Author: Sovrenn Financial Technologies Pvt. Ltd.

11th Jul 2024

Aditya Joshi, Co-founder and CEO

Akriti Swaroop, Co-founder and COO

SOVRENN TIMES

DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
 11th Jul 2024
IMPORTANT: How to use Sovrenn Times

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SOVRENN FRAMEWORK

Please look at the following parameters to assess any company for investment:

(1) Company type: Evergreen or Seasonal sector is preferable over Cyclical. This is because it is difficult
to predict upswing in Cyclical stocks.

(2) Profit uptrend: The revenue, operating profit and net profit should ideally be following an increasing
trajectory and company must not be loss making.

(3) PE: TTM PE or Trailing 12m Price to Earnings ratio should ideally be on the lower side of the sector
PE range, unless the growth prospects are compelling to justify a higher PE.

(4) Futuristic Sector: A futuristic sector (eg: Solar, Wind EV, Railways, Defence, 5G, Electrification, New
Age IT, etc.) enjoys sector tailwinds and usually has higher growth potential.

(5) HNI / Institutional / Promoter Buying: If a known HNI enters the Company by picking equity stake in
it, it can add to one’s conviction building. Similarly, promoters buying their company’s shares is
generally a positive signal of them demonstrating confidence in their business.

(6) Special Situation: If a company is raising funds through preferential issuance of shares to a select
group of investors, or through Rights issuance where all the current shareholders have the right to
buy additional shares in the company, it signals incoming cash into the company. This cash is
generally used for future growth and hence signals increased possibility of higher future profits.

(7) Future Information: If we have information about future growth drivers of a company, it can help build
conviction before making investment decisions. Examples of such events include: (a) capacity
expansion which indicates future increase in sales, (b) new product launches, (c) large orders, (d)
partnerships and agreements, (e) acquisitions, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 2

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Sovrenn Times Summary

1. DHRUV CONSULTANCY SERVICES LIMITED

Filing: (ORDER) Dhruv Consultancy in association with Infinite Civil Solutions Pvt. Ltd has received the
LOA worth INR 5.7 Cr towards the Consultancy Services in form of providing Independent Engineer
Services for Construction of Four Lane High Speed corridor of Vataman to Pipali section from Design Km
69+700 to Design Km 93+811 (Total Length: 24.111 Km) of SH 6 in the State of Gujarat on Hybrid Annuity
Mode (HAM) from the office of Managing Director, Gujarat State Road Development Corporation Limited,
Gandhinagar, to be executed over 48 months.
MCap: INR 196 Cr PE: 33.2x
Number of LinkedIn Employees: 290 Members
GSTR3B: Last filed May ‘24.
Clients: NHAI, Ministry of Road Transport and Highway.

2. SATIN CREDITCARE NETWORK LIMITED

Filing: (BUSINESS UPDATE) Satin Creditcare Network has successfully raised 15 Mn Euros in External
Commercial Borrowing (ECB). The funding was secured from OeEB – Oesterreichische
Entwicklungsbank AG – the Development Bank of Austria. The ECB has a tenure of five years, during
which the funds raised will be strategically utilized to expand SCNL’s business operations and enhance
micro-credit access for its customers. These efforts will be facilitated through the Company's Income
Generating Loan (IGL) and WASH Loan programs, both tailored to support and empower rural women
entrepreneurs. Furthermore, this initiative aims to foster economic growth and elevate living standards in
underserved communities.
MCap: INR 2,348 Cr PE: 5.4x
Number of LinkedIn Employees: 2,958 Members.
GSTR3B: Last Filed May ‘24.
Partners: Karnataka Bank.
Scheme Beneficiary: Assam Microfinance Incentive and Relief Scheme (Govt. of Assam).
Renowned FII: Society Générale.
Renowned DII: ICICI Prudential Life Insurance, IndusInd Bank, IDFC First Bank.

3. HPL ELECTRIC & POWER LIMITED

Filing: (ORDER) HPL Electric & Power has received Work Orders/Letter of Award of INR 2,101 Cr from
regular leading Customers for the supply of smart meters in the normal course of business.
MCap: INR 3,620 Cr PE: 83.1x
Number of LinkedIn Employees: 1,293 Members
GSTR3B: Last filed May’24.
Partners: West Bengal State Electricity Distribution Company Limited.

4. SWAN ENERGY LIMITED

Filing: (BULK DEAL) Blackrock Emerging Frontier Master Fund, Blackrock Strategic Fund and Blackrock
Global India Fund bought 45.6L shares of Swan Energy at INR 668/share aggregating to INR 304 Cr.
MCap: INR 22,953 Cr PE: 76.2x
Number of LinkedIn Employees: 170 Members
GSTR3B: Last filed May’24.
Partners: ONGC, Indian Navy, Cost Guard.

This page is created for information purpose. It is not a BUY/SELL recommendation. 3

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
5. MOS UTILITY LIMITED
Filing: (LICENSE) MOS Utility has received a Master Franchisee License from India Post. Through this
franchisee module company will be expanding the service offerings to encompass a comprehensive
range of postal services across India.
(SUBSIDIARY INCOPORATION) BoD of Mos Utility has considered and approved the
incorporation/formation of a subsidiary company, in the name of MOS Wealth Management Private
Limited, as approved by the Registrar of Companies / Central Registration Centre (CRC).
MCap: INR 482 Cr PE: 45.9x
Number of LinkedIn Employees: 140 Members
GSTR3B: Last filed May’24.
Clients: Rajcomp Info (a wholly owned company of Government of Rajasthan), Open Network for Digital
Commerce (ONDC).

6. ORIANA POWER LIMITED

Filing: (ORDER) Oriana Power has received an order worth INR 155 crore for a 40 MWp Captive Solar
Power Plant in Rajasthan, to be completed in 9 months. The project includes EPC, commissioning, and
25 years of operation and maintenance.
MCap: INR 4,626 Cr PE: 85.2x
Number of LinkedIn Employees: 70 Members.
GSTR3B: Last filed May ‘24.
Clients: Hindustan Aeronautics Limited (HAL).

This page is created for information purpose. It is not a BUY/SELL recommendation. 4

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
1. DHRUV CONSULTANCY SERVICES LIMITED NSE: DHRUV
(1st time covered: 4th Jul 2024)

Recent filing: (ORDER) Dhruv Consultancy in association with Infinite Civil Solutions Pvt. Ltd has received
the LOA worth INR 5.7 Cr towards the Consultancy Services in form of providing Independent Engineer
Services for Construction of Four Lane High Speed corridor of Vataman to Pipali section from Design Km
69+700 to Design Km 93+811 (Total Length: 24.111 Km) of SH 6 in the State of Gujarat on Hybrid Annuity
Mode (HAM) from the office of Managing Director, Gujarat State Road Development Corporation Limited,
Gandhinagar, to be executed over 48 months.

SUMMARY: 4y Operating profit uptrend | PE 33.2x (Sector PE range 30-50) | Fund Raise | Institutional Entry
| Consulting Services

FUTURE OUTLOOK: Company total order book stands at INR 628 Cr with INR 345 Cr of unexecuted orders
as of 31st Mar 2024.

● MCap of INR 196 Crore (share price = INR 131 / share) (as on 11th Jul ‘24)
● TTM PE 33.2x (as on 11th Jul ‘24) Retail float = 19.5% (Mar-24)

FOOD FOR THOUGHT: Negative operating cash flows for FY24 | Promoter sold INR 2.7 Cr worth of shares
in Feb and Mar ’24.

Company Description: Founded in 2003, Dhruv Consultancy Services has emerged as one of India's most
rapidly expanding project management company in the infrastructure sector. The company mainly works in
infrastructural solutions, including roads, highways, bridges, architecture, waste management, and ports.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Dhruv 50 55 59 61 59 60 62 117 119 113 105 116

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 17.66 20.35 22.15 21.02 11.32 22.89 22.60 22.69
Op Profit 1.36 4.38 2.30 1.13 2.57 4.09 4.71 2.47
Net Profit 0.45 2.46 1.83 0.09 0.89 1.89 2.70 0.43
OPM 7.7% 21.5% 10.3% 5.3% 22.7% 17.8% 20.8% 10.8%
NPM 2.5% 12% 8.2% 0.4% 7.8% 8.2% 11.9% 1.8%
Promoter % 67.6% 67.6% 64% 64% 62.6% 61.3% 60.9% 59%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 43.3 56 48.7 63.4 75 81 81.5
Op Profit 11.92 14.59 3.55 8.76 9.31 9.16 13.84
Net Profit 6.89 7.68 1.06 4.83 5.76 4.82 5.89
This page is created for information purpose. It is not a BUY/SELL recommendation. 5
Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Website: https://dhruvconsultancy.in/
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend No
PE 33.2
(Consulting Services: 30-50)
Lower end of sector range
Futuristic Sector No
HNI / Institutional
/ Promoter No Mar ’24: Promoter sold INR 2.7 Cr worth of shares in Feb and Mar ’24.
Buying

Jul ’24: Board has approved the issuance of 31.3L equity shares at INR
Special Situation Yes
108/share, aggregating to INR 33.8 Cr to non-promoters.

Jun ’24: Company has been shortlisted along with Rodic Consultants
Pvt. Ltd. to submit the Request for Proposal (RFP) as Consultant
towards Construction Supervision Consultant for Improvement of roads
within Imphal city with rigid pavement including concrete lined drains
from the office of The Project Director-cum-Chief Engineer, Project
Implementation Unit, Externally Aided Projects, Public Works
Department, Manipur

May ‘24: Company has been shortlisted along with Arkitechno

Consultants (India) Private Limited & Innovate Engineering and
Development to submit the Request for Proposal (RFP) as consultant
towards project management consultancy services for detailed
engineering survey works, design, drawings, tender documents
preparation and construction supervision form the office of
Superintending Engineer and Project Director - Expanded Dhaka Water
Future Visibility Yes Supply Resilience Project

Mar ’24: Company, along with partners, has received a Letter of

Acceptance for consultancy services as the Authority's Engineer for
four projects under Bharatmala Pariyojana in Manipur on EPC Mode.
These projects involve the widening/improvement of sections of NH-
202, NH-29, and NH-102A. The contract, awarded by NHIDCL, New
Delhi, is valued at INR 14.8 Cr, and has a duration of 84 months.

Mar ’24: Company has been shortlisted along with Stockbridge

Company Limited to submit the Request for Proposal (RFP) as
consultant towards consultancy services for the Feasibility and Detailed
Engineering Design Studies for the Pavement Strengthening of
Kintampo – Buipe Road (90.3) K.M. form the office of AG. Chief
Executive - Ghana Highway Authority – Ministry of Roads and
Highways.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 6

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
2. SATIN CREDITCARE NETWORK LIMITED NSE: SATIN
(1st time covered: 23rd Nov 2023)

Recent filing: (BUSINESS UPDATE) Satin Creditcare Network has successfully raised 15 Mn Euros in
External Commercial Borrowing (ECB). The funding was secured from OeEB – Oesterreichische
Entwicklungsbank AG – the Development Bank of Austria. The ECB has a tenure of five years, during which
the funds raised will be strategically utilized to expand SCNL’s business operations and enhance micro-credit
access for its customers. These efforts will be facilitated through the Company's Income Generating Loan
(IGL) and WASH Loan programs, both tailored to support and empower rural women entrepreneurs.
Furthermore, this initiative aims to foster economic growth and elevate living standards in underserved
communities.

SUMMARY: 1y Operating Profit uptrend | 3q Operating Profit uptrend | PE 5.4x (Sector PE range 10-20) |
Excellent Mar-24 results | Geographical expansion | Institutional entry | Fund raise | Promoter Buying |
Microfinance

• MCap of INR 2,348 Crore (share price = INR 213 / share) (as on 11th Jul ‘24)
• TTM PE of 5.4x (as on 11th Jul ‘24) Retail float = 13.6% (Mar-24)

FOOD FOR THOUGHT: Microfinance industry susceptible to socio-political issues and regulatory changes,
especially given the unsecured nature of microfinance loans.

Company Description: Satin Creditcare launched its operations as a provider of individual and small
business loans and savings services to urban lenders in 1990, going on to be registered as an NBFC with
the RBI in 1998 and converting into an NBFC-MFI in November 2013. Its business is primarily based on the
Joint Liability Group model, which allows it to provide collateral-free, microcredit facilities to economically
active women in both rural and semi-urban areas, who otherwise have limited access to mainstream financial
service providers. It also offers loans to individual businesses and Micro, Small & Medium Enterprises
(MSMEs); product financing for the purchase of solar lamps, as well as loans for the development of water
connections and sanitation facilities.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Satin 203 209 229 240 240 257 258 235 210 262 220 220

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 345 360 416 437 462 538 596 642
Fin Profit -277 77 83 139 121 148 156 173
Net Profit -210 57 59 99 88 107 113 128
FPM -80% 21% 20% 32% 26% 28% 26% 27%
NPM -61% 16% 14% 23% 19% 20% 19% 20%
Promoter % 36.7% 40.0% 38.0% 39.5% 41.7% 40.0% 36.1% 36.2%

This page is created for information purpose. It is not a BUY/SELL recommendation. 7

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 1,031 1,443 1,500 1,377 1,378 1,557 2,233
Fin Profit 130 326 225 2 47 22 598
Net Profit 75 201 155 -14 21 5 436

Website: https://www.satincreditcare.com/
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 5.4 (Microfinance: 10-20)
Below sector range

Futuristic Sector No

Mar ‘24: Promoter Group bought 1.3L shares at INR 199/share,

aggregating to INR 2.6 Cr.
HNI / Institutional
Mar ‘24: Evil Emerging Frontier Fund increased its stake from 2.26%
/ Promoter Yes
to 2.68%.
Buying
Sep ‘23: Evli Emerging Frontier Fund bought 5.1L shares at INR
237/share, aggregating to INR 12.2 Cr.

Jun ’24: BoD has considered and approved the raising of funds by the
way of issuance of NCDs Upto INR 5,000 Cr in one or more tranches.

May ’24: BoD approved the allotment of 33.2k non-convertible bonds

having a face value of INR 1 L each, aggregating to INR 332 Cr.

Apr ‘24: BoD approved the allotment of 800 USD denominated non-
convertible bonds having a face value of USD 10k each, aggregating
to USD 8 million (INR 67 Cr) and issuance of 7500 NCDs having face
value of INR 1L each, aggregating to INR 75 Cr on a private
Special Situation Yes
placement basis.

Mar ’24: BoD approved the issuance of 1.8k USD denominated bonds
having face value of USD 10k, aggregating to INR 18 Million (150 Cr).

Jan ‘24: BoD approved the issuance of secured, rated, listed,

redeemable non-convertible debentures through public issue for an
amount up to INR 200 Cr.

Jan ‘24: BoD approved the issuance of INR 100 Cr worth of NCDs.

Jun ’24: Company marks its presence in Nagaland with the opening
of its first branch in Dimapur, taking its total count of states and union
Future Visibility Yes territories to 27.

Feb ’24: Company has been awarded the latest standard of ISO
27001:2022 certification by the international certification institute,

This page is created for information purpose. It is not a BUY/SELL recommendation. 8

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
INTERCERT. The Company is among the few microfinance
companies to receive this certification, and the accreditation reflects
the Company’s commitment towards following the best practices in
information security within the organization and protecting customer
data in the face of growing cybersecurity threats and challenges.

Feb ’24: Company announced its debut in two new states, Telangana
and Andhra Pradesh. This move increases the total count of states
and union territories to 26, as the Company endeavors to reach more
geographies. In a significant stride towards fostering financial
inclusion nationwide, SCNL has inaugurated two branches in
Telangana, situated in Warangal and Huzurabad and one branch in
Kadiri in Andhra Pradesh.

Jan ’24: Company has been awarded the prestigious gold level in
Client Protection Certification by the global rating agency Micro
Finanza. This independent validation not only bolsters Company’s
credibility but also serves as evidence of our dedication to excellence
from the outset and adherence to the best practices in microfinance.
I confidently affirm our pledge to continue the journey of maintaining
these high standards in all facets of our operations.

Jan ’24: Company announced the appointment of Mr. Anil Kaul as an

Additional Director (Non-Executive Independent) on its Board. With a
distinguished career spanning over three decades, Mr. Kaul, former
Managing Director of TATA Capital Housing Finance Ltd., brings a
wealth of experience from his roles in prominent financial institutions,
including ICICI Group, Bank Muscat SAOG, Standard Chartered
Bank India, and Citibank N.A. India. As a valuable addition to the
Board of Directors at Satin, Mr. Kaul will play a pivotal role in providing
strategic guidance, leveraging his extensive banking and finance
expertise to contribute to Company's expansion. His responsibilities
will encompass offering key insights and aiding in the formulation and
execution of decisions aligning with the company's vision.

Jan ‘24: Karnataka Bank and Satin Creditcare entered a Co-Lending

arrangement to provide financial support to Joint Liability Groups of
economically active women in both rural and semi-urban areas and
to give impetus to the micro credit facilities segment of the country.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 9

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
3. HPL ELECTRIC & POWER LIMITED NSE: HPL
(1st time covered: 28th Feb 2023)

Recent filing: (ORDER) HPL Electric & Power has received Work Orders/Letter of Award of INR 2,101 Cr
from regular leading Customers for the supply of smart meters in the normal course of business.

SUMMARY: 3y Operating Profit uptrend | 3q Operating Profit uptrend | PE 83.1x (Sector PE range 30-70) | |
New Products | Partnerships | Electrification | Smart Meter

FUTURE OUTLOOK: Company anticipates 20-25% Revenue growth in next 3-4 years and expect revenue
to reach INR 1800 Cr or higher in FY25 | Company has a strong Order book of INR 2,000 Cr as on 9th May
2024.
• MCap of INR 3,620 Crore (share price = INR 563 / share) (as on 11th Jul ‘24)
• TTM PE 83.1x (as on 11th Jul ‘24) Retail float = 20.9% (Mar-24)

FOOD FOR THOUGHT: Sales depends on Company’s ability to win tenders from PSUs. Intense competition
leads to aggressive bidding, which could compromise margins. | PE is above sector range.

Company Description: HPL is an established electric equipment manufacturing company in India,

manufacturing a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting
equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment
industry. HPL had the largest market share in India's electricity energy meters market, with one of the most
comprehensive portfolios of meters in India.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
HPL 202 222 215 197 204 248 286 327 316 373 389 439

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 296 302 302 363 321 350 366 424
Op Profit 38 38 37 45 40 47 50 55
Net Profit 6 6 6 11 7 11 12 14
OPM 13% 13% 12% 12% 12% 13% 14% 13%
NPM 2% 2% 2% 3% 2% 3% 3% 3%
Promoter % 72.7% 72.7% 72.7% 72.7% 72.7% 72.7% 72.7% 72.7%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 1,036 1,158 977 875 1,014 1,262 1,461
Op Profit 110 134 126 119 125 157 192
Net Profit 28 33 22 10 8 30 44
Website: https://www.hplindia.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 10
Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 83.1 (Smart Meter: 30-70)
Above sector range
Yes
Futuristic Sector
(Smart Meter)
HNI / Institutional
/ Promoter No
Buying
Special Situation No

Jul ‘24: Company has signed a Memorandum of

Understanding(“MOU”) with Guangxi Ramway Technology Co.
Ltd, China for local manufacturing under phased Manufacturing/
technical Tie-up/ Procurement for the assembly of Relay/Latching
Relays in India.

Apr ’24: has launched a new product - HPL Fans to cater to both
domestic and international markets.

Feb ’24: Received an order worth INR 181 Cr from leading AMISP
client for the supply of smart meters.

Jan ’24: Company has announced a major win with smart meter
orders totalling INR 240 Cr from leading Advanced Metering
Infrastructure Service Providers (AMISPs) clients.

Dec ‘23: Company wins INR 545 Cr Smart Meter orders from
various prestigious customers.
Future Visibility Yes
Sep ‘23: Company has entered into a strategic partnership with
Wirepas Oy, a global leader in RF mesh technology. Wirepas
partners have consistently delivered impressive 99.9% SLAs,
establishing their reliability with over 50 utilities worldwide. Through
this technical collaboration, they are poised to ensure the
successful implementation of smart meter roll-outs in India by
providing speedy and reliable deployment of GoI initiative of RDSS
smart metering projects across India.

Aug ‘23: Company has signed agreement with West Bengal State
Electricity Distribution Company Limited (WBSTEDCL) for the
deployment of an Advanced Metering Infrastructure (AMI) project,
supported by World Bank. The gross value of this project is INR
417 Cr.

Jul ‘23: Received an order worth INR 903 Cr for Smart Meter.

May ‘23: Company received an order worth INR 204 Cr for Smart
Meters.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 11

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
4. SWAN ENERGY LIMITED NSE: SWANENERGY (1st time covered: Today)
Recent filing: (BULK DEAL) Blackrock Emerging Frontier Master Fund, Blackrock Strategic Fund and
Blackrock Global India Fund bought 45.6L shares of Swan Energy at INR 668/share aggregating to INR 304
Cr.

SUMMARY: 4y Operating Profit uptrend | PE 76.2x (Sector PE range NA) | Institutional Entry | Fund raise |
Institutional Entry | Diversified

• MCap of INR 22,953 Crore (share price = INR 732 / share) (as on 11th Jul ‘24)
• TTM PE 76.2 (as on 11th Jul ‘24) Retail float = 10% (Mar-24)

FOOD FOR THOUGHT: FIIs have reduced their stake from 17.6% in Sep-23 to 11.2% stake in Mar-24.

Company Description: Incorporated in 1909 as a textile company, the organization was revitalized and
discharged from BIFR in 1995. It has diversified into Oil & Gas, Real Estate, and Textile sectors.
Headquartered in Mumbai, India, the company recently expanded into Defence, Shipyard, and Petrochemical
Manufacturing & Trading by acquiring Reliance Naval & Engineering Limited and Veritas India Limited.

Share price and Volume (last 1 year):

Price Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24
Swan 219 305 288 386 423 511 639 745 670 620 575 587

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 260 143 101 933 804 1,223 1,592 1,398
Op Profit 6 1 -14 184 237 257 256 118
Net Profit -50 -58 -16 62 145 166 220 56
OPM 2% 1% -14% 20% 29% 21% 16% 8%
NPM -19% -41% -16% 7% 18% 14% 14% 4%
Promoter % 64.1% 64.1% 64.1% 64.1% 64.1% 64.1% 64.1% 54.0%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 347 892 341 320 487 1,438 5,017
Op Profit 35 78 52 68 68 231 868
Net Profit 55 -6 -5 -69 -158 -61 586

Website: https://swan.co.in/

This page is created for information purpose. It is not a BUY/SELL recommendation. 12

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend No
PE 76.2 (NA)
Futuristic Sector NA
HNI / Institutional
/ Promoter Yes Mar’24: Life Insurance Corporation of India is holding 4.3% stake. SBI
Co. is holding 2.6% stake.
Buying

Sep ’23: BoD has considered and approved the issuance of 2.9 Cr
Special Situation Yes shares at INR 495/share, aggregating to INR 1435 Cr. Subscribers
include GCP INAB PTE (Non-promoter).

Jun ’24: Company has further pre-paid INR 300 Cr to its consortium of
lenders of FSRU Project towards partial repayment of the debt.

Jun ’24: BoD has considered and approved the acquisition of 49% of
TOPL from (IFFCO) for INR 440 Cr. Post acquisition, TOPL shall
become 100% subsidiary of the company. Target Company has FY24
revenue of INR 647 Cr.

May ’24: Company’s wholly owned subsidiary has been carrying on

construction of a residential project of 21 story tower, having 3 wings
(A, B, C), named ‘Cardinal One’, under joint Development Agreement
Future Visibility Yes (JDA) at Bangaluru.

May ’24: Company has been empaneled with the Telecommunications

Consultants India Limited (A Government of India Enterprise) for a
strategic tie-up in the field of System Integration, Smart City (Waste
Management), Artificial Intelligence, GIS based surveys and Mapping-
Land, Property, Utilities etc.
Company’s subsidiary has already in consortium with Genesis
International Corporation Limited received Letter of Acceptance from
Brihanmumbai Municipal Corporation (BMC) in the month of March
2024 for Development, Implementation, Maintenance of 3D City model
& Change Detection using Geospatial Technology for BMC.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 13

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
5. MOS UTILITY LIMITED NSE: SM: MOS (SME Lot Size = 800 shares)
(1st time covered: 19th Apr 2023)

Recent filing: (LICENSE) MOS Utility has received a Master Franchisee License from India Post. Through
this franchisee module company will be expanding the service offerings to encompass a comprehensive
range of postal services across India.
(SUBSIDIARY INCOPORATION) BoD of Mos Utility has considered and approved the
incorporation/formation of a subsidiary company, in the name of MOS Wealth Management Private Limited,
as approved by the Registrar of Companies / Central Registration Centre (CRC)

SUMMARY: 3y Operating Profit uptrend | 3 periods semi-annual Operating Profit uptrend | PE 45.9x (Sector
PE range 50-100) | Fund raise | Institutional entry | Acquisitions | Tech Platform

• MCap of INR 482 Crore (share price = INR 193 / share) (as on 11th Jul ‘24)
• TTM PE 45.9x (as on 11th Jul ‘24) Retail float = 12.4% (Mar-24)

FOOD FOR THOUGHT: Technology disruption | Adverse regulatory changes in fintech space could impact
business

Company Description: MOS Utility is engaged in the business of providing technology enabled digital
products and services in the B2C, B2B and financial technology arena through an integrated business model.
It provides business opportunities to shopkeepers, retailers, students etc. to start their own online e-
commerce business. It operates under seven business segments namely – Banking, Travel, Insurance, Utility
Service, Entertainment Services, Franchisee and Other Services. It has over 1.6 Lakh network distributors
which includes distributors, agents and master distributors. The company has largest network of distributors
in Maharashtra with over 50K network distributors.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
MOS 85 108 89 96 92 88 146 137 127 179 181 164

(In INR Cr) Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24
Sales - - - 45 53 53 84 91
Op Profit - - - 1 3 4 4 6
Net Profit - - - 2 2 4 6 5
OPM - - - 2% 6% 8% 4% 7%
NPM - - - 4% 4% 8% 7% 5%
Promoter % - - - - - 64.7% 64.7% 64.7%

This page is created for information purpose. It is not a BUY/SELL recommendation. 14

Please do your own due diligence before making any investment decisions.
 11th Jul 2024

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales - - 88.2 67.7 77.3 106 175
Op Profit - - 3.2 1.8 3.9 7 10
Net Profit - - 1.3 0.8 1.6 6 10
Website: https://www.mos-world.com/

Company Type Evergreen Services offered by the company

LT OP uptrend Yes
ST OP uptrend Yes
PE 45.9 (Tech Platform: 50-100)
Below sector range
Yes
Futuristic Sector
(e-commerce)
May ’24: Ebene Global Opportunity Fund bought 2.5L shares at
INR 197/share, aggregating to INR 4.9 Cr. Saint Capital Fund
bought 1.5L shares at INR 196/share, aggregating to INR 2.9 Cr.
Zinnia Global Fund bought 1.5L shares at INR 192/share,
aggregating to INR 2.9 Cr.

Mar ‘24: Shankar Sharma bought 1.5L shares at INR 151/share,

aggregating to INR 2.3 Cr.

Jun ‘23: Multiply Finvest bought 1.6L shares at INR 93/share,

HNI / Institutional aggregating to INR 1.5 Cr.
/ Promoter Yes
Buying Apr ‘23: Jacqueline Genevieve Fernandez bought 1.36L shares at
INR 95.4/share, aggregating to INR 1.3 Cr

Several bulk deals happened in the Company on 18 th April 2023.

Niraj Rajnikant Shah bought 6.9L shares at INR 90/share,
aggregating to INR 6.2 Cr. Navin Textile Marketing Pvt. Ltd.
bought 3L shares at INR 90/share, aggregating to INR 2.7 Cr. VPK
Global Ventures Fund bought 2.8L shares at INR 90/share,
aggregating to INR 2.5 Cr. Maven India Fund bought 2L shares at
INR 90/share and aggregating to INR 1.8 Cr. Raj India bought
1.6L shares at INR 90/share, aggregating to INR 1.5 Cr.

Apr ’24: BoD approved the issuance and allotment of 2.9L equity
Special Situation Yes shares at INR 153/share, aggregating to INR 4.5 Cr. and 1.5 Cr
warrants at INR 153/warrant, aggregating to INR 223 Cr.

Mar ’24: Collaborated with Zila Sahkari Bank, Mirzapur to act as a

Service Provider as Business Correspondent as may be required
by ZSBL to facilitate financial inclusion and business growth.

Feb ‘24: Entered into share purchase agreement to acquire 51%

Future Visibility Yes
equity shares of JC Ventures Private Limited by March 2024.
Target Company is engaged in the business of providing financial
inclusion, financial services, information and communication
technology, e-governance etc related services on pan India basis
through its network of agents. Turnover for FY23 is INR 11 Cr.

This page is created for information purpose. It is not a BUY/SELL recommendation. 15

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Jan ‘24: Entered into share purchase agreement to acquire 51%
equity shares of Indicore Infocomm by Mar 2024. Target Company
is engaged in the business of telecom software development, allied
software development, selling of telecom software, prepaid mobile
recharge aggregation from operators and distributors, postpaid
mobile bill payments aggregation from operators and distributors,
DTH recharge aggregation services, payment services, technology
development, e- commerce, logistic solutions for e commerce
based on software. Turnover for FY23 is INR 315 Cr.

Aug ‘23: Entered into collaboration with Open Network for Digital
Commerce. This will mark the beginning of a remarkable journey
as MOS partners with ONDC for their Seller & Buyer initiative.

Jul ‘23: Signed an agreement with Rajcomp Info (a wholly owned

company of Gov. of Rajasthan) to deliver Fintech and Utility
Payment Solutions via e-Mitra project.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 16

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
6. ORIANA POWER LIMITED BSE: SM : ORIANA (SME: Lot Size = 150
shares) (1st time covered: 22nd Aug 2023)

Recent filing: (ORDER) Oriana Power has received an order worth INR 155 crore for a 40 MWp Captive
Solar Power Plant in Rajasthan, to be completed in 9 months. The project includes EPC, commissioning, and
25 years of operation and maintenance.

SUMMARY: 4y Operating Profit uptrend | 1h Operating Profit uptrend | PE 85.2x (Sector PE range 50-90) |
Excellent Mar-24 results | Institution buying | Fund Raise | Ace Investor | Clean Energy

FUTURE OUTLOOK: Oriana Power has secured solar projects exceeding 250MWp from commercial,
industrial, and utility sectors, to be completed by FY25. With a business pipeline of 600MWp in solar projects
and a 30+ ton CBG project, the Company anticipates delivering more than 550MWp by FY26. Based on its
order book and pipeline, the Company is poised to significantly outpace the solar industry's projected ~4x
growth by 2030.

• Mcap of INR 4,620 Crore (share price = INR 2,408 / share) (as on 11th Jul ‘24)
• TTM PE 85.2x (as on 11th Jul ‘24) Retail float = 11.3% (Mar-24)

FOOD FOR THOUGHT: Industry's fragmentation curtails pricing flexibility and bargaining power, constraining
operating margins, while tender-based operations dictate revenue and profitability based on successful bids.

Company Description: Oriana Power is a company that specializes in providing solar energy solutions to
industrial and commercial customers. It offers low carbon energy solutions by installing on-site solar
projects such as rooftop and ground-mounted systems, as well as off-site solar farms i.e. Open access.
The business operations are divided into two segments: Capital Expenditure (CAPEX) and Renewable
Energy Service Company (RESCO).

Share price and Volume (last 1 year):

Price Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24
Orian - - 357 339 335 362 470 661 793 742 1,527 2,198

(In INR Cr) Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Sep-23* Mar-24*
Sales 21 34 124 136 383 64 319
Op Profit 2 3 12 20 83 11 72
Net Profit 1 1 7 11 54 6 48
OPM 10% 9% 10% 15% 22% 17% 23%
NPM 5% 3% 6% 8% 14% 9% 15%
* Half year data, rest is annual.
Website: https://www.orianapower.com/

This page is created for information purpose. It is not a BUY/SELL recommendation. 17

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Company Type Structural
LT OP uptrend Yes
ST OP uptrend Yes
PE 85.2 (Clean Energy: 50-90)
Higher end of sector range
Yes
Futuristic Sector
(Solar)
May ’24: Subscribers to Company’s Preferential of INR 246 Cr (at INR
1,820/share) include Pooja Kedia, Ovata Equity Strategies Master
Fund, CCV Emerging Opportunities Fund, Rakesh Laoria, Sandeep
HNI / Institutional Singh, Divyashree Ravichandran, amongst others.
Yes
/ Promoter
Buying Aug ‘23: Societe Generale bought 2L shares at INR 308/share,
aggregating to INR 6.2 Cr. Vora Financial Services bought 1.2L
shares at INR 302/share, aggregating to INR 3.6 Cr.

May ’24: BoD has approved to issue 13.5 L shares at INR 1820/share,
aggregating to INR 246 Cr. Subscribers include Pooja Kedia, Ovata
Yes
Special Situation Equity Strategies Master Fund, CCV Emerging Opportunities Fund,
Rakesh Laoria, Sandeep Singh, Divyashree Ravichandran.

Jul ‘24: Company has secured a landmark order for a 25MWp Captive
Solar Power Plant under the Group Net Metering (GNM) Policy in Delhi.
This project, the largest agro photovoltaic installation in India and the
largest GNM project in Delhi, integrates solar power generation with
large-scale farming through raised structures, optimizing land use in a
region where land is scarce.

Jun ‘24: Company has received a new order of 4 MWp worth INR 13.2
Cr for executing solar power project for the Cement Industry at
Medinapore, West Bengal.

Jun ‘24: Company has announced significant progress in implementing

the "PM - Surya Ghar Muft Bijli Yojana" with three major milestones.
These include an MoU with the State Bank of India to provide end-user
financing for solar solutions, making solar power more accessible and
affordable. Another MoU with Rockingdeals Circular Economy Limited
Future Visibility Yes enhances distribution and marketing of solar kits. Additionally, Oriana
has been empanelled with all Discoms in Uttar Pradesh, simplifying
subsidy applications for rooftop solar power. These initiatives aim to
boost the adoption of solar energy across India, supporting the
country’s renewable energy goals.

May ‘24: Oriana Power has received an order to build a 70 MWp solar
power plant, handling EPC, commissioning, and 25 years of operation
and maintenance, to be completed in 9 months.

Apr 2024: Company has formed two wholly owned subsidiaries. One
focuses on power generation, EPC of power projects, operation and
maintenance, consultancy, and distribution activities. The other
subsidiary is dedicated to the general business of electric power supply,
including construction, installation, distribution, and trading of power
equipment and devices for various sectors such as commercial,
residential, military, telecommunications, civil aviation, and banks.

This page is created for information purpose. It is not a BUY/SELL recommendation. 18

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Apr 2024: Company commissioned a 29 MWp solar power plant in
Karnataka for a top steel industry client. It's set to generate
464,893,200 kWh yearly.

Apr 2024: Company has received new rooftop order from Sansera
Engineering Limited, Pantnagar, Uttarakhand for solar power plant of
0.8 MWp under RESCO (Renewable Energy Service Company)
segment of the company that will generate recurring revenue for the
period of 25 years. This order needs to be completed over FY 25.

Apr 2024: Company has been awarded a new contract for a 76.62 MW
(AC) Solar Power Plant from Jodhpur Vidyut Vitran Nigam Limited. The
project has been granted Central Financial Assistance (subsidy) of
17.27 Crores, which will be disbursed according to the terms and
conditions of the order. This subsidy further enhances the project's
viability, enabling the company to deliver cost-effective solutions. The
project is expected to be executed over 1 year, with an operation and
maintenance period of 25 years from COD. The tentative estimated
construction/development cost is INR 325 Crore.

Apr 2024: Company has been awarded with a contract from a cement
manufacturer for the development of solar power plant of capacity 5
MWp under CPP segment of the Company that will generate monthly
recurring revenue for a period of 25 years.

Apr 2024: Long term Credit Rating is CRISIL BBB/Stable (Assigned) &
Short-term Credit Rating is CRISIL A3+ (Assigned)

Mar ‘24: Company has received new order for power generation of
1.3MWp solar power plant under RESCO (Renewable Energy Service
Company) segment of the company from Hindustan Aeronautics
Limited (HAL), to be completed in FY25.

Mar ‘24: Company has received a new order worth INR 18.7 Cr for a
6.7 MWp solar power plant under the EPC segment, to be completed
in FY25.

Feb ‘24: Company has received an order worth INR 56 Cr for

developing Compressed Bio Gas (CBG) plant, capable of producing 21
tons daily, in Maharashtra. The Project needs to be executed in FY25.

Feb ‘24: Company’s wholly-owned subsidiaries have commissioned

projects aggregating to 2.55MWp Solar Power Plant Under RESCO
(Renewable Energy Service Company) segment of the company
ensuring a steady stream of monthly recurring revenue over the next
25 years.

Jan ’24: Company has been awarded contracts for the development of
7.92 MWp solar power plants under EPC segment.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 19

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Others
BONDADA ENGINEERING LIMITED
(ORDER) Company has received a work order worth INR 317 Cr for Operation & Maintenance of Facility,
Fiber & FTTx, and Towers from Reliance Projects & Property Management Services Limited, needs to be
executed within 3 years.

• MCap of INR 5,402 Cr (share price = INR 2,501/share); TTM PE 121x (as on 11th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Bonda - 156 177 275 404 397 676 915 852 1338 1710 2654

TEGA INDUSTRIES LIMITED

(LAND ACQUISITION) Subsidiary of Tega Industries has procured a land admeasuring 51,026 Square
Meters in Region Concon, Chile for an amount of INR 21.4 Cr which will be used for future expansion.

• MCap of INR 11,927 Cr (share price = INR 1794/share); TTM PE 61.5x (as on 11th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
TEGA 984 995 931 912 984 1152 1156 1165 241 1498 1488 1638

H.G. INFRA ENGINEERING LIMITED

(LEASE GRANTED) Company has been granted lease worth INR 14.6 Cr for Commercial Development on
Railway Land at Abu Road, Rajasthan Measuring 8034 sqm for a period of 60 years.

• MCap of INR 11,030 Cr (share price = INR 1695/share); TTM PE 21x (as on 11th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
HG I 950 931 942 894 850 848 932 881 909 1,189 1,507 1763

MESON VALVES INDIA LIMITED

(ACQUISITION) Company has entered into Share Purchase Agreement with Milindpra Castings Private
Limited for the acquisition of 7,033 shares. Target Company is in the business of metal casting and foundry.
This strategic acquisition aligns with Company India's growth strategy and is expected to strengthen its
position in the metal casting industry. The move will allow Company India to expand its capabilities and
market presence in the foundry sector

• MCap of INR 1,348 Cr (share price = INR 1327/share); TTM PE 149x (as on 11th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Meson - - 224 324 371 611 653 698 670 997 890 1079

SOLEX ENERGY LIMITED

(ORDER) Company has received a Work Order worth INR 16 Cr under Mukhyamantri Gramin Solar Street
light Yojna in Supaul District, Bihar for 5,220 units.

• MCap of INR 1,087 Cr (share price = INR 1,358/share); TTM PE 124x (as on 11th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Solex 661 660 585 598 471 432 607 813 810 1177 1560 1443

This page is created for information purpose. It is not a BUY/SELL recommendation. 20

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Sovrenn SME Index: 1.75%
Sovrenn SME Index was up 1.75% today. Please note that the constituents of the Index are private.
Also, the Index is only an indication of the movement of the broader SME market and not available
for replication or commercialization in any form. Sovrenn has the right to make changes to Index
constituents or change weightages of the constituents as per its own discretion.

IPO
SME / Subs
Company Status Open Close Listing GMP
Mainboard (x)
Kataria Industries SME Upcoming 22-Jul-24 24-Jul-24 29-Jul-24 0% NA
Macob Technnologies SME Upcoming 16-Jul-24 19-Jul-24 24-Jul-24 0% NA
Tunwal E-motors SME Upcoming 15-Jul-24 18-Jul-24 23-Jul-24 42% NA
Aelea Commodities SME Upcoming 12-Jul-24 16-Jul-24 22-Jul-24 37% NA
Three M Paper Boards SME Upcoming 12-Jun-24 16-Jul-24 22-Jul-24 43% NA
Prior Viztech SME Upcoming 12-Jun-24 16-Jul-24 22-Jul-24 46% NA
Sati Poly Plast SME Upcoming 12-Jul-24 16-Jul-24 22-Jul-24 38% NA
Sahaj Solar SME Open 11-Jul-24 15-Jul-24 19-Jul-24 91% 41
Effwa Infra and Research SME Close 05-Jul-24 09-Jul-24 12-Jul-24 134% 314
Ganesh Green Bharat SME Close 05-Jul-24 09-Jul-24 12-Jul-24 165% 230

Company Sector Revenue growth (YoY) Profit growth (YoY) Issue PE

Kataria Industries Industrial Products 5% 34% 21x
Macob Technnologies Consumer Discretionary 40% 8% 33x
Tunwal E-motors Electric Vehicle 38% 217% 28x
Aelea Commodities Agro Products Trader 15% 38% 15x
Three M Paper Boards Paper -16% 72% 12x
Prior Viztech Security and Surveillance Solutions 2.6x 26x 17x
Sati Poly Plast Packaging Material -6% 6% 20x
Sahaj Solar Solar 9% 2.1x 15x
Effwa Infra and Research Waste Mangement 26% 2.7x 14x
Ganesh Green Bharat Solar 90% 2.7x 22x
Note: GMP keeps updating till listing on exchange. Subscription (x) keeps updating till Issue is Open.
Revenue and Profit growth is calculated after annualizing last period growth.

This page is created for information purpose. It is not a BUY/SELL recommendation. 21

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Sovrenn Macro

Budget 2024: Strategic Focus on Fiscal Prudence and 'Viksit Bharat 2047,' Projects Morgan Stanley

The Union Budget 2024 is expected to be a defining moment for India, blending fiscal discipline with visionary
developmental goals. According to Morgan Stanley, Finance Minister Nirmala Sitharaman's presentation on
July 23 will mark the first major policy statement of the Modi 3.0 administration.

Emphasis on Fiscal Discipline

Morgan Stanley anticipates that fiscal prudence will continue to steer the overall fiscal policy stance. The
government is expected to retain the fiscal deficit target at 5.1% of GDP for FY25, in line with the interim
budget. This target sets the stage for achieving a fiscal deficit of 4.5% by FY26. In comparison, the fiscal
deficit in FY24 was 5.6% of GDP.

Boost in Fiscal Headroom

A notable transfer of surplus from the Reserve Bank of India (RBI) has improved fiscal headroom, according
to Morgan Stanley. This unexpected boost will support continued momentum in capital expenditure (capex)
and targeted welfare spending. There is even potential for a slightly reduced fiscal deficit target, potentially
below 5.1%, bolstered by strong tax and non-tax revenues.

Medium-Term Fiscal Strategy

The budget may also outline a medium-term fiscal consolidation plan extending beyond FY26. This strategy
is essential for ensuring long-term fiscal stability and sustainability, aligning with broader economic goals.

Investment in 'Viksit Bharat 2047'

A significant aspect of the budget will be the focus on 'Viksit Bharat 2047,' the government's vision of
transforming India into a developed nation by its 100th year of independence. This vision encompasses
massive investments in infrastructure, technology, and human capital, setting a roadmap for sustainable and
inclusive growth.

Market Implications
Morgan Stanley points out that the Union Budget's impact on the Indian stock market has historically
diminished, with actual market performance often dictated by pre-budget expectations. As the budget
approaches, the market exhibits optimism, but investors should prepare for potential volatility and corrections
post-budget.

Conclusion
The Union Budget 2024 is poised to balance fiscal responsibility with ambitious developmental initiatives.
With a strategic focus on capex and targeted social sector spending, the government aims to lay a strong
foundation for infrastructure development while advancing towards fiscal consolidation. The vision of 'Viksit
Bharat 2047' will likely be a central theme, guiding India's journey towards becoming a developed nation.

This page is created for information purpose. It is not a BUY/SELL recommendation. 22

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Companies declaring results on 11th & 12th July 2024

Sl. No. Name of the Company Date

1 Acrow India Ltd 11-Jul-24
2 Akme Fintrade (India) Ltd 11-Jul-24
3 Amal Ltd 11-Jul-24
4 Anand Rathi Wealth Ltd 11-Jul-24
5 DRC Systems India Ltd 11-Jul-24
6 G D Trading & Agencies Ltd 11-Jul-24
7 GNA Axles Ltd 11-Jul-24
8 GTPL Hathway Ltd 11-Jul-24
9 Marble City India Ltd 11-Jul-24
10 NELCO Ltd 11-Jul-24
11 PMC Fincorp Ltd 11-Jul-24
12 R O Jewels Ltd 11-Jul-24
13 SM Auto Stamping Ltd 11-Jul-24
14 Sree Jayalakshmi Autospin Ltd 11-Jul-24
15 Stellant Securities (India) Ltd 11-Jul-24
16 Tata Consultancy Services Ltd 11-Jul-24
17 Vivid Mercantile Ltd 11-Jul-24
18 Wealth First Portfolio Managers Ltd 11-Jul-24
19 5Paisa Capital Ltd 12-Jul-24
20 Atharv Enterprises Ltd 12-Jul-24
21 Betala Global Securities Ltd 12-Jul-24
22 Gautam Gems Ltd 12-Jul-24
23 Golkonda Aluminium Extrusions Ltd 12-Jul-24
24 HCL Technologies Ltd 12-Jul-24
25 Indian Renewable Energy Development Agency Ltd 12-Jul-24
26 Indo Cotspin Ltd 12-Jul-24
27 Infomedia Press Ltd 12-Jul-24
28 JIK Industries Ltd 12-Jul-24
29 Oriental Hotels Ltd 12-Jul-24
30 Sanginita Chemicals Ltd 12-Jul-24
31 Setco Automotive Ltd 12-Jul-24
32 Teamo Productions HQ Ltd 12-Jul-24
33 Vipul Ltd 12-Jul-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 23

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Annexure
Sector specific PE classification:
Sl. No. Sector PE range
1 Information Technology 30 - 50
2 Pharma 20 - 30
3 Commodity Trading/Metal/ Paper 5 - 15
4 Consumer Retail/ FMCG 30 - 100
5 Consumer Discretionary 30 - 70
6 Gems and Jewellery 30 - 70
7 Capital Goods - Electrical Equipment 30 - 60
8 Capital Goods - Non Electrical Equipments 30 - 60
9 Industrial Products 30 - 60
10 Wires and Cables 30 - 60
11 Infrastructure 8 - 25
12 Telecom / Solar / Power Infra 30 - 50
13 Realty 30 - 40
14 Building Material 30 - 60
15 Oil & Gas field services 10-30
16 NBFCs 20 - 40
17 Banking 10 - 20
18 Financial Services 20 - 50
19 Microfinance 10 - 20
20 Brokerage 20 - 40
21 Power generation 20 - 30
22 Electric Vehicles 80 - 120
23 Automobile Manufacturing 30 - 50
24 Automobile Ancillaries 30 - 50
25 Railways 40 - 70
26 Clean Energy 50 - 90
27 Hydro Engineering 30 - 50
28 Smart Meter 30 - 70
29 Recycling 30 - 50
30 Waste Management 25 - 50
31 Healthcare - Hospitals/ Diagnostics 40 - 80
32 Speciality Chemicals 30 - 50
33 Commodity Chemicals 10 - 40
34 FMCG 30 - 70
35 Packaging 20 - 50
36 Defence 50 - 100
37 Drone 70 - 120
38 Contract Manufacturing 40 - 100
39 EMS 50 - 100
40 Logistics 10 - 40
41 Diversified Commercial Services 30 - 50
42 Consulting Services 30 - 50
43 Travel Services 30 - 60
44 HR Services 30 - 50
45 Media 20 - 50
46 Tech Platform 50 - 100
47 Steel products 10 - 50
48 EPC 20 - 50
49 Stationery 20 - 40
50 Education 15 - 40
51 Agro-processing 15 - 30
52 Agri products 30 - 50
53 Alcoholic beverages 30 - 70
54 Event management 25 - 50
55 Entertainment 20 - 40
56 VFX 30 - 60
57 Biofuels 30 - 60

This page is created for information purpose. It is not a BUY/SELL recommendation. 24

Please do your own due diligence before making any investment decisions.
 11th Jul 2024
Retail float calculation:
Shareholding percent for resident individuals holding nominal share capital up to INR 2L.

Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.

Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.

Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 25

Please do your own due diligence before making any investment decisions.