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T I M E S
A TIME COMMUNICATIONS PUBLICATION
VOL XXVI No.43 Monday, 28 August 3 September 2017 Pgs.21 Rs.18
50-day SMA key for follow-up Now follow us on Instagram, Facebook &
Twitter at moneytimes_1991 on a daily basis
buying support to get a view of the stock market and the
By Sanjay R. Bhatia happenings which many may not be aware of.
The markets remained volatile as they struggled to sustain at higher levels on lack of conviction and follow-up buying
support. However, the Nifty bounced back from the 9750 level, which is a positive for the markets.
The FIIs remained net sellers in the cash segment but remained net buyers in the derivatives segment. The DIIs,
however, remained net buyers during the week and were seen supporting the markets at regular intervals. The breadth
of the market remained neutral amidst low volumes, which indicates lack of confidence at higher levels. Crude oil prices
remained rangebound between $48-53 due to a fall in inventory but high output levels are likely to weigh on the
sentiment. The US markets witnessed buying support at the lower levels.
Technically, the prevailing positive technical conditions
helped the markets bounce back above the 9750 support Believe it or not!
level. The MACD, Stochastic, RSI and KST are all placed
Indian Metals & Ferro Alloys recommended at
above their respective averages on the daily chart. Further,
Rs.480.70 in TT last week, zoomed to Rs.585.95
the Nifty is placed above its 50-day SMA, 100-day SMA and
fetching 22% returns in just one week!
200-day SMA. The Niftys 50-day SMA is placed above its
100-day and 200-day SMA, its 100-day SMA is placed Conart Engineers recommended at Rs.45.10 in
above its 200-day SMA indicating a golden cross breakout. TT last week, zoomed to Rs.54 fetching 20%
These positive technical conditions could lead to follow-up returns in just one week!
buying support at higher levels. Meghmani Organics recommended at Rs.54.75
as EE on 14 August 2017, hit a high of Rs.78.10
The prevailing negative technical conditions, however, still
hold good. The MACD, Stochastic, KST and RSI are all last week fetching 43% returns in just two
placed below their respective averages on the weekly weeks!
chart, which could lead to profit-booking and selling Frontier Springs recommended at Rs.70.30 in
pressure at higher levels. TT on 14 August 2017, hit a high of Rs.100 last
week fetching 42% returns in just two weeks!
The -DI line is placed above the ADX line and the +DI line
and also above 29. But it has come off its recent highs, Sakuma Exports recommended at Rs.92.60 as
which indicates that the sellers are covering shorts EE on 17 July 2017, hit a high of Rs.127.75 last
regularly. week fetching 38% returns within six weeks!
The Nifty has found support and bounced back above the (EE Expert Eye; TT Tower Talk)
9750 level, which augurs well for the markets. It is This happens only in Money Times!
important for the Nifty to sustain above its 50-day SMA in
order to move higher and test the 9915 level followed by Now in its 26th Year
10000.
A Time Communications Publication 1

The market sentiment remains cautiously positive.
Intermediate bouts of volatility and choppiness are likely
to be witnessed due to the F&O expiry on Thursday this
week. In the meanwhile, the markets will take cues from
the earnings season, Parliament session, global markets,
Dollar-Rupee exchange rate and crude oil prices.
Technically, the Sensex faces resistance at the 31610,
32273 and 32325 levels and seeks support at the 30921,
30680 and 29365 levels. The resistance levels for the
Nifty are placed at 9915, 10000 and 10115 while its
support levels are placed at 9838, 9790, 9750, 9638 and
9500.
BAZAR.COM
Mixed movements
The market moved both ways last week indicating that the sentiment is made up of mixed feelings. As far as
fundamentals and guidance are concerned, their harvest is over; its now the play of sentiment alone. For a change, even
the headlines have changed from politics to triple talaak giving a much needed breather to readers.
Investors are evaluating the unfolding of fundamentals in 2016, 2019 and beyond. The way the polls swing during the
assembly elections in M.P., Gujarat, Karnataka and Rajasthan is very important as it will be considered to be the litmus
test for the BJP in particular and the NDA in general. Little wonder, Amit Shah, President of BJP, is more active and more
in the news than Prime Minister Narendra Modi (NaMo).
The Infosys debacle at Sikkas resignation is a lesson for
investors as to what can happen to a market leader if the
founder is possessive about his company even if he is
Relative Strength (RS)
reduced to a minority shareholder. It is believed that the signals a stocks ability to perform in a
boardroom battle-lines are drawn and the Infosys founder, dynamic market.
Narayana Murthy, is meeting all segments of stakeholders to Knowledge of it can lead you to profits.
seek their support.
The erosion in Infosys market cap is considered the worst POWER OF RS - Rs.3100 for 1 year:
ever and has led to a jump in liquid assets to market cap
ratio of 19.5%. During its golden days, it never exceeded 5%
What you get -
to 7%. Such a high liquid to market cap ratio will affect Most Important- Association for 1 year
investors interest despite the announcement of an attractive at just Rs.3100!
buy-back. Well, Infosys can seek consolation in Wipros
liquid to market cap ratio at 26%. But then, both their sizes 1-2 buy / sell per day on a daily basis
and business outlooks are incomparable. 1 buy per week
SEBI as a proactive regulator is dissecting the Infosys 1 buy per month
transactions to detect any foul play. In its bid to lighten the 1 buy per quarter
grip on shell companies, the Regulator is seeking strict 1 buy per year
disclosures and compliance. It now wants to link your
Aadhar card to your demat accounts and has set the deadline For more details, contact Money Times on
at 31 December 2017. This will, in a big way, unearth 022-22616970/4805 or
unaccounted sums parked in securities and may expose moneytimes.support@gmail.com.
money laundering in the stock market.
Equity markets in USA and the West seem to be losing patience with Trumps policies. In the wake of Banons departure,
markets gave up whatever little optimism they shared. This may raise bearish risks on all risky assets in general. People
like Colin and White House Chief of Staff, John Kelly, keep the hope alive that there are enough adults in Trumps Oval
office. The world closely observes every single move out there.
At home, the government is once again making efforts to tackle the NPA issue and give teeth to the insolvency and
bankruptcy laws. Sooner than later, the government may come out with a scheme of merger of PSU banks in a bid to

consolidate their synergies. Rather than the government pushing such proposals down the throat of PSU banks, it would
have been prudent for the board at each bank do some thinking.
The Nifty is set to be reconstituted if the revision in guidelines governing such reconstitution is to go by. India Index
Service and Products, a NSE group firm, is working on it. Such newly defined guidelines will be made applicable from
September 2017. According to the new guidelines, the Nifty Fifty shall come from the Nifty 100. For inclusion in Nifty,
the security should have traded at an average impact cost of 0.5% or less during the last six months. Companies will be
included in the index if their free float market cap is 1.5 times the free float market cap of the smallest constituent in the
respective index.
Changes are always welcome on the bourses and more so if they come during the Shree Ganesh and Michami
Dukkadam days.
TRADING ON TECHNICALS
Support still critical for time to come

By Hitendra Vasudeo
Sensex Daily Trend DRV Weekly Trend WRV Monthly Trend MRV
Last Close 31596.06 Down 31719 UP 31071 Up 28525
Last week, the Sensex opened at 31609.93 and fell to a low of 31220.52 then moved to a high of 31678.18 before it
closed the week at 31596.06 and thereby showed a flat rise of 71 points on a week-to-week basis.
Daily
On the daily chart, the lower top is at 31937 and the supply zone attached to it is 31713-31937.
The 61.8% retracement of the fall from 32686 to 31128 is placed at 32107.
Immediate resistance on the daily chart is at 31713. A rise and close above 31713 can extend the rise to 31937-32107.
Sideways movement for volatility could develop between 32017 and 31128.
Support of the last bottom formed in June 2017 is at 30680 and the demand zone attached to it is 30965-30680.
The Sensex can rise from here to 31937-32017 but failure to sustain at higher levels of 31713-31937-32107 can lead to
a slide to put the pressure back on the support/demand zone of 31379-31128 and 30965-30680.
The momentary bias could be for minor pullback but if
32017 is not crossed strongly with bullish candle then
eventually the Sensex will give way to a slide to test
31128 and 30680.
Weekly
In the event of a fall and close below 30680 in time to
come, the implication for the slide to test 29241 will
emerge and the demand zone attached to it is 29701-
29241.
For the week ended on 11/08/2017, the Sensex had a
large bearish candle and after which there is always a
tendency for minor pullback or sideways volatility
stretching up to 61.8% of the fall which is around
32107.
Critical situation will be when 32107 will be tested if that happens, then the Sensex will make a new high and the long-
term higher top and higher bottom formation will continue till 34000-36000. When it will happen remains a question
and it will also depend on the near-term-to-short-term swing which will help them move towards 34000-36000.
Whether it is short cut or a long cut is to be seen.
Corrections of such magnitude or more always provide an opportunity to realign the portfolio. If the objective is to
outperform or remain invested for returns at some point of time is to be decided by the individual, by trader or investor.
Monthly
In August 2017, the entire rise of July 2017 was washed off. The high and low for July 2017 was 32672 and 31017. In
August 2017, the high and low is 32686.48 and 31128.

The monthly chart support zone is 31522-30680.
September 2017 could provide the next directional movement. Alternatively, the band of movement may remain
between 30680 and 32686 for some time on the monthly chart.
Trend based on Rate of Change (RoC)
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Weekly chart: For more details, contact Money Times on
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moneytimes.support@gmail.com.
3-Week trend - Down
8-Week trend Up
Band of movement is 15642-14484 and from the bull market point of view breakout and close above 15642 is essential.
Failure to sustain and provide the breakout in time to come can lead to support of 14484 under pressure.
BSE Small-Cap Index
1-Week trend - Up
3-Week trend - Down
8-Week trend - Up
A weaker pullback till now has been witnessed. Resistance will remain at the higher range of 15868-16186.
Correction and consolidation band could be 15086-14518.
The earlier bottom was 14518 and the demand zone was 15348-14518. The fall in August 2017 registered a low of
14700 and respected the demand zone till now. The fall has been sharp. Therefore to break 14518 will require an
equally sharp fall similar to what we saw in August 2017. Lower range can therefore attract consolidation for an
eventual breakout above 16200 at some point of time in future. Breakout is a must and breakdown must be avoided.
Strategy for the week
Support of 31128 and 30600 is still critical for the medium trend on the weekly chart whereas short-term trade is down
to sideways on the daily chart and the same could surface on the weekly chart.
Consolidation at the current level or lower level will continue with volatility as long as 30600 is not violated on a closing
basis. Similarly, rise to 32000 or above could be an opportunity to book short-term profits until a breakout and close
above 32700 is not crossed.

WEEKLY UP TREND STOCKS
Let the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy with whatever low registered
below Center Point or Level 2 as the stop loss. After buying if the price moves to Level 3 or above then look to book profits as the opportunity
arises. If the close is below Weekly Reversal Value then the trend will change from Up Trend to Down Trend. Check on Friday after 3.pm to
confirm weekly reversal of the Up Trend.
Note: SA-Strong Above, DP-Demand Point, SP- Supply Point, SA- Strong Above
Weekly Up
Scrip Last Level Level Center Level Level Relative
Reversal Trend
Close 1 2 Point 3 4 Strength
Value Date
Weak below Demand point Demand point Supply point Supply point
TATA STEEL 638.95 614.7 622.4 631.2 647.7 673 74.2 609 04-08-17
GABRIEL INDIA 175.40 165.7 167.4 173.7 181.7 196.1 73.7 170.9 28-07-17
DEEPAK FERT. &
PETRO 394.50 368 373.8 388.7 409.4 444.9 69.6 369.4 09-06-17
HDFC 1756 1730 1733.3 1752.7 1775.3 1817.3 69.4 1729.5 24-08-17
JSW STEEL 245.95 228.3 233.5 240.8 253.2 273 69.2 233.8 04-08-17
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close below
averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down) within Down
Trend can happen/ Volatility (Up/Down) within Up Trend can happen. Relative Strength (RS) is statistical
indicator. Weekly Reversal is the value of the average.
WEEKLY DOWN TREND STOCKS

Let the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell with whatever high registered
above Center Point or Level 3 as the stop loss. After selling if the prices moves to Level 2 or below then look to cover short positions as the
opportunity arises. If the close is above Weekly Reversal Value then the trend will change from Down Trend to Up Trend. Check on Friday after
3.pm to confirm weekly reversal of the Down Trend.
Weekly Down
Scrip Last Level Level Center Level Level Relative
Reversal Trend
Close 1 2 Point 3 4 Strength
Value Date
Demand Demand Supply Supply Strong
point point point point above
INDIAN HOTELS COMPANY 110.85 87 104.3 114.9 121.5 125.6 31.65 121.06 11-08-17
BANK OF BARODA 142.85 126.4 137.6 143.6 148.9 149.6 32.89 147.86 28-07-17
GUJARAT PIPAVAV PORT 130 114.1 125.6 132.6 137 139.7 33.36 136.42 04-08-17
UNITED BANK OF INDIA 18.30 16.4 17.7 18.5 19 19.2 33.51 18.49 28-07-17
APOLLO HOSPITALS 1083 957 1043 1089 1129 1135 33.58 1158 11-08-17
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close below
averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down) within Down
Trend can happen/ Volatility (Up/Down) within Up Trend can happen.
EXIT LIST
Scrip Last Close Supply Point Supply Point Supply Point Strong Above Demand Point Monthly RS
HIMATSINGKA SEIDE 311.05 315.29 322.95 330.61 355.40 250.4 36.27

BIOCON 338.20 344.73 352.73 360.72 386.60 277 39.69
AARTI INDUSTRIES 841 893.01 910 926.99 982 749 40.80
SUPREME PETROCHEM 325.05 332.75 337.58 342.40 358 291.9 43.19
MARICO 315.55 322.08 325.02 327.97 337.50 297.1 44.94
GODREJ CONSUMER PRODUCTS 915 928.23 949 969.77 1037 752.2 44.95
JAMNA AUTO INDUSTRIES 238.50 251.79 259.75 267.71 293.50 184.3 46.56
MRF 63090.50 65687.01 66714.55 67742.09 71068.55 56979 47.22

CITY UNION BANK 161.90 162.70 166 169.30 180 134.7 48.68
MAHINDRA HOLIDAY RESORTS INDIA 352.95 365.94 374.35 382.76 410 294.6 49.25
KIRLOSKAR OIL ENGINES 378.20 386.84 390.50 394.16 406 355.8 49.45
CEAT 1650 1737.91 1776.50 1815.09 1940 1410.9 49.76
BUY LIST
Scrip Last Close Demand point Demand point Demand Point Weak below Supply Point Monthly RS
ZUARI AGRO CHEMICALS 413.20 387.91 378 368.09 336 471.9 555.9
MEGHMANI ORGANICS 72.65 66.79 63.30 59.81 48.50 96.4 126
MAHARASHTRA SCOOTERS 2392 2287.03 2237 2186.97 2025 2711 3135
BLUE STAR 745 699.37 682.50 665.63 611 842.4 985.4
PIDILITE INDUSTRIES 828 810.23 803.50 796.77 775 867.2 924.2
TRIDENT 86.60 82.93 81.40 79.87 74.90 95.9 108.9
PUNTER PICKS
Note: Positional trade and exit at stop loss or target whichever is earlier. Not an intra-day trade. A delivery based trade for a possible time frame
of 1-7 trading days. Exit at first target or above.
Note: SA-Strong Above, DP-Demand Point, SP- Supply Point, SA- Strong Above, RS- Strength
Weak RS-
Scrip BSE Code Last Close Demand Point Trigger Supply point Supply point
below Strength
RAJ PACKAGING INDUSTRIES 530111 60.60 58 64 54 70.2 80.2 50.03
ZUARI AGRO CHEMICALS 534742 413.20 403.35 420 372.55 449.3 496.8 57.45
TOWER TALK
Confectionery giant, Britannia Industries, is on an expansion drive. Its strong brand image has made this stock an
all-time favourite. A bonus issue is also on the cards. Buy for hefty gains.
Power Grid Corporation of India has secured a $500 mn loan from Asian Development Bank for its green energy
corridor and high voltage direct current links in Tamil Nadu and Kerala.
Suven Life Sciences has secured a product patent in Japan for the treatment of neuro-degenerative diseases. These
patents are valid till 2034. A big positive.
The Infosys stock has rebound on reports of Nandan Nilekani returning to head the company. Its plans to spend
Rs.13000 crore in a buy back at Rs.1150/share, which will add muscle to the share.
Natco Pharmas Q1 PAT soared 91% to Rs.94 crore on 39% higher sales. It received FDA approval for its generic
Lanthanum Carbonate Tablets used to treat end stage renal diseases. Buy.
HDFC Standard Life Insurance Company has filed a draft red herring prospectus with SEBI. HDFC will be a big
beneficiary from the listing of its insurance arm. Buy.
The recent correction provides a good opportunity to buy Premco Global, a leading manufacturer of woven and knit
elastic and non-elastic narrow fabrics, tapes and webbings for the apparel, lingerie, medical, footwear, luggage,
furnishing and automotive industries.
McNally Bharat Engineering Company, a turnkey solutions provider, has received an EPC order worth Rs.514
crore for 8MMTPA Coal Handling Plant at Odisha. Accumulate.
Bajaj Electricals has obtained an order worth Rs.391.45 crore from the Transmission Corporation of Telangana,
which will take 18 months to complete.
In its attempt to maintain a lean balance sheet, Kolte-Patil Developers recently divested a land parcel in Wakad,
Pune for Rs.161 crore. Lower debt will enable the management to sustain a competitive edge and sustain growth. A
good long-term buy.
Shakti Pumps (India) is consolidating and is ripe for another jump. Accumulate at around Rs.500 for a 20% jump
within six months.

Tata Global Beverages premium natural mineral water brand Himalayan' is set to enter the US market soon. With
more products awaiting a similar launch, this FMCG company is a good long-term buy.
NBCC India's consolidated PAT for Q1 climbed 30% YoY to Rs.61.27 crore on sales of Rs.1549 crore. The company
has a strong order book and the management expects its working to be better in the quarters to come.
Prakash Industries recently reduced its debt by around Rs.110 crore by conversion of FCCBs. The beaten down
share price offers a good opportunity to enter.
The share price of both Power Finance
Corporation and Rural Electrification For the busy investor
Corporation has fallen steeply from their respective
52-week highs. Both these Navratna companies Fresh One Up Trend Daily
continue to fare well and are good buys. Fresh One Up Trend Daily is for investors/traders who are
Reliance Capital will allot free shares of Reliance keen to focus and gain from a single stock every
Home Finance to its shareholders in an equal trading day.
proportion of their holdings by way of demerger. With just one daily recommendation selected from
This value unlocking proposition will benefit its stocks in an uptrend, you can now book profit the same
shareholders. Buy. day or carry over the trade if the target is not met. Our
Indo Count Industries has clarified that its working review over the next 4 days will provide new exit levels
is in line with the guidance and that the recent fall in while the stock is still in an uptrend.
its share price was speculative in nature. Its clients This low risk, high return product is available for online
and their orders are intact. Its share price may
subscription at Rs.2500 per month.
recover soon.
Ahluwalia Contracts (India) posted good results Contact us on 022-22616970 or email us at
for Q1 with 37% higher PAT at Rs.29.5 crore on 65% moneytimes.suppport@gmail.com for a free trial.
higher revenue at Rs.504 crore. Its finance cost has
also halved. A good time to buy.
Alkem Laboratories has received USFDA nod for its rhinitis drug - Azelastine Hydrochloride Spray.
Bharat Electronics intends to allot a 1:10 bonus. Although the ratio is meagre, it does hint at the good times the
company is enjoying. It may be a good time to add.
Sources in the know expect Bhushan Steel to double from the current level. Liberty House of London has shown
keen interest to the lenders to buy the company. Piramal, too, is in the race. With steel prices on the rise and
Bhushan Steel's envious clientele of top automakers, the stock is likely to fetch a quick return.
HEG and Graphite India make electrodes for Electric Vehicles. Electrode prices have risen by 5x and the stock
prices of both companies have nearly doubled. They still have a long way to go.
HCL Infosystems recent tie-up with Apple will take it to great heights. Irrespective of the low margins in the
distribution business, this tie-up will lead to many more tie-ups with other companies in the long run. The stock has
struggled for years now and this might be the turning point.
An Ahmedabad-based analyst recommends Agri-Tech (India), Patspin India, Rishiroop and Sree Rayalaseema
Alkalies & Allied Chemicals. From his last weeks recommendations, HT Media jumped 10% from Rs.86.80 to
Rs.95.60 while Smartlink Network Systems jumped 9% from Rs.88.95 to Rs.97.40 within a week!
MARKET OUTLOOK
Ready for next up-move

By Rohan Nalavade
As rightly forecast in the last issue, the Nifty swung in the range of 9700-9900 last week. It found support above 9700
but faced resistance at 9900. It closed above 9850 last week, which is a positive sign for the markets. The Nifty closed
above the important Gann level of 9801 for two consecutive weeks. Thus, the market shows positive signs and if the
Nifty closes above 9920, it could test 9950-10000-10050 levels next week.
Technically, the Nifty is making a higher close on a qweekly basis thereby making the up-move strong. The trend could
reverse only on a close below 9775 where-after the market could turn weak for selling.
Among stocks,

Infosys looks good above Rs.905-910 for upside levels of Rs.930-935 (SL: Rs.900)
ICICI Bank looks good above Rs.295-297 for upside levels of Rs.306-310
State Bank of India looks good above Rs.278-280 for upside levels of Rs.290-295
Punjab National Bank looks good above Rs.144 for upside levels of Rs.150-156
BEST BET
BLS International Services Ltd

(BSE Code: 540073) (CMP: Rs.216.50) (FV: Re.1)
By Amit Kumar Gupta
BLS International Services Ltd (BLS) provides outsourcing of visa, passport and attestation services to client
governments across the world. It offers visa, passport and consular services in countries such as Austria, China, Hong
Kong, Malaysia, Norway, Philippines, Poland, Lithuania, South Africa, Spain, Canada, Oman, Russia, Singapore and UAE. It
also offers these services in Kenya, India, Azerbaijan and Bangladesh. Its e-governance services include Punjab State e-
Governance Services. Its tour and travels business includes personalized tour and travel offerings-Get Dubai designed
for Dubai visits; and Web portal. It focuses on Joint Visa Application Centers at Schengen (specific European) countries.
Its value-added services include photocopy, photographs, short message service (SMS) alerts, e-mail and printing.
BLS was awarded the visa processing contract by MAEC (Ministry of Foreign Affairs and Cooperation) of Spain in
December 2016. It is a five-year exclusive contract wherein BLS will process visas for tourists entering Spain from 48
countries. BLS plans to open offices in 129 countries for this contracts execution.
For FY17, BLS reported revenue of Rs.6.35 bn, which does Consolidated Financials: (Rs. in mn)
not include contribution from Spain. Revenue from this Particulars FY15 FY16 FY17 FY18E FY19E
contract will flow in Q1FY18 onward and is expected to Net Revenue 4500 5050 6350 10723 11755
touch ~Rs.2.53 bn in FY18. This is ~40% of FY17 revenue
EBITDA 287 367 824 1519 1733
and ~24% of FY18E revenue.
PAT 236 309 499 989 1112
BLS revenue/EBITDA grew at a healthy CAGR of 40/52% P/E (x) 78.7 60.1 37.2 18.8 16.7
over FY14-17. Niche focus, strong execution and an asset-
EV/EBITDA (x) 64.2 49.5 22.7 12.1 10.2
light model resulted in a healthy RoE of 35% in FY17. We
expect revenue/PAT to grow at a CAGR of 36/45% over RoE (%) 33.4 30 35.2 47.2 36.4
FY17-19E, led by the Spanish visa contract and Punjab e-Governance project.
In the Partnership Model adopted, the partner will own the centres and fund the capex (like a franchise model), but
operations will be handled by BLS. Profits will be distributed ~80%/20% to BLS/partner respectively. This will yield
~2x returns to the partner, as compared to the existing bank rate in that particular country.
BLS is a niche services provider growing sustainably at mid-teen margins with low working capital requirements and
high return ratios (~35% RoE). Growth capital could be funded from internal accruals thereby opening up the scope for
long-term value creation.
Technical Outlook: The stock looks very good on the daily chart for medium-term investment. It has formed a trading
range pattern on the daily chart and trades above all important moving averages like the 200 DMA level.
Start accumulating at this level of Rs.216.50 and on dips to Rs.188 for medium-to-long-term investment and a possible
price target of Rs.260+ in the next 6 months.
STOCK WATCH
By Amit Kumar Gupta
Tata Metaliks Ltd

(BSE Code: 513434) (CMP: Rs.636.25) (FV: Rs.10) (TGT: Rs.750+)
Tata Metaliks Ltd (TML) manufactures foundry grade pig iron. It manufactures and sells products such as scrap pig iron
and granulated slag. It offers a range of end-to-end technical services, which include charge mix and melting, molding
and core making, spheroidal graphite (SG) iron production and development, project based consultancy, pollution
control, customized training and testing facility. It also offers a range of by-products such as slag, which includes

manufacturing and supplying granulated blast furnace slag for cement plants; potted pig iron, which is used by foundries
as scrap; pig iron scrap, which includes pig casting machine scrap, pig iron runner, pig iron skull and pig iron chips and
plates; and iron sweepings, which include low iron (Fe) and high Fe. Its products offer applications such as pressure
tight precision castings, rolling mill rolls, motor and generator housings, automobile engine blocks, crankshafts and
gears.
We believe that higher domestic consumption, recovery in exports, renewed private investments, higher rural
consumption and spending, new tax legislation and promoting inclusive growth will spur the demand for ductile iron
(DI) pipes, which in turn will create growth opportunities for TML. Further, the merger of pig iron and DI pipes
businesses into one entity will enable TML to gain cost efficiency. The availability of 10 MW captive power from its
newly commissioned power plant will also give it a competitive advantage in the face of expensive grid power in West
Bengal.
TML posted higher turnover MID-CAP TWINS
of Rs.1410 crore in FY17 v/s A Performance Review
Rs.1390 crore in FY16, Have a look at the grand success story of Mid-Cap Twins launched on 1st August 2016
despite the shutdown of one
Sr. Scrip Name Recomm. Recomm. Highest % Gain
of its blast furnaces for 91
No. Date Price (Rs.) since (Rs.)
days. However, EBITDA
remained subdued and was 1 Mafatlal Industries 01-08-16 332.85 374.40 12
well below our expectations 2 The Great Eastern Shipping Co. 01-08-16 335.35 477 42
at Rs.495 mn, down 18% 3 India Cements 01-09-16 149.85 226 51
YoY. This decline was 4 Tata Global Beverages 01-09-16 140.10 203 45
primarily on account of a
5 Ajmera Realty & Infra India 01-10-16 137.00 252.20 84
17.2% YoY rise in other
expenses at Rs.1.1 bn 6 Transpek Industry 01-10-16 447.00 1269 184
(~Rs.10950/t), which was 7 Greaves Cotton 01-11-16 138.55 178 28
well above our expectations 8 APM Industries 01-11-16 67.10 76.85 15
of ~Rs.0.9 bn. This rise was
9 OCL India 01-12-16 809.45 1319.40 63
led by a one-time
maintenance cost of ~Rs.60 10 Prism Cement 01-12-16 93.25 129.80 39
mn and excise duty block of 11 Mahindra CIE Automotive 01-01-17 182.50 260.35 43
~Rs.100 mn on unsold pig 12 Swan Energy 01-01-17 154.10 203.45 32
iron inventory. Margins stood 13 Hindalco Industries 01-02-17 191.55 244.80 28
at 12.8% (v/s our
expectations of 19.5%). Gross 14 Century Textiles & Industries 01-02-17 856.50 1291.50 51
margins were subdued but 15 McLeod Russel India 01-03-17 171.75 196.25 14
largely in line at 47.5% led by 16 Sonata Software 01-03-17 191.00 195 2
higher raw material costs. 17 ACC 01-04-17 1446.15 1842 27
Blended EBITDA/t stood at
18 Walchandnagar Industries 01-04-17 142.25 191.80 35
~Rs.4865/t.
19 Oriental Veneer Products 01-05-17 222.30 401 80
Technical Outlook: The
stock looks very good on the 20 Tata Steel 01-05-17 448.85 640 43
daily chart for medium-term Thus Mid-Cap Twins has delivered excellent results since its launch within 10 months with
investment. It has made a majority of stocks gaining over 30%.
trading range pattern on the
The next edition of Mid-Cap Twins will be released on 1st September 2017.
daily chart and has strong
support at Rs.570. The stock Attractively priced at Rs.2000 per month, Rs.11000 half yearly and Rs.20,000 annually,
trades above all important Mid-cap Twins will be available both as print edition or online delivery.
DMA levels on the daily chart.
******

Tech Mahindra Ltd
(BSE Code: 532755) (CMP: Rs.427.95) (FV: Rs.5) (TGT: Rs.500+)
Tech Mahindra Ltd (TECHM) is engaged in the business of computer programming, consultancy and related services. Its
segments include Information Technology (IT) Services and Business Processing Outsourcing (BPO). It operates in
various sectors including the telecom and enterprise solutions businesses. Its telecom business provides consulting-led
integrated portfolio services to customers, who are telecom equipment manufacturers, telecom service providers and
into IT infrastructure services; BPO; enterprise services (banking, financial services and insurance (BFSI); retail and
logistics; and manufacturing among others of IT and IT-enabled services delivered through a network of various
locations around the world. Its enterprise solutions business provides IT services including IT-enabled services,
application development and maintenance, consulting and enterprise business solutions, extended engineering
solutions and infrastructure management services.
TECHM maintained its revenue guidance of 2-5% for telecom with stability returning in the LCC (Lightbridge
Communications Corporation) business as well. While the management seemed confident, we believe that telecom
revenue growth would gather pace led by capex by large telcos towards 5G and SDN/NFV (software defined
networks/network function virtualisation). The management expects 8-10% growth from its enterprise business.
The merger of MSAT with TECHM has created a formidable player making it the fifth-largest player in the Indian IT
services sector (ex-Cognizant). This will enable TECHM to compete with the biggies of the industry and vie for larger
deals, which could lead to improved traction for the merged entity. Generally, clients are more comfortable with larger
organizations having a good track record. The close relationship between TECHM and MSAT since the past three years
has led to better integration of functions and both the entities function as a cohesive unit now.
We believe our revenue EPS CAGR of 9.4%/10.6% over FY17-19E is achievable and TECHM could spring a positive
surprise. We believe that the managements strong focus on margin improvement is a step in the right direction and will
boost the confidence of investors to a large extent. Hence, we have a Buy on the stock with a price target of Rs.500.
Technical Outlook: The stock looks very good on the daily chart for medium-term investment. It has formed a cup &
handle pattern on the daily chart and is facing strong resistance of its 200 DMA at Rs.444.
MARKET REVIEW
Sensex ekes out small gains

By Devendra A Singh
The BSE Sensex advanced 71.38 points to settle at 31,596.06 and the CNX Nifty closed at 9,857.05 up 19.65 points for the
week ending Thursday, 24 August 2017.
On the macro-economic front, the Consumer Index or retail inflation quickened to 2.36% in July 2017 compared to
1.46% in June 2017 as a decline in food prices slowed sharply. The July inflation number is higher than the markets
expectation.
Indian companies raised $1.89 billion from overseas markets last month, 57.5% more than a year ago, the Reserve Bank
data showed. They had, in comparison, borrowed $1.20 billion from overseas markets in July 2016.
The RBI data showed that $1.24 billion was raised via the automatic route last month while the rest of $650 million
came through the approval route.
Rural Electrification Corporation adopted the ECB
approval route to raise $450 million and $200 million in Free 2-day trial of Live Market Intra-day Calls
separate tranches of 10 years and 5 years respectively for A running commentary of intra-day trading
the purpose of on-lending. recommendations with buy/sell levels, targets, stop loss
on your mobile every trading day of the moth along with
As for the automatic route, Hindustan Petroleum
pre-market notes via email for Rs.4000 per month.
Corporation raised $500 million for modernization of
Contact Money Times on 022-22616970 or
project, while Reliance Utilities and Power garnered $300
moneytimes.support@gmail.com to register for a free trial.
million for refinancing of earlier ECB.

Besides, Idea Cellular raised $155.08 million for refinancing an earlier ECB, while Export-Import Bank of India borrowed
$75 million for sub-lending.
According to a report by Morgan Stanley, Indias forex reserves are expected to hit $400 billion by September 2017
driven by robust capital inflows and weak credit off-take.
Indian forex reserves are at an all-time high and have risen at the fastest pace since 2015, says Morgan Stanley.
As of August 4, forex reserves hit a record high of $393 billion. If the pace of forex reserves is similar to that of the past
four weeks, forex reserves would hit $400 billion by 8 September 2017. The gain in Indias forex reserves has been one
of the strongest within the Asia, ex-Japan region, over the past 12 months.
The report however, noted that as capital flows remained buoyant it would put appreciation pressures on the Rupee and
could lead to excess liquidity, which in turn would create challenges for the Reserve Bank of India (RBI) to manage its
monetary policy.
However, the RBI is not likely to cut policy rates and lower real rates to prevent further currency appreciation as the
central bank is following a flexible inflation targeting regime, the report said.
Hence, RBI monetary policy will only take into account the impact of currency appreciation on inflation into its policy
decision rather than tackle currency appreciation per se, it said.
The RBI has already intervened in the currency markets in both the spot and forward markets to the tune of $3 billion
and $17 billion respectively as of June 2017. The report noted that as the excess liquidity challenge looks set to persist,
the RBI will need more tools to manage the excess liquidity.
This was primarily due to the absence of big ticket transactions this month. As compared to June 2017, deal activity in
July 2017 remained stable with 2% increase in deal values, while volumes remained muted, the report said.
The advent of GST last month appears to have kept deal makers busy with transactions declining y-o-y to $1.6 billion
across 93 deals, the report said.
Tepid M&A activity led to an over 67% y-o-y decline in deal values, while slow traction in P/E investment volumes led to
deal volumes declining by over 30%.
In a couple of months, we should see an M&A bounce back. Cross-border continues to be on a decline because instead of
outbound the focus seems to have shifted to domestic activity and inbound is further delayed because of GST
implementation, the report added.
As per the report, during July 2017, banking sector led the deal activity by contributing over 26% of total deal value.
Increasing consolidation drove deal volumes in the start-up sector capturing 25% of volumes with the highest activity
witnessed in the enterprise application and infrastructure space, it said.
Key index dipped on Monday, 21 August 2017 on selling of stocks. The Sensex plunged 265.83 points (-0.84%) to settle
at 31,258.85.
Key index registered modest gains on Tuesday, 22 August 2017 on fresh buying. The Sensex was up 33 points (+0.11%)
to settle at 31,291.85.
Key index gained on Wednesday, 23 August 2017 on further buying of stocks. The Sensex ended higher 276.16 points
(+0.88%) to close at 31,568.01.
Key index edged up on Thursday, 24 August 2017. The Sensex was up 28.05 points (+0.09%) to close at 31,596.06.
Indian stock markets remained closed on Friday, 25 August 2017, on account of Ganesh Chaturthi.
STOCK BUZZ
By Subramanian Mahadevan
Sun Pharmaceutical Industries Ltd: Niche drug!

(BSE Code: 524715) (CMP: Rs.483.30) (FV: Re.1)
Established in 1983, Mumbai-based Sun Pharmaceutical Industries Ltd (Sun Pharma) is an Indian multinational
pharmaceutical company with 26+ manufacturing locations globally, which manufactures and sells pharmaceutical
formulations and active pharmaceutical ingredients (APIs) primarily in India and USA. It offers formulations in various
therapeutic areas such as cardiology, psychiatry, neurology, gastroenterology and diabetology. It also provides APIs such
as warfarin, carbamazepine, etodolac and clorazepate as well as anticancers, steroids, peptides, sex hormones and
controlled substances.

Sun Pharma hit the capital market in 1994 and its IPO was oversubscribed 55 times. The acquisition of Ranbaxy in 2014
has made Sun Pharma the largest pharma company in India, the largest Indian pharma company in USA and the 5th
largest speciality generic company globally. During Q1FY18, it posted a loss of Rs.425 crore due to a one-time hit
(~Rs.950 crore) related to anti-trust litigation settlement of generic drug Modafinil.
Sun Pharmas Halol manufacturing plant in Gujarat on which the USFDA had slapped observations post inspection and
banned exports since December 2015 is set to revive. The costly remedial measures are now over and re-inspection is
expected by the USFDA regulator soon. The dark clouds over the company will start receding slowly as the
pharmaceutical sector in general and Sun Pharma in particular post robust sales and profits beginning FY19 given the
heavy investments in speciality business and its pipeline of complex generic product launches in USA and other
regulated markets slated for FY19.
The US generic business, from which most Indian pharma companies like Dr. Reddys, Glenmark, Cipla and Aurobindo
Pharma derive most of their revenues, will continue to witness intense competition and healthy price erosion. Although
Sun Pharma has literally eroded Rs.125000 crore of market cap and investors wealth over the last two years, we
strongly believe that at the CMP, the stock is really attractive as it trades at 16x FY19E and 24x FY18E earnings. Brace
for tough quarters in the rest of FY18 to reap good-to-better returns from Sun Pharma in FY19. Investors can consider
buying this stock at the current level for over 50% returns within two years, with very limited downside.
STOCK PICK
Banco Products (India) Ltd: Solid fundamentals

(BSE Code: 500039) (CMP: Rs.205.95) (FV: Rs.2)
By Laxmikant Bhole
Although the geo-political tension between USA and North Korea is easing out, another event i.e. US President Donald
Trump dissolving the business council last week hit the global markets dragging them lower. It also impacted the Indian
markets making them more volatile. The market is swinging like a pendulum and sharp corrections and recoveries are
seen quite often. However, I still feel that while a cautious stance can be taken in the near-term, the markets are bullish
in the long-term as the Indian economy is strengthening each day. Investors must have observed that every market
decline is followed by a smart recovery. This time, I present to you a mid-cap story on Banco Products (India) Ltd
(Banco), which according to me, is a sound investment idea for the long-term.
Company Overview: Baroda-based Banco is an auto ancillary company with over five decades of experience. It is an
original equipment manufacturer (OEM) that manufactures engine cooling (radiators, coolers, etc.) and sealing systems
(various types of gaskets, rubber products, etc.) both for automotive and industrial applications. It also provides after
sales service. Its product portfolio includes custom designed heat exchangers, fuel coolers, oil coolers and condensers,
charge air coolers (CAC), rubber pre-coated beaded gaskets, rubber cork gaskets, aluminum edge moulded gaskets,
copper gaskets, etc. These products are very critical for internal combustion engines mainly for automobiles,
commercial vehicles, agricultural, power generation, rail, earth moving and industrial applications.
Banco is one of the largest organized players in the radiator and gasket business with a strong presence in domestic as
well as overseas markets. Its clientele includes big industry giants such as Maruti, Tata, Hero Honda, TVS, Ashok Leyland,
M&M, Indian Railways, Eicher, John-Deere, Force Motors, Cummins, Godrej, Harley-Davidson, VST Tillers, Volvo,
Mistubishi, JCB, etc. Its plants are located at Vadodara and Waghodia SEZ in Gujarat, Jamshedpur in Jharkhand, Rudrapur
in Uttarakhand and Zaheerabad in Telengana. Its 100% EOU (export-oriented unit) is in Baroda and its major export
market is the EU region. OEM sales account for 80-85% of its total revenue while the balance is derived from after sales
service.
Industry Outlook: Post demonetisation last year, the government is again focused on speeding up the overall infra and
construction activities to boost the growth rate of the country's GDP and improve overall job creation and industrial
activities. GST is a reality now and in the long run, it will be a game-changer for the overall industrial activity including
the auto ancillary space. These catalysts will boost the demand for automotive and industrial related products in coming
months, which in turn will benefit Banco as well.
Financial Performance: Banco exhibits strong financial parameters. Its equity capital of Rs.14.3 crore is backed by huge
consolidated reserves of Rs.720 crore (50x its equity). The company is debt-free.
At the CMP of Rs.205.95, the stock trades at a comfortable P/BV of 1.89x. Its EV (enterprise value) stands at Rs.1564
crore, market cap at Rs.1472.93 crore and sales at Rs.1277 crore. So, the EV/market cap ratio works out to just above 1x,

which is attractive. NPM has been consistent over 7% and RoNW and RoCE were comfortable at 18% and 23%
respectively in FY16 and are expected to improve further going forward. The company has rewarded its shareholders
with good dividend yield over the last 15 years.
Key Positives:
1. Trusted brand in the Indian
automotive sector with five decades Financial Performance: (Rs. in crore)
of experience; Particulars FY17 FY16 FY15 FY14 FY13
2. Fully end-to-end integrated in the Revenue 1277.01 1187.87 1111.55 1143.95 1008.52
value chain; YoY Revenue Growth % 7.5 6.9 -2.8 13.4 -
3. Focused on innovation to create EBIT 141.56 122.7 121.22 141.04 95.92
value-added differentiation for PAT 94.78 89.89 87.65 89.82 61.3
customers. YoY PAT Growth % 5.4 2.6 -2.4 46.5 -
Concerns:
1. Intensifying global competition;
2. Volatile metal prices and fluctuations in foreign exchange.
Conclusion: The Indian automotive industry is growing steadily and the auto components sector has recorded robust
growth in the past few years. Auto-component industries account for 25.6% of the total Indian manufacturing activity
and 2.2% of the countrys GDP. GST has a positive impact on the auto components industry, which will boost domestic
auto sales as well.
Over the last few years, Banco has invested heavily making its production systems more efficient and dynamic, which
will benefit it in coming years. Buoyed by strong domestic demand for automobiles in the festive season ahead and
strong brand value of Banco, long-term investors must keep this stock on the radar and accumulate on declines.
STOCK SCAN
Nocil Ltd: To bounce back!

(BSE Code: 500730) (CMP Rs.135.90) (FV: Rs.10)
By Dildar Singh Makani
Promoted in 1961 by the renowned Arvind Mafatlal group in Mumbai, NOCIL Ltd (National Organic Chemicals Ltd) is a
petrochemicals giant that offers a wide range of speciality organic chemicals viz. rubber chemicals used by the tyre
industry. It is the largest manufacturer of rubber chemicals in India with state-of-the-art technology. Its brands, namely,
PILFLEX Antidegradants, PILNOX Antioxidants, PILCURE Accelerators, Post-Vulcanization Stabilizer and PILGARD Pre-
Vulcanization Inhibitor are well recognised in both the domestic as well as overseas markets. With regional sales offices
in Mumbai, Delhi, Chennai and Kolkata, it exports to 40+ countries worldwide.
NOCIL is a one-stop shop offering a wide range of products to suit all market requirements of the industry. It is a
preferred supplier to major tyre manufacturers such as Apollo Tyres, Ceat, MRF, J.K. Tyres and to various rubber product
manufacturers worldwide. The automobile sector is presently at an inflection point. Many new variants in passenger and
logistics sector vehicles are being planned. The demand for tyres is therefore on the rise. With major tyre companies
consolidating their operations in and around Asia, NOCIL will benefit immensely.
Current Capacity: NOCIL has two plants one at Navi Mumbai in Maharashtra and another at Dahej in Gujarat with
combined production capacity of ~55,000 TPA. These plants currently operate at 80% capacity utilisation. With growing
demand, there is every possibility of higher utilisation, which in turn will boost its top-line as well as bottom-line.
Ongoing Capex: NOCIL has already initiated its capex plans to enhance production of rubber chemicals and
intermediaries at its Dahej plant. Its Rs.170 crore capex is scheduled to commence commercial operation during
H2FY19. The entire capex is being funded by internal accruals and without any recourse to debt. In fact, even after
expansion, the company is unlikely to take any debt for working capital requirements. Further expansion programmes
are also on the drawing board. Considering the long-term prospects, the company may also venture into greenfield
expansion.
FY17 Performance Highlights: For FY17, NOCIL posted higher sales of Rs.818.28 crore as against Rs.788.61 crore in
FY16. PBT rose to Rs.170.47 crore from Rs.118.13 crore in FY16 while PAT rose to Rs.120.09 crore from Rs.77.74 crore.
Consequently, its EPS jumped 54% from Rs.4.83 to Rs.7.42.

The company is virtually debt-free. Its debt:equity ratio stands at just 0.03. Its debt has significantly reduced from
Rs.146.83 crore in FY13 to just Rs.15 crore in FY17. Its RoNW has improved continuously from 6% in FY14 to 20% in
FY17. The company also declared a higher dividend of 18% for FY17 v/s 12% in FY16.
Q1FY18 Performance Highlights: NOCIL posted excellent results for Q1FY18. Its revenue grew 10% to Rs.239.23 crore
from Rs.215.78 crore in Q1FY17. EBIDTA margin improved to 25.5% from 19.3% in Q1FY17, which is a healthy sign.
PAT margin also improved to 16.1% from 12.3% in Q1FY17. As a result, it reported an operating profit and net profit
growth of 51% and 46% respectively. EPS jumped to Rs.2.11 from Rs.1.47 in Q1FY17.
Future Outlook: The global demand for rubber consumption (natural and synthetic) is on the rise since the last few
years. Therefore, the demand for speciality organic chemicals is also rising. If the trend in the tyre industry is any
indication, NOCILs working in the remaining quarters of FY18 will continue to be good.
Anti-Dumping
Policy: One of the BEAT THE STREET 6
reasons for NOCILs
continuing improved
A Performance Review
performance is the Good returns from the 17th edition of Beat the Street 6 published on 12/06/17
extension of anti- Scrip Name Recomm. Rate (Rs.) Highest since (Rs.) % Gain
dumping duty on Reliance Industries 1330.50 1665 25
rubber chemicals Purvankara 66.70 79.95 20
which the Cholamandalam Inv. & Fin. Co. 1043.40 1217.95 17
government had first Manappuram Finance 94.80 110.40 16
imposed in 2011. Voltamp Transformers 1292.95 1340.05 4
Another advantage is Karnataka Bank 173.55 SL -
that NOCILs
environment Steady returns from the 16th edition of Beat the Street 6 published on 06/03/17
compliances are in Scrip Name Recomm. Rate (Rs.) Highest since (Rs.) % Gain
place, which is a key Sarda Energy & Minerals 245 393 60
problem faced by
Ajmera Realty & Infra 190 252.20 33
Chinese companies.
Kalyani Steels 370 469 27
Also, with the anti-
Larsen & Toubro 990 1222.60 23
dumping duty and
Super Crop Safe 145 163.95 13
expansion of its
IOL Chemicals & Pharma 91 SL -
Dahej plant, it may
earn the advantage
of operating Bumper returns from the 15th edition of Beat the Street 6 published on 07/12/16
leverage. NOCIL is Scrip Name Recomm. Rate (Rs.) Highest since (Rs.) % Gain
likely to be fancied Datamatics Global Services 87 164.85 89
by investors at least Chennai Petroleum Corp. 265 424.8 60
as long as the anti- Adani Ports & SEZ 272 421.6 55
dumping duty Deep Industries 251 343.7 37
remains in place and Alkem Laboratories 1695 2238 32
it is able to take Power Grid Corp. of India 183 226.4 24
advantage of the
expanded capacity. The Indian stock market offers an excellent opportunity to grow your investments. We
Investor-friendly: are in the middle of a long-term bull run and the recent correction gives a good
The management opportunity to enter or reshuffle your portfolio. Some companies have posted fantastic
had previously Q1 numbers while some have continued their poor performance. This is the right time
issued bonuses as to pick quality stocks before the next leg of the rally.
follows: 1975- 1:2;
1980- 1:3; 1986- 1:2; The next issue of Beat the Street 6 will be published on 11 September 2017.
1993- 1:3; and 1995- We will select 6 strong stocks that will yield handsome returns in coming days.
1:1.
The companys So dont wait, subscribe to Beat the Street 6 today.
future outlook is Subscription Rate: 1 Qtr: Rs.2000, 2 Qtrs: Rs.3500, 3 Qtrs: Rs.5000, 4 Qtrs: Rs.6500.
robust and although For payment details, refer to the subscription form.
the next bonus issue

is not around the corner, dividend enhancement is a distinct possibility. The management has increased dividend
payouts at regular intervals in the past whenever the companys financial position had permitted.
Shareholding: The total equity capital of the company is Rs.164.14 crore, of which 36.85% stake is held by the
promoters and the balance 63.15% stake is held by the investing public. FIs, MFs, Insurance Companies and Foreign
Investors collectively hold 1.44% stake. FPIs hold 5.46% stake while FIIs hold 1.3% stake.
Ace investors Dolly Khanna and Ashish Kacholia hold 33,87,496 shares (2.6%) and 51,40,008 shares (3.13%)
respectively. Bodies Corporate hold ~8.01% stake.
The company does not have any outstanding convertible warrants. The promoters have pledged 25.19% of their stake to
fund the expansions.
Capex: So far, NOCIL has not placed its future expansion plans on table. But at the same time, it can be safely assumed
that huge expansions are underway. Continuing demand may prompt the company to go in for aggressive organic and
inorganic growth. This will ultimately create a need for additional funds and a part of this requirement may come by way
of additional equity. Therefore, a rights issue from an investor-friendly company cannot be ruled out.
Conclusion: The global demand for rubber processing chemicals is forecast to rise by 50% to 1.5 MMT in the next 3-5
years. NOCIL has the distinction of serving some of the best brands and its current working is excellent. Ongoing and
future expansions are also likely to contribute to future earnings.
Further, CARE has recently upgraded the companys long-term credit rating from AA- to AA. Its short-term borrowing
rating was also upgraded from AA to AA+ (highest in the category).
Rising volumes, too, suggest a breakout in share price. The delivery percentage, which is currently at around 30% of all
trades, is also rising slowly.
Going by the improving fundamentals, expansions and industry outlook, NOCIL may post an EPS of around Rs.9 for FY18.
Its CMP is hovering around Rs.135.90, which translates into a forward P/E of just 16.93x v/s Industry P/E of over 25x.
The stock is likely to touch Rs.240 within a year. It would be prudent to buy this stock for a conservative period of 3
years for stupendous returns.
EXPERT EYE
By Vihari
Rural Electrification Corporation Ltd: Accumulate at every

decline
Incorporated in 1969, Rural Electrification Corporation Ltd (REC), a term lending institution and a Navratna Central
Public Sector Enterprise under the Ministry of Power, is engaged in the business of lending to power projects and also
promotion of power transmission, distribution and generation projects throughout India. Its schemes are aimed at
extending and improving electricity supply and the energisation of agricultural pump-sets. REC is promoted by the
Government of India (GoI) and has four subsidiaries for undertaking specific business activities: i) REC Transmission
Projects Company (RECTPCL); ii) REC Power Distribution Company (RECPDCL); iii) Vemagiri Transmission System
(VTSL) (a wholly-owned subsidiary of RECTPCL); and iv) Vizag Transmission (a wholly-owned subsidiary of RECTPCL).
REC floated an IPO of 15.61 crore equity shares priced at Rs.105/share aggregating Rs.1638 crore in February 2008 to
augment its capital base and meet its future capital requirements. In February 2010, REC came out with a follow-on
Public Offer (FPO). The floor price for 171,732,000 shares was fixed at Rs.203/share (a 7% discount to its previous
closing price) by the GoI. The issue comprised a fresh issue of 128,799,000 equity shares and an OFS of 42,933,000
equity shares by the President of India, acting through the Ministry of Power, GoI. RECs 5% OFS in April 2015 was
subscribed 5.5 times at Rs.325/share. In FY17, REC declared a 1:1 bonus.
REC provides loan assistance to State Electricity Boards (SEBs)/state power utilities for investments in rural
electrification schemes through its corporate office in New Delhi and 17 field units (project offices) across various states.
The project offices coordinate its financing programmes with the concerned SEBs/state power utilities and facilitate in
the formulation and implantation of schemes and loan sanction and disbursement. REC finances all types of power
generation projects like thermal, hydel, renewable energy, repair and maintenance (R&M) of existing projects, etc. Its
borrowers include state sector power utilities/SEBs, central sector, joint sector and private sector power utilities.

The Infrastructure Finance Company (IFC) status has put REC in a better position than some of its competitors and
given it more flexibility in operations. It has enhanced RECs ability to raise funds at a cost-competitive basis and
enhanced its lending exposure to individual entities, corporations and groups, etc. It also enables REC to effectively
capitalize on the available financing opportunities in the power sector since it focuses on the entire energy value chain
i.e. from generation to transmission and distribution. It has 85% exposure to SEBs of which 20% of the projects are
guaranteed by the State Governments while the balance exposure is from Central PSUs and from private players. Sector-
wise, ~45% exposure is towards generation, 50% towards T&D and the balance from others. 70% of its loans are
backed by an escrow mechanism.
During FY17, RECs net profit rose 11% to Rs.6246 crore on marginally higher total income of Rs.24095 crore fetching
an EPS of Rs.31.6 and a dividend of 97% was paid. During Q1FY18, it reported total income of Rs.5662 crore v/s Rs.6051
crore in Q1FY17. Net profit fell 8% to Rs.1301 crore from Rs.1421 crore in Q1FY17. Its EPS was Rs.6.6. Gross NPAs were
at 2.6% v/s 2.55% in Q1FY17 and 2.41% as at FY17. Its disbursements were up 10% YoY at Rs.12784 crore. Sanctions
grew 113% YoY to Rs.33868 crore. Loan Book grew 10% to Rs.207802 crore from Rs.188835 crore as at Q1FY17.
Outstanding borrowings stood at Rs.168284 crore.
Consequent upon the 1:1 bonus in FY17, RECs equity capital increased to Rs.1975 crore. With reserves of Rs.31401
crore, its share book value works out to Rs.169. The government holds 58.9% of the equity capital, Foreign Investors
hold 23.4%, DIs hold 9% and PCBs hold 1.7%, which leaves 7% stake with the investing public.
As a nodal agency for monitoring and channelizing funds under the RGGVY (Rajiv Gandhi Grameen Vidyutikaran
Yojana) programme, REC continues to take up the socio-economic responsibility of village electrification and
contribute to the mission of 'Power for all' with the main objective being sufficient power to achieve GDP growth rate
of 8%, optimum power cost and power for all. Therefore, the power sector is expected to remain vibrant and offer
significant investment opportunities in the foreseeable future.
The GoI has permitted REC to issue tax-free bonds, raise foreign commercial borrowing up to 75% of its net worth
without prior government approvals as well as provide funds from budgetary allocation and debt guarantee. Fitch
expects REC to continue receiving support from the GoI and harness all resources to capture an optimal share of the
funding business of the ~Rs.7.7 lakh crore debt requirement for the 12th Five Year Plan. REC strives to sustain and
maintain a consistent growth rate and surge ahead to attain greater heights of success and match its stakeholders
expectations despite some stresses.
According to the Planning Commissions What TF+ subscribers say:
estimates, REC is expected to fund sizable
power projects going forward. Apart from the Think Investment Think TECHNO FUNDA PLUS
high demand for credit, its access to Section
54EC bonds and tax-free bonds for low-cost Techno Funda Plus is a superior version of the Techno Funda
funding helps REC to maintain its margins. column that has recorded near 90% success since launch.
Moreover, with a stable Central Government,
Every week, Techno Funda Plus identifies three fundamentally
Infrastructure bottlenecks are likely to be
sound and technically strong stocks that can yield handsome
eliminated, which is positive for growth and returns against their peers in the short-to-medium-term.
asset quality.
Thrust on rural electrification, renewable Most of our recommendations have fetched excellent returns to
energy and decentralised distributed our subscribers. Of the 156 stocks recommended between 11
January 2016 and 2 January 2017 (52 weeks), we booked profit
generation (DDG) will inter-alia increase the
in 125 stocks, 27 triggered the stop loss while 4 are still open
penetration of electricity in the country
and are in nominal red.
thereby driving the demand further. With
timely interventions by the GoI in addressing Of the 99 stocks recommended between 9 January 2017 and 21
the nagging issues affecting the power August 2017 (33 weeks), we booked 7-37% profit in 68 stocks,
industry, the outlook for the sector is quite 17 triggered the stop loss of 2-12% while 14 are still open.
optimistic with ample market opportunities
available for financial products. Thus, the If you want to earn like this,
prospects for REC are quite promising going subscribe to TECHNO FUNDA PLUS today!
forward. For more details, contact Money Times on
REC has maintained an almost equal share 022-22616970/22654805 or moneytimes.support@gmail.com.
between Generation loans and T&D loans.
Generation is unlikely to be de-emphasized Subscription Rate: 1 month: Rs.2500; 3 months: Rs.6000;
6 months: Rs.11000; 1 year: Rs.18000.
and in line with large capex requirements of

the sector loan book will grow at a healthy pace. RECs huge volume of business, its steady cost of funds and extension of
mobilizing traditional sources of fund at low cost through capital gain/other taxable bonds and banks/ECB routes and
the huge investment lined up in the power sector give strong visibility to its revenues and profitability in coming years.
REC has paid hefty dividends to shareholders in the past. Its dividend yield on the last dividend of Rs.9.7 (97%) works
out to 6.2%. This makes it a good dividend yield stock in a subdued market.
Based on its improving fundamentals, REC is likely to register an EPS of Rs.35 in FY18. At the CMP of Rs.160.40, the stock
trades at a forward P/E of just 4.5x and P/BV of 1.11x on FY18E earnings (after considering a dividend of 100%). A
conservative P/E of 6.5x will take its share price to Rs.228 in the medium-to-long-term. The negatives of the industry
like focus on asset quality and NPAs etc. have already been factored in its share price, which has corrected by 42% from
its 52-week high of Rs.223.80 recorded on 9 May 2017. The stocks 52-week low is Rs.112.33.
********
Nandan Denim Ltd: Accumulate on dips

Nandan Denim Ltd (NDL), formerly Nandan Exim Ltd, was incorporated in 1994 in Ahmedabad, Gujarat. It started
operations in 1999 by trading in textile fabrics. Today, it has grown to be the second largest denim maker in India after
Arvind Ltd. Its plant is located in Gujarat, the textile hub of India. Its machinery equipped with the latest technology from
Germany and Japan is capable of producing a wide range of denim fabrics.
NDL has one of the largest denim fabric manufacturing capacities in the world. It has the capacity to produce 110 MMPA
(million metres per annum) of denim and 10 MMPA yarn-dyed shirting. During FY16, it completed the backward
integration by expanding its spinning capacity from 70 TPD (tonnes per day) to 124 TPD, which will result in higher
operating margins. It also owns a captive power plant of 15 MW. A couple of years back, NDL had implemented capex of
Rs.612 crore in denim fabric, spinning and shirting segments.
NDL is the largest denim supplier to global brands such as Carrefour, Ralph Lauren, Polo, A/X, Tommy Hilfiger, Gini &
Jony, CP Colorplus, Mufti, Killer, Spykar etc. It exports its denim fabric to 27+ countries through its strong global dealer-
distribution network. Currently, it exports account for ~12% of sales.
NDL has a strong pan India network of around 35-40 distributors associated with it for close to a decade. It has a strong
global network of around 15 distributors across 8 countries Peru, Mauritius, Hong Kong, Dubai, Thailand, Bangladesh,
New York and Colombia. It has strategic tie-ups with 10 firms to exclusively sell its products.
For FY17, NDLs net profit fell 12% to
Rs.56.7 crore on 6% higher sales of
Rs.1220.4 crore fetching an EPS of Rs.11.8 FOR WEEKLY GAINS
and a dividend of 16% was paid. During
Q1FY18, its sales jumped 41% to Rs.424.4 Fast...FocusedFirst
crore while net profit rose 3% to Rs.16.3
crore. Profit was almost flat due to higher
Fresh One Up Trend Weekly
depreciation and interest costs on account A product designed for short-term trading singling out one stock
of expansion. to focus upon.
Fresh One Up Trend Weekly (formerly Power of RS Weekly) will
With an equity capital of Rs.48 crore and identify the stop loss, buy price range and profit booking levels
reserves of Rs.372 crore, NDLs share book along with its relative strength, weekly reversal value and the start
value works out to Rs.88. Net debt of Rs.544 date of the trend or the turndown exit signals. This
crore gives it a DER of 1.3:1, which is slightly recommendation will be followed up in the subsequent week with
high due to the aforesaid expansion. The the revised levels for each trading parameter.
value of its gross block is Rs.970 crore. The Subscription: Rs.2000 per month or Rs.18000 per annum
promoters hold 58.4% of the equity capital, Available via email
foreign investors hold 11.9%, PCBs hold For a free trial call us on 022-22616970 or email at
6.1% and Dis hold 0.1%, which leaves 23.5% moneytimes.support@gmail.com
stake with the investing public.
Globally, the denim industry is expected to grow at over 6.5% CAGR from $113 bn to $153 bn over 2015-20. Pricing
behaviour wise, the growth is expected to be the highest in the Premium and Super Premium categories of denim
products with smaller base numbers. The Latin Americas and Asian markets are expected to lead the growth in the
segment.

Despite a slow-down in apparel exports and domestic market growth, the denim market in India has clocked a
consistent CAGR growth rate of 15-18%. Denim is also witnessing the fastest growth rate as an apparel fabric. The
current installed capacity of ~1,200 MMPA is expected to rise to 2,000 MMPA in the next 3-4 years owing to the huge
demand for the fabric.
While Indias share in the overall denim manufacturing capacity is ~10%, its share in the global jeans trade works out to
2.5%. With the resource advantage of all types of cottons and MMF fibres, the induction of state-of-the-art technology
and plants and the world leadership of companies, India has the potential to grab a higher share in the global market.
Experts believe a CAGR of 10% over the next 10 years in the denim share in International trade offers a healthy upside
for existing players and new denim projects. The boom will be fuelled not only by higher demand from small cities and
rural areas, but also by acceptance of the fabric at workplaces. In terms of volumes, the current denim market estimated
at 300 million pairs of jeans is projected to grow to 600-650 million by 2018.
GST had impacted the sales of domestic shirting and denim. However, this situation is expected to improve going
forward. NDL is set to post an EPS of Rs.13 in FY18 and Rs.16 in FY18. At the CMP of Rs.139.10, the stock trades at a P/E
of 10.7x on FY18E and 8.6x on FY18E earnings. Hence, we have a Buy on the stock at around Rs.139.10 for steady
appreciation in the long run. It could fetch a decent gain of 20-25% within a year. The stocks 52-week high/low is
Rs.162/105.40.
TECHNO FUNDA
By Nayan Patel
REVIEW
Damodar Industries Ltd Sakuma Exports recommended at
(BSE Code: 521220) (CMP: Rs.99) (FV: Rs.10) Rs.64.90 on 6 March 2017 and once
again at Rs.70.05 on 19 June 2017, hit a
We had recommended this stock at Rs.83.05 in our newsletter Techno high of Rs.127.75 last week fetching
Funda Plus last week. 97% returns within 6 months!
Incorporated in 1987, Mumbai-based Damodar Industries Ltd (DIL) Talbros Engineering recommended at
manufactures and sells cotton and fancy yarns. It offers air texturizing Rs.257.90 on 12 September 2016 and
products like cotton yarns including compact, combed, carded, slub, once again at Rs.305.85 on 27 February
multi-count multi-twist and single/double/multifold yarns as well as 2017, hit a high of Rs.627 last week
fetching 143% returns within a year!
fancy texturizing products. It provides linen blends comprising
polyester/linen, polyester/viscose/linen, polyester/cotton/linen, Panama Petrochem recommended at
viscose/linen and single/double/multifold; special blends, which include Rs.56.55 on 29 February 2016, hit a high
micro polyester, cationic/polyester, cationic/polyester/viscose cationic, of Rs.205.30 last week fetching 263%
returns within a year and half!
polyester bright, viscose/modal/excel and single/double/multifold;
synthetic yarns such as polyester/viscose, polyester/cotton, polyester, slub yarn, linen like effect and
single/double/multifold; and yarn dyeing products. It exports to around 40 countries across Europe, South Africa, South
America, Australia, South Korea, Belgium, Singapore, Italy, Egypt and the Gulf countries.
With an equity capital of Rs.11.13 crore and reserves of Rs.82.53 crore, DILs share book value works out to Rs.84 and
P/BV ratio stands at just 1x, which is attractive. The promoters hold 69.21% of the equity capital, which leaves 30.79%
stake with the investing public.
For FY17, DILs net profit declined to Rs.8.87 crore from Rs.10.39 Financial Performance: (Rs. in crore)
crore on 13% higher sales of Rs.704.27 crore fetching an EPS of
Particulars Q1FY18 Q1FY17 FY17 FY16
Rs.8 and it paid 28% dividend for FY17. During Q1FY18, it posted
Sales 152.98 187.79 704.27 620.95
10% higher net profit at Rs.2.59 crore on sales of Rs.152.98 crore.
Its EPS was Rs.2.33. PBT 3.97 3.60 13.65 15.32
Tax 1.37 1.25 4.78 4.92
DIL has embarked upon its Rs.165 crore expansion plan at
PAT 2.59 2.36 8.87 10.39
Amravali (MIDC) and the commercial production for Phase I is
expected to start from March 2018. EPS in (Rs.) 2.33 2.12 7.97 9.34
The stock trades at a P/E of just 12.32x and looks attractive for investment at the current level. Investors can buy this
stock with a stop loss of Rs.76. On the upper side, it could zoom to Rs.115-135 levels in the medium-to-long-term.
******

Patels Airtemp (India) Ltd
Incorporated in 1973, Patels Airtemp (India) Ltd manufactures and sells heat exchangers, pressure vessels, air-
conditioning equipment and refrigeration equipment. It offers air cooled heat exchangers, Dow Therm condensers and
coolers, shell and tube heat exchanges, inter and after coolers, tube in tube process heat exchanges, oil coolers, bare tube
heat exchangers, shell and tube Dx-chillers, air heaters, H.P. and L.P. feed water heaters, pressure vessels, surface
condensers, columns, steam coil air heaters, LPG-bullets, shell and tube condensers, etc. It also offers domestic consumer
products comprising window and split air conditioners, ceiling suspended units, condensing units, fan coil units,
ductable units, floor mounted units and packaged units. In addition, it undertakes various turnkey projects in the areas
of air-conditioning, textile humidification, evaporative cooling systems, clean room requirements, pressurization and
ventilation systems, dust extraction systems, humidification, air washer plants, etc. It provides turnkey solutions to
HVAC problems. Its products primarily serve power projects and refineries as well as fertilizer, cement, petrochemical,
pharmaceutical, textile and chemical industries. The company also exports to Indonesia, UK, Sri Lanka, Mauritius,
Ukraine, Jordan, UAE, Germany and Italy.
With an equity capital of Rs.5.07 crore and reserves of Rs.62.03 crore, the companys share book value works out to
Rs.132 and its P/BV is around 1.4x. The promoter holds 47.25% of the equity capital, which leaves 52.75% stake with
the investing public.
For FY17, the company posted 10% higher net profit at Rs.7.87
Financial Performance: (Rs. in crore)
crore on higher sales of Rs.136.15 crore fetching an EPS of
Particulars Q4FY17 Q4FY16 FY17 FY16
Rs.15.51. During Q4FY17, its net profit jumped 41% to Rs.2.61
crore on 42% higher sales of Rs.53.74 crore fetching an EPS of Sales 53.74 37.90 136.15 126.65
Rs.2.61. It declared 25% dividend for FY17 with the book closure PBT 3.89 3.01 12.20 11.09
date as 11 September 2017. Tax 1.28 1.15 4.34 3.94
Currently, the stock trades at a P/E of just 13.05x and looks PAT 2.61 1.85 7.87 7.15
attractive for investment at the current level. Investors can buy EPS in (Rs.) 5.15 3.65 15.51 14.10
this stock with a stop loss of Rs.170. On the upper side, it could zoom to Rs.225-260 levels in the medium-to-long-term.
BULLS EYE
Voltamp Transformers Ltd: Top pick

By Pratit Nayan Patel
Company Background: Promoted by Mr. Lalitkumar Patel and family in 1967, Voltamp Transformers Ltd (VTL) is
engaged in the manufacture and sale of electrical transformers. It has installed a facility to manufacture Oil filled Power
and Distribution Transformers up to 160 MVA, 220 kV Class; Resin Impregnated Dry type Transformers up to 5 MVA, 11
KV Class in technical collaboration with MORA, Germany; and Cast Resin Dry type Transformers up to 12.5 MVA, 33 KV
Class in technical collaboration with HTT, Germany. Its production facilities, which have an aggregate installed capacity
of 13,000 MVA per annum, are located at Makarpura and Savli in Gujarat.
VTLs clientele includes leaders in Government and Semi-Government projects, Refineries, Fertilizer Plants and various
other sectors such as Power, Pharma, Paper, Steel, Cement sectors, etc. It also serves State Electricity Boards in India and
abroad.
VTL is a market leader in dry-type transformers with 40% market
share. 80% of its annual sales are derived from its Project business. It Shareholding: (in %)
obtains orders for transformer in most projects through leading Particulars Jun-17 Mar-17 Dec-17
consultants of international repute like Engineers India, Kaverner, Promoters 47.48 47.48 47.48
Tata Consulting Engineers, M.N. Dastur, Avant Garde, Toyo Institutions 36.62 36.69 36.87
Engineering, Jacobs Hg, Uhde, Chemtex Engineering, Dalal Consultants,
Bechtel, Mecon, Development Consultants, Fichtner Consulting Non-Institutions 15.90 15.83 15.65
Engineers. Turnkey contractors like ABB, Siemens, L&T, etc. regularly Total 100% 100% 100%
source their Transformer requirements from VTL for their Industrial
and Switchyard package projects.

Financials: VTL has an equity capital of just Rs.10.12 crore supported by huge reserves of Rs.527.43 crore (50x its
equity). The share book value of this debt-free company works out to Rs.531 as at 31 March 2017. The promoters hold
47.48% of the equity capital, MFs and Insurance Companies hold 22.09%, FPIs hold 17.71% and FIs hold 0.08%, which
leaves 12.64% stake with the investing public.
Performance Review: The Performance Review: (Rs. in crore)
transformer industry posted
fantastic growth in FY17 backed by Particulars Q1FY18 Q4FY17 Q1FY17 FY17 FY16
huge order inflows. VTL posted 8% Net Sales 130.45 228.17 115.10 609.38 563.3
higher sales of Rs.609.38 crore v/s Consumption of Raw Materials 115.36 137.32 116.52 462.12 455.15
Rs.563.30 crore in FY16. Net profit Increase/Decrease in Stocks -15.22 35.07 -26.41 3.33 -11.85
soared 54.54% to Rs.67.97 crore
from Rs.43.98 crore in FY16. Its EPS Employees Cost 6.61 7.39 5.46 25.63 21.24
was Rs.67.18. During Q1FY18, net Depreciation 1.37 1.56 1.31 5.82 5.98
profit soared 59.51% to Rs.14.50 Other Expenses 14.05 21.88 12.58 63.1 61.35
crore on 24.3% higher sales of
Other Income 10.99 9.76 5.94 42.08 28.29
Rs.143.08 crore fetching an EPS of
Rs.14.34. Interest 0.09 0.15 0.09 0.47 0.44
Dividend: VTL is an investor- P/L Before Tax 19.17 34.55 11.50 90.99 59.29
friendly company and has Tax 4.67 11.90 2.41 23.02 15.31
consistently paid good dividends Net Profit 14.50 22.65 9.09 67.97 43.98
ranging from 80-150% in the last ten
EPS (Rs.) 14.34 22.39 8.99 67.18 43.47
years. For FY17, it paid 150%
dividend as against 125% dividend in FY16 and 100% in FY15.
Industry Overview: The economic recovery has been slow and policy measures taken by the government are yet to
positively influence the economy and the business of the power industry. The government has implemented several
policy reforms in the power sector over the past couple of years. Schemes like UDAY are likely to have a lasting impact
on the fiscal health of the discoms. Further, an increased emphasis on renewables has created new opportunities in the
sector.
Conclusion: VTL by virtue of its dominant presence in the 11-220 kV distribution and power transformer segment is
bound to be a major beneficiary of the increased spending by State Transcoms and two central sponsored schemes (IPDS
+ DDUGJY). Its profitability and earnings growth is likely to be better than its peers since its exhibits a stronger balance
sheet. Its current order book stands at ~Rs.310 crore (5,200 MVA), which provides revenue visibility for about 7
months. Its bottom-line has grown at 27% CAGR in the last four years. Based on TTM, the stock is available at a P/E of
15x. We are extremely bullish on this stock and it is our top pick in the transformer industry. Investors can accumulate
this stock at Rs.1100-1025 with a stop loss of Rs.960 for excellent returns. The stocks 52-week high/low is
Rs.1367/751. Its market cap stands at around Rs.1103.93 crore.
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