BLUECHIP

SINCE 1992

DEEPOTSAVI ISSUE 2081 INVESTMENTS

AHMEDABAD | 29 OCT TO 10 NOVEMBER 2024 | PAGES : 54 | YEAR : 33 | ISSUE NO. 1&2 | EDITOR : YOGESH K. SHAH

HAPPY NEW YEAR

TO ALL READERS

32 Anniv
ersary

In the
Golden Period of Samvat 2081

Sensex 1,00,000 and Nifty 31,000

History can be seen being made with glitter
Samvat 2081: An Optimistic Outlook for
Investors Amid Market Resilience
Large cap and mid cap stocks will be in exclusive focus

The primary market will continue to soar

Investors shift visible towards quality Mainboard IPO’s
Silver crosses 1 Lakh, Gold not so Far...
 SINCE 1992
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SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024

Samvat 2081: An Optimistic Outlook

for Investors Amid Market Resilience
In an eventful Vikram Samvat
2080, Indian stock markets Samvat 2080's Top Stocks Yield 17% to 152% Returns;
defied numerous global chal-
lenges, delivering record returns. Anticipated Highs in Sensex and Nifty for 2081
Investors saw the Sensex and
Nifty index soar to new highs, advised to maintain caution in
propelled by a combination of this sector for Samvat 2081, Last Year's High Performers: Top 10 Stocks
domestic resilience and strategic especially given the heightened In Samvat 2080, the top 10 recommended stocks achieved
governance. The Sensex peaked valuations relative to fundamen- remarkable returns, rewarding patient investors:
at 85,978, marking a 26% rise, tals. Company Name Rec. Price 52-W High Return (%)
while the Nifty reached 26,277, Global markets wrestled with JM Financial Rs. 89 Rs. 168 88%
achieving a 29% increase over elevated inflation rates, com- Chems Limited Rs. 2,388 Rs. 4,966 108%
the year. pelling central banks to raise Caffeine Technology Rs. 470 Rs. 1,188 152%
This significant growth tran- interest rates. The U.S. Federal DLF Ltd. Rs. 595 Rs. 967 62%
spired amidst Reserve reversed course Tata Motors Rs. 648 Rs. 1,179 82%
external turbu- mid-year by cutting rates, Cummins India Rs. 1,715 Rs. 4,169 143%
lence such as the a manoeuvre to stave off Paradwip Phosphates Rs. 64 Rs. 98 53%
STOCK WAVE
Russia-Ukraine a looming recession as Hindustan Petroleum Rs. 257 Rs. 457 77%
Yogesh Shah Tamil Nadu Newsprint Rs. 282 Rs. 330 17%
conflict, tensions the American presidential
in the Middle East, and econom- election looms in Samvat 2081. Ashoka Buildcon Rs. 134 Rs. 284 111%
ic strains in superpowers like the Meanwhile, the geopolitical
U.S. and China. Despite these landscape, especially with the that leverages the stability of As investors welcome Samvat
obstacles, the Indian markets not ongoing Middle East conflicts, large-cap investments. 2081, maintaining a prudent
only withstood pressures but poses uncertainties that will Current trading positions the strategy in large-cap stocks while
thrived, with domestic institu- impact investor sentiment world- Nifty around 24,500 and the cautiously selecting mid-cap
tional investors maintaining a wide. Sensex near 80,500. Barring opportunities remains key. With
steady buy trend in key sectors. As Samvat 2081 unfolds, mar- major geopolitical or natural dis- a promising outlook, the Indian
The Mid Cap and Small Cap ket analysts project a steady, ruptions, investors may witness stock market could be on the
Indexes on the NSE saw a surge, albeit cautious, growth trend. the Sensex reach a historic high brink of reaching new heights,
with respective increases of 46% Large-cap stocks are expected to of 100,000 and the Nifty at solidifying its status as a global
and 43% in 2080. However, small take precedence over small and 31,000 within the year, potential- investment haven.
and mid-cap stocks faced correc- mid-caps due to their more sta- ly setting unprecedented records Happy Samvat 2081, and
tions by year-end as valuations ble valuation prospects. This in Indian stock market history. may it bring prosperity and
began to stabilize. Investors were year's goal: a balanced portfolio Looking Ahead growth for all....

New Year 2081: A Promising Dawn for Investors

8 Stocks to Consider for the Year Ahead
As we bid farewell to Samvat 2080, the dawn of Samvat 2081 brings fresh opportunities for investors
eager to explore new growth sectors. With a careful eye on market trends and promising sectors, here
are eight stocks across key industries that could offer robust returns in the coming year:
Jio Financial Services Limited: Tata Technologies Limited:
BSE (543940), NSE (JIOFIN) Rs.10 Paid-up JIO FINANCIAL SERVICES BSE (544028), NSE (TATATECH) Listed Rs.2 paid-up, TATA TECHNOLO-
LIMITED (JIO FINANCIAL SERVICES LIMITED) is a new age company, pro- GIES LIMITED is a strategic engineering partner, helping to make vari-
viding complete financial services to customers. Its digital-first model ous businesses better. Manufacturing companies
aims to ensure holistic financial well-being of Indian citizens. JFSL pro- rely on Tata Technologies to envision, develop and
vides services including loans, savings, realize better products that are safer, cleaner and
accounts, UPI bill payments, recharges, digital improve the quality of life for all stakeholders while
insurance, financial tracking and management achieving the company's vision of engineering a
tools through the Jio Finance app. which is in better world. Tata Technologies works with auto-
the financial services business through Jio motive, aerospace, industrial heavy machinery and other industries.
Finance Limited, Jio Insurance Broking Limited, Jio Payment Solutions Over 20 global delivery centres with over 12,500 company innovators
Limited, Jio Leasing Services Limited, Jio Finance Platform and Services are active with customers in over 27 countries. The share is currently
Limited and Jio Payment Bank Limited. The share is currently fetching fetching close to Rs.1000.
close to Rs.305. continue on next page
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SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024

continue from previous page of Lalbhai Group in 1985-86. The company is one of the
largest manufacturers and exporters of dye-intermedi-
Simplex Castings Limited: ates in the country. The company has implemented var-
BSE (513472), NSE (SIMPLEXCAS) Listed, Rs.10 Paid-Up SIMPLEX ious projects including a multi-purpose modern EOU
CASTINGS LIMITED Cast Aryan Foundry, Steel & Alloy Foundry, for manufacturing bulk drugs in Pardi, Gujarat. In the
Fabrication Plant for Heavy Engineering & Equipment Manufacturing, year 2020-21, a wholly owned subsidiary of the compa-
Structural Fabrication, Assembly Facilities Has ny, Amal Specialty Chemicals, has been started. The share is currently
manufacturing facilities. The company has a glob- fetching close to Rs.375.
al presence in core sector industries like steel
mills, aluminium smelters and downstream, other
Gujarat Pipavav Port Limited:
metallurgical plants, railways, power plants, valves BSE (533248), NSE (GPPL) Listed, Rs.10 Paid-up, GUJARAT PIPAVAV
and pump industries, mining, cement, sugar, PORT LIMITED (GUJARAT PIPAVAV PORT LIMITED) Formerly known as
heavy earth movers, HMM, material handling, oil APM Terminals Pipavav, Pipavav Port is located in
& Approved and Registered Supply Partner for Gas, Defence, Chemical Gujarat, just 152 nautical miles from Nhawa Sheva in
Plants etc. The share is currently fetching close to Rs.315. Mumbai ( 10 hours steaming time). It has immediate
accessibility by road and rail to major markets in
Gandhar Oil Refineries Limited: North-West India and India's largest seafood export
BSE (544029), NSE (GANDHAR) Listed, Rs.2 paid-up, GANDHAR OIL belt. The port is operated by APM Terminals (shareholding 44.1 per-
REFINERY INDIA LIMITED is well known in the world of specialty oil. The cent). APM Terminals Pipavav currently has the capacity to handle 13.5
company is engaged in manufacturing of Crore TEU containers, 40 - 50 lakh tonnes of dry bulk cargo, 2 million
white oil with focus on its customers and tonnes of liquid cargo and around 250,000 cars per year. The share is
healthcare and industries. The company has getting close to Rs.190.
more than 3558 diversified customers. The
company manufactures a variety of specialty oils and lubricants such as
Poonawalla Fincorp Limited:
white oil, wax, jelly, automotive oil, industrial oil, transformer oil and BSE (524000), NSE (POONAWALLA) Listed, Rs.2 paid-up formerly
rubber processing oil. The company has three decades of experience in known as Magma Fincorp Limited and renamed as POONAWALLA FIN-
the specialty oil industry. The company having Taloja plant along with CORP LIMITED in July 2021 after acquisition, the company is a non-
Silvassa plant has expanded to UAE and has Taxol subsidiary unit. The banking finance company of the Cyrus-
share is currently fetching close to Rs.220. Poonawalla Group. , which focuses on con-
sumer and MSME lending. The company offers
Piramal Pharma Limited: a diverse suite of products to meet the growing
BSE (543635), NSE (PPLPHARMA) Listed, Rs.10 paid-up, PIRAMAL credit needs of consumers and enterprises. The company offers per-
PHARMA LIMITED offers a diverse portfolio of products and services sonal loans, business loans, and professional loans, pre-owned car
through its global development and manufacturing facilities as well as loans, loans against property, medical equipment loans and machinery
a distribution network in over 100 countries. loans. The company has recently made a positive provision in its quar-
Piramal Pharma Limited comprises Piramal terly results to clear the balance sheet by making a provision of Rs.666
Pharma Solutions (PPS) an integrated contract Crore to cover possible losses in the short term personal loan portfolio.
development and manufacturing organization The share is getting close to Rs.295.
Piramal Critical Care (PCC), a complex hospital
generics business. Along with this, the India Consumer Healthcare busi-
Western Carriers India Limited:
ness sells over-the-counter products. Apart from this, ABBV BSE (544258), NSE (WCIL) Listed, Rs.5 paid-up, WESTERN CARRIERS
Therapeutics India Limited, one of PPL's associate companies, is ABBV INDIA LIMITED, India's largest private, multi-modal, rail-focused carrier
Inc. has a joint venture with and has emerged as a market leader in the by container volume controlled by the country's private sector. FourPL
field of ophthalmology. The share is currently fetching close to Rs.240. is an asset light logistics company. The company's market share based
on container volume is 6 percent in the domestic mar-
ITC Limited: ket and 2 percent in the EXIM market as of FY2023. The
BSE (500875), NSE (ITC) Listed Rs.1 paid-up, ITC LIMITED is one of company has many years of experience in multi-modal
India's leading private sector companies with businesses spanning Fast movement by road, rail and sea for domestic as well as
Moving Consumer Goods, Hotels, Paperboards and EXIM cargoes in India and abroad. The company has
Packaging, Agri Business, Information Technology There is clients including Balco, Jindal Stainless, Vedanta, Hindalco, Signode,
also a diverse group. The company is recognized as one of Tata, Sheela Group, Gujarat Heavy Chemical, MCPL, Cipla. Recently, the
India's most valuable business corporations with a net profit company has allotted shares in IPO at a price of Rs.172. The share is cur-
of Rs.20, 422 Crore on revenue of Rs.69, 446 Crore for the year rently fetching close to Rs.125. For those considering investments in
ended March 31, 2024. The hotel business of the company is Samvat 2081, here are some noteworthy stocks across diverse sectors
being demerged. The company has received approval from the Kolkata that could offer promising returns. Below is a breakdown of each com-
bench of the National Company Law Tribunal. For every 10 shares of ITC pany along with its latest share price, highlighting potential areas of
Limited, one share of ITC Hotels will be allotted. The expected demerg- growth and industry presence.
er of more businesses including IT from ITC Limited is a value unlocking Company Name Share Price
candidate. The share is currently fetching close to Rs.475. Jio Financial Services Ltd. Rs.305, Tata Technologies Ltd. Rs.1000
Amal Limited: Simplex Castings Ltd. Rs.315
Gandhar Oil Refinery Ltd. Rs.220
Only BSE (506597) listed AMAL LIMITED is engaged in the manufac- Piramal Pharma Ltd. Rs.240 ITC Ltd. Rs.475
ture and sale of bulk chemicals such as sulphuric acid and oleum and Amal Limited Rs.375 Gujarat Pipavav Port Ltd. Rs.190
its downstream products such as sulphur dioxide and sulphur trioxide. These stocks represent a diverse mix of industries, from finance to
Its plant is in Ankleshwar-Gujarat. The controlling holding in the com- pharmaceuticals, and provide options to investors with different risk
pany promoted by Piramal Group in 1974-75 was sold to Atul Limited appetites and investment goals.
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Matrix Gas & Renewables: Pioneering India's Clean Energy Transition

Ltd., Gujarat Guardian Ltd., Indian Oil,
Kajaria Ceramics and other larges
Industries. These relationships position
Matrix as a trusted partner in the clean
energy landscape, enabling it to cater to
a diverse range of energy needs across
various sectors. The company is also
Matrix Gas & Renewables Limited focusing on developing hydrogen infra-
stands at the forefront of India's clean structure for clients such as NHPC,
energy revolution, focusing on the inte- NTPC, MECON, National Chemical
gration of sustainable and world class Laboratories, Solar Energy Corporation
infrastructure development in Green of India Ltd., Eternis Fine Chemicals Ltd.,
Hydrogen and Natural Gas Distribution. Key customers of Matrix Gas include and others further solidifying its market
Committed to develop Green
Hydrogen production infrastructure ArcelorMittal Nippon Steel, ONGC Petro position.
Leadership
along with Electrolyser manufacturing
plant and developing Green Ammonia,
Additions Limited,Major industries include
Green Methanol projects, Matrix is shap- Saint Gobain, Gujarat Gas Limited, Adani
ing a cleaner and more sustainable
future requirements of India and Middle Total Gas Limited, Hindalco Industries
East. The company's impressive results
reflect its success across natural gas
Limited, Gujarat Guardian Limited, Indian
operations and pioneering efforts in Oil, Kajaria Ceramics and others.
green hydrogen.
Meeting India's Growing Energy 5,000 Cr. In next five years. the company's commitment to innova-
Demand Matrix has also secured prestigious tive and sustainable energy solutions.
The leadership team at Matrix Gas &
As one of the fastest-growing Hydrogen Engineering Procurement and This project exemplifies the growing
Renewables come with extensive
economies globally, India faces the chal- Commissioning basis as well as Build demand for green hydrogen in the ener-
expertise and experience in the
lenge of meeting surging energy Own Operate basis. Matrix has secured gy landscape, which is rapidly being rec-
Renewable Energy and Gas sector.
demand while transitioning to sustain- Production Linked Incentives (PLI) for ognized for its potential applications in
Anmol Singh Jaggi, Chairman and
able energy solutions. With a goal of setting up Electrolysers Manufacturing various sectors.
Managing Director of Matrix Gas and
achieving net-zero carbon emissions by plant under the Government of India's Furthermore, in partnership with Gensol
Renewables., and Chirag Kotecha,
2070, Matrix Gas plays a crucial role in Strategic Interventions for Green Engineering Limited, Matrix is developing
Whole-Time Director of Matrix Gas and
integrating innovative approaches in Hydrogen Transition scheme. India's largest Green Steel production
Renewables, are driving the company's
both natural gas and Green Hydrogen Matrix had raised Rs. 500 crore in a facility. This innovative project will utilize
strategic vision. Their commitment to
Segment. The company is poised to pre-IPO round to fuel its growth for 100% green hydrogen with a direct
sustainability and innovation is evident
meet this challenge head-on by posi- Natural Gas and Green Hydrogen Eco- reduced iron (DRI) vertical shaft, trans-
in the initiatives designed to not only
tioning itself as a key player in this systems in FY 2023-24. forming iron ore into sponge iron. With a
meet today's energy demands but also
transformative journey. Matrix has surpassed Rs. 480 crore in total project capital expenditure estimated
pave the way for a sustainable future.
Strategic IPO plans by FY 2025- revenue for FY 2022-23, surpassed Rs. at INR 321 crore, the Government of India
As global efforts to transition to
2026 600 crore in revenue for FY 2023-24 with is supporting this initiative by providing
renewable energy intensify, the impor-
A significant development for Matrix projections to exceed Rs. 1,100 crore in 50% capex incentives.
tance of green hydrogen as a clean fuel
Gas is list Matrix on BSE and NSE FY 2024-25. Matrix is the first Indian Strategic Initiatives in Natural becomes increasingly apparent. Matrix
Mainframe exchanges in FY 2025-2026, company to surpass INR 1,000 Crore Gas Aggregation and City Gas Gas & Renewables, with its expertise in
targeting to raise INR 1000-1200 Cr. This Green Hydrogen firm order book with Distribution electrolyser manufacturing and commit-
capital will fund transformative clean strong execution capabilities. Matrix Gas is dedicated to enhance
ment to developing green hydrogen
energy projects, particularly the devel- Strategic Initiatives in Green accessibility to natural gas while reduc-
infrastructure, is well-positioned to con-
opment of 1000 MW of green hydrogen Hydrogen - Accelerating the Clean ing reliance on more polluting fuels. As
tribute significantly to India's evolving
capacity over the next 1000 days and Energy Transition the fastest-growing digital gas aggrega-
energy landscape. By enhancing access
setting up fully automated state of the Matrix Gas is actively executing sever- tor in India, the company is leveraging
to natural gas through its City Gas
art 2 GW Electrolyser Manufacturing al flagship initiatives to advance green advanced technologies to streamline
Distribution networks, Matrix is not only
plant. The company's capital expendi- hydrogen and renewable energy solu- operations and improve customer expe-
promoting a cleaner and greener India
ture plan stands at Rs. 3500 Cr, funded tions. The Leh green hydrogen plant, will rience. The demand for seamless gas
but also presenting a compelling oppor-
through a mix of 70% debt and 30% significantly enhance hydrogen applica- procurement and distribution solutions
tunity for investors and stakeholders.
equity. With a booming IPO market and tions in the mobility sector. The project continues to rise, providing significant
As the global demand for clean ener-
an ambitious vision for green hydrogen, will also include essential storage, com- market opportunities.
gy solutions intensifies, Matrix Gas &
Matrix Gas & Renewables is leading pression, and dispensing facilities for a The company's City Gas Distribution
Renewables is not only contributing to
India's energy transition, making it an hydrogen refueling station, illustrating (CGD) networks play a vital role in
India's energy goals but also aligning
attractive opportunity for investors. Matrix's commitment to promoting ensuring access to affordable energy for
with international sustainability stan-
Key Milestones and Growth hydrogen mobility solutions. households, commercials, industries,
dards. This strategic alignment, coupled
Opportunities In addition, Matrix is developing and transportation, thereby promoting
with strong governmental support, fur-
Matrix Gas is emerging as India's India's first Green Hydrogen Valley a cleaner and greener India. By expand-
ther enhances its appeal as a forward-
fastest-growing digital Gas aggregator, Projects facilitated by National ing its CGD footprint, Matrix aims to tap
thinking investment.
successfully sourcing regasified lique- Chemicals Laboratories (NCL), Pune in into urban markets and cater to the
Investors looking to capitalize on the
fied natural gas (rLNG) and domestic Kurkumbh region. Matrix has 20 years increasing consumer demand for clean-
burgeoning renewable energy market
gas from Exploration and Production long-term offtake agreements for sup- er energy, aligning with national energy
would do well to consider Matrix Gas &
companies like Reliance, bp, ONGC, and plying green hydrogen to customers, goals and presenting significant growth
Renewables as a key player in this trans-
others. By March 2024, the company highlighting the importance of robust avenues.
formative era, poised for growth and
achieved volumes of 275 million stan- infrastructure development and guaran- Collaborations and Market Reach sustainability. By investing in Matrix,
dard cubic meters (mmscm). teed offtake. Key customers of Matrix Gas include
stakeholders can contribute to a cleaner,
Matrix is in the final phase of acquir- Moreover, Matrix Gas, in collaboration prominent customers like Arcellor Mittal
greener future while also positioning
ing five geographical areas for City Gas with Gensol Engineering, recently been Nippon Steel, ONGC Petro Additions
themselves at the forefront of an indus-
Distribution (CGD) and will develop Gas awarded bid by NTPC for a Biomass-to- Ltd., Saint Gobain, Gujarat Gas Ltd.,
try on the cusp of significant expansion.
Infrastructure at massive capex of INR green hydrogen project, underscoring Adani Total Gas Ltd., Hindalco Industries
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SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024

Diwali Picks 2024 Mail:tradingstockj@gmail.com | WA: https://wa.me/919427917539

By: Jiten Dhamecha Telegram: https://t.me/SwingSt0ck | Mobile: +919427917539

Astral Ltd. advisable. in high-demand sectors like infrastructure and

1. Company Overview CG Power and Industrial renewable energy make it a promising stock
Industry: Astral Ltd. operates in the manu- with an expected upside of approximately 21-
facturing of plumbing and drainage systems, Solutions Ltd 25% based on the target range. While macro-
along with adhesives and sealants. 1. Company Overview economic factors and input cost fluctuations
Market Position: The company is a major Industry: CG Power operates in the electri- pose risks, CG Power's growth prospects
player in the piping segment, with a strong cal equipment manufacturing sector, providing remain robust due to ongoing investments in
brand presence, diversified product offerings, a range of products including transformers, infrastructure and the renewable energy transi-
and a focus on quality. motors, switchgear, and drives for industrial tion. This makes it a favorable option for long-
2. Financial Performance and power sectors. term investors seeking exposure to the capital
Revenue Growth: Astral has exhibited con- Market Position: CG Power is a well-estab- goods sector.
sistent revenue growth due to its diversified lished player with a strong brand presence,
product portfolio and strong brand presence. benefiting from an extensive network and
Jio Financial Services Ltd.
The recent increase in infrastructure and con- client base in both domestic and international 1. Company Overview
struction activities supports further growth. markets. Industry: Jio Financial Services (JFS) is the
Profit Margins: It maintains healthy oper- 2. Financial Performance financial services arm of Reliance Industries,
ating and net profit margins, though input cost Revenue Growth: The company has shown focusing on digital payments, lending, insur-
fluctuations can impact margins. Astral's substantial growth in recent quarters, driven ance, asset management, and other financial
strong pricing power and brand value often by increasing demand for industrial equip- solutions.
enable it to pass on some cost increases to ment, infrastructure development, and renew- Market Position: As a new entrant backed
consumers. able energy projects. by Reliance Industries, JFS leverages the exten-
Return Ratios: Astral Ltd. has strong return Profit Margins: CG Power has seen sive reach of Reliance Jio and retail networks,
ratios, like ROE (Return on Equity) and ROCE improvement in margins due to operational positioning itself as a strong contender in
(Return on Capital Employed), indicating effi- efficiencies and cost optimization, alongside India's rapidly growing fintech and financial
cient capital utilization. an increase in high-margin product sales. services sector.
3. Growth Drivers " Debt Management: CG Power has 2. Financial Performance and Potential
Expansion into New Segments: Astral's improved its balance sheet considerably by Revenue Potential: Although JFS is a newly
entry into segments like adhesives and reducing debt levels, which enhances prof- listed entity, its potential lies in tapping into
sealants is a strategic move, diversifying its itability and positions it well for future expan- the vast customer base of Reliance Jio and
revenue sources. sion without significant financial stress. Reliance Retail. This synergy can translate into
Rising Urbanization and Infrastructure: 3. Growth Drivers significant growth in digital lending, insurance,
The increasing need for quality piping and Government Initiatives in and investment solutions.
plumbing products due to urbanization, along Infrastructure: As India pushes forward with Profitability Outlook: As JFS scales its
with government infrastructure initiatives, sup- infrastructure projects, CG Power benefits operations and leverages digital platforms,
ports growth prospects. directly from the demand for high-quality economies of scale should drive profitability.
Market Expansion and Brand Loyalty: Astral transformers and motors. Initial investments in infrastructure and cus-
continues to benefit from expanding into new Transition to Renewable Energy: CG tomer acquisition might impact short-term
regions and growing brand loyalty among Power's involvement in supplying equipment profitability, but the long-term outlook is
contractors and developers. for renewable energy projects (like wind and strong given its strategic backing.
4. Risks solar) presents a strong growth avenue, given Funding Capacity: Backed by Reliance, JFS
Input Cost Volatility: Astral is sensitive to global moves toward green energy. has access to substantial capital, allowing it to
the price of raw materials (like PVC resins). Export Demand: CG Power has a significant scale rapidly and make necessary investments
Volatility in these prices can impact profitabili- export footprint, especially in the Middle East in technology and talent without being over-
ty. and Southeast Asia, which helps diversify its leveraged.
Competition: The piping and adhesives revenue streams. 3. Growth Drivers
industry is highly competitive, with companies 4. Risks Digital Financial Services Boom: India's
competing on price and product quality. Commodity Price Volatility: CG Power financial services industry is growing due to
Regulatory Changes: Any changes in envi- relies on metals like copper and steel, making increased digital adoption and financial inclu-
ronmental policies, especially related to PVC it susceptible to raw material price fluctuations sion initiatives. JFS is well-positioned to cater
usage, could impact Astral's operations. that can impact profit margins. to this market, offering digital lending, wealth
5. Valuation Competition: The electrical equipment management, and insurance products.
Current CMP: Rs. 1799 Target Price: Rs. industry is highly competitive, with both Reliance Ecosystem: The Reliance ecosys-
2100-Rs. 2200 domestic and international players competing tem offers JFS access to a large customer base
Conclusion : Astral Ltd. remains fundamen- on technology and pricing. across different income segments, from urban
tally strong with consistent growth and high Regulatory and Economic Cycles: The to rural, making customer acquisition more
market share in piping solutions. Based on the demand for capital goods is sensitive to eco- efficient.
target price range, there is potential for nomic cycles; a slowdown could impact orders Strategic Partnerships: JFS has a partner-
approximately 16-22% upside. The company is from industrial and power sectors. ship with BlackRock for mutual fund services,
well-positioned to benefit from macroeco- 5. Valuation indicating a potential for rapid growth in asset
nomic trends like urbanization and infrastruc- Current CMP: Rs. 743 Target Price: Rs. management. This partnership adds credibility
ture growth, making it a good stock for long- 900-Rs. 930 and technical expertise to JFS's offerings in
term investment. However, close monitoring of Conclusion : CG Power's strong fundamen- wealth management.
raw material costs and regulatory changes is tals, focus on debt reduction, and positioning continue on next page
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continue from previous page products, pre-engineered buildings, steel automotive, railways, and logistics.
4. Risks products, and systems catering to sectors like Export Opportunities: The company has
Regulatory Challenges: The financial railways, infrastructure, and automotive. been growing its export business, especially in
services sector in India is highly regulated. Any Market Position: Pennar has established a markets like the U.S. and Europe, which offers
unfavorable regulatory changes could impact strong presence in India, known for quality a stable revenue stream and reduces depend-
JFS's growth trajectory. engineering solutions, and has a diverse cus- ency on domestic demand.
Intense Competition: JFS faces competi- tomer base across multiple industries, which 4. Risks
tion from established banks and other fintech helps mitigate sector-specific risks. Raw Material Cost Fluctuations: Steel
companies. Competitors with mature technol- 2. Financial Performance and other metal prices impact Pennar's prof-
ogy and operational models could pose chal- Revenue Growth: Pennar has shown a itability. Price increases that cannot be passed
lenges as JFS builds its customer base. steady increase in revenues, driven by on to customers may squeeze margins.
Execution Risks: As a new entrant in finan- demand from the infrastructure, automotive, Project Execution: Delays in large-scale
cial services, JFS's ability to scale and execute and railway sectors. The company's focus on infrastructure projects, either due to economic
its ambitious plans effectively will be key. value-added products and increasing or regulatory challenges, can impact demand
Delays in execution or integration could exports has also positively impacted revenue for Pennar's engineering products and pre-
impact near-term results. growth. engineered buildings.
5. Valuation Profit Margins: Pennar maintains stable Competitive Landscape: Pennar faces
Current CMP: Rs. 311 operating and net profit margins, though they competition from both domestic and interna-
Target Price: Rs. 400-Rs. 430 can be sensitive to fluctuations in raw material tional players, particularly in its key markets.
Conclusion prices. However, the company's focus on cost Pricing pressures in the engineering sector can
Jio Financial Services has significant growth optimization and value-added products helps impact profitability.
potential due to its affiliation with Reliance it maintain competitive margins. 5. Valuation
and its strategic position in the fast-growing Debt and Cash Flow: Pennar has been Current CMP: Rs. 185 :
digital financial services market. With an actively working to manage its debt levels, Target Price: Rs. 245-Rs. 255
expected upside of approximately 29-38%, JFS which has improved its balance sheet health. Conclusion
offers an attractive investment case, especially Positive cash flow from operations indicates With its diversified product range, growing
for long-term investors looking for exposure that it has adequate liquidity to support exports, and alignment with India's infrastruc-
to India's digital financial boom. However, expansion plans without excessive leverage. ture and industrial growth, Pennar Industries
close monitoring of its execution, regulatory 3. Growth Drivers has solid growth potential. Based on the target
environment, and the competitive landscape is Infrastructure Development: Government price, there's an expected upside of approxi-
essential as the company establishes its pres- initiatives like 'Make in India' and infrastructure mately 32-38%, making it a promising invest-
ence in this sector. investments benefit Pennar by driving demand ment. However, potential investors should
for its products, especially in the construction remain aware of raw material volatility and
Pennar Industries Ltd. and railways segments. infrastructure project risks, which can impact
1. Company Overview Diversified Product Portfolio: Pennar's short-term results. Long-term, Pennar's growth
Industry: Pennar Industries operates in the diversified offerings, from engineering compo- outlook remains strong due to favorable
engineering sector, with a diversified product nents to pre-engineered buildings, help it cap- macroeconomic conditions and its well-diver-
portfolio including precision engineering ture growth across multiple sectors, including sified portfolio.

Jaimin Gupta acquires majority stake in

Gujarat-based Aarvee Denims and Exports
Jaimin Gupta, founder of the men's fashion acquirers to make an open offer to the fashion and apparel brand, was founded
brand Barcelona, has acquired a majority stake public shareholders of the company to in 2015 by Gupta, who has now
in Aarvee Denims and Exports, a Gujarat-based acquire additional stake. acquired a 45% stake. Stitched Textiles
firm. Gupta, along with investors Tarachand "The open offer is being made by the Private Limited owns Barcelona that
Agrawal and Qmin acquirer along with the Person has over 125 franchise stores apart from
Industries, has pur- Acting in Concert (PACs) for its B2B app where the stock is sold
chased 1.42 crore acquisition of up to 60.99 wholesale to apparel retailers.
shares of Aarvee, trig- lakhs shares, constitut- The company has a monthly
gering an obligation to ing 26% ol the equity manufacturing capacity of 1.2
make an open offer to share capital of the Million fabrics for suiting and
acquire up to 26% of target company, at a shirting and 2.2 lakh garments
the company's equity at Rs 41 per share. price of Rs41 per share," it manufacturing capacity in
Jaimin Gupta, the founder of men's fashion said in a BSE filing. men’s wear.
brand Barcelona, along with other investors Aarvee Denims and Overall retail sales growth
have acquired a majority stake in Gujarat Exports, a debt ridden rate in India across segments
based Aarvee Denims and Exports. firm, has an production such as apparel, footwear and
Last week, Aarvee said it has approved the capacity of 85 million quick service restaurants (QSR)
execution of the share purchase agreement for meters per annum and had sales slowed to 4-7% year-on-year
selling 1.42 crore shares to Jaimin Gupta along of Rs91.33 crore in FY24, a signif- every month in FY24, reflecting
with Tarachand Agrawal and Qmin Industries icant decline from Rs751.56 comparatively weaker consumer
The deal also triggered an obligation on the crore in FY19. Barcelona, a men’s sentiment.
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Disclaimer: This analysis is based on current market data and is subject to change as new information becomes available.
Zanil Shah - SEBI Registered RA Investors should conduct their own research and consult with financial advisors before making any investment decisions.

Welcoming the Festival of Lights with New Year Market Insights

NIFTY

BANK NIFTY

As the festival of lights ushers in a new year, we extend warm wish- possible toward their 21-week averages, any sustained close below
es for happiness, health, wealth, and prosperity to all. Wishing the 50-week average could indicate further correction over the short
everyone a very Happy Diwali and a prosperous New Year! to medium term.
Nifty's recent downturn continued, with the index dipping to Diwali Stock Picks for the Next Year: Technical Analysis
24,068 as it breached the crucial 24,800 support. This week alone, As we step into the New Year, here are a few stock insights for
Nifty lost 3%, accumulating an 8.8% drop from its peak of 26,402. potential investments over the coming year:
Based on previous projections, a 10% correction could take Nifty CUB (City Union Bank):
down to 23,800, with potential further support levels at 23,430 and Currently trading
23,074 if selling pressure persists. For any recovery, Nifty would need around Rs. 171, this
to reclaim 24,600, opening the way for resistance at 24,900 and stock appears posi-
25,200. tive on the weekly
Bank Nifty Performance and Key Levels chart, holding above
Bank Nifty mirrored Nifty's weakness after it broke the head-and- both short-term and
shoulders neckline last week, testing a low of 50,374 before closing at long-term moving
50,846. Sustaining below the 50,375 level could lead Bank Nifty averages. It may be
toward 49,870, 49,540 (its 200-day SMA), and possibly 46,500. On the worth accumulating
upside, targets lie at 51,598 and 52,098, with a more optimistic out- on dips, with poten-
look only if it can decisively break above 52,098. tial targets at Rs. 215, Rs. 275, Rs. 311, and Rs. 370 in the longer term.
Sectoral Indices Weekly Review Setting a stop loss is advised based on individual risk tolerance.
With the broader market turning negative, here's a look at sectoral DYCL: Near its all-
indices: time high at Rs. 656,
Nifty Midcap: The weekly chart shows Nifty Midcap breaking its DYCL presents a medi-
March 2023 trend- um to long-term out-
line, though it look with potential tar-
remains above its gets at Rs. 798, Rs.
longer trendline 1,084, and Rs. 1,260.
from March 2020. In accumulate on dips,
the short to medi- keeping a stop loss suit-
um term, the index ed to your risk appetite.
appears weak and Sona Comstar: The
could test levels of stock bounced back
51,987 and 47,250. strongly from its 50-
Nifty Smallcap: week moving average
The Smallcap index on Friday with high vol-
recently saw signifi- umes. Consider accu-
cant growth but has mulating on dips, tar-
now turned nega- geting levels of Rs. 760,
tive on the weekly Rs. 882, and Rs. 1,078.
chart. This index
may test levels of Tata Chemicals: After an
16,750 and 15,000 extended period of consoli-
in the short to dation, Tata Chemicals is
medium term. trading near its weekly trend-
Sector Outlook: Key Support and Potential Rebound line support. Accumulating
Major sectoral indices, including Nifty Metal, Pharma, Oil & Gas, on dips could yield targets at
Infra, and Energy, are currently near their 50-week averages, suggest- Rs. 1,200, Rs. 1,375, Rs. 1,640,
ing they're trading around support levels. While some rebound is and Rs. 1,810.
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SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024

From Diwali 2024 to Diwali 2025, Nifty may

reach 31,300 and Bank Nifty 63,800. Gold can
come up to 87,700 and silver up to 1,30,000
trading at 600, Arvind Fashion shows promising tion. Accumulating shares at current levels could
Nifty Market Update: Currently trading at upside potential, with targets of 1,200 by next yield strong investment returns, making it a solid
24,800, Nifty shows potential for an upside tar- Diwali. As the company expands its store pres- addition to your portfolio.
get of 31,300 by the time of Next Diwali. Key ence, it is well-positioned to boost revenue and KPI Green Market Update: Currently trad-
support is identified at the level of 22,200. profit margins. This stock could be a solid addi- ing at 800, KPI Green has notable upside poten-
Investors should stay vigilant and consider tion to your portfolio in the fashion industry, tial, targeting 1,550 by next Diwali. As a key
these levels for their trading strategies. offering good growth prospects. player in the Green Energy sector, the company
BankNifty Market Update: Currently trad- Lodha Developers Market Update: stands to benefit from the overall growth in the
ing at 52,000, BankNifty Currently trading at 1,160, Lodha power industry. With increasing focus on sus-
has the potential to reach Developers has notable upside tainable energy solutions, KPI Green is posi-
an upside target of potential, targeting 1,600 by next tioned to lead the market in the coming years,
63,800 by the next Diwali. TECHNICAL Diwali. As a leading player in the making it an attractive option for investors
Key support is noted at Mahendra Punjabi real estate sector, particularly in looking for growth in this sector.
M : 7575849743
the level of 47,900. Nadiyad
Mumbai, the company is well-posi- Inox Wind Market Update: Currently trading
Traders should monitor tioned for growth with upcoming at 220, Inox Wind has promising upside potential,
these levels closely for project launches expected to drive targeting 450 by next Diwali. With rising demand
potential trading opportunities. revenue in the next 8-12 months. This stock in the power sector, this company is well-posi-
DIWALI 2024 TO 2025 DELIVERY CALL presents a strong opportunity for investors in tioned as a leading player in wind energy for
Trent Market Update: Currently trading at the realty market. power generation. As the sector grows and sup-
7,700, Trent presents a promising upside poten- Sobha Limited Market Update: Currently ply needs increase, Inox Wind could emerge as a
tial, with targets of up to 15,000 by next Diwali. trading at 1,725, Sobha Limited presents an top choice for long-term investment, making it a
Given its growth prospects, it could be a strong attractive upside potential, targeting 2,460 by valuable addition to any portfolio.
addition to your portfolio. Investors should next Diwali. With new project launches in Dubai BSE Market Update: Currently trading at
consider this opportunity for long-term gains. and ongoing developments in India, this stock 4,300, BSE presents significant upside potential,
BayerCrop Market Update: Currently trad- is well-positioned for significant profit margins. targeting 10,000 by next Diwali. As the only list-
ing at 6,600, BayerCrop shows significant The combination of upcoming projects in both ed exchange in India, BSE is experiencing strong
upside potential, with targets of 13,000 by next regions could drive the stock price higher, mak- revenue growth driven by an influx of new
Diwali. As a strong player in the agricultural sec- ing it a compelling choice for investors in the traders and investors entering the market. The
tor, it is well-positioned for good gains in the real estate sector. anticipated listing of the NSE Stock Exchange
near future. Investors may find this an attractive Zomato Market Update: Currently trading at could further enhance BSE's visibility and com-
opportunity for growth. 260, Zomato has significant upside potential, tar- petitiveness, potentially leading to new highs
Siyaram Silk Mill Market Update: Currently geting 600 by next Diwali. As a leading player in that align with the company's market capital.
trading at 520, Siyaram Silk Mill has an upside the food delivery sector, Zomato is experiencing This stock is positioned well for investors seek-
potential targeting 1,000 by next Diwali. As a increased orders, particularly through its Quick ing growth in the financial sector.
reputable player in the silk industry, the compa- Commerce brand, Blinkit. With robust growth in CAMS Market Update: Currently trading at
ny is poised for substantial returns, especially both food delivery and quick commerce, this 4,700, CAMS has significant upside potential,
with large orders on the horizon. This stock stock could reach the 600 mark sooner than targeting 9,000 by next Diwali. This stock is
could be an excellent opportunity for investors expected, making it a strong candidate for well-positioned for both short-term and long-
looking for growth in the textile sector. investors looking for growth in this sector. term performance, benefiting from its involve-
BF Utilities Market Update: Currently trad- Paytm Market Update: Currently trading at ment in SIPs, mutual funds, and other invest-
ing at 1,020, BF Utilities has promising upside 710, Paytm shows promising upside potential, ment avenues. With increasing investments
potential, targeting 1,950 by next Diwali. With targeting 1,200 by next Diwali. The recent sale flowing into the stock market through various
strong fundamentals and growth prospects in of its ticketing business to Zomato has generat- channels, CAMS stands out as a compelling
the infrastructure sector, this stock could be an ed substantial profits, and this move may pave choice for investors seeking growth and stabili-
appealing option for investors seeking capital the way for further developments in the com- ty in the financial sector
appreciation. pany. With ongoing innovations and strategic CDSL Market Update: Currently trading at
Pfizer Market Update: Currently trading at initiatives on the horizon, Paytm is well-posi- 1,550, CDSL shows strong upside potential, tar-
5,600, Pfizer has significant upside potential, tioned for growth, making it an attractive geting 3,200 by next Diwali. Recently, the com-
with targets of 10,000 by next Diwali. option for investors. pany issued a 1:1 bonus, enhancing its attrac-
Anticipated big orders in the medical sector Tata Investments Market Update: Currently tiveness to investors. As the only listed deposi-
could provide a strong boost to this stock, posi- trading at 7,200, Tata Investments has significant tory in India with the highest number of
tioning it for long-term growth over the next upside potential, targeting 11,000 by next Diwali. accounts in the market, CDSL is well-positioned
year. Investors should consider this opportunity With the ongoing growth of Tata Group compa- for growth. Its unique position in the financial
for potential gains. nies and the anticipated Tata Sons IPO by 2025, ecosystem makes it a compelling investment
Arvind Fashion Market Update: Currently this stock is well-positioned for capital apprecia- continue on next page
Disclaimer : Equities and Commodities calls provided are for educational purpose only, if any one want to trade than take advice from your finan-
cial advisor before trading on this calls. We are not liable for any of the profit or loss raising from our provided calls for educational purposes.
 SINCE 1992
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SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024

continue from previous page short-term investment strategies. Wipro's strategic focus on securing larger proj-
opportunity for those looking to capitalize on Dr.Reddy's Market Update : Dr. Reddy's ects and expanding its service offerings posi-
the expanding Indian market. Laboratories is a prominent player in the phar- tions the company for robust revenue growth
FCS Software Market Update: Currently maceutical sector, known for its comprehensive and improved profit margins. With a commit-
trading at 3.30, FCS Software has notable upside range of generic medications, APIs, and propri- ment to innovation and digital transformation,
potential, targeting 9 by next Diwali. As a small- etary products. Currently trading at around Rs. Wipro remains a strong contender in the IT sec-
cap IT company, it is experiencing consistent 6700, the stock is expected to grow to approxi- tor, making it an attractive option for investors
revenue growth, which positions it well for mately Rs. 7600 over the next year, driven by looking to add quality stocks to their portfolios.
future appreciation. With its expanding business strong sales in both domestic and international Gold Market Update :
and positive market outlook, FCS Software's markets, ongoing product launches, and strate- Gold is currently trading at Rs. 78,000, with a
stock price could reach new highs this year, gic acquisitions. With a commitment to innova- projected growth to around Rs. 87,700 over the
making it an intriguing option for investors tion and quality, Dr. Reddy's is well-positioned next year. Year-to-date, gold has seen an
seeking opportunities in the tech sector. for sustainable growth. This makes it an attrac- impressive increase of approximately 26%.
Yes Bank Market Update: Currently trading tive addition to investment portfolios, appeal- While the momentum may slow compared to
at 21, Yes Bank has significant upside potential, ing to both long-term and short-term investors previous surges, the overall outlook remains
targeting 180 by Diwali 2026. Recent news indi- in the pharma space. positive, driven by ongoing economic uncer-
cates strong interest from various international Idea Market Update : Idea Cellular tainties and inflationary pressures. By the next
investors looking to acquire stakes in the bank, (Vodafone Idea) is currently trading at Rs. 8.50, Diwali, we can expect an uptrend, with a poten-
which could boost its valuation. With potential with potential for significant upside, projected tial return of around 12% over the next year. As
for substantial growth, Yes Bank is positioning to reach Rs. 26 within the next year. The recent a safe-haven asset, gold continues to be a valu-
itself as a promising multibagger stock in the fundraising efforts position the company to able addition to investment portfolios, particu-
coming years, making it an attractive option for enhance its 4G network and introduce 5G serv- larly in times of market volatility.
investors. ices, aiming to attract more users and improve Silver Market Update : Silver is currently
ITC Market Update : ITC Limited is a diver- market competitiveness. Although the stock has trading at Rs. 98,000, with a projected growth
sified conglomerate with strong foundations in experienced a downturn in the past two potential reaching Rs. 113,000 within the next
the FMCG sector, contributing significantly to its months, this may provide a strong support level year. The metal has seen a notable increase of
growth potential. Currently trading at around for potential buyers. While investing in Idea around 30% year-to-date. Although momen-
Rs. 480, analysts project that the stock could comes with higher risks, the potential rewards tum may slow compared to previous gains, the
reach levels of Rs. 660 over the next year, driven could be substantial, making it an intriguing outlook remains positive, driven by rising
by robust demand for its consumer products, option for aggressive investors looking to add demand from manufacturing sectors and indus-
expansion in new categories, and efficient cost high-reward opportunities to their portfolios. trial applications. As we approach next Diwali,
management. ITC's strong brand portfolio and TataMotors Market Update : Tata Motors is silver is expected to continue its upward trend,
sustainability initiatives further enhance its a leading player in the automotive sector, cur- with anticipated returns of about 15% over the
appeal as a top choice for long-term investors. rently trading at Rs. 880, with a promising next year. Given its industrial utility alongside its
With its steady revenue streams and consistent growth trajectory projected to reach Rs. 1600 status as a precious metal, silver presents a
dividend payouts, ITC remains a solid addition within the next year. The company's strategic compelling opportunity for investors looking to
to any investment portfolio. focus on expanding its electric vehicle (EV) line- diversify their portfolios.
Hindustan Unilever Limited Market up positions it well in the rapidly evolving auto- CrudeOil Market Update :
Update : Hindustan Unilever Ltd (HUL) is a motive landscape. With strong sales in both Crude oil is currently trading at around Rs.
leading player in the FMCG sector, known for its passenger and commercial vehicles, along with 5,900, with potential to rise to Rs. 8,800 over the
extensive portfolio of trusted brands. Currently a commitment to innovation and sustainability, next year. The outlook is buoyed by ongoing
trading at around Rs. 2700, the stock is antici- Tata Motors stands out as a top choice in the market uncertainties, particularly geopolitical
pated to grow to approximately Rs. 3900 over auto industry. This combination of growth tensions in various regions, which are likely to
the next year, fueled by strong demand, strate- potential and diversification into EVs makes it drive prices higher. With a projected upside of
gic brand acquisitions, and innovative product an excellent addition to investment portfolios approximately 49%, crude oil remains a key
launches. HUL's focus on sustainability and dig- for both long-term and short-term investors. focus for investors. Factors such as supply chain
ital transformation enhances its competitive Vedanta Market Update : Vedanta Ltd disruptions and fluctuating demand further
edge. As a well-established company with con- (VEDL) is a prominent player in the steel and contribute to this bullish sentiment. As global
sistent financial performance, HUL is an excel- metal industry, currently trading at Rs. 470. markets respond to these dynamics, crude oil
lent choice for both long-term and short-term Analysts project significant growth, with poten- could present lucrative opportunities for those
investors, making it a valuable addition to any tial to reach Rs. 750 within the next year, driven looking to capitalize on its volatility.
portfolio. by rising demand for metals, operational effi- Copper Market Update : Copper is current-
Divis Lab Market Update : ciencies, and strong commodity prices. ly trading at Rs. 810, with a promising outlook
Divi's Laboratories (DivisLab) is a leading Vedanta's diverse portfolio, which includes zinc, for significant upside in the coming year.
player in the pharmaceutical industry, specializ- aluminum, and copper, positions it well to cap- Increased demand and decreasing supplies are
ing in active pharmaceutical ingredients (APIs) italize on global market trends. With solid fun- expected to drive prices higher, particularly if
and contract manufacturing. Currently trading damentals and a commitment to sustainable China's stimulus package is implemented,
at around Rs. 5870, analysts project the stock practices, Vedanta is considered a strong addi- which would likely boost industrial activity and
could rise to approximately Rs. 7440 over the tion to investment portfolios, making it an infrastructure projects. Analysts anticipate an
next year, driven by strong demand in both appealing option for both long-term and short- upside of around 22%, potentially reaching Rs.
domestic and international markets, ongoing term investors in the metal sector. 1,000. This bullish sentiment is further support-
R&D investments, and a robust pipeline of Wipro Market Update : Wipro Ltd is a lead- ed by the growing emphasis on renewable
products. With a solid track record of revenue ing IT services company currently trading at Rs. energy and electric vehicles, both of which rely
growth and profitability, DivisLab is considered 540, with growth potential projected to reach heavily on copper. As such, investing in copper
a top pick for investors looking to add a strong Rs. 980 over the next year. The recent could present a compelling opportunity for
pharma stock to their portfolios, making it a announcement of a 1:1 bonus share is likely to those looking to capitalize on favorable market
compelling choice for both long-term and boost investor sentiment and enhance liquidity. conditions in the year ahead.
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Aayush Wellness Limited Launches Rs. 10/-

Herbal Pan Masala Sachets on Public Demand:
A Healthier, Affordable Option for Consumers
ayush Wellness Limited, a
Company Approves Bonus Issuance in Ratio of 1:2, Expected
A leader in health-focused
products, has officially
launched Rs. 10 sachets of its pop-
to Launch Right Issue for further Expansion of business
ular Herbal Pan Masala to meet crore, subject to approval from the
growing consumer demand for
affordable, healthier alternatives. A Gift to shareholders on the shareholders. The Board also given
their go-ahead for 1:2 bonus issue,
The launch introduces a budget-
friendly option in response to the auspicious day of Dhanteras granting one additional equity
share for every two shares held by
needs of consumers, particularly
within economically disadvan-
Aayush Wellness Announces 1:2 Bonus issue shareholders as of the record date.
This initiative aims to reward exist-
taged communities, who have long and Rights issue of up to Rs. 49.90 Crores ing shareholders and enhance liq-
sought accessible, healthier substi- On the Auspicious day of Dhanteras, the board of directors of Aayush uidity in the company's stock, mak-
tutes for traditional gutka and pan Wellness Limited have approved the issue of 1,62,25,000 bonus equi- ing it more accessible to new
masala products. ty shares to its shareholders in the ratio of 1:2 i.e. One Bonus Equity investors. To further bolster its
The sachets are available in three share for every Two equity shares held by the shareholder on the growth initiatives, the company
flavors: Pan Masala, Gutka, and record Date. The record date will be intimated separately. The bonus announced a rights issue of shares,
Tobacco+Pan Masala. This expan- is further sweetened with the announcement of Company’s fund- offering eligible shareholders an
sion in the company's product raising plans of up to Rs. 49.90 Crores through Rights Issue. This opportunity to invest in the com-
portfolio marks a significant shift in would enable the existing shareholders to participate in the compa- pany's expansion plan, raising cap-
the Rs. 43,410.2 crore pan masala ny’s fund-raising program and benefit from the special rights issue ital to drive future innovations.
market, which has traditionally price. The rights issue price and schedule will be intimated separate- About Aayush Wellness: A
been dominated by products asso- ly. This is the first Bonus issue and rights issue by the Company. The Pioneer in Health-Focused
ciated with health risks. Through its announcement of Bonus and Rights issue is a testimony to Aayush Solutions
herbal offerings, Aayush Wellness Wellness’s commitment towards rewarding shareholders. Aayush Founded in 1989, Aayush
Limited aims to revolutionize the Wellness is committed to create value and reward all its stakehold- Wellness Limited (formerly known
market by providing a natural, er’s throughs its product offerings and other corporate benefits. as Aayush Food and Herbs Limited)
health-conscious choice to a is an industry leader dedicated to
broader audience. offering products that promote
As consumer awareness of the health and well-being. With a
health hazards associated with tra- strong foundation in wellness, the
ditional gutka and tobacco-based company has consistently intro-
products grows, there is a rising duced innovative solutions that
demand for more nutritious and cater to the evolving needs of
affordable options. "Our goal is to health-conscious consumers.
make wellness accessible to every The company's ISO 9001 and
individual, particularly those who 22000 certifications reflect its com-
may not have previously been able mitment to quality and compli-
to afford healthier options," stated ance, making Aayush Wellness a
Naveenakumar Kunjaru, Managing trusted name in the wellness space.
Director of Aayush Wellness As the company continues to
Limited. expand its product offerings and
The company's previous 10- reach, it remains devoted to its
gram herbal pan masala packs had mission of promoting healthier
already gained substantial popu- lifestyle choices through afford-
larity among health-conscious able, high-quality products.
users across India, paving the way Aayush Wellness Limited's recent
for this more affordable offering. endeavors, from launching cost-
Orders for the Rs. 10 sachets have effective herbal pan masala sachets
surged from high-consumption already placing advance orders in Plans : In addition to this signifi- to increasing its market reach
states such as Gujarat, anticipation of high demand. cant product launch, Aayush through innovative distribution
Maharashtra, Rajasthan, Uttar According to recent reports, Wellness Limited held a Board strategies, underscore its dedication
Pradesh, and Madhya Pradesh, demand for herbal products is on Meeting on October 29, 2024, and to consumer wellness. By making
showing promising potential for the rise, reflecting a larger shift approve growth-oriented initia- wellness accessible to all, the com-
nationwide expansion. The product toward wellness-focused products tives. pany is not only enhancing the qual-
has attracted widespread interest across various consumer segments. The company has approved an ity of life for its customers but also
among distributors, and stockiest Recent Developments : increase in its authorized share setting a benchmark for sustainable
from across the country, with many Bonus Shares and Expansion capital from Rs. 7 crore to Rs. 9 growth in India's wellness sector.
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SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024

This week– Company Report on Raymond Lifestyle Ltd.

Raymond Lifestyle Ltd(Rs 2363)(Rs 2 paid over 37.9% and 58.6% of consolidated revenue will see good sales and the company is prepar-
up)-Downside expected to (Rs 2050-2250) and EBITDA respectively. The EBITDA margin of ing to ramp up portfolio as well as expand
Upside Target(Rs 3300-3350)- Raymond the lifestyle business has expanded from 9.7% retail presence to capture demand this festive
Lifestyle Ltd.(RLL)(Mcap-14,200 cr.) is a fashion pre-Covid to 15.9% in FY24, led by efforts on and wedding season. Raymond Lifestyle has
and retail company that was demerged from store optimization, improvement in product set out a revenue growth target of 12-15%
Raymond in June 2024. The demerg- mix and stepping up its over next 3-5 years with a targeted EBITDA of
er was exercised as part of the value casualization and premiu- Rs 2,000 cr. by FY28. The growth would be led
unlocking for the company's share- mization strategy. With by the doubling of its EBO network, capitalis-
holders. The company offers a variety aggressive revenue growth ing on Bangladesh +1 and China +1 opportu-
of fashion products and services, of 20+% CAGR expected to nity, and the apparel extension of new cate-
including branded textile and appar- sustain over the next 3-6 gories such as innerwear and sleepwear, and
el brands for formal, casual, and ethnic wear. years, the wedding vertical should be valued wedding wear-led growth.
As part of its restructuring, Raymond separat- separately Doubling down on the success of “Ethnix by
ed its lifestyle business into a new company, Going forward, RLL plans to add 900 more Raymond” brand, Raymond is looking to
offering four shares of Raymond stores to increase presence across speed up the rollout to a total of 350+ stores
Lifestyle for every five shares cities. Raymond Lifestyle’s wedding from the existing 114 stores. With Ethnix strik-
held in Raymond. The lifestyle business is expected to generate ing a chord with the consumers, this brand
business of Raymond will house
DARK HORSE revenue of Rs 4,000 cr. by the finan- could pan-out to be a multiplier story.
all apparel-related businesses of Rajubhai Shah, cial year 2027, driven by a shift Doubling down on the success of “Ethnix by
the group. Raymond Lifestyle Mumbai from the unorganised to the organ- Raymond” brand, Raymond is looking to
houses brands like Raymond ised sector, with 114 stores catering speed up the rollout to a total of 350+ stores
Ready to Wear, Park Avenue, ColorPlus, Parx, to both occasion and ethnic wear. Raymond from the existing 114 stores. With Ethnix strik-
Made to Measure and Ethnix by Raymond. Lifestyle is anticipating high demand during ing a chord with the consumers, this brand
Raymonds as a clothing brand is synony- an extended wedding season this year, which could pan-out to be a multiplier story.
mous with weddings, celebrations and special should result in strong sales in the second half Emboldened by the Ethnix success, Raymond
occasions. Within the men's wedding and cer- of this fiscal. The company said this year there believes that Sleepz and Park Avenue inner-
emonial wear sector, Raymond holds a leader- were 'negligible' weddings during the April- wear will be the new growth engines, having
ship position, commanding a revenue of INR May season, a factor that may have dampened exponential potential. Accordingly, Raymond
2477 cr (5% market share). This is 1.8X the the quarterly footfalls. An intense spell of is backing the rollout of these brands with dif-
FY24 revenue of INR 1368 crore reported by heatwave during starting April and continuing ferentiated and aggressive marketing/distri-
Vedant Fashion (Manyavar), its closest com- all through June, as well as election-related bution strategies
petitor. At INR 11 lakh cr., the Indian wedding restrictions too played a role. The RLL stock is trading at valuations of 18x
and ceremonial market is next only to food & Raymond's lifestyle business clocked a rev- its FY26 earnings(Rs 131).(Promoters’ stake-
groceries in terms of consumption. In FY24, enue of Rs 1,249 cr. during the June quarter, 54.68%, DII/FII Stake-19.14%) Invest in small
the wedding revenue of INR 2,477 cr and down by 8% compared to a year ago. However, lots and accumulate on weakness linked to
blended EBITDA of INR 549 cr contributed to the management is confident that second half broad markets. Accumulate.
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MOB NO: 99041 56655

HIMANSHU THAKKAR EMAIL ID: him_782002@yahoo.co.in
DIWALI MAHURAT PICKS: Customer Base: The customer base of the bank has increased to 79
As we conclude the final chapter of Samvat 2080, we enthusiastically Lakh+ customers from 56 lakhs in FY16.
welcome Samvat2081 and extend our warmest wishes for a "Happy and Partnerships: In Dec 2023, the co. partnered with Geojit Financial
Prosperous Diwali" to all our valued readers. The Indian economy is Services to empanel it as a channel partner in offering wealth manage-
currently in a favourable growth trajectory, well-positioned to surpass ment products and HDFC Life Insurance co. to empanel it as an addi-
$5 Trillion by FY27, according to IMF estimates. We hope this festival tional bancassurance partner of the bank.
brings light to your financial prosperity and overall well-being. At this Key Ratios:
juncture, we are pleased to present our Diwali Mahurat picks for this Gross NPA: 1.4% in FY24 vs 6.03% In FY22
year, with the aspiration that they will further enhance your investment Net NPA: 0.40% in FY24 vs 2.3% in FY22
portfolio. Slippage Ratio: 0.67% in FY24 vs 1.48% in FY22
Key Monitorable in SAMVAT 2081: With two major domestic events - CRAR: 16.67% in FY24 vs 19.21% in FY22
the Union Election and Union Budget - and the global "USFED rate cut CASA: 30% in FY24 vs 35% in FY22
cycle" now behind us, the market's focus will shift to closely tracking NIM: 4.19% in FY24 vs 3.82% in FY22
several key events: Branch Network: The co. has a branch network of ~840 branches in
1)Developments in the lead -up to the US election. FY24 vs ~790 branches in FY22.
2)Economic recovery in China. 3)Activity during the festival season. Semi-Urban: 40% Metro: 25% Urban: 19%
4)US bond yield movements. 5) Oil price trends. 6)Fund flows. Rural: 16%
These factors are expected to introduce volatility to the Indian equi- Deposits Mix: Total deposits as of FY24 stood at Rs. ~89,000 Cr vs
ty market, which could react in either direction depending on how Rs. ~68,000 Cr in FY22. Term Deposits: 70% Savings Deposits: 21%
these events unfold. In the near term, some capital allocation may shift Demand Deposits: 9% 82% of term deposits are below Rs. 5 Cr.
towards China, given the latest developments there. Advances Mix: Total Advances as of FY24 stood at Rs. ~74,400 Crs vs
In any case, we continue to believe in the long-term growth story of ~68,400 Crs in FY22. Commercial: 34% Retail: ~24% Agriculture: 23%
the Indian equity market. However, with current valuations offering lim- Corporate: ~19% [13]
ited scope for further expansion, an increase in corporate earnings will Sector-Wise: Jewel: 25% Manufacturing: 23% Personal: 14% Trading:
be the primary driver of the market returns moving forward. Hence, 13% Commercial Real Estate: 7% Other: 18%
bottom-up stock picking with a focus on growth at a reasonable price' Co-Lending: The Bank has commenced co-lending activities with 5
and 'Quality' would be keys to generating satisfactory returns in the NBFCs in the CV and Construction Equipment segments. As of FY24,
next one year. We also suggest a "Buy on Dips" strategy in the below Loan book under this segment is around Rs. 1,900 Cr.
stocks with an investment horizon of over 12months. Focus: The co. is focused on recoveries from technically written-off
OUR FIRST DIWALI PICK - 2024 books, total recoveries during FY24 were Rs. 341 Cr vs Rs. 208 Cr in
STOCK NAME - KARUR VYSYA BANK FY23. It has planned to open 80 lite branches and 20 regular branches
Karur Vysya Bank Ltd. in 2024-25.
OUR SECOND DIWALI PICK - 2024
STOCK NAME - ADSL

About: Karur Vysya Bank is engaged in providing a wide range of

banking and financial services including commercial banking and treas-
ury operations. Allied Digital Services Ltd (Data Centre + Smart Cities + Cyber
Key Points. Business Segments FY24: Security + Cloud)
1) Retail Banking (64%): Comprises lending of funds and other bank- CMP - 293 Target - 380,470 MCap - 1640 Cr P/E - 35 ROE - 8.23%
ing services. About the company: - Incorporated in 1984, Allied Digital Services
2) Corporate/Wholesale Banking (~18%): Includes all advances to Ltd provides a wide range of information technology and consultancy
trusts, partnership firms, companies, and statutory bodies not included services.
under Retail Banking. Business Overview: - ADSL is a global IT Consulting and Services
3) Treasury (17%): Comprises investments in Central and State provider and Systems integrator offering infrastructure solutions and
Government securities, debt instruments of Banks, FIs, equity shares, services to clients across 70 countries.
mutual funds, security receipts, etc., and forward contracts, derivatives, Services offered: -
and foreign exchange operations. - Cloud computing services - Cybersecurity - Integrated solutions
4) Other Banking Operations (~1%): Includes para-banking activities - Infrastructure management - Software services
like bancassurance, third-party product distribution, demat services, Overseas Presence: - The Company has established its branches and
and deposits in RIDF, MSME Funds, etc. continue on next page
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stake. Hulst sold off its entire stake by September 30, 2023.
continue from previous page Business Profile: Coforge Ltd. operates as an IT solutions provider
subsidiaries in various countries including Canada, UK, Belgium, with a focus on digital transformation and technology services. Its busi-
Germany, Italy, Ireland, Spain, USA, Mexico, Brazil, China, Japan, ness model revolves around offering consulting, implementation, and
Singapore support services in areas such as cloud computing, cybersecurity, ana-
Key Business Developments: - lytics, and enterprise applications.
* Boston based Bank has chosen ADSL to provide Managed service Products & Services: The company provides solutions in product
for their Bank and customer field services support. engineering, digital solutions, data analytics, artificial
* Subsidiary of BP America, focused on oil and Natural gas explo- intelligence/machine learning (AI/ML), cloud, business process re-engi-
ration and production in Texas, has participated with ADSL. neering, digital process automation, and Low Code/No Code platforms.
* ADSL received Rs 190 Crores worth orders for the Taluja Smart Revenue Split:
Industrial city solutions Project in NAVI MUMBAI. By Geography- The co. operates out of 21 countries, with 26 deliv-
* ADSL was selected as a master system Integrator for the integration ery centres.
of CCTV surveillance with Existing ITMS control Room for the Ayodhya US: 48% in FY24 vs ~52% in FY22
Smart city project. EMEA & Africa: ~40% in FY24 vs ~36% in FY22
* Recently on 8th October company won an order worth Rs 430+ Cr Asia Pacific: ~7% in FY24 vs 8% in FY22
for Pune Safe City. India: 5% in FY24 vs 4% in FY22
Concall Notes August 2024 (Highlights): - By vertical-
* Completed 12 smart city projects with 2 new wins. BFS: 32% in FY24 vs 26% in FY22
* Management aims to reach mid-teens in EBITDA margins within the Insurance: 22% in FY24 vs 28% in FY22
next 3-4 quarters, with a long-term goal of achieving 18-20% margins. Travel, transport, and logistics: 18% in FY24 vs 19% in FY22
* There are 106 smart cities identified by the Government of India out Manufacturing and others: ~28% in FY24 vs 27% in FY22
of 22 have been implemented and out of 12 are with ADSL so this Service Mix-
speaks potential & opportunity. - Intelligent Automation: 11% in FY24 vs 14% in FY22
-ADSL have renewed several contracts in several sectors including IT * Data & Integration: ~25% in FY24 vs 21% in FY22
Consultancy, Defence & Space, Financial sectors, FMCG, Shipping. - Product engineering: ~9% in FY24 vs 12% in FY22
* ADSL, we are recently bidding for the Metro Project as well, doing - BPM: 9% in FY24 vs 11% in FY22
a CCTV setup at the Metro Railway Station. - CIMS: 19% in FY24 vs 18% in FY22
Future Projections: - - ADM (Software Engineering): ~27% in FY24 vs 25% in FY22
* Targeting revenue of ?1,000 crore by FY2027, with expectations to Order Book: As of FY24, the Co. has an order book of US$ ~1,900
achieve quarterly revenues nearing ?200 crore Mn.
* Expecting an opportunity size of Rs 50,000 Crore in the smart city Clients: The co. serves 61+ Forbes Global 1000 clients. As of FY24,
projects in next 5 years. Top 5 clients contribute ~23% and Top 10 clients contribute ~34% of
Conclusion: - the aggregate revenue.
The management expresses confidence in the company's growth tra- Strategic Partnerships:
jectory, driven by strong market demand, strategic initiatives, and an The co. has a partnership network with software providers such as
Microsoft, AWS, Google, Pegasystems, Appian, Salesforce, ServiceNow,
and Duck Creek. In May 2024, the co. announced a strategic partner-
ship with Fiorano to introduce ISO 20022 Compliance as a Service. In
March 2024, it also announced its multi-year strategic partnership with
Carnival UK, for precision quality engineering & testing.
New Projects: During Q4 FY24, the co. signed two large deals. A
$400 million TCV ten-year deal in the BFS vertical and a $55 million
three-year transformation deal in the insurance vertical with a new
client.
Acquisition of Cigniti Technologies: In May 2024, The co. signed a
definitive SPA to take over a 54% stake in Cigniti Technologies Ltd., for
Rs. ~2000 Cr. The co. believes this acquisition will help it to grow into a
$2 billion firm by FY27 and create three new scaled-up verticals - Retail,
Technology, and Healthcare.
Fund Raising: In May 2024, the co. allotted 48.6 Lakh Equity Shares
Rs. 4,600 per Equity Share through qualified institutional placement.
expanding pipeline of opportunities. Focus: The co. plans on transforming the legacy ADM service line
OUR THIRD DIWALI PICK - 2024 into a product engineering focus capability. It aims at rapid expansion
STOCK NAME - COFORGE LTD in North America, the Cigniti acquisition will expand North America
About: Coforge is an IT services company providing end-to-end soft- revenue by ~33%.
ware solutions and services. . It is among the top-20 Indian software OUR FORTH DIWALI PICK - 2024
exporters. Prominent global customers include British Airways, the ING STOCK NAME - MPHASIS LTD
group, SEI Investments, Sabre, and SITA. Over the years, Coforge has set About: Mphasis a global Information Technology (IT) solutions
up subsidiaries in the US, Singapore, Australia, UK, Germany and provider specializing in providing cloud and cognitive services, applies
Thailand, mainly to market and mobilise projects for the software divi- next-generation technology to help enterprises transform businesses
sion. The company has business partnerships with large IT companies globally.
across the world. Key Points: History: In June 2006, Electronic Data Systems
Key Points: Acquisition of NIIT Tech: NIIT Technologies Ltd., now Corporation acquired Mphasis, and later Electronic Data Systems
known as Coforge, was founded in April 2003. In 2019, NIIT and its Corporation (EDS) was acquired by Hewlett-Packard (HP), resulting in
founder's family sold their 30.2% stake to Hulst B.V., which subsequent- Mphasis becoming a 60.47% subsidiary of HP. However, in September
ly acquired an additional ~40% through an open offer, reaching a 70% continue on next page
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continue from previous page STOCK NAME - PPL PHARMA

2016, global private equity major Blackstone Group acquired HP's About: Piramal Pharma Limited (PPL) is part of the Piramal group of
stake and they continue to be the promoters of the company. companies. The company operates through 3 major segments
Business Area: Mphasis is a mid-sized player catering to the IT/ ITeS/ (1) Contract development and manufacturing organisations (CDMO),
BPO industry in various domains such as banking and capital markets, (2) Complex hospital generics (critical care), and (3) consumer health-
communication, insurance, etc. The company has strong domain care (OTC).
expertise and offers wide range of services. Company entered Pharma space back in 1988 with acquisition of
Services: Application Services Nicholas Laboratories and grew through a series of Mergers &
Blockchain - Business Process Services- Acquisitions and various organic initiatives. In 2010 the Domestic for-
Cloud- Cognitive- Cyber Security- Develops - Digital mulations business was sold to Abott for $3.7 billion and Diagnostic
Governance, Risk & Compliance Services was sold to Super Religare Laboratories (SRL).
Product Engineering-Infrastructure Services- Enterprise Automation Key Points: Business units
International Presence: Mphasis has more than 60 sales and deliv- (1) Contract Development and Manufacturing Operations (CDMO)
ery centres' in 19 countries with delivery centres in India, China, The company operates out of 15 CDMO sites with major presence in
Australia, North America, the UK, Japan, Singapore, Indonesia, Tunisia, North America (4), Europe (2) and India (9). It is amongst the Top 3
Mauritius, New Zealand, Taiwan, Mexico, Costa Rica, Taiwan, and CDMO players in India and the 13th largest globally. The company has
Europe. ~500 CDMO customers as of FY24. The company is targeting more
Geographical Revenue Bifurcation: integrated projects, 40% of their new orders in FY24 were for integrat-
America - 82% EMEA -10% Rest of the world - 8% ed projects.
Clientelle: Mphasis serves marquee customers across the globe Revenue by Services:
including six top global banks, 11 out of 15 top mortgage lenders, and Other Commercial Manufacturing - 50%
three top global insurance companies. As of Fy23, company has 13 On-patent Commercial Manufacturing - 20%
clients who give >$20 mn revenue p.a. and 25 clients who give > $10 Development - 26%
mn revenue p.a. Discovery - 4%
Revenue Concentration: company derived 79% of its revenues from 84% of the revenues is earned from regulated markets like US, Europe
the US market in FY2022. Mphasis derived about 57% of its revenues and Japan.
from its top 10 clients during FY2022 (excluding DXC Technology) sig- (2) Complex Hospital Generics (CHG)
nifying moderate customer concentration risk Revenue Contribution & Categories:
Increase in Total Contract Value(TCV) ** Inhalation Anesthesia - 67%
Mphasis recorded average TCV wins of more than $1.3 bn in FY23 IA & Pain Management - 10%
consistently maintaining run rate of >$300Mn TCV wins/Qtr**. The Intrathecal Therapy - 15%
company won 2 large deals in Q4FY23 which are >$150Mn deal from a Generic & Specialty Products - 8%
new customer and 95% of the deal wins are proactive. In all 10 large 70% of the revenue is earned from regulated markets like US, Europe
deals were won in FY23. 81% of FY23 deal wins in New Gen areas. The and Japan.
company won 7 deals totalling $707 mn in Q1FY24. The company has It is the 4th largest IA player globally.
a strong growth in Canada in Q1FY24. The company has its manufacturing at Dahej and Digwal in India and
AI: In Q1FY24, company launched Mphasi.ai BU as its AI vertical. The Bethlehem in US.
company has won significant deals and entered strategic partnerships The company has a pipeline of 24 SKUs.
with that. ~$235 mn deals are won in AI in Q1FY24. The company has 6000+ CHG customers as of FY24.
Serving Blackstone Group's customer base: (3) India Consumer Healthcare (ICH)
Mphasis has access to its investment portfolio and the company has Power Brands - Littles, Lacto Calamine, Polycrol, Tetmosol and I-
leveraged the same since its acquisition. With Blackstone expanding its range. ** It is a self-funded business on asset light model.
assets under management across verticals and geographies, new The company has grown from 3 brands and about 100 Cr sales in
opportunities for client wins shall continue for Mphasis. Further, 2008 to 25+ brands and about 1,000 Cr sales in 2024.
Mphasis is the only IT services company in Blackstone's entire global Brand Endorsements**
portfolio, positioning it quite uniquely. Little's - Kareena Kapoor Polycrol - Jisshu Sengupta
Abu Dhabi Investment Authority (ADIA) and University of California Lacto - HSM belt - Amyra Dastur Tetmosol - Ajay Devgan
(UC) Investments recently picked up a stake in Mphasis, the company is The company spent ~13% of ICH sales on promotions. ~150 new
likely to gain access to the investment portfolio of these investors as products were launched in last 3 yrs. The company has ~180,000 ICH
well. customers as of FY24. Revenue Split FY24:
OUR FIFTH DIWALI PICK - 2024 CDMO : 58% CHG : 30% ICH : 12% continue on next page
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continue from previous page Indicated (OAI) from over 44 USFDA inspections and overall 350+ reg-
Geographical Revenue Split FY24: ulatory inspections and ~125 customer audits since FY12.
North America - 41% Europe - 25% M&A: The company has integrated 15 mergers and acquisitions in
Japan - 4% India - 20% Others - 10% last 10 yrs.
The company has its presence in 100+ countries. Change in KMP: Mr. Nitish Bajaj, CEO of the ICH segment resigned
Expansion: The company has opened a new ADC manufacturing in Oct,24. Mr. Sarosh Shetty will replace him.
facility at Grangemouth which will commission in Feb,24. Aim: Company aims to be a Global Pharma, Health & Wellness
JV with Abbvie: The company owns 49% stake in the joint venture Company by FY30 with a revenue of $2 bn.
with Allergan India Pvt. Ltd (51% stake held by US pharma major 6) TECHMAHINDRA: 1735 SUPPORT: 1685-1630-1580
Abbvie) which is a leader in Opthalmology formulations in the Indian TARGET: 2100-2400
market. It has a strong presence in glaucoma, dry eye, infections and 7) ABSLAMC: 740 SUPPORT: 700-630 TARGET: 1000-1350
inflammation. 8) JYOTHYLAB: 510 SUPPORT: 440-380 TARGET: 830-1000
Key Brands - Refresh, Ozurdex, Combigan, Lumigan, Alphagan, 9) PROTEAN: 1820 SUPPORT: 1720-1620 TARGET: 2300-2700
Predforte. Products for this JV is manufactured at Piramal Pharma facil- 10) DIVISLAB: 5700 SUPPORT: 5500-5300 TARGET: 6500-6800
ity in Pithampur, India 11) ICICIBANK: 1250 SUPPORT: 1150-1080 TARGET: 1500-1800
Strategic Stake in Yapan Bio Ltd: 12) POLYMED: 2570 SUPPORT: 2500-2350 TARGET: 2900-3300
Piramal pharma holds a 33.33% stake in Hyderbad based Yapan Bio 13) WHIRLPOOL: 2240 SUPPORT: 2160-2050 TARGET: 2700-3000
which will help expand its CDMO footprint in biologics. Yapan Bio pro- 14) EMMBI: 140 SUPPORT: 110-80 TARGET: 280-380
vide process development, scale-up, cGMP compliant manufacturing of 15) VISHNU CHEMICALS: 490 SUPPORT: 450-380 TARGET: 750-1000
vaccines and biologics/bio-therapuetics. Yapan Bio's turnover was 11.8 16) MFSL: 1290 SUPPORT: 1190-1080 TARGET: 1500-1700
Cr for H1FY22. 17) PAYTM: 780 SUPPORT: 680-580 TARGET: 1100-1500
The company has 15 manufacturing sites, presence in 100+ coun- 18) OLECTRA: 1670 SUPPORT: 1570-1430 TARGET: 1980-2200
tries. 68% of revenues (FY22) are derived from regulated markets (NA 19) SILINV: 700 SUPPORT: 600-530 TARGET: 1000-1370
41%, Europe 23%, Japan 4%) while rest from India (22%) and others 20) PENIND: 195 SUPPORT: 150-110 TARGET: 280-400
(10%) 21) RGL: 170 SUPPORT: 130-80 TARGET: 290-380
Expansion: The company is planning for capacity expansion at the 22) NITCOLTD: 110 SUPPORT: 80-60 TARGET: 230-310
PPS Facility at Lexington, Kentucky. $80M investment plan will add 23) PRIMESECU: 315 SUPPORT: 280-230 TARGET: 500-630
commercial scale sterile injectables capabilities. 24) WOCKPHARMA: 1124 SUPPORT: 1050-980 TARGET: 1400-1730
Quality Focused: 25) RADICO: 2280 SUPPORT: 2180-2030 TARGET: 2500-2700
The company has a strong focus on Quality Control with 1000+ 26) CARTRADE: 980 SUPPORT: 900-830 TARGET: 1350-1500
resources in the quality function and has achieved Zero Official Action 27) HCLTECH: 1845 SUPPORT: 1780-1710 TARGET: 2100-2400
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SURE SHOT - PRIYANKA RAWAL

COMPANY STL TG SW SOLAR 560 590
COAL INDIA 460 480 REC 513 540
CANARA BANK 95 105 POWER FINANCE 439 460
BIG BLOCK 124 140 MARKSON PHARMA 263 280
IEX 182 195 BANK OF INDIA 96 110
VIDHI FOOD 452 480 BANK OF BARODA 238 260
MANN INFRA 175 190 HPCL 372 390
GAIL 206 220 BPCL 306 350
INDIAN OIL 146 160 BHARAT FORGE 1400 1500
NMDC 216 230 TITAGHAR WAGON 1143 1200

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52 BLUECHIP
INVESTMENTS
SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024
 SINCE 1992
DEEPOTSAVI ISSUE
53 BLUECHIP INVESTMENTS
SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024

BHAVESH MEHTA 9265152061

JO JEETA WO HI SHIKANDAR bhaveshmehta 99999@gmail.com

MASTER KEY POINT | CASH NIFTY24024 |

Bank Nifty 50200| FIN NIFTY 23600 | SENSEX 79400
 SINCE 1992
DEEPOTSAVI ISSUE
54 BLUECHIP
INVESTMENTS
SAMVAT 2081 YEAR : 33 | ISSUE NO. 1&2 | 27 OCT TO 10 NOV 2024