T I M E S: Overbought Conditions Could Trigger Correction

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T I M E S
A TIME COMMUNICATIONS PUBLICATION
VOL XXVII No.25 Monday, 23 – 29 April 2018 Pgs.20 Rs.20
Overbought conditions could trigger Now follow us on Instagram, Facebook &

Twitter at moneytimes_1991 on a daily basis to
correction get a view of the stock market and the
By Sanjay R. Bhatia happenings which many may not be aware of.
The markets continued to move higher on the back of positive
global and domestic cues. However, lack of follow-up buying support at higher levels capped the market gains. Regular
bouts of profit-booking and selling pressure were witnessed around Nifty 10600.
The FIIs remained net sellers in the cash segment but were seen hedging their positions as net buyers in the derivatives
segment. The DIIs were also net buyers during the week. The breadth of the market remained weak amidst high
volumes. Crude oil prices held firm trading near the three-year high as the OPEC-led supply cuts gradually sucked the
excess crude supplies. Brent crude prices hovered around $73 per barrel. On the domestic front, the WPI inflation
numbers were lower. The earnings season started on a good note.
Technically, the prevailing positive technical conditions helped
the markets move higher. The MACD, KST and RSI are all
placed above their respective averages on the daily chart. Believe it or not!
Further, the Stochastic and RSI are both placed above their  Archies recommended at Rs.36.90 in SA last
respective averages on the weekly chart. The Nifty is placed week, zoomed to Rs.46.45 fetching 26%
above its 50-day SMA, 100-day SMA and 200-day SMA, which returns in just 1 week!
is its long-term average. The Nifty’s 50-day SMA is placed  Kakatiya Cement Sugar & Industries
above its 200-day SMA and its 100-day SMA is placed above its recommended at Rs.261.40 in TT last week,
200-day SMA. These positive technical conditions could lead to zoomed to Rs.315.50 fetching 21% returns in
regular buying support. just 1 week!
The prevailing negative technical conditions, however, still  Future Market Networks recommended at
hold good. The Stochastic is placed below its average on the Rs.134.75 in TT last week, zoomed to
daily chart and is also placed in the overbought zone on the Rs.156.10 fetching 16% returns in just 1 week!
daily and weekly charts. Further, the MACD and KST are both  Shipping Corporation of India recommended
placed below their respective averages on the weekly chart. at Rs.69.25 in SB last week, zoomed to
Moreover, the Nifty’s 50-day SMA is placed below its 100-day Rs.77.35 fetching 12% returns in just 1 week!
SMA, signalling a ‘Death Cross’ breakdown. These negative  State Trading Corporation of India
technical conditions could lead to intermediate bouts of profit- recommended at Rs.170.35 in TT last week,
booking and selling pressure especially at the higher levels. zoomed to Rs.186.70 fetching 10% returns in
The +DI line is placed above the -DI line and above 29, which just 1 week!
indicates that the buyers are gaining strength. The ADX line is
(SA – Stock Analysis; SB – Stock Buzz; TT – Tower Talk)
placed below 14, which indicates that the current trend lacks
strength. The market has ended the week on a firm note and This happens only in Money Times!
remains poised crucially as it struggles to move above the Now in its 27th Year
10600 mark. The markets are overbought and next week being
A Time Communications Publication 1

the expiry week, the trend is likely to remain volatile and a correction could unfold.
The Nifty has managed to sustain above the 10475 level. It is
important for the Nifty to sustain above it for further gains and
to test the 10583 resistance level. However, if the ‘death cross’
breakdown is not nullified in the next few days and overbought
conditions prevail, then the markets are likely to correct and the
Nifty could test the 10270 mark initially followed by lower
levels.
In the meanwhile, the markets will take cues from the earnings
season, news flow on banking NPAs, global markets, earnings,
Dollar-Rupee exchange rate and crude oil prices.
Technically, the Sensex faces resistance at the 34700 and 35221
levels and seeks support at the 34342, 34000, 33700, 33055,
32991, 32565 and 31833 levels. The resistance levels for the
Nifty are placed at 10583 and 10631 while its support levels are
placed at 10475, 10436, 10325, 10270, 10192, 10077 and 10000.
BAZAR.COM
Broader markets up
Broader markets outperform and the benchmarks bounce back despite the crude oil prices firming up. Last week
belonged to the metals, tech and FMCG (fast moving consumer goods) stocks, which were on the upside while oil
marketing stocks were substantially weak. What kept the market going for over nine consecutive days may have
surprised a lot of investors and punters. But the irrational nature of the market is at its best. The last ten-day rise and
going against the (popular) consensus is the intricate nature of this market and it could not have unfolded in any way
better than this.
The rising crude oil prices though a major negative trigger is countered well by the predictions of a nearly normal
monsoon, which will boost the agriculture sector. And with the cash flows increasing immensely in rural India, the
multiplier impact of consumer spending shall fuel the country’s growth story. Not only will the demand rise but the agro
output will keep the consumer price index under check. A double booster, you may call it.
The India Meteorological Department (IMD) in its initial stage forecast predicts a ‘normal’ South–West Monsoon (June–
September 2018), which will put a lot of agro based, auto and FMCG stocks on the investor’s radar. Satisfactory
quantitative rainfall coupled with a rural–engineered budget implementation will make the economic rise look so easy.
A direct obvious impact can be seen on agro-based, autos and FMCG sectors but other sectors that stand to gain with the
booming rural segment are banks, NBFCs and micro-finance companies. It is observed that both in the Sensex and the
Nifty, the auto, FMCG and finance sector companies have a large weightage (over 50%) and any positive trigger here
shall give wings to the benchmarks and the overall sentiment. Under the current government, the affordable housing
sector, too, will stand to gain immensely with a robust harvest. Infra spending and power boost by the government in
view of the forthcoming elections will add fuel to the ‘teji’ fire. All this suits the ruling party very well in the wake of the
ensuing elections and a smart government may not lose this advantage and may even prep one the general elections in
the wake of this optimism.
The pre-monsoon mood will be set by which way Karnataka goes. The picture will be clear by mid-May. If the NDA
trounces Congress, the average monsoon may provide the extra buttering on BJP’s bread. If the Congress retains
Karnataka, the NDA will have to get into a huddle to strategise on the armory at hand.
What becomes very evident is that in the last four years, the NDA has set in new systems and new ways of approaching
growth and delivering it. These systems are so different from those adopted by the UPA all these years. ‘Na khaoonga na
khaane doonga’ is not an empty slogan. ‘Sab ka saath sab ka vikaas’ too shall echo even if the NDA is sidelined. This
change of trajectory of economic growth is a great gift of PM Modi to the country and which shall keep the country on
high growth path. No wonder, the Sensex and Nifty are on a consecutive rise although small but solid. The 1:1 bonus
from TCS is a point to counter thought.

TRADING ON TECHNICALS
Critical Resistance at Gap 34874-35066

Sensex Daily Trend DRV Weekly Trend WRV Monthly Trend MRV
Last Close 34415 Up 34133 Up 33332 Up 31299
Last week, the Sensex opened at 33944.73, attained a low at 33899.34 and moved to a high of 34591.80 before it finally
closed the week at 34415.57 and thereby showed a gain of 222 points on a week-to-week basis.
Daily Chart
Wave (a) structure has ended at 32917, which is the higher bottom against the earlier swing bottom of 32483.
The current move is Wave (b) or it could be Wave (x). If a fall and close below 33899 is witnessed, then the pullback of
Wave (b) will terminate. In that case, Wave (c) will resume with a downward direction.
The retracement level of the fall from 36443 to 32917 is at 34258, 34678 and 35103.
An overoptimistic pullback can be to 35103 and a conservative pullback can be to 34258. Minimum pullback level has
been attained and any reversal down with a bearish candle can resume the downside momentum.
The upside is limited for Wave (b) structure to 34302-35103.
Wave (x), if proved, could end anywhere from the current level to the retracement level of 34302-35103. As long as the
Sensex remains above 33899, the chances of Wave (b) or Wave (x) structure continuing is higher. If a slide resumes,
then the Wave (c) structure will resume, which can be dynamically a down move.
The Wave (b) or Wave (x) has direction, which is an up-move and is currently in progress. As long as there is an up-
move, the pullback remains.
Weekly Chart
A lower high and lower low this week or a bearish
candle close below 33899 could upset the market
sentiment.
Weekly support will be at 34302-34012-33899.
Weekly resistance will be at 34705-35397.
The weekly chart gap is at 34874-35066 and has as
strong resistance, which is the current level of the
pullback and is in progress.
The rise is now for the 4th week on a back-to-back
basis with a positive candle and will attempt to test
the weekly gap mentioned above before showing a
reversal to end the current pullback.
BSE Mid-Cap Index
Weekly chart:
Resistance is at 16885-17014. Weakness is below 16500.
BSE Small-Cap Index
Correction or down move will resume below 17800.
Strategy for the week
A pullback is in progress and can be limited to the weekly gap of 34874-35066 unless it decisively crosses 35066 with a
bullish candle. Trade long till the gap is not tested and till the fall and close below 33899 is not violated. Profit-booking
pressure may be seen in the gap.

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: R1-(Resistance), R2- (Resistance), R3- Resistance, S1- Support & S2- Support
Weekly Up
Scrip Last Relative
S1 S2 - R1- R2- Reversal Trend
Close Strength
Value Date
Weak Demand Demand Supply Supply
below point point point point
PIDILITE INDUSTRIES 1063 1030 1039 1054 1078 1117 72.2 996 16-03-18
NESTLE INDIA 9165 8669 8807.3 9026.7 9384.3 9961.3 69 8603.8 23-03-18
TECH MAHINDRA 700.85 654.7 668.4 687.1 719.6 770.9 68.5 656.5 13-04-18
INTERGLOBE AVIATION 1503.90 1450 1462.6 1491.3 1532.6 1602.7 68.1 1427 28-03-18
BRITANNIA INDUSTRIES 5327 5191 5207.7 5310.3 5429.7 5651.7 67.6 5169.5 28-03-18
*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.
Note: R1-(Resistance), R2- (Resistance), R3- Resistance, S1- Support & S2- Support
Weekly Down
Scrip Last Relative
S1 S2 - R1- R2- Reversal Trend
Close Strength
Value Date
Demand Demand Supply Supply Strong
point point point point above
HINDUSTAN PETROLEUM
CORPORATION 298.85 245.9 285.2 310.7 324.4 336.3 26.12 332.67 13-04-18
BHARAT PETROLEUM
CORPORATION 371.70 311.9 356.3 385.4 400.7 414.4 29.34 409.80 13-04-18
POWER FINANCE
CORPORATION 85.35 81.2 84.3 86.3 87.3 88.3 29.58 86.86 20-04-18
PUNJAB NATIONAL BANK 93.60 81.3 90.3 96.1 99.3 101.8 30.06 98.07 20-04-18
IDEA CELLULER 70.80 65.4 69.3 71.7 73.2 74.1 30.68 73.41 09-03-18
*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
Note: R1- (Resistance), R2- (Resistance), R3- Resistance, S1- Support & SA- Strong Above
Scrip Last Close R1 R2 R3 SA S1 Monthly RS
ADANI TRANSMISSION 171.85 181.53 184.85 188.17 198.90 153.4 125.3
BUY LIST
Note: R1-(Resistance), R2- (Resistance), R3- Resistance, S1- Support & WB- Weak Below
Scrip Last Close S3 S2 S1 WB R1 Monthly RS
MINDTREE 977.45 908.69 882.97 857.26 774 1126.6 1344.6

NESTLE INDIA 9165 8834.20 8707 8579.80 8168 9912.2 10990.2
FIRSTSOURCE SOLUTIONS 59.65 57.81 56.97 56.14 53.45 64.9 71.9
AGRO TECH FOODS 778 742.15 721.50 700.85 634 917.2 1092.2

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
SALASAR TECHNO ENGINEERING 540642 355.45 345 361.55 335 378 404.5 77.72
INFINITE COMPUTER SOLUTIONS
(INDIA) 533154 496.70 491 506.05 486.20 518.3 538.2 76.23
SASKEN TECHNOLOGIES 532663 753.50 741.75 768.05 728.75 792.3 831.6 68.38
TOWER TALK
 Indiabulls Housing Finance shows signs of great strength. Something seems to be cooking. A hefty dividend and/or
a bonus is a distinct possibility. Buy.
 UCO Bank looks weak on reports that CBI has filed a case against the former bank Chairman Arun Kaul relating to
an alleged Rs.621 crore bank loan fraud case.
 Bajaj Electricals has received orders worth Rs.3578 crore for rural and urban electrification projects in U.P. A big
positive. Buy.
 Sterlite Technologies plans to raise funds for expansion through additional securities. This move may trigger its
share price.
 Global technology leader Infosys fell sharply as its results were below market expectations. Certain analysts,
however, are still bullish on this counter. Buy.
 Lupin has received tentative USFDA approval for its generic AndroGel. A big positive. Buy.
 Hotel Leelaventure has defaulted in the payment of debenture interest of Rs.10.5 crore to LIC. Considering that this
is a turnaround case, investors with a risk appetite may enter at the current beaten down share price.
 Dabur India is being upgraded by rating agencies on the back of rising profitability and moreover, on forecasts of a
normal monsoon. The stock may rise by 25% in 3 months.
 Fortis Heallthcare is in the limelight again now that a Chinese entity Fosun Healthcare has also jumped into the
fray. If the war heats up, minor shareholders may stand to gain. Any takers?
 Future Enterprises has raised Rs.300 crore through NCDs on private placement basis to augment its working
capital needs. Its business seems to be growing. A good long-term buy.
 Electrosteel Steels is finally in the Vedanta fold. It may be prudent to hold the stock for some time.
 Indian Hotels Company, which runs the famous Taj group of luxury hotels, has now forayed into Saudi Arabia. A
good long-term buy.
 Blue Star has set a target of Rs.1700 crore from its room air conditioner business. A good buy.
 Tata Steel has raised $1.9 bn of loans to refinance the high cost debt of its Singapore units. The company recently
reported its highest ever domestic EBITDA on the back of robust consumption. An excellent buy.
 Marico is now entering the fitness and wellness industry with big ticket investments. Buy.
 Schaeffler India, formerly Fag Bearings, reported excellent results. A good stock to buy.
 After approval by the Supreme Court, Reliance Communications will sell assets worth Rs.25000 crore to pay off its
debts. It is doubtful what the residual reserves will be. Stay away.
 Indian Oil Corporation has bought Shells’ 17% stake in Mukhaizna oil field (Oman) for Rs.2137 crore. A big
positive for IOC. Buy.
 The revision in natural gas price by the government may boost Oil and Natural Gas Corporation revenues by
~Rs.1500 crore. A positive for the company.
 Varun Beverages is setting up a greenfield product facility for Tropicana fruit juices and other products. A good
long-term buy.

 There is speculation that Kotak Mahindra Bank may buy out or merge with Axis Bank. Even otherwise, it’s working
has improved. A good buy.
 A continuous rise in crude oil prices can boost the share price of Selan Exploration Technology to Rs.300+ in the
next few months. Buy immediately.
 A huge shortage and heavy demand is pushing the prices of Aluminium. Buy Hindalco Industries immediately.
 Vindhya Telelinks is the cheapest stock available in the infra space. It is expected to notch a consolidated EPS of
Rs.88 in FY18 and Rs.96 in FY19 post expansion. The stock is poised to touch Rs.1500.
 Avonmore Capital Management Services is expected to notch an EPS of over Rs.12 in FY18. The stock is available
cheap.
 Nandan Denim is on course to post an EPS of Rs.14 in FY18, Rs.18 in FY19 and Rs.23 in FY20. It recently expanded
its capacity from 99 MMPA to 141 MMPA thereby making it the largest denim manufacturer in India and the 4 th
largest in the world. The stock may cross Rs.160.
 Premier Explosives issued a QIP (qualified institutional placement) at Rs.400 and Rs.410. Its marquee
shareholders include HDFC Trustee, Sundaram Fund, L&T Mutual Fund, NRIs, Gandhi Securities, etc. The company is
expected to notch an EPS of Rs.28 in FY19 and Rs.34 in FY20 post expansion. A good long-term buy.
 Crest Ventures, which operates under three verticals i.e. Real Estate, Financial Services and Investments/ Credit, is
set to notch a consolidated EPS of Rs.38 in FY18. The stock has potential to touch Rs.300.
 Dolphin Offshore Enterprises is reportedly doing well and is expected to flare up further on the back of rising
crude oil prices.
 Universal Cables, which holds a stake in Vindhya Telelinks and Birla Cable and has its own EPC business as well, is
reportedly trading at 50% discount to its holding value. Buy for 50% returns.
 Chambal Fertilizers & Chemicals has hit its 52-week high recently. Zuari Global, its holding company, can be
accumulated since it is trading at 50% discount to its 52-week high.
 The Government of India is likely to buyback the Iran government’s (Naftiran Inter Trade Company Ltd) 25% stake
held in Madras Fertilizers at a huge premium to the CMP. Buy for quick gains.
 An Ahmedabad-based analyst recommends Ausom Enterprise, Hilton Metal Forging, IOL Chemicals &
Pharmaceuticals and Super Crop Safe. From his last week’s recommendations, Archies shot up to Rs.46.45 from
Rs.36.90 while Super Crop Safe shot up to Rs.36.25 from Rs.32.80 in just 1 week! From his past recommendations,
Sadhna Nitrochem appreciated 349% from Rs.59.85 in May 2017 to Rs.269; Soril Infra Resources appreciated
146% from Rs.141.20 in May 2017 to Rs.346.85; and Royal Orchid Hotels appreciated 106% from Rs.115.85 in
April 2017 to Rs.239 last week.
BEST BET
L&T Finance Holdings Ltd

(BSE Code: 533519) (CMP: Rs.164.75) (FV: Rs.10)
By Amit Kumar Gupta
L&T Finance Holdings Ltd (LTFH), formerly L&T Capital Holdings Ltd, was incorporated in Mumbai in 2008. It is a
subsidiary of Larsen & Toubro Ltd (L&T) and provides various financial services through the following segments: Rural;
Housing; Wholesale; Defocused; Others. Its ‘Rural’ business segment offers farm equipment, micro finance and two-
wheeler finance services. Its ‘Housing’ business segment provides home loans, loans against property (LAPs) and real
estate finance. Its ‘Wholesale’ business segment offers infrastructure finance, structured corporate loans and supply
chain finance. Its ‘Defocused’ business segment provides commercial vehicle finance, construction equipment finance
and small and medium enterprise (SME) term loans and leases. ‘Others’ segment offers asset management, wealth
management, etc.
LTFH recently raised Rs.3000 crore, of which Rs.2000 crore was raised from L&T. As a result, the leverage declined from
the previous elevated levels of ~8.5x to ~6.1x. We believe that LTFH is now well capitalized for growth and will not need
to raise equity capital at least in the next 3-4 years.
Over the past two years, LTFH recorded a modest rise in the share of retail loans from 26% to 30%. On the wholesale
lending front, there has been a mixed shift toward real estate finance (its share has risen from 6% to 12% over the same
period) while the contribution of other wholesale finance segments (infra, structured finance, etc.) has declined.

However, the increased share of real estate finance is likely to translate into strong growth in the retail home loan
segment in coming years.
LTFH’s non-fund-based businesses are on a strong growth trajectory. Over the past two years, AAUM (average assets
under management) in its investment management business have grown at over 60% CAGR with equity AAUM growing
at over 80% CAGR. Profitability, too, has improved significantly and as a result, the contribution of the investment
management business to consolidated PAT has risen from 3% in FY16 to 6% in FY18E.
Post capital infusion, our BVPS (book value per share) estimate for FY19/20E has been revised upward by 17%/13%.
While RoE will appear optically lower due to low leverage (FY20E RoE of 16%), we expect LTFH to achieve its targeted
RoE of 18% by FY21. The correction in the stock price over the past six months
provides an attractive entry point. Financials: (Rs. in bn)
Technical Outlook: The stock looks very good on the daily chart for medium- Particulars FY18E FY19E FY20E
term investment. It is moving in a downward channel pattern and it is the right NII 38.6 47.3 54.4
time to accumulate this stock since its bottoming out process is going on while PPP 35.9 46.2 54.7
forming a saucer pattern. A close above Rs.175 will lead the stock to rally PAT 13.1 18.2 23.5
further. The stock trades above its 200 DMA level on the weekly chart. EPS (Rs.) 6.6 9.2 11.8
Start accumulating at this level of Rs.164.75 and on dips to Rs.145 for medium- BV (Rs.) 61.6 69.4 79.5
to-long-term investment and a possible price target of Rs.200+ in the next 12 P/E (x) 25.8 18.5 14.4
months. P/BV (x) 2.8 2.5 2.1
STOCK WATCH
By Amit Kumar Gupta
Indian Metals & Ferro Alloys Ltd

(BSE Code 533047) (CMP Rs.545.50) (FV Rs.10) (TGT Rs.625+)
Incorporated in 1961, Bhubaneswar-based Indian Metals & Ferro Alloys Ltd (IMFA) produces and sells ferro alloys. It
operates through three segments: Ferro Alloys, Power and Mining. It offers ferro chrome and stainless steel (SS). It is
involved in the mining of chrome ores as well as generation of electricity. It exports its ferro alloys to Korea, China, Japan
and Taiwan.
The Indian ferrochrome industry is dependent on the domestic as well as global (especially Chinese) SS industry. The
global SS industry has expanded at 5.4% CAGR over the past decade, bolstered by a 13.6% growth in China and 6.2%
growth in India. Steady investments in construction, transportation and process industries and rising consumerism will
continue to expand the global SS market at 5% CAGR over FY17–22E. As a primary raw material in SS with no substitute,
the demand for ferrochrome worldwide is expected to rise at 5% CAGR over the next 5 years. President Donald Trump’s
protection of the US steel industry and planned growth of the infrastructure segment could further boost the demand for
ferrochrome in the global market.
IMFA is the only Indian player with captive chrome ore mines and captive power. As it depends on the export market for
~80% of its production material, IMFA competes with South African and Chinese ferrochrome producers in terms of
cost effectiveness. With backward integration, IMFA’s production cost matches that of most of the efficient players in
South Africa and it is lower by a vast margin as China lacks chrome ore mines. Rising power costs in South Africa and
pollution concerns in China over ferrochrome production makes IMFA even more competitive in the global market.
IMFA’s strategy of steady backward integration instead of aggressive capacity addition helps it maintain profitability.
Now, following the rounds of NCLT (National Company Law Tribunal) and bank auctions of the assets of FACOR Alloys
and Rohit Ferro, we feel that IMFA has an opportunity to boost its ferrochrome capacity by at least 40% and thus
capture global growth opportunities. If IMFA fails to buy these assets in the auctions, it has alternative plans for
brownfield capacity expansion over the next 1–2 years.
Barring capacity additions through auctions or brownfield expansion, we expect marginal growth of 2% in volumes over
FY17–20E. We also maintain EBITDA at Rs.20000/tonne, which is less than the 9MFY18 EBITDA of Rs.21000/tonne. We
believe that healthy cash flows in the next 2 years will pare its reduce net debt by Rs.600 crore.
Technical Outlook: This stock looks very good on the daily chart for medium-term investment. It has formed a spike
pattern on the daily chart and a close above Rs.575 with good volumes will lead the stock to rally higher. The stock
trades above all important moving averages like the 200 DMA level on the weekly chart.

Start accumulating at this level of Rs.545.50 and on dips to Rs.500 for medium-to-long-term investment and a possible
price target of Rs.625+ in the next 12 months.
*******
Shakti Pumps (India) Ltd

(BSE Code 531431) (CMP Rs.742.90) (FV Rs.10) (TGT Rs.900+)
Incorporated in 1982, Pithampur-based Shakti Pumps (India) Ltd (SPIL) manufactures and sells submersible pumps and
motors under the ‘Shakti’ brand. Its products include submersible, solar, vertical multistage centrifugal, single shaft
vertical multistage, pressure booster, end suction, immersible, sewage, open well, self-priming, rapid suction, shallow
well and slow speed pumps as well as submersible motors, hydro pneumatic booster systems, digital starters, diesel
pump sets, valves and drips. It also offers support services. Its pumps are used for agricultural, industrial, horticultural
and solar applications. It also exports its products.
Most state governments are now adopting solar pumps. SPIL has an order of 20,000 pumps. These pumps will be
installed in three phases which includes pumps, installations and solar panel. As a channel partner with the Ministry of
New and Renewable Energy (MNRE), SPIL will be eligible to sell its products directly to customers and claim subsidy
from the Ministry and participate in state government promoted solar projects.
The government is focused on boosting solar energy and SPIL is a direct beneficiary of the same. As a result, its domestic
revenues grew significantly by 41% from Rs.101 crore in Q3FY17 to Rs.142 crore in Q3FY18. Its top-line has
consistently grown at 19% CAGR over FY13-17 while its bottom-line has grown at 4% CAGR over the same period. Going
forward, the management expects to maintain 20% CAGR on both its top-line as well as bottom-line.
During Q3FY18, its top-line grew 42% YoY and 120% QoQ to Rs.148 crore from Rs.104 crore in Q3FY17. EBITDA grew
120% YoY and 194% QoQ to Rs.30 crore from Rs.14 crore in Q3FY17 and Rs.10 crore in Q2FY18. PAT zoomed 307%
YoY and 454% QoQ to Rs.17 crore from Rs.4 crore in Q3FY17 and Rs.3 crore in Q2FY18. EBITDA margin grew 521 bps
QoQ and 732 bps YoY to 20.63% in Q3FY18 from 13.31% in Q3FY17 and 15.42% in Q2FY18. PAT margin rose by 681
bps QoQ and 735 bps YoY to 11.29% in Q3FY18 from 3.94% in Q3FY17 and 4.48% in Q2FY18.
SPIL plans to boost exports in
the coming years and expects
agriculture exports to recover The new ratnas at Panchratna!
going forward. The After the sad demise of Mr. G. S. Roongta on 2nd July 2017, we were at a loss to
management is positive given
replace our crown jewel. But so good is our team of analysts that their first two issues
the good budgetary
of Panchratna of 1st October and 1st January have already clocked in results.
allocations and the good
monsoon. Post Given below is their maiden score and
demonetisation and GST, the we are sure this team will improve as we go along.
management expects next
year’s exports to rise on a Sr. Date Scrip Name Recom. Highest % Gain
yearly basis. No. Rate (Rs.) since (Rs.)
Technical Outlook: The 1 October 2017 Stock A 74.50 147.80 98
stock looks very good on the Stock B 37.05 44.10 19
daily chart for medium-term Stock C 90.95 100 10
investment. It is making a Stock D 77.70 93 20
higher high formation on the Stock E 41.70 57.75 38
charts and it seems that the 2 January 2018 Stock F 74.80 86 15
correction is bought out. The Stock G 42 44.80 7
stock trades above its 200 Stock H 60.85 63.90 5
DMA level on the daily chart. Stock I 90.45 125.90 39
Stock J 57.30 59.70 4
Start accumulating at this th st
level of Rs.742.90 and on dips 17 Edition of ‘Panchratna’ was released on 1 April 2018
to Rs.692 for medium-to- So hurry up and book your copy now!
long-term investment and a
possible price target of Subscription Rate: Rs.2500 per quarter, Rs.4000 for two quarters & Rs.7000 per annum.
Rs.900+ in the next 12 You can contact us on 022-22616970, 22654805 or moneytimes.support@gmail.com
months.

STOCK ANALYSIS
Hilton Metal Forging Ltd

By Rahul Sharma
Company Background: Set up in 1997, Hilton Metal Forging Ltd (HMFL) is headed by Mr. Yuvraj Malhotra, who had a
vision to export Stainless Steel Forged Flanges and Stub Ends to USA and European countries. HMFL is now a technology
leader in the forging industry and it offers high quality products and services as a one-stop solution to cater to all forging
needs. It is mainly engaged in the manufacture of steel forgings, flanges and forged fittings for both the domestic as well
as international markets. Its products include engineered parts, stainless steel flanges, high pressure flanges, crank shaft,
body bonnets, hydraulic fittings, forged components, Christmas tree components, top deck cover, stub ends, threaded
flanges, blind flanges, weld neck flanges and socket welded flanges. Its forged components are widely used in automotive
and truck, agricultural machinery and equipment, valves, firings, oil field applications, hand tools and hardware, off-
highway equipment/railroads, general industrial equipment, ordnance/shipbuilding, aerospace, etc. Its state-of-the-art
integrated plant is located at Palghar in Maharashtra.
Exports constitute more than half its total turnover. The management intends to explore the possibility of stock and sell
in the US market especially in the oil and gas sector. It has also started exploring its supply potential of forging parts for
the railways, turnkey projects, earthmoving equipment manufacturers and the defence sector.
Industry Overview: The Indian forgings industry has emerged as a large exporter of forgings. The major export
markets are USA, Europe and China. The outlook for the industry looks promising backed by the robust demand from
the automotive sector both domestic and global.
The automobile industry is the crux of the Indian forgings industry. Financials: (Rs. in crore)
Auto sales remained strong with double-digit YoY growth across all Particulars Q3FY18 Q3FY17 FY17 FY16
segments in March. India Ratings and Research expects the
Revenue 21.23 15.58 80.26 66.32
automobile volume growth momentum to continue in FY19,
PBDIT 1.48 0.62 4.51 3.57
although at a slower pace than in FY18.
PAT 0.14 -0.54 -0.32 -1.58
Financials: HMFL’s revenue grew 36% YoY to Rs.21.23 crore in
EPS (Rs.) 0.11 -0.44 -0.26 -1.27
Q3FY18 with PAT of Rs.0.14 crore v/s loss of Rs.0.54 crore in
Q3FY17. This indicates that HMFL is heading towards a positive turnaround.
Conclusion: At the CMP of Rs.38.15, the stock trades at a P/E of 29.35x on its TTM EPS of Rs.1.30. The stock is available
at a discount compared to the industry P/E of 66.08x, S&P BSE Small-Cap P/E of 103.36x and Nifty Small-Cap 250 P/E of
108.18x. Since the company has witnessed a turnaround in Q3FY18, analysts anticipate good results in Q4FY18 on the
back of the high growth forecasts in the industry. Considering all these factors, we recommend this stock with a long-
term target of Rs.90 in the next 18-20 months.
STOCK SCAN
Opto Circuits (India) Ltd: On the comeback trail

By Dildar Singh Makani
Company Overview: Bangalore-based Opto Circuits (India) Ltd (OCIL) is a 25-year old established global medical
devices and technology group with a diversified product portfolio. It is one of the largest medical device manufacturers
in India. It develops and manufactures technologically advanced medical equipment and devices for modern healthcare
practices. It owns and operates the Criticare group of hospitals worldwide. It has 9 subsidiaries and 5 step-down
subsidiaries. Along with its subsidiaries, it is engaged in the design, development, manufacture, marketing and
distribution of a range of medical products that are used by primary, secondary and tertiary healthcare establishments
as well as in public access facilities such as schools, fire stations, policy offices across 150+ countries.
OCIL specializes in vital signs monitoring, emergency cardiac care, vascular treatments and sensing technologies. Its
USFDA listed and CE marked products are manufactured in India, Malaysia, Germany and USA. Its interventional
products include stents, balloons both drug eluting and non-drug eluting and AV Shunts used for the treatment of

coronary and peripheral arterial diseases as well as catheters and implants that are inserted in the human body. Some of
its well-known brands in this segment are Dior, Freeway, E-Magic Plus, Genius Magic, Siro Prime and Freeway Shunt
Balloon Catheter.
MID-CAP TWINS
OCIL manufactures and A Performance Review
markets a broad range of Have a look at the grand success story of ‘Mid-Cap Twins’ launched on 1st August 2016
advanced cardiac diagnostic
Sr. Scrip Name Recomm. Recomm. Highest % Gain
and therapeutic devices and
No. Date Price (Rs.) since (Rs.)
state-of-the-art patient
monitoring systems. Its 1 Mafatlal Industries 01-08-16 332.85 374.40 12.48
products in this segment 2 Great Eastern Shipping Co. 01-08-16 335.35 482.40 43.85
include automated patient 3 India Cements 01-09-16 149.85 226 50.82
monitoring devices and 4 Tata Global Beverages 01-09-16 140.10 328.80 134.69
services, vital signs 5 Ajmera Realty & Infra India 01-10-16 137.00 365.65 166.90
monitors, pulse oximeters 6 Transpek Industry 01-10-16 447.00 1493 234.00
and peripheral artery 7 Greaves Cotton 01-11-16 138.55 178 28.47
disease diagnostic 8 APM Industries 01-11-16 67.10 84.40 25.78
equipment. It also sells a 9 OCL India 01-12-16 809.45 1620 100.14
variety of related products 10 Prism Cement 01-12-16 93.25 158.95 70.46
and consumables and offers
11 Mahindra CIE Automotive 01-01-17 182.50 270.05 47.97
a portfolio of related training
12 Swan Energy 01-01-17 154.10 235 52.50
and key support services
including the installation, 13 Hindalco Industries 01-02-17 191.55 283.95 48.24
training, monitoring and 14 Century Textiles & Industries 01-02-17 856.50 1471.85 71.84
maintenance of their 15 McLeod Russel India 01-03-17 171.75 248.30 44.57
equipments, which allow 16 Sonata Software 01-03-17 191.00 366 91.62
customers to optimize the 17 ACC 01-04-17 1446.15 1869 29.24
usage of the products and 18 Walchandnagar Industries 01-04-17 142.25 272.90 91.85
provide recurring revenues 19 Oriental Veneer Products 01-05-17 222.30 645 190.15
on a contract basis. Some of 20 Tata Steel 01-05-17 448.85 792.55 76.57
its well-known brands in this 21 Sun Pharmaceuticals Industries 01-06-17 501.40 608.55 21.37
segment are RevoNCompass, 22 Ujjivan Financial Services 01-06-17 307.45 423 37.58
NGenuity, Poet IQ, etc. 23 Ashok Leyland 01-07-17 93.85 151.55 61.48
Strengths: OCIL’s biggest 24 KSB Pumps 01-07-17 759.55 936 23.23
competitive advantage is its 25 IRB Infrastructure Developers 01-08-17 224.95 260 15.58
propriety technology 26 JTL Infra 01-08-17 70 208 197.14
developed by its in-house
27 Stock ‘A’ 01-09-17 187.40 308.90 64.83
team, which gives control
over features and 28 Stock ‘B’ 01-09-17 271.20 326.10 20.24
intellectual property costs of 29 Stock ‘C’ 01-10-17 73.65 97.50 32.38
devices and helps minimize 30 Stock ‘D’ 01-10-17 74.10 91.35 23.28
dependence on third party 31 Stock ‘E’ 01-11-17 206 223.15 8.33
technologies. Its focus on 32 Stock ‘F’ 01-11-17 38 57.90 52.37
research and development 33 Stock ‘G’ 01-12-17 194.65 196.80 1.10
(R&D) activities has enabled 34 Stock ‘H’ 01-12-17 71.80 82.50 14.90
it to develop devices that are 35 Stock ‘I’ 01-01-18 59.25 71.90 21.35
technologically superior to 36 Stock ‘J’ 01-01-18 72.85 82.20 12.83
other devices available in the 37 Stock ‘K’ 01-02-18 234.90 291.85 24.24
market. Its product portfolio 38 Stock ‘L’ 01-02-18 164.25 180 9.59
is well-balanced and
39 Stock ‘M’ 01-03-18 575.15 588 2.23
includes technologies that
yield high profit margins and 40 Stock ‘N’ 01-03-18 211.80 216.80 2.36
also allow achieving sales Thus ‘Mid-Cap Twins’ has delivered excellent results since its launch.
and distribution synergies Next edition of ‘Mid-Cap Twins’ will be released on 1 May 2018.
with economies of scale. Attractively priced at Rs.2000 per month, Rs.11000 half yearly and Rs.20,000 annually,
Its global distribution ‘Mid-cap Twins’ will be available both as print edition or online delivery.

network is supported by a large team of third party distributors and qualified team of sales personnel across Europe,
USA and other parts of the world. Its extensive distribution, sales and service network allows it to be closer to end-users
and enables it to be more responsive to the market demand.
Further, its long-standing relationships with physicians, general practitioners and specialists, clinics and hospitals and
the quality of its customer base is a key strength that enables it to expand its business and operations.
Performance Review (Consolidated): In FY17, OCIL’s sales declined 37% to Rs.215.98 crore from Rs.346.78 crore in
FY16 partly due to the hostile takeover of CSC and CSI (its subsidiaries in USA) because of which their revenues were not
taken into account. The other reason was the softening of the European Markets and the overall economic slowdown.
Further, Opto Eurocor Healthcare Ltd and its standalone entity witnessed a significant fall in revenues, which led to an
overall decline in consolidated revenues. However, its Operating Loss reduced to Rs.8.8 crore in FY17 from Rs.44.39
crore in FY16. Exceptional items of Rs.498 crore comprise: (i) OCIL - Rs.362.5 crore (Rs.222 crore towards provision for
bad & doubtful debts; Rs.140 crore towards provision for non-moving stock); (ii) Advanced Micronic Devices Ltd - Past
Tax liability of Rs.14.29 crore provided; (iii) Opto Cardiac Care Ltd - Rs.76.5 crore towards provision for bad & doubtful
debts; (iv) Opto Eurocor Health Care Ltd - Rs.45.30 crore (Rs.37.3 crore towards provisioning for non-moving stock;
Rs.8 crore for reversal of Forex). After providing for the above exceptional items, its consolidated net loss for FY17
worked out to Rs.510 crore.
The management clarified that Criticare Systems Inc (OCIL’s step-down subsidiary through DBS Bank), dented the top-
line of the company and impacted the cash flows and non-moving stock earmarked for these entities significantly, which
resulted in huge losses. Along with its step-down subsidiary - Cardiac Science Corp, it had borrowed funds from DBS
Bank. In FY15, that loan was restructured and consequently Rs.126.78. crore borrowed by the company was also
restructured. In terms of the agreement, on default by the step-down subsidiary (Cardiac Science Corp.), the bank
exercised its rights and assigned the debts to a third party and also exercised proxy voting rights to take over the
management control of the company to protect the rights of the shareholders. The management is fighting a legal battle
against this hostile takeover and is confident of the outcome. It may take some time but will be beneficial to the company
and its shareholders.
During FY17, N.S. Remedies Pvt Ltd (a step-down subsidiary of OCIL through Opto Eurocor Health Care Ltd) was sold off
since it had no operations. During the year, Opto Infrastructure Ltd, another subsidiary, sold a property viz Altron Hotel
Electronics City for Rs.32 crore, which was rendered as security to Standard Chartered Bank to avail working capital
facilities. A major part of the sales proceeds was paid to Standard Chartered Bank (Rs.20.79 crore) towards part
repayment of the borrowings. The company has suspended its operations in one of its divisions at Vizag SEZ w.e.f 1 April
2017 as an outcome of the losses suffered in the Hud Hud Cyclone. The company is trying to settle its claim with the
insurance company.
OCIL’s operations were also impacted due to the hostile takeover of two of its step-down overseas subsidiaries in USA
i.e. CSC and CSI.
Performance Review (Standalone): In FY17, OCIL’s sales declined 34% to Rs.50.38 crore from Rs.76.67 crore in FY16.
However, its Operating Loss (before exceptional items) reduced to Rs.1.48 crore from Rs.17.55 crore.
OCIL has had a glorious past. The management is very liberal and has declared good dividends and bonus issues at
regular intervals. But some big ticket acquisitions went wrong. While planning huge expansions, the management may
have overlooked certain financial parameters, which landed them in a financial soup.
Financials: With an equity capital of Rs.242.32 crore and reserves of Rs.650 crore, OCIL’s share book value works out to
Rs.37.
Shareholding: The promoters hold 27.7% of the equity capital and their entire stake is pledged. On 23 November 2017,
OCIL allotted 4,51,75,999 shares to non-promoters at Rs.15/share on a preferential basis. This amount may have been
utilized to clear high debt instruments. The fact that about Rs.67.76 crore worth shares were bought by non-promoters
indicates that the investors must have considered the possibility of a financial turnaround before investing.
Turnaround results for Q3FY18: OCIL’s Q3FY18 results reflect a vastly improved performance. Although revenue
from operations was stagnant at Rs.58.68 crore, its finance cost fell significantly from Rs.4.3 crore to Rs.1.23 crore. A fall
in other expenses also aided the recovery. In the absence of any loss on account of exceptional expenses (Rs.45.18 crore
last year), OCIL reported a profit of Rs.8.05 crore as against a loss of Rs.35.21 crore in Q3FY17. Its 9MFY18 results are
also quite exciting with a positive EPS of Re.0.63 as against a negative EPS of Rs.12.22 in 9MFY17.
If the latest figures are any indication, OCIL is poised to report healthier profits for FY18. This turnaround situation will
prompt investors to take a liberal view, which will result in a better discounting.

Industry Overview: North America is its largest market for medical devices with over 40% market share followed by
Europe and rest of the world. While an aging population, chronic lifestyle diseases, expansion of emerging markets and
advances in technology are expected to drive growth, there are certain factors that will alter the healthcare demand and
delivery landscape. Today, companies need to create technologies that help reduce healthcare costs, focus on the needs
of emerging markets and fit into the reimbursement patterns of developed economies. The Indian medical devices
industry is in a nascent stage but has great potential due to the strong private healthcare system, growing middle-class
with rising income levels, change in the disease profiles (lifestyle diseases), greater penetration of health insurance,
government focus on healthcare infrastructure development and rising awareness of personal healthcare.
Recent Developments: In 2017, Eurocor, a wholly-owned German subsidiary of Opto Circuits, presented results of its
Freeway Stent Study on the prevention and treatment of blood arteries related to cardio vascular complications. The
study entailed 204 patients in Australia and Germany. Based on the outcome, OCIL ahead with its stents to overcome
blocked veins and arteries. The newer version of its stents will offer it a distinct advantage over other manufacturers.
The study of medicine and medical devices is extremely intricate and I may or may not have properly interpreted the
related complicated medical language. But one thing is clear that OCIL is optimistic that the new treatment theories hold
the potential for tomorrow’s treatment.
Conclusion: Considering the turnaround factor and the future of the healthcare industry, it can be safely assumed that
the stock has the potential to climb to Rs.25 within a year. The next few quarters will, of course, dictate the terms. Based
on the current scenario, we recommend investors to accumulate this stock for excellent returns in the next three years.
STOCK BUZZ
By Subramanian Mahadevan
EPC Industrie Ltd: Harvesting through Drip Irrigation

Incorporated in 1981, EPC Industries Ltd (EPCIN) is a Nasik-based company owned by the renowned $19 bn Mahindra
& Mahindra group (M&M) with controlling stake of 54.76%. M&M acquired EPCIN from the erstwhile promoters in
2011. This was a related diversification (Farm-to-Fork model) for M&M in the agriculture space where it has a major
presence in machinery and services through the Farm Equipment sector.
EPCIN provides complete solution for agriculture with products of international standards and high focus on micro-
irrigation, pumps and inter-related requirements of fertigation and agronomic support through its strong network
across 15+ states. Its products include Drip Irrigation Systems, Sprinkler Irrigation Systems, Pumps, Pipes and
Landscape Turf Irrigation.
After its takeover by M&M, debt-saddled EPCIN with multiple challenges and liquidity constraints emerged stronger
than before wherein its top-line almost trebled while bottom-line rose 10x over the last five years despite the poor
monsoon and the worst drought in a few northern states. Market leader Jain Irrigation with 55% market share (market
size: Rs.2500 crore) still controls the micro-irrigation space but EPCIN is poised for phenomenal growth in the years
ahead.
By 2020, M&M could merge its entire agri-business into one single listed vertical viz FineGrade (Pulses), Saboro (Fruits,
Dairy), NuPro (Edible Oil) and other allied services and products with EPCIN and if that happens, then EPCIN will
become a Rs.1000 crore company in the next four years. Buy the stock on dips for multibagger returns.
********
Star Cement Ltd: Rich limestone!

(BSE Code: 540575) (CMP: Rs.130) (FV: Re.1)
Meghalaya-based Star Cement Ltd (SCL) was a division of Century Plyboards India Ltd (CPIL) before it was incorporated
as a separate entity in 2011 with the demerger coming in effect from April 2012. CPIL holds 70.48% stake in SCL. SCL
manufactures cement and sells it under the brand ‘Star Cement’. It primarily focuses on the North East region with 23%
market share in the organized segment. It has fully integrated cement plants with installed cement capacity of 4.7
MMTPA (own capacity: 3.5 MMTPA; leased capacity: 1.2 MMTPA); clinker capacity of 2.6 MMTPA and a 51 MW power
plant in Meghalaya and Assam. Its limestone mines are located close to its plants leading to uninterrupted supply of raw
material.

SCL operates in the lucrative North East region, a niche market with only a few players and premium pricing due to its
geographical complexity. In September last year, it had announced its plan to invest Rs.1000 crore in greenfield and
brownfield expansions of its cement grinding and clinker manufacturing plant. It expects volume growth to be flat or
decline 5% YoY in FY18 and record a high single digit growth of 6-8% in FY19 as the demand for cement is expected to
rise in the next 6-8 months.
In anticipation, SCL has planned a capex of Rs.400 crore till FY19, which is a huge positive. It received subsidies of
Rs.230 crore in 9MFY18. Rs.680 crore is still outstanding and is expected to be received by FY19. Thereafter, SCL is
likely to be debt-free and could emerge as one of the top five players in terms of profitability and strong brand call by
2021. The promoters hold 69% stake in the company. Buy on every decline for good dividends and excellent double-
digit returns with very limited downside.
MARKET REVIEW
Markets register gains

By Devendra A Singh
The Sensex advanced 222.93 points to settle at 34415.58 while the Nifty closed at 10564.05 rising 83.45 points for the
week ending Friday, 20 April 2018.
On India’s macro-economic data, India’s merchandise exports grew 10% to $302.84 bn while merchandise imports grew
19.7% to $459.67 bn in April-March 2018. The rise in imports was driven by a 25.7% jump in oil imports to $109.11 bn.
India's merchandise trade deficit galloped to $156.83 bn in April-March 2018 from $108.92 bn in April-March 2017.
Further, Wholesale Price Index (WPI) inflation dipped to 2.47% in March 2018 from 2.48% in the previous month. The
annual rate of inflation based on monthly WPI stood at 2.47% (provisional) for March 2018.
Also, the data released by the Central Statistics Office (CSO) showed that lower food prices eased March retail inflation to
4.28% from 4.44% in February 2018. However, on a YoY basis, the consumer price index (CPI) last month stood higher
than the 3.89% reported in March 2017. The consumer food price index (CFPI) stood at 2.81% in March compared to
3.26% in February 2018.
The country’s foreign exchange (forex) reserves rose by $503.6 mn to a record high of $424.864 bn in the week to 6
April 2018, aided by a rise in foreign currency assets.
After remaining stable for the past few weeks, gold reserves fell by $130.7 mn to $21.484 bn in the reporting week.
Special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $10 mn to $1.534 bn. The country’s
reserve position with the IMF also declined by $13.4 mn to $2.07 bn.
The IMF in its latest World Economic Outlook (WEO) has kept its FY18 and FY19 global growth forecasts unchanged at
3.9% for both years after upgrades in January 2018. IMF said that the top priorities for the global economy are to steer
clear of protectionism guard against financial risk and foster long-term growth.
New analysis by the IMF showed that global debt had reached an all-time high of $164 trillion, 40% higher than in the
year 2007 with China accounting for just over half of that rise.
On India’s economy, IMF chairperson Christine Lagarde stated that she does not expect the pace of economic reforms to
continue in an election year. “Whether you talk about the GST, whether you talk about reforms or the bankruptcy law,
those are good reforms. Hopefully it will continue to position India in order to reap the benefit of the upswing and
continue to develop its internal markets and generate this excellent growth rate of 7.4%, which is one of the highest in
the emerging market economies,” she said.
According to the IMF, India is expected to grow at 7.4% in FY18 and 7.8% in FY19 leaving its nearest rival China behind
respectively at 6.6% and 6.4% in the two years.
The IMF raised its US growth forecast by 0.2% for both years to 2.9% for 2018 and 2.7% for 2019. It said that lower US
corporate income tax rates and accelerated investments due to a temporary tax break could boost US growth through
2020 but these effects would then reverse quickly causing a slowdown. The forecasts for Japan, China, Russia and
Mexico were unchanged.
On China’s macro-data front, China’s factory inflation slowed for a fifth month while the CPI retreated from a four-year
high. The Producer Price Index (PPI) was up 3.1% in March 2018 from a year earlier compared to 3.7% in February. The
CPI gained 2.1% compared to 2.9% in February.

Key indices gained on Monday, 16 April 2018, on account of positive cues. The Sensex was up 112.78 points (+0.33%) to
close at 34305.43 while the Nifty was up 47.75 points (+0.46%) to close at 10528.35.
Key indices ended marginally higher on Tuesday, 17 April 2018, on extended buying. The Sensex gained 89.63 points
(+0.26%) to close at 34395.06 while the Nifty was up 20.35 points (+0.19%) to close at 10548.70.
Key indices fell on Wednesday, 18 April 2018, on profit-booking. The Sensex tanked 63.38 points (+0.18%) to close at
34331.68 while the Nifty was down 22.50 points (-0.21%) to close at 10526.20.
Key indices gained on Thursday, 19 April 2018, on fresh buying. The Sensex ended 95.61 points (+0.28%) higher to close
at 34427.29 while the Nifty was up 39.10 points (+0.37%) to close at 10565.30.
Key indices settled flat by ending lower on Friday, 20 April 2018. The Sensex fell 11.71 points (-0.03%) to close at
34415.58 while the Nifty was down 1.25 points (-0.01%) to close at 10564.05.
Events like national and global macro-economic figures as well as the earnings season will dictate the movement of the
markets and influence investor sentiment in the near future.
The Rupee hit a 13-month low at Rs.66.10/USD on Friday, 20 April 2018. Market participants will closely watch the INR
trend against the US dollar.
On the global front, United States macro-economic data for March 2018 is scheduled to be released in this week.
MARKET OUTLOOK
Nifty exhausted at 10570

By Rohan Nalavade
Since the last week, Nifty is moving a consolidation range of 10500-570. If it breaks 10500, it could test 10450-10400
levels followed by 10200. It will generate strength only above 10570 closing. 10540 shorts are being created. Since last
week, FIIs have also been selling as the global markets are not looking good. So wait and accumulate in small quantities
on dips instead of buying heavily at one go in order to get a good average buying price.
The commodity market is very active. Since Gold as well as crude oil prices are on the rise, petrol or diesel prices will
also rise, which will lead to higher inflation going forward. As stated in the last article, whenever crude oil prices rise, oil
refining stocks like Bharat Petroleum Corporation and Hindustan Petroleum Corporation fall as also witnessed last
week.
Overall, the Nifty is overstretched and seems exhausted. It may fall to 10400-10350 levels. Its 200-day moving average is
placed near 10200, which may be tested in April 2018. Majority of the stocks are on the downside. PSU banks like State
Bank of India, Punjab National Bank, etc. may fall further. Only metals and IT stocks are holding up.
Next week being the F&O expiry week will see a lot of volatility. Investors will watch the Karnataka elections to be held
in May closely. If the BJP loses, the markets will fall. Nifty Spot is a ‘sell’ below 10500 for a target of 10440-10400-10350
(SL: 10570). Buy Nifty only above 10587 closing for upside levels of 10650-10680 (SL: 10545).
Among stocks,
 Crompton Greaves Consumer Electricals is a ‘buy’ above Rs.227-228 for a target of Rs.235-240 (SL: Rs.224)
 ICICI Bank is a ‘sell’ below Rs.285 for a target of Rs.280-275 (SL: Rs.289)
 Indusind Bank is a ‘sell’ below Rs.1820 for a target of Rs.1750 (SL: Rs.1845)
 Tata Steel is a ‘sell’ below Rs.610 for a target of Rs.588 (SL: Rs.613)
 Wipro is a ‘buy’ above Rs.297 for a target of Rs.305-310 (SL: Rs.294)
 JK Tyre Industries is a ‘sell’ below Rs.164-162 for a target of Rs.156-153 (SL: Rs.167)
FIFTY: FIFTY
By Rupesh Daga
Oriental Hotels Ltd: Part of the Taj group

(BSE Code: 500314) (CMP: Rs.54.40) (FV: Re.1)
After many years of struggle, the hotel industry seems set for good times ahead and a hidden gem in this sector is
Oriental Hotels Ltd (OHL). OHL was incorporated in 1970 with the aim to establish and run world-class hotels. Taj

Coromandel, a five-star luxury hotel in Chennai, was its first hospitality project. Currently, it has 9 hotels, a majority of
which are in the southern states and predominantly in Tamil Nadu. Its hotels are marketed as a part of the Taj group of
hotels. Its hospitality business was established under the technical and operational support of Indian Hotels Company
Ltd (IHCL), the hospitality wing of the Tata group. IHCL owns and operates hotels under the ‘Taj’ brand in India and
abroad.
The promoters hold around 60% stake in the company, of which 30% is owned by the GVK Reddy group while 30% is
with the Tata Group. The stock is listed on the BSE and NSE and its GDRs (global depository receipts) are listed on the
Luxembourg Stock Exchange.
The Indian travel and tourism industry has been instrumental in the nation's economic growth. Over the years, it has
emerged as a significant source of foreign exchange and a large employment generator. India’s travel and tourism sector
ranks 7th in the world in terms of its total contribution to the country’s GDP (Source: World Travel & Tourism Council).
Travel and tourism generated Rs.14.1 trillion ($208.9 bn) in 2016, which is 9.6% of India’s GDP. Additionally, the sector
supported 40.3 million jobs in 2016. The sector accounts for 9.3% of the country’s total jobs.
After years of struggle and investment driven cycle, the hotel industry finally shows signs of revival. Average room rates
are on the rise across cities and the occupancy ratio too has risen from around 60% in 2016-17 to 80% currently.
N. Chandra Sekaran, Chairman Tata Sons Ltd, is looking to consolidate similar businesses of the group into a single entity
and OHL can be its prime target for acquiring the remaining 30% stake from the Reddy’s. Its market cap is just Rs.971.58
crore. The stock looks cheap and could easily appreciate by 50% or even double in the long-term.
******
Panasonic Energy India Company Ltd: World leader in batteries

(BSE Code: 504093) (CMP: Rs.359.70)
(FV: Rs.10) One more successful year for
Established in 1972 as Lakhanpal National Ltd,
Vadodara-based Panasonic Energy India TF+ subscribers…
Company Ltd (PEICL) manufactures and
supplies dry cell batteries and lighting What TF+ subscribers say:
products. It is a part of Panasonic Corporation,
world's leading manufacturer of audio-visual “Think Investment… Think TECHNO FUNDA PLUS”
equipments, home appliances, electronic Techno Funda Plus is a superior version of the Techno Funda
components, automotive electronics and column that has recorded near 90% success since launch!
environmental systems. PEICL is a leading
manufacturer and supplier of zinc carbon, Every week, Techno Funda Plus identifies three
alkaline, lithium, rechargeable batteries and fundamentally sound and technically strong stocks that can
lighting products. It has a wide sales network yield handsome returns against their peers in the short-to-
which includes two manufacturing units, state- medium-term.
of-the-art technology, distribution centers, Most of our recommendations have fetched excellent returns
numerous stockists and thousands of retailers to our subscribers. Of the 156 stocks recommended between
across India. 11 January 2016 and 2 January 2017 (52 weeks), we booked
The battery market in India is intensely profit in 125 stocks, 27 triggered the stop loss.
competitive with majority players from the Of the 156 stocks recommended between 9 January 2017 and
unorganized sector. In the organized space, 1 January 2018 (52 weeks), we booked 7-41% profit in 124
there are three major players - Eveready, stocks, 28 triggered the stop loss of 2-18% while 4 are still
Nippon and Panasonic. The demand for open. Out of 4, 2 stocks are in green & 2 stocks are in nominal
batteries in India has risen over the past few red.
years but the per capita consumption of
batteries is still very low compared to other If you want to earn like this,
countries, which implies scope for further subscribe to TECHNO FUNDA PLUS today!
growth.
For more details, contact Money Times on
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chloride technology. It is the only battery 6 months: Rs.11000; 1 year: Rs.18000.

manufacturer in India with a complete range of eco-friendly batteries that do not contain mercury, cadmium and other
hazardous chemicals and pose minimal threat to nature and human beings.
Last week, the Competition Commission of India (CCI) imposed heavy penalties on dry cell battery makers Eveready and
Indo National for anti-competitive activities. Panasonic, which was growing conservatively till now has shown some
aggression of late with the launch of its ad-campaign featuring national badminton player PV Sindhu. Panasonic Global
also supplies batteries for electric vehicles (EVs) to Tesla and other auto giants and India is likely to be a huge market for
EVs in the coming years thereby presenting a huge market opportunity.
During Q3FY18, PEICL clocked sales of Rs.60 crore with PAT of Rs.5.27 crore and an EPS of Rs.7. Its operating margin
was 13% while net profit margin was 9%. If this trend is any indication, the stock which was languishing for years, is
likely to deliver stellar returns going forward. PEICL has regularly paid dividends of 50-70% over the years. Marquee
investor, Vijay Kedia, holds over 1% stake in the company. Buy this stock for good returns in the long-term.
EXPERT EYE
By Vihari
Tata Motors Ltd: In top gear

Established in 1945, Tata Motors Ltd (TML), a part of the $100 bn Tata group, is a leading global automobile
manufacturer with a portfolio that covers a wide range of cars, buses, trucks, sports and defence vehicles. It is India’s
market leader in commercial vehicles (CVs) and among the top in passenger vehicles (PVs) with 9 million vehicles on
Indian roads. Its design and R&D centres are located in India, UK, Italy and Korea. It has a workforce of 60,000+ and
6,600 point of sales (POS). It has a strong global network of 76 subsidiaries and associate companies including Jaguar
Land Rover in the UK and Tata Daewoo in South Korea. In India, it has an industrial JV with Fiat. It sells vehicles in 50+
countries. Its cars, buses and trucks roll out at 20 locations across the world – 7 in India and the rest in UK, South Korea,
Thailand, South Africa and Indonesia.
TML registered 35% growth in March 2018 at 69,440 units v/s 51,309 units in March 2017 due to the continued strong
sales performance of its CV and PV segments in the domestic market. CV domestic sales in March 2018 were 37% higher
at 49,174 units v/s 35,876 units in March 2017 on the back of the government's push for infrastructure development,
restriction on overloading, road construction and mining activities along with the rising demand from e-commerce and
FMCG applications. The cumulative sales performance of CVs (April 2017 – March 2018) was 3,99,318 units v/s 3,25,211
last year. PV sales grew 31% YoY to 20,266 units on the back of higher demand of Tiago and Tigor along with Nexon and
Hexa gaining traction in the steadily growing UV (utility vehicle) segment. Cumulative sales of PVs (April 2017-March
2018) were 22% higher at 1,87,321 units v/s 1,53,151 units last year. Its Medium and Heavy Commercial Vehicles
(M&HCV) truck segment registered 21% growth with 16,886 units. The Tipper segment drove the demand growing over
58% on account of higher requirements for aggregate, sand and coal movement across the country for road construction
and mining activities. Its Light Commercial Vehicle (LCV) truck segment reported a strong performance (up 97%) with
5,737 units. This growth was bolstered by new product launches and the growing demand for container and refrigerator
trucks owing to the increased surge in agriculture based, FMCG, 3PL logistics and E-commerce sectors. Its Small
Commercial Vehicle (SCV) Cargo and Pickup segment reported a sturdy growth (up 52%) with 19,464 units. The
volumes in this segment were aided by Government/Municipal applications, high private consumption led growth in
both rural and urban markets and a general uptick in the buying sentiment. Its Passenger Car (PC) segment declined 4%
whereas the UV segment grew 223%. Sales from exports in March 2018 were 17% higher at 6,443 units.
With its 'turnaround' plan starting to deliver, TML as a standalone registered strong top-line growth in MHCV, ILCV, SCV
and pick-ups, complemented by favourable product mix and accelerated cost reduction efforts. Its PV segment continued
to build positive momentum on the back of new product launches and customer-centric initiatives. Strong customer
demand for Range Rover Velar and other new models led to higher sales and higher profitability.
For FY17, TML’s net profit fell 35% to Rs.7557 crore on marginally lower sales of Rs.269693 crore fetching an EPS of
Rs.22.3. During Q3FY18, net profit skyrocketed 988% to Rs.1215 crore on 16% higher sales of Rs.74156 crore fetching
an EPS of Rs.3.6. Cash EPS was Rs.20. Its consolidated earnings for Q3FY18 missed expectations due to weak Jaguar Land
Rover sales. However, standalone or domestic business reported healthy performance backed by strong CV segment
performance and cost reduction efforts. During 9MFY18, net profit zoomed 115% to Rs.6916 crore on 6% higher sales of
Rs.203340 crore fetching an EPS of Rs.20.2. Cash EPS was Rs.64.7.

With an equity capital of Rs.679.2 crore and reserves of Rs.57382 crore, TML’s share book value works out to Rs.171.
The value of its gross block including capital work-in-progress (WIP) of Rs.33699 crore is Rs.197211 crore, which is
much higher than the Rs.174926 crore of capital employed. Total debts as at FY17 were Rs.78604 crore. Net debts stood
at Rs.10904 crore after considering cash, loans given of Rs.52628 crore and investments of Rs.15072 crore in unquoted
units. The promoters hold 36.4% of the equity capital, FIIs hold 37.7%, DIs hold 17% and PCBs hold 0.7%, which leaves
8.2% stake with the investing public.
TML’s CV business grew on the back of newly launched products, increased acceptance of SCR (Selective Catalytic
Reduction) technology, improved stakeholders' engagement and aggressive market activation, well complemented at
back end by steep ramp-up of production. In the PV segment, new products like Tiago, Tigor and Hexa continued to drive
the sales momentum. Tata Nexon, the newly launched compact SUV, has received an excellent response from the market.
TML has set an ambitious target to become the third largest CV manufacturer globally and win an equal rank in the PV
space in the domestic market by 2019. It has pegged a total standalone investment of Rs.4000 crore, which includes an
investment of Rs.1500 crore for its CV business and the balance for its PV business. The management has given a capex
guidance of £4-4.35 bn towards new products, technology and expansion of manufacturing capacity and it expects capex
to remain in the range of 15-17% of sales in the medium term on significant investments for platform development.
TML announced the first-of-its-kind `Best-in-class Warranty' for 6 years for the entire range of Tractor-trailers, Multi-
axel Trucks and Tippers of 16 tonnes and higher GVW (Gross Vehicle Weight). It is the first company in India to
introduce a standard driveline warranty of 6 years on the entire M&HCV range.
During Q4FY18, TML announced the launch of `Tata Motors Genuine Oil' exclusively for its CV range in the domestic
market. The product range includes high performing engine oils, gear oils and rear axle oil for its CV range manufactured
for both on road and off road applications segment. It also announced the launch of the ZEST Premio compact sedan - a
special edition car with 13 new features at a starting price of Rs.7.53 lakh for the diesel version. This has received a good
response from customers from all segments.
TML expects the recent CV growth, led by higher investments in infrastructure, restriction on overload of trucks and
rising demand for higher tonnage vehicles to continue. In the PV space, new products such as the Tata Nexon compact
SUV and recent launches such as the Hexa, Tigor and Tiago are expected to keep the volume growth robust.
The positive customer response to the superior range of TML’s BS4 vehicles complemented by the success of its
innovative SCR technology led to this growth. Growing demand for new tonnage vehicles, infrastructure development
led by government funding and keen focus on customer requirements has helped reviving TML’s M&HCV performance.
Based on the current going, TML is expected to notch an EPS of Rs.26 in FY18 and Rs.33 in FY19. At the CMP of
Rs.336.25, the stock trades at a forward P/E of 12.93x on FY18E and 10.18x on FY19E earnings. A reasonable P/E of
16.5x will take its share price to Rs.429 in the medium-term and Rs.544 thereafter. The stock’s 52-week high/low is
Rs.487/324.50.
BULL’S EYE
Dynamic Industries REVIEW
Ltd  Super Crop Safe recommended at Rs.33 last week, zoomed to Rs.36.25
appreciating 10% in just 1 week.
(BSE Code: 524818) (CMP: Rs.98)
 Safari Industries (India) recommended at Rs.536.65 on 19 February 2018,
(FV: Rs.10) zoomed to Rs.760 last week appreciating 42% in 2 months.
By Pratit Nayan Patel
 KEC International recommended at Rs.313.85 on 4 December 2017, zoomed
Company Background: Incorporated to Rs.442.60 last week appreciating 41% in 4.5 months.
in 1989, Dynamic Industries Ltd (DIL)  Firstsource Solutions recommended at Rs.42.60 on 27 November 2017,
manufactures chemicals and its core zoomed to Rs.60.50 last week appreciating 42% within 5 months.
products are Dyes and Dye Stuff. It
 IOL Chemicals & Pharmaceuticals recommended at Rs.63.40 on 30 October
exports to Germany, USA, South Korea, 2017, zoomed to Rs.116.60 last week appreciating 84% in 5.5 months.
China, Taiwan, Italy, Turkey,
Switzerland, Russia, Pakistan, Spain, Brazil and Argentina. Exports constitute a significant portion of total sales. It has a
well-established distribution network in various countries supported by its strong marketing force. It plans to penetrate
further into the global market through customer retention and business development in the regions that have not been
tapped.

Financials: With an equity capital of Rs.3.03 crore and reserves of Rs.19.2 crore, DIL’s share book value works out to
Rs.73.4. The promoters hold 48.67% of the equity capital, which leaves 51.33% with the investing public. Ace investor
Subramanian P. holds 4.68% stake in the company.
Performance Review: For FY17, DIL reported 39% higher PAT of Rs.1.78 crore v/s Rs.1.28 crore in FY16 while sales
grew 27% YoY to Rs.45.85 crore. Its EPS was Rs.5.87 and it paid 10% dividend for FY17. During Q3FY18, PAT zoomed
140% to Rs.0.84 crore from Rs.0.35 crore in Q3FY17 on 34% higher sales of Rs.13.69 crore. Its EPS was Rs.2.77. During
9MFY18, PAT soared 56% to Rs.2.01 crore from Rs.1.29 crore in 9MFY17 on 16% higher sales of Rs.40.07 crore. Its EPS
was Rs.6.64. Its 9MFY18 PAT is 13% higher than the PAT reported for FY17.
Conclusion: The dyestuff Performance Review: (Rs. in crore)
industry plays an important
role in the overall growth of the Particulars Q3FY18 Q2FY18 Q3FY17 9MFY18 9MFY17 FY17 FY16
chemical industry. India is one Total Income 13.69 12.80 10.20 40.07 34.39 45.85 36.05
of the largest exporters of Dyes PBT 1.19 0.80 0.52 2.89 1.95 2.56 2.06
and Intermediates. India’s
Tax 0.35 0.30 0.17 0.88 0.66 0.78 0.78
capability in low cost
manufacturing, availability of PAT 0.84 0.50 0.35 2.01 1.29 1.78 1.28
technically trained manpower, EPS (Rs.) 2.77 1.65 1.16 6.64 4.25 5.87 4.23
better price realization globally
and strong market presence are the key growth drivers.
DIL expects the chemicals and dye market to grow moderately. It is focused on improving its operational efficiency to
maintain earnings. The Government of India has adopted various policies that will benefit the company in future.
Currently, the DIL share trades at a P/E of 11.88x. Based on its financial parameters, the share looks quite attractive for
investment at this level. Investors can accumulate this share with a stop loss of Rs.75 for a price target of Rs.145-150 in
the next 9-12 months. The stock’s 52-week high/low is Rs.117.60/61.20. Its market cap stands at Rs.29.68 crore.
TECHNO FUNDA
By Nayan Patel
REVIEW
Diamines & Chemicals Ltd Sadhana Nitrochem recommended at Rs.70
on 4 September 2017, zoomed to Rs.269 last
(BSE Code: 500120) (CMP: Rs.96.50) (FV: Rs.10) week appreciating 284% in 7.5 months.
Incorporated in 1976, Vadodara-based Diamines & Chemicals Ltd
(DCL) manufactures and sells organic chemical compounds. It is the only company in India that manufactures a range of
Ethyleneamines. It operates through two segments - Speciality Chemicals and Power Generation. Its products include
piperazine anhydrous, piperazine, ethylenediamine, diethylenetriamine, amino ethyl piperazine, polyamines mix,
monoethanolamine, triethylenediamine, bitumen emulsifiers, acid corrosion inhibitors, anti-stripping agents, ethylene
diamine acid phosphate, rust inhibitors, triethylene tetramine and tetraethylene pentamine. Its products are used in
pharmaceuticals, agro-chemicals, resins and coatings, water treatment chemicals, oilfield chemicals, etc. It is also
engaged in the development of piperazine derivatives and other products. In addition, it generates electric power
through non-conventional sources (windmill).
DCL has an equity capital of Rs.9.78 crore supported by
reserves of Rs.21.7 crore. The promoters hold 65.2% of Financial Performance: (Rs. in crore)
the equity capital, which leaves 34.8% stake with the Particulars Q3FY18 Q3FY17 9MFY18 9MFY17 FY17
investing public. Sales 9.64 8.27 29.79 28.02 34.81
During Q3FY18, DCL posted 158% higher PAT of PBT 2.56 0.90 5.73 3.74 5.79
Rs.1.78 crore on higher sales of Rs.9.64 crore fetching Tax 0.78 0.21 0.91 0.93 1.51
an EPS of Rs.1.82. During 9MFY18, PAT soared 71% to PAT 1.78 0.69 4.82 2.81 4.28
Rs.4.82 crore on higher sales of Rs.29.79 crore fetching EPS (Rs.) 1.82 0.71 4.93 2.87 4.37
an EPS of Rs.4.93. Its 9MFY18 PAT is 13% higher than
the PAT reported for FY17.
DCL is a part of the investor-friendly DSP group of companies. However, it could not pay dividends for FY14, FY15 and
FY16 due to its poor performance. But it paid 15% dividend for FY17 on the back of its excellent performance.

At the CMP, the stock trades at a P/E of 14.96x v/s Alkyl Amines Chemicals (another DSP group company), which trades
at Rs.637 on Rs.5 paid-up equity share. Based on its performance parameters, the DCL share looks quite attractive for
investment at the current level. Investors can buy this stock with a stop loss of Rs.85. On the upper side, it could zoom to
Rs.130-150 in the medium-to-long-term.
******
Shreyans Industries Ltd

We had recommended this stock earlier at Rs.45.90 on 6 June 2016, where-after it zoomed to Rs.234 in January
2018! The stock has corrected almost 36% from its 52-week high and looks attractive for investment at the current
level.
Incorporated in 1979, Ludhiana-based Shreyans Industries Ltd (formerly Shreyans Paper Mills Ltd) manufactures and
sells newsprint, writing and printing (W&P) papers, industrial and speciality papers. It offers a wide range of 44 GSM to
200 GSM paper products including high brightness, inland letter, cream wove, postal envelope, colored, offset,
duplicating, cover, surface sized printing, super calendered, azure laid, rail ticket, maplitho, super printing and stamp
paper products. It supplies its paper products to publishers, copy manufacturers, job printers, various states text book
boards, exporters of notebooks and diaries, printing and stationery departments, railways, security press, etc. It also
exports to South Asian and Middle East countries.
Shreyans Industries has an equity capital of Rs.13.82 crore supported by reserves of Rs.107.86 crore. The promoters
hold 47.26% of the equity capital, which leaves 52.74% stake with the investing public. HNIs like Lalit Gupta,
Subramanian P. and others hold 8.77% stake in the company while corporate bodies hold ~18.54% stake.
During Q3FY18, Shreyans Industries reported PAT of Financial Performance: (Rs. in crore)
Rs.6.77 crore on sales of Rs.116.65 crore with an EPS
Particulars Q3FY18 Q3FY17 9MFY18 9MFY17 FY17
of Rs.4.9. During 9MFY18, PAT climbed 10% YoY to
Rs.21.21 crore on higher sales of Rs.336.95 crore Sales 116.65 117.83 336.95 324.56 420.03
fetching an EPS of Rs.15.34. It is a regular dividend- PBT 10 13.58 30.89 30.17 35.62
paying company and it paid 15% dividend for FY17. Tax 3.23 4.70 9.68 10.88 12.51
Currently, the stock trades at a P/E of just 9.22x. PAT 6.77 8.88 21.21 19.29 23.11
Based on its financial parameters, investors can buy EPS (Rs.) 4.90 6.43 15.34 13.96 16.71
this stock with a stop loss of Rs.150. On the upper side, it could zoom to Rs.220-235 levels in the medium-term.
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