTX for passenger cars; Castrol Power1 and Castrol Activ for motorcycles and Castrol
CRB Castrol RX and Castrol VECTON for trucks amongst various others including specialty products.
Castrol products are sold in more than 150 countries and it is a preferred lubricants partner for Volkswagen, Audi, BMW, Komatsu
and many other businesses. It was acquired by BP Plc in 2002 which is one of the 7 oil supermajors in the world.
Castrol is a major supplier approved by Tata Motors Passenger Vehicle Division to provide the entire range of lubricants including
engine oils gear oils transmission fluids and ancillary products.
The company also offers a complete range of products for industrial applications and is market leader in corrosion preventives and
metal cutting fluids segment. The company's distribution network includes 350 distributors who services 1 lakh customers and
sub-distributors. The company also serves 3,000 key institutional accounts directly and from distributors.
In July 2020, company's ultimate promoter BP plc and Reliance Industries Ltd started their Indian fuels and mobility JV, Reliance
BP Mobility Ltd. BP has already paid RIL 1 billion USD for 49% stake in JV with RIL holding the rest 51% stake. The JV aims to
become a leading player in India's fuels and mobility markets. The JV has benefited the company as it began selling fuels and
Castrol lubricants from RIL's existing retail outlets.
For the use of the brand "Castrol" the company pays Castrol Ltd, U.K. (promoter) royalty @ 3.5% on annual turnover subject to a
cap of 10% on profit before tax (PBT). It paid 80 crores and 112 crores in royalty to Castrol Ltd U.K. in FY20 and FY19
respectively.
Value of Rs. 5. The Promoters – Castrol Ltd (UK) holds around 51% stake of the Company, 15 Mutual Fund Schemes holds
around 1.93% and 178 Foreign Institutional Investors holds around 10.65% stake of the company out of which Government of
Singapore holds around 1.19% stake, LIC also holds around 11.33% stake of the Company, while rest being held by Non-
Institutional Investors and QIB.
The share trades at around 5-6 times the book value at a PE of 14.88 times as per latest Financials of June-2022 against the
Industry PE of around 11.82 times. The Company has been continuously reporting a ROE in the range of 42%-70% and ROCE of
56%-107%.
Sales have been growing at a CAGR of around 4.46% over the past 5 years, while growth in Net Profit have been growing at a
CAGR of around 2.69% over past 3 years. The Company is a Debt Free Company.
The Company has been continuously paying dividend to its shareholders. The Company has informed the exchange that Board
Meeting for Q3FY22 results is held on October 31st, 2022.
BP Plans to invest upto 50 million pounds in a new global battery research and development center in Britian. This facility would
be housted at Castrol’s global headquarters in Pangbourne, UK and is expected to open in 2024. This would enable Castrol to be
relevant and competitive in the EV future which is beginning to unfold across geographies. The center will also develop
technologies to enable ultra-fast charging.
FINANCIALS:
The Company follows calendar year for the purpose of reporting the financial statements.
During the Calendar Year 2021, the Company Revenue from Operations stood at Rs.4,192 crores as compared to Rs.2,997
crores in its previous calendar year.The Profit after Tax of the company stood at Rs.758 crores as against Rs.583 crores in
its previous year.
Q2CY22: For the quarter ended June-2022, The company has reported revenue of Rs.1,241.7 crores as compared to Rs.
1,235.7 crores in its previous quarter, driven by marginal growth on Q-o-Q basis but 39.6% growth on Y-o-Y basis. The
lubricant sales volume stood at 56 million litres (up 24.4% y-o-y; up 8.7% q-o-q) while blended realization declined by
7.6% q-o-q (up 2.2% y-o-y) to Rs. 222/litre. Consequently, operating profit/PAT stood at Rs. 286 crore/Rs. 206 crore, up
45%/47 y-o-y. Currently, Company’s market share is at 21-22% in the automobile aftermarket retail segment.
Castrol launched CRB Plus CI4 for agri-vehicles and GTX Diesel CI4+ variants, upgrading the specifications of the
products to offer better protection and performance. It also launched Castrol POWER1 3-in-1 with synthetic technology.
The new formula provides excellent acceleration, excellent protection, and smooth rides. Launched Castrol ON in EV
fluids which is being supplied to OEMs only at present.

MAZAGON DOCK SHIPBUILDERS LIMITED
MAZAGON DOCK SHIPBUILDERS LIMITED :
Mazagon Dock Shipbuilders Limited, called “Ship Builder to the Nation”, is one of India’s leading Defense Public Sector
undertaking shipyard under Ministry of Defense. The Company is engaged in construction of warships and submarines
with facilities situated at Mumbai and Nhava (under construction). The Company has a large number of workshops with
latest equipments and machines for ship construction work, qualified manpower and well trained workforce.
It operates two divisions – I) shipbuilding and II) submarine and heavy engineering. The shipbuilding division includes all
work related to the construction and repair of naval ships. Currently, the division is engaged in the construction of four- P-
15B Destroyers, four- P-17A Stealth Frigates and the repair / refit of one ship for the Indian Navy. The submarine and
heavy engineering division is currently engaged in the construction of four- Scorpene-class Submarines under a transfer of
technology (ToT) agreement with Naval Group, France and the medium refit and life certification of one submarine for the
MoD. Since inception, MDL has built a total of 795 vessels including 25 warships (six- Leander class Frigates, three-
Godavari class Frigates, three- Corvettes, four- Missile boats, six Destroyers and three- Shivalik class Frigates) and four-
Diesel-electric Submarines for the Ministry of Defence.
Mazagon Dock Shipbuilders launches sixth Scorpene Submarine 'Vagsheer'
The Government of India holds stake around 84.83% in the Company, while the rest is being held by Non-Institutional
Investors.
MAZAGON DOCK SHIPBUILDERS LIMITED
Value of Rs. 10. The Promoters – Government of India holds around 84.83% stake of the Company, while rest being held by Non-
Institutional Investors and QIB.
The share trades at around 3-4 times the book value at a PE of 19.65 times as per latest Financials against the Industry PE of
around 18.96 times. The Company has been continuously reporting a ROE in the range of 13%-21% and ROCE of 18%-34% over
the past few years.
The Company is a Debt Free Company.
FINANCIALS:
Q2FY23: The Revenue from Operations of the Company stood at Rs. 1,702.36 Crores as against Rs. 2,230.32 Crores in its previous
quarter, a de-growth of 21.15% Q-o-Q.
Profit after Tax of the Company was at Rs. 195 Crores as against Rs. 217.02 Crores.
EBITDA margin also fell to 6.9% mainly due to lower revenue booking and higher other expenses.

BSE LIMITED
BSE Ltd owns and operates the BSE exchange platform (formerly, the Bombay Stock Exchange), the first stock exchange
in Asia, which was formed on July 9, 1875. At the end of October 2016, the BSE was the world’s largest exchange by
number of listed companies, and India's largest and the world’s 10th largest exchange by market capitalization, with $1.7
trillion in total market capitalization of listed companies.
The company operates in three primary lines of business, namely:

• The listing business, which consists of the primary market, which relates to the issuance of new securities.
• The market business, which consists of (i) the secondary market, which relates to the purchase and sales of previously-
issued securities, (ii) BSE StAR MF (BSE StAR), its online platform for the placement of orders and redemptions of units
in mutual funds, (iii) NDS-RST, its platform for the reporting of over-the-counter corporate bond trading, (iv) membership,
which includes membership in the Exchange, membership in its clearing corporation ICCL, and membership of depository
participants in its depository CDSL, and (v) post-trade services, namely the clearing corporation and depository.
• The data business, which consists of the sale and licensing of information products. In addition to its primary lines of
business, the company also has supporting businesses, including (i) providing IT services and solutions, (ii) licensing index
products such as the S&P BSE SENSEX, (iii) providing financial and capital markets training; and (iv) operating its
corporate and social responsibility portal.
BSE LIMITED
The company has highly developed electronic systems for entry, trading, clearing and settlement and depository services and it
continually seeks to improve its core IT capabilities, the reliability and consistency, which help it to maintain its competitive
position. Moreover, to continue to improve its product and service offering, the company has entered into a number of strategic
partnerships and joint ventures.
It is a member of the BRICS Exchange Alliance, whereby leading exchanges in Brazil, Russia, India, China and South Africa
cross-list futures products based on the flagship indices of each of the exchanges, and ICCL entered into an agreement with
Clearstream whereby members in its clearing corporation can manage th/eir margin requirements by placing collateral with
Clearstream's Global Liquidity Hub.
The Company is having a Share Capital with 13.66 crores outstanding shares of Face Value of Rs.2 and a Market Capitalization of
around 8,000 crores. Foreign Portfolio Investors hold around 11% stake of the Company, Life Insurance of India holds around
5.59% stake, while the rest is being held by Non –Institutional Investors.
The share trades at around 2-3 times the Book Value at a PE of 33.21 times against the Industry PE of around 39.5 times with ROE
of around 3%-9% and ROCE of 3%-11% over the past many years. Sales have been growing at a CAGR of around 8.82% over the
past 3 years whereas Net Profit has been growing at a CAGR of around 10.19% over the past 3 years.
The Company is a DEBT FREE Company and has been continuously announcing dividend to its shareholders.
BSE LIMITED
FINANCIALS:
During the Financial year 2021-22, Revenue from Operations were at Rs. 809 crores as against Rs. 608 Crores in its
previous year, grew by 28% YoY. Profit after tax of the Company stood at Rs. 181 Crores as against Rs. 99 Crores in its
Previous Year.
Transactions charges increased from Rs. 138.9 Crores in its previous year to Rs. 258.9 Crores. Income from Service to
Corporates increased from Rs. 225.8 Crores to Rs. 286.4 Crores.
Average Daily Turnover stood at Rs. 2,969.4 Crores as compared to Rs. 2,411.1 Crores in its previous year. Launched
world’s only Almond Future Contracts on June 22, 2020 2,28,000 kgs of Almond in Shell delivered on exchange platform.
Market share (For FY22) :
• Options on Goods contract – 98%
• Gold Mini contract - 73%
Mutual Fund revenue increased to Rs. 50.4 Crores as compared to Rs. 34.1 Crores. Number of order received has grown by
97% in FY22 as compared to FY21.
Q1FY23: The Company reported revenue of Rs. 186.84 Crores as against Rs. 204.59 Crores in its previous quarter. PAT
was at Rs. 29.07 Crores as against Rs. 55.45 Crores. Transactions charges decreased from Rs. 69.5 Crores in its previous
year to Rs. 53.8 Crores. Income from Service to Corporates increased from Rs. 69.9 Crores to Rs. 71.4 Crores.
BPCL LIMITED
BPCL was incorporated in the year 1952 under the name Burmahshell Refineries Limited. The entire operations of Burmahshell.
In India were nationalized in the year 1976 and the refineries and marketing companies were merged to form BPCL.
BPCL is an Indian Government owned oil and Gas Corporation, it is under the ownership of Ministry of Petroleum and Natural
Gas, Government of India headquartered in Mumbai. The company operates 2 large refineries in Kochi and Mumbai with a
capacity of 12 million metric tones per annum. BPCL is India’s second largest downstream government owned Oil Corporation.
BPCL is amongst the leading oil and gas companies in India, the organization aims to provide only the purest oil in India,
Indraprastha Gas, Petronet LNG, Bharat Renewable Energy Ltd are the main subsidiary companies of BPCL.
BPCL on a regular basis imports the companies LPG requirements mainly from Middle East countries. Occasional there are import
requirements of Gasoil, Kerosene, Gasoline and Base oil.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is
into marketing of petrol diesel and kerosene. The company has a network of 6553 retail outlets and 1007 kerosene dealers and its
partnered with big food chain companies.
Businesses/ Products & Services:
• Fuels & Services: offers world-class Fuel Stations (Petrol Pump) across the country, selling Petrol, Diesel, Automotive LPG
and CNG. The company owns 79 retail depots and operates 16,200 retail outlets across India. Bharatgas: The company owns
and operates 52 LPG bottling plants and serves to over 6,100 distributors of LPG in India.
BPCL LIMITED

• MAK Lubricants: The Company sells more than 400 grades of lubricant products through its own brand MAK Lubricants
Aviation Services: The Company has 58 aviation service stations across airports in India.
• Oil Refineries: Bharat Petroleum operates several oil refineries in India.
• Gas: The Company has a customer base of 50+ major LNG customers. The Company undertakes this business through its
wholly owned subsidiary Bharat Gas Resources Ltd which has business interest in 27 GAs (geographical areas).
• Industrial & Commercial: The company serves to 8,000+ customers and provide them reliable supply of industrial and
commercial petroleum products. Through its Industrial and Commercial Fuel Services Business Unit.
The Company's wholly owned subsidiary Bharat Petro Resources Ltd has participating interest in 27 blocks of which 15 are
located in India and 12 overseas.
The Government of India gave nod for the privatisation of the Company in November 2019. The privatisation is expected to be
completed in the 2nd quarter of FY22 and is expected to fetch government 1 lakh crores from the divestment of its entire 53%
stake in the Company.
Bharat Petroleum Corporation signs MoU with Brazilian oil company Petrobras to diversify crude oil sourcing.
Sheetal Cool Products Limited signed MOU with Bharat Petroleum Corporation Limited for setting up Outlets/Kiosk of Sheetal
brand at BPCL Retail Outlets all over Gujarat.
Bharat Petroleum Corporation Ltd plans to scale up its renewable energy portfolio to 10 GW by 2040 - the year it is targeting net-
zero carbon emission.
BPCL LIMITED
The Company has a Market Capitalization of around 64,600 crores with equity size of 216.93 crores outstanding shares of Face Value of
Rs. 10. The Promoters – President of India holds around 52.98% of the stake of the Company, 312 Mutual Fund Schemes holds around
11.88% stake of the company, 629 Foreign Institutional Investors holds around 13.17% stake of the company, Life Insurance of India is
holding around 8.24% stake, while the rest is being held by Non-Institutional Investors.
The share trades around 1.5 times the Book Value at a PE Ratio of around 24.29 times as per the latest financials of June-2022 against the
Industry PE of 19.19 times. The Company has been reporting ROE in the range of 19%-25% and ROCE in the range of 16%-22% over the
years.
The Company's Net Profit have been growing at a CAGR of around 11.41% over the past 3 years whereas Sales has been growing at
CAGR of 5.16% over the past 3 years.
The Debt Equity ratio of the Company stands at around 1.09 times. The Company has been continuously announcing dividend over the
past years. The Company is the second largest OMC in India.
BPCL LIMITED
FINANCIALS:
BPCL’s Gross Revenue from operations for the year 2021-22 stood at 4,33,406.48 crore, a 43.57% increase from the previous
year’s revenues of 301,873.16 crore. The Profit before Tax for the year was 11,913.44 crore as compared to 22,617.58 crore in the
year 2020-21. During the year 2021-22, the refinery throughput at BPCL’s refineries at Mumbai and Kochi was 30.07 MMT, as
against 26.40 MMT achieved in 2020-21. The market sales of the Company increased by 9.73%, from 38.74 MMT to 42.51 MMT
in the year 2021-22.
In the endeavor to build additional revenue streams while also mitigating the risks posed by energy transition, BPCL created two
Business Units (BUs) during the year – Renewable Energy and New Businesses.
Q1FY23: BPCL reported an operating loss of Rs. 5,092 crore in Q1FY23 (versus an operating profit of Rs. 4,249 crore in
Q4FY22) .The net loss for the Company stood at Rs. 6,291 crores primarily on account of huge forex loss of Rs. 965 crore and
marketing inventory loss of Rs. 371 crore (versus gain of Rs. 3,177 crore in Q4FY22). Volume performance was mixed with
refining throughput up 19.3% q-o-q.
India’s consumption of petrol and diesel is expected to grow at a decent rate annually in the medium term, as penetration for two-
wheelers and passenger cars improves and GDP growth normalizes.Sustained weak automobile fuel marketing margins and a
lower-than-expected refining margins remains key risk to earnings and valuation.

CAMS LIMITED
CAMS LIMITED :
CAMS is a technology driven financial infrastructure and services provider to Mutual Funds and other financial institutions for
over two decades. It is one of the market leading Registrar and Transfer Agency to the Indian Mutual Fund industry, CAMS serves
~70% of the average assets under management – as of August 2021.
Mutual Funds Services Business – CAMS provides a range of technology-enabled infrastructure to mutual funds. They are
involved through the life cycle of an account - from the stage of account creation to processing transactions and redemption of the
amount invested. It provides transaction origination services, operations services, investor services, risk management services and
compliance services. The nature of its services to mutual funds spans multiple facets of its relationship with the investors,
distributors and regulators
Banking and non-banking services business - CAMS offers digitization of account opening, facilitation of loan processing and
back-office processing services to banking and non-banking financial institutions. KYC registration agency business, CAMS
verifies and maintains KYC records of investors for use by financial institutions.
Software solutions business - CAMS technology team develops software for its mutual funds services business and for mutual
fund companies.
CAMS Insurance Repository Services Limited formerly known as CAMS Repository Services Limited is a Public Limited
Subsidiary of CAMS having approval from IRDA for acting as an Insurance Repository and Service provider. As an Insurance
Repository, CAMS Insurance Repository Services Limited provides Policy Holders facilities to buy and keep insurance policies in
electronic form & to bring about efficiency, transparency and cost reduction in the issuance and maintenance of policies.
CAMS LIMITED
FUNDAMENTALS:
The Company is having a Share Capital with 4.88 crores outstanding shares of Face Value of Rs.10 and a Market Capitalization of
around 15,000 crores. Out of the above, Promoters – Great Terrain (Indirectly managed by Warburg Pincus Group) holds around
30.96% of the stake of the Company, 16 Mutual Fund Schemes hold around 11.07% stake, 113 Foreign Portfolio Investors hold
around 25.11% stake, HDFC Group aggregately holding around 9.35% stake, while the rest is being held by Non-Institutional
Investors around 18.11% stake.
The share trades around 26-27 times the Book Value at a PE Ratio of 66 times as per the latest financials of June-2021 against the
Industry PE of 48times. The Company has been continuously reporting ROE in the range of 30%-40% over the years while ROCE
stands in the range of 46%-54%.Sales have been growing at a CAGR of around 2%-3% over the past 3 years, while growth in Net
Profit have been growing at a CAGR of around 6% over past 3 years.
The Company is DEBT FREE Company and has been continuously announcing dividend over the past few years.
During the Financial Year 21-22, the consolidated revenue from operations of the company was at Rs. 910 crores as against Rs.
706 crores in the previous year. Profit after Tax was Rs. 287 as against the previous year profit after tax of Rs. 205 crores.
Q2FY23: The Revenue of the Company stood at Rs. 242.37 Cr as compared to Rs. 236.65 Cr in its previous quarter, growth by
3.61% Q-o-Q. Profit after Tax of the company was at Rs. 72.1 Cr as against Rs. 64.61 Cr.

MGL LIMITED
MGL LIMITED :
MGL is a dominant CGD (City Gas Distribution) player in and around Mumbai with CNG/PNG sales volumes of 2 mmscmd/0.9
mmscmd in normalized situation. MGL derives 70% of its volumes from CNG, 16% from domestic PNG, and the remaining from
commercial/industrial PNG. The Company sources its entire gas requirement for CNG and domestic PNG from low-cost domestic
gas. The Company has 274 CNG stations, 1.6 million PNG customers, and a pipeline network of 5,950 km. MGL is the sole
authorized distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, Thane (Urban and adjoining
Municipality) and Raigad district of Maharashtra.
Domestic PNG: MGL has the distinction of pioneering Natural Gas distribution network in Mumbai and its adjoining areas. Over
1 million domestic customers are connected through our wide network of over 5032 kms. which comprises of carbon steel (CS)
and polyethylene (PE) pipeline. Domestic PNG is used for various purposes like cooking and water heating. It is also widely used
by Hospitals, Nursing Homes, Hotels, Flight kitchens, Restaurants, places of Worship etc. PNG satisfies most of the requirements
for fuel across all segments, being efficient, non-polluting and relatively economical.
Compressed Natural Gas: CNG is a fossil fuel substitute for other auto fuels such as petrol, diesel, Auto LPG etc. Today, almost
all the auto-rickshaws and taxies are plying on CNG. CNG is also being supplied to transport undertakings such as BEST, TMT,
MSRTC & NMMT. Besides these, passenger cars, postal vans, school buses, courier vans, Light and Heavy commercial vehicles
are also enjoying the benefits of CNG.
MGL LIMITED
FUNDAMENTALS:
The Company is having a Share Capital with 9.88 Crores outstanding shares of Face Value of Rs.10 and a Market Capitalization of
around 8,645 Crores. Out of the above, Promoters-Gail (India) Ltd holds around 32.50% of the stake of the Company, 17 Mutual
Fund Schemes hold around 2.59% stake, 190 Foreign Portfolio Investors hold around 28.37% stake, LIC holds around 8.32%
stake, HDFC Life Insurance Company holds around 1.18% stake, Governor of Maharashtra has holding of around 10.00% stake in
the Company, while the rest is being held by Non-Institutional Investors.
The share trades around 2-3 times the Book Value at a PE Ratio of 16.07 times as per the latest financials against the Industry PE
of 116.1 times. The Company has been continuously reporting ROE in the range of 17%-25% over the years while ROCE stands in
the range of 23-37%. Sales had been at a CAGR of around 8.45% over the past 3 years, while growth in Net Profit had been at a
CAGR of around 2.99% over past 3 years. The Company is DEBT FREE and has been continuously announcing dividend over the
years.
During the Financial Year 2021-22, the Revenue from Operations stood at Rs. 3,560 Crore as against Rs. 2,153 Crore in its
Previous Year. Revenue grew by 54.2% on Y-o-Y basis. Results were ahead due to higher than expected margins supported by
reduced spot LNG purchase and lower volumes. However, the PAT stood at Rs. 597 as compared to Rs. 620 in its previous year.
Q2FY23: The Revenue of the Company was at Rs. 1,717.53 Cr as against Rs. 1,593.18 Cr. Profit after Tax stood at Rs.
163.97 Cr as compared to Rs. 185.2 Cr.
ASIAN PAINTS LIMITED
ASIAN PAINTS LIMITED :
Asian Paints manufactures a wide range of paints for decorative and industrial use. In Decorative paints, the company is present in
all the four segments v.i.z Interior Wall Finishes, Exterior Wall Finishes, Enamels and Wood Finishes. It also offers Water proofing,
wall coverings and adhesives in its product portfolio. In the Home Improvement and Decor category, the company is present in the
Kitchen and Bath fittings space and offers various products under Sleek and Ess Ess brand respectively.
Asian Paints group is the largest paint manufacturer in India also engaged in the business of manufacturing of varnishes, enamels
or lacquers, surfacing preparation, organic composite solvents and thinners. It operates in 15 countries and has 26 paint
manufacturing facilities in the world serving consumers in over 60 countries.
Besides Asian Paints, the group operates around the world through its various brands viz. Asian Paints Berger, Apco Coatings,
SCIB Paints, Taubmans, Causeway Paints and Kadisco Asian Paints.
It also manufactures metal sanitary ware such as bath, sinks, washbasins and similar articles. Recently introduced Lightings,
Furnishings and Furniture thus adding more products in the Home décor and Interior Design category.
The group enjoys a dominant share of over 50% in the organized domestic paints market (the second-largest player has a market
share of about 16%). Asian Paints forayed into the Bath business by acquiring the front-end business of Ess Ess in FY 2014-15.
Over the years, the Company has expanded its network footprint as well as the range of products it offers.
Asian Paints said it will acquire stake in two companies - White Teak and Weatherseal Fenestration - in a move to strengthen its
presence in the fast-growing home improvement and décor segment.
Asian Paints has acquired 51% stake in Weatherseal Fenestration Pvt Ltd for Rs 18.84 crore.
Asian Paints has entered into definitive agreements to acquire 51% stake in Harind Chemicals and Pharmaceuticals Private
Limited from Aapex Power and Industries Private Limited for a consideration of approximately 12.75 crores.
Asian Paints has approved the setting up of a manufacturing facility for VAE (Vinyl Acetate Ethylene Emulsion) and VAM (Vinyl
Acetate Monomer) in India for a proposed investment of approximately Rs. 2,100 crores over a period of 3 (three) years.
Asian Paints has entered into a binding term sheet for the setting up of a JV in Fujairah, United Arab Emirates (UAE), with Riddhi
Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, UAE, Associated Soap Stone Distributing Company Pvt Ltd
FUNDAMENTALS:
The Company is having a Share Capital with 95.92 Crores outstanding shares of Face Value of Rs.1 and a Market Capitalization of
around 2.92 Lakh Crores. Out of the above, Promoters- holds around 52.63% of the stake of the Company, 36 Mutual Fund
Schemes hold around 3.70% stake, 1072 Foreign Portfolio Investors hold around 18.56% stake, LIC holds around 2.77% stake,
while the rest is being held by Non-Institutional Investors.
The share trades around 20-21 times the Book Value at a PE Ratio of 79.93 times as per the latest financials against the Industry
PE of 72.92 times. The Company has been continuously reporting ROE in the range of 22%-27% over the years while ROCE
stands in the range of 30%-37%. The Company is DEBT FREE and has been continuously announcing dividend over the years.
FUNDAMENTALS:
During the Financial Year 2021-22, the Revenue from Operations stood at Rs. 29,101 Crore as against Rs. 21,713 Crore in its
Previous Year, up by 14.6% Y-o-Y. Company PAT margin increased to 11.17% in FY22 to Rs. 3053 Crore.
Q2FY23: The Revenue of the Company was at Rs. 8,457.57 Cr as against Rs. 8,606.94 Cr. Profit after Tax stood at Rs.
781.74 Cr as compared to Rs. 1023.27 Cr.
LIC LIMITED
Life Insurance Corporation (LIC) is the largest insurance provider company in India. It has a market share of above 66.2% in new
business premium. The company offers participating insurance products and non-participating products like unit-linked insurance
products, saving insurance products, term insurance products, health insurance, and annuity & pension products.
Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of
Mumbai, India. It is under the ownership of Government of India. Over 245 insurance companies and provident societies were
merged to create the state-owned Life Insurance Corporation of India.
The company not only provides health insurance but also provides insurance from fire, flood, and theft of goods, vehicle insurance
and many more.
In only a year company crossed the revenue from 200 crores to 1000 crores and in next 10 years it crossed a milestone of 2000
crores, Now the company is there in each and every state and is one of the biggest companies of India.
LIC, owned by Government of India, is India's largest life insurance company with a history of over 65 years and a 61.6% market
share in terms of premiums, 61.4% in New Business Premium, 71.8% in a number of individual policies issued, 88.8% in a
number of group policies issued for 9MFY2022.
LIC LIMITED

The following are some of the life insurance plans:
1. Endowment Plans
2. Money Back Plans
3. Team Insurance
4. Pension Plans
5. Health Plans
LIC is ranked fifth globally by life insurance GWP and 10th globally in terms of total assets. It is the largest asset manager in India
with an AUM of Rs 40.1 lakh crore as of Dec 2021, which is 17.0% of India's GDP. Its investments in listed equity represented
around 4% of the total market capitalization of NSE and more government bonds than the RBI. It operates globally in Fiji,
Mauritius, Bangladesh, Nepal, Singapore, Sri Lanka, UAE, Bahrain, Qatar, Kuwait, and the United Kingdom. The premium
collection from outside India represented 0.69% of the total premium in 9MFY2022.
LIC has a broad, diversified product portfolio covering various segments across individual products and group products. The
Corporation’s individual product portfolio in India comprised 32 individual products (16 participating products and 16
nonparticipating products) and seven individual optional rider benefits. The Corporation’s group product portfolio in India
comprised 11 group products.
LIC has the largest individual agent network among life insurance entities in India, comprising approximately 1.33 million
individual agents end of December 2021.
LIC LIMITED
The Company is having a Share Capital with 632.5 Crores outstanding shares of Face Value of Rs. 10 and a Market Capitalization
of around 3.87 Lakh Crores. Out of the above, Promoters – Government of India holds around 96.5% of the stake of the Company,
while the rest is being held by Non-Institutional Investors & QIBs.
The share trades around 12-13 times the Book Value at a PE Ratio of 95.9 times as per the latest financials against the Industry PE
of 99.76 times. The Company has reported ROE of 45.16% while ROCE was at 45.59% as per the latest financials of March-2022.
Sales have been growing at a CAGR of around 8.18% over the past 3 years, while growth in Net Profit have been at a CAGR of
around 16.22% over past 3 years.
The Company is a DEBT FREE Company.
LIC LIMITED
FINANCIALS:
Q1FY23: The Company has reported total income of Rs. 1,68,881 Crores as against Rs. 1,54,153 Crores in its
Corresponding period of the previous fiscal year, growth of 13.6% Y-o-Y and total income for Quarter March-22 stood at
Rs. 2,11,451 Crores.
Company has reported a net profit of Rs 682.89 Crores for the quarter as compared to Rs. 2,371 Crores in March-22.
The first-year premium for the reporting quarter came at Rs 7,429 crore as against Rs 5,088 crore in the Corresponding
period of the previous fiscal year.
Value of new business dropped by more than 80 percent sequentially to Rs 1861 crore from Rs 9920 crore in the March
quarter.
• Premium Inc. 81721 Cr in Q1FY22 as compared to 98352 Cr in Q1FY23
• Policies Sold 2307513 in Q1FY22 as compared to 3681764 in Q1FY23
• AUM 38.13 trn in Q1FY22 as compared to 41.02 trn in Q1FY23
• Gross NPA 7.77% in Q1FY22 as compared to 5.83% in Q1FY23

UPDATE ON EARLIER RECOMMENDATION
Stock Name Recommended Recommended High post Percentage

Date Price Recommendation Returns
SHANTI GEARS 13-03-2021 120.5 399.2 231.29%

ITC 20-03-2021 202 358.5 77.48%
ICRA 20-03-2021 3042 4688.8 54.14%
CONCOR 27-03-2021 550 810.95 47.45%
PRESSMAN 03-04-2021 20.4 58.7 187.75%
PENIND 03-04-2021 17 62.35 266.76%
AXIS CADES 10-04-2021 48.8 318.8 553.28%
KOTHARI SUGARS 17-04-2021 24 52 116.67%
SHEMAROO 17-04-2021 82.5 206 149.70%
KKCL 01-05-2021 804 2603.75 223.85%
DISA IND 01-05-2021 4450 8522 91.51%
EVEREST IND 01-05-2021 315 930.05 195.25%

MAHARASHTRA SEAMLESS 01-05-2021 288 910 215.97%

SATIA IND 08-05-2021 83.3 164.35 97.30%
KOLTE PATIL 08-05-2021 216 383.9 77.73%
RAYMOND 08-05-2021 343 1329.9 287.73%
NARAYANA HRUDALAYA 15-05-2021 433 798 84.30%
ARVIND FASHION 29-05-2021 130 389.45 199.58%
TRITON VALVES 05-06-2021 1080.6 1940 79.53%
MAZGAON DOCK 05-06-2021 221.1 798.5 261.15%
KALPATRU POWER 12-06-2021 342.4 482 40.77%
JYOTHY LABS 19-06-2021 130.15 208.45 60.16%
AGAR IND 19-06-2021 283 746.2 163.67%
RIIL 03-07-2021 580 1257 116.72%

CENTUM ELECTRONICS 18-07-2021 423.35 671.4 58.59%

RANE HOLDINGS 24-07-2021 552.15 973 76.22%
HONDA POWER 30-07-2021 1121.5 1855.55 65.45%
V GUARD 29-08-2021 181 268.7 48.45%
SALZER ELECTRONICS 04-09-2021 152.05 291.4 91.65%
TATA CHEMICALS 19-09-2021 780.05 1214.9 55.75%
KERNEX 25-09-2021 71 390.9 450.56%
PRAJ IND 10-10-2021 301.05 461.6 53.33%
SBIN 05-11-2021 443 596.95 34.75%
BHARTI AIRTEL 05-11-2021 639 841.45 31.68%
SUN PHARMA 05-11-2021 733.7 1070.95 45.97%
MIDHANI 20-11-2021 163.15 261.25 60.13%

LARSEN AND TOUBRO 18-12-2021 1595 2056 28.90%

IDFC FIRST BANK 18-12-2021 37.6 59.45 58.11%
CASTROL INDIA 18-12-2021 99.05 127.8 29.03%
ASTRAZENCA PHARMA 25-12-2021 2445.7 3479.5 42.27%
NELCAST 01-01-2022 56 94.95 69.55%
IIFL FINANCE 12-03-2022 269.4 428.4 59.02%
MARUTI SUZUKI 12-03-2022 7012 9769 39.32%
OKPLAY 02-04-2022 25.9 35.5 37.07%
JUBILANT INGERVIA 30-04-2022 411 568.8 38.39%
CAMS 11-05-2022 2152 2690 25.00%
LUPIN 25-05-2022 607.5 750.55 23.55%
SANOFI 29-08-2022 5757.85 6050 5.07%

STAR CEMENT 29-08-2022 91.1 113.7 24.81%

ZUARI AGRO 29-08-2022 157.55 197.65 25.45%
ORIENT HOTEL 03-09-2022 65.3 84.75 29.79%
UNITED SPIRITS 03-09-2022 798.3 904.3 13.28%
TCS 25-09-2022 2926.1 3270 11.75%
ADITYA BIRLA SUN LIFE AMC 01-10-2022 400 426.3 6.58%
BAJAJ CONSUMER 01-10-2022 145.55 161.95 11.27%
HIL 01-10-2022 2627.3 2978.95 13.38%
PANACEA BIO 09-10-2022 136 151.7 11.54%
SWARAJ ENGINES 09-10-2022 1522.25 1690 11.02%
BAJAJ CONSUMER 20-10-2022 145.55 161.95 11.27%
IEX 20-10-2022 133.85 144.85 8.22%

LIC 20-10-2022 588 630.9 7.30%

BPCL 20-10-2022 288.05 308.5 7.10%
BSE 20-10-2022 581.15 621 6.86%
HDFC BANK 20-10-2022 1434 1529 6.62%
RELIANCE 20-10-2022 2432.8 2600 6.87%
SUN PHARMA 20-10-2022 966.55 1070.95 10.80%
CEREBRA 20-10-2022 33.8 40.95 21.15%
BOOK OF THE WEEK – CONQUERING THE SEVEN FACES OF RISK
CONQUERING THE SEVEN FACES OF RISK
Risk is not a one-dimensional problem cured by a single dose of diversification. It's a multidimensional
problem, and diversification’s passive risk reduction is only just the start. At least since Markowitz developed
Modern Portfolio Theory 65 years ago, risk has generally been measured as the standard deviation from
average return. However, Behavioral Economics (and even the dictionary) say risk is really about the loss of
value, which is quite different from volatility.
Risk has at least seven unique faces, including (1) Single-Stock Risk, (2) Market Volatility, (3) Bear Market
Crash, (4) Momentum Loss, (5) Back testing Deception, (6) Strategy Hired/Fired Late, and (7) Retirement
Savings Will Not Be Enough. The elephant in the room for the majority of people facing retirement is a serious
retirement savings shortfall – which makes their most serious risk about earning sufficient returns.
Fortunately, a Royal Society Fellow, a National Medal of Science winner, and a trio of Nobel Laureates have
laid the foundation for active risk reduction and forever changed the game. This book intends to shake the very
foundation of the sleepy momentum mono-culture that seems happily mired in decades-old, simplistic, risk
models that not only fail to treat momentum as the multi-faceted problem it is, but also fail to consider
fundamental signal processing methods (older than Modern Portfolio Theory) that reduce the “random walk”
part of the signal and improve the probability of making a better investment choice.
LINK TO GET THE ABOVE BOOK : https://t.me/BooksMakeIndiaRead

Stock with their trend in Last Trading Week
STOCKS WITH DAILY TRENDING UP STOCKS DAILY CLOSING DOWN

N Stock Name 5 Days No. Stock Name 5 Days
Return (%) Return (%)
1 ION EXCHANGE 14.63% 1 OSWAL AGRO MILLS -5.85%
2 KIRLOSKAR FERROUS 9.38% 2 HIMDARI SPECIALITY -5.08%
3 INGERSOLL RAND 7.39% 3 LG BALA -5.07%
4 HINDUSTAN ZINC 2.65% 4 CENTURY TEXTILE -2.52%
5 ONGC 1.89% 5 CIPLA -2.16%

INVESTORS KNOWLEDGE
SOURCE : WHATSAPP FORWARDED MESSAGE

INVESTORS KNOWLEDGE
SOURCE : WHATSAPP FORWARDED MESSAGE

INVESTORS KNOWLEDGE
🎯 Definition of Time frame
 Positional Calls are for 1 month to 3 months️

 Mid Term Calls are for 3 months to 6 months
 Delivery Calls are for 12 months or more️
 Intraday is for same day
 BTST or STBT is for T+1 day
 Investment call are for more than 1 year
 SHORT TERM calls are for 3 days to 1 month
 HERO or ZERO calls are till weekly expiry.
 BUY calls are always CASH Levels
 SELL calls are always FUT Levels
 ALL SL are on closing basis except Intraday Calls
A very special Thanks and Regards to all the members from :
Owner and Chief Advisor

Shreyansh Sheth
Content Creator Research Analyst Technical Analyst

Adesh Jain CA Divesh Jain Jimit Parekh
JOIN US AT :
Research : MARKET WIZARD
TELEGRAM :- t.me/marketswizard
TELEGRAM :- t.me/BooksMakeIndiaRead
Twitter :- @shrey9341
Whatsapp :- +91 9821722433 – ( JIMIT PAREKH )

Technical Analyst – Market Wizard

Market Wizard Newsletter Issue 66 - Sip Basket

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WEEKLY

ISSUE – 66 DATE : 13-11-22

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

SOURCE: SHAREKHAN INVESTOR EYE – OCT’21

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

The Investment Philosophy of the Company:

FUNDAMENTALS OF THE COMPANY:

STATE BANK OF INDIA

We will add this Company on all above parameters in SIP Format.

We will add this Company on all above parameters in SIP Format.

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

MAZAGON DOCK SHIPBUILDERS LIMITED :

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

BUSINESS AREA OF COMPANY:

The company operates in three primary lines of business, namely:

FUNDAMENTALS OF THE COMPANY:

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

We will add this Company on all above parameters in SIP Format.

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

BUSINESS AREA OF COMPANY:

FUNDAMENTALS OF THE COMPANY:

We will add this Company on all above parameters in SIP Format.

Stock Name Recommended Recommended High post Percentage

SHANTI GEARS 13-03-2021 120.5 399.2 231.29%