Week-13 Date- 25-31/03/2024

THE WEEKLY AN INITIATIVE OF HM ASSET MANAGEMENT COMPANY

ANIRUDH KALRA; JATIN SAINI

We are driven by our need to

avoid pain (and punishment)
and a desire to gain pleasure
(and reward). Evolution has
made any behavior that helps us
survive and reproduce feel
pleasurable or rewarding.

Behaviour that is bad for us feels

painful or punishing. Feelings of
pain and pleasure are a useful
guide to what is good or bad for
us.

~SEEKING WISDOM

THE HAWALA MONEY

THE NEXT EDITION WILL BE BETTER

 OBSCURE OFFSHORE FUNDS
New this week
The S&P BSE SmallCap Index, which comprises 946 companies, is down nearly 5% since 1 March. Recently,
Story one
Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India, warned about a potential bubble
The Hawala operator
forming in small-cap stocks. She pinned this on the role of some investors and the decisions some companies took.
Story two Obscure offshore funds may have played a role in running up the share price of certain companies.
ICICI won, People lost
MAHADEV ONLINE BETTING SCANDAL
Story three Suraj Chokhani, a Kolkata-based resident, was arrested by the Enforcement Directorate earlier this month. The
The Copper Age
arrest resulted from the economic crimes agency’s investigation into the illegal Mahadev Online betting app
scandal. The ED also seized the assets of 13 companies that it believes were used as vehicles to launder illicit
Story four
The Bossless boeing
money made from the betting app.
1. Ability Games Pvt Ltd
2.Ability Smartech Pvt Ltd
Story five 3. Ability Ventures Pvt Ltd
THE OLD AND WISE: Peter Lynch 4. Brilliant Investment Consultants Pvt Ltd
5. Dicovery Buildcon Pvt Ltd
Story six 6. Forest Vincom Pvt Ltd
January 14, 1997 7. Sawarnbhumi Vanijya Pvt Ltd
8. Dream Achievers Consultancy
9. Ecotek General Trading LLC
Story seven 10. Zenith Multi Trading DMCC
THE TECHNICALS 11. Plus Commodities DMCC
12. Caterfield Commodities DMCC
13. JE Impex DMCC
Story eight
THE CAPITALIST WAY
Chokhani owns eight of these companies
Story nine The other five companies have links to Dubai.
Insider trading of this week

DUBAI CONNECTION
Last summer, Marriott International, which operates hotels across 139 countries, agreed to start a 350-room hotel
on Al Marjan Island, one of the four islands of Ras Al Khaimah, a city in the United Arab Emirates.
Set to open in 2026, under Marriott’s Le Méridien brand, the property is being developed by a company called
Three Musketeers Hospitality. It is a wholly owned subsidiary of UAE-based Plus Holding Ltd.
Surendra Bagri, Ajay Halwasiya and Hari Shankar Tibrewala are the three founders of this hospitality company.

SURENDRA BAGRI
JE Impex DMCC [No. 3], which was set up in April 2016, calls itself a global cashew importer and exporter. It
also buys and sells furniture and machine spare parts. But its business of owning and selling shares is what sets it
apart. Its owner is Surendra Bagri, one of the co-founders of Three Musketeers Hospitality.

HARI SHANKAR TIBREWALA

The three remaining firms are Zenith Multi Trading LLC, Ecotek General Trading LLC, and Plus Commodities
DMCC. These are owned by Hari Shankar Tibrewala, the Dubai-based co-founder of Three Musketeers
Hospitality (the ED in its probe filings has spelt his last name as Tibrewal).
Zenith Multi Trading, set up in June 2013, and Ecotek General Trading, which came up five years later in 2018,
share the same telephone number. Plus Commodities, which was started in October 2019, and Ecotek operate out
of different offices but have the same person managing the two offices, according to filings made by these funds
to Sebi.

AJAY HALWASIYA
Ajay Halwasiya, the third co-founder of Three Musketeers Hospitality, is the grandson of Madan Mohan
Halwasiya, who founded the Kolkata-based Universal-Halwasiya Group.Ajay’s younger brother is Aditya
Halwasiya, managing director of Cupid Ltd, a contraceptive maker.

CONTROL OF BLB
BLB Ltd is a Kolkata-based firm that buys and sells shares. Sometime during January-March last year, Tano
Investment Opportunities Fund made its first appearance on BLB’s cap table—with an 8.65% stake in the
company.
Who owns this fund is not clear as disclosures made to the stock exchanges by two public companies point to two
owners. Tano Investment has invested in Gensol Engineering Ltd, an Ahmedabad-based firm that installs ground-
mounted and rooftop solar panels. Gensol, in a filing dated 9 February, mentions Hari Tibrewala as the beneficiary
owner of Tano Investment.
But Cellecor Gadgets Ltd, a Delhi-based electronic goods company in which Tano has invested, says in a 12 March
disclosure to the exchanges that Ashwanee Ramsurrun,
a Mauritius-based lawyer, is the beneficiary owner of the
fund.
Tano Investment Opportunities Fund is registered in the
Mauritius. OFS Finserv Services Ltd, which counts
Ramsurrun as the cofounder, manages Tano Investment,
according to registration documents Tano filed with the
Mauritius Financial Services regulator.

The Enforcement Directorate mentions Hari Tibrewala

as a “hawala operator”.
Be as it may, Chokhani, whom the ED arrested and refers
to as Tibrewala’s Indian counterpart, swooped into the
company in December and made an open offer in
January. He was expecting to spend ₹31 crore.

Shares of BLB, which were trading at ₹21.75 apiece at

the end of March 2023, jumped to ₹52.55 a share by 29
February this year. The ED issued a statement on 1 March calling Tibrewala a “hawala operator".
Consequently, Chokhani’s plan of buying out BLB came to naught. The company informed the exchanges on 8
March about the arrest of Chokhani.

“The surprising thing is why would a person running an obscure fund look to buy a company?" asked a Delhi-
based executive at an alternate investment fund, declining to be identified. “Running a listed company comes with
more scrutiny from the regulator than merely running a fund."
THE SAME FACES
BLB may not have changed hands for now. But over the last 15 months at least five small-cap firms, valued at between ₹400 crore and ₹3,000 crore, have raised capital after issuing shares to a group
of investors.
These companies are Specialty Restaurants Ltd, which runs the Oh! Calcutta and Mainland China restaurants; agro-processing firm BCL Industries Ltd; Ok Play India Ltd, which makes plastic-
moulded toys; engineering firm Balu Forge Industries; and Gensol Engineering Ltd.
All these firms issued shares to some investors, a few of whom are now being probed by ED.
There is nothing wrong with a company raising capital through convertible warrants. These financial instruments allow investors to buy equity in a company or allow a company to issue shares to
investors, enabling swift capital-raising.
So what was common in the above transactions? The same faces—Tibrewala, Bagri, Kumar, and Ajay Halwasiya and family—surface again and again.
Also, the share price of companies that issued preferential shares jumped.
Sample this. Speciality Restaurants, in December 2022, made a preferential allotment of shares. The group of investors included Tibrewala and Bagri. Ekta Halwasiya, the mother of Ajay and Aditya
Halwasiya, also bought shares. Finally, Kumar, who owns Caterfield Global, too subscribed.
Gensol’s preferential share allotment saw participation from both Tibrewala and Bagri, while Balu Forge Industries’ preferential issue of equity saw both Tibrewala and Kumar investing in the shares.
The share price of many of these companies had already run up before the preferential allotment. Shares of Balu Forge Industries, for instance, had almost doubled in the 12 months to 21 June 2023,
when its board agreed to raise money from the preferential allotment. Post the allotment, the share price further jumped 40% between 22 June and 7 March this year.

The share price of many of these companies had already run up before the preferential allotment.
To be sure, preferential allotment by these six small-cap firms was not limited to only these entities or individuals.
Gensol Engineering raised ₹900 crore through a preferential share allotment to 162 investors, who would own a 21.6% stake in the company. Speciality Restaurants raised ₹127.23 crore by issuing
shares to two dozen investors. Balu Industries raised ₹158.5 crore from 14 investors. BCL Industries raised ₹210 from preferential allotment to 28 public investors.
“Anjan Chatterjee (founder of Speciality Restaurants) is a dear friend and the deal was formulated by Prabhudas Lilladher Investment Banking and preferential warrants were allotted to a Halwasiya
family member,"
“BCL Industries deal was brought to Aditya by a reputed (investor relations) and brokerage firm and investment was done on the basis of its promising business and future prospects," he added.
“Having investments along with multiple other investors (30-60+ investors) in certain preferential allotments does not mean the Halwasiya family has business dealings with Hari Tibrewala if one or
two of Hari’s connected entities are also listed as allottees in a specific deal," Ajay Halwasiya further said.
“All Indian investments are done from proprietary funds of the Halwasiya family from India and the Halwasiya family does not remit funds abroad into any foreign companies," he clarified.

DON’T KNOW THEM

Following the ED’s decision to seize the shares owned by the funds, at least a dozen small companies told the exchanges they didn’t know much about the funds participating in
the preferential allotment of shares; that these funds were merely shareholders and that the promoters had nothing to do with the owners of these offshore funds. These companies
include Ok Play India, Balu Industries, BCL Industries and Gensol Engineering.

“Zenith (fund owned by Hari Tibrewala), a passive shareholder since September 2022, holds less than 1.5% in Gensol and holds neither decision-making rights nor any involvement
in the business and operational strategies of the company,"
Gensol Engineering told the exchanges on 13 March. “The company does not exercise control over or have access to its shareholders’ business dealings or private transactions,"
it further added.

“We have already submitted our clarification on the subject matter on NSE & BSE on 13/03/2024, that neither the company nor its promoters have any personal association
with any of the alleged entities including M/s. JE Impex DMCC or its promoters except that it has been allotted 10,00,000 equity shares on preferential basis by the company in
January 2023, which is not even 2% of the total allotments," ~BCL.

Not everyone buys this defence.

“Any fund managing even a few hundred crores does good due diligence of the company before participating in preferential shares," said the executive at the Delhi-based
financial firm cited above. “From meeting with the management to having factory visits or speaking with vendors and employees, the due diligence process is elaborate."
Similarly, a company also does background checks on investors and funds. “After all, a company will not just share information with any fund claiming to have money," the
executive said.

“So far, we have not received any query from ED or Sebi about the investments made by M/s. JE Impex DMCC in the company," BCL stated in its clarification, adding that
the company had completed all due diligence required by Sebi.
 INSTITUTIONAL YES. QUANTUM LOST
Four prominent proxy advisory firms—InGovern, SES, IiAS and ISS-- have favoured the Quantum Long Term Equity Value Fund and Quantum ELSS Tax Saver Fund owns shares in
scheme of arrangement that proposed delisting of equity shares of ICICI Securities by ICICI Bank and ICICI Securities. The fund house estimates that the merger will result in a net loss
issuing equity shares of its parent, ICICI Bank, to the shareholders of ICICI Securities. By of at least Rs 6.08 crore to its unitholders.
virtue of the delisting, ICICI Securities will become a wholly-owned subsidiary of ICICI
“It is our opinion that the recent proposal by ICICI Bank to merge with ISEC (ICICI Bank owns
Bank. a 75 percent equity stake in ISEC) is detrimental to the interests of our unitholders as we believe
it undervalues ISEC and gives ICICI Bank access to the full business of ISEC at a less than the
According to InGovern, over a period of six months prior to the date of announcement of fair market price. Even if the company was valued at the lowest PE (Price to Earnings) multiple
delisting i.e. from December 28, 2022 to June 28, 2023, the average ratio of VWAP reflected in its peer set (20.4 times for Angel One) the merger offer would have been at least 30
(Volume-Weighted Average Price) of ICICI Securities stock price to the VWAP of ICICI percent higher. The current proposed merger ratio transfers at a minimum Rs 1,780 crore to
Bank stock price is 0.54. The proposed swap ratio of 0.67 represents a premium of 24.07% ICICI Bank shareholders from ISEC minority shareholders,” the fund house said
to this. The VWAP ratio during the period from June 28, 2023 to March 9, 2024 is 0.70
which closely mirrors the swap ratio offered by the company to its shareholders, said the As per the fund house, had a reverse merger swap ratio set on the day of its listing, the ratio would
InGovern report. have been set at 1.65 ICICI Bank shares for every 1 share of ICICI securities (a 146 percent
premium to the current offer) based on the closing price for both the companies. Further, had the
The InGovern report also added that the broking business is inherently volatile. By being ISEC IPO price been used as a benchmark, then the share swap ratio would have been 1.9 shares
offered shares of the comparatively stable shareholding in the parent company, of ICICI Bank for every 1 share of ICICI securities (a 183 percent premium to the current offer)
shareholders of ICICI Securities gain from enhanced liquidity and better price discovery. on the day of its listing.

The combined entity with the strategic imperative of combining wealth management, Quantum Mutual Fund estimates that the current swap ratio values ICICI securities at a 30-77
broking services with banking services will fuel growth and profitability, the InGovern percent discount to its other listed peers based on consensus earnings forecast for the fiscal year
report added. ending March 2024. Based on the above to protect the interests of its unitholders, Quantum Mutual
Fund has decided to vote against the resolution.

67 / 100
PARANOID MANAGEMENT NEEDS SCREENSHOT OF VOTE
1. ICICI Securities shareholders started receiving calls in February (I 4. If that was not enough, ICICI Bank branch managers and relationship
received on February 13) from some company named "Trustwell managers are asking for a screenshot confirmation that the vote was cast.
Management Consulting". It called ICICI Securities shareholders on I got multiple calls and requests from both the branch manager and
the pretext of "contact update" but actually it was to inform them relationship manager asking for confirmation on my voting
about benefits of delisting. Voting dates for ICICI Securities delisting
resolution were not even announced at that point. 5. And if that wasn't enough, we are hearing reports of branch managers
actually visiting homes of shareholders to get their voting confirmation.
2. After the voting period began on March 22, the same company has Quite unbelievable!
been calling all shareholders to cast their vote. The same data privacy
breach again
‘RM asked me to either vote in the bank's favour or sell my
3. ICICI Bank seems to have access to entire database of ICICI shares’.
Securities shareholders, irrespective of the broker account in which
ICICI Securities shares are held. ~A User on X

ICICI SECURITIES MERGER WITH ICICI BANK APPROVED BY SHAREHOLDERS

UNHAPPY SWAP BIG PLAYERS WIN
The investors were upset over the proposal to turn ICICI Securities into a wholly owned subsidiary of parent ICICI Bank Ltd,
and made plain their disgruntlement for the first time in a public forum. They believe the company is better off listed and are
AGAIN!!!
unhappy with the share swap ratio proposed.
According to a regulatory filing, 83.8
“I do not see where these synergies are coming from,” Vikrant Darak, chief executive officer (CEO) of Finverse Ventures percent of the institutional shareholders and
Pvt. Ltd, a Pune-based fintech firm, and a shareholder in ICICI Securities, said during the meet. “Neither in terms of 32 percent non-institutional shareholders
technology—because I believe we are very superior in terms of technology to our peers. In terms of financial muscle, we are voted in favour of the delisting.
very well-placed.”
The voting results showed that 72 percent
The share swap ratio (67 shares of ICICI Securities for every 100 shares held in ICICI Bank) has also generated disquiet. “The public shareholders voted for the delisting,
share swap ratio seems to be on the lower side. Investors would be better off selling ICICI Securities shares and buying ICICI while 67 percent of retail investors voted
Bank from the open market today to get almost a 20% increase,” said Shriram Subramanian, founder of proxy advisory firm against the resolution. It was the large
InGovern Research Services. institutional holdings in ICICI Securities
that led to the proposal being cleared.
In response to an emailed query from Mint, an ICICI Securities spokesperson said: “There is no reconsideration as the scheme
has been filed with NCLT (National Company Law Tribunal) at the valuation ratio that was approved by the boards after As per the terms of the arrangement,
careful consideration backed by fairness evaluation for all stakeholders. We also believe the proposal is in long-term interest shareholders of ICICI Securities will get 67
for the company and shareholders.” shares of ICICI Bank against every 100
shares held.

Late last year, ICICI Securities responded to questions raised by Unifi Capital, a Chennai-based portfolio management services Before the resolution was passed, ICICI
firm, and a Bengaluru-based retail investor, Soarabh Gupta. Gupta is a relative of Manu Rishi Gupta, who runs a Bengaluru- Bank faced significant backlash from
based investment fund, MRG Capital, who too has voiced his unhappiness over the transaction. minority shareholders. Several of them took
to the social media platform X and said the
Both Unifi Capital and Gupta had written to the nine-member board of ICICI Securities, expressing their displeasure at the bank's executives had been calling ICICI
proposed transaction. Finverse Ventures’ Darak told Mint that investors are paying a premium on the shares of ICICI Securities Securities' stakeholders to influence their
because they believe they are worth more than the price dictated by the original 100:67 swap ratio, and that this suggests that voting.
the market does not expect the transaction to receive investor support.
The stock exchanges even wrote to ICICI
“The stock price has run up significantly in the past year; so, minority investors have to consider whether the business prospects of ISEC Securities and ICICI Bank to provide a
(ICICI Securities) are better than the prospects of a diversified portfolio of businesses at ICICI,” Subramanian of InGovern said. clarification on the same.
THE SITUATION TODAY LESSONS FROM CHINA
Copper is a critical metal, and its consumption According to the International Copper Study Group, global copper consumption rose by 5% to 27.1 million tonnes (mt) in 2023, against
is closely associated with economic growth. Its production of 27mt. China accounted for 68% of the world’s copper consumption in 2023, at 18.5mt, registering a 9% increase over the previous
importance has risen in recent years with the year. Its own production of refined copper stood at 13mt, while imports accounted for the rest.
focus shifting to renewable energy, electric
vehicles (EVs)—electric cars use four times Copper consumption in the US was flat while it contracted in Europe. Global demand grew marginally, thanks to strong consumption in China.
more copper than those powered by petrol or That came as a surprise as the Chinese economy as a whole is facing massive headwinds. Industrial output is down as both domestic and export
diesel—and related infrastructure demand have fallen. The country’s property sector is in the doldrums. Demand for copper came primarily from EV and renewable energy.
development. “Of the 13.5 million electric cars sold globally in 2023, 9.5 million were in China. EVs account for 40% of all car sales there,” Sundeep Daga,
founder & chief executive officer (CEO), Regsus Consulting, a metal price risk management advisory firm, said.
According to Government of India data, the The EV sector alone consumed in excess of a million tonnes of copper in the last year.
country’s per capita copper consumption, at
0.6kg, pales in comparison with the world The other big source of demand was the renewables sector. Realizing that a sharp increase in the sale of EVs will call for enhanced electricity
average of 3.2kg. If India has to become a demand, China has been ramping up its renewable energy capacity. In 2023 alone, it added renewable capacity of 160 giga watts (GW), mostly
developed nation by 2047, it needs to secure its in western China, where land was available and cheap. Long transmission lines were laid to evacuate the electricity generated to meet the
copper supply. demand on the east coast.
India’s copper consumption has been rising
sharply. In 2022-23, it stood at 986,000 tonnes, “There is a lesson for us to learn from China,” said Daga. Anticipating demand for copper from its EV and renewable energy drive, policymakers
growing 23% over the previous year. In the there ensured creation of smelting capacity. In 2023, the country added 2mt—four times India’s capacity—in just one year.
first nine months of this year, demand has That’s not all. “China’s smelting capacity will increase by 25% in 2024 and 15% in 2025, if one looks at the pipeline of smelting projects,” he
already touched 852,000 tonnes. “This demand said. They are well prepared, and it is high time India starts planning similarly, he added.
is primarily driven by the government’s

NEO-COPPER AGE
infrastructure spending,” said Priyush
Ruparelia, vice-president and co-group head—
corporate ratings, at Icra, a rating agency.
The central government’s capex, which was
just ₹4.12 trillion in 2020-21, amounting to
2.1% of GDP, has risen to ₹10 trillion in 2023- The industrial metal’s economic importance has risen in recent years because of the shift to renewable energy and EVs
24 (3.4% of GDP).
The government has also been pushing
affordable housing through programmes such
as the Pradhan Mantri Awas Yojana (PMAY).
A BIGGER PROBLEM
Buildings and construction account for 22% of
copper demand. Added to this is demand from The self-sufficiency, he clarified, should not just be in refined copper. India’s bigger problem is copper
the consumer durables and automotive sector. ore. According to the ministry of mines, government of India, copper ore production in the country is
Icra expects consumption in 2023-24 and estimated at 4mt, which is equivalent to just 4% of the country’s refined copper consumption. State-
2024-25 to grow by 11%. owned Hindustan Copper is the only producer of copper ore in the country. Hindalco imports copper
concentrate and converts it into refined copper.
“The copper business is enjoying some very
good demand. The electrification sector is Chile and Peru account for 40% of global copper ore output. China has a 9% share followed by the
quite strong. Copper is going to be good going US (7%). India’s established copper ore reserves are low.
forward,” said Satish Pai, managing director of “It is high time India invests in prospecting for copper ore,” said Daga. Without access to ore, there is
Hindalco Industries Ltd, during the company’s no self-sufficiency or control over prices.
earnings call in February. His words are already ringing true. In the last fortnight, international copper prices have shot up from
around $8,300 per tonne to $9,066 before dropping to $8,900 levels due to the acute shortage of ore
Hindalco is one of India’s biggest metals after the closure of a mine in Panama.
manufacturing company and its copper
division, Birla Copper, operates one of the “This has reduced capacity utilization at the smelters. Competition for the ore has reduced the smelting
largest single-location copper smelters in the margins from $90 per tonne levels to $10,” said Icra’s Ruparelia. Many smelters across the world are
world. Hindalco is the only major refined shutting down operations as the process of smelting is unviable at the moment.
copper producer in the country today, with a The government of India has taken the first step to find more reserves. The Mines and Minerals
capacity of about 500,000 tonnes. (Development and Regulation) Act, 2023, has introduced an exploration license that encourages
The public sector Hindustan Copper produces private sector participation in prospecting for 30 critical minerals, including copper ore. This move is
another 60,000 tonnes. The rest of the demand expected to bring in advanced technology, expertise and capital to prospect for copper ore. The
is met through imports of refined copper, ministry of mines expects availability of ore to increase from 4mt to 12.2mt by 2028-29.
copper scrap and value-added products.
Experts also said that the government and the private sector must work together to strike strategic
The copper ore is converted into a copper supply deals with countries that have large ore deposits. They point out that China has already signed
concentrate which is then smelted into refined deals in Africa. Many of these countries have also woken up to the benefit their economy gets by
copper. The refined copper can then be used to adding value to the ore locally rather than just exporting it. This calls for a different approach. India
make value-added products such as copper Inc. should look at investing in ore processing facilities in these nations and shipping the concentrate
rods and wires. to feed smelters in India, said experts.
As per government data, in 2022-23, copper The writing on the wall is clear. If India wants to expand its economy rapidly, it needs to move quickly to fix its copper supply. History is
imports rose by about 20% in value terms to replete with such examples: Europe in the 1700s, the US in the 1900s, Japan in the 1960s and China in the 2000s ensured self-sufficiency in
₹27,131 crore from ₹21,985 crore the year copper as their economies grew at a rapid pace. India cannot become a developed nation any other way.
before. This will change soon .

ADANI SMELTER THE WAY FORWARD

Domestic supply of refined copper is set to rise India has ambitious growth plans. The country wants to lift its economy from the current level of $3.6 trillion to $30 trillion by 2047. That
as the Adani group’s 500,000-tonne copper would require economic growth of 8% per annum or more every year. To meet the demands that emanate from such growth, it needs to invest
smelter at Mundra in Gujarat is set to begin heavily in building infrastructure. Industries will have to expand to meet increased consumption. As the per capita income of Indians grows,
operations soon. “This plant will go a long way so will demand for housing, consumer durables and so on.
in reducing import of refined copper,” said
Ruparelia. How quickly that will happen The government has set an aspirational target of having 500GW of renewable energy capacity by 2032. To evacuate this power, a lot of
would depend a lot on stabilization of substations have to be set up and transmission lines laid. That apart, India has big plans for EVs. It wants EVs to account for a large part of
production. It could take up to a year to reach
automobile sales—be it two-wheelers, three wheelers, cars or buses. All these will lead to demand for copper rising exponentially in India. But
full capacity, he added.
experts worry that India is not prepared for this situation.
When copper from the new facility starts Vedanta’s decision and timing to set up a smelter facility in India was perfect. But pretty much nothing went right after that. “If Sterlite Copper
flowing, domestic copper prices may ease a had operated properly and doubled its capacity as planned to 800,000 tonnes, India would be in a very comfortable position today,” said an
bit. “I do expect competition when other industry official, who did not wish to be identified.
people come in. We may see some pressure on
copper prices,” Hindalco’s Pai said in the India remains a net importer of refined copper and could remain so even after the Adani capacity comes on stream. Apart from phase-2 of
earnings call. Adani’s copper plan, which will take output to 1mt (no timeline has been set for this project), no other projects are in the pipeline. “An action
plan is urgently needed for India to become self-sufficient in copper,” said Regsus’ Daga.
 THE BOSSLESS BOEING
Federal probes, sloppy factories, angry airlines, tense union negotiations and supply-chain snarls. Boeing’s crisis won’t end when David Calhoun
exits as chief executive. The next leader of the American manufacturing icon will have to address some of the same issues that Calhoun, a longtime
Boeing director, was brought on to clean up four years ago when the board he led ousted his predecessor.

Boeing said Monday that Calhoun will step aside by the end of the year, though he is expected to leave as soon as his replacement is found.
Calhoun’s biggest ally on the board, Chairman Larry Kellner, is also stepping down, and the top executive for the commercial aircraft unit was
replaced on Monday.
Airline executives and government officials said they welcomed the shake-up. By setting Calhoun’s exit date at the end of the year, Boeing gave
itself ample time to find a successor who the board hopes could instill confidence in the company internally and externally. And if other
controversies surface at Boeing in the coming months, Calhoun can take the blame for them instead of the new CEO, executive advisers said.
A long transition could slow turnaround efforts: Outgoing CEOs rarely make bold strategy moves, and uncertainty at the top can ripple through a
company, paralyzing decision-making and weighing on employees and other executives.
“The faster they get someone in, the better,” said Bill George, former chairman and CEO of Medtronic, who has co-written case studies on Boeing’s
challenges. “The new CEO is going to have a massive job.”

SUCCESSION SCRAMBLE STRUGGLES WITH SPIRIT GROWING TENSIONS

The shake-up announced Monday—after a near-tragedy Calhoun had been trying to address Boeing’s supply- The tension came to a head earlier this month. The FAA found
Jan. 5 on a 737 MAX flown by Alaska Airlines— chain issues by cracking down on quality problems with “multiple instances” of Boeing quality-control issues after
fuselage maker Spirit AeroSystems. Boeing said this conducting an audit of Boeing’s 737 production. Soon after, the
highlighted shortcomings in the company’s current
month it would stop accepting parts from Spirit that had company advised airlines to check cockpit seats on 787
succession plans. Boeing’s board had previously doubled Dreamliner jets after a seat mishap caused a terrifying plunge on a
flaws or problems.
down on Calhoun, extending his stay past the traditional flight to New Zealand. The Justice Department has been reviewing
retirement age of 65. Calhoun, who turns 67 next month, The Alaska Airlines door plug had to be opened when it a 2021 settlement it reached with Boeing after two deadly MAX
had been preparing for his succession and, before the arrived at Boeing’s factory in Renton, Wash. Boeing crashes and has opened a criminal investigation of the Alaska
Alaska Airlines accident, had elevated one of his workers then reinstalled it without bolts that are needed to Airlines accident. The Federal Bureau of Investigation in recent
lieutenants, Stephanie Pope, to a No. 2 role, making her the keep it in place, investigators have said. A few months days has reached out to passengers on the Jan. 5 flight identifying
later, it blew off a plane full of passengers at 16,000 feet. them as possible crime victims, generating news headlines that
heir apparent. But as the problems mounted, people also got the board’s attention, according to one person briefed on
familiar with them said that Calhoun, Kellner and other There were no fatalities.
the matter.
directors discussed the need to accelerate leadership Calhoun is also in the midst of negotiations with Spirit
changes. about acquiring the company. A deal would mark a Union leaders representing Boeing workers said in recent days that
they were demanding a seat on the board for the first time in the
reversal of Boeing’s manufacturing strategy of
Calhoun had told directors after the Alaska accident that company’s nearly 108-year history, along with commitments that
outsourcing many components to focus on final assembly.
the company had no immediate successor to commercial the next plane model be built at facilities with union members, not
Boeing had sold the Spirit factories in 2005. Boeing and factories Boeing opened in other states.
unit chief Stan Deal, keeping him in place for the time Spirit had hoped to announce a deal as soon as this week
being, according to people familiar with the matter. Pope’s but haven’t yet been able to come to an agreement, a “We firmly believe our voice and the voice of the engineers must
appointment to replace Deal in that role on Monday process complicated by the fact that Spirit also supplies be heard at the highest level of the company’s decision-making
showed the board couldn’t wait. parts to Boeing’s chief rival Airbus, said people familiar process,” said Jon Holden, one of the International Association of
with the matter. Machinists and Aerospace Workers leaders. “The safety of aircraft
At the same time, several airline CEOs requested to take manufacturing isn’t negotiable and must be safeguarded above all
their concerns directly to Boeing’s board, asking the Fixing Boeing’s problems will be a big undertaking, Scott else.”
Kirby, United’s chief executive, said earlier this month.
directors to spell out plans for fixing the manufacturer’s Airline executives had expressed frustration for years—even
quality problems, The Wall Street Journal reported last “This is not a 12-month issue. This is a two-decade issue,” before the Jan. 5 blowout—at delivery delays that complicated
week. Boeing countered by offering to send Kellner, he said during an investor conference. The airline said in planning and in some cases thwarted growth. The smallest and
former CEO of Continental Airlines, and other board a statement Monday that it continues to root for Boeing largest types of MAX jets haven’t been certified, and it is unclear
members for meetings with individual airline bosses as and looks forward to working with the company during when the FAA will sign off.
soon as this week. its leadership transition.
Southwest Airlines, which relies entirely on Boeing jets, said
The Federal Aviation Administration, Boeing’s most earlier this month that it would have to cut its schedule in the
Those meetings will now feature Steve Mollenkopf, who is second half of the year. United, which had been waiting on the
important regulator, has been unsettled by what officials
taking over as Boeing’s chairman and will lead the CEO have seen at Boeing since the Alaska accident, current and largest MAX variant, has said it can no longer rely on receiving
search. The former Qualcomm CEO is a relative newcomer former government officials said. Calhoun has been those planes and is shopping for Airbus jets to replace them.
to Boeing, though he is well known in Silicon Valley agreeable to the FAA’s requested changes, one former In his final months on the job, Calhoun’s role will likely morph
circles and on Wall Street. He joined the aircraft maker’s FAA official said, but the agency hasn’t seen enough into that of a caretaker, helping to prepare for a new CEO to take
board in 2020 and serves as a director at Dell Technologies. results so far. on the job, executive advisers said. His lame-duck status remains.
The electrical engineer led Qualcomm through several Calhoun has apologized for Boeing’s mistakes, slowed “Is he going to be in a position to deal with some of the strategic
high-profile challenges, repelling an activist investor, production and said the company is working with challenges that need to be made?” said Harry Kraemer, a former
averting a hostile takeover and waging a legal battle with regulators and customers to address their concerns. chief executive of healthcare company Baxter International. “God
knows they’ve got a lot of them.”
Apple, one of its biggest customers.

IPO BOOM CONTINUES ON D-STREET IN FY-25

Fundraising through IPOs continues to be in the fast lane on D-Street for the third straight year. As of now, 56 companies propose to raise ₹70,000 crore, or $8.4 billion, in the next fiscal (FY25).
This comes on the back of 265 companies going public in FY24 and raising ₹90,878 crore through primary issuances and secondary sales (OFS). A record ₹1.27 trillion was raised by 123 companies
in FY22.
To give perspective, 550 companies raised ₹2.83 trillion in three years through FY24. Against this, 323 companies raised ₹1.3 trillion from FY19-22.
“The pipeline continues to remain strong, despite the upcoming general elections. The next couple of months should still see a few IPOs being launched,” said Pranav Haldea, managing director of
PRIME Database Group.

While 19 companies have already received approval from Securities and Exchange Board of India (Sebi) to raise nearly ₹25,000 crore in the upcoming fiscal, an additional 37 companies are waiting
for Sebi approval to raise about ₹45,000 crore. Out of these, nine are NATCs (new-age technology companies) aiming to raise roughly ₹21,000 crore.
“The strong performance in the secondary market suggests continued activity in the primary market (IPOs) for the next few quarters. However, investor focus will shift towards a company’s past
earnings performance, especially for those listed in the last two years. While overall IPO subscription might remain high, investors will become more selective, placing greater emphasis on individual
company performance,” Kranthi Bathini, director of Equity Strategy at WealthMills Securities, told Mint.
Several companies have already secured Sebi approval for their offerings. These include Ebixcash Ltd (₹6,000 crore), Go Digit General Insurance Ltd (₹3,500 crore), Indegene Ltd (₹3,200 crore),
and Tata Play Ltd (₹2,500 crore).

“FY25 is shaping up to be another stellar year for IPOs," Nirav R. Karkera, head of research, Fisdom, said. Several factors are contributing to this expectation. Firstly, major players which had
shelved their IPO plans earlier, are now expected to launch their offerings. Secondly, with the general elections going to be out of the way soon, the political certainty will lend to investor confidence.
“Expected reversal in the global and domestic rate environment can be expected to translate into incremental liquidity; majority of which can be expected to percolate into capital markets,” he said.
“With the resurgence of a risk-on environment and conducive macros we expect domestic and foreign appetite for primary markets to grow significantly and companies with fundraising objectives
to utilise such an environment to advantage through expedited listing,” he added.
THE OLD AND WISE

THE LEGEND’S PLAYBOOK

WHAT TO AVOID
HOT STUFF
Avoid the hottest stock in the hottest industry. If you aren’t clever at selling, you’ll soon see your profits turn to losses. High growth and hot industries
attract smart competitors.

NEXT SOMETHING
Peter Lynch is one of the most When people tout a stock as the next IBM, it often marks the end of prosperity not only for the imitator, but also for the original.
successful and well-known
investors of all time. Lynch is the DI’WORSE’IFICATIONS
legendary former manager of the Instead of buybacks / dividends, a dedicated diworseifier seeks purchases that are a) overpriced, b) beyond the realm of understanding.
Magellan Fund at the major o Every second decade, companies switch between diworseification and restructuring
investment brokerage Fidelity. o 1960’s was the greatest decade for diworseification, which ended in the crash of 1973/74
He took over the fund in 1977 at o Synergy (2+2=5): theory of putting together related businesses and making the whole thing work, which doesn’t always happen. A vigorous
age 33 and ran it for 13 years. buyback is the purest synergy of all.
His success allowed him to retire
in 1990 at age 46. WHISPER STOCKS
Long shot companies with whiz bang stories.
His investment style has been o Are often on the brink of solving the latest national problem with a solution that’s: a) very imaginative, or, b) impressively complicated.
described as adaptive to the o The great story has no substance, but it relieves the investor of the burden of checking the financials.
prevailing economic o If prospects are so phenomenal, then it will be a fine investment next year as well. Wait till the company has established a record.
environment at the time, but
Lynch always stressed that you BEWARE THE MIDDLEMAN
should be able to understand Company sells large % of sales (20-50%) to a single customer.
what you own. Short of order cancellation, that customer has enormous leverage in getting cuts and concessions that reduce profits.

CLASSIFICATION STOCK WITH AN EXCITING NAME

Flashy name of a mediocre company attracts investors and gives them a false sense of security.
SYSTEM
First categorize a company by size.
Large companies cannot be
WHAT TO PICK
expected to grow as quickly as
smaller companies. Big companies SOUNDS DULL, OR RIDICULOUS
have small moves, small companies Simple business with a boring name. More boring, the better. No analyst’s recommend such names.
have big moves. Does Something Dull – boring name + boring business = keeps Wall street away.
Does Something Disagreeable – better than boring = boring + disagreeable. Makes people shrug/retch in disgust.
Next, categorize a company by its
“story” type. If you can’t figure out IT’S A SPINOFF
what story category a company is, Have strong balance sheets and well prepared to succeed. o Spinoffs are misunderstood and get little attention.
then ask around. [The Growth story, o New management can cut costs and take creative measures to improve earnings. Look for insider buying after 1-2 months.
The Turnaround story etc.] o Spinoff shares are dismissed by institutions as pocket change.
o Spin off reports are hastily prepared and are more boring than annual reports.
Categorizing stocks allows you to o Fertile area for amateurs, especially during an M&A frenzy.
set the right expectations from an
investment, guiding your future INSTITUTIONS DON’T OWN IT AND ANALYSTS DON’T FOLLOW IT
actions.
Might frequently happen in sectors having many companies. Be equally enthusiastic about once popular stocks that are now abandoned.
Don’t hold onto a Stalwart [Fairly
large sized companies] after it’s 2x, IT’S A NO GROWTH INDUSTRY
hoping for 10x. If you buy a great Nothing thrilling about a high growth industry, except seeing the stocks go down. For every single product in a high growth industry, there are many
Stalwart for a good price, you may others trying to make it better and cheaper.
forget about it for 20 years, but you o This doesn’t happen in a slow growth industry, where the biggest winners are created, since there’s no competition.
can’t do so with a Cyclical.
IT’S GOT A NICHE
The correct categorization also Exclusive franchise, newspaper, cable, brands, rock pits, pharma/chemical patents.
allows you to know the possible
future trajectory of the company, PEOPLE HAVE TO KEEP BUYING IT
providing an efficient checklist to Steady business is better than fickle purchases.
gauge its performance. o Utility Drugs/soft drinks/razors/cigarettes > Toys.
can’t beat Stalwart, if it’s not a
Turnaround. No point in trading a
Fast Grower as a Stalwart and IT’S A USER OF TECHNOLOGY
selling for a 50% gain, vs, possible The user of technology is generally benefitted by the competition in the tech. industry.
10x. o ADP benefits from computer price war,
o Dell - Retailer benefits from scanner usage, vs, buying scanner companies.
Assuming you’ve taken the first
step of doing proper research, INSIDERS ARE BUYERS
spreading money among several When management owns stock, rewarding owners is prioritized over paying salaries or growing at all costs.
categories is another way to o In general, insiders are net sellers. Insider selling ≠ automatic sign of trouble, and it’s silly to react to it.
minimize downside risk. o Many reasons for selling, but only 1 for buying – believe the stock is undervalued If price drops after insider buying, so much the better.
~
SHARE BUY-BACKS
 SLOW GROWERS lternative uses for cash include: a) Dividend raise, b) new product development, c) start of new operations, and, d) M&A.
 ASSET PLAYS ~
 STALWARTS
 CYCLICALS
Some people automatically sell winners and hold onto the losers, which is about as sensible as pulling out
 FAST GROWERS
 TURNAROUNDS flowers and watering the weeds.
THE MIGHTY MAUBOUSSIN

January 14, 1997

THE X FACTOR
In 1991, a Goldman Sachs partner, Barrie Wigmore, released a study that attempted to determine what factors drove the stock market’s above-average returns in the decade of the 1980s. After carefully accounting
for earnings growth, interest rate declines, M&A activity and analysts’ “too-rosy” forecasts, it appeared a full 38% of the shareholder value created in the 1980s remained unexplained. Dubbed the “X” factor, this
mysterious driver of value left Wigmor, at a loss. Given overwhelming evidence of well-functioning capital markets, it appears completely unsatisfactory to attribute such a large component of share price performance
to some unidentifiable and seemingly inexplicable force.
Fortunately, we believe there is an answer to this problem. However, to understand the solution there must be a recognition that share prices are not set by capitalizing accounting-based earnings, which are at best
flawed and at worst substantially misleading. The focus must be on the economic drivers of a business, which can be defined as cash flow (cash-in versus cash-out), risk (and appropriate demanded return) and what
we have dubbed “competitive advantage period”— CAP— or how long returns above the cost of capital will be earned. CAP is also known as “value growth duration”. CAP is also similar in concept to “fade rate.”

In this context, “X” factor can be attricuted to market’s extension of expectations for above-cost-of-capital returns. The length and relative change of CAP can have a substantial impact on the value of a business and
the market overall.
Remarkably, in spite of CAP’s importance in the analytical process — it remains one of the most neglected components of valuation. This lack of focus appears attributable to two main factors.
First, the vast majority of market participants attempt to understand valuation and subsequent stock price changes using an accounting-based formula, which generally defines value as a price/earnings multiple times
earnings. Thus CAP is rarely explicitly addressed, even though most empirical evidence suggests that the stock market deems cash flow to be more important than earnings, holds true to the risk/reward relationship
over time, and recognizes cash flows many years into the future.
Second, most companies use a forecast period for strategic planning purposes (usually three to five years) that is substantially different from their CAP. As a result, investor communication is geared more toward
internal company-based expectations rather than external market-based expectations.

COMPETITIVE ADVANTAGE PERIOD

The Neglected Value Driver

HOW LONG ARE CAPS? CAP DEFINED

Competitive advantage period (CAP) is the time
Individual company CAPs can vary from 0-2 years to over 20 years. As a general rule, companies with low multiples tend to have during which a company is expected to generate
shorter CAPs (interestingly, these low multiples are accompanied by above-market-average earnings growth in some returns on incremental investment that exceed its cost
industries). of capital.
Alternatively, companies with high multiples typically have long CAPs. For example, companies like Microsoft and Coca-Cola have Economic theory suggests that competitive forces will
CAPs well in excess of 20 years, demonstrating their perceived market dominance, the sustainability of high returns, and the market’s drive returns down to the cost of capital over time (and
willingness to take the long view. perhaps below it for a period). Said differently, if a
company earns above market required returns, it will
If a substantial percentage of the value of a company can be attributed to cash flows beyond a few years, it is difficult to argue attract competitors that will accept lower returns,
persuasively that the market is short-term-oriented. In turn, it follows that the forecast periods used in most valuation models are not eventually driving industry returns lower.
long enough. The concept of CAP was formalized by Miller &
Modigliani (1961). The M&M equation can be

THEORETICAL DECAY
summarized as follows:

NOPAT I(R−WACC)CAP
Value = +
As time goes on, competitive forces drive returns to a level equal to the cost of capital. WACC +(WACC) (1+WACC)

Graphically, CAP can be represented by the accompanying two figures. In Figure 1, the Y axis where
represents expected return spread (return on invested capital less the cost of capital) while the X NOPAT = net operating profit after tax
WACC = weighted average cost of capital
axis is time. I = annualized new investment in working and fixed capital
The shaded area under the curve, therefore, is what the market is trying to determine, and is the R = rate of return on invested capital
CAP = competitive advantage period
basis for P/E ratios, cash flow multiples and various rate of return measures. Figure 1 presents the
Rearranged, the formula reads,
theoretical decay in excess returns as competitors are drawn into the industry.
(Value∗WACC−NOPAT)(1+WACC)
CAP =
But things get interesting here… I(R−WACC)

Figure 2, on the other hand, is how we believe the market actually works. Although value creation A company’s CAP is determined by a multitude of
may occur beyond the CAP, as shown in this figure, risk-averse investors are only willing to factors, both internal and external. On a company
specific basis, considerations such as industry
go so far into the future. structure, the company’s competitive position within
that industry, and management strategies define the
length of CAP. Important external factors include

POSSIBILITY FOR SUSTAINABLE CAPS? government regulations and antitrust policies.

We believe that the key determinants of CAP can be

Yes, largely captured by a handful of drivers.
If the CAP for a value-creating company remains constant, an investor can expect to generate excess returns over time. A constant CAP is contrary
to economic theory, but it may be achieved through outstanding management (i.e., resource allocation, The first is a company’s current return on invested
capital. Generally speaking, higher ROIC businesses
acquisitions). within an industry are the best positioned
competitively (reflecting scale economies, entry
To illustrate this point, refer to Figure 3. Imagine going from year 0 to year 1. As the length of CAP remains
barriers and management execution). As a result, it is
unchanged, a year of value creation is added, and the past year of value creation is lopped off. As the investor often costlier and/or more time consuming for
purchased the shares expecting above-cost-of-capital returns for the implied period, the additional year of competitors to wrest competitive advantage away
value creation represents a “bonus,” or excess returns. from high-return companies.

It appears that Warren Buffett has used this concept for years in his investment process. He buys businesses Second is the rate of industry change. High returns
in a rapidly changing sector (e.g., technology) are
with “high returns on capital” (returns in excess of the cost of capital) that have “deep and wide moats”
unlikely to be valued as generously as high returns in
(sustainable CAPs) and holds them “forever” (hoping that the CAPs stay constant). Although this technique seems fairly straightforward, finding a more prosaic industry (e.g., beverages).
businesses with enduring CAPs is not simple.
The final driver is barriers to entry. High barriers to
INCORPORATION OF COMPETITIVE ADVANTAGE PERIOD entry or in some businesses, “lock-in” and increasing
returns are central to appreciating the sustainability of
In his 1992 letter to shareholders, Buffett points out that stocks with low price-to-book ratios, low P/E ratios or high dividend yields are not high returns on invested capital.
necessarily good values while stocks with high valuations are not necessarily bad values. We believe the inclusion of CAP in the dialogue helps
Changes in CAP are a critical driver in valuation.
explain the seeming success of some investors, irrespective of their stated approach. Said differently, the techniques employed by most successful Experience shows that CAPs are rarely static, and are
money managers— no matter how they are characterized— collapse into a model that is rooted in the drivers of cash flow, risk and CAP. usually in the process of expanding or shrinking.
~
The essence of growth investing, it appears, is to purchase stocks of companies with high returns, and stable or expanding CAPs. We would note ABOVE-COST-OF-CAPITAL RETURNS
that CAP is unlikely to expand if the rate of return on incremental investment is declining sharply or is below the cost of capital. Value investing, Refers to the returns on investment that surpass the
on the other hand, appears to either seek out those value-creating companies that have particularly short CAPs for reasons that can be identified as cost of capital. The cost of capital is the minimum rate
of return required by investors to compensate for the
transitory, or to identify businesses with improving returns, and hence potential for widening CAPs. Investing that focuses solely on statistically risk of investing in a particular asset or project. It
cheap companies often leaves portfolio managers with a number of value neutral or value-destroying companies that show little potential to improve represents the opportunity cost of using funds for a
their performance. specific investment rather than alternative uses.
 THE TECHNICALS

DEFINITION OF
TREND
THE TREND ANALYSIS
The concept of trend is absolutely essential to
the technical approach to market analysis. All
of the tools used by the chartist- support and CLASSIFICATIONS OF TREND
resistance levels, price patterns, moving In addition to having three directions, trend is usually broken down into the three categories. Those three categories are the major, intermediate, and
averages, trendlines, etc.-have the sole near term trends. In reality, there are almost an infinite number of trends interacting with one another, from the very short term trends covering minutes
purpose of helping to measure the trend of the and hours to superlong trends lasting 50 or 100 years. Most technicians, however, limit trend classifications to three. There is a certain amount of
market for the purpose of participating in that
ambiguity, however, as to how different analysts define each trend.
trend. We often hear such familiar expressions
as "always trade in the direction of the trend," Dow Theory, for example, classifies the major trend as being in effect for longer than a year. Because futures traders operate in a shorter time dimension
"never buck the trend," or "the trend is your than do stock investors, I would be inclined to shorten the major trend to anything over six months in the commodity markets. Dow defined the
friend." So let's spend a little time to define
what a trend is and classify it into a few
intermediate, or secondary, trend as three weeks to as many months, which also appears about right for the futures markets. The near term trend is
categories. usually defined as anything less than two or three weeks.
Each trend becomes a portion of its next larger trend. For example, the intermediate trend would be a correction in the major trend. In a long term
In a general sense, the trend is simply the
uptrend, the market pauses to correct itself for a couple of months before resuming its upward path. That secondary correction would itself consist of
direction of the market, which way it's
moving. But we need a more precise defi- shorter waves that would be identified as near term dips and rallies. This theme recurs many times that each trend is part of the next larger trend and
nition with which to work. is itself comprised of smaller trends.
When someone asks what the trend is in a given market, it is difficult, if not impossible, to respond until you know which trend the person is inquiring
First of all, markets don't generally move in a
straight line in any direction. Market moves about. You may have to respond in the manner previously discussed by defining the three different trend classifications.
are characterized by a series of zigzags. These Quite a bit of misunderstanding arises because of different traders' perceptions as to what is meant by a trend. To long term position traders, a few
zigzags resemble a series of successive waves days' to a few weeks' price action might be insignificant. To a day trader, a two or three day advance might constitute a major uptrend. It's especially
with fairly obvious peaks and troughs. It is the important, then, to understand the different degrees of trend and to make sure that all involved in a transaction are talking about the same ones.
direction of those peaks and troughs that As a general statement, most trend-following approaches focus on the intermediate trend, which may last for several months. The near term trend is
constitutes market trend. Whether those peaks used primarily for timing purpos- es. In an intermediate uptrend, short term setbacks would be used to initiate long positions.
and troughs are moving up, down, or sideways
tells us the trend of the market.
SUPPORT AND RESISTANCE
In any event, support is an area on a price chart that shows buyers’ willingness to buy. It is at this level that demand will usually overwhelm supply,
causing the price decline to halt and reverse. Resistance is the opposite of support. Prices move up because there is more demand than supply. As the
prices move higher, there will come a point when selling will overwhelm the desire to buy.
In an uptrend, the resistance levels represent pauses in that uptrend and are usually exceeded at some points. In a downtrend, support levels are not
sufficient to stop the decline permanently, but are able to check it at least temporarily.
Whenever a support or resistance level is penetrated by a significant amount, they reverse their roles and become the opposite. A resistance would
become a support and support would become resistance.

THE PSYCHOLOGY OF SUPPORT AND RESISTANCE

To illustrate, let's divide the market participants into three cate- gories the longs, the shorts, and the uncommitted. The longs are those traders who have already purchased
contracts; the shorts are those who have already committed themselves to the sell side; the uncommitted are those who have either gotten out of the market or remain undecided
as to which side to enter. Let's assume that a market starts to move higher from a
support area where prices have been fluctuating for some time. The longs (those who bought near the support area) are delight- ed, but regret not having bought more. If the
market would dip back near that support area again, they could add to their long positions. The shorts now realize (or strongly suspect) that they are on the wrong side of the
market. (How far the market has moved away from that support area will greatly influence these decisions, but we'll come back to that point a bit later.) The shorts are hoping
(and praying) for a dip back to that area where they went short so they can get out of the market where they got in (their break even point).
Those sitting on the sidelines can be divided into two groups-those who never had a position and those who, for one reason or another, liquidated previously held long posi- tions
in the support area. The latter group are, of course, mad at themselves for liquidating their longs prematurely and are hoping for another chance to reinstate those longs near
where they sold them.
The final group, the undecided, now realize that prices are going higher and resolve to enter the market on the long side on the next good buying opportunity. All four groups
are resolved to "buy the next dip." They all have a "vested interest" in that support area under the market. Naturally, if prices do decline near that support, renewed buying by all
four groups will materialize to push prices up.
The more trading that takes place in that support area, the more significant it becomes because more participants have a vested interest in that area. The amount of trading in a
given sup- port or resistance area can be determined in three ways: the amount of time spent there, volume, and how recently the trad- ing took place.
The longer the period of time that prices trade in a support or resistance area, the more significant that area becomes. For example, if prices trade sideways for three weeks in a
congestion area before moving higher, that support area would be more important than if only three days of trading had occurred.
Volume is another way to measure the significance of support and resistance. If a support level is formed on heavy volume, this would indicate that a large number of units
changed hands, and would mark that support level as more important than if very lit- tle trading had taken place. Point and figure charts that measure the intraday trading activity
are especially useful in identifying these price levels where most of the trading took place and, con- sequently, where support and resistance will be most likely to function.
A third way to determine the significance of a support or resis- tance area is how recently the trading took place. Because we are deal- ing with the reaction of traders to market
movement and to posi- tions that they have already taken or failed to take, it stands to reason that the more recent the activity, the more potent it
becomes.
Now let's turn the tables and imagine that, instead of mov- ing higher, prices move lower. In the previous example, because prices advanced, the combined reaction of the market
partici- pants caused each downside reaction to be met with additional buying (thereby creating new support). However, if prices start to drop and move below the previous
support area, the reaction becomes just the opposite. All those who bought in the support area now realize that they made a mistake. For futures traders, their brokers are now
calling frantically for more margin money. Because of the highly leveraged nature of future’s trading, traders cannot sit with losses very long. They must put up additional margin
money or liquidate their losing positions.
What created the previous support in the first place was the predominance of buy orders under the market. Now, howev er, all of the previous buy orders under the market have
become sell orders over the market. Support has become resistance. And the more significant that previous support area was that is, the more recent and the more trading that
took place there the more potent it now becomes as a resistance area. All of the factors that created support by the three categories of participants-the longs, the shorts, and the
uncommitted-will now function to put a ceil- ing over prices on subsequent rallies or bounces.
It is useful once in a while to pause and reflect on why the price patterns used by chartists, and concepts like support and resistance, actually do work. It's not because of some
magic pro- duced by the charts or some lines drawn on those charts. These patterns work because they provide pictures of what the market participants are actually doing and
enable us to determine their reactions to market events. Chart analysis is actually a study of human psychology and the reactions. of traders to changing mar- ket conditions.
Unfortunately, because we live in the fast-paced world of financial markets, we tend to rely heavily on chart ter- minology and shortcut expressions that overlook the underlying
forces that created the pictures on the charts in the first place. There are sound psychological reasons why support and resistance Supp levels can be identified on price charts
and why they can be used to help predict market movements.

WILL BE CONTINUED IN NEXT EDITION

 CHINA’S CAPITALIST CLEAN-TECH SUCCESS
ENDLESS SUPPLY OF LOANS THE CONVENTIONAL WAY
There’s a comforting but erroneous explanation for why solar panels, home It’s true that swathes of China’s economy really do run this way. In
batteries and electric vehicles (EVs) are increasingly likely to be made in the middle of the 2010s, all-but-forgotten Dalian Wanda, Anbang
China. With an economy awash in easy money, its renewable manufacturers Insurance, HNA Group and Fosun went on a multi-billion-dollar
are undercutting rivals across the world; ergo, China’s comparative advantage isn’t shopping spree for foreign companies. The bursting of that bubble prompted
scale, cost efficiency or innovative prowess, but cheap government subsidies. another to inflate in real estate. Its bursting has hit property developers
Evergrande, Country Garden Holdings and China Vanke.
In the EV industry “everybody has an endless supply of loans and support from the You can see the pattern in the published accounts of Fosun, which is divesting
local government,” the Financial Times quoted Jörg Wuttke, former president of the businesses amid a credit squeeze. It spent a net 112 billion yuan on acquisitions
European Union Chamber of Commerce in China, as saying in a recent article. This and other investments over the decade through June 2023, but generated 65
theory provides a justification for trade restrictions. If Chinese manufacturers survive billion yuan in operating cash-flows. Were it not for the 127 billion yuan in cash
on government cash, there’s no way overseas rivals can compete. Tariffs and other from financing, the vast majority of its debt, there is no way the company could
hurdles should keep out their products and give homegrown competitors a chance have paid its bills.

THE CAPITALIST WAY

Is the same thing happening with clean technology? It doesn’t look that way. If Chinese solar, wind, battery and EV makers are doing well because of easy credit,
it should leave clear fingerprints on their financial statements. You can measure this by comparing their operating cash-flows to the average debt they held during
the year: Where cash is low relative to debts, it’s going to take a very long time to pay back creditors. Looking through a group of 145 renewable companies
with at least $1 billion in annual revenues—77 of them Chinese—this is the result you get.
As you’d expect in a sector experiencing rapid growth, leverage is often relatively generous, but it doesn’t look significantly higher among Chinese companies.
Many of the most feared and aggressive renewable exporters, such as Longi Green Energy, Tongwei and JA Solar Technology have very low borrowings relative to their
cash-flows. Plenty have enough cash-flow to pay off 25% of their debts in the current year. This doesn’t look like a sector being propped up by government loans, or indeed
loans of any sort.
For the sake of comparison, let’s look at an industry that was clearly a beneficiary of easy money: real estate. What’s notable here is that long before the crisis hit, Chinese
real estate companies already had markedly poorer coverage ratios than their global competitors. If you measure things in ter ms of the amount of time it would take for
operating cash-flows to pay off total debts, the median Chinese renewable manufacturer comes in at just under 10 years, a fraction of the nearly 27 years in the data for real
estate. Non-Chinese companies came in a little under eight years, regardless of which industry they were in:
To be sure, Chinese manufacturers still enjoy powerful advantages. Generous and consistent purchase support for EVs and solar panels gives owners confidence to invest
aggressively, just as the same policies do in Europe and the US. The government remains fixated on keeping costs low: China is home to nearly half of the world’s special
economic zones (SEZs), whose advantages are cheap land, easy regulation and low taxation. It also offers reduced corporate tax rates for companies in new technology
industries. Fundamentally, it’s the biggest single market for clean technology, so domestic factories have scale advantages that rivals elsewhere can only dream of.
The problem for developed countries is that, when applied to their own economies, these measures are all supported as old-fashioned pro-business policies, rather than unfair
mercantilism.
It would comfort the US if China’s success in clean tech was a result of easy credit from a centrally-run communist state. In truth, though, this boom is a capitalist success
story on a grand scale.

THE FIRST WEEK

Auto Sales
The new financial year FY25 will start with the auto sales data for the month of March. Hence, auto stocks including Maruti Suzuki India, Tata Motors, Hero MotoCorp, Eicher Motors, Ashok Leyland, Bajaj
Auto, Mahindra & Mahindra and TVS Motor Company will be in focus.
Most brokerages expect double-digit on-year growth in the retail two-wheeler sales during March 2024 and single digit increase in passenger vehicles sales, but there may be subdued performance in commercial
vehicle as well as tractor sales for March 2024.

RBI Policy
The next important event to focus on next week would be the interest rate decision by the Monetary Policy Committee in its three-day meeting. All economists are of the view that there will be no change in policy
rates on April 5 and any cut in interest rates going ahead will be majorly dependent on the US Federal Reserve action, but the commentary will be closely tracked.
CPI inflation in February eased to 5.09 percent from 5.10 percent in previous month, and the core inflation (inflation excluding food and fuel) dropped further to 3.3 percent from 3.6 percent during the same
month.

Domestic Economic Data

Further, on the domestic front, the market participants will also keep an eye on final HSBC Manufacturing PMI data for March, releasing on April 2, and Services PMI numbers due on April 4. India's HSBC flash
manufacturing Purchasing Managers' Index (PMI) jumped to 59.2 in March (the highest since February 2008), from 56.9 in February, while the flash services PMI dropped to 60.3 from 60.6 in February.
Bank loan and deposit growth numbers for the fortnight ended March 22, as well as foreign exchange reserves for the week ended March 29 will be released on April 5.

Fed Chair Powell Speech

Globally, the markets participants will focus on the Federal Reserve Chair Jerome Powell speech scheduled on April 3. Also, there will be speeches by several other Fed officials next week.
In the last week's speech in San Francisco, Powell reiterated that the Federal Reserve is not in a hurry to go for a rate cut. With strong employment data, Fed wants to see inflation consistently reaching closer to
their 2 percent target. In March policy meeting, Powell signalled three rate cuts this year, while investors started expecting the first rate cut in June 2024.

Oil Prices
The crude prices rallied for third consecutive month, rising 6.3 percent for March month and 13 percent in March 2024 quarter. This surge was attributed to OPEC+ output cuts and market anticipation of lower
interest rates. Additionally, signs of Russia complying with OPEC production pledges, shifting the focus from exports to production, may further stimulate price increases in the crude oil market.

IPO
On the primary market front, the new financial year (FY25) will kick off by Bharti Hexacom IPO, but there will be no new IPO launch in the SME segment. Bharti Hexacom will open its Rs 4,275-crore public
issue for three-day subscription on April 3, with a price band at Rs 542-570 per share.
In the SME segment, seven companies namely Radiowalla Network, TAC Infosec, Yash Optics & Lens, Jay Kailash Namkeen, K2 Infragen, Aluwind Architectural, and Creative Graphics Solutions India will
close their initial public offerings next week.
Further, SRM Contractors will be the only company from the mainboard segment scheduled for listing next week on April 3, while there will be nine companies from the SME segment making the debut on the
bourses which are Vishwas Agri Seeds, Naman In-Store (India), Vruddhi Engineering Works, Blue Pebble, Aspire & Innovative Advertising, GConnect Logitech and Supply Chain, Trust Fintech, Radiowalla
Network, and TAC Infosec.
WEEK
25 to 31st March 2024

INSIDER
TRADING

BUY?
Sentiment Measures from External Data

SELL?
PLEDGE?

Why are people who are appalled at

insider trading so quick to trade on inside
information when it comes their way?
-Jonathan Clements
 NO. OF % NO. OF
NO. OF SECURITIES VALUE OF SECURITY ACQUISITION/DISPOSAL
COMPANY NAME OF THE ACQUIRER/DISPOSER CATEGORY OF PERSON SECURITY SHAREHOLDING SECURITY % POST MODE OF ACQUISITION
(ACQUIRED/DISPLOSED) (ACQUIRED/DISPLOSED) TRANSACTION TYPE
(PRIOR) (PRIOR) (POST)

Deepak Fertilizers And Petrochemicals

Robust Marketing Services Private Limited Promoters 11035301 8.74 32000 15691760 Buy 11067301 8.77 Market Purchase
Corporation Limited
Deepak Fertilizers And Petrochemicals
Robust Marketing Services Private Limited Promoters 11005301 8.72 30000 14642616 Buy 11035301 8.74 Market Purchase
Corporation Limited
SHERISHA TECHNOLOGIES PRIVATE
Refex Industries Limited LIMITED (Formerly known as SunEdison Promoters 53154555 48.03 5793530 7.53E+08 Buy 58948085 53.27 Inter-se-Transfer
Energy India Private Limited)
Refex Industries Limited Dimple Jain Promoter Group 488570 0.44 488570 63514100 Sell Nil 0 Inter-se-Transfer
Refex Industries Limited Anil Jain Promoters 750000 0.68 750000 97500000 Sell Nil 0 Inter-se-Transfer
Refex Industries Limited Tarachand Jain Promoters 1711395 1.55 1711395 2.22E+08 Sell Nil 0 Inter-se-Transfer
Refex Industries Limited Ugamdevi Jain Promoter Group 2843565 2.57 2843565 3.7E+08 Sell Nil 0 Inter-se-Transfer
Smartlink Holdings Limited KAMALAKSHA RAMA NAIK Promoters 4943260 49.56 1954 331075 Buy 4945214 49.58 Market Purchase
Smartlink Holdings Limited KAMALAKSHA RAMA NAIK Promoters 4945214 49.58 715 121556 Buy 4945929 49.58 Market Purchase
Smartlink Holdings Limited KAMALAKSHA RAMA NAIK Promoters 4945929 49.58 4854 825218 Buy 4950783 49.63 Market Purchase
IFB Industries Limited Preombada Nag Promoter Group 131902 0.33 157869 0 Buy 289771 0.72 Others
Inox Green Energy Services Limited Inox Wind Limited Promoters 1.64E+08 55.72 4200000 5.02E+08 Pledge 1.64E+08 55.72 Pledge Creation
Marvel Decor Limited Dipak Ramniklal Paun Promoters 1345805 7.9 39775 0 Sell 1306030 7.66 Gift
Marvel Decor Limited Ashok Ramniklal Paun Promoters 9195295 53.96 20000 1923000 Buy 9215295 54.08 Market Purchase
Marvel Decor Limited Dipak Ramniklal Paun Promoters 1365805 8.02 20000 1923000 Sell 1345805 7.9 Market Sale
Marvel Decor Limited Ashok Ramniklal Paun Promoters 9215295 54.08 39775 0 Buy 9255070 54.31 Gift
Spectrum Electrical Industries Limited KALPANA CHANDRKANT RANE Promoter Group 518640 3.32 2000 0 Sell 516640 3.31 Off Market
Khadim India Limited Siddhartha Roy Burman Promoters 1465149 8.15 164384 60000160 Buy 1629533 8.99 Preferential Offer
Euro Panel Products Limited DIVYA PLY AGENCY PRIVATE LIMITED Promoter Group 425000 1.73 140000 22892800 Buy 565000 2.31 Market Purchase
Sarla Performance Fibers Limited HARMONY ESTATES PVT LTD Promoter Group 47267491 56.6 50000 2693000 Buy 47317491 56.66 Market Purchase
Inox Wind Limited Inox Wind Energy Limited Promoters 1.25E+08 38.43 1050000 5.3E+08 Pledge 1.25E+08 38.43 Pledge Creation
Mangalam Cement Limited VIDULA CONSULTANCY SERVICES LIMITED Promoter Group 3427720 12.47 23700 17323763 Buy 3451420 12.55 Market Purchase
Emmbi Industries Limited Krishnan Subramanian Director 34150 0.19 12650 1162163 Sell 21500 0.12 Market Sale
ION Exchange (India) Limited Mahabir Prasad Patni Promoter Group 7203474 4.91 25000 12622108 Sell 7178474 4.89 Market Sale
Infibeam Avenues Limited Jinal Sutariya - 960000 0.03 80000 2841600 Sell 880000 0.03 Market Sale
Infibeam Avenues Limited Infinium Motors Private Limited Promoter Group 2.32E+08 8.32 18400000 6.44E+08 Sell 2.13E+08 7.66 Market Sale
Time Technoplast Limited Mangesh Sarfare - 6188 0 1000 256000 Sell 5188 0 Market Sale
Time Technoplast Limited Sanjaya Kulkarni - 70000 0.03 5000 1275000 Sell 65000 0.03 Market Sale
Time Technoplast Limited Sandip Modi - 24037 0.01 1500 390000 Sell 22537 0.01 Market Sale
Arvind Limited Rupa Jayesh Shah Immediate relative 92599 0.04 92400 25688372 Sell 199 0 Market Sale
Arvind Limited NUPUR JAGDISH DALAL Immediate relative 6000 0 6000 1678789 Sell Nil 0 Market Sale
Cyient Limited Andrew Neilson Smith - 8850 0 8850 17342505 Sell Nil 0 Market Sale
Transindia Real Estate Limited Shashikiran Shetty Promoters 1.52E+08 61.84 500000 23269367 Sell 1.51E+08 61.64 Market Sale
Transindia Real Estate Limited Shashikiran Shetty Promoters 1.52E+08 61.96 300000 14008669 Sell 1.52E+08 61.84 Market Sale
AXISCADES Technologies Limited Jupiter Capital Private Limited Promoters 25282047 60.3 700000 3.87E+08 Pledge Revoke 25282047 60.3 Revokation of Pledge
Silver Touch Technologies Limited MR. JIGNESH AMRITLAL PATEL Promoters 2637710 20.8 10000 6450000 Sell 2627710 20.72 Market Sale
NCL Industries Limited KALIDINDI RAVI Director 2634738 5.82 1600 295900 Buy 2636338 5.83 Market Purchase
Pidilite Industries Limited Maithili Parekh Promoter Group 2059598 0.4 14917 45091927 Sell 2044681 0.4 Market Sale
Pidilite Industries Limited Maithili Parekh Promoter Group 2044681 0.4 85083 2.57E+08 Sell 1959598 0.39 Market Sale
NCL Industries Limited Utkal B Goradia Director 131547 0.29 20000 3680000 Buy 151547 0.33 Off Market
NCL Industries Limited Bimal V Goradia Promoter Group 324610 0.72 20000 3680000 Buy 344610 0.76 Off Market
NCL Industries Limited Bhupatiraju Subba Raju Promoter Group 256714 0.57 40000 7360000 Buy 296714 0.66 Off Market
NCL Industries Limited K.Pooja Director 1502518 3.32 60000 11040000 Buy 1562518 3.45 Off Market
NCL Industries Limited Kalidindi Roopa Director 2591193 5.73 92000 16928000 Buy 2683193 5.93 Off Market
NCL Industries Limited KALIDINDI RAVI Director 2474738 5.47 160000 29440000 Buy 2634738 5.82 Off Market
NCL Industries Limited KALIDINDI GAUTAM Director 2797137 6.18 392000 72128000 Sell 2405137 5.32 Off Market
SMS Lifesciences India Limited TV Praveen Promoter Group 110347 3.65 15443 9965514 Buy 125790 4.16 Market Purchase
Divi's Laboratories Limited DIVI MADHUSUDANA RAO Promoter Group 269600 0.1 7000 23756210 Sell 262600 0.1 Market Sale
Divi's Laboratories Limited B.V Prabha Immediate relative 10000 0 1475 5012211 Sell 8525 0 Market Sale
Pritika Auto Industries Limited Harpreet Singh Nibber Promoters 57531826 36.1 19033650 0 Buy 76565476 48.04 Inter-se-Transfer
 Pritika Auto Industries Limited Raminder Singh Nibber (deceased) Promoters 19033650 11.94 19033650 0 Sell Nil 0 Inter-se-Transfer
Xpro India Limited Birla Holdings Limited Promoter Group 249975 1.13 249975 2.73E+08 Pledge Revoke 249975 1.13 Revokation of Pledge
Xpro India Limited iPro Capital Limited Promoter Group 4409999 20.01 1079614 1.18E+09 Pledge Revoke 4409999 20.01 Revokation of Pledge
Cupid Limited Saurabh Vishwas Karmase Key Managerial Personnel 4000 0.03 500 960450 Sell 3500 0.03 Market Sale
Cupid Limited Durgesh Dayanand Garg - 15750 0.12 500 1145780 Sell 15250 0.11 Market Sale
Cupid Limited Saurabh Vishwas Karmase Key Managerial Personnel 3500 0.03 1000 2351010 Sell 2500 0.02 Market Sale
Cupid Limited Durgesh Dayanand Garg - 17250 0.13 1500 3313695 Sell 15750 0.12 Market Sale
Cupid Limited Narendra Madhukar Joshi Key Managerial Personnel 3240 0.02 540 1271700 Sell 2700 0.02 Market Sale
Nahar Poly Films Limited Sambhav Oswal Promoters 27600 0.11 8000 1465503 Buy 35600 0.14 Market Purchase
eClerx Services Limited Eclerx Employee Welfare Trust Other 819493 1.67 765 1813977 Sell 818728 1.67 Market Sale
InfoBeans Techno. Ltd. Avinash Sethi Promoters 5947150 24.48 3200 1171200 Buy 5950350 24.49 Market Purchase
Emmbi Industries Limited KITEC INDUSTRIES (INDIA) PRIVATE LIMITED Promoter Group 30000 0.17 60000 5520843 Buy 90000 0.51 Market Purchase
Uma Converter Limited SUMERRAJ LODHA AND SONS HUF Promoter Group 596463 2.94 20000 503946 Buy 616463 3.04 Market Purchase
Sambhaav Media Limited Neha Vadodaria Promoter Group Nil 0 3095000 0 Buy 3095000 1.62 Gift
Sambhaav Media Limited Kajal Vadodaria Promoter Group 700000 0.37 3095000 0 Buy 3795000 1.99 Gift
Sambhaav Media Limited Kiran Vadodaria Promoters 33826935 17.7 3095000 0 Sell 30731935 16.08 Gift
Sambhaav Media Limited Manoj Vadodaria Promoters 20735376 10.85 3095000 0 Sell 17640376 9.23 Gift
Excel Industries Limited Anshul Amrish Bhatia Promoters 21616 0.17 0 0 Buy 21616 0.17 Off Market
Excel Industries Limited Amrish Sudhir Bhatia Immediate relative 21616 0.17 21616 0 Sell Nil 0 Off Market
Zydus Lifesciences Limited DEVAL DHIRAJBHAI SHAH Immediate relative 292 0 292 293533 Pledge Revoke 292 0 Revokation of Pledge
Zydus Lifesciences Limited DEVAL DHIRAJBHAI SHAH Immediate relative 292 0 292 293939 Sell Nil 0 Market Sale
The Ugar Sugar Works Limited SHREEKANT VENKATARAMAN BHAT Key Managerial Personnel 1259 0 100 67 Buy 1359 0 Market Purchase
Zuari Industries Limited (formerly Zuari
Chambal Fertilizers & Chemicals Limited Promoters 56964966 14.22 200000 68810000 Pledge 56964966 14.22 Pledge Creation
Global Limited)
AAYUSH M AGRAWAL, TRUSTEE AAYUSH
Ajanta Pharma Limited Promoters 14237664 11.31 200000 4.37E+08 Pledge 14237664 11.31 Revokation of Pledge
AGRAWAL TRUST
Employees/Designated
Dr. Lal Path Labs Ltd. Dibakar Jena 760 0 750 1676100 Sell 10 0 Market Sale
Employees
Ethos Limited MAHEN DISTRIBUTION LIMITED Promoters 1704606 6.96 40072 1.02E+08 Sell 1664534 6.8 Market Sale
Ethos Limited KDDL LIMITED Promoters 12003877 49.03 490000 1.22E+09 Sell 11513877 47.03 Market Sale
Krishana Phoschem Limited OSTWAL PHOSCHEM ( INDIA) LIMITED Promoters 41058764 66.41 39764 9911097 Buy 41098528 66.47 Market Purchase
Employees/Designated
Allied Digital Services Limited Hubert Wong 12500 0.02 12500 1757152 Sell Nil 0 Market Sale
Employees
Rex Pipes And Cables Industries Limited MR. SHARWAN KUMAR KALER Promoters 1864500 19.73 2000 117400 Buy 1866500 19.75 Market Purchase
Zydus Lifesciences Limited ZYDUS FAMILY TRUST Promoters 7.54E+08 74.97 30000 30318581 Sell 7.54E+08 74.96 Market Sale
Zydus Lifesciences Limited ZYDUS FAMILY TRUST Promoters 7.54E+08 74.97 10000 10066755 Sell 7.54E+08 74.97 Market Sale
Faze Three Limited Sanjay Anand Promoter Group 1017420 4.18 136394 0 Sell 881026 3.62 Gift
Faze Three Limited Ajay Anand Promoters 7730812 31.79 136394 0 Buy 7867206 32.35 Gift
Deepak Fertilizers And Petrochemicals
Robust Marketing Services Private Limited Promoters 10975301 8.69 30000 14598387 Buy 11005301 8.72 Market Purchase
Corporation Limited
Fine Organic Industries Limited Jayen Ramesh Shah Promoters 3423627 11.17 1390539 6952695 Buy 4814166 15.7 Off Market
Fine Organic Industries Limited Bimal Mukesh Shah Promoters 1810227 5.9 1390539 6952695 Buy 3200766 10.44 Off Market
Fine Organic Industries Limited Tushar Ramesh Shah Promoters 3699182 12.07 4325886 21629430 Buy 8025068 26.18 Off Market
Fine Organic Industries Limited Tushar Ramesh Shah Promoters 8025068 26.18 2935347 14676735 Sell 5089721 16.6 Off Market
Fine Organic Industries Limited Mukesh Maganlal Shah Promoters 1764045 5.75 154269 771345 Buy 1918314 6.26 Off Market
Fine Organic Industries Limited Jayen Ramesh Shah Promoters 3423627 11.17 1390539 6952695 Buy 4814166 15.7 Off Market
Fine Organic Industries Limited Bimal Mukesh Shah Promoters 1810227 5.9 1390539 6952695 Buy 3200766 10.44 Off Market
Fine Organic Industries Limited Tushar Ramesh Shah Promoters 8025068 26.18 2935347 14676735 Sell 5089721 16.6 Off Market
Fine Organic Industries Limited Tushar Ramesh Shah Promoters 3699182 12.07 4325886 21629430 Buy 8025068 26.18 Off Market
Fine Organic Industries Limited Mukesh Maganlal Shah Promoters 1764045 5.75 154269 771345 Buy 1918314 6.26 Off Market
Veranda Learning Solutions Limited Kalpathi S Ganesh Promoters 12161382 17.57 3691159 6.9E+08 Pledge 12161382 17.57 Pledge Creation
Veranda Learning Solutions Limited Kalpathi S Suresh Promoters 12145382 17.55 3691159 6.9E+08 Pledge 12145382 17.55 Pledge Creation
Veranda Learning Solutions Limited Kalpathi S Aghoram Promoters 12162886 17.58 3691159 6.9E+08 Pledge 12162886 17.58 Pledge Creation
Smc Global Securities Limited SHALIE GUPTA - 45000 0.04 45000 5487750 Sell Nil 0 Market Sale
IFB Agro Industries Limited PREOMBADA NAG Promoter Group 1315 0.01 237509 0 Buy 238824 2.55 Others
Mangalam Worldwide Limited OMPRAKASH MANGAL Promoter Group 1361000 5.23 396000 0 Sell 965000 3.71 Gift
MEP Infrastructure Developers Limited Jayant D. Mhaiskar Promoters 12358526 6.74 11400000 1.43E+08 Pledge Invoke 958526 0.52 Invocation of pledge
Mangalam Worldwide Limited Honey Mangal Promoter Group 115000 0.44 396000 0 Buy 511000 3.93 Gift
Nila Spaces Limited NEHA VADODARIA Promoter Group Nil 0 6850000 0 Buy 6850000 1.74 Gift
Nila Spaces Limited KIRAN VADODARIA Promoters 38608100 9.8 6850000 0 Sell 31758100 8.06 Gift
Nila Spaces Limited MANOJ VADODARIA Promoters 53154712 13.49 6850000 0 Sell 46304712 11.75 Gift
Nila Spaces Limited KAJAL VADODARIA Promoter Group Nil 0 6850000 0 Buy 6850000 1.74 Gift
 Employees/Designated
Syngene International Limited Nehal Vora 5840 0 5840 4099680 Pledge 5840 0 Pledge Creation
Employees
Mahindra & Mahindra Employees' Stock
Mahindra & Mahindra Limited Other 44301696 3.56 19065 95325 Sell 44282631 3.56 ESOP
Option Trust
T T Limited T T Brands Limited Promoter Group 28251 0.13 8579222 0 Buy 8607473 40.04 Inter-se-Transfer
Jet Freight Logistics Limited Richard Francis Theknath Promoters 10923452 23.54 75000 954446 Sell 10848452 23.38 Market Sale
Jet Freight Logistics Limited Richard Francis Theknath Promoters 10973452 23.65 50000 671416 Sell 10923452 23.54 Market Sale
Nila Infrastructures Limited KIRAN VADODARIA Promoters 38608100 9.8 6850000 0 Sell 31758100 8.06 Gift
Nila Infrastructures Limited NEHA VADODARIA Promoter Group Nil 0 6850000 0 Buy 6850000 1.74 Gift
Nila Infrastructures Limited KAJAL VADODARIA Promoter Group Nil 0 6850000 0 Buy 6850000 1.74 Gift
Nila Infrastructures Limited MANOJ VADODARIA Promoters 53154712 13.49 6850000 0 Sell 46304712 11.75 Gift
Star Cement Limited Mahabir Prasad Agarwal Immediate relative 835206 0.21 800000 1.68E+08 Sell 35206 0.01 Gift
Star Cement Limited Brij Bhushan Agarwal Director 1558413 0.39 800000 1.68E+08 Buy 2358413 0.58 Gift
Nahar Poly Films Limited NAHAR SPINNING MILLS LIMITED Promoters 4492706 18.27 13500 2441041 Buy 4506206 18.33 Market Purchase
Salzer Electronics Limited DORAISWAMY VISHNURANGASWAMY Promoters 805740 4.64 4000 0 Buy 879740 4.66 Gift
Dr. Lal Path Labs Ltd. Dr. Lal PathLabs Employees Welfare Trust Other 267890 0.32 3115 1951200 Sell 264775 0.32 ESOP
Dr. Lal Path Labs Ltd. Om Prakash Manchanda Director 973002 1.17 7500 16957244 Sell 965502 1.16 Market Sale
AXISCADES Technologies Limited Jupiter Capital Private Limited Promoters 25282047 60.3 3400000 1.92E+09 Pledge 25282047 60.3 Pledge Creation
AXISCADES Technologies Limited Jupiter Capital Private Limited Promoters 25282047 60.3 3600000 1.97E+09 Pledge Revoke 25282047 60.3 Revokation of Pledge
Salzer Electronics Limited R DORAISWAMY Promoters 319139 1.84 4000 0 Sell 315139 1.81 Gift
NCL Industries Limited P N Raju Director 875010 1.93 60000 11145000 Sell 815010 1.8 Market Sale
NAHAR CAPITAL AND FINANCIAL SERVICES
Nahar Spinning Mills Limited Promoter Group 16569120 45.94 228 61930 Buy 16569348 45.94 Market Purchase
LIMITED
NAHAR CAPITAL AND FINANCIAL SERVICES
Nahar Spinning Mills Limited Promoter Group 16569348 45.94 29772 8181477 Buy 16599120 46.03 Market Purchase
LIMITED
Silgo Retail Limited NITIN JAIN Promoters 4373262 42.58 7467387 1.87E+08 Buy 11840649 64.01 Others
Silgo Retail Limited BELA AGRAWAL Promoters 1093750 10.64 1093750 27343750 Sell 1093750 5.91 Others
Mahickra Chemicals Limited MITESH C GANDHI (HUF) Promoter Group 106500 1.31 1500 183150 Buy 108000 1.33 Market Purchase
Mahickra Chemicals Limited ANITABEN ASHISHKUMAR GANDHI Promoter Group 249400 3.07 3000 366000 Buy 252400 3.11 Market Purchase
Mahickra Chemicals Limited MITESHKUMAR CHAMPAKLAL GANDHI Promoters 712528 8.77 4500 630000 Buy 717028 8.83 Market Purchase
Mahickra Chemicals Limited SULOCHANA ARVIND KOTADIA Promoter Group 25000 0.31 3000 377250 Buy 28000 0.34 Market Purchase
UTI Asset Management Company Limited Siddamurthy Raghunath Reddy - 6911 0 300 248100 Sell 6611 0 Market Sale
UTI Asset Management Company Limited Siddamurthy Raghunath Reddy - 8011 0 1100 893200 Sell 6911 0 Market Sale
RPR SONS ADVISORS PVT.LTD., P.SUNEELA
Aurobindo Pharma Limited Promoter Group 1.96E+08 33.51 16700000 1.76E+10 Pledge 1.96E+08 33.51 Pledge Creation
RANI (Jointly holding)
Moxsh Overseas Educon Limited PRITI DHANANJAY SHAH Promoters 1096000 48.91 2400 309377 Buy 1098400 49.02 Market Purchase
TD Power Systems Limited S Prabhamani Director 313130 0.2 10000 0 Sell 303130 0.19 Gift
TD Power Systems Limited Vinay Hegde - 353895 0.23 10000 3089026 Sell 343895 0.22 Market Sale
Agro Tech Foods Limited SACHIN GOPAL Key Managerial Personnel 92330 0.37 1626 1136412 Sell 90704 0.37 Market Sale
Antarctica Limited Renu Kuthari Promoters 1269474 0.82 816947 1225421 Sell 452527 0.29 Market Sale
Antarctica Limited Renu Kuthari Promoters 1569474 1.01 300000 495000 Sell 1269474 0.82 Market Sale
Zaggle Prepaid Ocean Services Limited Saurabh Puri - 49750 0.04 20000 5618608 Sell 29750 0.02 Market Sale
eClerx Services Limited Eclerx Employee Welfare Trust Other 819748 1.67 255 613407 Sell 819493 1.67 Market Sale
Krishana Phoschem Limited MAHENDRA KUMAR OSTWAL Promoters 232121 0.38 8700 2218935 Buy 240821 0.39 Gift
Zydus Lifesciences Limited ZYDUS FAMILY TRUST Promoters 7.55E+08 75.02 565466 5.7E+08 Sell 7.54E+08 74.97 Market Sale
Zydus Lifesciences Limited ZYDUS FAMILY TRUST Promoters 7.55E+08 75.02 17534 17803106 Sell 7.55E+08 75.02 Market Sale
Krishana Phoschem Limited RAJENDRA PRASAD OSTWAL Promoters 8900 0.01 8700 2218935 Sell 200 0 Gift
Palash Securities Limited SHEKHAR FAMILY TRUST Promoter Group 221039 2.21 25816 3151258 Buy 246855 2.47 Market Purchase
Sterling and Wilson Renewable Energy Limited Kainaz Khurshed Daruvala Promoter Group 13000200 5.57 1100000 5.68E+08 Pledge 13000200 5.57 Pledge Creation
Mangalam Worldwide Limited Chandragupt Prakash Mangal Promoters 4226574 17.25 1020000 81855000 Buy 5246574 20.18 Conversion of security
Manomay Tex India Limited Yogesh Laddha Promoters 472138 2.62 28004 4774854 Buy 500142 2.77 Market Purchase
Manomay Tex India Limited Pallavi Laddha Promoters 1093046 6.06 28890 4937352 Buy 1121936 6.22 Market Purchase
Deepak Fertilizers And Petrochemicals
Robust Marketing Services Private Limited Promoters 10944301 8.67 31000 15010141 Buy 10975301 8.69 Market Purchase
Corporation Limited
Choice International Limited NS Technical Consultancy Private Limited Promoter Group 4968000 2.49 219000 57172140 Buy 5187000 2.6 Market Purchase
D B Realty Limited Jignesh Hasmukhlal Shah Key Managerial Personnel 41500 0.01 1500 297390 Sell 40000 0.01 Market Sale
Sadbhav Engineering Limited SADBHAV FINSTOCK PRIVATE LIMITED Promoter Group 13588500 7.92 1000000 25614921 Pledge Invoke 12588500 7.33 Invocation of pledge
Osia Hyper Retail Limited Dhirendra Gautamkumar Chopra Promoters 30000000 25.4 5893637 1.83E+08 Sell 24106363 20.41 Market Sale
Sadbhav Engineering Limited SADBHAV FINSTOCK PRIVATE LIMITED Promoter Group 15295275 8.91 1706775 47640557 Pledge Invoke 13588500 7.92 Invocation of pledge
Mangalam Worldwide Limited Chanakya Prakash Mangal Promoters 3325500 13.57 330000 26482500 Buy 3655500 14.06 Conversion of security
Intellect Design Arena Limited Thakur Vikas Sinha - 56889 0.04 6000 6576000 Sell 50889 0.04 Market Sale
Dhampur Bio Organics Limited Shudh Edible Products Private Limited Promoters 11168180 16.82 50000 5964000 Buy 11218180 16.9 Market Purchase
Intellect Design Arena Limited PUNKAJ SHANKAR - 10070 0.01 550 586300 Sell 9520 0.01 Market Sale
 PVP Ventures Limited Dileep Badley - 500000 0.19 200000 8011710 Sell 300000 0.12 Market Sale
PVP Ventures Limited A Praveen Kumar - 500000 0.19 200000 7992828 Sell 300000 0.12 Market Sale
Shriram Finance Limited Shriram Ownership Trust Promoter Group 7840080 2.09 7778000 1.8E+10 Sell 62080 0.02 Inter-se-Transfer
Shriram Finance Limited Shriram Value Services Limited Promoter Group 12993461 3.46 7778000 1.8E+10 Buy 20771461 5.53 Inter-se-Transfer
Prakash Steelage Limited PRAKASH CHHAGANLAL KANUGO Promoters 24100048 13.77 5000 40392 Buy 24105048 13.77 Market Purchase
Orient Electric Limited Puneet Dhawan - 72156 0.03 72156 14052381 Pledge Revoke 72156 0.03 Revokation of Pledge
Mangalam Worldwide Limited Rashmi Mangal Promoter Group 2430600 9.92 135000 10833750 Buy 2565600 9.87 Conversion of security
Cyber Media Research & Services Limited Dhaval Gupta Promoter Group 6400 0.22 800 107200 Buy 7200 0.25 Market Purchase
Cyber Media Research & Services Limited Mina Chand Other 25600 0.87 2400 320328 Buy 28000 0.96 Market Purchase
Mangalam Worldwide Limited Honey Mangal Promoter Group 100000 0.41 15000 1203750 Buy 115000 0.44 Conversion of security
Shalimar Paints Limited Veera Gupta Immediate relative 2476484 2.96 201826 33420258 Sell 2274658 2.72 Market Sale
Employees/Designated
Tara Chand InfraLogistic Solutions Limited Krishan Chandra Singh 34000 0.22 9000 1603230 Sell 25000 0.16 Market Sale
Employees
Rex Pipes And Cables Industries Limited MR. SHARWAN KUMAR KALER Promoters 1860500 19.69 4000 248000 Buy 1864500 19.73 Market Purchase
Shalimar Paints Limited Veera Gupta Immediate relative 4682952 5.59 206468 38460454 Sell 4476484 5.35 Market Sale
NCL Industries Limited KALIDINDI RAVI Director 2474123 5.47 615 115555 Buy 2474738 5.47 Market Purchase
NCL Industries Limited KALIDINDI GAUTAM Director 2793087 6.17 4050 749655 Buy 2797137 6.18 Market Purchase
Sundaram Finance Holdings Limited ROHINI HOLDINGS PRIVATE LIMITED Promoter Group 2292948 1.03 5000 989710 Buy 2297948 1.03 Market Purchase
Sundaram Finance Holdings Limited ALLEGRO HOLDINGS PRIVATE LIMITED Promoter Group 2880934 1.3 5000 991337 Buy 2885934 1.3 Market Purchase
Sundaram Finance Holdings Limited UTHIRATTADHI SRIRAM HOLDINGS P LTD Promoter Group 3035522 1.37 8000 1584241 Buy 3043522 1.37 Market Purchase
Sundaram Finance Holdings Limited SILVER OAK HOLDINGS PRIVATE LIMITED Promoter Group 2840080 1.28 4000 791720 Buy 2844080 1.28 Market Purchase
Sundaram Finance Holdings Limited SUNDARAM FINANCE LIMITED Promoters 44225076 19.91 22000 4334306 Sell 44203076 19.9 Market Sale
The Ugar Sugar Works Limited CHANDAN SANJEEV SHIRGAOKAR Promoters 757100 0.67 108642 68 Buy 865742 0.77 Market Purchase
Apollo Hospitals Enterprise Limited K VISHWESHWAR REDDY Promoters 1577350 1.1 70000 4.43E+08 Pledge 1577350 1.1 Pledge Creation
Shah Metacorp Limited Mona Viral Shah Promoters 36406084 8.69 260000 0 Buy 36666084 8.74 -
Shah Metacorp Limited Mona Viral Shah Promoters 36406084 8.69 260000 0 Buy 36666084 8.74 -
Vascon Engineers Limited SANTOSH SUNDARARAJAN Key Managerial Personnel 10020836 4.53 492500 30027725 Sell 9528336 4.31 Market Sale
Zydus Lifesciences Limited HARSHA JYOTINDRA GOR Immediate relative 3507 0 1000 1009074 Sell 2507 0 Market Sale
Indo Rama Synthetics (India) Limited Aloke Lohia Promoters 53663257 20.55 53564057 0 Sell 99200 0.04 Gift
Indo Rama Synthetics (India) Limited Mrs. Urmila Lohia Promoters 645873 0.25 53564057 0 Buy 54209930 20.76 Gift
Pennar Industries Limited ADITYA NARSING RAO Promoters 8881953 6.58 15800 1994582 Buy 8897753 6.59 Market Purchase
Gokul Agro Resources Limited Ritika Infracon Private Limited Promoter Group 1413800 0.96 10500 1140492 Buy 1424300 0.97 Market Purchase
Gokul Agro Resources Limited Ritika Infracon Private Limited Promoter Group 1424300 0.97 138000 14895200 Buy 1562300 1.06 Market Purchase
Computer Age Management Services Limited Sesha Raman Ramcharan Key Managerial Personnel 5012 0 1000 3097832 Sell 4102 0 Market Sale
Zen Technologies Limited Sanjay Vijay Singh Jesrani Director 20500 0.02 1000 895653 Buy 21500 0.03 Market Purchase
Mohini Employee Welfare Trust Trustee
Mohini Health & Hygiene Limited Other 453000 2.48 219000 11401140 Sell 234000 1.28 Market Sale
Shivesh Kumar Sinha
Suumaya Industries Limited Karishma Ruturaj Kaku Promoter Group 376998 0.56 50000 393000 Sell 326998 0.49 Market Sale
Suumaya Industries Limited Karishma Ruturaj Kaku Promoter Group 383645 0.57 6647 52046 Sell 376998 0.56 Market Sale
Suumaya Industries Limited Karishma Ruturaj Kaku Promoter Group 540000 0.86 156355 1235204 Sell 383645 0.57 Market Sale
Dhampur Bio Organics Limited Shudh Edible Products Private Limited Promoters 11128180 16.76 40000 4782400 Buy 11168180 16.82 Market Purchase
Deepak Fertilizers And Petrochemicals
Robust Marketing Services Private Limited Promoters 10913301 8.65 31000 15107034 Buy 10944301 8.67 Market Purchase
Corporation Limited
Jubilant Foodworks Limited Jubilant Consumer Private Limited Promoters 2.77E+08 41.94 11580000 5.24E+09 Pledge 2.77E+08 41.94 Pledge Creation
Nintec Systems Limited Niraj Gemawat Promoters 3383243 18.21 100 50000 Buy 3383343 18.21 Market Purchase
Nintec Systems Limited Niraj Gemawat Promoters 3383343 18.21 100 51600 Buy 3383443 18.21 Market Purchase
Nintec Systems Limited Niraj Gemawat Promoters 3383443 18.21 40 20480 Buy 3383483 18.21 Market Purchase
Nintec Systems Limited Niraj Gemawat Promoters 3383483 18.21 200 98253 Buy 3383683 18.21 Market Purchase
Nintec Systems Limited Niraj Gemawat Promoters 3383683 18.21 500 247593 Buy 3384183 18.22 Market Purchase
Nintec Systems Limited Niraj Gemawat Promoters 3384183 18.22 100 49189 Buy 3384283 18.22 Market Purchase
Nintec Systems Limited Niraj Gemawat Promoters 3384283 18.22 500 251862 Buy 3384783 18.22 Market Purchase
AU Small Finance Bank Limited Mayank Markanday - 27934 0 500 282175 Pledge Revoke 27934 0 Revokation of Pledge
AU Small Finance Bank Limited Pankaj Sharma - 80417 0.01 8710 4915489 Pledge 80417 0.01 Pledge Creation
3i Infotech Limited Varika Rastogi Key Managerial Personnel Nil 0 49500 495000 Buy 49500 0.03 ESOP
Shoppers Stop Limited Ajay Chablani Other 40349 0.04 3660 2863100 Sell 36689 0.03 Market Sale
Shoppers Stop Limited Ajay Chablani Other 41449 0.04 1100 847000 Sell 40349 0.04 Market Sale
Snowman Logistics Limited GATEWAY DISTRIPARKS LIMITED Promoters 75213245 45.02 375000 25928850 Buy 75588245 45.24 Market Purchase
Ashiana Housing Limited Vikash Dugar Key Managerial Personnel 18500 0.02 1500 454875 Buy 20000 0.02 Market Purchase
Ashiana Housing Limited Vikash Dugar Key Managerial Personnel 20000 0.02 2300 638931 Buy 22300 0.02 Market Purchase
Aksh Optifibre Limited Dr. Kailash Shantilal Choudhari Promoters 17757391 10.91 300000 2609141 Sell 17457391 10.73 Market Sale
Lokesh Machines Limited MULLAPUDI KANAKADURGA Promoter Group 700372 3.79 31000 9938600 Pledge Revoke 700372 3.79 Revokation of Pledge
V.S.T Tillers Tractors Limited ARUN VELLORE SURENDRA Promoters 220630 2.55 5000 16706335 Buy 225630 2.61 Market Purchase
 V.S.T Tillers Tractors Limited VELLORE TIRUVENGADASWAMY RAVINDRA Promoters 28852 0.33 300 1005582 Buy 29152 0.34 Market Purchase
Prakash Steelage Limited PRAKASH CHHAGANLAL KANUGO Promoters 24095048 13.77 5000 41250 Buy 24100048 13.77 Market Purchase
Steel Strips Wheels Limited Sushil Gupta - 22000 0.01 500 119667 Sell 21500 0.01 Market Sale
Steel Strips Wheels Limited Ajay Jain - 6000 0.01 2000 463257 Sell 4000 0 Market Sale
Steel Strips Wheels Limited MANOHAR LAL JAIN Director 165756 0.11 10000 2400300 Sell 155756 0.1 Market Sale
Steel Strips Wheels Limited R RAVISHANKAR - 15150 0.01 5000 1200589 Sell 10150 0.01 Market Sale
Steel Strips Wheels Limited Sushil Gupta - 21500 0.01 1000 239249 Sell 20500 0.01 Market Sale
Ganga Forging Limited Parulben Rakeshbhai Patel Promoter Group 2725696 2.12 100000 857000 Sell 2625696 2.04 Market Sale
Ganga Forging Limited Shitalben Manishkumar Nar Promoter Group 5770140 4.48 400000 3420000 Sell 5370140 4.18 Market Sale
Ganga Forging Limited Manishkumar Chhaganbhai Nar Promoter Group 2687840 2.09 100000 862000 Sell 2587840 2.01 Market Sale
Fusion Micro Finance Limited TARUN MEHNDIRATTA - 122875 0.12 6250 962750 Buy 129125 0.13 ESOP
Fusion Micro Finance Limited SHASHI KAR RAWAT - 500 0 1250 409400 Buy 1750 0 ESOP
Fusion Micro Finance Limited SHASHI KAR RAWAT - Nil 0 500 233077 Buy 500 0 Market Purchase
Fusion Micro Finance Limited DEEPAK MADAAN Key Managerial Personnel 106875 0.11 18750 2888250 Buy 125625 0.12 ESOP
Fusion Micro Finance Limited GAURAV MAHESHWARI Key Managerial Personnel 131520 0.13 16250 5396950 Buy 147770 0.15 ESOP
Fusion Micro Finance Limited KAMAL KUMAR KAUSHIK - 16000 0.02 7500 2178600 Buy 23500 0.02 ESOP
Updater Services Limited Santosh Nageshwar Lal - 8797 0 6000 1959300 Sell 2797 0 Market Sale
Sagista Realty Advisors Private Limited (as
Sapphire Foods India Limited Promoters 1985667 3.12 34037 54157714 Sell 1951630 3.06 Market Sale
Trustee of QSR Management Trust)
Sagista Realty Advisors Private Limited (as
Sapphire Foods India Limited Promoters 1988069 3.12 2402 3807170 Sell 1985667 3.12 Market Sale
Trustee of QSR Management Trust)
Krishak Bharati Cooperative Limited
Nagarjuna Fertilizers and Chemicals Limited Promoters 10212726 1.71 50000 503000 Sell 10162726 1.7 Market Sale
(KRIBHCO)
Gokul Agro Resources Limited Ritika Infracon Private Limited Promoter Group 1263300 0.86 8500 943980 Buy 1271800 0.86 Market Purchase
Gokul Agro Resources Limited Ritika Infracon Private Limited Promoter Group 1271800 0.86 142000 15808473 Buy 1413800 0.96 Market Purchase
Medicamen Biotech Limited Geetika Madan - 36939 0.29 2449 1048342 Sell 34490 0.27 Market Sale
Cords Cable Industries Limited Varun Sawhney Promoter Group 175944 1.36 10250 1741891 Buy 186194 1.44 Market Purchase
eClerx Services Limited Eclerx Employee Welfare Trust Other 816800 1.67 2948 6949819 Buy 819748 1.67 Market Purchase
Minda Corporation Limited Employees
Minda Corporation Limited Other 3873640 1.62 75123 30417303 Sell 3798517 1.58 ESOP
Stock Option Scheme Trust
Sundaram Finance Holdings Limited Mrs NIVEDITA RAM Promoter Group 2570111 1.16 159000 30454785 Buy 2729111 1.23 Market Purchase
Sundaram Finance Holdings Limited ALLEGRO HOLDINGS PRIVATE LIMITED Promoter Group 2760934 1.24 120000 23072799 Buy 2880934 1.3 Market Purchase
Sundaram Finance Holdings Limited UTHIRATTADHI SRIRAM HOLDINGS P LTD Promoter Group 2793522 1.26 242000 46188020 Buy 3035522 1.37 Market Purchase
Sundaram Finance Holdings Limited SILVER OAK HOLDINGS PRIVATE LIMITED Promoter Group 2744080 1.24 96000 18434500 Buy 2840080 1.28 Market Purchase
Sundaram Finance Holdings Limited Mrs.VIJAYA RANGARAJAN Promoter Group 1819750 0.82 100000 18236151 Buy 1919750 0.86 Market Purchase
Sundaram Finance Holdings Limited AZORIOUS HOLDINGS PRIVATE LIMITED Promoter Group 1474811 0.66 250000 47747212 Buy 1724811 0.78 Market Purchase
Sundaram Finance Holdings Limited SUNDARAM FINANCE LIMITED Promoters 52176605 23.49 7951529 1.51E+09 Sell 44225076 19.91 Market Sale
M/s Trichur Sundaram Santhanam & Family
Sundaram Finance Holdings Limited Promoter Group 1000 0 3973529 7.61E+08 Buy 3974529 1.79 Market Purchase
Private Limited
Sundaram Finance Holdings Limited S RAM Promoter Group 4403473 1.98 90000 16405882 Buy 4493473 2.02 Market Purchase
Sundaram Finance Holdings Limited Mr ARJUN RANGARAJAN Promoter Group 1557420 0.7 900000 1.72E+08 Buy 2457420 1.11 Market Purchase
Sundaram Finance Holdings Limited Mrs.CHITRA VIJI Promoter Group 1320016 0.59 250000 47608353 Buy 1570016 0.71 Market Purchase
Sundaram Finance Holdings Limited Gita Ram Promoter Group 1792389 0.81 45000 8240059 Buy 1837389 0.83 Market Purchase
Sundaram Finance Holdings Limited ROHINI HOLDINGS PRIVATE LIMITED Promoter Group 2172948 0.98 120000 23053352 Buy 2292948 1.03 Market Purchase
Sundaram Finance Holdings Limited PREMA RAMNUJAM Promoter Group 674391 0.3 125000 22807684 Buy 799391 0.36 Market Purchase
Sundaram Finance Holdings Limited Mr.Srivats Ram Promoter Group 2765708 1.25 706000 1.35E+08 Buy 3471708 1.56 Market Purchase
Sundaram Finance Holdings Limited MR ANANTH RAMANUJAM Promoter Group 620940 0.28 50000 9143015 Buy 670940 0.3 Market Purchase
Sundaram Finance Holdings Limited MR SRIKANTH RAMANUJAM Promoter Group 2732291 1.23 175000 33540245 Buy 2907291 1.31 Market Purchase
Sundaram Finance Holdings Limited MR SUMANTH RAMANUJAM Promoter Group 1382948 0.62 300000 57264914 Buy 1682948 0.76 Market Purchase
Sundaram Finance Holdings Limited Mr.S Viji Promoter Group 5605863 2.52 250000 46204413 Buy 5855863 2.64 Market Purchase
Pidilite Industries Limited Maithili Parekh Promoter Group 2245847 0.44 186249 5.45E+08 Sell 2059598 0.4 Market Sale
Shyam Century Ferrous Limited Hari Prasad Agarwala & Ors. Promoter Group 1388908 0.65 2500 47500 Sell 1386408 0.65 Market Sale
Uma Converter Limited ABHISHEK LODHA AND SONS HUF Promoter Group 176000 0.87 8000 205244 Buy 184000 0.91 Market Purchase
KPIT TECHNOLOGIES LIMITED EMPLOYEES
KPIT Technologies Limited Other 2930824 1.07 3900 39000 Sell 2926924 1.07 ESOP
WELFARE TRUST
Gyanshankar Investment & Trading Co. Pvt.
Bharat Wire Ropes Limited Promoters 21645915 31.81 2000 536000 Buy 21647915 31.82 Market Purchase
Ltd.
Gyanshankar Investment & Trading Co. Pvt.
Bharat Wire Ropes Limited Promoters 21605915 31.75 40000 11011868 Buy 21645915 31.81 Market Purchase
Ltd.
Bharat Wire Ropes Limited Gyanshankar E-Trading LLP Promoter Group 332000 0.49 8000 2200000 Buy 340000 0.49 Market Purchase
Remus Pharmaceuticals Limited Renosen Pharmaceuticals Private Limited Promoter Group 10200 0.69 125 730699 Buy 10325 0.7 Market Purchase
Ghcl Textiles Limited Manoj Kumar Ishwar - Nil 0 1000 76862 Buy 1000 0 Market Purchase
Sterling and Wilson Renewable Energy Limited Kainaz Khurshed Daruvala Promoter Group 13000200 5.58 11300000 5.29E+09 Pledge 13000200 5.58 Pledge Creation
Sterling and Wilson Renewable Energy Limited Khurshed Yazdi Daruvala Promoters 3443662 1.48 193662 90711281 Pledge Revoke 3443662 1.48 Revokation of Pledge
Sterling and Wilson Renewable Energy Limited Kainaz Khurshed Daruvala Promoter Group 13000200 5.58 13000000 6.09E+09 Pledge Revoke 13000200 5.58 Revokation of Pledge
Kanpur Plastipack Limited UA Private Family Trust Promoter Group 37375 0.17 1305441 0 Buy 1342816 6.25 Off Market
Kanpur Plastipack Limited Shashank Private Family Trust Promoter Group 30223 0.14 979080 0 Buy 1009303 4.7 Off Market
Kanpur Plastipack Limited MA Priate Family Trust Promoter Group 76628 0.36 979080 0 Buy 1055708 4.92 Off Market
Kanpur Plastipack Limited Mahesh Swarup Agarwal Promoters 3263601 15.2 3263601 0 Sell Nil 0 Off Market
Smartlink Holdings Limited KAMALAKSHA RAMA NAIK Promoters 4929710 49.42 13550 2303496 Buy 4943260 49.56 Market Purchase
Krishana Phoschem Limited Kanchi Resort Private Limited Promoter Group Nil 0 10301 2581784 Buy 10301 0.02 Market Purchase
The Ugar Sugar Works Limited CHANDAN SANJEEV SHIRGAOKAR Promoters 734579 0.65 22521 1571415 Buy 757100 0.67 Market Purchase
Cool Caps Industries Limited Purv Flexipack Limited Promoters 7152750 61.87 750 338588 Buy 7153500 61.88 Market Purchase
Cool Caps Industries Limited Rajeev Goenka Promoters 69000 0.6 1000 450000 Buy 70000 0.61 Market Purchase
Shrenik Limited Shrenik Sudhir Vimawala Promoters 1.88E+08 30.75 100000 110000 Sell 1.88E+08 30.74 Invocation of pledge
JK Cement Limited NIDHIPATI SINGHANIA Promoter Group 44928 0.06 800 0 Buy 45728 0.06 Inter-se-Transfer
JK Cement Limited KALPANA SINGHANIA Promoter Group 370000 0.48 800 0 Sell 369200 0.48 Inter-se-Transfer
Univastu India Limited PRADEEP KHANDAGALE Promoters 7682812 67.6 23000 3312000 Sell 7659812 67.4 Market Sale
Medicamen Biotech Limited Growel Remedies Limited Promoter Group 200000 1.57 200000 83886078 Sell Nil 0 Market Sale
Medicamen Biotech Limited Shivalik Rasayan limited Promoters 5266095 41.42 200000 84871007 Buy 5466095 42.99 Market Purchase
Shrenik Limited Shrenik Sudhir Vimawala Promoters 1.95E+08 31.83 6590000 6523650 Sell 1.88E+08 30.75 Market Sale
GRP Limited Jayvanti Manharlal Desai Promoter Group 454 0.03 54 344966 Sell 400 0.03 Market Sale
Mahindra & Mahindra Employees' Stock
Mahindra & Mahindra Limited Other 44339392 3.56 37696 162965 Sell 44301696 3.56 ESOP
Option Trust
Steel Strips Wheels Limited Munish Kumar Chugh - 8500 0.01 1000 246000 Sell 7500 0.01 Market Sale
Steel Strips Wheels Limited Sushil Gupta - 24000 0.02 2000 479591 Sell 22000 0.01 Market Sale
Sejal Glass Limited Mr. Chandrakant V Gogri Promoter Group 2924931 28.96 151931 50170302 Sell 2773000 27.46 Market Sale
Clean Science And Technology Limited Pratik A. Bora Key Managerial Personnel 1667 0 1667 2161849 Buy 3334 0 ESOP
Deepak Fertilizers And Petrochemicals
Robust Marketing Services Private Limited Promoters 10882301 8.62 31000 15085384 Buy 10913301 8.65 Market Purchase
Corporation Limited
Kothari Investment & Industries Private
Albert David Limited Promoters 2358231 41.32 2300 2560742 Buy 2360531 41.36 Market Purchase
Limited
Kothari Phytochemicals & Industries
Albert David Limited Promoters 90500 1.59 2700 2946684 Buy 93200 1.63 Market Purchase
Limited

Info Edge Employees Stock Option Plan

Info Edge (India) Limited Other 261434 0.2 3561 35610 Sell 257873 0.2 ESOP
Trust
Jindal Worldwide Limited MADHULIKA JITENDRA AGRAWAL Promoters 29999745 14.96 2000000 0 Sell 27999745 13.96 Gift
Firstsource Solutions Limited Firstsource Employee Benefit Trust Other 9276900 1.4 100000 18538121 Buy 9376900 1.4 Market Purchase
EQUILIBRATED VENTURE CFLOW PRIVATE
Paisalo Digital Limited Promoter Group 62057941 13.82 3200000 2.05E+08 Pledge 62057941 13.82 Pledge Creation
LIMITED
Star Cement Limited NANCY CHOUDHARY Promoter Group 164621 0.04 1533 307222 Buy 166154 0.04 Market Purchase
Star Cement Limited NANCY CHOUDHARY Promoter Group 166154 0.04 58213 11802850 Buy 224367 0.06 Market Purchase
Sapphire Foods India Limited RAHUL KAPOOR Immediate relative 220 0 80 128800 Sell 140 0 Market Sale
Sapphire Foods India Limited RAHUL KAPOOR Immediate relative 140 0 40 66000 Sell 100 0 Market Sale
Cyber Media Research & Services Limited Mina Chand Other 23200 0.79 2400 322320 Buy 25600 0.87 Market Purchase
ADF Foods Limited Parul B. Thakkar Promoters 5429135 4.94 50000 9380000 Pledge 5429135 4.94 Pledge Creation
ADF Foods Limited Sumer B. Thakkar Promoters 2894500 2.63 50000 9612500 Pledge 2894500 2.63 Pledge Creation
Intellect Design Arena Limited AMOL ASHOK BIRWADKAR - 12500 0.01 3900 4502640 Sell 8600 0.01 Market Sale
Zuari Industries Limited (formerly Zuari
Chambal Fertilizers & Chemicals Limited Promoters 56964966 14.22 400000 1.35E+08 Pledge 56964966 14.22 Pledge Creation
Global Limited)
Zuari Industries Limited (formerly Zuari
Chambal Fertilizers & Chemicals Limited Promoters 56964966 14.22 800000 2.7E+08 Pledge 56964966 14.22 Pledge Creation
Global Limited)
Parag Milk Foods Limited Sixth Sense India Opportunities III Other 7964816 6.67 202429 40555582 Buy 8167245 6.84 Market Purchase
Parag Milk Foods Limited Sixth Sense India Opportunities III Other 7964816 6.67 202429 40555582 Buy 8167245 6.84 Market Purchase
NRB Bearing Limited HARSHBEENA SAHNEY ZAVERI Promoters 11463076 11.83 4750 1272314 Buy 11467826 11.83 Market Purchase
NRB Bearing Limited HARSHBEENA SAHNEY ZAVERI Promoters 11448687 11.81 7954 2137930 Buy 11456641 11.82 Market Purchase
NRB Bearing Limited HARSHBEENA SAHNEY ZAVERI Promoters 11456641 11.82 6435 1709595 Buy 11463076 11.83 Market Purchase
Manomay Tex India Limited Yogesh Laddha Promoters 438605 2.43 33533 5704811 Buy 472138 2.62 Market Purchase
Mangalore Chemicals & Fertilizers Limited ZUARI AGRO CHEMICALS LIMITED Promoters 64028362 54.03 1177000 1.2E+08 Pledge Revoke 64028362 54.03 Revokation of Pledge
Infosys Limited Infosys Employee Benefits Trust Other 10922594 0.27 5765 8962846 Sell 10916829 0.27 Off Market
Indowind Energy Limited INDUS CAPITAL PRIVATE LIMITED Promoter Group 1592109 1.48 400000 8460000 Buy 1992109 1.86 Market Purchase
Indowind Energy Limited INDUS FINANCE LIMITED Promoters 4231765 3.95 400000 8460000 Sell 3831765 3.57 Market Sale
Indowind Energy Limited INDUS CAPITAL PRIVATE LIMITED Promoter Group 1192109 1.11 400000 8400000 Buy 1592109 1.48 Market Purchase
Indowind Energy Limited INDUS CAPITAL PRIVATE LIMITED Promoter Group 745000 0.69 447109 9214335 Buy 1192109 1.11 Market Purchase
Indowind Energy Limited INDUS FINANCE LIMITED Promoters 4631765 4.32 400000 8400000 Sell 4231765 3.95 Market Sale
 Indowind Energy Limited Ind Eco Venutres Limited Promoter Group 447109 0.42 447109 9214335 Sell Nil 0 Market Sale
JK Lakshmi Cement Limited Bengal & Assam Company Ltd. Promoters 52099121 44.28 35263 28704021 Buy 52134384 44.31 Market Purchase
Skipper Limited Ventex Trade Private Limited Promoter Group 5666250 5.02 54000 8014364 Buy 5720250 5.06 Market Purchase
NCL Industries Limited P N Raju Director 935010 2.07 60000 11159400 Sell 875010 1.93 Market Sale
Jayant Agro Organics Limited Jayraj Gokuldas Udeshi (HUF) Promoter Group 50800 0.17 50800 0 Sell Nil 0 Inter-se-Transfer
Jayant Agro Organics Limited Jayraj Gokuldas Udeshi (HUF) Promoter Group Nil 0 50800 0 Buy 50800 0.17 Inter-se-Transfer
Ajanta Pharma Limited Ravi Agrawal, Trustee Ravi Agrawal Trust Promoters 16386623 13.01 9770 20728032 Pledge 16386623 13.01 Revokation of Pledge
Shyam Century Ferrous Limited Sumitra Devi Agarwal Promoter Group 1358929 0.64 2500 47500 Sell 1356429 0.64 Market Sale
Shyam Century Ferrous Limited Rajesh Kumar Agarwal Promoters 2956062 1.39 2500 47500 Sell 2953562 1.39 Market Sale
Dr. Lal Path Labs Ltd. Om Prakash Manchanda Director 989002 1.18 16000 33114000 Sell 973002 1.17 Market Sale
Shyam Century Ferrous Limited Bhawna Agarwal Promoter Group 1113101 0.52 1405 26695 Sell 1111696 0.52 Market Sale
Bajaj Finance Limited Bajaj Allianz Life Insurance Co. Ltd. Promoter Group Nil 0 5000 5E+08 Buy 5000 0 Market Purchase
Berger Paints (I) Limited U.K Paints (India) Pvt. Ltd. Promoter Group 5.84E+08 50.09 37000 20404051 Buy 5.84E+08 50.1 Market Purchase
Cyber Media Research & Services Limited Pradeep Gupta Promoter Group 116460 3.98 800 107160 Buy 117260 4 Market Purchase
Krishak Bharati Cooperative Limited
Nagarjuna Fertilizers and Chemicals Limited Promoters 10362903 1.73 177 1734 Sell 10362726 1.73 Market Sale
(KRIBHCO)
Krishak Bharati Cooperative Limited
Nagarjuna Fertilizers and Chemicals Limited Promoters 10362726 1.73 150000 1507500 Sell 10212726 1.7 Market Sale
(KRIBHCO)
Mangalore Chemicals & Fertilizers Limited ZUARI AGRO CHEMICALS LIMITED Promoters 64028362 54.03 500000 50550000 Pledge 64028362 54.03 Pledge Creation
Uttam Sugar Mills Limited RANJANA CHOPRA Promoter Group 3301 0.01 200000 0 Buy 203301 0.53 Gift
HP Adhesives Limited Nidhi Motwani Promoter Group Nil 0 10000000 0 Buy 10000000 10.88 Gift
HP Adhesives Limited Anjana Motwani Promoters 33700675 36.68 5000000 0 Sell 28700675 31.24 Gift
HP Adhesives Limited Karan Motwani Promoters 31850000 34.67 5000000 0 Sell 26850000 29.22 Gift
Apollo Hospitals Enterprise Limited K VISHWESHWAR REDDY Promoters 1577350 1.1 70000 4.33E+08 Pledge Revoke 1577350 1.1 Revokation of Pledge
Elin Electronics Limited VINAY KUMAR SETHIA Promoters 467450 0.94 800 112665 Buy 468250 0.94 Market Purchase
Elin Electronics Limited KAMAL SETHIA Director 1533991 3.09 35000 4929137 Buy 1568991 3.16 Market Purchase
Elin Electronics Limited GAURAV SETHIA Promoters 2150636 4.33 600 84339 Buy 2151236 4.33 Market Purchase
MAVIKA ESTATE CREATORS PRIVATE
Elin Electronics Limited Promoter Group 100000 0.2 5500 774576 Buy 105500 0.21 Market Purchase
LIMITED
Sonata Software Limited Hemant Kumar Bhardwaj - 25000 0.01 3000 2235000 Pledge 25000 0.01 Pledge Creation
Gateway Distriparks Limited Mamta Gupta Promoters 2589513 0.52 589513 58361787 Sell 2000000 0.4 Market Sale
Gateway Distriparks Limited Perfect Communication Private Limited Promoter Group 12678236 2.54 589513 58361787 Buy 13267749 2.66 Market Purchase
GRP Limited Jayvanti Manharlal Desai Promoter Group 500 0.04 46 297815 Sell 454 0.03 Market Sale
Elin Electronics Limited GAURAV SETHIA Promoters 2115636 4.26 35000 4930185 Buy 2150636 4.33 Market Purchase
HDFC Bank Limited Nasir Khan Other 8900 0 1500 2174700 Sell 7400 0 Market Sale
HDFC Bank Limited Sandep Jhawar Other 55350 0 30000 43372500 Pledge 55350 0 Market Sale
eClerx Services Limited Eclerx Employee Welfare Trust Other 810956 1.65 2954 6947788 Buy 813910 1.66 Market Purchase
eClerx Services Limited Eclerx Employee Welfare Trust Other 813910 1.66 2890 6949037 Buy 816800 1.67 Market Purchase
IDFC First Bank Limited V. Vaidyanathan Key Managerial Personnel 65067464 0.92 700000 0 Sell 64367464 0.91 Gift
Zydus Lifesciences Limited Vishal J. Gor - 862 0 862 832676 Sell Nil 0 Market Sale
PETERHOUSE INVESTMENTS INDIA
Usha Martin Limited Promoter Group 16216529 5.32 300000 86520000 Sell 15916529 5.22 Market Sale
LIMITED