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5th
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April 2020
Only Financial Weekly Published in English & Gujarati
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VOL : 13 • Issue No: 8
Page
52
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FII Activity (Rs. in Cr.)
Date Buy Value Sell Value Net Value
30-3-2020 4726.47 9090.08 -4363.61
31-3-2020 6295.4 9340.34 -3044.94
1-4-2020 5581.89 6698.68 -1116.79
2-4-2020 HOLIDAY
3-4-2020 7596.78 9557.75 -1960.97
TOTAL 24200.54 34686.85 -10486.31
DII Activity (Rs. in Cr.)
Date Buy Value Sell Value Net Value
30-3-2020 6314.21 2763.88 3550.33
31-3-2020 6955.41 3379.18 3576.23
1-4-2020 2772.09 3222.45 -450.36
2-4-2020 HOLIDAY
3-4-2020 3568.24 3341.69 226.55
TOTAL 19609.95 12707.2 6902.75

4. 5th
April 2020 to 11th
April 2020 4
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I N V E S T M E N T
Financial Weekly
Jignesh R Mehta
(SEBI Registered Research Analyst)
E-mail: support@kiranjadhav.com
Website : www.KiranJadhav.com
Phone: 9327 11 3344 / 9328 11 33 44
Twitter:@jigneshrmehta
Cont...
Churn Smart,
Stay the course & be Optimistic!
We are dedicating today's article to Investors. Investors are those who think long term, who want
big moves, who believe in accumulation, who don't mind spikes, who digest volatilities. Rather
than reading this article for the perspective of markets being next week, read it for the insight of
longer term. In this article, we are being less descriptive and more illustrative.
What has happened until now?
Right from January 20, 2020, almost ten weeks have passed yet the markets around the world
have been giving the investors sleepless nights continuously. It has been the most awful time, not
at all anticipated by the investors, in their wildest dreams. They didn't experience anything of this
sort of happenings since 2009. The only solace was that it did not happen suddenly and the ele-
ment of shock was not as it should have been. It all started in markets with relatively mild crack on
the first day of the fourth week. It was January 20, 2020 and the market was hovering at around
12430 points. Upon the first crack, market was still away from the important up slanting trend line
which could be drawn by joining lows of October 18, September 19 on Weekly Chart of Nifty. The
second major crack came from the last week of February starting on February 24 when it broke the
said support line and by the time market participants realized the intensity of that crack, the plunge
that market witnessed, two weeks in a row, was just shattering. During this fall, we even witnessed
one lower circuit followed by one more in following week. All these time, we saw market volatility
surge from 20 to about 80 which was a rampant rise literally on Daily basis. Summing up the entire
Corona crisis, Nifty has given up a whopping 39.57%, up to the low it made at around 7511 in
recent time.
Technically we have tested an important Support:
We want all of you to read the given Chart 1 below. It is a weekly chart of Nifty. We might have
brought similar chart in the past but this time it is a weekly chart with 520 weeks SMA (Simple
Moving Average) plotted on it. 520 weeks is the time of 10 years and thus it is a 'Decade Average
Line' for Nifty Spot. This is the same line which has been tested in the year 2003, 2009 and now
recently in 2020. So it is evident from the chart that in last 3 times, almost after 10 years the same
line has been tested during market turmoil times. This time too, markets have taken supports from
the same line. Current level of this line is 7945. It is the same level market has opened on the week
starting from 23rd Mar 2020. Although market touched the low of 7511 some levels on downside,
this line has never been breached on closing basis. Technically this is a very important support.

5. 5th
April 2020 to 11th
April 2020 5
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I N V E S T M E N T
Financial Weekly
In reality, there are also many positives one could think about and co-
relate the same with the above charts. These positives are as follows,
1.) Majority of the correction is done.
2.) The corona threat associated with the numbers is at its peak.
3.) More than 20 counties are approved for developing vaccine and they are all at it.
4.) Majority of corona patients having good immunity are recovering all by themselves.
5.) Mortality rate of the corona deaths are low as said by WHO
6.) India has emerged as proactive country, Corona deaths and Infections are still in control.
7.) Any drug and vaccine breakthrough can give a huge surge in markets.
8.) Interest cost in India has turned lowest
Mainstreammarket participants today believe that the markets have seen most of the correction
and the Decade line on above chart suggests us the same. Going ahead chances of sever lows
than 7511 is improbable. Market doesn't go below this level is also possible.
Bull Run after Historical falls :- Bull Run has always been the case after bear moves
in the market and if the same has to come after this fall, it is now time to anticipate for how long it will
come for.From the attached chart of Nifty with 3 each candle being 3 months in Figure 2below, we
can see major falls since 2000 and time involved in these falls as well as recovery following it.
Each shown number suggests the total candles and each candle constitutes 3 months of time. First
market fall in 2000 saw the drop of 7 candles and rise of 10 candles. This was 1.42 times the period
market witnessed forrise to that of fall. By considering all the descent & rise in last 20 years, we can
understand that after every bear run, market sees a bull run which lasts averagely 3.54 times.
Figure 1 - Nifty Weekly Chart with DECADE Average line
Cont...

6. 5th
April 2020 to 11th
April 2020 6
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Financial Weekly
Every time during the Bull Run, market has recovered up to its earlier high and also beyond that.
Thus, we have built up 2 logics until now. 1.) That market while testing the "Decade Line" has seen
its low & 2.) Bull Run will be followed in about 3.54 candles because this time market fell in just 1
candle. Although, market doesn't go by complete logic but if at all it were to go by this logic then
from hereon in 3.54 candles we should see market reaching earlier high or even higher. 3.54
candles is about 11 months.
Figure 2 - Nifty Quarterly Chart with Bear and Bull Run
Correction or Recession :- Few more facts that every market participants have to ask
themselves is whether the current bear patch in the market is 'Correction' or 'Recession'. Both
these words are interconnected and pretty much confusing but if we consider this as a correction
then it lands comfortable in our understandings but later sounds difficult.
Correction
Market falls extensive in short time.
Happens because of global influence
Mostly everything falls and no one is spared
Authorities require to fix few fronts for recovery
Recovery takes less than 3 times the period it
took for the fall.
Following bull run has majority of same sectors
and starts
Recession
Market falls extensive in considerable period.
Happens because of local and specific influence
Few sectors and specific stocks fall more than
others
Requires to fix many fronts for recovery
Recovery takes longer time
Following bull run has majority of new sectors
and stars
Cont...

7. 5th
April 2020 to 11th
April 2020 7
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Financial Weekly
Going by the general facts written in the table above, what we see in India is more of a correction
then recession. Although, Indian market was significantly under economic slowdown, this one still
is correction. Also, studying the given facts, we can comprehend that by fixing only few fronts, our
markets can definitely see a better time ahead. Going by this data, everyone will not find it difficult
to discover stocks and sectors because majority of the sectors and stocks that has been in the Bull
Run before has to be mostly the same one to go again. By considering only few of the market
dynamics, intelligent and informed investors can look forward to select their pool of stocks.
Things to do now :- By perusing above facts and figures, one should understand that this
is at least not a time to get out of the stocks by booking loss. This is the time to stay the course by
doing some smart churning in your portfolio. If you are the one with cash, you are the king and you
should be utilizing this opportunity. Otherwise you will be repenting next year same time about
how you lost this chance a big time. People with the cash should not indulge in to finding the
bottoms but should use the approach of average buying at regular interval of good stocks for com-
ing 2 months. Remember that you do not misunderstand investing with the short term gambling
instincts, what you are buying is for 3 years period at least. It is like SIP every week for 8 weeks in
a row. In your selected stocks. Pool of stocks should be the stocks having held its uptrend on larger
time frame chart, with probable price pattern and the stocks that were in uptrend in the Bull Run
prior to recent correction. People who have invested in Mutual Funds and if they have balance
funds, liquid funds or Debt funds should think to switch to aggressive equity funds like Index funds,
Bluechip funds or Midcap Funds in a growth scheme. If you were fully invested in to the markets
before the correction and you don't have more money than do smart churning, stay the course and
avoid seeing screen for next 2 months or so.
Author : JIGNESH R MEHTA (SEBI Registered Research Analyst)
www.kiranjadhav.com / info@kiranjadhav.com / Phone: 9327 11 33 44 / 9328 11 33 44
Twitter: @jigneshrmehta
******
Think
Enjoy REAL Profit !!!!
Make CONSISTENT Profit !!!!
8 4 0 1 8 1 0 8 6 5
Think about NIFTY FUTURE ?
WWW. NIFTYPREPAID.COM

8. 5th
April 2020 to 11th
April 2020 8
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I N V E S T M E N T
Financial Weekly
Alternative Investment Returns Monitor
Price Price Return Return
26-3-2019 26-3-2020 1 Week 1Yr.
Sensex 38233 29946 5.86% -21.47%
Gold Price 31987 42210 3.92% 31.63%
10Yr. Yield (%) 7.34 6.29 -11.7 (bps) -103.90 (bps)
Value of Rs. 1 Lakh Invested in Various Asset
(As on 20-3-2020) Sensex Gold Silver FD (SBI) PPF*
1 Year 77933 129422 98502 106400 108000
1 Year
Post Tax Returns 77933* 120595 98501 104480 108000
5 Year 105856 158800 10705 138624 151757
5 Year
Post Tax Returns 105856* 152920 100635 125966 151757
** Taxed at 10 % without indexation, # Silver prices suffered losses ; All Post - tax returns are calculated on
capital gians, except PPF, * Taxed at 30% Income Tax
Top 5 MIPs
Top 5 MIP Schemes based on 3
yr. SWP returns
Scheme Name Return
Annualised
Indiabulls Saving Income 6.36%
Baroda Conservative Hy. 6.02%
ICICI Prudential 5.18%
Nippon India Retirement 4.47%
HSB Managed Solutions 3.96%
Top 5 SIPs
Top 5 Equity Schemes based on
10 Yr. SIP Return
Scheme Name Return
Annualised
SBI Small Cap. 13.21
Canara Robeco Emergin 12.15
Axis Long Term Eq. 11.25
SBI Focused Equity 9.88
Principal Emerging 9.82
Co. Name Lowest
Forward PE (%)
NMDC 4.56
NTPC 5.19
CESC 5.26
Sobha 5.79
Redington 5.90
The 5 Stocks with the
lowest forward P/E
Co. Name Earning
GrwothRatio
HG Infra 0.12
Manappurm Fin. 0.12
Birla Corp. 0.18
Enginers India 0.23
Jubilant Life 0.23
Best PEGs
Top 5 Stocks with the least
price earning to growth ratio
Investor Earn as Div. for
Every Rs.100/- Invested
Co. Name Hig.Div. Yield
Redington 9.10
Enginers India 7.90
NMDC 7.05
Power Grid 5.87
Motherson Sumi 4.87
Income Generators
Top 5 Stocks with the
highest dividend yield
Least Expensive Stocks
Co. Name Lowest
Downside Risk
Alkem Labs. 1.11
Ramco Cement 1.11
CIPLA 1.17
Thermax 1.22
Crompton Greaves 1.24
Least Risky
Top 5 Stocks With the
lowest downside risk
Fast Growing Stocks
Higesht Expected Revenue
growth over the previous year
Co. Name Revenue
Growth(%)
Prestige Estate 40
Gujarat Gas 40
HG Infra Engg. 39
AurobindoPh. 38
Engineers India 38

9. 5th
April 2020 to 11th
April 2020 9
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I N V E S T M E N T
Financial Weekly
Smart Education : Ankit Gala : uzzpublishing@gmail.com
Promoter or Operator Activity in Stock
Watch it Carefully!
Last week we had seen importance of Related Party Transactions in analyzing companies
to identify good companies for investing point of view. This week we shall see the impor-
tance of Promoter or Operator Activity in Stock.
Promoter or Operator Activity in Stock :
Are the promoters or the management actively buying/selling or trading in shares of their
own company? Is such buying or selling done in a legit manner by making appropriate
disclosures to the stock exchanges and other authorities? Is the buying or selling being done
through a syndicate network? Are there any cases of insider trading against the promoter of
management of the company?
Is there any operator activity in the stock? Does the price or volume display unusual price
behavior, especially at the time when the promoter is transacting in the shares?
If you find any such thing, better avoid investing in such shares. Such activity is normally
seen in shares of many small and mid cap companies only during the bull run and many retail
investors get trapped in such shares at higher prices.
Next week we shall try to understand another such important factor i.e., Extent of Pledg-
ing of Shares by Promoter.
To learn Fundamental Analysis you can read the book Fundamental Analysis of
Shares by Ankit Gala & Khushboo Gala. Book is available in English.

10. 5th
April 2020 to 11th
April 2020 10
SMART
I N V E S T M E N T
Financial Weekly
By Vijaya Kittu M, GetPaidIndia.com
Smart Banking
Learn the Art of Investing
Attend our Online learning session
Webinar (Sundays of May 2020)
WhatsApp +91 98495 19188 to register for the event
The author feelsthat investors need to stay up-to-date with sectoral and regulatory
developments of their invested company. Readers can reach him on WhatsApp at
+91 98495 19188.
1. Several banks began offering relief measures to its customers amidst lockdown due to
Coronavirus. These include an option to defer payments to loan accounts and credit cards.
Banks are also offering unlimited cross-bank withdrawals and allowing exemption from main-
taining monthly and quarterly withdrawals.
2. Banks are beginning to worry about potential downgrades in asset quality and potential loans
turning bad because loan offtake for commercial real estate, hotels and tourism, and restau-
rants have increased sharply in the last six months. Moody's has downgraded the outlook for
Indian banks from stable to negative. Expressing a similar tone, ICRA feels NPAs will increase,
and credit costs would rise because of IndAS reporting requirements.
3. Banks in India would remain closed for almost 15 days of April 2020 because of various holi-
days, including the second and fourth Saturday and Sunday holidays.
4. Bharat BillPay reported as many as 1.58 crore transactions in March, mainly for utility bill pay-
ments amidst lockdown.However, IMPS, AePS, and FASTag registrations declined.
5. Union Bank said the merger with Andhra Bank and Corporation Bank went smoothly and had
no issues. The Bank feels the MSME sector will get affected because of Coronavirus, and the
loss cannot yet be quantified. The Bank is hoping for a regulatory intervention for the SME.
6. In order to further reduce the damage, IndusInd Bankpromoters repaid its loan with
CitibankLondon and have become debt-free. The Bank is also working closely with RBI for
permission to increase promoter stake from the current levels of 15 percent to 26 percent. De-
posit outflows werehigher because of some Government accounts moving out. An impact fee-
based incomewould be observed though the outflows have stabilized now. Valuations remain
attractive.
7. YES Bank raised Rs. 35 bn through Certificate of Deposit. This is the second such capital
raising in less than three working days.Meanwhile, SEBI fined two promoter entities of the
Bank - Morgan Credits and YES Capital for failing to disclose encumbrance or pledge of their
holding to private lenders.
8. Canara Bank became India's fourth-largest PSB in terms of assets after the merger with Syndi-
cate Bank. The combined entity will now have 10,391 branches and 12,829 ATMs.

11. 5th
April 2020 to 11th
April 2020 11
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I N V E S T M E N T
Financial Weekly
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12. 5th
April 2020 to 11th
April 2020 12
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I N V E S T M E N T
Financial Weekly
Kalpna J (Email- Kjtech79@gmail.com)
(Ring : 97690 37711) Twitter : @Kj_TechTrades
Rapid Fire Stocks
Cont....
Torrent Pharma
Buy at CMP - 2077, Targets - 2333-2500, Time frame - 5 to 12 months,
SL - 1650, ( Accumulate and Add in SIP MODE )
Torrent Pharmaceuticals Ltd, the flagship company of the Torrent Group was incorporated in the
year 1972. In the year 1980, their started their first manufacturing facility at Vatva and they received
their first export order in the year 1983. In the year 1986, they started their second manufacturing
plant at Chhatral. In the year 1995, Torrent Gujarat Biotech Ltd plant was commissioned.
The company has the world class manufacturing facilities located at Indrad in Gujarat and Baddi
in Himachal Pradesh. Their manufacturing facilities at Indrad, Gujarat, comply with WHO, cGMP,
MHRA and TGA norms and have received ISO 9001, ISO 14001 and OHSAS 18001 (Occupa-
tional Health and Safety Management System) and ISO/IEC- 17025 certifications. The Baddi fa-
cilities has a capacity to manufacture 3600 million tablets, 400 million capsules and 18 million Oral
Liquid bottles, per annum and would cater to the domestic formulations requirement. Also, the
company has a modern and well-equipped state-of-the-art R&D Centre, built with an investment of
US $ 40 million.
Torrent Pharma (TPL), Ahmedabad based pharma company should benefit from its domestic
branded formulations business and low risk generic business in Germany and Brazil, recommen-
dation based on 25x FY20E EPS.
Torrent Pharmaceuticals Ltd is one of the leading pharmaceutical companies having presence
in Indian and global markets. The company is a dominant player in the therapeutic areas of cardio-
vascular (CV) and central nervous system (CNS) and has achieved significant presence in gastro-
intestinal, diabetology, anti-infective and pain management segments. The company has their pres-
ence in 50 countries and has nine wholly owned subsidiaries in markets of Europe, United States,
Latin America and Asia Pacific.

13. 5th
April 2020 to 11th
April 2020 13
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Financial Weekly
Berger Paints India Ltd is the third
largest paint manufacturer and the
second largest decorative paint
player in India. They are offering
their customers a variety of innova-
tive painting solutions, decorative or
industrial. The company is head-
quartered in Calcutta and service the
market through a distribution net-
work comprising of 82 stock points
Berger Paints
Buy at CMP 448, Targets - 650-777, Time Frame 5 to 9 months,
(Accumulate and Add in SIP MODE )
Category No. of shares (%)
Promoters 587,487,919 60.50
Foreign Promoters 140,656,782 14.49
General Public 74,409,417 7.66
Financial Institutions 68,605,459 7.07
Foreign Institutions 55,667,651 5.73
Others 30,123,691 3.10
NBFC and Mutual Funds 14,080,509 1.45
and above 12,000 paint retailers. They are having their manufacturing facilities in West Bengal,
Uttar Pradesh, Pondicherry, Goa, and Jammu & Kashmir.
Foreign Promotors and Financial Institutions are holding 14% and 7% Share respectively
Berger Paints India Limited is engaged in the manufacture of paints and varnishes, enamels or
lacquers. The Company offers products in categories, including interior wall coatings, exterior wall
coatings, Berger metal and wood paints, protective coating, undercoats and construction chemi-
cals. Its designer finishes include Silk Illusions Design Metallica, Silk Illusions Non Metallic, Silk
Illusions Metallica and Silk Illusions Marble Finish. Its interior emulsions include Silk Luxury Emul-
sion, Easy Clean, Rangoli Total Care and Bison Acrylic Emulsion. Its interior wall distempers
include Bison Distemper. The Company's exterior emulsions include WeatherCoat All Guard,
WeatherCoat Longlife, WeatherCoat Smooth, Walmasta, WeatherCoat Tile Protektor and
WeatherCoat Kool & Seal. It also offers WeatherCoat Texture, Tartaruga Hi-Build and Tartaruga. It
offers enamels, such as Breathe Easy Enamel, Luxol Lustre, Luxol Satin Enamel, Luxol High Gloss
Enamel and Berger Butterfly GP Enamel. The company’s manufacturing facilities are located in
West Bengal, Uttar Pradesh, Pondicherry, Goa, and Jammu and Kashmir.
Berger Paints India Limited is engaged in the manufacture of paints and varnishes, enamels or
lacquers. The Company offers products in categories, including interior wall coatings, exterior wall
coatings, Berger metal and wood paints, protective coating, undercoats and construction chemi-
cals. Its designer finishes include Silk Illusions Design Metallica, Silk Illusions Non Metallic, Silk
Illusions Metallica and Silk Illusions Marble Finish. Its interior emulsions include Silk Luxury Emul-
sion, Easy Clean, Rangoli Total Care and Bison Acrylic Emulsion. Its interior wall distempers
include Bison Distemper. The Company's exterior emulsions include WeatherCoat All Guard,
WeatherCoat Longlife, WeatherCoat Smooth, Walmasta, WeatherCoat Tile Protektor and
WeatherCoat Kool & Seal. It also offers WeatherCoat Texture, Tartaruga Hi-Build and Tartaruga. It
offers enamels, such as Breathe Easy Enamel, Luxol Lustre, Luxol Satin Enamel, Luxol High Gloss
Enamel and Berger Butterfly GP Enamel. The company’s manufacturing facilities are located in
West Bengal, Uttar Pradesh, Pondicherry, Goa, and Jammu and Kashmir.

14. 5th
April 2020 to 11th
April 2020 14
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I N V E S T M E N T
Financial Weekly
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Co. Name Code Price
BEL 500049 70.00
Triveni Engg. 532356 40.00
Himadri Sp. 500184 42.00
ONGC 500312 70.00
Oil India 533106 84.25
ITC Ltd. 500875 177.00
Bombay Dy. 500020 46.00
BEML 500048 439.00
Tata Consumer 500800 267.00
Dabur India 500096 428.00
Shriram Trans. 511218 520.00
India Glycols 500201 230.00
Guj. Alaklies 530001 253.00
TIPS OF THE WEEK
Co. Name Code Price
HUL 500696 2153.00
Pidilite 500331 1216.00
D-Mart 540376 2087.00
Apollo Hospital 508869 1189.00
Britannia 500825 2561.00
Colgate 500830 1249.00
Astral Poly 532830 979.00
Dr. LalPath 539524 1338.00
Abbott India 500488 15826.00
Sanofi India 500674 6663.00
Astrazeneca 506820 2403.00
Nestle 500790 15150.00
Honeywell Auto. 517474 24659.00

15. 5th
April 2020 to 11th
April 2020 15
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I N V E S T M E N T
Financial Weekly
Subramanian Mahadevan
dolphincapital@gmail.com
Stock Buzz
NCL IndustriesLimited (Rs. 53.50)
Reinforcing Growth!
NCL Industries Limited (NCL) - Hyderabad-based NCL Industries, incorporated in 1979, is into
cement, particle boards, ready-mix concrete and hydro power. For the past three decades it has
been supplying the construction industry with its top quality building materials through Nagarjuna
Cement brand. It is a strong regional operator and has been a household name in Andhra Pradesh,
popularly known as "Monagadu" cement in Telugu.NCL forwardintegrated into value-added prod-
ucts with cement boards and ready-mix concrete. It has two small hydro-electric plants, of 7.5MW
in Andhra Pradesh and 8.25MW in Karnataka. NCL has one of the largest distribution networks
across the country, with more than 1,600 cement dealers and 300 distributors for boards.Nagarjuna
is the only private company in Andhra Pradesh which manufactures special 53-S grade cement.
Cement Division : With its strategically-located 2.7m-TPA cement capacity, and a well-
established brand Nagarjuna Cement, NCL is a robust regional cement manufacturer in south
India. It is strong in rural markets through its wide network of over 1,600 cement dealers and more
than 100 distribution and consignment agents It recently expanded its clinker capacity in Nalgonda
to 2.6m tons(from 1.6m tons). It largely sells in the south, primarily in AP/Telangana (90%) and
Tamil Nadu and Karnataka with strong brandrecall.
Boards Division : Cement-bonded particle boards, made of 62% cement and 28% wood,
popularly known as Bison Panels, was introduced by NCL in 1990 in collaboration with Bison
Werke (Germany), the world leader in particleboard technology. They are fire-, water- and termite-
resistant with a durability of cement and easy workability of wood and can be used externally and
internally. To address mounting demand, it recently completed board's capacity expansion by
30,000TPA in Q3 FY18 through a mix of debt and internal accruals and post-expansion, Bison
boards are manufacturedat two plants with combined capacity being 90,000TPA.
RMC Division & Energy :- It has four RMC manufacturing plants, adequately geared to
handle demand from vast urban housing development and infrastructure projects. Its energy divi-
sion operates two mini-hydel generating plants: one of 7.5MW over the Srisailam right main canal
in AP, the other of 8.25MW on the right bank high-level canal of the Tungabhadra Dam in
Karnataka.With its low-cost cement-capacity expansion (to 2.7m TPA) and particleboard facilities
(to 90,000 TPA), NCL is set to derive the full benefit of the cement and board demand besides
anticipatedoperational savings and decline in interest costs. At the CMP, the stock trades at an EV/
EBTIDA of 4x and an EV/ton of $29 on FY21E. Investors can buy for a target price of 100/share in
less than a year. Reliable management, dividend paying company and a turnaround story worth
looking into it.

16. 5th
April 2020 to 11th
April 2020 16
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I N V E S T M E N T
Financial Weekly
S3 S2 S1 CLOSE R1 R2 R3
NIFTY 7241 7511 7832 8083 8244 8454 8678
SENSEX 24833 25638 26714 27590 28290 29388 30418
:::: INDEX LEVELS ::::
Jatin Sanghavi
(Mumbai)
(M) 098205 26455
jatinsanghavi100@yahoo.com
Market Scan
Cont...
DOWNWARD GRIND CONTINUES
PULL-BACK FIZZLES OUT :- As expected the Pull-Back fizzled out without adding
much to its upward tally. The truncated week saw the Market give up all the positiveness of the
previous week and ending at the lows of the week. Nifty is precariously hanging above 8000 lev-
els, which does not instil any confidence amongst Market participants. A possible retest of the
bottom at Nifty 7511 looks on the cards. A break can take the Nifty down to 6825-6144. Two minor
positives for the week were the Volatility Index India VIX cooling down by almost 21% and the drop
in stock prices accompanied by reduced volumes. These can aid in moving the Market higher,
provided if the extended weekend sees some positive news flow coming in from the Corona front.
TECHNICALLY SPEAKING :- Sensex opened the week at 29226, made a high of
29770, low of 27500 and closed the week at 27590. Thus it closed the week with a loss of 2225
points. At the same time the Nifty opened the week at 8385, made a high of 8678, low of 8055 and
closed the week at 8083. Thus the Nifty closed the week with a loss of 577 points.
On the daily charts, both the indices have formed Opening Black body Marubuzo for last two
consecutive trading sessions. On the weekly charts, both the Sensex and Nifty have formed a
Bearish Harami but that cannot be given significance as it has formed in a Downtrend. Thus candle-
stick pattern study suggests a bearish bias.
The Market is under a Pull-Back which started last week after falling for more than 4900 points
on Nifty with Sensex making an intermediate bottom at 25638 and Nifty 7511. The Pull-Back levels
are placed at Sensex 31993-33956-35918 and Nifty 9390-9970-10551. The Pull-Back as of now
seems to have fizzled out as the Nifty has dropped to almost 8000 levels. Thus the down trend
continues and it is a matter of time when the indices retreat to the test the intermediate bottoms at
Sensex 25638 and Nifty 7511.
In case the current Pull-Back gathers steam then, both the indices will face strong Resistance
Zone at the Bearish Gap between Sensex 34769-35109 and Nifty 10159-10294. On the downside,
if Nifty closes the March month below 8432, then it can go all the way down to 6110.
This week, both the indices have closed well below the Short term average of 20dma (Sensex -
30901 and Nifty - 9030), Medium term average of 50dma (Sensex - 36692 and Nifty 10754) and
even the Long term average of 200dma (Sensex - 38615 and Nifty - 11408). Thus the Trend in the
Short term, Medium term as well as Long term Timeframe continues to remain Bearish.

17. 5th
April 2020 to 11th
April 2020 17
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Financial Weekly
MACD is in Buy mode whereas Price ROC is negative and continues in Sell mode. RSI (33)
suggests Bearish Momentum. Stochastic Oscillator %K (32) is above %D and hence in Buy mode.
ADX (57) suggests Downtrend is over matured and may now undergo consolidation. Directional
Indicators are in Sell mode as +DI is below -DI. OBV continues in Sell mode, making lower top
lower bottom formation. Bollinger Band continues in Sell mode. MFI (33) suggests Negative Money
Flow. Thus Oscillators are suggesting mixed bias.
Options data for April series indicate highest Call Open Interest at 9000 and highest Put build-
up is at the strike of 8000. Thus Options data suggests a trading range with Resistance at 9000 and
Support at 8000.
DERIVATIVE STRATEGY.
It is suggested to construct a BULL Spread for ITC (CMP - 177).
It is looking Bullish upto at least 190.
Buy 175 Call @ 11 & Sell 190 Call @ Rs 5. (April Series Monthly)
Cost of Construction is Rs 6. Hence Break-Even Point will be @ 181.
Max Profit can be Rs 9. Max Loss can be Rs 6.
The above mentioned option rates are for April series Monthly expiry.
THIS WEEKS RECOMMENDATIONS:
" Once again this week, we suggest not to Trade as the Market is highly volatile and
uncertain.
" In case one trades, then it should be with proper Hedging or apply a proper Option
Strategy for relevant scenarios.
Buy... Buy... Buy on Dips Sell on High
Hold
Mangalore Ch. 24.00
L. T. Foods 21.00
NCC 17.00
NOCIL 64.00
Hindustan OIl Ex. 36.00
Apollo Tyres 78.00
Welspun India 21.00
Donear Ind. 22.00
Thirumalai Che. 39.00
Adani Gas 90.00
Mawana Sugar 24.00
Ruchi Soya 188.00
LUPIN 654.00
Sun Pharma 375.00
Indian Bank 44.00
KRBL 157.00
G.M. Breweries 312.00
Rajesh Exports 631.00
CDSL 209.00
IGL 406.00
Bharti Airtel 423.00
Nippon Life 251.00
M&M 280.00
Maruti Suzuki 4011.00
RBL Bank 110.00
Cholamandalm Inv. 124.00
Max Finance 335.00
NIIT Techno 1036.00
TCS 1654.00
Tech Mah. 520.00
Coal India 137.00
Zee Enter 124.00
HDFC Life 422.00
CIPLA 449.00
Bajaj Finance 2207.00
HDFC Bank 813.00
Axis Bank 325.00
Kotak Bank 1140.00
AIA Engg. 1283.00
Bayer Crop. 3195.00
Disa India 3182.00
HCL Techno 404.00
Whirlpool 1796.00

18. 5th
April 2020 to 11th
April 2020 18
SMART
I N V E S T M E N T
Financial Weekly
- Parag Salot
(SEBI Registered Research Analyst)
M. : 91-9930011789
Nifty Overview :- In Last Trading Session, Nifty closed at 8109. Nifty has a wide range
and therefore its really difficult to give any trades. Nifty Support is at 7800/7500 levels and upside
it can bounce till 8650 levels. However, the bias is negative due to corona virus fears. If adequate
measures is not taken and if the virus is not controlled, markets can be highly negative. Be Cau-
tious and use strict SL in any trades.
Bank Nifty Overview :- In Last Trading Session, Bank Nifty closed at 17225. Bank Nifty
support is at 16900 levels and resistance can be at 19800 levels.
Note: Markets have decently corrected. Lot of stocks had made low which is far from the current levels. In such case, it’s
difficult to give trades prior. It is necessary to check intra-day movements so as to initiate any trades. Below recommendations
should not be taken without checking intra-day movements
Technical Trading Trends
ScripName BSE Code Buy / Enter at DidHigh/ Remarks
Sell Low
ACC 500410 Buy 919 986 Target Achieved
Cadila 532321 Buy 250 279 Target Achieved
Canara Bank 532483 Buy 84.2 91.4 Target Achieved
M&M 500520 Buy 265 289 Target Achieved
Ramco Cement 500260 Buy 483 512 Target Achieved
Infy 500209 Sell 669 583 Target Achieved
ICICI Pru 540133 Sell 335 286 Target Achieved
Kotak Bank 500247 Sell 1371 1081 Target Achieved
Trading Results
ScripName BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
ACC 500410 960 925/940 960 1000 905
Axis Bank 532215 328 290/305 325 350 275
Bajaj Auto 532977 2039 1980/2000 2040 2080 1960
Bajaj Fin Serv 532978 4533 4400/4500 4600 4800 4275
Chola Fin 511243 126 110/116 125 140 105
M&M Fin 532720 142 135/140 146 156 130
Trading Buy
Trading Sell
ScripName BSE Last Enter at 1st 2nd Stop
Code Close Between Tgt. Tgt. Loss
HUL 500696 2162 2250/2275 2225 2170 2305
ICICI Pru 540133 338 355/360 335 315 372
IGL 532514 405 430/440 415 400 455
Torrent Pharma 500420 2071 2110/2125 2080 2000 2180

19. 5th
April 2020 to 11th
April 2020 19
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I N V E S T M E N T
Financial Weekly
TECHNICAL TALK Dhananjay Kadam
TECHNICAL ANALYST, M. 7588622374
Corrections Are Temporary, Growth Is Permanent
# NIFTY - ( Last Close 8084)
In last week not only NIFTY but all global market were very volatile. On 24/3/2020 NIFTY made
a low of 7511 and after that it made high 9040. NF has shown respect to that points which were
shared in past article. It's trading between 7500 (support) and 8500 (resistance). But due to Co-
rona Pandemic we think this rally will not sustain. If NF breaks 7500 support line on close base
then we can immediately witness more lower support zone of 6900-6300.
*But corrections are temporary and growth is permanent*
I am giving days of index from 1992 to 2010, so we can find out good opportunities in such
condition. Search good fundamental stocks for mid term or long term investment
*Corrections are temporary and growth is Permanent*
# Year 1992 - #Sensex down by 54% in a year and up by 127% in next 1.5 yrs.
# Year 1996 - 40% down in 4 years and 115% in next year
# Year 2000 - 56% down in my 1.5 years and 138% up next 2.5 years.
# Year 2008 - 61% down in 1 year and 157% up in next 1.5 years
# Year 2010 - 28% down in 1 year and 96% up in next 3 years

20. 5th
April 2020 to 11th
April 2020 20
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I N V E S T M E N T
Financial Weekly
* Bharat Petroleum Corporation Ltd : (Last Close 317)
Bharat Petroleum Corporation Limited (BPCL) is an Indian government controlled oil and gas
company headquartered in Mumbai, Maharashtra. The Corporation operates two large refineries
of the country located in Kochi and Mumbai. The company is India's 2nd largest downstream oil
company and is ranked 275th on the Fortune list of the world's biggest corporations as of 2019. As
currently due to Covid-2019 pandemic crude prices made 18 year low and saw some bounce. Low
crude prices are beneficial for OMC's. Now as per stock chart
Stock is near to it's strong support zone i.e 260-240
For short term trader -
One can enter above 330
1st Target - 396
2nd Target - 430
Stop Loss - 311 on daily closing basis.
And long term investors can enter in this stock by keeping stop loss of very strong support zone
i.e 240-260 monthly closing basis.
If stock close below this two levels then you can square off your position or else you can trail sl
as per your risk capacity.
*Never let a profit turn into a loss*

21. 5th
April 2020 to 11th
April 2020 21
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I N V E S T M E N T
Financial Weekly
Currently whole market is in down trend and this stock showing good strength and now it has
completed one of the most promising pattern i.e Trend Change Pattern
On 3/4/2020 it has given breakout with good volume that shows bullishness in this counter.
Now you can enter in this stock as per following levels :
Closing Price - 1925
Stop Loss - 1770 on daily closing basis.
Target - 2775
Time Frame - 14 - 20 Days
* Bajaj Holdings and Investment Limited : (Last Close 1927)
Bajaj Holdings & Investment Limited (BHIL) is an India-based holding and investment com-
pany. The Company focuses on earning income through dividends, interest and gains on invest-
ments held. The Company's other equities portfolio is a combination of listed and unlisted invest-
ments. BHIL invests in equities based on the Company's views of returns from public equity mar-
kets, as well as opportunities in the private equity space. The Company invests in equities nor-
mally with an approximately five year holding horizon or even longer. The Company's other equi-
ties investment portfolio includes financials, technology/pharma, consumers/education,sugar,
material/metals/oil and gas,construction/infra, and telecoms and media. And its fixed income port-
folio includes government securities, certificate of deposit (CD) and commercial paper (CP), cor-
porate bonds and mutual funds. Its equity investments include strategic/group investments. BHIL
has been registered as an NBFC. It is classified as a 'Systemically Important Non-deposit taking
NBFC' as per RBI regulation.

22. 5th
April 2020 to 11th
April 2020 22
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I N V E S T M E N T
Financial Weekly
Terrific Shots - Dilip K. Shah
Disclosures as per SECURITIES AND EXCCHANGE BOARD OF INDIA (Research Analysts) Regulation, 2014; • I and / or my clients may have investment in this
stocks • I/My family have no financial interest or beneficial interest of more than 1% in the company whose stocks I am recommending • Stop loss is useful for Short
/ Medium Term investor Only • Smart Investment will not be responsible / liable for any loss arising out of investment based on tis advices • Past performance may or
may not be substainedin future "
(Dilip K. Shah)
Research Analyst
SEBI Regn No. : INH000002152
Triton Valves (Rs. 453.00) (Code: 505978) :- The company has emerged as a
market leader in manufacturing of valves for tyres and inner tubes. It also makes a wide range of
valves and components for use in engineering, hydro, aerospace, mining, defence, etc. The
company's manufacturing facility is in Mysore. For the first nine months of the year, the company
reported income of Rs. 162 crores and profit of Rs. 4.16 crores. For the whole year, its income is
estimated at Rs. 230 crores and profit of Rs. 6.75 crores. Promoter holding in the company is
50.47%, while institutional holding is 11.79%. Book value of the share is Rs. 730. The stock is
trading at a PE multiple of just 8. It can be seen crossing Rs. 550 levels in the medium to long term.
Apollo Hospitals (Rs. 1198.00) (Code: 508869) :- Shares of Chennai headquar-
tered Apollo Hospitals are listed in A Group. The shares touched a 52-week high of Rs. 1814 and
low of Rs. 1047. Promoter holding in the company is 30.8%, while FIIs hold 48.84%. Apollo Hospi-
tals runs 70 hospitals with more than 9,375 beds. It also owns more than 1,500 pharmacy stores,
besides 100 more than 100 primary care and diagnostics centres. It has also 115 tele-medicine
units in nine countries. For the first nine months of the year, Apollo Hospitals' income went up from
Rs. 7118 crores to Rs. 8324 crores, while profit shot up from Rs. 127.34 crores to Rs. 220.20
crores. It is in a business where there is no slowdown. The stock has corrected sharply in line with
overall equity markets due to Covid-19 outbreak. However, quick rebound is likely in the stock. It is
a good investment bet after the sharp correction.
BEML (Rs. 439.00) (Code: 500048) :- This PSU company makes rail coaches, spare
parts, mining equipment, and defence equipment. The A Group listed shares touched a 52-week
high of Rs. 1108 and low of Rs. 370. Promoter holding in the company is 54.03%. For December
quarter, its income declined from Rs. 921 crores to Rs. 693 crores, and profit from Rs. 46.18 crores
to Rs. 4.24 crores. For the first nine months of the year, income fell from Rs. 2108 crores to Rs.
1960 crores, while loss went up from Rs. 99.75 crores to Rs. 121.17 crores. BEML is getting good
orders from defence and mining sectors. It is also expected to bag several Metro Rail orders. Mu-
tual Funds hold 21.33% stake in the company. It has paid 25% interim dividend for FY 2020. The
downside in the stock appears limited, and quick recovery may be seen as markets improve.
Power Grid (Rs. 156.00) (Code: 532898) :- Power Grid is a Navratna company
promoted by the central government. It is the country's largest power transmission company with
1,53,635 km transmission lines, 243 sub-stations, and transmission capacity of 3,67,097 MVA.
The company has been continuously expanding its capacity. Power Grid's equity is Rs. 5232 crores
and surplus reserves of Rs. 53,857 crores. The Central government holds 54.96% stake in the
company. For December quarter, its consolidated income increased from Rs. 8736 crores to Rs.
9364 crores, and profit from Rs. 2346 crores to Rs. 2672 crores. In the last 52 weeks, the shares
touched a high of Rs. 216 and low of Rs. 130. Power Grid has paid 59.6% interim dividend for FY
2020. The stock is known as a low beta stock and can be included in the portfolio.

23. 5th
April 2020 to 11th
April 2020 23
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I N V E S T M E N T
Financial Weekly
Golden quote :-
Take care of your life and
the lord will take care of your death
Stock Wave
Sarvesh Ashok Trivedi
(Mumbai) (Mob) 09820728124
www.chartsanketstock.com
Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.
Important support for
Index at 25638 and Nifty Future at 7526
BSE Index (27590.95) :- It is moving downward from top of 41709.30. It shows oversold
position on daily, weekly and monthly basis. On upward movement, beyond 28640 it may go up to
29390 with resisting level at 29770. On the downward movement, below 27500 it may go down to
26640, 25638, 24960, 23730 and 22494.
Nifty Future (8109) :- It shows downward movement from top of 12260.40. It shows over-
sold position on daily, weekly and monthly basis. On upward movement, beyond 8137 it may go up
to 8360, 8580 with resisting level at 8750. On the downward movement, below 8045 it may go
down to 7830, 7526, 7180 and 6833.
Bank Nifty Future (17225.00):- It shows downward movement from top of 31237.70. It
shows oversold position on daily, weekly and monthly basis. On upward movement, beyond 17630
it may go up to 18115, 19160, 19560 with resisting level at 20210. On the downward movement,
below 17075 it may go down to 16020, 15825, 14615 and 13406.
ACC (962.60):- It shows downward movement from top of 1579.60. It shows oversold posi-
tion on daily, weekly and monthly basis. On upward movement, beyond 980 it may go up to 1010,
1069, 1110 with resisting level at 1115. On the downward movement, below 924 it may go down to
895 and 852.
Ambuja Cement (153.00):- It shows downward movement from top of 220.25. It shows
overbought position on daily basis, while oversold on weekly and monthly basis. On upward move-
ment, beyond 159 it may go up to 169 with resisting level at 177. On the downward movement,
below 146 it may go down to 136 leading to selling spree.
Century Textiles (286.10):- It shows downward movement from top of 656.87. It shows
overbought position on daily basis, while oversold position on weekly and monthly basis. On up-
ward movement, beyond 306 it may go up to 328, 355 with resisting level at 386. On the downward
movement, below 264 it may go down to 245 and 218.
Infosys (585.70):- It shows downward movement from top of 674.90. It shows overbought
to neutral position on daily basis, while towards oversold position on weekly and monthly basis.
On upward movement, beyond 606 it may witness resisting level at 616. On the downward move-
ment, below 582 it may go down to 565, 547, 528 and 509.
TCS (1654.20):- It shows downward movement from top of 2230. It shows towards oversold
position on daily, weekly and monthly basis. On upward movement, beyond 1734 it may witness
resisting level at 1760. On the downward movement, below 1647 it may go down to 1600, 1553
and 1506.

24. 5th
April 2020 to 11th
April 2020 24
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I N V E S T M E N T
Financial Weekly
Expert’s Eye
Dilip Davda
e-mail
dilip_davda@rediffmail.com
Cont....
Are measures falling short?
COVID19 brings 7 negative weeks in a row
Ever since COVID19 gripped the entire world, we are witnessing massacre all over the world for
the stock markets as well as the sliding economy amidst slowdown. Although so far we have not
seen any damaging impact of the Corona in India so far, the coming two weeks are considered
crucial for the major out brakes of this pandemic. Frequency of announcements from Finance Min-
ister and RBI is rising with some or the other stimulus plans and efforts of increasing liquidity in the
markets. But all these measures are falling short as the end result of the ongoing COVID19 pan-
demic still under analysis world over and uncertain at this stage. Four session week under report
finally turned the seventh negative week in a row. Positive sessions are attributed to short cover-
ings in an oversold market and are treated as intermittent pull back rallies. FIIs continued to be the
net sellers for the week. Markets ignored Crude Oil's slide to mark last 18 year's low for a while. For
a while, market men are not convinced with the action taken by the Government, FM and RBI like
lock down, stimulus, rate cut, bond buying etc. Bulls preferred to unwind their long positions on the
eve of long weekend as markets will be closed for three days.
For the week, benchmarks moved in the range of 8678.30 - 8055.80 for NSE Nifty and 29770.88
- 27500.79 for BSE Sensex.
The week ended with Loss of 576.45 points for NSE Nifty and of 2224.64 points for BSE Sensex.
Thus we marked seventh negative week in a row so far.
On Monday we witnessed gap down openings of the market following weak global trends amidst
COVID19 pandemic spreading in advanced countries with rising casualties. First session of the
week closed on a negative note. NSE Nifty lost 379.15 points to close at 8281.10 and BSE Sensex
marked deficit of 1375.27 points to end the day at 28440.32. While on international front, Rupee
weakened to mark Rs. 75.65 a dollar and Crude Oil eased to mark 23$ a barrel, on domestic front,
FIIs continued exit and fear of worsening economical balances due to Corona virus amidst ongo-
ing lock down. Due to this all out selling seen across the board and the leaders that doomed the
sentiment were from Banking, IT, Auto, Power sectors. FIIs that remained net sellers for the day
have so far sold securities worth Rs. 1 lakh crore plus till date in the month of March 2020. DIIs
During the week
ex-split : IRCON. (5 for 1) and Sadhna Nitro (5 for 1).
ex-bonus included Junction Fabrics (1 for 2).

25. 5th
April 2020 to 11th
April 2020 25
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I N V E S T M E N T
Financial Weekly
Cont....
Nifty & Sensex Movement during the last week
Nifty Open High Low Close Diff
30-Mar-20 8385.95 8576 8244 8281.1 -379.15
31-Mar-20 8529.35 8678.3 8358 8597.75 316.65
01-Apr-20 8584.1 8588.1 8198.35 8253.8 -343.95
02-Apr-20 RAM NAVAMI HOLIDAY NA
03-Apr-20 8356.55 8356.55 8055.8 8083.8 -170
Net Weekly Loss -576.45
Date Open High Low Close Diff.
30/03/2020 29,226.55 29,497.57 28,290.99 28,440.32 -1,375.27
31/03/2020 29,294.94 29,770.88 28,667.36 29,468.49 1,028.17
01/04/2020 29,505.33 29,505.98 28,073.43 28,265.31 -1,203.18
02/04/2020 RAM NAVAMI HOLIDAY NA
03/04/2020 28,623.53 28,639.12 27,500.79 27,590.95 -674.36
Net Weekly Loss -2,224.64
however were the net buyers. Small and Mid cap counters too witnessed bloodbath that turned
market breadth hugely negative.
With a gap up opening on Tuesday, indices remain in a green zone for the entire session that
ended with sizeable gains. NSE Nifty scored 316.65 points to end the day at 8597.75 and BSE
Sensex gained 1028.17 points to close at 29468.49. Markets ignored Crude Oil's slide that marked
last 18 years low as Dollar kept surging. Short coverings in oversold sectors like Banking, Auto, IT,
OMC helped markets to score. It got support from fancy Mid and Small cap counters. FIIs were the
net sellers while DIIs were the net buyers for the day. Short coverings ahead of market holiday
brought a pullback rally, opined punters.
With witnessed divergent trends for opening of markets on Wednesday that finally ended in red.
While NSE Nifty opened flat but in red lost 343.95 points to close at 8253.80 and BSE Sensex that
marked opening in green posted fall of 1203.18 points to end the day at 28265.31. Thus previous
sessions entire gains were lost in mid week session. Today was the first session of FY20-21 that
marked lackluster start. Banking sector counters lead the doom and got support from market fancy
Reliance, IT counters. Mid and Small cap counters once again came under hammering. Market
breadth was negative. FIIs were the net sellers while DIIs too turned net sellers for the day.
All markets were closed on Thursday on account of "Ram Navami".

26. 5th
April 2020 to 11th
April 2020 26
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I N V E S T M E N T
Financial Weekly
Friday marked gap up openings but after moving both sides, it finally ended in red. NSE Nifty
lost 170.00 points to end the day at 8083.80 and BSE Sensex marked deficit of 674.36 points to
close at 27590.95. Fancy counters in Pharma Sun Pharma, Cipla lead the pack of leaders while
Axis Bank, IndusInd Bank, ICICI Bank lead the pack of laggards. Poor dispatch data from Auto
sector kept pressure on scrip like Ashok Leyland, Hero Moto, Mahindra, Bajaj Auto etc. Surge in
pharma counters fell short in arresting sliding tone. However, Mid and Small cap index
outperformance the benchmarks. Market breadth was marginally positive on account of short cov-
erings by weekly traders. Market breadth was marginally negative. Both benchmarks closed below
the sentimental barriers of 8.1K and 28K respectively. FIIs were the net sellers while DIIs were the
net buyers for the day.
FIIs continued to be the net sellers for the entire week. In the midweek, Dollar marked another
historic new high of Rs. 76.5 per Dollar before settling around Rs. 75.99 by weekend. Brent Crude
too firmed up to around 30 $ a barrel by week end after touching last 18 years low of below 20$ a
barrel in mid week. Thus both these factors raised concern. Spreading of COVID-pandemic con-
tinued to damage the global sentiment and all are busy estimating the impact on the world economy
as a whole.
For the ensuing week too we have four sessions as all markets are closed on 6th April 2020
(Monday) on account of "Mahavir Jayanti". Market will eye macroeconomic, CPI, WPI and IIP data
amidst global cues with ongoing COVID19 pandemic. Markets will continue to mark highly volatile
trades as usual in a truncated week.
As the financial year reporting etc extended by three months, Q4 results will start pouring in post
second fortnight of April 2020 and thus stock specific movement will be delayed, opine seasoned
observers. Due to lock down since 22nd March 2020, final month of fourth quarter will see sliding
impact for most of the corporate and perhaps market is trying to mirror this in its current status. As
we all know currently indices are trading at a P/E of around 16.7 plus against 26.4 marked in the
month of January 2020.
Amidst such a scenario, benchmarks movement is likely in the range of 9500-7000 for NSE
Nifty and 30000-24500 for BSE Sensex for the coming week.
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer
to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for
educational and information purposes only and under no circumstances should be used for making investment
decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions,
based on information published here. Any reader taking decisions based on any information published here
does so entirely at own risk. Above information is based on the details available as on the date along with
market perceptions. Investors should bear in mind that any investments in stock markets are subject to unpre-
dictable market related risks. (THE AUTHOUR IS SEBI REGISTERED RESEARCH ANALYST)

27. 5th
April 2020 to 11th
April 2020 27
SMART
I N V E S T M E N T
Financial Weekly
Scrip Watch
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above.
The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author
may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also
is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions
undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
- Siddharth Shah
D-Mart (Rs. 2087.00) (Code : 540376) :- The stock of Avenue Supermarts, the parent
of retail grocery chain D-Mart, has been holding firm even in a turbulant market.. The stock is up 9
per cent for the year and has delivered 35.3 per cent gains for last one year.The stock is down 22
per cent from its record high of Rs 2,559. But from its August 2017 IPO price of Rs 299, the stock
has jumped 568 per cent so far, making it one of the best debutants in recent years. As many as
503 foreign investors held a total of 7.99 per cent stake in the company as of December end, data
from Marketsmojo.com showed. Mutual funds collectively held 5.16 per cent in 25 schemes. For
the quarter ended December, Avenue Supermarts reported a 53.3 per cent year-on-year rise in
standalone profit at Rs 394 crore , while revenue for the quarter rose 23.90 per cent to Rs 6,752
crore. Retail grocery stores are part of essential services and are open during the ongoing lockdown.
Analysts are still assessing if the lockdown can actually lead to a sales boost. So, it is a good buy.
Alkem Lab (Rs. 2269.00) (Code : 539523) :- With the situation on account of the
coronavirus outbreak intensifying, there has been a higher off-take of chronic set of medicines.
Also, with rising cases of cough/cold and respiratory illnesses, there is an increased requirement
of antibiotics which might benefit the companies like Alkem.With the situation in China easing to
some extent with reduced impact of COVID-19, manufacturing of KSM (key starting materials) and
intermediates has resumed and moved toward normalcy. Alkem is one of the companies with higher
exposure (two-thirds of the business) to the domestic formulation, which is a strong industry
outperformer. It has lower exposure to US generics (nearly 25 percent), which is driven by new
launches. Motilal is positive on Alkem on the back of its industry outperformance track record in
domestic formulation and better traction with minimal regulatory risk in US generics. Buy.
Torrent Pharma (Rs. 2077.00) (Code : 500420) :- Torrent Pharma stock gallopped
more than 6 per cent in an overall weak market on Friday. The stock jumped to Rs.2112 level
intraday. It is in very strong bull run even in an overall recession in the market. Torrent Pharma is
one of the few stocks which are trading above its 200-day moving average. Pharma as a sector is
expected to outperform in the current scenario. Depreciating rupee against the dollar could also
help this sector to remain strong in the coming weeks. The stock is maintaining higher tops and
higher bottoms on the monthly charts and the recent correction from the all-time high level seems
to be the opportunity to create fresh long positions in the counter. The stock tested its 200-day
moving average and bounced recently. RSI has exited the oversold zone on the daily charts. Buy.

28. 5th
April 2020 to 11th
April 2020 28
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I N V E S T M E N T
Financial Weekly
Market Tips - Het Zaveri
Disclosures : At the time of writing this article, author, his clients & dependent family members may
have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent
family members may make purchases or sale of the securities mentioned in website. Author may have
positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody.
Dr. Lalpath Lab (Rs. 1338.00) (Code : 539524) ;- Dr. Lalpath Laboratories has
consistently reported strong growth with incremental free cash flows in the normal course of busi-
ness. ICICI securities is positive on the long-term outlook of this company, considering the
company’s strong brand franchise with sustainable growth, expansion potential, healthy FCF gen-
eration and strong return ratios. Dr. Lal will outperform the industry growth and register revenue,
EBITDA and net profit growth at CAGRs of 13.4 percent, 14.8 percent and 17.7 percent, respec-
tively, over FY20-FY22E. The company is expected free cash flow generation of nearly Rs 780
crore over the next two years. RoE and RoCE would remain strong at 24.3 percent and 22.9 per-
cent, respectively, in FY22E whereas RoIC would move to 95.3 per cent. As Corona virus spread
has become rapid, more tests will be required which might benefit the company. Buy.
ICICI Bank (Rs. 286.00) (Code : 532174) :- As per Kotak, the company has seen no
major signs of stress in any other retail segment. Corporate slippages of Rs 2,470 crore (nearly 4.2
percent of corporate loans) were mainly from outside the ‘BB and below’ book (nearly 70 percent of
corporate slippages) and were largely driven by stockbroking account (fully provided during the
quarter) and a South India-based industrial account. The estimates of Kotak shows ICICI Bank's
net NPL may reduce to about 1 percent by FY22E with slippages of nearly 1.7 percent in FY21-
22E. Loan growth may improve to nearly 17 percent by FY21-22E while it expects CASA CAGR of
nearly 13 percent over FY19-22E and stable CASA ratio of nearly 46 percent. Calculated NIM may
stand at nearly 3.6 percent over FY20-22E.Kotak believes ICICI bank's RoE is well-positioned for
nearly 15 percent or even more in medium term. They have a positive value and value the bank at
Rs 615 implying 2.4 times book and 15 times December FY21 EPS. Invest.
Aurobindo Pharma (Rs. 382.00) (Code : 524804) : Aurobindo Pharma on Thurs-
day announced the termination of a $900-million buyout agreement it had entered into with Sandoz
for its US generic oral solids and dermatology businesses in September 2018. The company said
the decision was taken as approval from the US Federal Trade Commission for the transaction
was not obtained within the anticipated timeline. With the deal falling through, Aurobindo will lose
the opportunity of immediately becoming the second largest generics player in the US, though its
aim to become debt-free could be achieved quicker as the transaction was to be funded through
debt. Aurobindo had reported Rs 16,993 crore in consolidated revenues for the nine months end-
ing December 2019, about half of it generated from the US. So, its balance sheet will be very
strong after this call off. Its core business is well shaped. The stock had tubled intraday on Friday.
However, it made strong recovery afterwards. Invest.

29. 5th
April 2020 to 11th
April 2020 29
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Financial Weekly
SMART TIPS Smita N. Zaveri
SEBI Registered Research Analyst)
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
27th
March, 2020 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
ITI Limited (Rs. 60.00) (Code: 523610) :- Shares of this telecom equipment manu-
facturer are listed in A Group. The shares touched a 52-week high of Rs. 107 and low of Rs. 45.
Bangalore-headquartered ITI has been promoted by the central government. It has dedicated net-
work systems units in Delhi, Kolkata, Bhopal, Ambala and other places, and state-of-the-art manu-
facturing facilities at Bangalore, Srinagar, and Rae Bareily. The company offers equipment and
total solutions covering transmission, optical, microwave, broadband equipment, and customer
premises equipment. The central government holds 90% stake. For December quarter, ITI reported
47% growth in income at Rs. 828 crores, whereas net profit shot up by 1139% to Rs. 168.25 crores.
EBIDTA rose 305% to Rs. 215.57 crores. ITI's market cap is Rs. 9015 crores, equity Rs. 897 crores,
and debt Rs. 1,377 crores. The stock can be seen crossing the 52-week high price in the short term
and touching a new high in the medium to long term.
HSCL (Rs. 42.00) (Code: 500184) :- Shares of this specialty chemicals manufacturer
are listed in B Group, and have face value of Re. 1. The shares touched a 52-week high of Rs. 122
and low of Rs. 27.3. Promoter holding in the company is 48.92%. It reported weak performance in
the first nine months of FY 2020. Its sales declined from Rs. 1838 crores to Rs. 1441 crores, and
profit from Rs. 249.52 crores to Rs. 134.38 crores. After reporting losses for 2014, 2015, and 2016,
it turned profitable in 2017 with profit of Rs. 82.44 crores. The profit increased to Rs. 247.59 crores
in 2018 and 324.30 crores in 2019. As against equity of Rs. 41.87 crores, it has reserves of Rs.
1590 crores. Himadri Specialty is the largest producer of Coal Tar Pitch in India. It also makes
other chemicals, oil, carbon black, sulphonate, and other products. It has six plants in India and
one in China. It meets 65% demand of aluminium and graphite electro industries. The stock has
stabilized after correcting 85% from the peak. It can be a good bet for investors willing to take risks.
LT Foods (Rs. 21.00) (Code: 532783) :- Basmati exporters are in the limelight for
some time. Shares of LT Foods, which owns brands such as Daawat, Royal, Devaaya, Heritage,
etc., have face value of Re. 1. The shares touched a 52-week high of Rs. 39 and low of Rs. 13. The
company's market cap is Rs. 671.67 crores. Promoter holding in the company is 56.17%. For De-
cember 2019 quarter, LT Foods reported income of Rs. 576.23 crores and profit of Rs. 24 crores. It
had reported income of Rs. 612.84 crores and profit of Rs. 15.63 crores in the same quarter of last
year. Book value of the share is Rs. 26.31. The price to book value ratio is 0.80.
BEL (Rs. 70.00) (Code: 500049) :- Shares of A Group listed Bharat Electronics have
face value of Re. 1. The shares touched a 52-week high of Rs. 122 and low of Rs. 56. Promoter
central government holds 55.27% stake in the company. The company's market cap is Rs. 17,056
crores. The company had paid 340% dividend last year, and the dividend yield works out at nearly
5%. The debt-free company's equity is Rs. 243.66 crores while it has reserves of Rs. 8,775 crores.
Established by the central government, BEL is one of the Navratna companies, and has presence
in defence space. It operates in homeland security, smart city, solar energy, cyber security, and
other areas. It also makes Electronic Voting Machines. The company's total order book is to the
tune of Rs. 56,000 crores, which is five times the annual income. BEL is expected to gain from the
government's focus on Make in India and the defence sector. The stock is trading near the 52-week
lows, and can be seen touching Rs. 100 in the next 3-4 quarters.

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Financial Weekly
Smart super duper - Het Zaveri
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above.
The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author
may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also
is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions
undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
India Glycol (Rs.230.00) (Code:500201) :- Set up in 1983, the company is a
diversified company with operations in chemicals, industrial gas, bio pharma, natural gum
and spirit segments. As against equity of Rs30.96 crore, the company has reserves of
Rs931.67 crore. The company witnessed huge losses from 2014 to 2017 but witnessed
turnaround in 2018 with profit of Rs96.53 crore. In the first nine months of 2020, the company's
sales increased from Rs2481.03 crore to Rs2578.67 crore, while profit decreased from
Rs105.89 crore to Rs96.76 crore. The stock may witness bullish trend from current price
after witnessing covering at lower level. It paid 60% dividend for 2019. It can be considered
for investment in phased manner. The company may be benefitted because of production of
sanitizers.
Nippon Life India Asset (Rs. 251.00) (Code: 540767) :- Earlier the company
was operated by Reliance ADAG Group in collaboration with Japan's Nippon Life but now it
has been taken over by the later. It had come up with IPO at Rs252 and investors could get
listing gain. However, in tandem with fall in the Reliance ADAG group, the stock price also
came down but with exit of Reliance Capital the stock prices have tripled. It has become the
first Asset Management Company to get listed on the stock exchange. Mutual Fund busi-
ness has grown many folds in India due to lower interest rates and demonetization. In the
first nine months of FY2020, the company has witnessed profit of Rs411.53 crore on income
of Rs928.48 crore with EPS of Rs6.72. The mutual funds have not witnessed redemption
pressure which shows maturity of people. With market becoming stable, the stock may
witness growth.
GM Breweries (Rs. 312.00) (Code: 507488) :- Incubated in 1981, GM Breweries
produces country liquor and Indian Made Foreign Liquor. It has its plant near Virar in Mumbai.
As against equity of Rs18.29 crore, the company has reserves of Rs348.53 crore. The
promoters hold 74.43%, FII hold 1.45% , renowned investor Mukul Agrawal hold 1.46 % and
public hold 22.86% stake in the company. In December quarter, the company's income
decreased from Rs124.55 crore to Rs119.62 crore, while profit decreased from 16.71 crore
to Rs. 13.98 crore. In last four years, the company has witnessed profit of Rs18.63 crore,
58.31 crore, 43.92 crore and 72.90 crore. The company's fundamentals are strong but the
stock has been moved to ASM Group. Therefore, it can be considered for small investment.
KRBL (Rs. 157.00) (Code: 530813) :- The company produces Basmati Rice and
markets it under different brand names like India Gate, Doon, Noorjahan, Indian Farm, Bemisal,
Aarti, Unity, Lotus, TajMahalTila, ShubhMangal, Neckless, Lion and other brands. The pro-
moters hold 59.13% and public hold 40.87% stake. It exports rice in a huge quantity. In the
first nine months of FY2020, the company's income increased from Rs2924.08 crore to
Rs3436.52 crore, while profit increased from Rs.364.49 crore to Rs. 408.51 crore with EPS
of Rs17.35. It paid 250% dividend for FY2019, while 280% interim dividend for FY2020. The
company may not be affected due to CORONA as it produces essential products. The down-
side seems limited in the stock. As the market sentiments improve, the stock may witness
good growth.

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Financial Weekly
Investment Ideas telegram.me/rupeegains7
NIFTY :- For next week NIFTY has strong support around 7850 levels. Break will take it to
7715-7510 levels. On the upper side NIFTY will face strong hurdle at 8355 levels, cross over with
volume and close above will create short covering at take NIFTY up to 8590-8680 levels…
BANK NIFTY :- For next week BANK NIFTY has strong support around 16700 levels.
Break will take it to 16100-15500 levels. On the upper side BANK NIFTY will face strong hurdle at
18000 levels, cross over with volume and close above will create short covering at take BANK
NIFTY up to 18635-19155-19700 levels…
INVESTMENT IDEAS…
CADILA HEALTHCARE LTD
(532321 & NSE) (275) (Face Value Re.1)
Cadila Healthcare Ltd. is one of the leading, innovation driven pharmaceutical companies
in India with presence across the pharmaceutical value chain of innovation (research &
development), manufacturing, marketing and selling of finished dosage human formulations
(generics, branded generics and specialty formulations, including biosimilars and vaccines),
active pharmaceutical ingredients ("APIs"), animal healthcare products and consumer wellness
products. The Company's initiatives in the areas of research and development span across
the pharmaceuticals value chain, including New Chemical Entities ("NCE"), biologics, vac-
cines, specialty and complex generic formulations and API process development. The Com-
pany has a global presence and sells its products in the United States, India, Europe and
emerging markets including countries in Latin America, Asia Pacific region and Africa.
CADILAHC has an equity capital of Rs.102.4 crore supported by reserves of Rs.10196.5
crore. The promoters hold 74.88% of the equity capital, Mutual Funds hold 7.11%, FPIs &
AIF hold 4.63% and insurance companies hold 4.83% which leaves 8.55% stake with the
investing public.
For 9MFY20, it posted lower PAT of Rs.790.70 crore on higher income of Rs.10184.9
crore and an EPS of Rs.7.67. At the current level, the stock is trading at a P/E multiple of 23x
on its TTM EPS. It has paid 350% dividend for FY19 & paid 350% interim dividend for FY20.
Everyone, whose financial advisor is allowing to trade in this stock for medium to long term
can watch with stop loss of 195. One can buy in 4-5 parts between Rs.275-225.
Disclosures: At the time of writing this article, author, his clients & dependent family members may have
positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family
members may make purchases or sale of the securities mentioned in website. Author may have positions in
above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable & authenticated
sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Inves-
tors should take their own decisions. We assume no responsibility for any transactions undertaken by them.
The author won't be liable or responsible for any legal or financial losses made by anybody.

32. 5th
April 2020 to 11th
April 2020 32
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I N V E S T M E N T
Financial Weekly
We are entering into recession period globally and the exception is likely to be India and
China with ~2% GDP growth in 2020 which is way below ~5 - 8% in the past several years.
For the benefit of all, I am sharing my perspective on such scenario on few aspects as below:
What will change during the slow down:
1. Spend on luxury will come down drastically
2. Long-term / Capital expenditure such as construction, technology will be almost cut to nil
3. Lifestyle expenditure such as salary, rent, infrastructure, entertainment will be minimised
4. Working capital will be under tremendous pressure. Businesses will go out of business es-
pecially those who are riding on borrowed working capital
5. New innovative business models will evolve
What will NOT change during the slow down:
1. People consumption on essentials will continue
2. Rise in Investment on ideas / technology solutions that will improve efficiency
3. Short-term trading businesses with healthy cash flow practices will thrive
4. Rise in investment on spiritual / self-learning practices
5. Value for money products / services will shine
What you should do as an individual:
1. Hold back any luxury / high risk investments where visibility of returns is difficult to predict
2. Minimise expenditure on the routine stuff - keep a watch on your lifestyle spend - ask the
question, is it really necessary!
3. Develop yourself on improving competency and developing skills to become more sharper
and efficient
4. Share the financial situation with your family members and educate them on the family finan-
cial position and the plans to improve
5. Invest - yes invest on the right things. History repeats. Take risks based on thorough re-
search. This is not the time to follow tips.
What you should do as an Entrepreneur:
1. Take care of your employees - communicate more than ever. Be reasonable and transparent
with them
2. Use the slow down to improve your processes / people
3. Invest in technology / systems that will accelerate your reach in adding value to your custom-
ers
4. Be frugal in working capital decisions and operating expenditure
5. Capital expenditure to be on hold unless there is clear visibility on the associated returns
Let us get smarter by helping ourselves and economy to bounce back stronger. We can
discuss / interact / improve upon on any of the aspects. I would be Happy to receive your
thoughts / suggestions / ideas.

33. 5th
April 2020 to 11th
April 2020 33
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Financial Weekly
But, Do you think Is it permanent ?
Answer is “NO”
Then exploring new
investment idea with us
Join our FREE telegram channel
http://t.me/equity99
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34. 5th
April 2020 to 11th
April 2020 34
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Financial Weekly
Primary Market - Dilip K. Shah
Cont...
In the FY 2019-20, with Nifty crumbling 28.8% and
Sensex pluming 26.5% the investors' money has eroded by 37.6 lakh crore
Out of 13 IPOs that entered in the primary market 7 IPOs (74%) and
6 IPOs (36%) have given negative returns
In absence of new IPO, the primary market will witness vacation in May-June
LaxmiGoldorna House's extendedNSE SME IPOgot1.21 times subscription
DJMediaprint's BSE SME IPOgot1.83 times subscription
TwoNCDs issues got average response:
Sakhti Fin got 0.41 times and Kosmattam got 0.30 times subscription
Cospower Engg's IPO with fixed price of Rs51 got listed at-par but went up by 15% after listing
ESAF Small Fin Bank's Rs800 crore IPO got SEBI approval
ABB Power Grid Business will get its Indian Arm Power Products and Systems listed
Subscription Figures of SME IPO (Dt. 3-4-2020)
IPO Listing Day Subscribed
DJ Mediaprint BSE SME Issue Closed on 31-3-2020 1.83x
Laxmi Goldorna NSE SME Issue Closed on 3-4-2020 1.21x
Nirmitee Robotics BSE SME 3rd Day Subscribed 0.31x
Tentative Dates SME IPO’s
DJ Media Nirmitee
BSE SME BSE SME
Issue Closes 31-3-20 9-4-20
Finalization of Basis of Allotment 7-4-20 16-4-20
Initiation of Refund 8-4-20 17-4-20
Credit of Equity Shares 9-4-20 20-4-20
Listing 13-4-20 21-4-20
Listing Informationof
Cospower Engineering
BSE SME Code 543172
Listing Date 30-3-2020
Offer Price Rs. 51.00
Listing Price Rs. 51.00
Listing Day High Rs. 53.10
Listing Day Low Rs. 51.00
Listing Day Close Rs. 53.10
CMP (27-3-2020) Rs. 59.00
BSE SME IPO
Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Nirmitee 31-3-2020 1,75,200 Eq. 185 600 Eq. Shares Aryaman
Robotics 9-4-2020 (Rs. 3.24 Cr.) (Rs. 1,11,000) Financial
29%
AVOID
Amid the CORONA scare the economic activities have shrunk which has resulted into
erosion of Rs37.6 lakh crore in the investors' wealth. During the last financial year, the Nifty
has crumbled by 28.8% and Sensex has gone down by 26.5%. During the last financial year,
Index witnessed the poor performance. However, during the economic crisis in 2009 Sensex
had crumbled by 37.9% and Nifty went down by 36.2%.
The global markets had gone upside down as the economic activities had been stalled.
The March was the worst month of all. In March, Nifty had crumbled by 32%, CAC went
down by 31%, DAX gone down by 29%, FTSE went down by 28%,
Down Jones went down by 27%, NASDAQ and Hang Seng went
down by 18%. By end of the week on Friday, Nifty went down by
170 points to close at 8030 and Sensex went down by 675 points to
close at 27600.
Due to COVID-19, the economic crisis has deepened in around
200 countries to the extent that nobody can be certain that when
the economic stability will return to the market. At the beginning of
the financial year, it was expected that FY2019-20 will be golden

35. 5th
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Sr Company Issue Open Bond size F.Value Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
Sakthi 13-3-2020 Base : Rs. 100 Cr. 1,000/- 10 NCDs BSE BBB/Stable
1. Finance 9-4-2020 Oversubscription up to. (Rs.10,000) by
Limited Rs. 100 Cr. Lead manager : Dalmia Sec. ICRA
(Total : 200 Cr.) Registrar : S.K.D.C. Consultants
Kosamattam 19-3-2020 Base : Rs. 150 Cr. 1,000/- 10 NCDs BSE BBB/Stable
2. Finance 15-4-2020 Oversubscription up to. (Rs.10,000) by
Limited Rs. 150 Cr. Lead manager : Karvy, SMC Cap. IND
(Total : 300 Cr.) Registrar : KFin Technologies
Non Convertible Debenture (NCD) Issues at a Glance
AVOID
AVOID
Subscription figure of
Sakhti Finance Limited
Category No. of Bond Issue
Offered/ Subscribed
Reserved 3-4-2020
Cat. 1 QIB 50,000 0.00x
Cat. 2 NII 50,000 3.01x
Cat. 3 HNI 9,00,000 0.28x
Total 10,00,000 0.41x
Subscription figure of
Kosamattam Finance
Category No. of Bond Issue
Offered/ Subscribed
Reserved 3-4-2020
Cat. 1 QIB 1,50,000 0.07x
Cat. 2 NII 1,50,000 0.01x
Cat. 3 HNI 4,50,000 0.15x
Cat. 4 Retail 7,50,000 0.51x
Total 15,00,000 0.30x
year for the primary market. However, the situation has become worst and hardly any com-
pany will think of entering the market with IPO in May and June. In short, IPOs worth
Rs40,000 crore have been put on hold and market may witness vacation for couple of more
months.
* Statement of FY2019-20 :- It should be noted that IPOs that started from April 1,2019 at
slower rate were given positive returns till Januarly 2020. These IPOs included IRCTC with
500%, Affle India with 208%, IndiaMart with 194%, Metropolis 140% returns.
During the year 13 IPOs entered into the market. Except for Sterling & Wilson 12 IPOs
were best in giving returns at time of listing. However, at the end of the year Seven IPOs
gave average 74% positive returns and six IPOs gave average 150% negative returns.
IRCTC gave 128% return at time of listing and went up to Rs1995 giving 545% returns.
COVID-19 has taken toll on the global markets which have witnessed dip up to 40%.
FY2018-19 witnessed 15 IPOs worth Rs19564.17 crore, of which six are giving positive
and nine are giving negative returns.
* This week's IPOs:-
• Laxmi Goldorna House :- Ahmedabad-based NSE SME IPO with fixed price of Rs15
was extended till April 3, 2020. Rs8.28 crore IPO witnessed 1.21 times subscription and
close on April 3, 2020.
• DJ Mediaprint & Logistics :- The BSE SME IPO of
Rs2.44 crore with fixed price of Rs20 opened on March 26
and closed on March 31 with 1.83 times subscription. The
issue may get listed with premiums on April 13.
• Nirmitee Robotics :- Rs3.24 crore IPO with fixed price
of Rs185 opened on march 31 has got 0.31 times subscrip-
tion till now. It will close on April 9, 2020.
• Cospower Engineering listing (543172) :- The issue
with fixed price of Rs51 got listed on March 30 on BSE SME
at Rs51 and closed at Rs53.10 on listing day. On April 3, it
closed at Rs59.
* This week's NCDs issues:-
• Sakthi Finance : The issue with base price of Rs100
crore and shelf limit of Rs200 crore has got 0.41 times
subscription till now. There is hardly any possibility of the
issue getting successful in raising the desired target.

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• Kosmattam Finance :- The issue with base price of Rs250 crore and shelf limit of
Rs300 crore has got 0.30 times subscription. The issue will close on April 15.
* Insight into upcoming issues:-
• ESAF Small Finance Bank :- Rs976 crore IPO has got SEBI approval. It involves Rs800
crore fresh equity and OFS of Rs176.2 crore. The company has raised Rs300 crore through
pre-IPO placement. Lead managers are Axis Capital, Edelweiss Finance, ICICI Securities
and IIFL Securities.
• ABB Powergrid Business :- It plans to get its Indian arm Power Products and Systems
India ltd on BSE and NSE. It should be noted that ABB India has demerged from December 1,
2019 and it has become Standalone Legal Entity.
***

37. 5th
April 2020 to 11th
April 2020 37
SMART
I N V E S T M E N T
Financial Weekly
FY 2019 - 2020
Profit and Loss Account of Main LIne IPOs
TOP Gainers Main Line
Co.Name Change (%)
IRCTC 238.44
IndaMARTInterMESH 106.68
Neogen Chemicals 64.65
Metropolis Healthcare 39.77
Polycab India 36.99
IPOs
TOP Losers Main Line
Co.Name Change (%)
Sterlingand Wilson -89.23
Prince Pipes & Fittings -43.82
CSB Bank -43.41
Ujjivan Small Finance -30.95
SpandanaSphoorty -29.95
IPOs
Trade with Negative 7
Trade with Positive 8
Withdrawal 3
T
otal Main Line IPO 18
Co. Name BSE Code Listing Offer Listing CMP Ch. (%)
Date Price Price 3-4-20 Against Off.
Antony Waste Handling Withdrawal 300
SBI Cards & Payment 543066 16-03-20 755 658 590 -21.85
ITI Withdrawal 77
Prince Pipes & Fittings 542907 30-12-19 178 160 100 -43.82
Ujjivan Small Finance 542904 12-12-19 37 58 25.55 -30.95
CSB Bank 542867 04-12-19 195 275 110.35 -43.41
Vishwaraj Sugar 542852 16-10-19 60 61.2 65 8.33
IRCTC 542830 14-10-19 320 644 1083 238.44
Sterling and Wilson 542760 20-08-19 780 700 84 -89.23
Spandana Sphoorty 542759 19-08-19 856 824 599.6 -29.95
Affle (India) Limited 542752 08-08-19 745 929.9 979 31.41
K.P.R. Agrochem Withdrawal 61
IndaMART InterMESH 542726 04-07-19 973 1180 2011 106.68
Neogen Chemicals 542665 08-05-19 215 251 354 64.65
Polycab India 542652 16-04-19 538 633 737 36.99
Metropolis Healthcare 542650 15-04-19 880 960 1230 39.77
Rail Vikas Nigam Ltd. 542649 11-04-19 19 19 15.35 -19.21
Embassy Office Park 542602 01-04-19 300 300 321.4 7.13

38. 5th
April 2020 to 11th
April 2020 38
SMART
I N V E S T M E N T
Financial Weekly
FY 2019 - 2020
Profit and Loss Account of BSE SME IPOs
Trade with Negative 18
Trade with Positive 17
ATP
AR 2
Withdrawal 1
ListingAwiating 2
T
otal BSESMEIPO 40
TOP Losers BSE SME
Co. Name Change (%)
Suich Industries -89.60
Jinaams Dress Ltd. -87.17
Cian Healthcare -75.41
Novateor Resarch -65.71
Meera Industries -52.43
IPOs
Co. Name Change (%)
Evans Electric 284.62
Misquita Engineering 140.74
Parshva Enterprise 126.67
Artemis Electricals 118.33
White Organics 70.63
IPOs
TOP Gainers BSE SME
Co. Name BSE Code Listing Offer Listing CMP Ch. (%)
Date Price Price 3-4-20 AgainstOff.
Nirmitee Robotics 185 Awaiting
DJ Mediarpint & Logistics 20 Awaiting
Cospower Engineering 543172 30-03-20 51 51 59 15.69
RO Jewels Ltd. 543171 25-03-20 36 36 35.9 -0.28
SMAuto Stamping 543065 16-03-20 18 18 18 0.00
Chandra Bhagat Pharma 542934 14-02-20 51 51.7 40 -21.57
ICL Organic Dairy Products 542935 17-02-20 20 20.8 13.25 -33.75
Janus Corporation 542924 07-02-20 50 50.7 53 6.00
Tranway Techno 542923 06-02-20 10 11 10.26 2.60
Gian Life Care 542918 13-01-20 22 22 13.2 -40.00
Valencia Nutrition 542910 06-01-20 46 46.45 46 0.00
Anuroop Packaging Ltd. 542865 21-11-19 13 13.25 9.7 -25.38
Tutorials Point Withdrawal 64
Gensol Engineering 542851 15-10-19 83 85.4 84.15 1.39
Goblin India 542850 15-10-19 52 55 50 -3.85
Galactico Corporate 542802 09-10-19 23 23.2 22.8 -0.87
Misquita Engineering 542801 04-10-19 27 27.85 65 140.74
Novateor Resarch 542771 13-09-19 24 24 8.23 -65.71
Transpact Enterprise 542765 05-09-19 130 132.5 135 3.85
Alphalogic Techsys 542770 05-09-19 84 83 85 1.19
SK International 542728 15-07-19 20 19.2 10.8 -46.00
City Pulse Multiplex 542727 11-07-19 30 28.5 22.75 -24.17
SBC Export 542725 04-07-19 22 22 25.2 14.55
Earum Pharmaceuticals 542724 04-07-19 36 36 47.55 32.08
Parshva Enterprise 542694 01-07-19 45 45.85 102 126.67
Anand Rayons 542721 02-07-19 27 28.25 32 18.52
Meera Industries 540519 26-06-19 93.75 222.5 44.6 -52.43
Suich Industries 542683 13-06-19 75 68.5 7.8 -89.60
Cian Healthcare 542678 23-05-19 61 62 15 -75.41
Evans Electric 542668 13-05-19 52 52.2 200 284.62
White Organics 542667 10-05-19 63 64.2 107.5 70.63
Artemis Electricals 542670 14-05-19 60 70 131 118.33
G.K.P. Printing & Packaging 542666 08-05-19 32 34.2 28.8 -10.00
V R Films & Studio 542654 30-04-19 61 62 80 31.15

39. 5th
April 2020 to 11th
April 2020 39
SMART
I N V E S T M E N T
Financial Weekly
FY 2019 - 2020
Profit and Loss Account of NSE SME IPOs
Co. Name Listing Offer Listing CMP % Ch.
Date Price Price Against
3-4-20 Offer
Laxmi Goldorna House 39 Awaiting
Madhav Copper 07-02-20 102 102 67 -34.31
HindPrakash Industries 27-01-20 40 40.7 40.9 2.25
Vaxtex Cotfab 13-01-20 24 24.1 20 -16.67
DC Infotech & Communication 27-12-19 45 45.5 39 -13.33
Ascom Leasing 06-12-19 30 30.25 34.75 15.83
Mangalm Global Enterprise 28-11-19 51 51.5 53 3.92
Sona Hi Sona 15-10-19 10 11.15 13.5 35.00
Shiv Aum Steels 01-10-19 44 44.25 45 2.27
Salasar Exteriors 12-09-19 36 36 37 2.78
Wonder Fibromats Ltd. 06-08-19 89 93 71.25 -19.94
A B Infrabuild 12-07-19 29 29 9.05 -68.79
Alumilite Architecturals Withdrawal 30
Sudarshan Pharma Withdrawal 75
Par Drugs & Chemicals 16-05-19 51 52.9 30.5 -40.20
Osia Hyper Retail 05-04-19 252 255 268 6.35
Artedz Fabs. 29-03-19 36 40 18.7 -48.06
Trade with Negative 7
Trade with Positive 7
Withdrawal 2
ListingAwaiting 1
T
otal NSESMEIPO 17
TOP Losers NSE SME
Co. Name Change (%)
A B Infrabuild -68.79
Artedz Fabs. -48.06
Par Drugs & Chemicals -40.20
Madhav Copper -34.31
Wonder Fibromats -19.94
IPOs
Co. Name Change (%)
Sona Hi Sona 35.00
Ascom Leasing 15.83
Osia Hyper Retail 6.35
Mangalm Global 3.92
Salasar Exteriors 2.78
IPOs
TOP Gainers NSE SME

40. 5th
April 2020 to 11th
April 2020 40
SMART
I N V E S T M E N T
Financial Weekly
Smart Best Buy S. N. Zaveri
Cont...
Pidilite : Steep fall in crude oil price a boon
HUL makes new 52-week high in weak market
Asian Paints : Strong moat, huge distribution network
Colgate Palmolive : Continuous investment in brand
Blackstone invests more in Mphasis : Buy
Pidilite Industries (Rs. 1216.40) (Code : 500331) :- Crude Oil price has dropped
more than 50 per cent in last one and half month which is a boon for the companies like Pidilite.
Crude is its main raw material. So, the sharp cut in price of this raw material will help increase its
profitabiliy and margin. Pidilite Industries is a leading manufacturer of adhesives and sealants,
construction chemicals, craftsmen products, DIY (do-it-yourself) products and polymer emulsions
in India. Buy and stick to it like Fevicol.Pidilite has reported strong Q3 numbers. It reported a 53.8%
jump in net profit to Rs 341.78 crore in Q3 December 2019. Consolidated net sales inched up
4.3%. EBITDA before non-operating income stood at Rs 464 crore, a growth of 36%. On a standalone
basis, net profit jumped 47% to Rs 330.39 crore. Net sales stood at Rs 1,663.44 crore, rising by
4.64% over the same quarter last year. Ebitda margin expanded more than five percentage points
to 24%.Pidilite’s focus is on “stimulating" volume growth. It is stepping up spends on advertising
and brand promotions, and is trying to expand its customer base (rural areas). The stock has cor-
rected almost 6 per cent on Friday. It is good time to enter into this counter.
HUL (Rs. 2153.00) (Code : 500696) :- HUL stock has been on strong upmove. The
stock made new 52-week high on 1st April last week even in an overall weak market. There has
been strong demand at every new peak in this counter. FMCG major Hindustan Unilever (HUL) is
now readying a blueprint that it will see it enhance its presence within pharmacies through a com-
bination of acquired, distributed and in-house brands. Last week, the company announced that it
would buy VWash, an intimate hygiene brand from Glenmark Pharmaceuticals. While the market
size of intimate hygiene is just Rs 50 crore, owing to the niche and urban presence of the category,
VWash gives HUL a crucial gateway into the pharmacy channel. Along with brands Horlicks, Boost
and Lifebuoy as well as GlaxoSmithKline's (GSK’s) Sensodyne and Crocin, whose distribution
HUL will now undertake, the company gets a sizeable portfolio, said analysts, to negotiate with
pharmacies. The pharmacy trade channel is a key segment where HUL has to give push. VWash
also fills “white spaces” within HUL’s beauty and personal care portfolio. Buy HUL.
Asian Paints (Rs. 1521.00) (Code : 500820) :- Asian Paints will be one of the
biggest beneficary of steep fall in crude oil price. Once the lockdown is over, lower input costs amid
the sharp correction in the crude oil price should help paint players focus on their top line growth,
without hurting profitability. Asian Paints has all the big moat like huge distribution network, strong
inventory management, etc, to sail through this tough time. Paint demand is expected to recover
from Diwali, while some experts believe demand will see faster growth from December 2020. Be-
sides, entry into the high-potential waterproofing segment/products should help Asian Paints ex-
pand its market. According to a Bloomberg poll, 21 of the 37 analysts have a ‘buy’ rating. After the
recent correction. Buy.

41. 5th
April 2020 to 11th
April 2020 41
SMART
I N V E S T M E N T
Financial Weekly
Colgate (Rs. 1249.00) (Code : 500830) :- Kotak highlighted that selective price
hikes and favorable RM environment cushioned the impact of continued aggression on promo-
tions. It is encouraging to note that Colgate has continued its brand investment in Q3FY120 where
several of its peers pulled back sharply. Colgate Palmolive had reported a 3.6 percent jump in its
third quarter net profit at Rs 199.1 crore versus Rs 192.1 crore in the same quarter last fiscal. The
company’s revenue rose 5.9 percent at Rs 1,147 crore against Rs 1,083.7 crore, YoY. EBITDA
were up 5.8 percent at Rs 316 crore against Rs 314.5 crore and margin was down at 27.5 percent
versus 28.6 percent, YoY. The company reported a net sales growth of 4.1% despite category
headwinds in both rural and urban. The relaunch of its flagship brand, Colgate Strong Teeth has
helped gain household penetration and its new Charcoal variant has seeing early traction. Buy.
Mphasis (Rs. 672.00) (Code : 526299) :- Private equity giant Blackstone Group is
consolidating its position in IT services firm MPhasis Ltd by acquiring additional stake, taking ad-
vantage of the fall in share price. Blackstone has acquired 4.01% stake in Mphasis for about Rs
525 crore ($69 million) after its share price fell more than one-third from its year-high in mid-March
in a widespread market sell off because of Covid-19. The New York-based alternate asset man-
ager acquired about 7.48 million shares through its unit Marble II Pte during March 17-20. Shares
were acquired at an average price of Rs 696. With this, Blackstone’s holding in the company rose
to 56.21% from 52.20%. In 2016, Blackstone had acquired 60.5% stake in Mphasis Ltd from Hewlett
Packard Enterprise for $1 billion, in the largest acquisition by Blackstone in India. Blackstone had
paid a purchase price of Rs 430 per share to HPE. Later in 2018, Blackstone had sold a total of 8%
stake in Mphasis at an average price of Rs 926 and reduced their stake to 52% in the company.
Now, again, the stock looks valued. So, they have bought again. Buy.
(SEBI Registered Research Analyst)
* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
3rd
April, 2020 unless specified o Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions o All disputes are subject to Ahmedabad jurisdictioner
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42. 5th
April 2020 to 11th
April 2020 42
SMART
I N V E S T M E N T
Financial Weekly
Dalal Street Whispers DilipK. Shah
Cont.....
Yes Bank (Rs. 24.10) (Code: 532648) :- The shares of this private sector bank
had shot up sharply by 10% after raising Rs. 3,500 crores from a clutch of government
banks. The company's Board has decided to raise a further Rs. 5,000 crores.
ITC (Rs. 177.00) (Code: 500875) :- ITC shares rose by 10% after the company
denied reports of taking over Sunrise Foods. Moreover, ITC has tied up with Jubilant Foodworks
to deliver food items via the Domino's app.
Cipla (Rs. 449.00) (Code: 500087) :- The company has announced successful
completion of Phase 3 clinical study of its asthma drug.
Lupin (Rs. 654.00) (Code: 500257) :- This pharma major's Aurangabad facility has
received approval from the USFDA.
Biocon (Rs. 290.00) (Code: 532523) :- There is current in the share after the
company announced that its Malaysia facility has received the EIR.
Cyient (Rs. 225.00) (Code: 532175) :- The Mysore facility of tech major Cyient
has received the clearance to run med-tech manufacturing lines to support production of
medical equipment that is critical in the fight against Covid-19.
Bharti Airtel (Rs. 423.00) (Code: 532454) :- Brokerage house Motilal Oswal has
a 'Buy' rating on the share of this telecom major with a target price of Rs. 620, an upside of
over 44% over the current price.
Adani Enter. (Rs. 129.00) (Code: 512599) :- This Adani Group company has won
a hybrid road project in Madhya Pradesh from NHAI.
Delta Corp (Rs. 72.00) (Code: 532848) :- Radhakishan Damani has acquired
15.50 lakh more shares at an average price of Rs. 65.25 to increase his stake in the com-
pany.
GE Power (Rs. 457.00) (Code: 532309) :- The company has received a Rs. 690
crore order from NTPC to supply FGD systems.
Cadila Healthcare (Rs. 275.00) (Code: 532321) :- The use of anti-malarial
drugs for treatment of Covid-19 is seen benefiting companies such as Cadila and Ipca Labs.
Dabur India (Rs. 428.00) (Code: 500096) :- The demand for Chyavanprash, as an
immunity builder, has gone up in the wake of Coronavirus outbreak. The share has corrected
sharply, but it can recover quickly.
Hero Moto (Rs. 1583.00) (Code: 500182) :- The share corrected sharply due to
uncertain markets, and high inventory of BS-IV vehicles. However, a potential rebound in
demand, once the ongoing lockdown ends, and its attractive valuations, make the share a
good bet.
Edelweiss (Rs. 42.00) (Code: 532922) :- The share is hitting the upper circuit on
the back of strong buying by the promoters. Promoter Rashesh Shah hiked his stake from
15.55% to 15.58% by acquiring 1.15 crore shares at an average of Rs. 38.38. Another