Vol. : 19 Issue No.

30

PAGE NO. : 1 25-3-2024 to 31-3-2024

DHOOM.......... DHAMAKA..........
AMAZING Return
FLASH Smart Gain For FLASH
Smart Investors
REVIEW OF “SMART PLUS NEWS LETTER” No. 29 Dt. 18-3-2024

Company Rate High after Diffrence Diffrence Company Rate High after Diffrence Diffrence
Reco. Reco. (in Rs.) (in %) Reco. Reco. (in Rs.) (in %)

STOCK PICKS TECHNICAL STOCKS

Linde India 6441 6519 78 1.21 Torrent Power 1160 1243 83 7.16

ABB 5616 5865 249 4.43 Gail 174 175 1 0.57

KEI Ind. 3216 3406 190 5.91 L&T 3535 3562 27 0.76

Pidilite 2868 2900 32 1.12 ITC 419 421 2 0.48

STOCK WATCH ICICI Bank 1080 1082 2 0.19

Azad Energy 1212 1268 56 4.62 Godrej Prop. 2220 2224 4 0.18

Dixon Techno 6960 7067 107 1.54 Bajaj Fin. 6513 6715 202 3.10

IndiGo 3203 3290 87 2.72 MID CAP STOCKS

Hitachi Energy 6608 7321 713 10.79 JSW Infra 231 236 5 2.16

Shriram Fin. 2266 2313 47 2.07 Nippon India 467 475 8 1.71

AIA Energy 3616 3726 110 3.04 Reliance Infra 237 270 33 13.92

FUNDAMENTAL STOCKS Hercules Hosit 512 550 38 7.42

JK Laxmi 820 840 20 2.44 V-Guard 318 319 1 0.31

Cochin Shipyard 890 896 6 0.67 SMALL CAP STOCKS

Soma Tex 33 35 2 6.06

Ami Organics 1062 1111 49 4.61 GMR Power 44 46 2 4.55

Tata Steel 142 150 8 5.63

Vol. : 19 Issue No. 30

PAGE NO. : 2 25-3-2024 to 31-3-2024

 Vol. : 19 Issue No. 30

PAGE NO. : 3 25-3-2024 to 31-3-2024

MOVE FORWARD : BPS RAJA (Mumbai)

E-mail : bpsraja@[Link]

INDICES @ LIFETIME HIGH FRIGHTEN THE INVESTORS

Every time the market goes up it invites huge selling pres- KPI Green Energy develops and maintains grid connected
sure immediately. Friday was the best example. On Thurs- solar power projects and sells power units generated from
day everything was up as the US Fed said he will initiate the company’s solar plants.
four rate cuts this year. Our investors fed up with irrational
market rushed to sell the next day as they got a chance to CREASED 46.87% TO RS. 50.60 CR. 84.20% JUMP IN
sell at every rise REVENUE FROM OPERATIONS TO RS 330.11 CR IN Q3
IT IS RESULT TIME: From next month the December FY24 OVER Q3 FY23.
ending results will be out and that will decide the future course Keep it in your radar and track
of the market. Any outstanding results will give a thumbs up.
LOW PRICED BUT WAITING FOR A BREAK
VODAFONE: RS [Link] may do the unbelievable.
Target 210
YES BANK : RS 23 Its misadventures in the past is
Rico Auto soars after signing tech-transfer agreement
keeping it low the forth coming results will help the bank
with DRDO
also rumours of HDFC giving a helping hand is heard in
DefenceResearch and Development Organisations (DR- the market
DOs) Terminal Ballistics Research Laboratory (TRBL) has
GMR AIRPORT RS.79 recent fall in the market pulled
down this share Recovery can be on the way
System?.
TRANSFORMERS & RECTIIFIERS : Almost all the
Rico Auto Industries manufactures machined engine and
electrical component manufacturers are having a buldging
die-casting and clutch parts for leading two- and four-wheeler
order book We had highlighted Shilchar Technology at Rs.
original equipment manufacturers (OEMs) across the globe.
350 Currently after giving one for one bonus the shares are
priced at Rs 3943 Ex -bonus. Good results and small capital
6.75 crore on a 5.21% decline in sales to Rs 553.89 crore have done the trick.
in Q2 FY24 as compared with Q2 FY23
Watch this transformer share
INDOTECH TRANSFORMERS RS 993. NetSales at Rs
ERGY ? YES PERHAPS IN KPI GREEN ENERGY RS. 1575
139.47 crore in December [Link] 66.79% from Rs. 83.62
Business is as very similar to the above and only gener- crore in December 2022.
ous with the shareholders is KPIGREEN ENERGY RS1535
Last year gave a bumper bonus of one for one Something’s
up178.13% from Rs. 3.84 crore in December 2022.
are cooking as the prices are north bound every day may
end up May be another Waaree in our hands EBITDA stands at Rs. 15.90 crore in December 2023 up
191.21% from Rs. 5.46 crore in December 2022.
KPI GREEN SECURES 305 MW SOLAR ORDER FOR
Indo Tech Trans EPS has increased to Rs. 10.06 in De-
cember 2023 from Rs. 3.62
KPI Green Energy has been awarded a contract for a 305
MWac solar power project in Gujarat. The order is divided MAN INDUSTRIES RS.367. It is in a big advantage as
between Aditya Birla Renewables Subsidiary (175 MWac) it has specialized pipes for Hydrogen transfer. Very soon
and ABREL (RJ) Projects (130 MWac). KPI Green Energy Modi’s Hydrogen dream will come true
will be responsible for the Balance of System (BoS) develop- DCX SYSTEMS RS.283 considered to be another Dixon
ment for the entire 305 MWac solar capacity.
BoS refers to all the components and services required ing accumulated. Keep in your track
for a functional solar power plant beyond the solar panels FEW HIT THE UC WITH NO SELLERS: For you to track
themselves. This typically includes engineering, procurement, IREDA RS 136
construction, commissioning (EPCC), along with tasks like
GENSOLENGRS 923
design, material supply, transportation, erection, testing, and
synchronization. INDUSTOWER RS.270 Almost 2.5 lakhs shares buyers
no sellers
Upon completion, the project will be connected to the
Interstate Transmission System (ISTS) network of the Central
Transmission Utility (CTU). The project is scheduled to be
 Vol. : 19 Issue No. 30

PAGE NO. : 4 25-3-2024 to 31-3-2024

FII & DII Activity from 18-3-2024 to 22-3-2024

FII Activity DII Activity

Date Buy Value Sell Value Net Value Date Buy Value Sell Value Net Value

18-3-2024 10143.76 12194.85 -2051.09 18-3-2024 10135.01 7874.13 2260.88

19-3-2024 16839.13 15417.65 1421.48 19-3-2024 16886.74 9437.26 7449.48

20-3-2024 10600.38 13199.57 -2599.19 20-3-2024 11532.02 8864.50 2667.52

21-3-2024 14245.79 16072.76 -1826.97 21-3-2024 12950.48 9741.61 3208.87

22-3-2024 17460.11 20769.87 -3309.76 22-3-2024 12729.17 8964.30 3764.87

TOTAL 69289.17 77654.7 -8365.53 TOTAL 64233.42 44881.8 19351.62

Nifty & Sensex Movement during the last week

18-03-2024 72,587.30 72,985.89 72,314.16 72,748.42 104.99

19-03-2024 72,462.94 72,490.09 71,933.35 72,012.05 -736.37
20-03-2024 72,036.86 72,402.67 71,674.42 72,101.69 89.64
21-03-2024 72,507.36 72,882.46 72,416.03 72,641.19 539.50
22-03-2024 72,231.66 73,115.62 72,172.09 72,831.94 190.75
Net Weekly Gains 188.51

18-Mar-24 21,990.10 22,123.70 21,916.55 22,055.70 32.35

19-Mar-24 21,946.45 21,978.30 21,793.10 21,817.45 -238.25
20-Mar-24 21,843.90 21,930.90 21,710.20 21,839.10 21.65
21-Mar-24 21,989.90 22,080.95 21,941.30 22,011.95 172.85
22-Mar-24 21,932.20 22,180.70 21,883.30 22,096.75 84.80
Net Weekly Gains 73.40
 Vol. : 19 Issue No. 30

PAGE NO. : 5 25-3-2024 to 31-3-2024

Gconnect Logitech and Supply Chain Limited

comes out with SME IPO
Issue Details
Issue Opens on : 26th March, 2024
Issue Closed on : 28th March, 2024
Indicative Listing Date : 03rd April, 2024
Listing at : BSE SME exchange
Object of Issue Total Issue of Equity Shares : 14,01,000 Equity Shares
Corporate Co mp any p rop oses Fixed Price : Rs. 40 per equity shares
to uti lize the Net Pro - Size of IPO : Rs. 560.40 lacs
Feature ce e ds f r o m t h e I s s u e
towar ds th e fol lo win g
Reserved for Market Maker : 75,000 Equity Shares
objects: HNI and Others Investors : 6,63,000 Equity Shares
Bhavnagar based Integrated
(i) Purchase of Vehicles Retail investors : 6,63,000 Equity Shares
supply chain solution and Logitech
and Body Building;
company, Gconnect Logitech and Lot Size : 3000 shares
(ii) Finance the Website
Supply Chain Limited is engaged Minimum Application and in
Development and App
in the business of providing sur-
face logistics services viz. goods
Designing; and multiple thereof : Rs. 1,20,000
(iii) G en er a l C o r p o r a te
transport services with the primary Lead Manager : Fedex Securities Pvt. Ltd.
Purpose
focus being the state of Gujarat. Registrar : KFIN Technologies Ltd.
Market Maker : Aftertrade Broking Pvt. Ltd.
other logistic companies, includ-
ing surface logistic companies
and to direct customers. The range of services offered by the Gconnect Logitech and Supply Chain Limited
company includes bulk load, Full Truck Load (FTL) service and Integrated supply chain solu ons and Logitech
dedicated load. It also provide dedicated load service, which
includes multiple pick-ups and drops. Gconnect Logitech mainly
Gconnect Logitech and supply chain Ltd.
- Integrated Supply chain solution and Logitech Services
serves transport contractors and industrial customers, who have
- Bulk load, Full Truck Loat (FTL) service and dedicated load
requirement to transport bulk quantities of their goods from one
place to another within India.
- Softwar Application, Mobile App and Prtal for online boking with
Gconnect Logitech carry its logistics business with the pri- CRM
mary focus being the state of Gujarat. The company primarily - Supply chain and Lgistic Services
serves transport contractors and also direct customer, thus - Purchase of Vehicles and accessories with the capacity to carr y
serving a varied end customers from a broad range of industries 500 tonnes of load materials
such as metals, fabrics, Fast Moving Consumer Goods (FMCG), - Install GPRS and tracking systems on Long rental vehicles
auto components, chemicals and pharmaceuticals. We do not
enter into any contract with our customers.
Cont...

Supply chain and logis cs company

Gconnect Logitech and Supply Chain Limited offers its services

to other logis c companies, including surface logis c compa-
nies and to direct customers. The range of services offered by
the company includes bulk load, Full Truck Load (FTL) service
and dedicated load
 Vol. : 19 Issue No. 30

PAGE NO. : 6 25-3-2024 to 31-3-2024

Gconnect Logitech and Supply Chain Limited is planning

for initial IPO of 14,01,000 equity shares of Rs. 10 each. Issue
Price is Rs. 40 per share. Company plans to get listed at BSE Financial Highlights
SME plateform. Issue opens on 26th March, 2024 and closes
GConnect M/s. Prithvi Enterprise
on 28th March, 2024 with indicative listing on 3rd April, 2024.
Logitech (Sole Proprietor)
The company is planning to set up system with high tech
backend software and web based applications to provide on- Particulars 30-9-23 31-3-23 28-2-23 2022-23 2021-22 2020-21
line / real time information on movement of goods and vehicles Revenue 212.57 101.03 337.29 296.05 292.23 302.38
for the customers. It also plans for supply chain management
for FMCG and online marketing company.
GConnect operates under an asset light model, thus Equity Capital 231.86 17.41 1.00 1.00 1.00 1.00
engaging with third parties for providing the company with
Reserves 166.29 60.10 60.90 71.37 63.02 59.34
the assets necessary for its operations such as vehicles
(customized and containerized). As the business strategy Net Worth 398.15 77.52 61.90 72.37 64.02 60.34
it shall own vehicles in the future but the company believes EPS Rs. 2.49 82.62 -- -- -- --
that the approach of maintaining an asset light model will help ROI % 5.73% 14.01% 21.46% 9.25% 9.12% 10.55%
the company to meet the diverse and ever-changing needs
of its customers effectively. As on date, it has arrangement PROMOTER OF GCONNECT LOGITECH
and carrying capacity, as per the requirement of customers. Mr. Vinod Venilal Sheth
Promoter and Non-Executive Director
Bulk Load - For bulk load, full truck load and dedicated load He has been associated with our Company since
transportation Full Truck Load Services (FTL Services) - For its incorporation as a Director and Promoter. He has
fleet operation and fleet rental service Dedicated Load (to- completed his Secondary School Education from Shri
and-fro) - For less than truck load transportation, distribution, Vadva Central Madhyamik School. He has more than
and other value-added services. 10 years of experience in logistics industry. He currently
To improve efficiency, connectivity and value added overlooks overall management of the business of our Company
services, the company has solid business plan which is as Mr. Jigar Vinodbhai Sheth
followed: Promoter and Managing Director
· Warehousing and Supply chain - Short rental basis ware- He has been associated with our Company since its
housing facility near by port and Industry area on behalf of incorporation as a Director and Promoter. He holds a Mas-
customers while custom clearing / loading of ship ter Degree in Science from Bhavnagar University. He is
· Purchase of Vehicles and accessories - 10 own trucks having experience of 10 years in the logistics Industry. He
and 20 plus available on rental with the capacity to carry presently looks after strategic planning in the Company.
500 tons of load materials.
· Install GPRS and tracking systems on Long rental vehicles - Installing with GPRS, tracking systems, bar code scanning systems

· Bar Code and LR with tracker for each trip and consignment - bar code scanning systems to drivers to monitor the delivery and
status of material from internal accrual.
The company has Set up with high technology based infrastructure such as Computer, software application and data storage facility.
The ever-increasing demand for logistic services based business solution has resulted in high demand for supply chain management
software solutions (SCMS). In addition, the need to deliver products to the customer wherever they may be has seen the rise of SCMS
being the most sought-after software in logistics and supply chain industries.
This information clearly shows that the future of warehouse logistics is in SCMS. Major benefits of SCMS include: Increasing pro-

and processing, Improving accuracy by eliminating manual processes and quick access to current data for better planning, The safe
and convenient speed of transportation, Knowing average fuel consumption to ensure that trucks have enough fuel, The best route
is the one that provides economical delivery in the shortest possible time. You can track this with a reliable vehicle tracking system.

streamlining of a business’s supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.
Technology based services to customers being part of their ERP and software shall provide more lever ages and support for logistic

business strategy to understand customer needs and do value addition. The Management has plans to set up this division to serves
to manufacturers, distributor chain of retail and E commerce company. It shall have dedicated team with professional from relevant
industry to understand and serves following industry : FMCG & toiletries products, White goods, mobile and electronic products, Pack-
aged foods and beverages, Readymade garments and undergarment.
***
 Vol. : 19 Issue No. 30

PAGE NO. : 7 25-3-2024 to 31-3-2024

STOCK SCAN VISHAL PRAVIN BALIYA (CO-FOUNDER AT HAPPY CANDLES INVESTMENT)

Name:Vishal Pravin Baliya
Email:info@[Link]
[Link]

MARKET OUTLOOK
near term bottom around 21710. right now facing mid-

EMA is another positive sign. Right now Nifty will face or

is facing mid channel resistance which is near Friday’s
high of 22180. Nifty next week crossing and closing
above 22180 will ensure that Nifty has closed not only
above mid channel resistance but also trend line resist-
ance which is in the same range. This dual resistance

case the hurdle of Mid-channel resistance is not crossed

the support levels for Nifty will be at 21877 (50 days

is neutral with positive bias indicating consolidation in

the range or a further up move.

BEML Ltd. CMP:3091.05

BEML Ltd. is the leading manufacturer of heavy earth
moving equipment in Asia and an Indian Public Sector Company
under the Ministry of Defence, Govt. of India. It is a Mini Ratna
Public Sector Enterprise, operating in three distinct business ver-
ticals namely Mining & Construction, Defence & Aerospace and
Rail & Metro. BEML [Link] is 3091.05. The Negative aspects
of the company are High Valuation (P.E. = 70.5), The company’s
Positive aspects are No debt, Zero promoter pledge, FIIs are
increasing stake, MFs are increasing stake, Improving annual net
profit and Improving cash from operations annual. Entry can be
taken after closing above 3104. Targets in the stock will be 3249,
3375 and 3505. The long-term target in the stock will be 3725
and 3868. Stop loss in the stock should be maintained at Closing
below 2684.

VST TILLERS CMP: 3381.95

VST Tillers Tractors Ltd (VTTL) is promoted by the VST
Group of Companies, a well-known business house in South India,
in technical collaboration and joint venture with Mitsubishi Heavy
Industries and Mitsubishi Corporation, Japan for the manufacture
of Power Tillers and Diesel Engines. Presently, the Company is
engaged in manufacturing and trading of trading of tractors, power
reapers, rotary tillers, power weeders, engines spares, lubes, preci-
sion, and is the largest producer of power tillers in India. VST Tillers
Tractors Ltd. (VTTL) CMP is 3381.95. The Negative aspects of the
company are Declining annual net profit, declining cash from opera-
tions annual, FIIs are decreasing stake, MFs are decreasing stake.
The positive aspects of the company are No debt, Zero promoter
pledge. Entry can be taken after closing above 3402. Targets in the
stock will be 3485 and 3621. The long-term target in the stock will
be 3782 and 3934. Stop loss in the stock should be maintained at
Closing below 2989.

Disclaimer: I am a NISM certified Research Analyst but have not registered for SEBI authorization. The purpose of sharing the views is purely educational in nature for paper trading
only. We will not be responsible for any profit or loss of any individual or institution which takes position based on our analysis.
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 Vol. : 19 Issue No. 30

PAGE NO. : 9 25-3-2024 to 31-3-2024

Vishwas Agri Seeds Limited

comes out with an SME IPO
Vishwas Agri Seeds Limited is in the business of processing quality
seeds and supplying to farmers via there distribution network.
The company sells its seeds under the brand name “Vishwas”. Seed is the primary
input in Agriculture, which encapsulates the genetics of Plant variety

Corporate Issue Opens on

Issue Details : Mar 21, 2024

Feature Issue Closes on

Issue Price
Issue Size (Equity shares)
:
:
:
Mar 26, 2024
Rs. 86 per Equity Share
Upto 30,00,000 Equity Shares
Issue Amount : 25.80 Crore
Vishwas Agri Seeds Limited is in the business of processing quality Bid Lot : 1,600 Equity Share
seeds and supplying to farmers via there distribution network. The company Listing date (tentative) : Mar 29, 2024
sells its seeds under the brand name “Vishwas”. Seed is the primary input Promoter holding PreIssue : 70,00,000 Equity Shares
in Agriculture, which encapsulates the genetics of Plant variety. As of March (No holding in public)
Promoter holding PostIssue : [•] Equity Shares
vegetables and has the presence of its products in the state of Gujarat, Equity Shares outstanding : 70,00,000 Equity Shares
Maharashtra, Rajasthan via its Sales and Distribution network. Vishwas has prior to the Issue
more than 75 varieties of Crops. Its product portfolio includes crop seeds Equity Shares outstanding : Upto 1,43,52,618 Equity
for Groundnut, Soyabin, Wheat, Cumin, Green Gram, Black Gram Research Shares
Hybrid seeds for Cotton, Castol, Pearl Millet, Maize, hybrid vegitable seeds after the Issue
Chilli, Tomato, Brinjal, Watermelon, Sweet Corn, cabbage, Onion, Corian-
der Seeds, Fenugreek, Mustard, Lucern, Carrot, etc. Its unit is strategically Market Maker : Upto 1,52,000 Equity Shares
located in easy access to transportation network to supply of its products in Investors of up to Rs. 2.00 lakhs : Upto 14,24,000 Equity Shares
the western region of India. The unit is equipped with warehousing and cold Investors above Rs. 2.00 lakhs : Upto 14,24,000 Equity Shares

14,000 square feet within its Seed processing unit in Ahmedabad where it Key Intermediaries
Lead Manager to the Issue : ISK Advisors Pvt. Ltd.
ents in its products. Vishwas Agri Seeds Limited is coming out with an SME Registrar to the Issue : Bigshare Services Pvt. Ltd.
IPO. It will issue 30,00,000 shares of Rs. 10 each. It will raise Rs.25.80 crore Listing on : NSE Emerge
through this IPO. Issue Price is Rs. 86 per share. The issue opens on March
21, 2024, and will close on March 26, 2024. The minimum application to be
made is for 1600 shares and in multiples thereon, thereafter. Post allotment,
shares will be listed on NSE Emerge. ISK Advisors Pvt Ltd is Lead Manager
for IPO, while Bigshare Services Pvt. Ltd is the registrar.

Cont.....

Objects of the Issue

(a) Capital Expenditure to

ii) To purchase Equipments for setting up Seed Testing laboratory

iii) To set-up Greenhouse (Fan-Pad System)
iv) To install Roof Top Solar Monocrystalline Panels (129.6KW)
(b) Additional Working Capital Requirement
(c) General Corporate Purpose

Key Performance Indicators

Par culars 30-9-23 31-3-23 31-3-22 31-3-21
Revenue From Opera ons 4246.03 6530.73 6485.58 5382.41
Vishwas has produced seeds for more EBITDA (Rs. in Lakh) 685.83 790.94 439.53 219.09
EBITDA Margin (%) 16.15 12.11 6.78 4.07
and has the presence of its products in Profit A er Tax (Rs. in Lakhs) 451.01 534.14 247.94 116.30
PAT Margin (%) 10.62 8.18 3.82 2.16
ROE (%) 27.20 55.88 72.97 81.52
ROCE (%) 14.60 23.84 19.99 15.23
 Vol. : 19 Issue No. 30

PAGE NO. : 10 25-3-2024 to 31-3-2024

Highlights
1. Integrated Seed processing unit spread across 4 acres
of land, equipped with automated seed sorting, grading,
packaging machine, further having cold storage ware-
house and seed storage warehouse
2. Products are backed by consistent quality, Vishwas of-
fers more than 75 varieties of seeds. It has 14+ years of
experience in seed processing business
3. Vishwas has a built a Strong Distribution network which
is spread across the western part of India, with a network
of 780 distributors
4. As of FY23, Total income – Rs. 6532.18 lakhs and PAT
- Rs. 534.14 lakhs (8%). RoCE 23.84%, RoE – 55.88%.

Vishwa s S eeds Limit ed’s seed s p rocessing unit is

equipped with optical sorting machine, which detects un-
wanted colours, subtle discoloration, size and shape defects,
and foreign materials. Further, the seeds undergo seed treat-
ment process where seeds are processed by application of
fungicide, insecticide, or a combination of both, to seeds so Promoters of Vishwas Agri Seeds Limited
as to disinfect them from seed-borne or soil-borne pathogenic
Mr. Ashokbhai Sibabhai Gajera - Managing
organisms and storage insects.
Director : He is 45 years old and he has completed
Initially company started seeds processing unit at Plot his B.S.C in chemistry. After completing his studies, he
no. 61 Near Akshar Solar Jamvadi GIDC 2 Gondal- 360311, started seeds processing business in Rajkot, Gujarat.
Gujarat, India. Company closed its operations in Gondal Mr. Ashokbhai started a partnership firm- M/s. VISHWAS
near Rajkot in June 2023. In July 2023, Company started AGRI SEEDS in 2008. He has 18 years of experience in
commercial operations of its own seed sorting & grading unit, seeds processing industry and is key person behind the
warehouse and cold storage at Unit no. 3 New R.S No. 460, business of the company. Under his leadership Vishwas
Village: Bhayla, Taluka: Bavla, District: Ahmedabad, Gujarat. Agri Seeds Limited has set up its seed processing unit in
The said processing unit, equipped with modern technology Bhayla, Ahmedabad, Bavla, Gujarat in 2023. He looks after overall business
is spread across 5 acres Further, the company is in process and marketing.
of furnishing its corporate office, setting up is seed testing Mr. Dineshbhai Madhabhai Suvagiya - CFO : He
laboratory, warehousing for storing 4200 MT (Metric ton) which is 48 years old and he has completed his B.A. He is having 12
Years of experience in the seeds processing industry. He is
includes cold storage facility to store 3000 MT of stock, and
Chief Financial Officer (CFO) of Vishwas Agri Seeds Limited.
green house (fan - pad system).
The seed industry in India size reached US$ 6.3 Billion
in 2022. Looking forward, IMARC Group expects the market
to reach US$ 12.7 Billion by 2028, exhibiting a growth rate M r . B h a r a t b h a i S i b a b h a i G a j e r a - E x e c ut i v e
(CAGR) of 12.43% during 2023-2028. So, there is huge scope Director : He is 40 years old, he is having 12 Years of ex-
for growth for the companies like Vishwas Seeds. perience in agriculture sector and seeds processing industry.
*** He looks after admin and Human Resource department of
the company. He is also handling Marketing and distribution
activities of the company.
Vol. : 19 Issue No. 30

PAGE NO. : 11 25-3-2024 to 31-3-2024

 Vol. : 19 Issue No. 30

PAGE NO. : 12 25-3-2024 to 31-3-2024

UPDATES ON SELECT STOCKS

By Dr. Vijaya Kittu M, [Link]

from [Link] Ph.D. in Finance thesis topic specialised on Mutual funds. He is pursuing his second Ph.D. in Computer Science with
a specialisation in Blockchain.
TORRENT POWER LIMITED signed a share purchase agreement with Solapur Transmission Limited (STL) to acquire
a 100% stake. The purchase was made from Power Finance Corporation (PFC) for Rs. 6.53 crores. STL is a wholly owned sub-
sidiary (SPV) of PFC Consulting and was setup on December 14, 2023, to be a 1500 MW transmission system for evacuation of
power from RE projects in Solapur SEZ in Maharashtra. The sale was concluded on March 20, 2024. The selection of the suc-

for setting up 300 MW for a solar hybrid project. The project was awarded to the Distribution unit of Torrent Power and will have

within 24 months from the power purchase agreement (PPA).

Prince Pipes and Fittings signed an agreement with Klaus Waren Fixtures and NM Shah to purchase the Gujarat-based
‘Aquel’ brand and other assets (including intellectual property rights) worth Rs 55 crores to set up an in-house manufacturing

will be completed in 10 days, and the second tranche will be completed by October 15, 2024. Experts feel the acquisition will
complement the company’s existing brands and help grow revenue.
GREENPANEL introduces a one-of-its-kind GreenpanelMitr app, as part of its Loyalty Program for contractors and car-
penters. Experts believe that the postponement of BIS regulations for MDF and particle board quality standards is anticipated to
increase the number of imported [Link] said it does not foresee any substantial decrease in wood prices throughout
the March quarter or even in the FY25.
ASIAN PAINTS is going to witness heightened competition. As per media reports, Birla Opus released its price list at a 5
to 6% discount to Asian Paints prices across categories. Grasim had earlier announced its Opus line and has a 10% additional

within three years of completing full-scale [Link] is planning to become the second-biggest player in the Rs 80,000 crore
Indian decorative paints market.

Three-Month Stock Market Training Program

Learn Personal Finance, Mutual Fund, Re rement Planning,
Inves ng & Trading in Equity shares
To Register, WhatsApp to +91 98495 19188
 Vol. : 19 Issue No. 30

PAGE NO. : 13 25-3-2024 to 31-3-2024

INDIAN MARKET : Technical + Fundamental – Overview

Nikunj Vithlani
Equichain Wealth Advisors
SEBI registration number (RIA): INA000016472
LAST WEEK– REVIEW
Nifty @ 21860 & Bank nifty @ 45661 are important support level
which and market trend remains positive till these levels hold. Indices
manage to hold and give positive trend only to close flat on weekly basis.
This week’s highlight was from global market where BOJ, US Fed
and BOE policy on interest rate was announced. All policy outcome
was in-line with expectation and market cherished US Fed chair Jerome
Powell commentary to maintain 3-rate cut for 2024. Goldtested $2200
and closed above $2150 which market reacted positively.

NIFTY 22 MARCH 24 DAILY CHART BANK NIFTY 22T MARCH 24 DAILY CHART

Real GDP expanded at a six-quarter high rate of 8.4% in the

Nifty @ 21910 to act as support level and 22145 as resistance October-December period, powered by strong momentum, robust
level. Nifty this week will be attempting fresh break-out above 22145 indirect taxes and lower subsidies, the RBI said in its monthly bulletin
to test 22290 & 22408. Nifty @ 21910 & 21743 to act as important published on Tuesday.
support level this week. INDIA’S EXPORTS MAY REACH $450 BILLION THIS FISCAL:
Bank nifty @ 45981 to act as support level and 47238 as resist- NEW FIEO PRESIDENT
ance level. Bank nifty range for this week is likely to be positive once The country’s merchandise exports are expected to reach $450
Bank nifty break above 47238 could test 48161.
Approach on Technical: Next trading will be short trading week the Red Sea crisis, newly elected president of apex exporters body
with trade done on 26th& 27th March to be considered in current Federation of Indian Export Organizations Ashwani Kumar said on
Tuesday.

Nifty @ 21910 & Bank nifty @ 45981 is key support level going EGY
into trade next week. Nifty @ 22290 & Banknifty @ 47328 to act as Global market rallied by around 2% as policy outcome by BOJ,
resistance level. Nifty & Bank nifty RSI indicates possibility of fresh U.S. Fed & BOE remain in-line with estimate and market rallied on
break-out and indices would attempt towards 22525 & Bank nifty towards expectation of rate cut as early as June 2024.
48161. We will turn cautious if indices break important support level We believe that any selling pressure due to year-end factor would
on Nifty @ 21910 & Bank nifty @ 45981. Our view as per technical be over and now market will be looking forward for next quarterly
is bullish and we expect Indices could test higher level this week. earnings season and general election. We see strong possibility of
FUNDAMENTAL INSIGHT healthy rally in next week which is trading on 3-day. Trade done on
FY24 Advance Tax Mop-Up Stands at Rs 9.11 Lakh Crore
Provisional advance tax collections, till March 17, at the end of We would be looking to increase exposure during next two weeks
the fourth installment, increased 22.31% year-on-year to Rs 9.11 and we have bullish view on infrastructure, defense and banking
lakh crore. stocks. We also maintain bullish stance on IT stocks despite disap-
Out of this, advance corporate tax was at Rs 6.72 lakh crore, while pointment of ACCENTURE next year guidance. Last quarterly result of
personal tax stood at Rs 2.38 lakh crore, according to data released by IT companies indicated that worst is over and margin have stabilized.
the Central Board of Direct Taxes on Tuesday. Cumulative collections Last 6 – 8 quarters has been washout for IT stocks.
over the corresponding period last year stood at Rs 7,45,246 crore. We strongly believe that next two weeks will be time to accumulate
RBI BULLETIN: INDICATORS SUGGEST GDP GROWTH and bring exposure as high as 85% to 90% and key reason for posi-
CLOSER TO 8% IN FY24 tive view in upcoming general election, globally interest rate heading
downward and earnings season.
already exceeded expectations during the quarter, according to the
Reserve Bank of India.

Disclosure & Note: Investor need to understand risk associated with F&O strategy, technical & other trading strategy before implementation and due risk assessment is required
from client’s end and prefer professional advice before executing. Equichain Wealth Advisors – SEBI registration number (RIA): INA000016472
 Vol. : 19 Issue No. 30

PAGE NO. : 14 25-3-2024 to 31-3-2024

Focused Theme Small and Midcaps

Mr. Vikram Kasat
Sr. Vice President - Head
Exclusive
Advisory- Prabhudas
lilladher
Feature
1. Ca p Goods: Praj Industries: Market belt will get catered from the new plant.
Cap: 8675 Cr | CMP 472 • 33% Est. PAT CAGR over FY24-26 • Further, rising share of own manufactur-
Why we like it? • Nearly Debt Free ing will result in better control over sourc-
• 50-55% market share in ethanol pants • ROE/ROCE of 19.9%/21.5% ing and lead to improvement in working
• Management has guided that they are Valuations: capital.
aiming for revenue to 3X from current • Trading at 27X FY26 earnings vs KEI Financials
levels (approx. 3500 cr) to 10,000 cr by trading at 36X FY26 earnings • 20% [Link] CAGR over FY24-26
FY 2030 • It is currently trading at EPS 15.5X, • 23 % Est. EBITDA CAGR over FY24-26
19.1/23.9X FY25E/FY26E • 25% Est. PAT CAGR over FY24-26
in exports (energy transition & climate ac- 3. Oil & Gas : Gujrat State Petronet Lim- • ROE/ROCE of 24%/27%
tion across the globe, low-carbon ethanol ited, Valuation:
for SAF in US, etc.) Market Cap 19285 Cr| CMP 342 • Trading at 36X to FY26 EPS. We value
• CBG Blending Obligation ma ndates Why we like it? at 45/ 58 X to FY 25E/FY26E
blending of CBG in CNG & PNG from • Softening in gas prices, 5. R e a l E s t a t e : S u n T e c k R e a l t y :
FY26. Blending to reach 5% by FY29, • commissioning of upcoming LNG termi- Market Cap 5765 Cr| CMP 394,
creating Rs370bn opportunity to establish nals Why we like it?
750 CBG projects by 2029. Capacity cre- • strong domestic demand prospects • Sunteck Realty’s proven ability to market
ation will take time, but may see healthy • Gujarat government’s dividend distribu- ultra-luxury projects, aggressive and
inquiry volumes develop towards end of tion policy bodes well for shareholders multi-pronged land acquisition capa-
FY25 Financials bilities in various micro markets across
• Praj has large domestic CBG pipeline & is • On a standalone basis, we expect gas Mumbai Metropolitan Region (MMR) is an
focussing on newer technologies like 2G volume CAGR of ~5% during FY23-26E. interesting play on Mumbai’s high value
ethanol, bio-manufacturing, SAF, multi • While we have assumed a flat volume real estate market.
feedstock plants, etc. during FY25/26, it may be noted that the • We expect company’s pre-sales to grow
Financials: Mehsana-Bhatinda pipeline is expected 2x over next 3 years aided by ongoing
• On a low base, we are factoring 20% to be commissioned soon, which may dd projects and strong new launches pipe-
topline growth over FY24-26 ~6mmscmd of volumes. line.
• We are factoring 26% EBITDA growth Valuations • Further given likely strong cash flow
over Fy25/26 • Due to delays in the completion of the generation (Rs8-10bn over FY23-26E),
pipeline, we value the company at 7x we see SRIN to step up new project
and ROCE of 28% FY26 EPS Core business additions which will be a key catalyst for
Valuations: • We add the value of investments in Guja- stock performance.
• Stock has corrected recently: Due to rat Gas (54.2% stake) and Sabarmati Gas • Adoption of asset light model has enabled
government restriction of sugar syrup in (27.5% stake) at a 25% holding discount the company to acquire scale without
ethanol production, execution has been provide a valuation of Rs 227 to arrive at straining its balance sheet and this will
delayed, leading to subdued topline per- a target price of Rs402. likely continue in new project additions
formance. We believe this is a temporary • With clarity emerging on the pipeline, one too
phenomenon could assign a 17.7/18.1 X to FY25/26 Financials:
• It is cu rre ntly trad ing at EP S 29X, EPS, • 48% [Link] CAGR over FY24-26
40.9/52.8X FY25E/FY26E 4. Luggage : Safari Industries: • 65 % Est. EBITDA CAGR over FY24-26
• It is trading at lower end of average his- Market Cap 8000 Cr |CMP 1690, • 82% Est. PAT CAGR over FY24-26
torical valuations Why we like it? • ROE/ROCE of 6%/7%
2. Electricals: RR Kabel : • Good quality management that consis- Valuations:
Market Cap: 15750 Cr | CMP 1396 tently meets/beats guidance • Currently trading at EV/Sales at of FY 24,
Why we like it? • Consistently gaining market share from 3.3 X / 4.1 X FY 25E/FY 26E
• 20% Volume growth guidance VIP • Currently trading at 8.9 EPS , 16.6/23.9
• Well-structured capacity expansion plans • Capacity expansion plan at Jaipur is on FY 25E/ FY 26E
• Sector tailwinds in place track and ~40-50% of the ear-marked • On SOTP valuation, we value this at an
• Scope for improvement of margins capex is likely to be expended in FY24E NAV of 565 per share
Financials: itself.
•
•
20% [Link] CAGR over FY24-26
35% Est. EBITDA CAGR over FY24-26
• Capacity expansion will emerge as key
earnings lever as freight cost will reduce
given demand emanating from Northern
***
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed
to be true & correct, and also is technical analysis based on & conceived from charts. Investors sho uld take their own deci-
sions. We assume no responsibility for any transactions undertaken by them. The author won’t be liab le or responsible for
any legal or financial losses made by anybody. Investors must take advice from their financial advisors before investing in
any stocks.
 Vol. : 19 Issue No. 30

PAGE NO. : 15 25-3-2024 to 31-3-2024

Next Week Trading Idea and Strategy. 26th March. To 30th March

Arunkumar : arunrangpariya@[Link]
Index : Buy NIFTY Future above 22200 TGT 22320-22500 SL 22040
Sell NIFTY Future below 22050 TGT 21920-21800 SL 22160
Buy BANK NIFTY Future above 47100 TGT 47410-47650 SL 46880
Sell BANK NIFTY Future below 46750 TGT 46480-46230 SL 47020
Future Buy ASIAN PAINT Future Above 2840 TGT 2888-2930 SL 2785
Sell TATA POWER Future Below 392 TGT 387-382 SL 397
Buy UPL Future Above 470 TGT 482-490 SL 458
Sell CANBANK Future Below 565 TGT 558-552 SL 572
Delivery Cal Buy DEN NETWORK Near 50 TGT 55-59 SL 46

NIFTY 50 Index closed the week (as on Friday) on positive note gaining 73.40 Points approx

CERTIFIED FINANCIAL PLANNERCM

WEEKLY HIGH: 22180.70 ; WEEKLY LOW: 21710.20 ; WEEKLY CLOSE: 22096.75

Nifty 50 Index close on upside last week by gaining approx.73.40 points. Nifty was in consolidation mode last week. Profit booking was
seen at higher levels and some good buying was seen from lower level. Nifty was weak in starting of the week but later on nifty show good
buying from lower level on account of good Fed policy in US. On daily chart nifty has closed near all short term moving averages. In starting
of next week if nifty sustains above all short term moving averages then we may see very good buying in nifty. Nifty may react with global
markets. Nifty may follow global trend with our local factors in coming week. 10 year Bond yields in US are still above 4% and dollar index
is trading near 104 dollar mark, which should be taken in to consideration. Crude has moved above 85 dollar mark, which may make some
discomfort for Indian economy. Close eye should be kept on crude movement and bond yield from here till US 10 year stay below 4%.
Broader Range on downside in nifty has now shifted around 21800. 21800 can act as good support range for nifty now on closing basis.
Next resistance for nifty is around 22300, above that nifty can see good buying for coming weeks. Hedge your position completely as per
your risk taking [Link] may remain in broader range between 21800 to22300 this week.

Our Option Strategies

NIFTY: VIEW (RANGE BOUND) ICICI BANK: VIEW (BULLISH) HDFC AMC: VIEW (BULLISH)
TRADE: EXPIRY 28 MARCH 2024 TRADE: EXPIRY 28 MARCH 2024 TRADE: EXPIRY 28 MARCH 2024
BUY 21800 CE @ 376.20 1 LOT BUY 1090 CE @ 9.00 1 LOT BUY 3750 CE @ 35.00 1 LOT
SELL 22100 CE @ 142.40 2 LOT SELL 1110 CE @ 2.00 1 LOT SELL 3850 CE @ 13.00 1 LOT
MAX PROFIT: 23400/-
BUY 22400 CE @ 22.65 1 LOT MAX PROFIT: 9100/-
MAX LOSS: 6600/-
MAX PROFIT: 9298/- MAX LOSS: 4900/-
BREAKEVEN: 3772
MAX LOSS: 5702/- BREAKEVEN: 1097
MARGIN REQUIREMENTS: 50000 APPROX
BREAKEVEN 21915 AND 22285 MARGIN REQUIREMENT: 45000APPROX
MARGIN REQUIREMENT: 55000APPROX
 Vol. : 19 Issue No. 30

PAGE NO. : 16 25-3-2024 to 31-3-2024

Commodity Spotlight
MCX NATURALGAS (Apr Fut 153.2)
Techno Funda

• Natural gas prices remained below 170 in March, close to levels seen four years ago.
• The Freeport LNG export plant in Texas announced that two out of its three liquefaction trains will
be offline until May, delaying exports.
• This delay increases the supply of natural gas available for domestic use in the US.
• Low demand and abundant domestic supply have contributed to the situation.
• Factors such as a mild winter, high gas production, strong hydropower output, and ample starting
stocks have led to natural gas storage being over 41% above the five-year average in late March.
• US utilities have started building up their inventories again after a seasonal depletion period, which
is the first increase since November.

TechnicalOutlook
Natural gas prices have exhibited a pennant formation on the Daily Chart since mid-February, denoting
a period of consolidation characterized by lower highs and higher lows. This pattern indicates a tighten-
ing range as both buyers and sellers converge, hinting at an imminent breakout. However, the energy
demand in Europe has remained lackluster, and storage units are currently above average, factors that

level, with the subsequent target set at 189. Conversely, a breakdown below 150 could trigger further
downside momentum, potentially leading to levels around 147 to 139.
Supports: 147/139
Resistances: 159/163
 Vol. : 19 Issue No. 30

PAGE NO. : 17 25-3-2024 to 31-3-2024

Vijay Kedia backed TAC Infosec Limited

comes out with Rs.30 crore SME IPO
The company’s clients include banks and financial ins tu ons, govern-
ment regulators and departments, large enterprises such as HDFC, Band-
han Bank, BSE, NPCI, DSP Investment Managers Private Limited, Mo lal
Oswal Financial Services, and NSDL e-Governance

Corporate Feature TAC Infosec IPO Details

IPO Date : March 27, 2024 to April 2, 2024
Face Value : Rs 10 per share
Object of Issue Price Band : Rs 100 to Rs 106 per share
1. Acquisition of TAC S ecur ity In c (Delaware, USA)
Lot Size : 1200 Shares
and making it a Wholly Owned Subsidiary thereon,
2. Investment in Human resources and Product Devel- Total Issue Size : 2,829,600 shares
opment, and (aggregating up to Rs 29.99 Cr)
3. General Corporate Purposes. Fresh Issue : 2,829,600 shares
(aggregating up to Rs 29.99 Cr)
Issue Type : Book Built Issue IPO
risk-based solutions for vul- Listing At : NSE SME
nerability management and Share holding pre issue : 7,650,000
assessment, cyber security Share holding post issue : 10,479,600
Market Maker portion : 141,600 shares
testing in a SaaS model. The Spread X Securities
company’s clients include Lead Manager : Beeline Capital Advisors Pvt. Ltd.
banks and financial institu- Registrar : Skyline Financial Services Pvt. Ltd.
tions, government regulators
and departments, large en-
terprises (including corporate At a Glance
offices) such as HDFC, Band- 2016 Year of incorporation
han Bank, BSE, National Pay-
ments Corporation of India, DSP Investment Managers 5+ Million Vulnerabilities Managed
Private Limited, Motilal Oswal Financial Services Limited
and NSDL e-Governance. Ace investors Vijay Kishanlal
Rs. 10 Crore+ Vulnerabilities Managed

Kedia and his son Ankit Vijay Kedia cumulatively own 56

15.30 lakh equity shares of the company, which is about
20 per cent stake on a pre-IPO basis. Post issue, their 10 Of the Fortune 500 companies served
stake shall be diluted to 14.6 per cent, but won’t change 52.8% EBIDTA Margin (FY23)
the number of shares held by them. The company re-
ported a total revenue of Rs 5.02 crore in the first half 71.6% Revenue share from exports
of FY24 and a profit (PAT) of Rs 1.94 crore. In FY23, its
PAT stood at Rs 5.07 crore on a revenue of Rs 10 crore.
5 Products from from Saas suite
TAC Infosec Limited is coming out with an SME IPO. 20+ Clients served across the world
It will issue 28,29,600 shares of Rs. 10 each. It will raise
Rs.29.99 crore through this IPO. Issue Price is Rs 100-
106 per share. The issue opens on March 27, 2024, and
Ace investors Vijay Kishanlal Kedia and his
will close on April 02, 2024. The minimum application son Ankit Vijay Kedia cumula vely own
to be made is for 1200 shares and in multiples thereon,
thereafter. Post allotment, shares will be listed on NSE
15.30 lakh equity shares of the company,
Emerge. Beeline Capital Advisors Private Limited is which is about 20 per cent stake
Lead Manager for IPO, while Skyline Financial Services
Private Limited is the registrar.

Cont....
 Vol. : 19 Issue No. 30

PAGE NO. : 18 25-3-2024 to 31-3-2024

TAC Infosec’s flagship software product is ESOF (Enterprise

Security in One Framework) which was launched in 2018. ESOF
Promoters of TAC Infosec Limited
is a vulnerability management platform consisting of various Mr. Trishneet Arora, 30 years
product por tfolio namely ESOF Appsec, ESOF VMP, ESOF Chairman, Executive Director &
VACA, ESOF
PCI ASV, ESOF CRQ. All the products launched under ESOF Trishneet started his entrepreneurial journey
Platform have wide range of applications ranging from vulner- in 2013 at 19. He is among the key thought lead-
ability management solutions for web and application-based data, ers in the country in the domain of Cybersecurity
and Risk & Vulnerability [Link]
Vulnerability Management is the continuous process of is responsible for setting the overall direction and product strategy for the
identifying, assessing, prioritizing, mitigating, and remediating company, and under his leadership, TAC Security has expanded the busi-
the vulnerabilities across the complete Information Technology ness globally, and its product ESOF, the Vulnerability Management Solution,
infrastructure of the organization. Cybersecurity of the organi- has been securing the world’s top brands, Fortune 500 Companies including
zations needs to be monitored in real-time and remediated as US Govt. He has won several accolades and awards, including a position in
soon as possible to avoid attacks, this activity is often overseen the Top 200 “Leaders of Tomorrow” by St. Gallen Symposium, Switzerland,
by organizations through vulnerability management tools or
products. While, Risk-Based Vulnerability Management (RBVM) Under 40 (twice and the youngest on it both times), a two-time list maker
is the process of prioritizing vulnerabilities for remediation based (2020 & 2021) for the “ The Top 100 Great People Managers List” by the
on the level of risk each vulnerability discovered, poses to your Great Managers Institute in association with Forbes, “Entrepreneur of the
organization and IT Infrastructure. The RBVM method allows Year” 2020 by the Entrepreneur Magazine (Security Services Category),
the organization to prioritize their vulnerabilities discovered on
as well as a part of Entrepreneur Magazine’s 35 Under 35 & Forbes 30
having a concrete cybersecurity process in place. Under 30 Asia 2018 Lists.
ESOF offers a robust vulnerability assessment mechanism Mr. Charanjit Singh, 57 years
Whole Time Director
IT infrastructure and along with configuration assessment, it Mr. Charanjit Singh is a founding member of the
ensures that IT systems are not only free from vulnerabilities but
management, he has played a pivotal role in shaping
auto-prioritization feature utilizes advanced algorithms to rank the company’s strategic direction and financial gov-
vulnerabilities based on their severity, potential impact, and ex- ernance. He has handled diversified businesses and has good experience
ploitability, ensuring that critical issues are addressed promptly. in various segments.
As of September 30, 2023, the company had 56 employees, 33
of whom worked in operations and product development. Mr. Bharat Panchal, 52 years
Non-Executive Director
***
Mr. Panchal holds a Doctor of Literature (Honoris
TAC Infosec Limited offers risk-based solu ons for Causa) degree from GNA University. He has also com-
pleted a Master of Business Administration from Sikkim
vulnerability management and assessment, cyber
security quan fica on and penetra on tes ng in a
SaaS model gram on Information Assurance and Management for Executives of Banks
and Financial Institutions. He is a prominent industry leader in cybersecurity
in India, with more than two decades of experience in risk management,
mainly in the banking and telecommunication sectors.
 Vol. : 19 Issue No. 30

PAGE NO. : 19 25-3-2024 to 31-3-2024

MONEY MANTRA - E-mail : onlymediaupdate@[Link]

Last week’s technical and derivative view on Nifty
expects the index to move from 21546 to 22676 in FOR SHORT TERM DELIVERY BASE STOCK
the coming days. The index is likely to find support STOCK NAME CMP Target
around 21989 followed by 21830 while a resistance 1 VIP INDUSTRIES LIMITED 462 520
barrier is likely to be found around 22425 followed by 2 EMUDHRALIMITED 816 950
22500. Last week’s technical and derivative view on 3 MALLCOM (INDIA) LIMITED 1038 1250
Bank Nifty expects the index to move from 46033 to 4 JSW HOLDINGS LIMITED 7222 8000
47717 in the coming days. The index is likely to find
5 VADILAL INDUSTRIESLIMITED 4294 5000
resistance around 47173 and then 47415 while support
is likely to be found around 46548 and then 46233.

INVESTMENT OUTLOOK
1. This week Laurus Labs Limited above 400may come with highs of 415, 436 and 456. If stays below 395 then
they 380, 366 and 351 can come.
2. This week Wipro Limited above 489 may come with highs of 506, 523 and 540. If stays below 484then467,451
and 435can come.
3. This week The Indian Hotels Company Limited above 564may come with highs of582, 600 and 618. If stays
below 558 then 540, 525and 510can come.
4. This week Indian Railway Catering and Tourism Corporation Limited above 937 may come with highs of 968,
1000and 1032. If stays below 930 then 900, 870 and 841 can come.
5. This week Axis BankLimitedabove 1040 may come with highs of 1072, 1105 and 1139. If stays below 1032then
1000, 984 and 961 can come.
6. This week Bharat Forge Limited above 1139 may come with highs of 1164, 1190 and 1216. If stays below
1130 then 1106, 1080 and 1056can come.
7. This week Bharti Airtel Limited above 1242 may come with highs of 1277, 1314and 1350. If stays below 1233
then 1199, 1164 and 1131 can come.
8. This week Havells IndiaLimitedabove1482may come with highs of 1520, 1560 and 1600. If stays below 1472
then 1435, 1396 and 1360 can come.
9. This week Kotak Mahindra BankLimitedabove1774may comes with highs of 1816, 1860 and 1903. If stays
below 1764 then 1723, 1681 and 1641 can come.

If you want to subscribe Smart Plus News Letter

Please Register your detail on our site
[Link]
You will be assigned your subscription over there itself
 Vol. : 19 Issue No. 30

PAGE NO. : 20 25-3-2024 to 31-3-2024

GLOBAL SIGNALS &MAJOR EVENTS

US
10-Year Treasury Yield on Track to End the Week LowerThe interest rate on the US 10-year Treasury note slightly
decreased to 4.24%, marking a weekly decline of 7 basis points. This drop followed the Federal Reserve’s indication
during its March meeting that it is likely to lower interest rates three times this year. Market expectations suggest a high
probability of rate cuts in June (around 70%) and July (nearly 85%). Despite this, recent economic data suggests that the
economy and job market remain strong. Additionally, the interest rate on the two-year Treasury note, which is sensitive
to Fed policy changes, also went down to 4.6%.
19th March Durable Goods Orders MoM FEB
28th March GDP Growth Rate QoQ Final Q4
29th March Core PCE Price Index MoM FEB/Personal Income MoM FEB

EUROPE
after a recent strong rally that pushed major indexes to multi-year highs. The STOXX 50 dropped by 0.4% to 5,030 points,
while the broader STOXX 600 retreated by 0.2% from its record high. Despite this, both indexes were still set for weekly
gains, supported by central banks signaling potential future rate cuts earlier in the week. The Federal Reserve and Bank
of England kept rates unchanged but suggested they might lower them later, and the Swiss National Bank surprised
with a rate cut. In corporate news, Santander announced plans to distribute over €6 billion through dividends and share
buybacks based on its 2024 results, showing progress toward its targets. Additionally, insurer Phoenix Group outlined

22nd March ECB General Council Meeting

27th March Economic Sentiment MAR

INDIA
India Stocks Head for Small Gains WeeklyThe BSE Sensex climbed 0.2% to 72,790.8 during Friday morning trading,
marking its third consecutive day of gains and aiming for a weekly rise of 0.2%. This uptick followed a positive session
on Wall Street, driven by signals from the US Federal Reserve indicating potential interest rate cuts. Additionally, upbeat

contributed to positive market sentiment. Most sectors saw gains, notably Sun Pharmaceuticals (up 2.0%), Apollo Hospitals

in Accenture shares on the NYSE due to the company revising down its full-year revenue growth forecasts. Major Indian

28th March Current Account Q4

Disclaimer
Learning is an ongoing journey. The information and the material contain above is for knowledgepurpose.
We are in Process of SEBI registration. The Partner’s are NISM certified and Professionally qualified in Investment and trades.
Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance.
The risk of loss in trading and investment in Securities markets including Equites, Derivatives, commodity and Currency can be substantial. These are lever-
aged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone.
One should therefore carefully consider whether such trading is suitable for you in light of your financial condition and please consult with your financial
consultant before Investing.
The above study is only for private use
 Vol. : 19 Issue No. 30

PAGE NO. : 21 25-3-2024 to 31-3-2024

This Week All Eyes On...

March F&O Monthly expiry on 28th March, Thursday
Markets likely to that direction from global as well as domestic factors
NAV building exercise may keep select stocks on Northward march
Markets to remain closed on Monday (25-3-24) on account ‘Rang Panchmi’ and
Friday (29-3-24) on account of ‘Good Friday’ Holiday

Markets likely to open flat to Negative note on Monday

With derivatives expiry and Year end adjustment will bring high volatility with wild swing both ways
Selected stocks to remain in action and their side market may turn listless

Stock Picks Stock Watch Fundamental Stocks Technical Shares

Cummins India 3931.00 Praj Ind. 533.00 Sun Pharma 1608.00
Amber Enterprise 3552.35
Reliance Ind. 2906.00 Sudarshan Chem. 622.10 TVS Motors 2050.00
Fiem Ind. 1098.00
Hero Moto 4685.00 AU Small 564.00
Maruti 12304.00 Savita Oil 412.45
Action Const. 1393.00 MGL 1339.00
Balkrishna Ind. 2283.00 E-Mudhra 821.00
Godrej Consumer 1224.00 Gland Pharma 1791.00
Pidilite 2960.00 Pooawala Fin. 463.30 L&T 3617.00
Vadilal Ind. 4294.00
Varun Beverages 1402.00 Gensol Engg 922.00 Bajaj Auto 8935.00
Solar Ind. 867.00
Kajaria Ceramics 1189.00 Carborundum 1249.00 Tata Power 391.00
D-Mart 4298.00
SRF 2551.00 Britannia 4860.00 Sulzer 867.00 Zydus Life 999.00
BEML 3094.00 ABB 5967.00 Tata Cosumer 1121.00 Godrej Consumer 1274.00
Thermax 3418.00 M&M Fin. 273.00 Bharat Forge 1129.00
Bharti Airtel 1326.00
Eicher Motors 3988.00 Nestle 2531.00 Swan Energy 665.00

Mid Cap Stocks Small Cap Stocks

Sell Stocks Reliance Power 26.00
Indus Tower 270.70
Asian Paints 2841.00 Star Cement 232.00
RVNL 249.00
CG Power 534.00 IRB Infra 59.00
Gail 173.00 Sanghi Ind. 88.00
Infosys 109.00
Reliance Infra 271.00 Rico Auto 144.00
V2 Retail 423.00 Man Ifra 209.00
BHEL 239.05 Divis Lab. 3429.00 Zomato 134.00
Elige Equipment 589.00 Tata Steel 152.00
Jay Bharat Maruti 116.00 Black Rose 130.00
SMS Life 617.00 PTC India 184.00
GMR Airport 178.00
Lemon Tree 132.00 Mannapurm 172.00
Mah. Life Space 546.00 Nalco 148.00
All Cargo 101.00

All recommendation provided by Dilip K. Shah. He has not brought / sold any stock advised in this news paper during last one month Stoploos is useful for
Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though, every care has been
taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
 Vol. : 19 Issue No. 30

PAGE NO. : 22 25-3-2024 to 31-3-2024

Primary Market - Dilip K. Shah

Every year the primary market witnesses long queue in the last weeks of March and September as the
companies prefer to enter the market before the SEBI approvals get lapsed
This week total 15 IPOs are entering the market, many more in pipeline
This week’s 15 IPOs include one mainboard IPO, 11 NSE SME and 3 BSE SME IPOs
Vishwas Agr Seed’s Rs. 25.80 crore issue with an offer price of Rs. 86 opened on March 21 and close on march 26
SRM Main Board IPO of Rs. 130.20 crore issue with a price band of Rs. 200-210 will open on March 26 and close on March 28
TAC Infosec’s NSE SME IPO of Rs. 29.99 crore issue will enter the market on March 27
BSE SME IPO of G-Connect Logis cs will enter the market on March 26
6 SME IPOs - Trust Fintech, Aspire, Blue Pebble, Vruddhi, G-Connect, Jay Kailash to enter the market on March 26
Radiowalla, Tac Infosec, Yash Op cs NSE SME IPO to open on March 27
Mainboard IPO - Krystal got listed with 10% premium and Popular Vehicles with 2% discount
SME Block bust lis ng:Signoria 10%, Royal Sens 90%, Pratham 51%, KP Green 40% premium
Bhar Airtel’s Bhar HExacom to come up with Rs. 4300 crore mega issue in the first week of April
Three NSE SMEIPO - K2 Infragen, Aluwind, Crea ve Graphics to open on March 28
Naman In-Store issue got 16x subscrip on on the first day
NSE SME IPO lis ng: Enfuse 19%, AVP Infra 5 % and Enser 3% premium
Chatha Foods SME IPO got 19.28x subscrip on and Omfurn FPO got 3.57x subscrip on
Vishwas Agri NSE SME IPO got 1.75x subscrip on on the second day: Will close on march 26
This week two Rights Issue - Valencia Nutri on, HCC are in the market
Indiabulls Housing Fin. NCDs gets poor response: Subscrip on only 0.2x
Diffusion Engineers and Rays Power Infra withdrew IPOs from SEBI

Grey Market Sweet & Sour

Grey Market in shock as mainboard IPOs gets listed with discount
SRF Congractors’ premiums witnessed a sudden spurt but not likely to sustain
SME IPO - TAC Infosec, Radiowalla, Naman Premiums skyrocketed in
SME IPO - Trust Fintech, Blue Pebble, Crea ve premiums up by 40-60%
Premiums improved in Vishwas Agri, Aspire, GConnect, Yash Op cs
Chatha Foods, Omfurn, Vruddhi, Jay Kailash down due to lack of deals
In the primary market, the number of SME IPOs have gone up drastically but it can’t be blamed for decreasing number
of mainboard IPOs. The main reason could be discounted listing of mainboard IPOs in recent past. Some of the IPOs like
R K Swamy, JG Chemicals, Gopal Namkeen, Pupular Vehicles are still below offer price. Krystal Integrated listed with 10%
premium but slipped into discount.
On the contrary, Grey Market is more active in SME IPO as the premiums sustain till listing.
* Mainboard IPOs :- SRM Contractors IPO size is too small, so fancy can be seen. The premiums were Rs. 23-25, which
have increased to Rs. 52-55. However, premiums are not likely to sustain.
* SME IPOs :- Premiums are highly volatile in TAC Infosec, Radiowala, Naman In-Store IPOs and they are witnessi ng
60-80% premium compared to their offer price. Trust Fintech, Blue Pebble, Creative Graphics are also witnessing 40-50%
premiums. Vishwas Agri Seeds, Yash Optics & Lens, GConnect Logitech premiums have sustained and are even improv-
ing. Chatha Foods, Omfurn India, Vruddhi Engineering works, Jay Kailash Namkeen and Aluwind Architectural do not enjoy
premiums and may be in discount due to lack of deals.

Cont...
Vol. : 19 Issue No. 30

PAGE NO. : 23 25-3-2024 to 31-3-2024

Grey Market Premium / Kostak / Subject to Prices

Name (Shares) (Rs.) (Rs.) *Min. Appl. Sauda

MAIN LINE IPOs

SRM Contractors (IPO) 70 200 to 210 52 to 55 -- 2,500
Big HNI - 35,000

SME IPOs
Chatha Foods BSE SME 2000 53 to 56 +/- 8
OmFurn India (FPO) NSE SME 2400 71 to 75 Discount
Vishwas Agri Seeds NSE SME 1600 86 18 to 20 20,000
Vruddhi Engineering BSE SME 2000 66 to 70 0.00
Naman In-Store NSE SME 1600 84 to 89 68 to 70 -- 82,000
Trust Fintech NSE SME 1200 95 to 101 38 to 40 35,000
Blue Pebble NSE SME 800 159 to 168 48 to 50 30,000
Aspire & Innovative NSE SME 2000 51 to 54 8 to 10 -- --
GConnect Logitech BSE SME 3000 40 11 to 12 22,000
Radiowalla Network NSE SME 1600 72 to 76 48 to 50 -- 60,000
TAC Infosec NSE SME 1200 100 to 106 68 to 70 -- 65,000
Yash Optics & Lens NSE SME 1600 75 to 81 14 to 15 -- --
Jay Kailash Namkeen BSE SME 1600 70 to 73
K2Infragen NSE SME 1200 111 to 119 14 to 15 -- --
Aluwind Arch. NSE SME 3000 45 --
Creative Graphics NSE SME 1600 80 to 85 38 to 40

Don’t subscribe IPO only on the basis of Grey premium. Before Inves ng check the fundamentals of IPO

Tenta ve Timetable for SME & Main Line IPOs

IPOs Name Issue Basis Refund/ Credit of Lis ng
Closes of Unblock Shares Date
Date Allotment Amount to Demat
Main Line IPOs
Krystal Integrated Main Line IPO 18-3-24 19-3-24 20-3-24 20-3-24 21-3-24
SRM Contractors Main Line IPO 28-3-24 1-4-24 2-4-24 2-4-24 3-4-24

SME IPOs
Chatha Foods Limited BSE SME 21-3-24 26-3-24 27-3-24 27-3-24 27-3-24
OmFurn India NSE SME 22-3-24 26-3-24 27-3-24 27-3-24 28-3-24
Vishwas Agri Seeds NSE SME 26-3-24 27-3-24 28-3-24 28-3-24 1-4-24
Naman In-Store (India) NSE SME 27-3-24 28-3-24 1-4-24 1-4-24 2-4-24
Vruddhi Engineering BSE SME 28-3-24 1-4-24 2-4-24 2-4-24 3-4-24
Trust Fintech NSE SME 28-3-24 1-4-24 2-4-24 2-4-24 3-4-24
Blue Pebble NSE SME 28-3-24 1-4-24 2-4-24 2-4-24 3-4-24
Aspire & Innova ve NSE SME 28-3-24 1-4-24 2-4-24 2-4-24 3-4-24
GConnect Logitech BSE SME 28-3-24 1-4-24 2-4-24 2-4-24 3-4-24
Radiowalla Network NSE SME 2-4-24 3-4-24 4-4-24 4-4-24 5-4-24
TAC Infosec NSE SME 2-4-24 3-4-24 4-4-24 4-4-24 5-4-24
Yash Op cs & Lens NSE SME 3-4-24 4-4-24 5-4-24 5-4-24 8-4-24
Jay Kailash Namkeen BSE SME 3-4-24 4-4-24 5-4-24 5-4-24 8-4-24
K2 Infragen NSE SME 3-4-24 4-4-24 5-4-24 5-4-24 8-4-24
Aluwind Architectural NSE SME 4-4-24 5-4-24 8-4-24 8-4-24 9-4-24
Crea ve Graphics NSE SME 4-4-24 5-4-24 8-4-24 8-4-24 9-4-24

Cont...
 Vol. : 19 Issue No. 30

PAGE NO. : 24 25-3-2024 to 31-3-2024

Main - line IPO (Non SME)

Sr Company Issue Open Dt. Issue size Offer price Lead Manager Ra ng & Remark
Issue Close Dt. (Rs. Cr.) (Rs.) (Out of 50%)
1. SRM 26-3-2024 62,00,000 Shares 200 to 210 Interac ve Financial 33%
Contractors 28-3-2024 Rs 130.20 Cr FV Rs 10 Registrar : Bigshare Services Apply for Mid Term

NSE SME IPO

Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Vishwas 21-3-24 30,00,000 Shares 86 1600 Shares ISK 33%
Agri Seeds 26-3-24 Rs 25.80 Cr FV Rs 10 Rs 1,37,600 Advisors Apply for Long Term
2. Naman 22-3-24 28,48,000 Shares 84 to 89 1600 Shares GYR 37% ; Apply for
In-Store 27-3-24 Rs 25.35 Cr FV Rs 10 Rs 1,42,400 Capital Short Term (Listing Gain)
3. Trust 26-3-24 62,82,000 Shares 95 to 101 1200 Shares Corporate 35%
Fintech 28-3-24 Rs 63.45 Cr FV Rs 10 Rs 1,21,200 Capital Apply for Mid Term
4. Blue 26-3-24 10,80,000 Shares 159 to 168 800 Shares Hem 34%
Pebble 28-3-24 Rs 18.14 Cr FV Rs 10 Rs 1,34,400 Securities Apply for Mid Term
5. Aspire & 26-3-24 40,68,000 Shares 51 to 54 2000 Shares Hem 30%
Innovative 28-3-24 Rs 21.97 Cr FV Rs 10 Rs 1,08,000 Securities High Risk Low Return
bet
6. Radiowalla 27-3-24 18,75,200 Shares 72 to 76 1600 Shares Narnolia 36% ; Apply for
2-4-24 Rs 14.95 Cr FV Rs 10 Rs 1,21,600 Financial Short Term (Listing Gain)
7. TAC 27-3-24 28,29,600 Shares 100 to 106 1200 Shares Beeline 35% ; Apply for
Infosec 2-4-24 Rs 29.99 Cr FV Rs 10 Rs 1,27,200 Capital Short Term or Listing
Gain
8. Yash 27-3-24 65,61,600 Shares 75 to 81 1600 Shares Shreni Next Week
Optics 3-4-24 Rs 53.15 Cr FV Rs 10 Rs 1,29,600 Shares
9. K2 28-3-24 34,06,800 Shares 111 to 119 1200 Shares Expert Next Week
Infragen 3-4-24 Rs 40.54 Cr FV Rs 10 Rs 1,42,800 Global
10. Aluwind 28-3-24 66,00,000 Shares 45 3000 Shares Cropwis Next Week
Architectural 4-4-24 Rs 29.70 Cr FV Rs 10 Rs 1,35,000 Advisors

BSE SME IPO

Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Vruddhi 26-3-24 6,80,000 Shares 66 to 70 2000 Shares Fedex 28%
Engineering 28-3-24 Rs 4.76 Cr (FV Rs 10) Rs 1,40,000 Securities Avoid
2. GConnect 26-3-24 14,01,000 Shares 40 3000 Shares Fedex 33%
Logitech 28-3-24 Rs 5.60 Cr (FV Rs 10) Rs 1,20,000 Securities Apply for Long Term
3. Jay Kailash 28-3-24 16,33,600 Shares 70 to 73 1600 Shares Expert Next Week
Namkeen 3-4-24 Rs 11.93 Cr (FV Rs 10) Rs 1,16,800 Global --

Rights Issue
Sr Company Issue Open Dt. Issue size Offer price Ra o & Lis ng Lead Manager/ Recomm.
Issue Close Dt. (Rs. Cr.) (Rs.) Record Dt. Registrar
1. Velencia 15-3-2024 83,78,012 26 15 Shares for every BSE -- Avoid
Nutri on to Shares FV Rs 10 10 Shares held on Registrar
12-4-2024 (Rs 21.78 Cr.) 7-3-2024 Link In me India
2. HCC 26-3-2024 16,66,66,666 21 13 Shares for every NSE Idbi Capital
to Shares FV Rs 1 118 Shares held on BSE Registrar
5-4-2024 (Rs 350 Cr.) 16-3-2024 Link In me
3. Arjun 26-3-2024 1,65,67,200 20 8 Shares for every BSE Bajaj Capital
Bio Ventures to Shares FV Rs 10 1 Shares held on Registrar
8-4-2024 (Rs 33.13 Cr.) 12-3-2024 Venture Bio
4. Jyo 28-3-2024 11,66,66,666 15 6 Shares for every BSE Arihant Capital
Structures to Shares FV Rs 10 37 Shares held on NSE Registrar
16-4-2024 (Rs 175 Cr.) 21-3-2024 Bighsare Services

Cont...
Vol. : 19 Issue No. 30

PAGE NO. : 25 25-3-2024 to 31-3-2024

Lis ng Informa on of SME & Main Line IPOs

Co. Name Lis ng Code Offer Lis ng Lis ng Lis ng Lis ng CMP
Date Price Price Day Day Day 7th
(Rs.) (Rs.) High Low Close March
Pratham EPC (NSE SME) 18-3-2024 PRATHAM 75.00 113.30 118.95 110.00 118.95 103.85
Signoria Cr. (NSE SME) 19-3-2024 SIGNORIA 65.00 131.00 137.55 124.45 137.55 145.30
Popular Vehicles (IPO) 19-3-2024 544144 295.00 292.00 292.00 262.90 276.25 280.00
Royal Sense (BSE SME) 19-3-2024 544143 68.00 129.20 129.20 122.74 122.74 111.00
AVP Infracon (NSE SME) 20-3-2024 AVPINFRA 75.00 79.00 79.00 75.05 75.05 70.00
Krystal (IPO) 21-3-2024 544149 715.00 795.00 795.00 703.05 712.30 708.00
KP Green Engg. (BSE SME) 22-3-2024 544150 144.00 200.00 210.00 200.00 210.00 210.00
Enfuse Sol. (NSE SME) 22-3-2024 ENFUSE 96.00 115.00 120.00 109.25 114.95 114.95
Enser Comm. (NSE SME) 22-3-2024 ENSER 70.00 72.00 74.00 68.50 68.65 68.65

Subscrip on Figures of SME IPO (Dt.22-3-2024)

IPO Lis ng Day Subscribed
KP Green Engineering BSE SME Issue Closed on 19-3-2024 29.50x
Enfuse Solu ons NSE SME Issue Closed on 19-3-2024 357.31x
Enser Communica ons NSE SME Issue Closed on 19-3-2024 7.29x
Chatha Foods Limited BSE SME Issue Closed on 21-3-2024 19.28x
OmFurn India NSE SME Issue Closed on 22-3-2024 3.57x
Vishwas Agri Seeds NSE SME 2nd Day Subscribed 1.75x
Naman In-Store (India) NSE SME 1st Day Subscribed 16.18x
Trust Fintech NSE SME Issue Opens on 26-3-2024
Vruddhi Engineering BSE SME Issue Opens on 26-3-2024
Blue Pebble NSE SME Issue Opens on 26-3-2024
Aspire & Innova ve NSE SME Issue Opens on 26-3-2024
GConnect Logitech BSE SME Issue Opens on 26-3-2024
Radiowalla Network NSE SME Issue Opens on 27-3-2024
TAC Infosec NSE SME Issue Opens on 27-3-2024
Yash Op cs & Lens NSE SME Issue Opens on 27-3-2024
Jay Kailash Namkeen BSE SME Issue Opens on 28-3-2024
K2 Infragen NSE SME Issue Opens on 28-3-2024
Aluwind Architectural NSE SME Issue Opens on 28-3-2024
Crea ve Graphics NSE SME Issue Opens on 28-3-2024
Cont...
 Vol. : 19 Issue No. 30

PAGE NO. : 26 25-3-2024 to 31-3-2024

SRM Contractors Limited Main Line IPO

Opens on 26th March & Closes on 28th March 2024
Price Band Rs. 200 to 210; Lis ng on BSE & NSE
Company’s revenue is majorly concentrated on projects undertaken or awarded by government authori es
Growing figures of Top and Bo om lines in all three fiscals
Company generates majority of its revenue from projects in J&K and Ladakh
Operates in compe ve segment
Considering proven track record and Rs 1200 Cr order of infrastructural segment
Investors may apply in this IPO for mid-term period
Established in 2008, SRM Contractors Limited is a construction and development company primarily engaged in the
construction of roads (including bridges), tunnels, slope stabilization works, and other construction activities in the Union
Territories of Jammu and Kashmir and Ladakh. The company has these major business verticals: Road projects, Tunner
projects, Slop stabilization works, Other miscellaneous civil construction activities
Issue Details
• Issue Opens on 26th March. & Closes on 28th March 2024
• Object of the issue : Funding capital expenditure requirements for the purchase of equipment/machinery; Full or part repay-
ment and/or prepayment of certain outstanding secured borrowings availed by the company
• Issue Size : 62,00,000 Shares ; Rs 130.20 Cr • Face Value Rs. 10
Financial Performance : Consolidated Basis
• Listing on : BSE & NSE • BRLM : Interactive Financial Services Ltd Par culars (Rs. Cr.) FY21 FY22 FY23 9MFY24
• Registrar : Bigshare Services Pvt Ltd Total Revenue 161.95 265.51 300.65 242.28
• Company Management : Sanjay Mehta, Ashley Mehta, Puneet Pal
EPS 40.08 85.21 90.82 12.58
• Market Cap : Rs. 481.83 Cr.
RONW (%) 30.81 39.55 29.68 25.02
• Pre Issue Promoter Holding : 99.92%
• Issue constitutes 27.02% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 80.46 & RONW : 28.21%
• Pre IPO Eq. Capital Rs. : 16.74Cr. • Post IPO Eq. Capital Rs. 22.94 Cr.
• Pre IPO : P/BV Ratio 4.17 (NAV : 50.31)
• Pre IPO P/E Ratio : 18.76 • Post IPO asking P/E on fully diluted : 17.14
• Industry Peer Group PE Ratio : 32.15
• BRLM’s Performance : This is 15st Issue from BRLM in last 3 years. In last 10 Listing : 6 Issued opened with premium, 2
Issue Opened with disoucnt and 2 Issue opened with at par.

OTHER SIDE OF THE COIN

• Average cost of acquisition of Promoters is NIL to and Rs 49 while the issue price band is Rs. 200 - 210 per share.
• Apart from allotting equity at par company has allocated shares at price of Rs. 100 and FV Rs. 100 in March 2010, March
2011 and March 2013 and issue price band is Rs. 200 - 210 per share at FV Rs. 10.

• Company’s business is limited to Union Territory of J&K and Ladakh.

• Company’s business is working capital intensive involving relatively long implementation periods.
• Company and its few JVs have incurred losses in past.
• IPO size is Rs 130.20 Cr. which below 250 cr. so Issue will be listed in T Group.
Recommendation :- Company has posted constant growth in Top and Bottom lines of all three
fiscals. If we annualize the earnings of 9MFY24 it will be in line with FY23. On valuation front
P/BV comes to 4.17 based on FY23of and PE is 17.15 so, issue appears fully priced. Company
faces competition from listed peers and generates majority of its revenue from Ladakh and J&K
region-based projects. Company has ? 1200 cr worth of Order Book as on January 31, 2024.
Considering strong order book, proven track record and bright future of Infrastructural segment,
investors can apply in this IPO for mid-term to Long Term.
 Vol. : 19 Issue No. 30

PAGE NO. : 27 25-3-2024 to 31-3-2024

Naman In-Store (India) Limited NSE SME IPO

Opened on 22nd March & Closes on 27th March 2024
Price Band Rs. 84 to 89; Lis ng on NSE SME
Company has posted consistent growth in its financial performance for the reported period
Sudden jump of 193% in top line and 1696% in bo om-line of FY23 is surprising.
On the valua on front, the issue price seems reasonable considering all the parameters
Investors may consider to apply for short to medium term rewards

kitchens with limited space, educational institutions, and shelving solutions for supermarkets.
Issue Details
• Issue Opens on 22nd March. & Closes on 27th March 2024
• Object of the issue : Funding capital expenditure of the company to acquire land on a leasehold basis at
Butibori, MIDC, and proposes to shift the company’s existing manufacturing facilities, Construction of fac-
tory building and General Corporate Purposes. • Listing on : NSE SME
• Issue Size : 28,48,000 Shares ; Rs 25.35 Cr • FV Rs. 10 Financial Performance : Consolidated Basis
Par culars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• BRLM : GYR Capital Advisors Total Revenue 13.41 51.09 149.94 79.30
• Registrar : Bigshare Services Pvt Ltd
EPS 0.10 0.43 4.96 8.04
• Company Management : Mr. Raju Paleja, Ms. Bhavika
RONW (%) 3.86 10.47 65.30 51.42
Paleja, Mr. Jay Shah, Mr. Mehul Naik, and Mr. Abdul Shahid
• Market Cap : Rs. 93.88 Cr.
• Pre Issue Promoter Holding : 100% • Post Issue holding : 73%
• Issue constitutes 27% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 2.64 & RONW : 36.78%
• Pre IPO Eq. Capital Rs. : 7.70 Cr. • Post IPO Eq. Capital Rs. 10.55 Cr.
• Pre IPO : P/BV Ratio 1.03 (NAV : 85.96)
• Post Issue : P/BV Ratio : 2.51 (NAV : 35.44)
• Pre IPO P/E Ratio : 17.95 • Post IPO asking P/E on fully diluted Eq : 7.58
• BRLM’s Performance : This is 23rd Issue from BRLM in last 3 years. In last 10 Listing : 10 Issued opened
with premium.
OTHER SIDE OF THE COIN
• The average cost of acquisition of equity shares by the promoters of the company is Rs. 1.82, Rs. 2.32

• Apart from initially equity capital at par, the company has also issued further equity shares as a Rights

• Company existing Manufacturing facility located in Vasai has been shifted to Nagpur.
• The company faces competition from domestic players.
• The company needs working capital and manpower.

Recommendation : - The Company has posted consistent growth in its financial perfor-
mance for the reported period. Its revenue increased by 193% and PAT rose by 1696% in
FY23 compared to FY22 is surprising and unlikely to sustain going forward. On valuation
front considering P/BV of 2.51 and PE of 7.58 issues appears reasonably priced. Investors
may apply for short to medium term rewards.
 Vol. : 19 Issue No. 30

PAGE NO. : 28 25-3-2024 to 31-3-2024

Trust Fintech Limited NSE SME IPO

Opens on 26th March & Closes on 28th March, 2024 ; Offer price Rs. 95 to 101
Inconsistent performance in Top and Bo om lines with setback in FY22
Sudden 3x jump in FY23 compared to FY22 looks suspicious ;
Operates in Highly compe ve segment
Considering growth of So ware industry in upcoming years
Risk taking investors can apply for mid to long term period
Incorporated in 1998, Trust Fintech Limited is a software development company that specializes in providing
Core Banking Software, IT Solutions, ERP Implementation, Customized Software Solutions Development, SAP
B1, and Offshore IT services for the BFSI sector. The company’s product portfolio consists of Banking Software,
Software as a Service. It has a global footprint in more than 25 countries and a global customer base of more than
200 BFSI with Core Banking. The company has obtained various quality certifications, such as ISO 27001:2013
and ISO 9001:2015. Financial Performance : Consolidated Basis
Issue Details Par culars (Rs. Cr.) FY21 FY22 FY23 6MFY24
• Issue Opens on 26th March & Closes on 28th February 2024 Total Revenue 24.18 18.00 22.70 18.83
• Object of the Issue : To Setup additional Development facility,
EPS 4.21 2.58 7.76 14.04
Maharashtra., Investment in procuring hardware and RONW (%) 15.89 8.81 20.96 27.51
upgrading IT infra;,

• Minumum Lot Size : 1200 Share • Listing on : NSE SME • BRLM : Corporate Capitalventures
• Promoter : Mr. Hemant Padmanabh Chafale, Mr. Sanjay Padmanabh Chafale, Mr. Heramb Ramkrishna Damle,
Mr. Anand Shankar Kane and Mr. Mandar Kishor Deo.
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 73.52%
• Market Cap Rs 240.63 Cr • Issue constitutes 26.37% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 5.44 & RONW : 16.06%
• Pre IPO Eq. Capital Rs. : 17.54 Cr. • Post IPO Eq. Capital Rs. 23.83 Cr.
• Pre IPO : P/BV Ratio 1.98 (NAV : 51.04) • Post Issue : P/BV Ratio : 2.52 (NAV : 40.02)
• Pre IPO P/E Ratio : 59.76 • Post IPO asking P/E on fully diluted equity : 16.53
• Industry peer Group PE Ratio : 350.68
• BRLM’s Performance : This is 13 th Issue from BRLM in last 3 years. In last 11 Listing : 10 Issued opened with
premium and 1 Issue with discount.
OTHER SIDE OF THE COIN
• Average cost of acquisition of Promoters is Rs. 0.31 to 18.57 while the issue price band is Rs. 95 - 100 per
share.
• Apart from allotting equity at par company has allocated shares at price of Rs. 10 from 1998 to 2011 at FV Rs.
10 and then at Rs. 72.43 in 2016, 2017 and 2019 at Rs. 10 and at Rs. 57 in January in 2024.
• Company has allotted Bonus shares in ratio of 2:1, in March 2012, 1.9:1 in March 2016, 1.82:10 in October
2016 and 2.2:1 in January 2024.
• There are certain legal litigations against company and its promoter.
• Company operates in highly competitive segment of CBS and ERP and in past few years many new startups
have emerged under same segment which increases the competition.

Recommendation :- Company has posted financial performance with setback in Top and Bottom lines in F Y22 and then
a turnaround in FY23 which looks window dressing and unlikely to sustain going further. If we annualize the Fy24 earnings
then there is sudden 12x jump in PAT of FY24 compared to FY22. On valuation front P/Bv comes to 2.52 based on FY24 of and
PE is 16.53 so, issue appears fully priced. Company operates in highly competitive segment of CBS and ERP. Considering
the growth of Software industry in upcoming years, Risk taking investors can apply in this IPO for mid to long term rewards.
 Vol. : 19 Issue No. 30

PAGE NO. : 29 25-3-2024 to 31-3-2024

Vruddhi Engineering Works BSE SME IPO

Opens on 26th March & Closes on 28th March, 2024 ; Offer price Rs. 66 to 70
The company has recorded con nuous growth in the last two fiscal
Company has registered a de-growth in bo om line of H1FY24
Considering all the parameters on the valua on front, the offer price of the issue looks aggressive

Investors may consider to avoid this expensive issue

Established in 2020, Vruddhi Steel Limited provides mechanical splicing solutions to the real estate,
construction and infrastructure industries through the development, design and supply of reinforcement

on-site threading of the couplers; and trading in threading machines and spare parts.
Issue Details
• Issue Opens on 26th March & Closes on 28th March 24 Financial Performance : Consolidated Basis
Par culars (Rs. Cr.) FY21 FY22 FY23 H1FY24
• Object of the Issue : To meet working capital Total Revenue 0.04 2.21 13.10 9.35
requirements and General Corporate Purpose.
EPS -(0.55) 5.90 15.17 2.22
• Size : 6,80,000 Sh. ; Rs 4.76 Cr • Face Value Rs. 10 RONW (%) -(733.33) 98.74 35.51 16.20

• Minumum Lot Size : 2000 Share • Listing on : BSE SME • Market Cap Rs. 17.67 Cr
• BRLM : Fedex Securities Pvt Ltd • Registrar : Bigshare Services
• Promoter : Ms. Bindi Kunal Mehta • Industry peer Group PE Ratio : 20.55
• Pre Issue Promoter Holding : 96.34% • Post Issue Promoter Holding : 69.39%
• Issue constitutes 26.95% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 9.46 & RONW : -(71.55)%
• Pre IPO Eq. Capital Rs. : 1.84 Cr. • Post IPO Eq. Capital Rs. 2.52 Cr.
• Pre IPO : P/BV Ratio 5.09 (NAV : 13.73) • Post Issue : P/BV Ratio : 2.42 (NAV : 28.89)
• Pre IPO P/E Ratio : 21.54 • Post IPO asking P/E on fully diluted equity : 23.45
• BRLM’s Performance : This is 29th Issue from BRLM in last 4 years. In last 11 Listing : 10 Issued opened
with premium and 1 Issue opened with Discount.

OTHER SIDE OF THE COIN

• The average cost of acquisition of equity shares by the promoters of the company is Rs. 4.94 and the

• On 24 April 2023, the company issued bonus shares in the ratio of 15:1.
• Apart from initial equity capital at par the company issued further equity Rights shares at a price of
Rs. 75 in November 2022 and preferential allotment at Rs. 168.11 in April 2023.

• Promoter has no business experience.

Recommendation : - The Company incurred loss in previous fiscals turn the corner in FY22.
It has posted consistent growth in its financial performance for the last two fiscals. However it
has reported de-growth in bottom line for H1FY24. On valuation front considering P/BV of 5.09
and PE of 23.45, Issue appears aggressively priced compared to peers. Investors may avoid this
expensive IPO.
 Vol. : 19 Issue No. 30

PAGE NO. : 30 25-3-2024 to 31-3-2024

Blue Pebble Limited NSE SME IPO

Opens on 26th March & Closes on 28th March, 2024 ; Offer price Rs. 159 to 168
Constant growth in Top and Bo om lines of FY21 and FY22
Sudden jump in Top and Bo om lines of FY23 looks suspicious
On valua on front issue looks fairly priced
Operates in highly compe ve and capital-intensive segment
Considering company’s proven track record and marquee clientele
Investors can apply in this IPO for mid-term period
Founded in 2017, Blue Pebble Limited provides interior design and environmental branding solutions. The
company provides conceptualization, design, printing, furnishing and installation of vinyl graphics, signage, and
various furnishing products, including but not limited to 3D walls, frost/clear glass films, artefacts, wall panels,
murals and sculptures for corporate interiors and external workplace environments. The company’s printing and
design services include themed designs, large format printing, vinyl printing, fabric printing, canvas printing, sig-
nage fabrication and 3D art installation. Financial Performance : Consolidated Basis
Issue Details Par culars (Rs. Cr.) FY21 FY22 FY23 6MFY24
• Issue Opens on 26th March & Closes on 28th March 2024 Total Revenue 4.21 5.48 15.95 13.23
• Object of the Issue : Funding Capital Expenditure towards
the installation of additional machinery; EPS 0.67 1.27 6.68 9.73
RONW (%) 26.40 33.36 63.72 48.14
• Issue Size : 10,80,000 Shares ; Rs 18.14 Cr

• Minumum Lot Size : 800 Share • Listing on : NSE SME • Market Cap Rs. 68.54 Cr
• BRLM : Hem Securities Limited • Registrar : Bigshare Services Pvt Ltd
• Promoter : Nalin Gagrani, Karuna Nalin Gagrani, and Manoj Bhushan Tiwari.
• Pre Issue Promoter Holding : 100% • Post Issue Promoter Holding : 73.52%
• Issue constitutes 26.48% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 3.87 & RONW : 47.38%
• Pre IPO Eq. Capital Rs. : 3 Cr. • Post IPO Eq. Capital Rs. 4.08 Cr.
• Pre IPO : P/BV Ratio 8.31 (NAV : 20.21)
• Pre IPO P/E Ratio : 25.16 • Post IPO asking P/E on fully diluted equity : 11.75
• BRLM’s Performance : This is 44 th Issue from BRLM in last 3 years. In last 10 Listing : 9 Issued opened with
premium and 1 Issue opened with Discount.
OTHER SIDE OF THE COIN
• Average cost of acquisition of Promoters is Rs. 0.03 to Rs. 10 while the issue price band is Rs. 159 - 168 per
share.
• Company has allotted Bonus shares in ratio of 299:1 in September, 2023.
• Company’s projects may be exposed to various implementation and other risks and uncertainties such as time

• Company operates in highly competitive and fragmented market.

• Company’s cost to material ratio was 49.12% and 56.87% in September 2024 and Fy23.
• Company’s business is highly capital intensive.

Recommendation :- Company has posted steady growth in Top and Bottom lines of Fy21 and Fy22 but there
is sudden 3x jump in Revenue and 5x jump in PAT in Fy23 which is surprising. If we annualize the earnings of
Fy24 then it will be ahead of FY23. On valuation front P/BV comes to 8.31 based on NAV of 20.21 of and PE is
11.75 so, issue appears fairly priced. Company operates in highly fragmented, competitive, and capital-intensive
segment. Considering company’s clientele and proven financial performance, issue looks fairly priced Inves-
tors may consider to apply for midterm rewards.
 Vol. : 19 Issue No. 30

PAGE NO. : 31 25-3-2024 to 31-3-2024

Aspire & Innova ve Adver sing Limited NSE SME IPO

Opens on 26th March & Closes on 28th March, 2024 ; Offer price Rs. 51 to 54
Constant growth in Top and Bo om lines in all three fiscals
Company operates in highly compe ve segments
On valua on front issue looks fairly priced
Considering growth of adver sing and consumer durables industry
Investors may apply for long term in this high Risk low Return Bet
Founded in 2017, Aspire & Innovative Advertising Limited deals in consumer durables, including kitchen ap-
pliances, home appliances, white goods, mobile phones and accessories, solar products, and more. The com-

cooktops, mixer-grinders, dinner sets, sewing machines, fans, irons, bulbs, heaters, phones, TVs, refrigerators,
washing machines, headphones, and solar lanterns.
Issue Details Financial Performance : Consolidated Basis
th th
• Issue Opens on 26 March & Closes on 28 March 2024 Par culars (Rs. Cr.) FY21 FY22 FY23 6MFY24
Total Revenue 108.30 255.58 346.20 177.10
• Object of the Issue : To meet Working Capital requirements
• Issue Size : 40,68,000 Shares ; Rs 21.97 Cr • FV Rs. 10 EPS 2.25 3.95 4.78 3.54
RONW (%) 43.72 42.86 34.22 20.22

• Listing on : NSE SME • Market Cap Rs. 81.96 Cr •BRLM : Hem Securities Limited
• Registrar : Bigshare Services Pvt Ltd • Promoter : Nitesh Agarwalla and Rinku Agarwalla.
• Pre Issue Promoter Holding : 98.84% • Post Issue Promoter Holding : 72.35%
• Issue constitutes 24.77% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 3.42 & RONW : 38.64%
• Pre IPO Eq. Capital Rs. : 11.11 Cr. • Post IPO Eq. Capital Rs. 15.18 Cr.
• Pre IPO : P/BV Ratio 2.03 (NAV : 17.50) • Post Issue : P/BV Ratio : 2.20 (NAV : 24.60)
• Pre IPO P/E Ratio : 11.3 • Post IPO asking P/E on fully diluted equity : 10.42
• BRLM’s Performance : This is 43 th Issue from BRLM in last 3 years. In last 10 Listing : 9 Issued opened with
premium and 1 Issue opened with Discount.

OTHER SIDE OF THE COIN

• Average cost of acquisition of Promoters is Rs. 0.12 and Rs. 1.53 while the issue price band is Rs. 51 - 54
per share.
• Company has allotted Bonus shares in ratio of 100:1 in June,21 and 9:1 in September, 23.
• Company’s business is dependent upon third parties for trading and supply of all of the products they sell.

• Company generates majority of its revenue from Bihar, Odisha, West Bengal and M.P..

• Company faces competition from organized as well as unorganized players.

Recommendation :- Company has reported constant growth in Top and Bottom lines of all three fiscals. If we
annualize the FY24 earnings then it will be ahead of Fy23 financials. On valuation front P/BV comes to 2.2 based
on NAV of 24.6 of and PE is 10.42 so, issue appears fairly priced. Company faces very high competition. Consid-
ering growth of consumer durables and advertising industry in upcoming years along with proven track record,
Investors may apply for long term in this high Risk low Return Bet.
 Vol. : 19 Issue No. 30

PAGE NO. : 32 25-3-2024 to 31-3-2024

GConnect Logitech and Supply Chain Limited BSE SME IPO

Opens on 26th March & Closes on 28th March, 2024 ; Offer price Rs. 40
The company posted financial performance of FY23 and 6MFY24
If we annualized H1FY24 results, it has reported consistent growth in top-bo om line
Considering all the parameters on the valua on front, the issue appears fairly priced
Investors may consider to apply for long term rewards
Incorporated in July 2022, Gconnect Logitech and Supply Chain Limited provides surface logistics ser vices,
including goods transport. The company’s service offerings include bulk loads, Full Truck Loads (FTL) service,
and dedicated loads. The company has an asset-light model and works with third parties to provide necessary
assets, such as vehicles. As of September 30, 2023, the company serves approximately 24 customers, with over
8 customers having been associated with them for more than 4 years.
Issue Details : • Issue Opens on 26th March & Closes on 28th March 2024
• Object of the Issue : Purchase of Vehicles and Body Building
Finance the Website Development and App Designing Financial Performance : Consolidated Basis
• Issue Size : 14,01,000 Shares ; Rs 5.60 Cr M/s. Prithvi Enterprise GGConect
Par culars (Rs. Cr.) FY21 FY22 11MFY23 FY23 6MFY24
• Minumum Lot Size : 3000 Share Total Revenue 2.92 2.96 3.37 1.01 2.13
• Listing on : BSE SME • Market Cap Rs. 14.88 Cr
EPS -- -- -- 26.64 1.35
• BRLM : Fedex Securities Pvt Ltd
RONW (%) -- -- -- 11.61 5.73

• Promoter : Mr. Jigar Vinodbhai Sheth and Mr. Vinod Venilal Sheth.
• Pre Issue Promoter Holding : 76.76% • Post Issue Promoter Holding : 47.85%
• Issue constitutes 28.91% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 26.64 & RONW : 11.61%
• Pre IPO Eq. Capital Rs. : 2.32 Cr. • Post IPO Eq. Capital Rs. 3.72 Cr.
• Pre IPO : P/BV Ratio 0.89 (NAV : 44.52) • Post Issue : P/BV Ratio : 1.55 (NAV : 25.77)
• Pre IPO P/E Ratio : 30.32 • Post IPO asking P/E on fully diluted equity : 16.68
• Industry peer Group PE Ratio : 22.05
• BRLM’s Performance : This is 30 th Issue from BRLM in last 4 years. In last 11 Listing : 10 Issued opened with
premium and 1 Issue With Discount.

OTHER SIDE OF THE COIN

• The average cost of acquisition of equity shares by the promoters of the company is Rs. 12.79 and Rs. 12.67

• The company issued bonus shares in the ratio of 21:10 on 15 June 2023.
• Apart from initial equity capital the company has issued further equity at 40 for the takeover properties hip on
24th March 2023.
• This company was formed to take over the business of “Prithvi Enterprises” due to which its operational history
is limited. o The company operates in a highly competitive segment.
• Post IPO equity capital is only Rs. 3.72 crore only so it may take a long time for the company to migrate to the

Recommendation :- The company has posted two financial statement One for M/s. Prithvi Enterprise
(Sole proprietorship) it is for FY20 to for the eleven months period ended Feb. 28, 2023 and another is for
Gconnect logistics for FY23 & 6M Ended Sept. 30,2023. If we annualized 6MFY24 results it has reporte d
consistent growth in top line & bottom line for FY23 & FY24. On the valuation front, the offer pric e of
the issue appears to be reasonable considering the P/BV of 1.55 and PE of 16.68 compared to its peer s’
average of 22.05. Government focus on Logistics sectors, Investors may consider long-term investment
in this issue.
 Vol. : 19 Issue No. 30

PAGE NO. : 33 25-3-2024 to 31-3-2024

Radiowalla Network Limited NSE SME IPO

Opens on 27th March & Closes on 2nd April, 2024 ; Offer price Rs. 72 to 76
The company has posted consistent growth in top-bo om line for reported periods
Sudden over 9 fold jump in bo om line for 7MFY24 looks suspicious
On valua on front considering as parameters, issue appears fully priced
Investors may considering to apply for short term or lis ng gain
Incorporated in July 2010, Radiowalla Network Limited provides in-store radio services on a sub-
scription model basis, which includes an exclusive radio channel for a brand. Services are exclusively
catered to the business-to-business (B2B) sector. The company provides services directly to other
businesses under a Business-to-Business (B2B) model. They have expanded their business into two
verticals. 1. Radio Engagement Solutions and Subscription services 2. Advertisement Solutions. .
Issue Details Financial Performance : Consolidated Basis
• Issue Opens on 27th March & Closes on 2nd April 2024 Par culars (Rs. Cr.) FY21 FY22 FY23 7MFY24
Total Revenue 5.90 10.50 14.03 7.82
• Object of the Issue : To meet out the expenses for
Investment in Technology, EPS 2.41 11.16 24.25 24.24
• Issue Size : 18,75,200 Shares ; Rs 14.25 Cr RONW (%) 95.57 129.28 30.49 20.62

• Minumum Lot Size : 1600 Share • Listing on : NSE SME • Market Cap Rs. 53.57 Cr
• BRLM : Narnolia Financial Services Ltd • Registrar : Maashitla Securities Private Limited
• Promoter : Mr. Anil Srivatsa, Ms. Gurneet Kaur Bhatia, Mr. Harvinderjit Singh Bhatia.
• Pre Issue Promoter Holding : 55.80% • Post Issue Promoter Holding : 40.95%
• Issue constitutes 26.61% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 16.25 & RONW : 74.27%
• Pre IPO Eq. Capital Rs. : 5.17 Cr. • Post IPO Eq. Capital Rs. 7.05 Cr.
• Pre IPO : P/BV Ratio 0.65 (NAV : 117.54) • Post Issue : P/BV Ratio : 2.19 (NAV : 34.73)
• Pre IPO P/E Ratio : 38.48 • Post IPO asking P/E on fully diluted equity : 27.41
• BRLM’s Performance : This is the 9th Issue from BRLM in last one year, In last 8 listing - 8 Issue
opened with premium.

OTHER SIDE OF THE COIN

• The average cost of acquisition of equity shares by the promoter is Rs. 3.62, Rs. 6.04 and Rs. 44.68

• It has also issued bonus shares in the ratio of 10:1 In November 2023.
• Apart from initial equity capital the company issued / converted further equity shares by the way
of Rights shares, preference shares, CCPS & Preferential allotment from Rs 10 to Rs 1110 from
September 2011 to October 2023

• Group entities have incurred losses in the past.

Recommendation : The Company has posted consistent growth in its top lines & bottom lines for the last three
fiscals and 7MFY24. If we annualized 7MFY24 sudden over 9 Fold is surprising and looks suspicious. On valua-
tion front considering P/BV of 2.19 and PE of 27.41, issue appears fully priced. Looking to company ’s marquee
clientele like ITC, HUL, LIC, Tanishq etc. Investors may consider to apply for short term or listing gain.
 Vol. : 19 Issue No. 30

PAGE NO. : 34 25-3-2024 to 31-3-2024

TAC Infosec Limited NSE SME IPO

Opens on 27th March & Closes on 2nd April, 2024 ; Offer price Rs. 100 to 106
Growing Top lines in all three fiscals with sudden 2x jump in FY23
Unsteady bo om-line with mul fold jump in FY23 compared to other fiscals
RONW and EPS are con nuously declining ; On valua on front issue looks fully priced
Considering company’s marquee clientele along with growth of Cyber security industry
Investors may apply in this IPO for Short term or Long Gain

ment and assessment, cyber security quantification and penetration testing in a SaaS model. The
company’s clients include banks and financial institutions, government regulators and departments,
large enterprises (including corporate offices) such as HDFC, Bandhan Bank, BSE, National Payments
Corporation of India, DSP Investment Managers Private Limited, Motilal Oswal Financial Services
Limited and NSDL e-Governance.
Issue Details Financial Performance : Consolidated Basis
Par culars (Rs. Cr.) FY21 FY22 FY23 6MFY24
• Issue Opens on 27th March & Closes on 2nd April 2024 Total Revenue 5.16 5.23 10.14 5.31
• Object of the Issue : Acquisition of TAC Security Inc
(Delaware, USA) and making it a Wholly Owned EPS 6.23 0.79 0.80 2.55
RONW (%) 66.05 23.30 3.56 20.24
Subsidiary thereon, Investment in Human resources and
Product Development

• Minumum Lot Size : 1200 Share • Listing on : NSE SME • Market Cap Rs. 111.08 Cr
• BRLM : Beeline Capital Advisors Pvt Ltd • Registrar : Skyline Financial Services Private
• Promoter : Mr. Trishneet Arora and Mr. Charanjit Singh.
• Pre Issue Promoter Holding : 78.00% • Post Issue Promoter Holding : 56.94%
• Average of last 3 Yrs. EPS Rs. 3.71 & RONW : 48.88%
• Pre IPO Eq. Capital Rs. : 7.65 Cr. • Post IPO Eq. Capital Rs. 10.48 Cr.
• Pre IPO : P/BV Ratio 8.42 (NAV : 12.59) • Post Issue : P/BV Ratio : 0.87 (NAV : 120.82)
• Pre IPO P/E Ratio : 15.86 • Post IPO asking P/E on fully diluted equity : 28.5
• Industry peer Group PE Ratio : 51.40

OTHER SIDE OF THE COIN

• Average cost of acquisition of Promoters is Rs. 0.02 while the issue price band is Rs. 100 - 106 per
share.
• Apart from allotting equity at par company has allocated shares at price of Rs. 1800 at FV Rs. 10 in
FY16 and Fy17 and the issue price is Rs. 100 - 106 per share.
• Company has allotted Bonus shares in ratio of 35:1 in FY18 and 16:1 in FY24.
• Company faces competition from listed and unlisted players.

Recommendation :- Company has reported growth in Top lines in all three fiscals with a
sudden 2x jump in Fy23. Company has also reported multifold jump in PAT in FY23 compared
to Fy21 and Fy22. If we annualize the financials of FY24 then it will be below Fy23. Company’s
EPS and ROPNW have been continuously decreasing. On valuation front P/Bv comes to 0.87
based on NAV of 120.82 of and PE is 28.5 so, issue appears fully priced. Considering company’s
marquee clientele along with growth of Cyber security industry. Investors may apply in this
IPO for Short term or Long Gain.
 Performance Report - Mid-term / Long-term
Stock Name Advise Target Stop Holding Return Advice End
Price Price Loss Period % Date Date
JK paper 370 490 2-12 weeks 32% 13/02/2023 19/01/2024
Hdfc Life 495 645 474 2-4 weeks 30% 08/03/2023 03/01/2024
Restaurant Brand Asia 105 110 90 2-4 months 5% 25/10/2023 11/01/2024
SHAREINDIA 1520 1830 1420 4-6 weeks 20% 01/11/2023 18/01/2024
Quick Heal 381 440 311 4-6 weeks 15% 15/10/2023 17/01/2024
Ashoka Buildcon 145 160 123 4-6 weeks 10% 16/10/2023 18/01/2024
Fusion Micro 540 669 520 4-6 weeks 24% 01/12/2023 31/01/2024
RALLIS INDIA 250 264 215 6-8 weeks 6% 05/12/2023 18/01/2024
Honasa Consumer 387 485 350 12-16 weeks 25% 11/11/2023 08/01/2024
Engineer India 160 204 150 4-6 weeks 28% 14/12/2023 02/01/2024
Asahi Glass 555 578 530 4-6 weeks 4% 15/12/2023 05/01/2024
Graphite India 540 574 470 5-6 weeks 6% 15/12/2023 17/01/2024
PDSL 545 588 525 4-6 weeks 8% 21/12/2023 15/01/2024
IEX 160 140 145 4-6 weeks -13% 29/12/2023 17/01/2024
Sula Vineyards 475 622 450 12-16 weeks 31% 29/12/2023 08/01/2024
Sasta Sundar Ventures 410 473 386 4-6 weeks 15% 01/01/2024 02/01/2024
Vascon Engg 71 77.5 65 4-6 weeks 9% 01/01/2024 05/01/2024
IMFA 512 582 494 4-6 weeks 14% 01/01/2024 30/01/2024
NFL 90 115 80 2-4 weeks 28% 02/01/2024 18/01/2024
MUNJAL SHOWA 160 190 142 4-6 weeks 19% 10/01/2024 11/01/2024
NAM_India - Nippon 495 525 6% 11/01/2024 30/01/2024
MADRAS FER 94 116 78 4-6 weeks 23% 03/12/2023 02/02/2024
Infosys 1564 1700 1460 2-3 weeks 9% 15/12/2023 02/02/2024
SWAN ENERGY 505 645 480 6-8 weeks 28% 29/12/2023 01/02/2024
NATIONAL ALUMINIUM 135 157 120 4-6 months 16% 16/01/2024 02/02/2024
Inox India 884 1029 855 2-3 months 16% 30/01/2024 03/02/2024
Delta Corp 143 153 131 3-4 weeks 7% 04/02/2024 04/02/2024
Average Return 16%

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