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:: Shree Ganeshay Namh ::20th April 2025 to 26th April 2025 2
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Only Financial Weekly Published in English & Gujarati
78
R

GAMC No. :1703/2024-26 Issued by SSP Ahd. Valid up to 31-12-2026

VOL : 18 • Issue No: 11 RNI No : GUJENG / 2008 / 24320 20th April to 26th April 2025

FII ACTIVITY (Rs. in Cr.)

DATE BUY VALUE SELL VALUE NET VALUE
14-04-25 HOLIDAY
15-04-25 25103.46 19037.68 6065.78
16-04-25 15286.9 11350.48 3936.42
17-04-25 18210.41 13542.47 4667.94
18-04-25 HOLIDAY
TOTAL 58600.77 43930.63 14670.14
DII ACTIVITY (Rs. in Cr.)
DATE BUY VALUE SELL VALUE NET VALUE
14-04-25 HOLIDAY
15-04-25 11259.51 13211.11 -1951.6
16-04-25 11065.94 13578.71 -2512.77
17-04-25 13773.79 15779.94 -2006.15
18-04-25 HOLIDAY
TOTAL 36099.24 42569.76 -6470.52
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Financial Weekly R

20th April 2025 to 26th April 2025 3

Buy This Stock for Next 3 Months
Continuous compounder
Kalyani Steel (Rs 766.00)
Code : 500235 • FV Rs 5.00
Rakesh Bansal
TTM REVENUE 1950 cr ; TTM EPS 55/-. Promoter holding 65% Bharat forge group company.
Announced MOU of 11750cr with Odisha Govt last year for aerospace & defense manufacturing
components,advanced specialty steel and automotive components manufacturing,titanium metal
and alloy ! Target 2100

BUY.... BUY....BUY TIPS OF THE WEEK

Co. Name Code Price Co. Name Code Price
Binani Ind. 500059 23.00 KFIN Tech 543720 1105.00
Essar Shipping 533704 30.00 Adani Green 541450 947.00
HFCL 500183 83.00 SBI Life 540719 1609.00
DCB Bank 532772 127.00 Prataap Snacks 540724 1257.00
Mangalore Cem. 530011 196.00 MFSL 500271 1218.00
Paradeep Ph 543530 135.00 Bharti Air 532454 1889.00
HUDCO 540530 228.00 Adani Port 532921 1259.00
Gail 532155 186.00 Waaree Ener 544277 2322.00
AB Capital 540691 197.00 Voltas 500575 1284.00
Delhivery 543519 280.00 VMArt 534976 3251.00
Aster DM 540975 499.00 Bajaj Finserv 532978 2033.00
Exide Ind. 500086 375.00 Shaily Engg. 501423 1831.00
ITC 500875 427.00 SRF 503806 2989.00
Indus Tower 534816 397.00 Asian Paints 500820 2469.00
LIC HF 500253 604.00 CAMS 543232 3887.00
Intellect Design 538835 760.00 HDFC AMC 541729 4216.00
Chambal Ferti 500085 673.00 Swaraj Engine 500407 4137.00
Astra Micro 532493 766.00 Kaynes Tech 543664 5641.00
UPL 512070 656.00 CEAT 500875 3022.00
JKLaxmi Cement 500380 818.00 Eicher Motors 505200 5678.00
UNO Minda 532539 873.00 Trent 500251 5130.00
Jubilant Food 533155 697.00 ABB India 500002 5567.00
Shriram Fin 511218 691.00 Ultratech 532538 11903.00
Kalpataru Projects 522287 934.00 Solar Ind 532725 12235.00
Financial Weekly R

20th April 2025 to 26th April 2025 4

Mr Avinash Gorakshakar
SEBI Registered Research Analyst & a finance professional
Work exposure of over 33 years within the
Indian financial services sector

Refex Industries Ltd (REFEX)

CMP Rs 455 TP Rs 555 (in 12 to 15 months)
Business Background :- Refex Industries Ltd (REFEX), established in 2002 in Chennai, Tamil
Nadu, primaREFEXy operates in ash and coal handling, refrigerant gases, power trading and EV
Mobility sectors across India
In 2018, REFEX began offering ash and coal handling services to thermal power plants. By
2022, it had ventured into the power trading space with a Category-I license, and in 2023, it en-
tered the electric vehicle (EV) mobility segment.
The company also owns and operates a 5 MW solar power plant located in Vituza village, Barmer,
Rajasthan.
Initially starting with Refrigerant Gases REFEX has gradually & smartly transformed its busi-
ness model by adding, coal/ash handling business, Power Trading Business & the EV Mobility
business as on date. The refrigerant business accounted for 5% of REFEX's topline in FY24
Having started the Fly Ash/Coal business in 2018, REFEX is now a large dominant player here
in a growing domestic market where future scalability is huge & supported by the government. The
ash/coal segment accounted for 69% of REFEX's topline in FY24
REFEX's Category-I Power Trading License was granted in March 2022 allowing it to purchase/
sale of both renewable/non-renewable power to all Indian states and Union Territories. The Power
Trading business accounted for 23% of REFEX's topline in FY24. REFEX entered the green mo-
bility space in 2023 through its B2B & B2B2C focused subsidiary Refex Green Mobility Limited,
which currently operates a fleet of over 1285 four-wheeler electric vehicles (e4W) across Bengaluru,
Chennai, Hyderabad, and Mumbai.
The Refex Group was founded by Mr. Anil Jain in 2002 which is now a well-established group of
Chennai. The Refex Group has completed more than 22 years of its successful operations and
today consists of several well diversified businesses which include Refrigerant Gases, Ash/Coal
Handling, Power Trading, Solar Power & EV Mobility. During the last decade the group has achieved
phenomenal growth as a result of diversification into several eco friendly products which encour-
age the green, pollution free nature for all its products/services with a focus on sustainable growth
in all its business areas
REFEX reported a mixed set of FY24 numbers with Total Revenues at Rs 1383 crs vs Rs 1629
crs last year, with EBIDTA at Rs 146 crs from Rs 174 crs last year with the PAT placed at Rs 93 crs
from 116 crs. Fluctuation in coal prices, sluggish market conditions & large inventory levels, dis-

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 5

rupted the supply/demand equilibrium for the For the Period Ended FY23A FY24A FY25E FY26E FY27E
Sales 1629.00 1383.00 2589.00 3106.80 3728.16
coal trading business impacting margins EBIDTA 175.00 146.00 225.00 295.15 354.18
However, during first 9 months of FY25 EBIDTA % 10.74 10.56 8.69 9.50 9.50
Interest 19.00 29.00 26.00 22.00 24.00
REFEX reported sales of Rs 1839.90 crs up
Depreciation 7.00 14.00 28.00 32.00 35.00
by 77% YoY a EBIDTA of Rs 145.99 crs up Non OP Other Income 8.00 18.00 38.00 25.00 25.00
PBT 156.00 121.00 209.00 266.15 320.18
by 39% YoY and a PAT of Rs 110.46 crs up
Core PAT 116.00 98.00 156.00 199.00 240.00
by 85% YoY The sharp improvement was EPS (Rs) FY Rs 2 10.55 8.52 12.10 15.44 18.62
due to a significant increase in the ash & coal Equity Cap 22.00 23.00 25.78 25.78 25.78
Reserves 292.00 442.00 743.33 942.33 1182.33
handling business segment in this period. Ash Borrowings 149.00 215.00 135.00 110.00 120.00
& Coal Handling Business Division - 89% of Gross Block 150.00 213.00 253.00 288.00 328.00
Investments/Cash 74.00 74.00 50.00 50.00 50.00
Topline as of 9 months FY25. Refex forayed
into the Ash & Coal Handling business in 2018. The Company is a prominent player in the ash
disposal sector, mitigating the environmental pollution caused by the combustion of coal in ther-
mal power plant. Refex is currently present in 14 states which include Chhattisgarh, Maharashtra,
Madhya Pradesh, Bihar, West Bengal, Andhra Pradesh, Telangana, Tamil Nadu, Odisha,
Jharkhand, Karnataka, Uttar Pradesh, Gujarat & Rajasthan and has a handling capacity of 70,000
MT of Ash daily and is well supported by a proper logistic and fleet support of around 1600 +
Owned / Leased Fleets
Currently as per the management REFEX caters to around 40+ power plants & is the largest
player in the organised sector as on date. However the head room to grow this business is huge
considering the huge supply of ash created and the government regulatory measures to dispose of
this properly
The domestic consumption of fly ash is increasing in India due to a combination of factors,
including government initiatives promoting its utilization, the increasing demand for electricity and
construction materials, and the environmental benefits of using ash in construction and other appli-
cations
The biggest positive Refex enjoys is that it is a fully Indian-grown Ash Handling player which
specializes in providing integrated logistic handling services & caters to marquee customers like
NTPC, KSK, Ultratech, Adani, DVC, Shree Cement, Dalmia Cement, Ambuja Cements etc. The
company enjoys a strong track record in the Ash Handling business & is one of the largest players
in the organised sector. The key aspect of this business is timely execution and meeting the com-
pliance requirement
Looking at REFEX's steady financial track record, strong business domain and dominant mar-
ket share & strong promoters we expect the stock to get re rated in future. Hence we believe that
the REFEX stock should be purchased at the current price for a price target of around Rs 555 over
the next 12 to 15 months
Financial Weekly R

20th April 2025 to 26th April 2025 6

Rapid Fire Stocks
Kalpna J -
9769037711

SHRIRAM FINANCE LIMITED

ACCUMULATE IN 2-3 PARTS AT CMP 691,
FOR THE TARGETS OF 895 ,, TIME FRAME 6-12 MONTHS
Shriram Finance Limited, formerly known as Shriram Transport Finance Company Limited, is an India-based com-
pany, which is retail non-banking finance company (NBFC).
The Company is engaged in offering credit solutions for commercial vehicles, two-wheeler loans, car loans, home
loans, gold loans, and personal and small business loans.
The Company through its cutting-edge technology, it is a digital financial institution that reflects the banking needs of
Millennial and Generation Z customers.
Shriram Transport Finance Company Ltd is a part of the SHRIRAM Group conglomerate which has a significant
presence in the financing business.
STFC is engaged in the business of commercial vehicle financing mainly focusing on trucks from preowned to new
ones. It's a Deposit-taking NBFC comprising 1,758 branches, 831 rural centers, and partnerships with ~500 private
financiers
Company has delivered good profit growth of 19.5% CAGR over last 5 years Company has been maintaining a
healthy dividend payout of 20.0% . Investment plan of Rs. 75,000 crores on major transport infrastructure projects
announced by the company It offers priority financial services to those in the unbanked and underbanked sectors. It
offers fixed deposits and recurring deposits.

RALLIS INDIA
BUY AT CMP 238 FOR THE TARGETS OF 275, TIME FRAME 6
TO 12 MONTHS ( BUY IN 2 TO 3 PARTS )
Rallis has evolved its innovation strategy on 'Serving Farmers through Science'. Accordingly, it develops innovative
solutions to enable farmers to improve their productivity.
A strong distribution network with over 6000 + Dealers and 70000 + retailers reaches a vast multitude of India's
farmers covering 80% districts and exports to over 58 countries; over various crop segments and across the cultural and
linguistic borders.
Rallis India, a subsidiary of Tata Chemicals Limited which is a global company with interests in businesses that
focus on LIFE: Living, Industry and Farm Essentials.
The story of the company is about harnessing the fruits of science for goals that go beyond business.
Tata Chemicals is the world’s second largest producer of soda ash with manufacturing facilities in Asia, Europe,
Africa and North America.
The company’s industry essentials product range provides key ingredients to some of the world’s largest manufac-
turers of glass, detergents and other Industrial products

Rapid Fire Stocks

For Short Term Swing and Option Trades with One Day
Free Trial - Whatsapp @ 9769037711
Financial Weekly R

20th April 2025 to 26th April 2025 7

Dhwanil Jhaveri , Mumbai
Dhwanil Jhaveri, founder of Canter Consulting LLP, is a finance and risk expert with global expe-
rience. Canter offers specialized services in audits, due diligence, wealth protection and strate-
gic consulting, helping businesses make informed and secure financial decisions.
Website: www.canterconsulting.in
Mobile: +91-9821998238 • Email ID: [email protected]

"Fake Profits, Real Losses

The Rise of Investment Frauds"
In today's digital world, Indian investors have more op-
portunities than ever to grow their wealth. Online trading
platforms, IPOs, and financial tips on social media have
made it easier for everyone to access the stock market. But
along with these benefits, there's also been a sharp rise in
investment scams. These scams target both new and ex-
perienced investors, taking advantage of the easy access
to financial tools and advice.
The promise of high returns, fear of missing out (FOMO),
and blind trust in online platforms have made investors easy
targets for frauds like stock market tricks and fake invest-
ment apps.

Recent Incidents Highlighting the Threat:

We're sharing these real-life cases to show that such scams are happening around us - the goal

is to create awareness and help you stay alert.

• SEBI's Crackdown on Social Media Stock Scams (2025)

Synopsis : The Securities and Exchange Board of India (SEBI) has raised alarms over the
Financial Weekly R

20th April 2025 to 26th April 2025 8

increasing number of scams on social media platforms. Fraudsters pose as investment advisors,

offering fake tips and guaranteed profits, often impersonating registered entities. SEBI urges in-

vestors to verify the credentials of intermediaries before making investment decisions.

• Bank Official Loses Rs 1.35 Crore in Investment Fraud (2025)

Synopsis - A senior official from Bank of India fell victim to a cyber fraud, losing Rs 1.35 crore

after being lured by fake investment schemes and manipulated apps. The incident underscores

the sophistication of modern financial scams.

• Common Investment Scams to Watch Out For:

" Ponzi & Pyramid Schemes : Fraudulent investment operations where returns to earlier in-

vestors are paid using the capital from newer investors, rather than from profit earned. These schemes

collapse when the influx of new investors slows down

" Stock Manipulation via Social Media : Fraudsters use platforms like Telegram and WhatsApp

to promote certain stocks, creating artificial hype and then selling off their holdings at inflated prices.

" Fake Apps and Trading Platforms : Cybercriminals develop counterfeit trading apps that

mimic legitimate platforms to steal personal and financial information.

• Investor Awareness Is Your Best Investment

o Verify Registrations : Ensure that advisors and platforms are registered with SEBI.
Financial Weekly R

20th April 2025 to 26th April 2025 9

o Avoid Unsolicited Messages : Be cautious of unsolicited investment advice received via

WhatsApp, Telegram, or YouTube.

o Use Regulated Platforms : Stick to platforms and intermediaries that are regulated and have

a proven track record.

o Stay Informed : Regularly update yourself through trusted financial news sources and official

regulatory announcements.

Smart Investing = Safe Investing

Investing should be approached as a long-term journey, not a race. The temptation of quick

gains can lead to devastating losses. As technology advances, so do the tactics of scammers.

Therefore, investor education and vigilance are more critical than ever.

"Risk comes from not knowing what you're doing." - Warren Buffett

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Financial Weekly R

20th April 2025 to 26th April 2025 10

Financial Weekly R

20th April 2025 to 26th April 2025 11

Jatin Sanghavi
Market Scan - Mumbai

COMPLETE DOMINATION BY THE BULLS

IT'S A V-SHAPE
IT'S A V-SHAPE :- In just two truncated weeks of trading, the market showed a spectacular recov-
ery. Last week, Nifty validated the previous bottom and this week it is testing the immediate previous
top at 23869. It was a V-Shape recovery especially for the frontline indices. The momentum in the Bank
Nifty was higher, as it led the smart recovery for the bulls. Nifty is near the R-Zone 23869 - 24050, and
once it breaks that, it will complete what will be a V-Shape pattern breakout. Nifty will then be gunning
for a target of 25183 - 25995.
BREAKOUT ZONE - 23869-24050 :- Nifty is breathing down the neck of R-Zone at 23869 - 24050.
This Confluence Zone is not only Resistance Zone but also a Breakout Zone. It is an amalgamation of
resistances starting with immediate previous top at 23869, 50 WMA at 23885, trendline resistance at
23895 and the 200 DMA at 24050. A Breakout above this zone will propel the Nifty towards 25183.
S-ZONE - 23207-22923 :- Tuesdays gap up opening created a bullish upward gap at 23207 - 22923.
This gap is a bullish gap and it will act as strong S-Zone as it also contains the 20 DMA and 50 DMA.

Besides being a strong support zone,

it is also a measuring gap, which is
yielding a target of 24387.
WHITE BODY MARUBUZOS :-
Friday saw a formation of big white
body candle which has very small
shadows and hence it can be classi-
fied as a Complete White Body
Marubuzo. It shows complete domi-

This Week Recommendations nation by the Bulls. On the weekly

timeframe it formed a Closing White
Stocks CMP SL Tgt-1 Tgt-2
Body Marubuzo, which is exactly
Buy Grasim 2760 2703 2847 2937
closing below 50 WMA. Thus, daily
Buy APLApollo 1589 1558 1637 1687
Buy CDSL 1241 1215 1281 1323 as well as weekly formations sug-
Buy BHEL 227 222 235 244 gests a strong bullish bias in the near
Buy BandhanBnk 158 154 165 173 term. ***

:::: INDEX LEVELS ::::

S3 S2 S1 CLOSE R1 R2 R3
NIFTY 23207 23402 23649 23851 24065 24226 24472
SENSEX 76338 77041 77874 78553 79138 79766 80444
Financial Weekly R

20th April 2025 to 26th April 2025 12

FX Hub KUNAL SODHANI

Inflows along with weakness in DXY

seen assisting Rupee
The Indian Rupee gains ground, bolstered by prospects of foreign equity inflows. The Indian
benchmark indices have recovered all losses sparked by Trump’s reciprocal tariffs earlier this
month. These tariffs could be a double-edged sword: initial price shocks may be brief, but persis-
tent trade barriers risk fueling a second wave of inflation, dampening consumer spending, crimp-
ing growth, and even reintroducing deflationary threats. If the pressure mounts, the Fed may be
forced to shift its current cautious stance.
The growing weakness in the US Dollar reflects mounting concerns over a potential economic
slowdown, with fears of stagflation—a toxic mix of sluggish growth and elevated inflation—gaining
traction. The latest blow comes from the newly imposed tariffs, fading domestic momentum, and
fading investor confidence. While inflation continues to run above the Fed’s 2% target—as re-
flected in both CPI and PCE data—the surprisingly robust labor market has complicated the pic-
ture, defying expectations of a sharper slowdown.
A weakening Chinese Yuan amid the escalating trade war could put pressure on Asian curren-
cies, including the Indian currency. Robust U.S. retail sales data did little to help the dollar. U.S.
March retail sales rose by the most in over two years, thanks largely to households rushing to pur-
chase big-ticket items ahead of expected tariff-driven price increases. According to the CME FedWatch
tool, money market traders are currently pricing in around 86 basis points of Fed rate cuts by the end
of 2025, with the first reduction anticipated in July.
For DXY, key support lies at 99.01 (2025 floor set on April 11) and 97.68 (March 30, 2022) while
resistance level can be seen at the 55-day SMA (104.60). The level of 84.95, low of April 4, 2025
acts as an immediate important support followed by 84.50 levels. On the other hand, the 85.90-
86.00 zone appears to be a tough nut to crack for bulls, representing the 100-day EMA and the
psychological level.
Financial Weekly R

20th April 2025 to 26th April 2025 13

Research Report Het Zaveri
- Ahmedabad

Adani Enterprise Limited

Incorporated in 1993, Adani Enterprise Ltd.
FUNDAMENTALS
(AEL) is the flagship Company of the Adani CMP Rs. 2418.00
Group and acts as the Group's incubator for 52 - week high / low Rs.3,744 / 2,026
new businesses. All the listed companies/ Dividend % (consolidated) 0.06%
ROE 9.73%
businesses viz - Adani Power Ltd., Adani
BV(Rs.) 363
Transmission ltd., Adani Ports and Special Sales (Rs.) 1,00,109 cr.
Economic Zone Ltd., Adani Gas Ltd, Adani Debt to Equity 1.92
Green Energy Ltd., and Adani Wilmar Ltd. P/E ratio 70.2
EPS (consolidated) 32.5
were initially incubated under AEL and are
P/B ratio 6.4
now functioning independently. Currently it Market Cap Rs. 2,67,906 Cr.
has business interests in various economic Face value Rs. 1
PEG Ratio 1.64
areas such as mining, integrated resources

management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar
manufacturing, agro and defence.
On a standalone basis, AEL earns major revenue from Integrated Resource Management (IRM)
and Mining Services, while on a consolidated basis other segment such as integrated solar PV
cell & module manufacturing and Airport are the main contributors of the revenue and apart from
shipping, bunkering, and agri-storage which are smaller contributors to AEL's overall revenue and
profitability.
Under its Integrate Resource Management, AEL has a leading position in India in the Integrated
Resources Management business wherein AEL imports coal through its established coal sourcing
arrangements with coal suppliers in Indonesia, Australia, and South Africa and sells to a diversi-
fied domestic clientele. Under the Mining business segment company's operations are focused on
mining business i.e. Developer & Operator (MDO - Coal & Iron Ore) and Commercial Mining (Coal)
it operates several mines across India and is also developing and operating mines in Indonesia
and Australia.
Under Solar PV Manufacturing segment Adani Solar is the largest integrated solar manufac-
turer in India. It has a manufacturing facility of 1.5 GW capacity along with Research and Develop-
ment (R&D) facilities within an Electronic Manufacturing Cluster (EMC) facility located in Mundra
Special Economic Zone (SEZ). Adani Solar's manufacturing facility with multi-level infrastructure
Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 14

will be optimized for scaling up to 3.5 GW of modules and cells under a single roof. Company
recorded Module sales of 3.3 GW during nine months on back of export growth of 20% and domes-
tic sale increase of 176%. Company's 3.3 MW WTG model of Wind Turbine got listed in RLMM,
taking ANIL Wind business offerings to four listed WTG models. Its 400th Blade production mile-
stone crossed during this quarter.
Under Road Development business segment Road projects are being undertaken by Adani
Road Transport Ltd. Under the road segment, AEL currently has 14 ongoing projects and with 5
under the Build-Operate-Transfer model, 8 under Hybrid Annuity Model, and a project under the
toll-operate-transfer model. Out of the above, 1 is operational, 1 is near completion and the rest are
at various stages of completion.
Company also has projects for Data Centre and Water Segment. AEL is having two water projects
being undertaken by Adani Water Ltd. AEL is developing data centers under Adani Connex which
is a Joint Venture between AEL and Edge Connex. In the initial phase, Adani Connex is develop-
ing data centers in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. Company has com-
pleted the Phase I of Hyderabad Data Center with capacity of 9.6 MW fully operational and Pune 1
& 2 Phase I crossed 50% completion.
The Adani Group has also forayed into the Airports sector in 2019, Adani Airports won the man-
date to modernize and operate six airports - Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati,
Mumbai and Thiruvananthapuram - through the Airports Authority of India's globally competitive
tendering process. Adani Airports will operate, manage and develop all six airports for 50 years.
The newest Navi Mumbai airport successfully conducted first commercial flight validation test and
now a step closer to become operational and Mumbai Airport became first in India and third in
world to receive prestigious Level 5 Accreditation from ACI for exemplary standards in customer
experience. During the quarter company added 14 new routes, 4 new airlines and 9 new flights.

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 15

Financial Results:
Company's 9mFy25, Revenue increased by 6% to Rs. 72,763 cr, EBITDA increased by 29% to
Rs. 12,377 cr making it the highest ever so far and driven by continued strong operational perfor-
mance by ANIL Ecosystem and Airports and PBT increased by 21% to Rs. 5,220 cr.

On segmental front, Company's Adani New Industries Limited Ecosystem's Revenue grew by
77% to Rs. 10575Cr, EBITDA grew by 121% to Rs. 3666Cr and PBT grew by 125% to Rs. 3033Cr.
in 9mFY25 period. Its Airports business also reported 26% growth in Income and reached Rs.
7393Cr., EBITDA grew by 42% and reached Rs. 2527Cr. and it turned PBT positive in 9M FY25
from negative PBT in 9MFy24.

On operational front, ANIL Ecosystem reported 78% growth in Module Sales (MW) to 3273MW
in 9MFy25 and WTG sets grew 13.8x in 9mFY25 and reached 104 sets. Airports reported 7%, 6%
and 11% growth in Pax movement, ATMs and Cargo and reached 69.7Mn, 466,000 and 8.2Lacs
MT respectively in 9MFy25.

Company's Roads and Mining Services reported 6.5x and 45% growth in Construction and
Dispatch while IRM business reported -28% degrowth in Volumes.

Latest Updates:
Adani Defence & Aerospace, in collaboration with the Defence Research and Development
Organisation (DRDO), recently unveiled India's public-private partnership-based Vehicle-Mounted
Counter-Drone System at Aero India 2025. The Vehicle-Mounted Counter-Drone System ensures
long-range protection, agility, and precision, making it a formidable asset for modern defence forces.
It offers seamless protection through advanced sensor capabilities, including automatic detection,
classification, and neutralization of drones.

AEL has plans to sell ~13% in Adani Wilmar Ltd to achieve minimum public shareholding re-
quirements and Wilmar International has agreed to acquire~31% held by AEL in Adani Wilmar Ltd.
With this, AEL will fully exit the Adani Wilmar Ltd platform. The company plans to utilize the pro-
ceeds from the sale for turbocharging growth in the core infrastructure platforms in energy & utility,
transport & logistics, and other adjacencies in primary industry.

Sirius Digitech, backed by Adani & Sirius International Holding announces the acquisition of
cloud platform company Coredge.io. The Acquisition will enable Sirius Digitech to provide cloud
services to empower organizations in leveraging sovereign cloud innovations while retaining sen-
sitive data within their boundaries. Coredge.io offers secure and compliant cloud services for AI
applications safeguarding data sovereignty and supports clients across Japan, Singapore and
India.

Adani Defence & Aerospace has signed a milestone cooperation agreement with EDGE Group,
one of the world's leading advanced technologies and defence groups in the UAE. The agreement
aims to establish a global platform leveraging the defence and aerospace capabilities of both com-
panies to bring together their respective product portfolios and cater to the requirements of global
and local customers. This includes evaluating cooperation across EDGE's and Adani's core prod-

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 16

uct domains, including missiles & weapons covering airborne, surface, infantry, ammunition, and
air defence products, platforms & systems covering unmanned aerial systems (UAS), loitering
munitions, counter drone systems, unmanned ground vehicles (UGV), as well as electronic war-
fare (EW) and cyber technologies.

Adani Airports recently reported handling of Over One Million Tonnes of Cargo to Achieve 7%
Growth. Company's Seven airports facilitated over 10 lakh metric tonnes of cargo capturing an
impressive 30.1% market share. It Recorded a 7% y-o-y increase as compared to the previous
fiscal year (9,44,912 metric tonnes). International cargo tonnage amounted to 662,258 metric tonnes,
recording 9% y-o-y growth.

Adani One and ICICI Bank has also launched India's first co-branded credit cards with airport-
linked benefits in collaboration with Visa. Available in two variants - Adani One ICICI Bank Signa-
ture Credit Card and Adani One ICICI Bank Platinum Credit Card - they offer a comprehensive and
substantial reward programme. The cards come with a plethora of benefits designed to enhance
the cardholders' lifestyle and elevate their airport and travel experience. They offer up to 7% Adani
Reward Points on spends across the Adani Group consumer ecosystem like Adani One app, where
one can book flights, hotels, trains, buses, and cabs; Adani-managed airports; Adani CNG pumps;
Adani Electricity bills, and Trainman, an online train booking platform. Interestingly, the rewards
are uncapped.

AdaniConneX, a 50:50 JV between Adani Enterprises and EdgeConneX, has established India's
largest sustainability linked financing to raise up to USD 1.44 billion. The financing has an initial
commitment of USD 875 million, with an accordion feature to extend commitment up to USD 1.44
billion. The transaction elevates AdaniConneX's construction financing pool to USD 1.65 billion,
building on the maiden construction facility of USD 213 million executed in June 2023. The up-
coming data center facilities will employ state-of-the-art technologies and renewable energy solu-
tions to minimise the ecological footprint while optimising operational efficiency.

Kutch Copper, a subsidiary of Adani Enterprises Limited, commissioned the first unit of its
greenfield copper refinery project at Mundra by dispatching the maiden batch of cathodes to cus-
tomers. Adani Enterprises has invested nearly $1.2 billion to set up a copper smelter with 0.5
MTPA capacity in the first phase. On completion of the second phase that will add similar capacity,
Kutch Copper, with 1 MTPA, will be the world's largest single-location custom smelter, benchmarking
ESG performance standards while leveraging state-of-the-art technology and digitalisation. It will
create 2,000 direct and 5,000 indirect employment opportunities.

Adani Defence & Aerospace recently inaugurated South Asia's largest Ammunition & Missiles
Complex. Spread over 500 acres, full spectrum of ammunition to be manufactured with an invest-
ment plan of INR 3000+ Crores with 4000+ jobs and 5X multiplier. The complex inhibits Industry
4.0 - state of the art automation including use of AI for quality.

In a landmark moment for the Navi Mumbai International Airport (NMIA; Airport Code: NMI), an
Indian Air Force (IAF) aircraft successfully touched down on its South runway. The inaugural land-
ing of the IAF C-295, a large multi-role tactical airlifter, represents a significant milestone in the
Adani Group's development of the greenfield international airport. NMIAL's strategic location makes
it one of India's most prominent aviation hubs of the future, serving as a gateway to both Maharashtra
and Western India. NMIAL is designed to accommodate both domestic and international passen-
gers, featuring state-of-the-art facilities, including a 3,700-metre runway capable of handling large

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 17

commercial aircraft, modern passenger terminals and advanced air traffic control systems. Termi-
nal 1 is projected to handle up to 20 million passengers per annum (MPPA). The airport will ulti-
mately have a capacity to handle 90 million passengers per annum (MPPA), along with 800,000
tons of cargo in its initial phase.

Capex fueled by High Debts: Total debt as on March 31, 2022, increased to Rs. 41,024 Cr
(including unsecured loans from promoters of Rs.12,541 Cr) as compared to Rs.16,051 Cr (includ-
ing unsecured loans from promoters of Rs.4444 Cr) in the previous year. For FY24, the planned
Capex is Rs.48000 Cr with Rs.19,600 for ANIL, Rs. 8,000 Cr for the airport, and Rs.9000 Cr for the
road segment. Post FY24, most of the Capex is expected to be incurred in ANIL.

Adani Enterprises Limited continues to be a significant growth driver within the Adani Group,
with operations that align closely with India's infrastructure and clean energy ambitions. Its pres-
ence across high-growth sectors - such as green hydrogen, airports, data centers, and mining -
signals a clear long-term vision and strategic diversification.

From a financial standpoint, the company has demonstrated robust revenue growth with a CAGR
of approximately 20% over the past five years, supported by continuous project execution and
strong government-linked opportunities. However, its debt-to-equity ratio remains elevated, reflecting
the capital-intensive nature of its ventures. Additionally, the company's EBITDA margins, though
improving, remain sensitive to global commodity price fluctuations and policy developments.

For retail investors pursuing a growth-oriented strategy, Adani Enterprises represents a poten-
tially rewarding investment, especially for those willing to ride short-term volatility for long-term
gains. Given its scale, ambition, and alignment with macroeconomic trends, the stock offers sub-
stantial upside. That said, prudent investors should monitor leverage levels and diversify their
portfolios to manage risk effectively.

HET ZAVERI

[email protected]

(Disclosures: At the time of writing this article, author, his clients & dependent family
members may have positions in the stocks mentioned above. The author, his firm, his cli-
ents or any of his dependent family members may make purchases or sale of the securities
mentioned in website. Author may have positions in above stocks so have vested interest
obviously in their going up or down as the case may be.

Disclaimer: Investing in any equity is risky. Our recommendations are based on reliable &
authenticated sources believed to be true & correct, and also is technical analysis based on
& conceived from charts. Investors should take their own decisions. We assume no respon-
sibility for any transactions undertaken by them. The author won't be liable or responsible for
any legal or financial losses made by anybody. Investors must take advice from their finan-
cial advisors before investing in any stocks.)
Financial Weekly R

20th April 2025 to 26th April 2025 18

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Financial Weekly R

20th April 2025 to 26th April 2025 19

VISHAL BALIYA

Smart School Article 111

Investing lessons from INDIAN ITIHAS.
Lessons from Bhagwan SHREE RAM As an Investor
Vishal Baliya is Author of the book: The Happy Candles Way to wealth creation

Lesson 1 that we need to learn from Bhagwan Ram: Acceptance of

reality with Humility.
Today we are starting a new series in Smart School column of Smart Investment about the
lessons that we can learn from our heroes. From the Heroes of our Itihas. We will be purely study-
ing the same from the incidents that happened in their lives and try to apply that wisdom to equity
investment. On the onset I would like to say that I am not an expert of Indian Itihas but we will try to
pick up gems from the folklore and real incidents that happened and try to apply that golden wis-
dom in our lives and
Bhagwan Ram was going to be the King of Ayodhya one of the most powerful kingdoms of
Ayodhya and he was told to give up everything and go for 14 years into the forest and stay there as
an ascetic life he accepted it without flinch of an eyelid or emotion. The turn of events was massive
and anyone would have or could have become upset, depressed or even revolted against the
same. But he accepted the change in circumstances and respected the promise made by his father
Raja Dashrath without any
uproar or cursing anyone in-
cluding his destiny. Yes, he
was worried for Mata Sita and
specially after she was ada-
mant about coming with him
to the Forest. What this inci-
dent teaches us?
This incident and
Bhagwan Ram's acceptance
has deep meaning and a lot
of lessons but thinking from
the perspective of an investor
in equity market what lesson
Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 20

can we learn here? The lesson we learn here is acceptance of the situation and changing circum-
stances. The market may be in a Peak Bull Run and suddenly there will be a Double Top formation
or a Head and Shoulders formation or the prices may hit a formidable channel top and start regres-
sion and within a blink of an eyelid the price of the stock will be ending up below 21 SMA. It will be
very difficult to accept this reality and take actions accordingly but if you can be bold enough to cut
off the fear, the attachment, the illusion there is a lot of money and emotion to be saved. The 'Maya'
of believing that the stock is mine and has been with me for a very long time and the false sense of
association with the same leads to the entanglement with the illusion.
¥ç„ }¢¢²¢ }¢¢ïÐÚ ÜUÚ¢ï, ™Hïæ Ý }¢¢²¢ …¢ïÚ - }¢¢²¢ }¢¢²¢Úçã¼ çÎãê, çÝ… ÐÎ ÝæÎçÜUࢢïÚ JJ
Aisi maya mopar karo, Chalein na maya jor I - Maya Mayarahit dihu, nij pad Nandkishore II
Roughly the translation of above 'Doha' is: Dayaram ji prays to Shree Krishna that Maya does
not affect him and keep him close to his lotus feet. Do not let the illusion affect me or my devotion
towards you, since you are the controller and creator of all illusion keep my devotion towards you
unaffected.
Thus what we can deduce is Owning of the stock should be without attachment. When the need
be we should not take a second to detach one's self from the stocks. John Maynard had famously
said and I quote him, "When the Facts Change, I Change My Mind. What Do You Do, Sir?" Bhagwan
Shree Ram accepts the reality with ease and takes action accordingly. Understanding that change
is constant and progress lies in its acceptance. Moreover, we as investors in equity should under-
stand that we are here to make money from the stock market. We are not here to make money from
a particular stock or a particular company. The company is not your money is yours. Do not hold on
to the burning coal and damage your palm. There is opportunity cost involved in holding on to a
particular asset. If there are avenues that can give you better results detach yourself from that
stock. Look at the changing scenarios. Look at the changing facts. Look at the changing environ-
ment. Look at the changing Laws, rules, regulations. Look at the changing Macro and Micro sce-
narios and focus on returns rather than ownership of the stock. Accept the facts. Move on if re-
quired. Bhagwan Ram teaches us teaches us how to accept the changing situation and moving
on. Bhagwan Ram teaches us that purpose is more important than power. Again our purpose as an
investor is create a better future for us our family or our inner circle or our community. Purpose
should always be given more importance than attaching oneself to a particular or few particulars
stocks or assets.
Disclaimer: The names of the heroes and divinity from Indic Itihas are taken out of utter respect and devotion. They are
divine loved by us. The articles written about them are out of intense respect. We are using the incidents and their names
to learn from them. The mention of all religious figures who are our heroes in this article or series of articles in the column
is intended solely for informational and learning from their lives. Again no disrespect, offense, or endorsement of any
particular belief is intended. We acknowledge the reverence and sensitivity associated with these figures and aim to treat
their names with utmost respect and devotion. Any disrespect is unintentional and out of our sheer ignorance. Purpose of
their lives was much larger in overall context of humanity but we are studying the same with mere objective of investment
and understanding behavioural finance. Stock market investment is subject to market risks. Please consult your invest-
ment advisor before making any investment decision.
Financial Weekly R

20th April 2025 to 26th April 2025 21

Nakoda Group of Industries • Rs 32.00
BSE Code : 541418 • NSE : NGILPP
Nakoda Group of Industries plans major Expansion
Will launch Diversified range of beverages and Corporate
aerated drinks under brand name “NOCTRL” “ Scan
NSE & BSE listed (NSE NGIL) ( BSE 541418) Nakoda Group of Industries
engaged in manufacturing and Exports of premium-quality Tutti Frutti (Can-
died Fruits), dry fruits & dehydrated fruits has announced a strategic expan-
sion into the drinks and beverages segment, adding items like mineral water,

aerated drinks,
and non-alcoholic
beverages to its
product line. This
move is part of a
broader strategy Enters Hi Growth
to diversify its of-
ferings and Sector of Beverages
strengthen its mar- and Aerated Drinks
ket position. It op-
erates in the food
and beverage in-
dustry, focusing
on manufacturing,
processing, and
trading a wide
range of food
products, including fruits, nuts, bakery items,
and various agricultural products.
Additionally, the company will launch Its New
beverages Products in 'NOCTRL'. brand name
Strategically headquartered in Nagpur-geo-
graphically recognized as the heart of India-the
company benefits from seamless logistical ad-
vantages, ensuring efficient and timely deliver-
ies across the nation.
Nakodas is a major exporter at Middle East &
European Countries and aspires to impress their
footprints all over the world.
India is the fifth largest economy in the world
and expected to be the fastest-growing economy
among major G20 countries and market size of
food processing sector in India is estimated to
reach US$ 1,100 billion in 2035.
The company has blue chip clientele includ-
ing Brittania Industries Ltd, Parle Agro, Hindustan
Unilever Ltd, Haldirams, etc.
***
Financial Weekly R

20th April 2025 to 26th April 2025 22

Equichain Wealth Advisors
Global Markets Nikunj Vithlani

above
Gold at life time HIGH $3300
This week, we will be focusing on gold which has crossed $3300 in international market. Gold
prices has seen sharp rally in last few weeks / few months based on Trump 's tariff war and uncer-
tainty on global market.
Gold prices were trading around $2750 as on 17-Jan-25 just ahead of President Trump assum-
ing office. Gold has seen rally of more than 20% in less than 3-months as series of events related
to President Trump's policy has led a major rally in gold.
Gold 's rally - Key factors around gold rally :- There are series of events and news related to
rally in gold and these are based on assumption around U.S. debt and Trump 's tariff policy.

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 23

Gold price has seen gradual upside move since 20-Jan-25 as Trump's tariff policy started with Canada
& Mexico with 25% and China with 10% just after assuming office. Gold prices tested around $2900 by
January 2025 and traded around $2900 - $2950 till 10-Mar-25.
Next major trigger came after U.S. President Trump announced reciprocal tariff to be announced
on 2-Apr-25 on other nations other than Canada, Mexico & China.
Trump's tariff war with China accelerated after 2-Apr-25 :- Gold prices moved
above $3100 and was trading around $3160 as on 2-Apr-25 and gold made high around $3200 till then, and
real action is gold prices started in last 3 weeks started after Trump's tariff announcement.
Tariff war escalated with U.S. & China after President Trump announce reciprocal tariff at 34% on
Chinese imports. Then series on reciprocal tariff and counter tariff was started between U.S. & China.
Gold prices moved from $3200 to below $3000 from 3-Apr-25 to 8-Apr-25.
President Trump on 9-Apr-25 announced pause of 90-days of reciprocal of tariff on all other countries
except China. Since 9-Apr-25 gold prices moved higher and closed above $3300 as on 17-Apr-25.
U.S. Debt & Gold - a narrative on play :- Currently U.S. Federal reserve holding gold
of 8133.46 metrics ton and the US Treasury continues to value its gold reserves at $42 per ounce, a rate
that was set in 1973, regardless of the current market price.
Goldman Sachs has revised its year-end gold price forecast to $3,700 per ounce, up from its
earlier estimate of $3,300 per ounce. The brokerage said gold prices touched a record high of $3,245 per
ounce on April 11, recovering from a 5% decline earlier in the month following US tariff announcements.
Central banks globally are buying gold since Russia-Ukraine crisis, gold was trading around
$2000 in February 2022 when Russia-Ukraine crisis started.
In 2024, central banks worldwide purchased a significant amount of gold, continuing a trend of in-
creasing gold holdings. They bought a record 1,044.6 metric tonnes, surpassing the 1,000 metric tonne
marks for the third consecutive year. This represents a notable increase compared to the 1,037 metric
tonnes purchased in 2023.
Equichain Wealth Advisors: Gold moving towards $4000?
Gold prices are moving higher since 2022 on multiple reason. Central bankers across the world
are accumulating gold. Gold prices are consistently moving higher and in recent weeks gold prices is in
focus. There is narrative that GOLD prices could move higher on assumption that U.S. might revalue its
gold reserve or U.S. may take some steps to address the issue of higher U.S. Debt which is current above
$36 trillion.
Disclaimer & note: This is not recommendation to buy or sell and we are sharing our view based
on reason mentioned in this article.
Equichain Wealth Advisors - SEBI registration number (RIA): INA000016472
Financial Weekly R

20th April 2025 to 26th April 2025 24

Chart Check -Girish Barot

Your Stock Our Recommendation

OSWAL Agro mills:
Buy at cmp with sl of 83 targets 122…129…142

Godrej Agrovet :
Buy at cmp with sl of 625 target 915…1068…1225
Financial Weekly R

20th April 2025 to 26th April 2025 25

Arrow Greentech :
Buy at cmp with sl of 600 target 800 and then 1000…1200

This are some stocks we received from our subscribers,

You can also send your to get featured in next week
For any query email us on
[email protected]
Financial Weekly R Financial Weekly R

20th April 2025 to 26th April 2025 26

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Financial Weekly R

20th April 2025 to 26th April 2025 27

Future Options Diary
Nilesh Kotak (Ahmedabad)
As long as Nifty remains above 23300, the short-term trend is seen to be
positive for Nifty. 24000 acts as an important resistance.
BUY Momentum Call Option Buy
Momentum Cash Market Buy Sbi Bank: (790 )
Call Option Price Cmp (10.50)
CSB BANK LTD: (343)
Premium 24-04-2025 Expiry
Buy Range : 335-338
Buy Range : 8.50-9
Stoploss : 324
Stoploss : 7 ; Up To April Expiry
7 To 12 Trading Sessions
Target One : 13 Book 50%
Target One : 350 Book 50%
Target Two : 15 Balance 50 %
Target Two : 358 Balance 50 %
Technical Cash Market Buy SELL
National Fertilizers : (85) Momentum Index Sell
Buy Range : 82-83 Bank Nifty : 54223 24-04-2025
7 To 12 Trading Sessions Range : 54350-54400 ; SL : 54900
Stoploss : 77 Up To April Expiry
Target One : 90 Book 50% Target One : 53700 Book 50%
Target Two : 93 Balance 50 % Target Two : 53400 Balance 50 %
Momentum Index Buy TECHNICAL Future Sell
Mid Cap Nifty ( 11685) SRF Ltd: (3000) 24-04-2025 Expiry
Buy Range : 11550-11575
SELL Range : 3020-3025 ; SL : 3150
Stoploss : 11380
Up To April Expiry
Up To April Expiry
Target One : 2900 Book 50%
Target One : 11800 Book 50%
Target Two : 2850 Balance 50 %
Target Two : 11900 Balance 50 %
Momentum Future Buy
Momentum Put Option Buy
NTPC LTD : 363 Tata Elxsi Ltd ( 4800)
Buy Range : 358-360 Put Option Price Cmp ( 142)
Stoploss : 345 Premium 24-04-2025 Expiry
Up To April Expiry Buy Range : 136-138 ; SL : 90
Target One : 372 Book 50% Up To April Expiry
Target Two : 378 Balance 50 % Target One : 190 Book 50%
Target Two : 210 Balance 50 %
In all the recommendations made by us, the first target is achieved.
And to a great extent, the second target is achieved. Investors should take note.
Financial Weekly R

20th April 2025 to 26th April 2025 28

Market Round Up
- Nilesh Kotak (Ahmedabad)
Sensex and Nifty gave a very huge upside movement in a holiday driven week. Only three working days
available in the week and Sensex made a gain of 4700 points while Nifty clocked a gain of 1453 points. The
overall benchmarks registered a gain of more than 5 % and with Nifty at 21800 everybody is talking about 20000
and everybody was in fear and within a week due to sudden spurt every one is talking about Nifty at 25000 in the
coming week with FOMO and market greed and fear index registered greed situation in the market. We hope that
caution is required at current level and rally should be used to trim your holding.

Scripts for Buy:

Scrip Name CMP Buy in the Range SL Target
Inl. Gemmological 353.00 345 to 346 336.00 368 to 376
Himadri Sp. 463.00 456 to 458 448.00 480 to 484
RCF 139.00 134 to 136 128.00 144 to 148

Book Profit in Cash Segment Script if you have bought

ICICI Bank 1410.00

Bharti Hexacom 1650.00
Narayana Hru. 1875.00

April Future Buy:

Scrip Name CMP Buy in the Range SL Target
Apollo Tyres 455.00 448 to 450 432.00 468 to 480
Bajaj Finserv 2033.00 2015 to 2020 1980.00 2058 to 2075
Nestle 2408.00 2385 to 2390 2358.00 2432 to 2450

April Future Sell:

Scrip Name CMP Sell in the Range SL Target
Tech Mahindra 1306.00 1310 to 1315 1335.00 1280 to 1265
PNB Housing 992.00 1000 to 1005 1030.00 978 to 965
Crompton Gr. 332.00 338 to 340 354.00 320 to 312
Financial Weekly R

20th April 2025 to 26th April 2025 29

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Financial Weekly R

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SMART
BUY OF THE WEEK
Dark Horse
Dark Horse-1
KESAR PETROPRODUCTS LTD.
ONLY AT BSE CODE - 524174 BSE SYMBOL - KESARPE Rs.24 FV.Rs.1

Back ground : Kesar Petroproducts currently produces close to 600 tons per month of Copper
Phthalocyanine Blue Crude, 150 tons per month of Alpha Blue, 250 tons per month of Beta Blue. With this
increase in fertiliser capacity the production would likely to go up to 900 tons per month of Copper Phthalocya-
nine Blue Crude, 200 tons per month of Alpha blue, 300 tons per month of Beta Blue. The colourants pro-
duced are used for a wide spectrum of industries and consumers including printing inks, paints and coatings,
plastics, paper, ceramics, textiles, glass, food and cosmetics.

Superb results : Company has equity of Rs.9.67 cr. supported by huge reserve of Rs.122.80 cr. For
9MFY25 it reported PAT of Rs.7.98 cr. against PAT of only Rs.1.91 cr. in 9MFY24, a big jump of 318%. Its 52-
week high is Rs.33. Promoter hold 63.85%, HNIs hold 7.52%, Bodies corporate & NRIs hold 5.21%. Its 52-
week high is Rs.33 & now available at attractive valuations around Rs.24. Company has delivered good profit
growth of 67.5% CAGR over the last 5 years.

Allotment of Convertible Warrants : Company allotted 22 lakh Convertible Warrants at a

price of Rs. 18.80 to the two identified allottees of the Promoters Group & seven identified allottees from the
Non-Promoter, Public category. Its 52-week high is Rs.33.

New plant : On January 23, 2025, Kesar Petro started trial production at its new fertiliser plant at
Ratnagiri in Maharashtra with an annual capacity of 6,000 tons, will manufacture high-end fertilisers thereby
giving a significant boost to the company's topline moving forward. Commercial production at the unit is also
likely to commence shortly. The bye products of pigment plant will be used in manufacturing fertilizers at the
new facility, which will enhance pigment capacity in existing plant. This foray into fertiliser industry to give a
significant boost to our topline moving forward. We have been investing on state-of the-art manufacturing
products and new age technology to constantly innovate and come up with products to meet the needs of our
consumers and also to boost our margin on sales.

Its 52-week high is Rs.33 & now available at attractive valuations around Rs.24.

Investor can just watch KESARPE with a stop loss of Rs.21.

On 9-3-2025 Unique Organics was given at Rs.138 hit Rs.168. On 30-3-2025 Bajaj Steel was given at
Rs.707 hit Rs.870 during the week & DONEAR Ind. was given at Rs.105 hit Rs.125. On 6-4-2025 GIPCL was
given at Rs.180 close hit Rs.194 & Ruchira Paper was given at Rs.120 close Rs.129. Last week on 13-4-2025
Tirupati Starch was given at Rs.181 hit Rs.188 & now at Rs.178 still looks very good & Somi Conveyor Beltings
was given at Rs.172 touched Rs.207 & now at Rs.187 looks very good & may cross its 52-week high Rs.236.
Always it is better to book partial profit in 3-4 parts at every rise, where you are getting very good profit in short
term, because who manage fear & greed can create the wealth from market.

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 31

Dark Horse-2
SAMRAT PHARMACHEM LTD.
ONLY AT BSE CODE 530125
BSE SYMBOL - SAMRATPH - Rs.340 FV.Rs.10
Back ground : Dividend paying Samrat Pharmachem was incorporated in1992 by Mr. Lalit Mehta &
Mr. Rajesh Mehta. The Company became a major supplier of Iodine Derivatives. It is R&D focused and has a
multi-product portfolio with a state of the art and manufacturing facility. Since its inception, the Samrat Pharma
has been involved in developing a growing portfolio of best-in-class pharmaceutical formulations in the health
care industry. The company has two plants producing varied items. The basic purpose of producing in two
different plants is to improve efficiency and manageability. Your Company shall achieve sustainable growth in
both plants by modernization and automation of operations. We are dedicated to delivering superior quality
medicines at affordable prices.
Future prospectus : The company looks forward optimistically for all round growth in turnover &
profitability in the ensuing years. Your company has taken effective steps to realize the dream performance in
the years to come. The company intends to double its turnover.
Very small equity : Dividend paying Samrat Pharmachem has very small equity of Rs.3.09 cr. that
is supported by big reserve of Rs.66.32 cr. FFIs hold 3.24%, Bodies corporate hold 2.62%, NRIs hold 1.96%
& 3 reputed HNIs hold 5.62% including L. V. Jain hold 1.22%, Sharad Kanaiyalal Shah hold 1.13% & Sangeetha
S hold 3.27%.
Superb result : Dividend paying Samrat Pharmachem has posted highly impressive numbers for
Q3FY25. For Q3FY25, it recorded 718% higher PAT of Rs.2.78 cr. as against PAT of Rs.0.34 cr. in Q3FY24
on higher income of Rs.63.66 cr. fetching an EPS of Rs.9.01 in just 3 months. For 9MFY25, it recorded 875%
higher PAT of Rs.7.51 cr. as against PAT of Rs.0.77 cr. in 9MFY24 on higher income of Rs.214.66 cr. fetching
an EPS of Rs.24.31 in 9 months which may lead to FY25 EPS to Rs.34+ Stock available at PE of just Rs.11 at
very attractive valuations around Rs.340-345 against its 52-week high of Rs.646.
FY25 results : Meeting of the Board of Directors of the company will be held on Friday, the 30th day
of May, 2025 to approve the Audited Results for the year ended March 31, 2025. Board of Directors may also
consider a proposal to recommend dividend on the equity shares of the Company for the financial year ended
March 31, 2025.
Based on the above financial and performance parameters, the SAMRATPH share looks quite attractive at
the current level as it trades at a P/E of 11x. Stock looks very attractive at Rs.340 against its 52-week high of
Rs.646
Investors can just watch SAMRATPH with a strict stop loss of Rs.304.
On 9-3-2025 Unique Organics was given at Rs.138 hit Rs.168. On 30-3-2025 Bajaj Steel
was given at Rs.707 hit Rs.870 during the week & DONEAR Ind. was given at Rs.105 hit
Rs.125. On 6-4-2025 GIPCL was given at Rs.180 close hit Rs.194 & Ruchira Paper was given
at Rs.120 close Rs.129. Last week on 13-4-2025 Tirupati Starch was given at Rs.181 hit Rs.188
& now at Rs.178 still looks very good & Somi Conveyor Beltings was given at Rs.172 touched
Rs.207 & now at Rs.187 looks very good & may cross its 52-week high Rs.236. Always it is
better to book partial profit in 3-4 parts at every rise, where you are getting very good profit
in short term, because who manage fear & greed can create the wealth from market.
Financial Weekly R

20th April 2025 to 26th April 2025 32

TECHNICAL TALK
Dhananjay Kadam - TECHNICAL ANALYST

Correction is Temporary and Growth is Permanent

NIFTY (23851.00) :- In the last article I gave a target for nifty 23800 this current it's archived
in 4 days. NIFTY increased 22828 to 23851 its, more than a thousand points.
In September 2024 Nifty made a lifetime high of 26277 and exactly took resistance on the sup-
port line of the past uptrend parallel channel and started to fall down. After that nifty broken support
price of 24700 and nifty started a down trend. This week nifty closed with a gain of 4.48% only its
really a big big weekly gain after many months. Last week Nifty made a low of 21743 which was
near to past strong support prices and after that came good upside. This week Nifty closed with
4.48% gain. Now the Nifty is close to the past resistance level of 23870.
Now Nifty is trading near past resistance of 23870. As per this chart scenario Nifty can move
either upper or lower side. We need to wait and watch for Nifty's next move. If the Nifty will close
above 23870 then Next target for the Nifty will be 24250 and after that 24800. Nifty direction this
week is good and on screener many stocks came from bluechip or large cap so we need to find out
new opportunities to purchase Stocks. The next upside rally will be in EMS,waste management
companies, Recycling companies, Data Center, Pharma, Clean Power and energy sector so, find
out stocks to invest from these sectors.

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 33

BANKNIFTY (54290.00) :- From the month of February 2024 BANKNIFTY was moving
in UPTREND PARALLEL CHANNEL CONSOLIDATION it's continuous taking resistance at up-
per line of UPTREND PARALLEL CHANNEL and taking continuously support at lower line of
UPTREND PARALLEL CHANNEL. On 25 June 2024 Bank Nifty gave a good breakout to uptrend
a parallel channel and started to move upside after that Banknifty was trading above 49600. June
2024 to December 2024 Banknifty was taken many times to support on 49600 but on 9 january
2025 Banknifty broke strong support of 49600 after that Banknifty made a low of 47898 on 13th
January 2025. On 27th January 2025 Banknifty took support on the same level after that it made
50641. Again on 3rd March 2025 and 11 March 2025 Banknifty took support near the same price
and came up. On 19th March 2026 Banknifty gave a good breakout to the falling wedge pattern .
Now Banknifty is trading above falling wedge price patterns. Last week Banknifty took the resis-
tance near 52100 and not crossed and closed above this price. Because of a few Global issues
like Trade war , Tariffs by US Banknifty came down to 49156 from 52100. In the same week
BANKNIFTY took clear support above the falling wedge pattern and came Upside near 51000
again from 49156. In this current week Banknifty broke the resistance of 52100 and closed at
54290. Now Banknifty is closed near lifetime high which can work as resistance and we need to
wait for the clear direction of Banknifty, if it's crossed and closed above lifetime high in next week
then more upside is possible.

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 34

BHARAT DYNAMICS (Rs 1393.00) :- Bharat dynamics limited is an India based
company, which is engaged in the manufacturing of guided missile systems and allied equipment

for the Indian armed forces. The company is working in collaboration with defence research and

development organisation DRDO and foreign original equipment manufacturers for manufacture

and supply of various missiles and allied equipment to Indian armed forces. It has a product portfo-

lio consisting of surface to air missile, air to air missile, anti- tank guided missile, underwater weap-

ons, launchers, counter measures and test equipment. Its products include Akash SAM, extra

weapon system, Milan 2T ATGM, submarine fired decoy and heavy weight torpedo. The com-

pany also commenced export of selected defence equipment and has entered into strategic alli-

ances with public and private sector companies.

On the daily price chart this stock made a bullish flag price pattern as per this price pattern stock

showing good price upside for a short term. The next upside level of this stock is 1600 and the

support level is 1280.

***
Financial Weekly R

20th April 2025 to 26th April 2025 35

BETWEEN THE LINES
RAVI B GUPTA (SEBI REGISTERD RESEARCH ANALYST)

From last weeks recommendation 3 out of 5 are able to provide profit.

After considering various observations, there are some options and stocks which may
provide benefits with good risk reward. Do work with the stoploss method, if SL has not been
provided then trade with your own risk rewarding method.
Please note that levels may affect any global uncertain event on which technical charts
are subject matter of re-study.
Here Current Expiry For Index Options Stands For Present Running Week's Expiry Con-
tract.
And For Future Segment (Stock + Index) Current Expiry stands for Monthly Expiry.
NIFTY : April Expiry Future ; SELL : BELOW 23600
SL : 23750 ; Target : 23450 23300 23000
BANKNIFTY :- APRIL Expiry Future
SELL : BELOW 53800 ; SL : 54200 ; Target : 53400 53000 52400
AXISBANK :- APRIL Expiry Future
SELL : AROUND 1175 ; SL : 1186 ; Target : 1160 1140
ICICI BANK :- APRIL Expiry Future ; SELL : BELOW 1388
SL : 1411 ; Target : 1360 1345 1320
INFY :- APRIL Expiry Future ; BUY : ABOVE 1458
SL : 1444 : Target : 1476 1500 1525
Financial Weekly R

20th April 2025 to 26th April 2025 36

Terrific Shots - Dilip K. Shah

Supreme Industries (Rs. 3393.00) (Code: 509930) :- Supreme Industries is

active in the production of plastic products and has manufacturing plants at 23 locations across the
country. The company was founded in 1942. The company's equity is Rs. 25.41 crore, with a sig-
nificant reserve of Rs. 281 crore. The promoters hold 48.85%, while the public holds 51.15% of the
stake. Talking about the quarter ending December, the company's revenue increased from Rs.
2449 crore to Rs. 2510 crore, while profit dropped from Rs. 256 crore to Rs. 187 crore. The com-
pany achieved an EPS of Rs. 14.72 for the December quarter. The operating profit for the Decem-
ber quarter decreased from Rs. 379 crore to Rs. 309 crore. The company has provided excellent
returns to its shareholders over the past 10-12 years. In 2009, the stock price was at a low of Rs.
18.50, which rose to Rs. 6482 and is now trading around Rs. 3393. The company's fundamentals
are very strong, and both FIIs and DIIs hold substantial stakes in the company, with FIIs holding
22.93% and DIIs holding 13.25%. For the financial year 2024, the company declared an interim
dividend of 400% and a final dividend of 1100%. For the financial year 2025, the company has
declared an interim dividend of 50%. The company showed its best performance in the financial
year 2024. However, in the first nine months of the financial year 2025, the company's performance
has been weak, and the stock has corrected by about 50% from its peak, which provides a good
long-term buying opportunity in the stock.

Shaily Engineering (Rs. 1831.00) (Code: 501423) :- Shaily Engineering is a

leading company in India involved in the manufacturing and export of precision plastic compo-
nents. The company, headquartered in Vadodara, Gujarat, was founded in 1987 by Mike Sanghvi.
It has seven manufacturing units equipped with over 200 injection molding machines, precision
high-speed automated, and robotic production lines. The company serves sectors such as medi-
cal, healthcare, consumer goods, and automotive. Its healthcare product portfolio includes spe-
cialty devices, platform devices, inhalers, sprays, insulin injection pens, and packaging. Healthcare
clients include companies such as Sanofi, Alembic, Glenmark, Lupin, and Sun Pharma. In the
consumer sector, the company produces kitchen and cooking devices. Shaily is a significant ex-
porter, exporting to over 40 countries. In the third quarter of the financial year 2025, the company's
revenue from exports was 79%. For the year ending March 31, 2024, the company reported rev-
enue of Rs. 649.57 crore, a net profit of Rs. 57.29 crore, and an EPS of Rs. 12.50. The company
declared a 50% dividend last year. For the quarter ending December 31, 2024, the company re-
ported revenue of Rs. 198.02 crore, net profit of Rs. 25.20 crore, and an EPS of 5.48. The company's
reserves are 53 times stronger than its equity. With a stop loss at Rs. 1193 and a target price of Rs.
2400, this stock can be considered for long-term investment.

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 37

Glenmark Pharma (Rs. 1341.00) (Code: 2532296) :- Glenmark Pharma is a
listed company in the basic pharmaceuticals sector with a face value of Rs. 1 per share. The stock
price has varied from a high of Rs. 1830 to a low of Rs. 985 over the past 52 weeks. Glenmark
operates 10 plants and four research and development centers and derives 70% of its sales from
branded drugs. The company has a presence in over 80 countries and has a strong foothold in the
dermatology and cancer drug sectors. Additionally, it has launched drugs for heart disease and
diabetes treatment. Glenmark's sales in India account for 32%, with a significant 30% growth in
these sales. The company has also seen beautiful growth in sales due to the launch of new prod-
ucts in key sectors. European sales account for 22% of total sales, with a 14.80% growth in the
December quarter. The company's book value is Rs. 299 crore, and its market cap is Rs. 37,880
crore. Its equity is Rs. 28 crore, against reserves of Rs. 7801 crore. For the quarter ending Decem-
ber 31, 2024, the company reported revenue of Rs. 3418 crore and a net profit of Rs. 348 crore,
compared to a loss of Rs. 330 crore on revenue of Rs. 2542 crore in the same period last year.

CDSL (Rs. 1242.00) (NSE) :- This company, listed on the NSE, has a face value of Rs.
10 per share. The stock price has varied from a high of Rs. 1990 to a low of Rs. 918 throughout the
year. The current market cap of the company is Rs. 25,956 crore. The promoters, including BSE,
hold 15%, while the public holds 85%, with HDFC Bank and several other banks holding large
stakes. Established in 1999, the company provides depository services and is one of the two com-
panies offering these services in India. In June 2017, the company launched its IPO at a price of
Rs. 149, which received a strong response, and its listing was also spectacular. After the COVID-
19 period, the stock has seen significant growth, with a one-sided rally. The company has equity of
Rs. 209 crore, and reserves of Rs. 1320 crore. In the December quarter, the company's revenue
grew from Rs. 214 crore to Rs. 278 crore, while profit grew from Rs. 107 crore to Rs. 130 crore. The
company achieved an EPS of Rs. 6.22 for the December quarter. In the first nine months of the
financial year 2025, the company reported a profit of Rs. 429 crore on revenue of Rs. 857 crore.
The company is debt-free and currently trades at a PE of 46.8. The company's ROI is 31.3%, and
ROCE is 40.2%. NSDL, a competitor, is coming out with an IPO, which might provide further growth
for this stock in the future. Consider this stock for correction if it drops.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
18th April, 2025 unless specified Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly R

20th April 2025 to 26th April 2025 38

Stock Wave Sarvesh Ashok Trivedi
(Mumbai)

Scr pt-based cor tion to......

i rec

con inu amid VOLATILITY in shares

t e
BSE Index (78553.20) :- The index is in a recovery phase from the bottom of 71425. The daily
chart shows overbought position, the weekly chart shows neutral position, and the monthly chart towards
neutral position. If it crosses 78742, potential levels are 78915, 79540, 79600, 80275, 80950, and 81630. On
the downside, support can be seen at 76665 and 76435. This week sees the expiry, so volatility can be
expected. Two major bullish gaps have formed on the chart, which is a matter of concern.
Bank Nifty Future (54201.05) :- It is in an uptrend from the bottom of 49366.10. The daily
and weekly charts show overbought position, while the monthly chart indicates neutral position. Above
54373, further key levels are 54640 and 55100. On the downside, support lies at 53000 and below that at
52365 and 51802.
Nifty Future (23851.30) :- It has been rising from the bottom of 21860. It is overbought on the
daily chart, neutral on the weekly chart and towards neutral on the monthly chart. On the upside, on cross-
ing 23894, possible targets are 24020, 24160, 24350, 24560, 24740, and 24930. On the downside, support
can be seen at 23330 and below that at 23252.
AU Small Finance Bank (586.55) :- It has been on an upward trend from the bottom of
513.50. It shows overbought position on the daily and weekly charts, and neutral position on the monthly
chart. Above 591, it could rise to 600, 609 and 618. A further rally is possible above 618. On the downside,
support can be seen at 569 and below that at 561.
Axis Bank (1,190.80) :- It has moved higher from the bottom of 1032.35. The daily and weekly
charts show overbought position, while the monthly chart suggests neutral position. Above 1199, it could
rise to 1216, 1238, 1260, and 1282. On the downside, support can be seen at 1172 and then at 1153 and
1130.
CDSL (1241.90) :- It has recovered from the bottom of 1079.90. The daily and weekly charts
indicate overbought position, while the monthly chart shows oversold position. On the higher side, above
1250, it could rise to 1260, 1283, 1318. Above 1318, it could rise further to 1341, 1400 and 1459. On the
downside, below 1218, support can be seen at 1200.
Indus Towers (397.90) :- It has recovered from the bottom of 312.75. The daily and weekly
charts shows overbought positions, while the monthly chart indicates neutral position. Above 399, it could
go up to 405, 414, 423, 433, and 442. On the flip side, support can be seen at 384 and then at 375.
Jio Financial (246.47) :- It has been rising since touching the bottom of 203.10. The daily and
weekly charts indicate overbought position, while the monthly chart suggests oversold position. On the
upside, above 249, potential levels are 254, 264, and 272. On the downside, support can be found at 238
and then at 232.

Disclosure : The Recommendations are based on technical analysis. There is a risk of loss in trading.

Golden Quote
In order to carry a positive action, we must develop here a positive vision
Financial Weekly R

20th April 2025 to 26th April 2025 39

Dilip Davda
Expert’s Eye

THREE sessions week

Just

clean weep gains s

FIIs turned net buyer
The concluded week :- The three sessions week under report had a holiday for the
s
beginning and the end of the week and thus marked trading for mid-week period and surprisingly,
move of US Prez Trump on the backfoot for its tariff plans brought cheers for the global market and
perhaps our markets took the lead for gains. FIIs became net buyers and turned the table. The first
and the last session of the week posted mega gains and finally the week not only close on a green
note, but with a sizable gain.
FIIs were the net buyers for the entire week while DIIs were the net sellers. With FIIs continued
pumping, not only Rupee turned a bit strong against Dollar, it also fuelled the sentiment for the
week. Till the final impact scenario of likely proposed tariffs by US on the global markets, market
may remain in limelight, opines punters.
During the week BSE Sensex hovered between 78616.77 - 76435.07,
and NSE Nifty moved in the range of 23872.35 - 23207.00.
The week marked GAINs of 3395.94 points for BSE Sensex and a RISE of 1023.10 points for
BONUS MEET EX-SPLIT NSE Nifty.
Ujaas Energy (19.04.25), Kapil Raj (10 for 1), Remedium
Shilchar Tech (21.04.25), Life, Akme Fintrade (10 for 1). Snapshot of session wise market trends:
Shalibhadra Fin. (24.04.25).
MONDAY : All markets were closed on
RIGHTS ISSUE EX-RIGHTS
One source Ind., Garment account of Dr Baba Saheb Ambedkar Jayanti
ANNOUNCED Mantra, Sylph Techno,
Sylph Techno (15 for 11). Tirupati Tyres. Holiday.

DIVIDEND ANNOUNCEMENTS TUESDAY : The second session

G M Breweries (75%), ICICI Lombard (70%), ICICI Prudential (8.5%), marked gap up opening and after trading in
Orient Cement (50%), Swastik Safe (10%), Angel One (260%), GTPL
Hathway (20%), Huhtamaki (100%), Reliance Industrial Infra (35%), Swaraj green, it closed with bumper gains. BSE
Engines (1045%), Colab Platforms (0.5%), HDFC AMC (1800%), HDFC Life
(21%), Infosys (440%), Jio Financial (5%), Tata Elxsi (750%), etc.
Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 40

Sensex scored 1577.63 points to close at 76734.89, and NSE Nifty gained 500.00 points to end
the day at 23328.55. With all major indices outperforming benchmarks, market breadth turned posi-
tive. FIIs turned net buyers while DIIs were the net sellers for the day.
WEDMESDAY : Third session marked a cautious positive opening and after moving both
ways, it finally closed with some gains. BSE Sensex rose by 309.40 points to end the day at 77044.29,
and NSE Nifty scored 108.65 points to close at 23437.20. Market breadth remained as Mid and
Small cap indices outperformed benchmarks and got support from fancy counters. FIIs were the
net buyers and DIIs were the net sellers for the day.
THURSDAY : Fourth session of the week opened in red and after wild movements for the
day, it finally closed with good gains. BSE Sensex scored 1508.91 to close at 78553.20, and NSE
Nifty gained 414.45 points to end the day at 23851.65. Thus, while BSE Sensex crossed senti-
mental barriers of 78.5K and managed to close above it, NSE Nifty failed to see through 24K mark
but managed to close above 23.85K mark. Markets gained post noon amidst reports of US Prez
going on back-foot on its global tariffs plan and FIIs turning bullish for India.
FRIDAY : All markets were closed on account of Good Friday Holiday.
Likely scenario for the ensuing week :- Thanks to buying net mode of FIIs, Rupee

Indices performance for the Week

Sensex Open High Low Close Diff
14-04-2025Dr Baba SahebAmbedkar Jayanti Holiday NA
15-04-2025 76,852.06 76,907.63 76,435.07 76,734.89 1,577.63
16-04-2025 76,996.78 77,110.23 76,543.77 77,044.29 309.40
17-04-2025 76,968.02 78,616.77 76,665.77 78,553.20 1,508.91
18-04-2025 Good Friday Holiday NA
Net Weekly Gains 3,395.94
NSE - Nifty Open High Low Close Diff
14-Apr-25Dr Baba Saheb Ambedkar Jayanti Holiday NA
15-Apr-25 23,368.35 23,368.35 23,207.00 23,328.55 500.00
16-Apr-25 23,344.10 23,452.20 23,273.05 23,437.20 108.65
17-Apr-25 23,401.85 23,872.35 23,298.55 23,851.65 414.45
18-Apr-25 Good Friday Holiday NA
Net Weekly Gains 1,023.10

Cont...
 Financial Weekly R

20th April 2025 to 26th April 2025 41

firmed up to close at Rs. 85.37 against Dollar by the week-end, and Brent crude oil firmed up a bit
to mark 66.55$ a barrel for the week end. Lingering US Tariff imbroglio may keep tempering the
market mood as per the changing indications
For the ensuing week we have derivatives expiry as well as about 140+
board meetings. Thus, the market will witness stock specific movements
as usual that may take place.
Amidst such a scenario, BSE Sensex may move in the range of 80250-
75250, and NSE Nifty between 24500-22500.

DISCLAIMER : No financial information whatsoever published anywhere here should be con-

strued as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter
published here is purely for educational and information purposes only and under no circumstances
should be used for making investment decisions. Readers must consult a qualified financial advi-
sor before making any actual investment decisions, based on the information published here. Any
reader taking decisions based on any information published here does so entirely at its own risk.
Investors should bear in mind that any investment in stock markets is subject to unpredictable
market-related risks. The above information is based on RHP and other documents available as of
date coupled with market perception. The author has no plans to invest in this offer. (SEBI regis-
tered Research Analyst-Mumbai).

Buy... Buy... Buy on Dips Hold Sell on High

GMR Airports 86.00 Zydus Life 831.00 Gensol Engi 117.00
Can Fin Home 711.00
Motherson Sumi 129.00 Divis Lab 5638.00 Glenmark 1341.00
Gallant Ispat 467.00
IREDA 173.00 SBI 797.00 Godrej Pro. 1991.00
JBM Auto 700.00
PNB 99.00 Bajaj Finance 9164.00 Tube Investment 2495.00
Fusion Fin 155.00
Inox Green 136.00 Garware Hi Tech 3168.00 Tech Mahindra 1305.00
Poonawala Fin 385.00
CESC 158.00 BOB 242.00 Maruti 11691.00
Sai Life 721.00
Dhani Services 62.00 Poly Medicure 2393.00 AEGIS Logistics 787.00
Indian Hotel 841.00
IDFC First Bank 62.00 Apollo Hospital 7073.00 Wipro 236.00
Bajaj Ele 542.00
Lloyds Engi. 61.00 Astral 1306.00 GTPL 112.00
Roto Pump 228.00
IRFC 129.00 Tata Elxsi 4899.00 Angel One 2356.00
Capacite 390.00
Nalco 152.00 Olectra Green 1241.00 Puravankara 227.00
Eternal 231.00
IRB Infra 46.00 TVS Motors 2678.00 Inofsys 1420.00
Sandur Manganese 466.00
IOC 134.00 ICICI Bank 1406.00 Prestige Estate 1215.00
AB Fashion 265.00
Financial Weekly R

20th April 2025 to 26th April 2025 42

Dr. A. K. Asnani
Smart Verc (Bhopal)
Author of Book
Way to Billionaire

Beyond Books
Creative Ways to Learn Stock Market Tenets
Introduction :- Learning stock market investing doesn't have to be dry or intimidating. In
fact, the smartest investors often learn best through engaging, practical, and innovative methods.
Whether you're a beginner or looking to sharpen your skills, exploring creative ways to absorb
investing principles can make the journey more enjoyable-and effective.
1. Simulated Investing Platforms (Gamified Learning)
" Use apps like StockGro, TradingView, or Moneybhai to practice trading/investing without real
money.
" These simulations often include leaderboards and competitions to keep learning fun and inter-
active.
2. Story-Based Learning
" Convert investing principles into stories or parables (like The Richest Man in Babylon or One
Up On Wall Street style).
" Create or follow fictional characters making investment decisions, learning from mistakes and
successes.
3. Podcast Learning with Real-Time Notes
" Listen to curated episodes of top investing podcasts (e.g., Masters in Business, We Study
Billionaires).
" Use tools like Snipd or Airr to save and organize key ideas as bite-sized lessons.
4. Investment Board Games / Card Games
" Play board games like The Stock Market Game, Cashflow, or create your own cards simulat-
ing bull/bear cycles, IPOs, panic selling, etc.
5. Mental Models Flashcards
" Build a flashcard deck of investing mental models (like margin of safety, circle of competence,
moats, etc.).
" Use apps like Anki for spaced repetition.
6. Case Study Webinars with Real Stocks
" Organize or join regular sessions that dissect real-world stock picks-what worked, what didn't.
" Each case becomes a live "lesson" in valuation, sentiment, and fundamentals.
7. Infographic & Visual Learning
" Use or create infographics summarizing concepts like PE ratio, ROCE, DCF models, etc.
" Follow Instagram/YouTube channels that simplify financial jargon into bite-sized reels/posts.

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 43

8. Role-Playing with Investment Clubs
" Simulate being an analyst or fund manager within a small investment club.
" Members present stock ideas, defend positions, and vote just like real investment committees.
9. "If I Were Warren Buffet" Journaling
" Keep a learning journal where you ask, "What would Buffett, Munger, or Lynch do?" in specific
scenarios.
" Over time, this sharpens your thinking like a great investor.
10. Investment Tenet a Day Challenge
" Learn and apply one principle per day for 30 days (e.g., Day 1: Compounding, Day 2: Risk vs.
Volatility...).
" Reflect or tweet about each day's learning-it reinforces memory and builds community.
Summary :- From simulation games and real-world case studies to visual aids, flashcards, and
role-playing exercises, there are plenty of exciting ways to understand stock market fundamentals.
By mixing traditional wisdom with modern tools and interactive learning, you can build strong in-
vestment skills that last a lifetime.
For your success!
Dr. Anil Kumar Asnani
SEBI Reg. Research Analyst

Chart Check
Your Stock Our Recommendation
Want to get recommendations based on Technical Analysis on your selected stock?
Then Send us following details. We will give recommendation based on it.
Required Details :
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Note: This service is exclusively for Smart Investment Subscribers.
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to see recommendation of your selected stock in next week's news-
paper then send the required details on our email id:
[email protected].
For any query email us on
[email protected]
Financial Weekly R

20th April 2025 to 26th April 2025 44

Kishore Purswani

The Psychology of Money-VI

(Getting Wealthy Vs. Staying Wealthy)
Introduction :- In Chapter 5, titled "Getting Wealthy vs. Staying Wealthy," Morgan Housel
explores a powerful idea: the skills needed to build wealth are not the same as those needed to
keep it. He explains that while boldness, optimism, and risk-taking may help people accumulate
money, staying wealthy over time requires very different traits-like humility, frugality, and fear of
loss.
Getting Wealthy: Requires Risk, Optimism and Courage :- Building wealth
is not just about saving money-it's about taking bold yet thoughtful actions that have the potential to
generate significant returns. This often means stepping into the unknown and taking calculated
risks, whether by starting a new business, investing in the stock market, or exploring new financial
ventures. These actions are not guaranteed to succeed, but they are essential stepping stones on
the path to wealth.
Equally important is having an optimistic outlook. Believing in the future, in our vision, and in the
possibility of success is what keeps us going, especially when things get difficult. Without that
sense of hope and forward-thinking, it's easy to give up when challenges arise.
Confidence ties everything together. To build wealth, we need to have enough self-belief to take
action-especially when the payoff isn't immediate. It's the courage to move forward despite uncer-
tainty that separates those who only dream of wealth from those who build it.
However, there's a fine line between confidence and overconfidence. The very traits that drive
success in the early stages-risk-taking, optimism, and self-assurance-can become dangerous if
not kept in check. Overconfidence can lead to reckless decisions, underestimating risks, or assum-
ing success is inevitable. That's why, even while reaching for success, it's important to remain
grounded, self-aware, and mindful of the risks that could derail everything you've built.
Staying Wealthy: Requires Caution, Discipline, and Survival Instinct :-
Once we've managed to build wealth, the challenge becomes not just maintaining it, but protecting
it from erosion-and this requires a completely different mindset than the one used to create it. At
this stage, it's no longer about aggressive risk-taking or chasing high returns. Instead, it's about
being strategic, cautious, and patient. Preserving wealth begins with frugality-the discipline to live
below your means, even when you can afford more. It means resisting the urge to inflate your
lifestyle just because your bank balance allows it.
Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 45

Equally important is cultivating a healthy fear of loss. No matter how secure things may seem
today, circumstances can change quickly. Markets crash, businesses fail, economies shift. A mindset
of humility reminds us that nothing is guaranteed, and that even the most stable financial situations
can unravel without warning. Preservation also means avoiding unnecessary risks, especially those
taken out of greed or overconfidence. Many people lose wealth not through bad luck, but through
overestimating their control or assuming past success will automatically continue into the future.
Morgan Housel sums it up powerfully with one word: "survival." Staying wealthy isn't about
brilliance or bold moves-it's about staying in the game. The goal isn't to be the richest overnight,
but to avoid financial ruin over a lifetime. If you can simply avoid catastrophic mistakes and let time
work its magic, your wealth can endure-and even grow-without needing constant reinvention.
The Paradox: What Got Us There Won't Keep Us There :- Many people lose their
fortunes because they keep taking risks after they've already won the game. They don't shift from the
mindset of growth to one of preservation. Housel emphasizes that humility is essential-you need to
accept that luck and timing played a role in your success and that you're never immune to loss.
Jesse Livermore - The Trader Who Lost It All :- Housel shares the story of Jesse
Livermore, a famous stock trader who made a fortune during the 1929 market crash by shorting the
stocks-earning what would be billions today. But instead of securing his wealth, he kept trading
aggressively. Eventually, he lost everything and died by suicide.
Making money isn't enough. If we don't respect risk and protect our gains, we can lose it all.
Conclusion :- The ultimate goal of managing money is not just to get rich-it's to stay rich and
enjoy long-term stability. Housel reminds us that in finance, "staying in the game" is more impor-
tant than hitting home runs. It's not about how much you make-it's about how much we keep, and
for how long.

Financial Weekly
Every Sunday Every Wednesday

English & Gujarati Edition Gujarati / English Edition

Financial Weekly R

20th April 2025 to 26th April 2025 46

Scrip Watch - Siddharth Shah

Solar Industries (Rs 12235.00) : HDFC Defence Fund, the only defence fund based
on defence sector, increased its stake in two stocks - BEML and Solar Industries and added Centum
Electronics in its portfolio in March. The defence fund added around 50,068 shares of Solar Indus-
tries India taking the total number of shares to 5.67 lakh in March against 5.17 lakh in February.
Around 18,603 shares of BEML were added to the portfolio in March. Defence equipment manu-
facturer Solar Industries India Limited recently announced that the firm has secured a Rs 2,150
crore international defence supply export order. Solar Industries India Limited is engaged in manu-
facturing of a complete range of industrial explosives and explosive-initiating devices. It manufac-
tures various types of packaged emulsion explosives bulk explosives and explosive initiating sys-
tems. The company has also forayed into manufacturing of ammunition for military applications.
Invest.
Ceat (Rs 3022.00) : CEAT received an 'Outperform' rating from global brokerage CLSA. It
has given a price target of Rs 3,493. This target implies a potential upside of 30% from current
market price. CLSA wrote in its note that the Indian tyre market, valued at about $12 billion, is
undergoing a structural improvement in terms of profitability and capital efficiency. This change is
being driven by rising pricing discipline, better product quality and an improved product mix. With
truck and bus tyres (T&B) comprising for about 50% of the market, CLSA expects a gradual shift
towards higher-margin passenger car radials (PCR), supported by the increasing car population.
The brokerage believes the sector is currently at the bottom of its margin cycle and that softening
input commodity prices will support a rebound in gross margins over the coming quarters. Buy in
phased manner. Buy.
Waaree Energies (Rs 2322.00) : Waaree Energies recently had announced inaugura-
tion of Bharat's largest solar cell manufacturing Gigafactory inaugurated at Chikhli, in Gujarat.
Covering 150 acres, of which 101 acres are built-up area , tthe facility is an advanced 5.4 GW solar
cell gigafactory . This facility stands as a testament to company's commitment to a sustainable
energy future for the nation, Waaree Energies highlighted. Meanwhile, Waaree Energies Ltd., has
announced the expansion of its solar module manufacturing capacity in the United States, with the
addition of a 1.6 GW facility at its Brookshire, Texas, location.The new line will double Waaree's
total US capacity to 3.2 GW, strengthening its commitment to local manufacturing and reinforcing
its strategic presence in the American renewable energy market.The expansion, recently approved
by the company's Board, comes at a critical juncture for the global solar industry.Invest. The com-
pany will announce its Q4 and yearly results next week on 22nd April which are expected to be
better. Buy before results. You can watch out this stock till the results. Choice is yours.

Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly R

20th April 2025 to 26th April 2025 47

Market Tips - Het Zaveri

Bharti Airtel (Rs 1889.00) : Bharti Airtel stock surged last week hitting 52-week high,
after the telecom major announced a tie-up with Blinkit to deliver SIM cards to customers' homes in
just 10 minutes. The service, which is the first of its kind for Airtel, has already launched in 16 cities
including Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, and Kolkata. Customers will be charged
a nominal Rs 49 convenience fee for the doorstep delivery.Meanwhile, the company has brought a
new prepaid plan for its customers. This plan comes for Rs 451 and is also bundled with an OTT
(over-the-top) benefit. The OTT benefit is of newly launched JioHotstar. According to brokerage
firm Motilal Oswal Financial Services, Bharti Airtel's Q4FY25 revenue may see a year-on-year
(YoY) growth of 27 per cent, while adjusted profit after tax (PAT) may jump 99.2 per cent YoY.
EBITDA, as per the brokerage firm, may jump 38.9 per cent YoY. Buy.

ABB India (Rs 5567.00) : ABB, in its annual report, highlighted its focus on high-growth
segments and deeper penetration into Tier 2 cities, along with new product development. During
the year, the company continued to benefit from demand for premium products and increased pen-
etration into Tier 2 and Tier 3 cities. ABB continues to see strong potential in segments such as
chemicals, pharmaceuticals, automotive, power distribution, water, electronics, and data centers,
all of which are expected to attract significant investments, while also considering the global geo-
political situation. It remains focused on new areas of investment, such as green hydrogen, battery
storage, and data centers. The company has grown its revenue at a 20% CAGR over the last five
years and has doubled its profits over the past four years. Ordering in CY24 was lower than our
expectations and we may see a near-term impact on overall ordering due to a slowdown in capex
activity. However, with the company's continued focus on high-growth segments, inflows and ex-
ecution to ramp up after a few quarters. Buy.

Swaraj Engines (Rs 4137.00) : Swaraj Engines reported a 29 percent year-on-year

increase in net profit for the March quarter, rising to Rs 45.4 crore from Rs 35.2 crore in the same
period last year. Revenue from operations grew 29.4 percent to Rs 454.2 crore, compared to Rs
351 crore in Q4FY24. The company's EBITDA stood at Rs 62 crore, also up 29 percent, though the
EBITDA margin was slightly lower at 13.6 percent versus 13.7 percent a year ago. The company
attributed its performance to continued robust demand for engines, achieving its highest-ever en-
gine sales in a single quarter at 45,594 units, up from 35,344 units in Q4FY24. The company
recorded engine sales of 1,68,820 units in FY25, up 21.7 percent from 1,38,761 units sold in the
previous year. Meanwhile, Swaraj Engines has announced that June 27, 2025, will be the record
date to determine shareholder eligibility for a dividend of Rs 104.50 per share for FY25 Buy.

Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly R

20th April 2025 to 26th April 2025 48

SMART TIPS Smita N. Zaveri

Chambal Fertilizer (Rs 673.00) (Code: 100085) :- This company is listed on the
BSE, and its face value is Rs 10. Over the year, the stock price has ranged from Rs 674 to Rs
333.80. At the current price, the company's market cap is Rs 9872 crore. The promoters hold 60.40%,
FII holds 18.14%, DII holds 5.82%, and the public holds 11.56%. The company's equity is Rs 480
crore, with reserves of Rs 6872 crore. In the December quarter, the company's revenue grew from
Rs 4349 crore to Rs 4918 crore, while profit increased from Rs 459 crore to Rs 534 crore. For the
first nine months of FY2025, revenue decreased from Rs 15324 crore to Rs 14197 crore, but profit
grew from Rs 895 crore to Rs 1518 crore. The company paid a 75% dividend for FY2023, a 45%
interim dividend and a 30% final dividend for FY2024, and a 50% interim dividend for FY2025. The
company's ROE is 17%, and ROCE is 20.2%. The company manufactures various fertilizers and
chemicals. The company has two plants in Kota, Rajasthan, and produces DAP, MOP, SSP, vari-
ous pesticides, and seeds. The PE ratio at the current price is just 14.41. Despite the stock hitting
new highs, it remains attractive for buying at lower levels.

AB Capital (Rs 197.00) (Code: 540691) :- This investment company is part of the
Birla Group. Its face value is Rs 10. Over the last 52 weeks, the stock price has ranged from Rs 246
to Rs 148. Aditya Birla Finance and Aditya Birla Capital have started the merger process, and it is
expected to be completed by March 2025. The company's NBFC loans have increased by 21% to
Rs 1.19 lakh crore, while loan repayments have decreased by 8% compared to the previous year.
Around 64% of its total loans come from retail, SME, and HNI customers, with a new focus on small
unsecured and business loans. The company has guided for a 25% growth in its medium-term
assets and is focusing on the rapid development of its industry plus app. For FY2024, the company
posted total revenue of Rs 9403 crore, with a net profit of Rs 664 crore, compared to the previous
year, where revenue was Rs 8814 crore, and net profit was Rs 714 crore.

Mangalore Chemicals & Fertilizers (Rs 196.00) (Code: 130011) :- Mangalore

Chemicals & Fertilizers (MCF) is a subsidiary of Zuari Fertilizers & Chemicals, part of the Adventz
Group, led by Chairman Saroj Kumar Poddar. MCF is the largest producer of chemical fertilizers in
Karnataka. Its main products include Urea, DAP, NP 20:20:00:13, Ammonium Bicarbonate (ABC)
- food grade, Sulfuric Acid, specialty fertilizers, and nutrient products such as water-soluble fertiliz-
ers, micronutrients, soil conditioners, and Sulfonated Naphthalene Formaldehyde (SNF). The
company's manufacturing facility is supported by a captive power plant. The company has an eq-
uity base of Rs 118.55 crore and reserves of around Rs 784 crore. The promoter holds 60.63%,
while the public holds 39.37%. The market cap is Rs 2325 crore, and the book value is Rs 83.68.

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20th April 2025 to 26th April 2025 49

The company paid a final dividend of Rs 1.50 per share last year. In the December 2024 quarter,
the company posted revenue of Rs 974 crore and net profit of Rs 57 crore. Currently, the stock is
quoting near its 52-week high and may create new highs in the short term.

Nykaa (Rs 189.00) (Code: 543384) :- The company's name is FSN E-Commerce
Ventures Limited, but it is popularly known as Nykaa. This company was started in 2012 and
primarily sells personal products and fashion items both online and offline. Nykaa was one of the
only profitable startups. In November 2021, the company launched an IPO with an offer price of Rs
1125, and after listing, the stock reached Rs 2574 before falling below the IPO price. Later, the
company issued one bonus share for each share. The company is listed on BSE with a face value
of Rs 1. Over the year, the stock price has ranged from Rs 229.9 to Rs 149. At the current price, the
market cap is Rs 54111 crore. The promoters hold 52.16%, FII holds 8.83%, DII holds 25.2%, and
the public holds 6.55%. At one point, the public's holding was 38.29%, but it has now shifted largely
to FIIs and DIIs. In the December 2024 quarter, the company reported total revenue of Rs 160 crore
and net profit of Rs 24 crore, compared to the previous year when revenue was Rs 83 crore, and
net profit was Rs 13 crore. The net profit increased from Rs 8 crore to Rs 13 crore. The stock is
gaining strength after being at lower levels for a long time, and momentum could strengthen in the
coming period.
Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of
his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up
or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived
from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses
made by anybody.

www.smartinvestment.in
Smart Investment Website Index
4,999 hits only 1 Week
Total number of Hits
2,37,55,999
Kuber Bhandar of earnings
Future - Options, Stock - Watch, Funda - Picks,
Technical Shares, Speculative Scrips, Primary Market,
Financial Weekly R

20th April 2025 to 26th April 2025 50

Smart super duper - Het Zaveri

LIC Housing Finance (Rs. 604.00) (Code: 500253) :- LIC Housing Finance is a
subsidiary of LIC and focuses on housing loan distribution, mainly to the middle-class segment. In the
December quarter, its revenue rose from Rs. 6,804 crore to Rs. 7,070 crore, and profit from Rs. 1,169 crore
to Rs. 1,435 crore. Its equity is Rs. 110 crore, and reserves are Rs. 33,502 crore. Promoter holding is
45.24%, while FIIs and DIIs own 21.44% and 21.24% shares respectively. The stock is listed in the A group
and touched a 52-week high of Rs. 827 and low of Rs. 483. The company’s market cap is Rs. 33,248 crore.
It paid 425% dividend for FY22 and FY23, and 450% for FY24. With a low P/E of 6.45 and a high book value
of Rs. 611, the stock is fundamentally strong. The improving housing demand and falling interest rates
make it a good long-term investment.
Poonawalla Fincorp (Rs. 385.00) (Code: 524000) :- Earlier known as Magma
Fincorp, this NBFC saw a turnaround after being acquired by the Poonawalla Group of Serum Institute.
Since then, both fundamentals and investor returns have improved. The shares are listed in the A group and
touched a 52-week high of Rs. 513 and low of Rs. 267. The company’s market cap is Rs. 29,957 crore.
Promoters hold 62.53%, while public shareholding is 36.82%. In the third quarter of FY24, revenue in-
creased from Rs. 763 crore to Rs. 1,057 crore, though net profit declined from Rs. 265 crore to Rs. 19 crore
due to provisioning. Its equity is Rs. 155 crore and reserves are Rs. 7,911 crore. The stock has corrected
quite a bit because of profit booking, and hence, valuations have become attractive again. With interest
rates softening, the company is well-positioned for growth. The stock can be considered for long-term
investment.
Tanla Platforms (Rs. 484.00) (Code: 532790) :- Tanla Platforms provides telecom
infrastructure solutions like A2P messaging, CMS, premium SMS billing, in-tune, etc.. It’s Asia’s only listed
company offering such value-added services. The company’s equity is Rs. 13 crore and reserves are Rs.
2,094 crore. In the December quarter, its income fell marginally from Rs. 10003 crore to Rs. 1000 crore,
while profit dropped from Rs. 140 crore to Rs. 119 crore. Operating profit fell from Rs. 193 crore to Rs. 163
crore. For the first nine months of FY25, revenue grew from Rs. 2,923 crore to Rs. 3,002 crore, while net
profit fell from Rs. 418 crore to Rs. 390 crore. The A group listed shares touched a 52-week high of Rs.
1,086 and low of Rs. 409. The company’s market cap is Rs. 6,523 crore. Promoter shareholding is 44.10%,
with FIIs owning 10.39%. The stock was quoting at Rs. 2.40 at one point in time, surged to Rs. 2097, before
correcting to the current levels. The stock can be considered with a long-term angle.
Jyothy Labs (Rs. 375.00) (Code: 532926) :- Founded in 1983, Jyothy Labs is a well-
known FMCG player with a strong presence in fabric care, insecticides, personal care, and fragrances. Its
key brands include Ujala, Maxo, Ujala Supreme, Maxo Aerosol, Exo, Henko, Stiff & Shine, Jeeva Naturals,
and Ujala Techno Bright detergent. Having acquired Henkel India, the company added brands like Margo,
Prix and Fa to its portfolio. Its equity is Rs. 36.72 crore and reserves are Rs. 1849 crore. Promoter holding
is at 62.89%, with FIIs owning 13.13% and DIIs 16.25%. In the December 2024 quarter, revenue rose from
Rs. 678 crore to Rs. 704 crore, while net profit dipped from Rs. 91 crore to Rs. 87 crore. The stock is listed
in the A group and touched a 52-week high of Rs. 595 and low of Rs. 268. The company’s market cap is Rs.
13,798 crore. It paid a 300% dividend for FY23 and 350% for FY24. With strong fundamentals and a solid
brand portfolio, the stock is a long-term buy candidate.

Disclosures : At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm,
his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested
interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based
on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible
for any legal or financial losses made by anybody.
Financial Weekly R

20th April 2025 to 26th April 2025 51

A.J. Diwan (Mumbai)
Diwan-E-Khas

INVEST MENT SHA RES

Trumps tariff war has put world markets in highly volatile zone. We don't know where
market will go. The
Volatile market puts small investors in huge loss. We fill if you want to play intraday in the market
play only in Sensex, Nifty or Bank nifty.
This time therefore we have selected a few shares for long term investment.
ICICI Bank: In private bank this is a fast-coming bank in Last Few months. We had advice to
buy this share. In a month share price has gone up by Rs 100. We feel that there is more chance of
appreciation.
Axis bank : This bank is embarking as Mr. Clean bank. Buy around 1170/80. for investment.
SBI : Till BJP government is in power electro bond issue may not hurt this bank. In public sector
banks this is one of the best banks. Buy with s l 750.
Tata Investment Corp. of India : This is tata group of company quoting around Rs
6000 plus. we expect share price go up to Rs 8000 plus in 1to 2 year.
Reliance Industries : Buy around Rs 1250 with s l of Rs 1125 this is multi product com-
pany and bound to do well.
Asian paints : buy this share as crude price has gone down. This share has gone down by
Rs 1000. Because Birla is diversifying in paint industry. Keep s l of Rs 2250
Bharti airtel : in Years to come Reliance JIO and Bharti may share 80 to 85 pc market share.
around 1800 is good buy with potential to go up to Rs 2000.
Sun pharma : This is leading company in pharma group. Buy around Rs 1700 for invest-
ment.
Apollo Hospital : About two years back we had advice to buy around Rs 4500. Today it is
quoting around 7000. In 2026 Diwali time this share may quote Rs 8000 plus.
All above recommended shares are for long term investment and not for speculation.
Financial Weekly R

20th April 2025 to 26th April 2025 52

Investment Ideas Nayan Patel

SIGACHI INDUSTRIES LTD. BSE CODE - 543389

NSE SYMBOL - SIGACHI Rs.42 FV.Rs.1
ITS 52-WEEK HIGH Rs. 75
History : Sigachi, incorporated in 1989, is a global leader in manufacturing Microcrystalline
Cellulose (MCC) with a diversified presence in pharmaceuticals, food, nutraceuticals, and cosmet-
ics. With five advanced manufacturing facilities across India, Sigachi ensures reliable supply and
top-tier quality for its products, exported to over 65 countries. The company is committed to innova-
tion, sustainability, and expanding its global footprint, making it a trusted partner in various industries.
Locations : Sigachi's state-of-the-art manufacturing facilities, strategically located in
Hyderabad, Sultanpur, Jhagadia, Dahej & Raichur, are equipped to deliver highly tailored solu-
tions that cater to the specific needs of our diverse customer base. These facilities ensure seam-
less supply chain reliability, serving clients across the globe. Sigachi's Government of India-ap-
proved R&D Laboratory, combined with a cutting-edge Excipient Application Lab, exemplifies our
commitment to continuous innovation and technical excellence.
International standards : Adherence to the highest standards of quality and compliance is
at the core of the operations. All five of the multi-locational facilities are accredited with prestigious
certifications, including EXCiPACT GMP, SGMP, HACCP, EDQM CEP, FSSAI, USFDA, and ISO
9001:2015. These certifications underscore Sigachi's steadfast dedication to safety, quality, and regu-
latory excellence. As a result, Sigachi established itself as a trusted, quality-centric partner, extend-
ing reach and impact not just within India but across Asia, Australia, Europe & the Middle East.
Result : For 9M25 Sigachi reported higher PAT of Rs.54.54 cr. on sales of Rs.378.36 cr.
Tuesday, 4 th February 2025: Sigachi Industries Limited, a leading player in Pharmaceutical In-
dustry provided an update regarding its efficient resource deployment and enhancing R&D Pro-
ductivity by establishing Research and Development facility in Hyderabad, India. This strategic
initiative involves an investment of up to USD 1 Million and is set to commence immediately, rein-
forcing Sigachi's commitment to innovation and long-term growth and efficiency.
Thursday, 17th April 2025 : Sigachi has received Environmental Clearance (EC) from
the State Environment Impact Assessment Authority (SEIAA), Gujarat for its upcoming Greenfield
manufacturing facility at Dahej SEZ, Bharuch, Gujarat. This paves the way for one of Sigachi's
most significant capacity expansions to date, reinforcing the company's vision to become a global
manufacturing powerhouse for excipients, nutraceuticals, and high-value functional ingredients.
Strategic Highlights : o Positioned in Dahej SEZ to drive export growth, operational
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20th April 2025 to 26th April 2025 53

flexibility, and compliance readiness for regulated markets o Installed Production Capacity of 3,120
MT/month - across categories including Cellulose and Starch based specialized Excipients, among
others. o Product portfolio tailored to pharmaceutical, nutraceutical, and food-grade applications -
tapping into high-margin, fast-growing segments in regulated and semi-regulated markets.
Due to above big positive developments Sigachi looks attractive. Its 52-week high is Rs.75.
Stock PE 20, ROCE 16.7% ROE 16.4% looks very impressive.
Investors can just watch Sigachi with a stop loss of Rs.34.
THAKKERS DEVELOPERS ONLY AT
BSE CODE - 526654 BSE SYMOL - THAKDEV
Rs.208 FV.Rs.10 ITS 52-WEEK HIGH Rs.255
THAKDEV is a real estate player from Nasik has huge land bank & strong pipeline of projects,
positioning it for significant revenue and PAT growth. With a market cap of just Rs.150 cr. & negli-
gible debt, it offers very attractive investment potential. Nasik is selected at top emerging city of
India for 2025 by CREDAI.
Investor can just watch THAKDEV with a stop loss of Rs.187.
LOYAL EQUIPMENTS LTD ONLY AT BSE CODE - 539227
BSE SYMBOL - LOYAL Rs.221 FV. Rs.10 ITS 52-WEEK HIGH Rs.342
History : Loyal Equipments is an ISO 9001-2015 certified and one of the known reputed com-
pany in India for design, manufacturing, supply and erection/commissioning of process equipment
like pressure vessels, air-cooled heat exchangers, shell & tube heat exchangers, pressure receivers,
process skid packages, lube oil/water consoles, heavy structural items, base plates and other equip-
ments for oil and gas upstream/midstream/downstream, chemical, sugar, steel, fertilizers, and power
plant sectors. Loyal Equipments has extensive and continuous experience with Samsung Engineer-
ing, Hyundai Engineering, Thyssenkrupp, Toyo Engineering, Bechtel, Linde, Air Products, Fluor,
L&T, Reliance, EIL, GSPC, GAIL, ONGC, IOCL, HPCL, BPCL, HMEL, Ingersoll Rand, Siemens,
Dresser-Rand, Tata Projects, Kirloskar, and other government & private organization.
Very good result : With an equity capital of Rs.10.20 cr. The promoters hold 73.53% of the
equity capital which leaves 26.47% stake with the investing public. Company has posted highly
impressive numbers for Q3FY25. For Q3FY25, it recorded PAT of Rs.2.63 cr. as against PAT of
Rs.1.61 cr. in Q3FY24 on higher income of Rs.18.71 cr. During 9MFY25, it recorded PAT of Rs.6.66
cr. as against PAT of Rs.3.28 cr. on higher income of Rs.46.36 cr. it trades at a P/E of 22.6x. Its 52-
week high is Rs.342
Investors can just watch LOYAL with a stop loss of Rs.196.
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20th April 2025 to 26th April 2025 54

G P PETROLEUMS LTD BSE CODE 532543 &
NSE SYMBOL - GULFPETRO Rs.40 FV. Rs.5 ITS 52-WEEK HIGH Rs.93
History : GP Petroleums, a major player in the lubricants industry, is a listed company in India.
GPPL an ISO 9001, ISO 14001 and ISO 45001 certified company, which specializes in formulating,
manufacturing and marketing of Industrial and Automotive lubricants, Process oils, Greases and
other Specialties under the brand name IPOL is a trusted brand since 1973. GPPL has invested in
high precision, quality-control and product development labs to meet global standards and OEM
expectations. The Company has a well-established network of Distributors and Dealers across the
country. It has also signed an exclusive license agreement with Repsol SA, Spain to manufacture
and market REPSOL brand of lubricants in India to cater to the premium lubricant segment.
Results : It has an equity base of Rs.25.49 cr. that is supported by reserves of around Rs.288
cr. Incubit Energy (Singapore)Pte Ltd hold 10%, HNIs hold 4.89% stake in the company. For
Q3FY25, it recorded higher PAT of Rs.6.67 cr. For 9MFY25, it recorded PAT of Rs.17.71 cr. on
income of Rs.426.91 cr. fetching an EPS of Rs.3.47. Stock is trading at P/E ratio of 10x.
Based on the above financial and performance parameters, the GULFPETRO share looks quite
attractive at the current level.
Investors can just watch GULFPETRO with a stop loss of Rs.34.
SNL BEARINGS LTD ONLY AT BSE CODE - 505827
BSE SYMBOL - SNL Rs.376 FV.Rs.10 ITS 52-WEEK HIGH Rs.514
Promoters : SNL is an IATF 16949:2016 certified company promoted by NRB Bearings &
Rs.2 paid shares of NRB Bearings trade around Rs.219. SNL has established itself as one of the
leading Needle Roller Bearing manufacturers mainly for automobile& other industries. For more
than two decades it has been remained one of the leading suppliers to various big names in Auto-
mobile manufacturing like BAJAJ, TVS, MARUTI, TATA MOTORS & many more. Besides it manu-
factures some industrial bearings as well used in various machineries and household appliances.
SNL exports its products to many of the countries across the globe.
Very good results : It has very small equity of just Rs.3.61 cr. supported by huge reserves
of Rs.56 cr. The promoters hold 74.39. It paid 70% dividend for FY24. For Q3FY25 SNL posted
PAT of Rs.2.86 cr. against PAT of Rs.1.93 cr. in Q3FY24, a big jump of 48%. For 9MFY25 it posted
PAT of Rs.8.06 cr. against PAT of Rs.5.76 cr. in 9MFY24, a big jump of 39%, which may lead to
FY25 EPS of Rs.32-33. ROCE is 18.7% PE is just 13.6 looks very impressive & attractive. Its 52-
week high is Rs.514 & now available at very attractive valuations around Rs.376.
Investors can just watch with a stop loss of Rs.340.
Disclaimer: Investing in equity is very risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct & also is technical analysis based on &
conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any
legal or financial losses made by anybody. Consult your financial advisor before taking any position.
Financial Weekly R

20th April 2025 to 26th April 2025 55

Primary Market - Dilip K. Shah

2025 IPO Boom: 89 Issues to Raise Rs 1.5 Lakh Crore, Set to Rock Markets
$100 Billion IPO Rush: 30 Startups Eye Market Entry, But Global Tensions Force Reconsideration
Busy Week for Primary Market: 11 Issues Including 1 SME, 6 Rights, and 4 NCDs Active
Tankup Engineers SME IPO Opens April 23, Closes April 26; Aims to Raise Rs 19.53 Crore
Rights Issue Wave: Eureka Industries, Bio Green Papers Among 6 Active This Week
Debt Market Buzz: UGRO, IIFL, Edelweiss, Muthoot Mini Lead 4 NCD Issues This Week
Grey Market Falls Silent Amid Absence of Mainboard IPOs and Inactive Operators

Strong Demand for NCDs: IIFL 6.69x, UGRO 2.18x, Edelweiss 1.28x Subscribed
Urban Company Gets Shareholder Nod for Rs 528 Crore IPO Fundraising
9 Major Insurers Submit IPO Plans to IRDAI, Including Bajaj Allianz & Tata AIA
LG Electronics India Begins Mumbai Roadshows for $1.5 Billion IPO
CIEL HR Services Gets SEBI Nod for Rs 335 Cr Fresh Issue + 40.4 Lakh Share OFS

Tentative Timetable for SME & Main Line IPOs

IPOs Name Issue Basis Refund/ Credit of Listing
Closes of Unblock Shares Date
Date Allotment Amount to Demat

SME IPOs
Tankup Engineers NSE SME 25-4-25 28-4-25 29-4-25 29-4-25 30-4-25

Subscription figure of Subscription figure of

Muthoot Mercantile SMC Global Securities
Category No. of Bond Issue Category No. of Bond Issue
(Issue Closed on Offered/ Subscribed (Issue Closed on Offered/ Subscribed
16-4-2025) Reserved 16-4-2025 17-4-2025) Reserved 17-4-2025
Institutional 50,000 0.00x Institutional 75,000 0.00x
Non Inst. 2,00,000 1.73x Non Inst. 1,50,000 2.23x
Retail 2,50,000 1.29x HNI 2,25,000 1.12x
Total 5,00,000 1.33x Retail 3,00,000 2.63x
Subscription figure of Total 7,50,000 1.84x
UGRO Capital Limited
Category No. of Bond Issue
Subscription figure of Offered/ Subscribed Subscription figure of
IIFL Finance Limited Reserved 17-4-2025 Edelweiss Finance Limited
Institutional 2,50,000 3.40x
Category No. of Bond Issue Non Inst. 2,50,000 2.34x Category No. of Bond Issue
Offered/ Subscribed HNI 2,50,000 0.80x Offered/ Subscribed
Reserved 17-4-2025 Retail 2,50,000 2.16x Reserved 17-4-2025
Institutional 2,00,000 5.25x Total 10,00,000 2.18x Institutional 1,00,000 0.12x
Non Inst. 2,00,000 15.93x Non Inst. 1,00,000 1.21x
HNI 3,00,000 4.99x HNI 4,00,000 1.05x
Retail 3,00,000 3.18x Retail 4,00,000 1.82x
Total 10,00,000 6.69x Total 10,00,000 1.28x

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 56

Grey Market Premium / Kostak / Subject to Prices
IPOs Name Lot Size Offer Price Premium Kostak Price Subject to
Name (Shares) (Rs.) (Rs.) *Min. Appl. Sauda

SME IPOs
Tankup Engineers NSE SME 1000 133 to 140 0.00 0.00 0.00

Don't subscribe IPO only on the basis of Grey premium. Before Investing check the fundamentals of IPO

NSE Emerge IPO

Sr Company Open Dt. Issue size Offer price Minimum Lead Rating Remark
Close Dt. (Rs. Cr.) (Rs.) Applications Size Manager (Out of 50%) %
1. Tankup 23-4-2025 13,95,000 Shares 133 to 140 1000 Shares Hem Securities 28%
Engineers 25-4-2025 Rs 19.53 Cr FV Rs 10 Rs 1,40,000 Avoid

Non Convertible Debenture (NCD) Issues at a Glance

Sr Company Issue Open Bond size Price Min. Listing Rating Recomm.
Issue Close (Rs. Cr.) (Rs.) App.
1 UGRO 3-4-2025 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE IND A+/Stable by Apply for
Capital 21-4-2025 Oversubscritpion Rs. 100 Cr (Rs.10,000) NSE by India Rating Medium
Overall Size Rs 200 Cr BRLM : Tipsons Consultancy Term
Registrar : Link Intime
2 IIFL 7-4-2025 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE CRISIL AA/Stable Apply for
Finance 23-4-2025 Oversubscritpion Rs. 400 Cr (Rs.10,000) NSE ICRA AA (Stable) 36 Months
Overall Size Rs 500 Cr BRLM : Trust Invest, Nuvama, IIFL Sec.

Registrar : Link Intime

3 Edelweiss 8-4-2025 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE CRISIL A+/Stable Apply for
Financial 24-4-2025 Oversubscritpion Rs. 100 Cr (Rs.10,000) by CRISIL Medium
Overall Size Rs 200 Cr BRLM : Nuvama, Tipsons, Trust Inv. Term
Registrar : Kfin Techno
4 Muthoottu 23-4-2025 Base Size Rs 100 Cr. 1,000/- 10 NCDs BSE ICRA A [Stable] Apply for
Mini Fin. 7-5-2025 Oversubscritpion Rs. 100 Cr (Rs.10,000) by ICRA Mid to
Overall Size Rs 200 Cr BRLM : Nuvama, Tipsons, Trust Inv. Long Term
Registrar : Kfin Techno

Rights Issue
Sr Company Issue Open Dt. Issue size Offer price Ratio & Listing Lead Manager/ Recomm.
Issue Close Dt. (Rs. Cr.) (Rs.) Record Dt. Registrar
1. AB 7-4-2025 1,06,46,489 37.50 1 Shares for every BSE Navigant Corp. Apply for
Infrabuild to Shares FV Rs 10 5 shares held on NSE Registrar Long Term
Limited 25-4-2025 Rs 39.92 Cr 10-3-2025 Bigshare Services
2. Eureka 9-4-2025 4,90,00,000 10 28 Shares for every BSE -- Clear Avoid
Industries to Shares FV Rs 10 5 shares held on Registrar
30-4-2025 Rs 49 Cr 28-3-2025 Skyline Fin.
3. Sonalis 11-4-2025 29,98,500 54.60 3 Shares for every BSE - High Risk
Consumer to Shares FV Rs 10 2 shares held on Registrar Low Return
Products 25-4-2025 Rs 16.37 Cr 28-3-2025 Purva Sharegistry
4. Fusion Micro 15-4-2025 6,10,58,392 131 55 Shares for every BSE IIFL Securities Risky Bet
Finance to Shares FV Rs 10 91 shares held on NSE Registrar
25-4-2025 Rs 799.86 Cr 4-4-2025 Link Intime
5. Bodhi Tree 15-4-2025 5,55,37,777 8 4 Shares for every BSE Smart Horizon Avoid
Multimedia to Shares FV Rs 1 9 shares held on NSE Registrar (High Risk-
28-4-2025 Rs 44.43 Cr 24-3-2025 Bighsare Services Low Return)
6. Bio Green 21-4-2025 94,71,445 52 67 Shares for every BSE -- Apply for
Papers to Shares FV Rs 10 83 shares held on Registrar Long Term
28-4-2025 Rs 49.25 Cr 4-4-2025 Link Intime
Financial Weekly R

20th April 2025 to 26th April 2025 57

* A major boom expected in the primary market in 2025 :- After a brief
pause in the ongoing correction in the Indian stock market, a slow recov-
ery has begun in the secondary market during the last month of the
calendar year. Based on this recovery, market sources believe that the
IPO buzz will resume in the primary market as well. Market sources con-
clude that the year 2025 will break the records of IPO entries and funds
raised in the primary market seen in previous years. In 2022, 40 IPOs
entered the capital market, raising Rs 59,301 crore, while in 2023, 57
IPOs raised Rs 49,435 crore in the capital market. In the ongoing finan-
cial year 2024, 82 IPOs have entered the capital market.

* According to primary market sources, the upcoming calendar year

2025 will create a significant buzz in the capital market. So far, 34 com-
panies have received approval to enter the capital market via IPOs in the
new calendar year of 2025. Their target is to raise Rs 41,462 crore. Addi-
tionally, 55 companies have submitted offer documents to SEBI and are
awaiting clearance to raise Rs 98,672 crore.

* Rajesh Malviya from leading brokerage Axis Securities has expressed confidence that
the IPOs entering the capital market in the new calendar year will be able to achieve their targets.
He further stated that despite the negative sentiment, domestic investors have maintained strength
in the secondary market, while Foreign Institutional Investors (FIIs) have continued selling. In the
current calendar year 2024, foreign investors have sold shares worth Rs 1.02 lakh crore in the
secondary market, whereas in the primary market, they have purchased shares worth Rs 1.11 lakh
crore.

* IPOs worth Rs 1.5 lakh crore in the pipeline to enter the capital
market in the new calendar year :- Compared to 2024, around 89 IPOs are expected to
enter the capital market in 2025, out of which 75 will be through the main board. These figures are
record-breaking compared to the 57 IPOs in 2023 and 40 IPOs in 2022. A noteworthy point is that
in 2024, a total of 143 companies filed DRHPs (Draft Red Herring Prospectus) with SEBI, whereas
84 companies filed in 2023 and 89 in 2022.
Financial Weekly R

20th April 2025 to 26th April 2025 58

* Among the companies filing IPOs in 2025 are large firms like Zepto,
Flipkart, India IVF, and HDFC Credila. According to available data, India
IVF aims to raise $400 million through its IPO, while Zepto, Flipkart, and
HDFC Credila each aim to raise around $1 billion.

* The record-breaking surge in IPO draft filings with SEBI has been seen due to strong
market performance. In the calendar year 2024, both Sensex and Nifty rose by around 13% year-
to-date, whereas in the previous financial year 2023, they had risen by around 20%. Meanwhile,
with the outperformance of the broad market, the BSE Midcap and BSE Smallcap indices rose by
approximately 30% in 2024 and 45% in 2023 respectively.

* Among the prestigious companies in the pipeline,

the following plan to raise funds through IPOs:
" HDB Financial Services Rs 12,500 crore

" LG Electronics India Rs 15,000 crore

" NSDL Rs 4,500 crore

" Dr. Agarwal Healthcare Rs 3,500 crore

" Hexaware Technologies Rs 9,500 crore

" Aether Energy Rs 4,500 crore

" JSW Cement Rs 4,000 crore

" Hero MotoCorp Rs 3,600 crore

* Experts state that despite short-term hurdles such as geopolitical tensions,

weak corporate results, a slowing economy, and foreign investor outflows from the secondary market,
the Indian market has maintained its long-term fundamentals. However, in the new calendar year,
low-quality IPOs may face challenges, while established, strongly profitable companies with clear
business potential will likely not face difficulties in getting IPO subscriptions.

* Concern over tariffs : Pressure on startups to reconsider IPO plans :- The potential
economic slowdown in the U.S. and the trade tension arising from former President Donald Trump's
new tariff proposals are pressuring Indian tech startups to reconsider their IPO plans. Due to in-
Financial Weekly R

20th April 2025 to 26th April 2025 59

creasing market instability, investor interest is declining, prompting many companies to consider
postponing their listings. The U.S. tariffs affect not only trade but also global relations and future
plans of companies. Until stability is achieved, the IPO season is expected to remain weak. How-
ever, the situation is expected to improve after Diwali.

* According to a report, around 30 startups-with a combined valuation of nearly $100

billion-are preparing to enter the stock market by 2027. This includes big names such as Flipkart,
PhonePe, Lenskart, Razorpay, Zetwerk, Meesho, and Ather Energy. However, the current market
conditions have led many of these companies to revise their plans. For example, Ather Energy,
which had planned to launch its IPO by the end of this month, is now considering reducing the IPO
size from $400 million to $350 million.

* Listed companies are suffering losses due to tariffs, and similar effects are expected to
be seen on startups as well. This can impact their valuations and IPO pricing. The tariffs have
especially caused a decline in foreign investment in public markets in India. Companies whose
major revenue comes from overseas or are reliant on the global supply chain may be more se-
verely affected.

* In India, the combined market valuation of 30 new tech companies currently exceeds $110
billion, and their market cap could reach $1 trillion by 2030, which is why they are preparing for
IPOs.

* This week, one NSE SME IPO-Tankup Engineers-is entering the market on April 23.
Additionally, 6 Rights Issues and 4 NCD Issues are currently active in the market.

* This week's SME IPO

• Tankup Engineers (NSESME) :- Established in 2020, Tankup Engineers Limited is

engaged in the manufacturing of vehicle superstructures for complex mobility and storage solu-
tions. The company will raise Rs 19.53 crore through the IPO, offering shares with a face value of
Rs 10 at a price band of Rs 133 to Rs 140 per share. The issue will open on April 23 and close on
April 25. Listing will take place on NSE SME Emerge.

The lead manager for the issue is Hem Securities, and the registrar is Bigshare Services. The
IPO is expected to be listed on Wednesday, April 30. The listing price could be around Rs 140 to
Rs 150. However, if the market doesn't support it, it might also list at a discount.

* Grey Market Movement :- At present, due to the continuous absence

of Mainboard IPOs and only a single IPO from the SME segment being
Financial Weekly R

20th April 2025 to 26th April 2025 60

active in the primary market, there is no movement in the grey market. It
is worth noting that due to the lack of new IPOs in the primary market and
investors also staying away from the market, there is currently no kind of
activity taking place in the grey market. The grey market operators are
completely inactive at this time. As a result, the only SME IPO Tankup
Engineers has no trades or premium expectations.

* NCDs Issue :- In the past week, there were five NCDs issues active in the debt market.
Among them, Muthoot Mercantile's NCD, which was subscribed 1.33 times, closed on 16th April.
Meanwhile, UGRO Capital, IIFL Finance, and Edelweiss Financial still have active NCD issues in
the market. Additionally, this week, one more issue - Muthoottu Mini Financiers - is entering the
market on 23rd April.

* UGRO Capital (NCDs) :- This NCD issue is of Rs 100 crores base size and Rs 100
crores oversubscription, making a total of Rs 200 crores. The issue opened on 3rd April and will
close on 21st April. The listing will take place on BSE. This NCD has been given a credit rating of
A+/Stable by IND. The coupon rate is fixed between 10% to 10.50%. As of 17th April, this issue has
been subscribed 2.18 times.

* IIFL Finance Ltd. (NCDs) :- This NCD issue has a base size of Rs 100 crores and an
oversubscription of Rs 400 crores, totaling to Rs 500 crores. It opened on 7th April and closed on
13th April. The listing will be on BSE. The coupon rate is between 9% to 10.25%. This issue has
been rated AA/Stable by CRISIL and ICRA. As of 17th April, the issue has been subscribed 6.69
times.

* Edelweiss Financial (NCDs) :- This NCD issue has a base size of Rs 100 crores and
an oversubscription of Rs 100 crores, making a total issue of Rs 200 crores. It opened on 8th April
and will close on 24th April. Listing will be on BSE. This issue has received a credit rating of A+/
Stable by CRISIL. The coupon rate ranges from 9.5% to 11%. As of 17th April, this issue has been
subscribed 1.28 times.

* Muthoottu Mini Financiers (NCDs) :- This NCD issue has a base size of Rs 100
crores and an oversubscription of Rs 100 crores, totaling Rs 200 crores. It will open on 23rd April
and close on 7th May 2024. Listing will be done on BSE. The issue has been given a credit rating
of A/Stable by ICRA. The coupon rate ranges from 9.5% to 10.75%.

* Rights Issue :- Last week, five rights issues were active in the primary market. Among
Financial Weekly R

20th April 2025 to 26th April 2025 61

them, the rights issue of Iris Clothings closed on April 17, while the rights issues of AB Infrabuild,
Sonalis, Fusion Micro, and Bodhani Tree remain active in the market. Additionally, this week, two
more rights issues - Eureka Industries and Bio Green Papers - have entered the market. Detailed
analysis of these two IPOs is given in a separate section.

* Urban Company receives shareholder approval to raise Rs 528 crore through IPO: The
Accel-backed company is expected to file its DRHP with market regulator SEBI next month. So far,
Urban Company has raised $376 million across 12 funding rounds. The home services company
has received approval from its shareholders to raise Rs 528 crore through a fresh issue of shares
in its IPO. Each share will have a face value of Rs 1. Recently, the company entered the fast
commerce market with its new offering, Insta Maids.

* Nine major insurance companies have submitted IPO proposals to

IRDAI : According to sources related to the matter, IRDAI received IPO plans last week from nine
companies active in life and general insurance sectors. These companies have submitted struc-
tured IPO plans approved by their respective boards. IRDAI received IPO plans from ten major
insurance companies - including Bajaj Allianz Life, Bajaj Allianz General, Tata AIA, and Tata AIG
General Insurance - in the first week of February 2024. One company has requested a one-month
extension to submit its proposal. IRDAI will review these proposals, and the entire process is ex-
pected to take four quarters.

* LG Electronics India has started roadshows for its IPO in Mumbai : LG

Electronics has initiated investor roadshows in Mumbai for the upcoming IPO of its Indian unit, in
which the South Korean chaebol plans to sell more than 10.18 crore shares, representing a 15%
stake. Through this IPO, the company could raise up to $1.5 billion. Previously, on December 6,
2024, LG Electronics India - a subsidiary of the South Korean chaebol LG - filed preliminary papers
with SEBI for the IPO, wherein the parent company will sell more than 10.18 crore shares. This will
constitute a 15% stake. After the listing of Hyundai Motors India Limited, LG Electronics will be-
come the second South Korean company to enter the Indian stock market. The proposed IPO will
be a complete Offer for Sale (OFS) of 10.18 crore equity shares by the promoter, LG Electronics.

* CIEL HR Services gets SEBI approval for IPO : CIEL HR Services Limited,
which provides technology-driven human resources solutions, has received approval from SEBI to
raise funds through an Initial Public Offering (IPO). The proposed IPO comprises a fresh issue of
equity shares worth Rs 335 crore and an Offer for Sale (OFS) of 47.4 lakh shares by promoters and
other selling shareholders

***
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20th April 2025 to 26th April 2025 62

Tankup Engineers Limited NSE Emerge IPO
Opened on 23rd April & Closes on 25th April, 2025
Price Band Rs 133 to 140; Listing on NSE Emerge
The company has posted consistent growth in its financial performance for last two fiscals
Based on 8MFY25 earning, It has reported de-growth in Top line and bottom line
Post IPO Rs. 5.30 cr. Equity capital indicating, longer gestation period for migration
On valuation front considering all parameters, Issue appears exorbitantly priced
Investorts may give clear avoid to this pricey bet
Incorporated in 2020, Tankup Engineers Limited is engaged in the manufacturing of vehicle superstructure for com-
plex mobility and storage solutions. The company offers products including self-bunded fuel tanks, mobile diesel bowsers,
aircraft refuelers, fire tenders, and ground support equipment. The company specializes in manufacturing custom-built
tanks for transporting or storing liquids, gases, or solids, tailored to client specifications in size, material, capacity, and
functional features. The company serves sectors such as agriculture, mining, construction, logistics, aviation, defense,
and infrastructure. The company operates a 2,665 sq. mtr. facility in Lucknow, accredited with ISO certifications and
PESO approval, and holds MSME ZED certification for Zero Defect Zero Effect manufacturing. Products :- Mobile
Refuellers, Water sprinkler, Mobile Service Van
Issue Details Financial Performance : Consolidated Basis
rd th Particulars (Rs. Cr.) FY22 FY23 FY24 8MFY25
• Issue Opens on 23 April & Closes on 25 April 2025
Total Revenue 1.4 11.85 19.54 12.48
• Object of the issue : Repayment in full or in part, of certain of the Profit After Tax 0.05 0.79 2.57 0.95
outstanding borrowings, Funding to meet working capital requirements EPS 0.30 2.97 9.34 2.91
• Issue Size : 13,95,000 Shares ; Total Issue Size in Rs 19.53 Cr RONW (%) 23.44 70.80 69.75 15.35
• Minumum Lot Size : 1000 Share • Listing on : NSE Emerge • FV 10
• BRLM : Hem Securities • Registrar : Bigshare Services Pvt Ltd
• Company Management : Gaurav Lath, Pankhuri Lath, Govind Prasad Lath and Tank-Up Petro Ventures LLP •
Market Cap : Rs 74.13 Cr. • Promoter Holding : Pre Issue : 100% ; Post Issue : 73.65%
• Issue constitutes 26.35% of the post issue paid up capital
• Average of last 3 Yrs. EPS Rs. 5.71 & RONW : 62.38%
• Pre IPO Eq. Capital Rs. : 3.90 Cr.• Post IPO Eq. Cap. Rs. 5.30 Cr.
• P/BV Ratio : Pre IPO : 8.85 (NAV : 15.82)
• Pre IPO P/E Ratio : 21.26 • Post IPO asking P/E on fully diluted equity : 52.19
• BRLM’s Performance : This is 61st Issue from BRLM in last 3 years. In last 60 Listing : 58 Issued opened with
premium & 2 Discount.

OTHER SIDE OF THE COIN

• The average cost of acquisition of Equity shares by the promoters is Rs.13.39 and Rs. 1.01, and offer price is Rs. 140
per share.
• It has also issued bonus shares in the ratio of 10:1 on August 7, 2024.
• It has an order book of Rs 22.11 Cr. Which is equilant to its one year revenue.
• Apart from initial Equity capital at par, the company issued further Equity shares in the price range of Rs. 10, Rs.
12.89, Rs. 13.40 between 4 December 2021 to 17th August 2024.
• Dependent on the sale of products to certain key customers.
• Risk associated with product warranty.
• Company has a negative cashflows from operating, investing and financial activity in recent fiscals.
• Post IPO Equity capital Rs. 5.30 crore indicates longer gestation period for migration to mainboard.
• It is substantially dependent on design and engineering studies carry out the estimates and engineering studies for
potential orders.
• Mfg activities require deployment of labour and depend on avaiability of labour.
• Major portion of turnover in certain geo-graphical regions.
• The restated financial statements have been provided by peer received chartered accountants who is not statutery
auditor of the company.
Recommendation : The company has posted steady growth in its financial performance for last two
fiscals. Based on annualized 8MFY25 earnings it has marked de-growth in Top line and bottom line. It’s
8MFY25 PAT and EBITDA margins and ROCE are lower compared to previous year. On valuation front
considering P/BV of 8.85 (Pre-IPO) and PE of 52.19 (Post IPO), issue appears exorbitantly priced. Inves-
tors may stay away from this pricey bet.
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20th April 2025 to 26th April 2025 63

Muthoottu Mini Financiers Limited NCDs Issue
Opens on 23rd April & Closes on 7th May; Offer price Rs. 1000 per NCD
This is 19th offer from company since Feb. 2014. Last offer was in Oct. 2024
Posted consistent growth in Top & bottom lines for reported periods
Cosidering good Fin. performance, improved credit rating by ICRA A/stable
Further liked coupon rates,
Investors may consider to apply for 48 to 60 months

Muthoottu Mini Financiers Limited is a non-deposit taking NBFC-ML in the gold loan sector
lending money against pledge of household gold ornaments (gold loans) in the states of Kerala,
Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, Uttar
Pradesh and Goa and the Union Territory of Puducherry. The company also has a microfinance
segment that provides unsecured loans to women with joint liability (minimum five persons) who
need funds for their business activities.
Financial Performance : Consolidated Basis
Issue Details Particulars (Rs. Cr.) FY22 FY23 FY24 9MFY25
Total Revenue 430.25 544.44 671.84 595.45
Profit After Tax 46.29 67.28 77.83 74.66
• Opens on 23rd April & Closes on 7th May 2025

• Issue Size : Base Issue 100 Cr, Oversubscription : Rs 100 Cr. • Overall issue Size : 200 Cr

• Issue Price : Rs. 1000 NCDs

• Minimum Lot : 10 NCDs • BRLM : Vivro Financial

• Registrar : Link Intime India • Rating : ICRA A [Stable] by IRCA Limited.

• Tenor : 18, 24, 36 , 48 and 60 Months • Coupon Rate : 9.50% to 10.75%

• Category : Inst. : 20%, Non Inst. : 40%, Retail : 40%

Recommendation : This is the 19th offer from the company since february 2014. Last
offer was in October 2024. The company is engaged in Gold loan and other financial ser-
vices. The company has posted consistent growth in Top lines and bottom lines for the last
three fiscals and 9M of FY25. The company has increased its coupon rates with improved
credit rating. Its Net NPA stood at 0.77% against 0.72%. Post issue its debt/Eqity ratio of 4.93
will stand enhanced to 5.19. Considering good financial performance. ICRA A/Stable rating
and 9.5% to 10.75% coupon rates, investors may consider to apply for medium to long term
i.e. 48 to 60 months.
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20th April 2025 to 26th April 2025 64

Eureka Industries Ltd. Rights Issue
Opened on 9th April & Closes on 30th April, 2025
Offer price Rs. 10 per Share (FV Rs 10); Listing on BSE
BSE Code : 521137 ; CMP : 10.69 (12/4/25); 52 Week H. : 12.17, L. : 1.95
Entilement : 28 : 5 ; 52 Week High 12.17, Low 1.95, issue size Rs. 49.00 cr.
The company incurred huge losses for FY23 and FY25
Sudden jump in Top line & bottom line for 9MFY25 is surprising and raises eyebrows
Promoters holding is Zero : The stock is in currently trading under GSM / ESM
Considering poor financial performance, RI at only 6.9% discount to CMP
Shareholders may give clear avoid to this pricey right issue
Incorporated in 1992, Eureka Industries Limited is engaged in the trading of agricultural commodities,
offering a diverse portfolio that includes wheat, rice, paddy, maize, and pulses. Committed to quality and
reliability, the company plays a vital role in the agricultural supply chain, ensuring a steady supply of
premium-grade food grains to meet market demands. The Company has been listed on the Bombay Stock
Exchange (BSE Ltd) Since 06th May 1994. Financial Performance : Consolidated Basis
Issue Details :- Particulars (Rs. Cr.) FY23 FY24 9MFY25
Total Revenue 8.39 19.25 46.18
• Issue Opened on 9th April & Closes on 30th April 2025 Profit After Tax - (0.41) - (4.56) 1.66

• Issue Size : 4,90,00,000 Shares ; Rs 49 Cr

• FV Rs. 10 • Issue Price : Rs 10 • payment : All money payable at the time of Application.
• Entitlement :- 28 Rights Equity Share(s) for every 5 fully paid-up Equity Shares held on Record Date :
28-3-2025 • Market Lot : 1 per Share • Listing on BSE
• Lead Manager : Self Managed • Registrar : Skyline Financial Services Private Ltd
• Cum Right basis at Rs. 14.19 (27-3-2025) • ex Right basis at Rs. 11 (28-3-2025)
• Since then, It has marked a high/low of Rs. 11.84 / Rs 10.26
• It last closed at Rs. 10.50 (7-4-2025) • 52 Weeks high / Low of Rs. 12.17 / Rs. 1.95
Recommendation : The company is engaged in the business of trading in agriculture products & Goods.
The company incurred huge losses in FY23 & FY24. It has reported turnaround results with bottom line of
Rs. 1.66 and sudden jump in Top line for 9M of FY25 is surprising, doubtful and raises eyebrow. The
company is operating in highly competitive segment. The promoters holding is zero : The stock is currently
trading under GSM / ESM. Post RI Equity capital of Rs. 8.75 cr. will be increased to 57.75 cr. Which may
create servicing issue. The RI is 6.9% discount to its current market price. Considering poor financial
performance, promoters ‘0’ holding. More than 6 fold increase in Equity base and pricey valuation, Share-
holders may consider to give clear avoid to this Rights issue.
Financial Weekly R

20th April 2025 to 26th April 2025 65

Bio Green Papers Ltd Rights Issue
Opened on 21st April & Closes on 28th April, 2025
Offer price Rs. 52 per Share (FV Rs 10); Listing on BSE
BSE Code : 534535; CMP : 86.68 (16/4/25); 52 Week H. : 86.68, L. : 11.79
Entilement : 67 : 83 ; 52 Week High 86.68, Low 11.79, issue size Rs. 11.79
The company has posted inconsistent financial performance for standalone & consolidate base
On valuation front issue appears aggressively price even though it is 67% discount to CMP
Promoter holding is higher at 89.03%, The counter is well managed and is under IRP- Stage-1
High Risk taking shareholders may consider to apply for long term
Incorporated on March 17, 1994, Bio Green Papers Limited specializes in providing information technol-
ogy services, including software development and related offerings. Focused initially on manufacturing
Kraft paper and duplex boards, the company has diversified its operations to include information technology
and consultancy services. In May 2024, Bio Green Papers Limited acquired String Metaverse Limited, a
Web3 startup specializing in GameFi ecosystems. This strategic merger marked the company's transition
into the digital finance, gaming, and Metaverse industries. Financial Performance
Particulars (Rs. Cr.) FY23 FY24 H1FY25
Issue Details :-
STANDALONE
• Issue Opened on 21st April & Closes on 28th April 2025 Total Revenue Nil 5.30 5.11
Profit After Tax - (4.68) 0.66 - (0.40)
• Issue Size : 94,71,445 Shares ; Rs 49.25 Cr CONSOLIDATTED BASE
Total Revenue – 152.08 137.91
• FV Rs. 10 • Issue Price : Rs 52
Profit After Tax (1.26) 10.82 12.13
• Market Lot : 1 per Share • Listing on BSE
• Terms of payment : Issue Price of Rs.52/- per share is payable on Application.
• Entitlement :- 67 Rights Equity Share(s) for every 83 fully paid-up Equity Shares held on Record Date :
4-4-2025
• Registrar : Link Intime India Private Ltd
• Pre IPO Eq. Capital Rs. 10.70 Cr. • Post IPO Equity Capital Rs. 11.64 Cr.
• Cum Right basis at Rs. 100.04 (1-4-2025) • ex Right basis at Rs. 82.56 (7-4-2025)
• Since then, It has marked a high/low of Rs. 86.68 / Rs 82.56
• It last closed at Rs. 86.88 (15-4-2025) • 52 Weeks high / Low of Rs. 86.68 / Rs.11.79
Recommendation : The company is engaged in business of 2003 metaverse related services and
solutions. The company has posted inconsistent financial performance for last two fiscals and H1 of FY25
for its consolidated and standalone data on consolidated basis the company reported loss with income NIL
and turn the corner position FY24 and onward. On standalone basis it has marked losses in FY23 & H1 of
FY25. Promoters holding has increased to 89.03% from 88.99%. The counter is well managed to attract
investors. The current name of the company has nothing to do with previous business. On valuation front
issue appears. Aggressively priced even though it offer is 67% discount to its current market price. High
risk taking shareholders may consider to apply for long term.
Financial Weekly R

20th April 2025 to 26th April 2025 66

Smart Best Buy S. N. Zaveri
Kaynes Technologies : PLI scheme and Trump's relaxation to benefit
HDFC AMC: Strong margin, momentum in market to lead gain
MTAR : Stock is worth accumulation at current level
ICICI Prudential : Profit zooms, VNB up 25 per cent
Deepak Nitrite : Huge capex shows management's confidence

Kaynes Technologies (Rs 5641.00) : Shares of this electronics manufacturing ser-

vices company surged last week as investors sentiment became buoyant after US President Donald
Trump relaxed some of the tariffs on electronics for now. China still has 20 per cent of iPhones,
laptops, tablets, and watches. Only reciprocal tariff has been removed for China. India has zero
tariff on iPhones and all smartphones, laptops and tablets exported to the US. Ealier, the union
cabinet on 1st April, approved the production-linked incentive scheme for passive or non-semicon-
ductor electronic components. The scheme will have an outlay of Rs 22,919 crore and is the first
such, which focuses on promoting the manufacturing of passive electronic components. The hy-
brid incentive for high density PCB should benefit Kaynes Technology, which is investing Rs 1,400
crore in this segment, Nomura said. The brokerage has a "buy" recommendation on both Dixon
and Kaynes. Invest.
HDFC AMC (Rs 4216.00) : HDFC AMC's operating revenue was up 30% YoY/down 4%
QoQ at Rs 900 crore in 4QFY25. 4Q EBIDTA was at Rs 730 crore, up 35% YoY. EBIDTA margins
stood at 81% vs. 77.5% in 4QFY24 and 81.7% in 3QFY25. Other income came in at Rs 120 crore,
54%, down 20% YoY, up 33% QoQ. Higher other income led to a 3% beat in net profit to Rs 640
crore, up 18% YoY and flat QoQ. Net profit margins came in at 70.8% vs. 77.8% in 4QFY25 and
68.6% in 3QFY25. For FY25, PAT grew 26% YoY to Rs 2460 crore. Despite weak market senti-
ment, industry-level gross SIP flows declined just 2% QoQ in Mar'25 but rose 25% YoY. Manage-
ment remains optimistic about a pickup in flow trends, noting that the company's decline in SIP
flows was lower than the industry average.Invest.
MTAR (Rs 1401.00) : MTAR is likely to register 30 per cent topline growth over FY 25-27,
with margins improving by 500bps due to operating leverage kicking in. Its cash flow from opera-
tions is already positive; this, coupled with improvement in net working capital (NWC) days in
FY26 and FY27, will ensure that it becomes FCF positive too, said Phillip Capital. "MTAR caters to
important clients such as Thales, Rafale, IAI, and GKN Aerospace, all of which have significant
exposure to European defence spending. SSegments such as space and defence should contrib-

Cont...
Financial Weekly R

20th April 2025 to 26th April 2025 67

ute to its topline ahead. We expect MTAR's PAT CAGR at 50 per cent over FY24-27 and value the
stock at 35 times FY27 EPS of Rs 63 to arrive at a target of Rs 2,190," it said. The stock is worth
accumulation at current level.
ICICI Prudential (Rs 595.00) : ICICI Prudential Life reported its fourth quarter (Q4FY25)
numbers last week. The company's net profit zoomed 122 per cent in Q4 to Rs 386 crore as com-
pared to Rs 174 crore a year ago. The company's annual Annualised Premium Equivalent (APE)
for the quarter under review stood at Rs 3,502 crore as compared to Rs 3,615 a year ago, down 3.1
per cent. Its Value of New Business (VNB) for FY2025 stood at Rs 2,370 crore. With an APE of Rs
10,407 crore for FY2025, VNB margin stood at 22.8 per cent. The movement in VNB margin from
FY2024 is primarily on account of a shift in new business profile and assumption changes. The
company's new business received premium grew by 24.9 per cent year-on-year (Y-o-Y) from Rs
18,081 crore in FY2024 to Rs 22,583 crore in FY2025. Annualised Premium Equivalent (APE)
grew by 15 per cent Y-oY from Rs 9,046 crore in FY2024 to Rs 10,407 crore in FY2025. Retail APE
grew by 13.3 per cent Y-o-Y from Rs 7,680 crore in FY2024 to Rs 8,705 crore in FY2025. The
company delivered a strong Retail Weighted Received Premium (RWRP) growth of 15.2 per cent
in FY2025. The assets under management of the company grew by 5.2 per cent Y-o-Y from Rs
2,94,140 crore at March 31, 2024, to Rs 3,09,359 crore at March 31, 2025. Buy for longer term
perspective.
Deepak Nitrite (Rs 1960.00) : Between 2018 and 2021, Deepak Nitrite's stock surged
nearly 10x. The reason A single, perfectly timed bet: setting up India's first large-scale phenol and
acetone plant. At the time, India was importing 100% of its phenol requirements. Deepak Nitrite's
plant changed that overnight. The company's revenue jumped from Rs 1,700 crore in FY18 to over
Rs 8,000 crore by FY23. Earnings before interest, tax, depreciation and amortization (EBITDA)
soared from Rs 198 crore to over Rs 1,500 crore, operating margins expanded to 28-30%, and
return ratios touched 35-40%. At the heart of Deepak Nitrite's operations are two core business
segments: Advanced Intermediates and Phenolics. Deepak Nitrite is gearing up for its next act, a
Rs 14,000 crore capex cycle aimed at moving from bulk chemicals to value-added polymers and
specialty solvents. The centerpiece A fully integrated phenol-to-polycarbonate manufacturing chain,
a first for India. It is a multi-bagger stock and might give huge return if you have patience. Invest.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
18th April, 2025 unless specified Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly R

20th April 2025 to 26th April 2025 68

Dalal Street Whispers Dilip K. Shah

UltraTech Cement (Rs 11903.00) :- UltraTech Cement is set to acquire a 26% stake
in AMPIN C&I Power Eight, a company involved in the generation and transmission of renewable
energy, for a consideration of Rs 25 crore.

Hindustan Unilever (Rs 2374.00) :- HUL has filed a case in the Bombay High Court
against Honasa Consumer, alleging that it has disparaged its brand.

Wipro (Rs 236.00) :- IT services giant Wipro Ltd posted a net profit of Rs 3,570 crore for
the fourth quarter ending March 2025, marking a 26% increase from Rs 2,835 crore reported during
the same period last year.

BHEL (Rs 227.00) :- BHEL has entered into a Technology Transfer Agreement with the
Bhabha Atomic Research Centre (BARC) for electrolyser systems used in hydrogen production.
The Mixed-Matrix Membrane Diaphragm Technology obtained from BARC will allow BHEL to fully
develop alkaline electrolyser systems domestically.

IRFC (Rs 129.00) :- The High Court of Judicature at Madras has ruled in favor of IRFC by
allowing its writ petitions and has annulled the contested order dated December 4, 2024, issued by
the Assistant Commissioner (ST) concerning a tax demand of Rs 230.55 crore.

ICICI Bank (Rs 1406.00) ICICI Bank, the second-largest private sector lender in India,
has cut its savings account interest rates by 25 basis points, aligning with recent rate reductions
made by HDFC Bank and Axis Bank.

Paytm (Rs 848.00) :- Vijay Shekhar Sharma, the Chairman, Managing Director, and CEO
of the company, has voluntarily surrendered all 2.1 crore ESOPs allotted to him under the One 97
Employees Stock Option Scheme, 2019, effective immediately. As a result, there will be a one-
time, non-cash ESOP expense of Rs 492 crore recorded in Q4 FY25, which will lead to a corre-
sponding decrease in ESOP expenses in the coming years.

Hero Motocorp (Rs 3773.00) :- The company has declared a temporary halt in produc-
tion from April 17 to 19 at four of its manufacturing facilities-Dharuhera, Gurugram, Haridwar, and
Neemrana-citing short-term supply alignment. Operations are scheduled to resume on April 21.

SBI Cards and Payments Services (Rs 906.00) :- India's leading standalone
credit card issuer has teamed up with Tata Digital to introduce the Tata Neu SBI Card, designed to
offer a premium and highly rewarding shopping experience for customers from different segments.

Cont.....
Financial Weekly R

20th April 2025 to 26th April 2025 69

ICICI Lombard (Rs 1792.00) :- The general insurance company reported a 1.9 per
cent year-on-year (Y-o-Y) decline in net profit for the March 2025 quarter (Q4 FY25) to Rs 510 crore
compared to Rs 519 crore in the corresponding quarter of the previous fiscal year. However, for the
full year FY25, the company's profit after tax (PAT) increased sharply by 30.7 per cent to Rs 2,508
crore against Rs 1,919 crore in FY24. Gross direct premium income (GDPI) for the Q4 FY25 rose
2.3 per cent Y-o-Y to Rs 6,211 crore from Rs 6,073 crore in the year-ago period.

Gensol Engineering (Rs 117.00) :- Markets regulator Securities and Exchange

Board of India (Sebi) has issued an interim order against the company and its promoters, Anmol
Singh Jaggi and Puneet Singh Jaggi, after allegations of misappropriation of funds and mislead-
ing disclosures. Sebi has restricted the promoters from holding any directorial or key managerial
positions in the company. It has also barred them from buying, selling or dealing in securities.

Adani Total Gas (Rs 608.00) :- The company informed that the Nodal Agency, Gas
Authority of India (GAIL), has reduced its allocation of Administrative Price Mechanism (APM) priced
domestic gas by 15 per cent, effective today, April 16, 2025. The reduction will be compensated by
higher-priced New Well Gas (NWG), which is expected to negatively impact the company's profit-
ability.

IREDA (Rs 173.0) :- The state-run lender for renewable energy projects reported a 48.7
per cent increase in March 2025 quarter net profit to Rs 501.6 crore, against Rs 337 crore in the
year-ago period on the back of solid growth in interest income. Net interest income (NII) grew 47.3
per cent to Rs 801.3 crore for Q4 FY25 compared to Rs 544.1 core in the corresponding quarter of
the previous fiscal, the company informed the exchanges.

Lemon Tree Hotels (Rs 142.00) :- The company has signed a licence agreement for
a hotel property, Lemon Tree Resort, in Mori Bera, Rajasthan. The property will be managed by its
subsidiary, Carnation Hotels, and is expected to commence operations in FY27.

Swiggy (Rs 340.00) :- The food delivery major has signed an MoU with the Ministry of
Labour & Employment to promote job creation in the gig and logistics sectors. With this collabora-
tion, the company aims to create over 12 lakh job opportunities in the next 2-3 years. These jobs
will be listed on the government's National Career Service (NCS) portal.

Aster DM Healthcare (Rs 499.00) :- The company has received approval from the
Competition Commission of India (CCI) to merge with Quality Care India (QCIL). Ahead of the
merger, Aster will acquire a 5 per cent stake in QCIL by issuing fresh shares, and the merged entity
will be renamed Aster DM Quality Care.

Cont.....
Financial Weekly R

20th April 2025 to 26th April 2025 70

Dabur India (Rs 479.00) :- Dabur International FZE, a step-down wholly owned subsid-
iary of Dabur India has decided to incorporate a new entity in the United Kingdom, which will be a
step-down wholly owned subsidiary of Dabur International FZE. The acquisition will be tentatively
completed by May 15, 2025.

NHPC (Rs 84.00) :- The company has announced the commercial operation of Unit-4 (200
MW) of Parbati-II HE Project (4x200 MW) in Himachal Pradesh after the successful trial run.

TCS (Rs 3298.00) :- The Andhra Pradesh Cabinet has approved the allotment of 21.16
acres of land to the company in Vishakhapatnam for a symbolic lease price of 99 paisa. TCS
would invest Rs 1,370 crore in a development centre expected to create around 12,000 jobs.

DLF (Rs 669.00) :- The company has entered into an agreement to sell its IT/ITeS (infor-
mation technology and information technology-enabled services) special economic zone (SEZ),
including a land parcel of 25.9 acres to Srijan Realty and its subsidiaries for Rs 693 crore. The
proposed transaction is subject to regulatory approvals.

Angel One (Rs 2356.00) :- The brokerage firm reported a sharp decline of 48.7 per cent
in its Q4 FY25 net profit to Rs 174.5 crore, down from Rs 340 crore in the year-ago quarter. The
company's revenue fell 22% Y-o-Y to Rs 1,057.8 crore compared to Rs 1,358.5 in the March 2024
quarter.

Indian Railway Finance Corporation (IRFC) (Rs 129.00) :- The state-run

company received interim relief in a GST dispute after the Madras High Court set aside a demand
order of Rs 230.55 crore issued by the Assistant Commissioner of Sales Tax. The matter now
stands remanded for fresh consideration.

Bharat Heavy Electricals (BHEL) (Rs 227.00) :- The company has signed a
Technology Transfer Agreement (TTA) with Bhabha Atomic Research Centre (BARC) to achieve
complete indigenous development of alkaline electrolyser systems for hydrogen production. The
Mixed-Matrix Membrane Diaphragm Technology developed by BARC is an effective replacement
of asbestos diaphragm material used in Electrolyser systems.

Waaree Renewable Technologies (Rs 1107.00) :- The company reported a total

revenue of Rs 476.58 crore in Q4 FY25, up 32.26 per cent from Rs 273.31 crore in the correspond-
ing quarter of previous fiscal year. Profit after tax (PAT) increased by 77 per cent to Rs 125.18 crore
in March 2025 quarter from Rs 72.08 crore in the year-ago period.

* Disclosure :- The author has not brought / sold any stock advised in this news paper during last one month • All stocks rates / indices on
18th April, 2025 unless specified Stoploos is useful for Short - Medium term investors only
* Disclaimer :- • Smart Investment will not be responsible / for any loss arising out of investment based on its recommendation. • Though,
every care has been taken, we will not responsible for any errors / omissions • All disputes are subject to Ahmedabad jurisdiction
Financial Weekly R

20th April 2025 to 26th April 2025 71

Trade war tensions may Ease any time

Col Ajayastromoneyguru

As we enter the fourth week of April 2025, astrological indications suggest that Ketu will domi-

nate this week, while Mars represents the year 2025.

Key Planetary Movements to Watch:

Saturn-Mars Square : Saturn will form a square angle with Mars in different signs.

Rahu-Mercury-Saturn-Venus Conjunction : These planets will conjoin in Jupiter's house,

potentially leading to a new equation in global trade wars.

Divisional Charts : Indicate a possible amicable settlement of the trade war soon.

King of Planets : The Sun will be in an exalted sign, potentially leading to significant market

movements.

Moon-Mars Opposition : At the beginning of the week, our advance prediction proved correct,

with a great vertical uptrend observed in the previous week. Recommended sectors like Power,

Public Sector Banks, and Defence stocks were top gainers.

Market Advice :- Based on Astro Economics, signs indicate that trade war tensions may ease

soon, potentially leading to a positive move in the stock market.

Sectors to watch : - Power Sector - Defence Sector - Banking Sector - Textiles Sector

Important Disclaimer : - Readers are advised to conduct their own research and exercise wis-

dom in investment decisions. These recommendations are for research purposes only. Please

consult your financial advisor before making any financial decisions.

Financial Weekly R

20th April 2025 to 26th April 2025 72

Senior Astrologer
Dharmesh Joshi

Nifty Predictions ; 21-4-2025 to 25-4-2025

" Please consider 10 minutes plus and minus in each prediction, and act accordingly. " Ganesha
advises you to compare every prediction with the prediction of the previous time slot. " Hey pals!
Book is available; order your personalised book as soon as possible from the link below.
21-04-2025 Monday :- The opening from Monday to Thursday is going in the same pat-
tern, so let's take a look and move forward. 9.15 to 10.15 Nifty Mix to pass time remains (-0.05)
Temporary Nifty bounce from 10.15 to 11.00. (0.15) Nifty remains down from 11.00 to 12.15. (-0.10)
Overall Nifty maintains uptrend from 12.15 till closing bell. (0.07)
22-04-2025 Tuesday :- Friends, today let's work with the preparation of pure speculation,
in which you should be prepared for both profit and loss. You will see solid volatility today, as trend
changes will occur every 45 minutes. Buy Nifty around 10.15 and exit immediately once you get
your margin. (0.04) 11.30 to 14.30 (W) Shape Graph is formed, so now it is up to you to decide how
to trade. (0.01) Nifty up from 14.30 to 15.15. (0.15) Profit booking in Nifty in the last 15 minutes. (-
0.08)
23-04-2025 Wednesday :- Mix starts from 9.15 to 11.00 and the second part is up and
the slot is completed. (0.07) Pressure remains in Nifty from 11.00 to 12.15. (-0.09) Nifty up from
12.15 to 13.45 (0.07) 13.15 to 15.30 Mix-up-mix pattern is observed. (0.05)
24-04-2025 Thursday :- From 09:15 to 12:15, only up-down movements can be seen in
Nifty, as the weightage of this period is zero. (0.00) Overall, the market may see a positive trend
from 12:15 to 15:10, but a slight correction may occur around 2:00 PM. (0.08) In the final phase
(from 15:10 to 15:30) there will be no clear direction in the market, which will not satisfy most
traders. (0.05)
25-04-2025 Friday :- Today, 5 planets (Rahu-Saturn-Venus-Mercury-Moon) are in Pi-
sces, so you can understand how much volatility and unpredictable patterns are forming in the
market. Sideways movement may be seen in Nifty from 09:15 to 12:00, there will be no major trend.
(0.01) From 12:00 to 13:30, a slight upward trend can be seen in Nifty, the market will remain in a
positive trend. (0.10) There will be a small upward trend in Nifty from 13:30 to 15:30, but there will
be softness in the opening and closing times. (0.05)
Financial Weekly R

20th April 2025 to 26th April 2025 73

Performance of “SMART PLUS NEWS LETTER”
Amazing 14% RETURN of our last News Letter Recommendation
SMART GAIN FOR SMART INVESTORS
Company Reccom. High Ch. Company Reccom. High Ch.
14-4-25 after Rec. (%) 14-4-25 after Rec. (%)
Stock picks Gravita 1854 1979 6.74
Supreme Ind. 3169 3393 7.07 Home First 1058 1205 13.89
Grasim 2652 2760 4.07 Tata Chemical 832 848 1.92
Tata Consumer 1098 1120 2.00 Titagar Wagon 747 787 5.35
PI Ind. 3610 3646 1.00 Technical Stocks
SRF 2946 2989 1.46 SBI 754 797 5.70
Asian Paints 2394 2469 3.13 BPCL 293 298 1.71
V-Mart 3140 3251 3.54 Apollo Hospital 6781 7073 4.31
Solar Ind. 11308 12235 8.20 Ambuja Cement 549 569 3.64
Vadilal Ind. 5782 6268 8.41 Infosys 1417 1420 0.21
Bharat Forge 1002 1068 6.59 Torrent Power 1560 1590 1.92
United Spirits 1477 1517 2.71 HDFC Bank 1807 1906 5.48
Pidilite 2953 3034 2.74 Kaveri Seeds 1429 1506 5.39
Stock Watch Mid Cap Stocks
Coromandal Int. 2054 2118 3.12 Varun Bev. 545 556 2.02
CAMS 3715 3887 4.63 Kalyan Jew. 510 524 2.75
MCX 5439 5664 4.14 Nykaa 180 189 5.00
Godrej Consumer 1224 1240 1.31 Apollo Tyres 427 451 5.62
HUL 2366 2374 0.34 AB Fashion 255 265 3.92
Chola Invest 1474 1587 7.67 CG Power 572 619 8.22
Prataap Snaks 1163 1257 8.08 Chambal Fert. 645 673 4.34
IndiGo Aviation 5151 5367 4.19 CESC 153 158 3.27
Page Ind. 44524 44787 0.59 Small Cap Stocks
Britannia 5350 5453 1.93 HUDCO 215 228 6.05
Fundamental Stocks Tata Steel 133 137 3.01
UPL 637 656 2.98 Punjab & Sind Bank 27 28 3.70
AGI Green 768 783 1.95 VIP Clothing 37 38 2.70
HDFC Life 685 720 5.11 Canara Bank 90 96 6.67
Berger Paints 531 543 2.26 Motherson Sumi 118 129 9.32
PNB Housing 970 990 2.06 JIO Fin. 230 246 6.96
UNO Minda 825 873 5.82 IDFC First Bank 59 62 5.08
Chambal Fert. 645 673 4.34 IDBI Bank 79 82 3.80

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Financial Weekly R

20th April 2025 to 26th April 2025 74

REVIEW OF Smart Bonanza
Issue No. : 52 • Date : 16-4-2025

Company Reccom. High after Ch. Company Reccom. High after Ch.
16-4-25 Recomm. (%) 16-4-25 Recomm. (%)
Puntar’s Stocks Kotak Bank 2120 2188 3.21
IDBI Bank 80 82 2.50 Shaily Engi. 1659 1831 10.37
M Sumi 127 129 1.57 Grasim 2719 2760 1.51
GMR Air 85 86 1.18 M&M 2645 2679 1.29
HFCL 82 83 1.22 Titan 3272 3324 1.59
IREDA 167 173 3.59 Indigo 5273 5367 1.78
Emmbi Ind 106 116 9.43 Supreme Ind 3372 3393 0.62
Gail 179 186 3.91 BSE 5964 10007 67.79
Latent View 384 393 2.34 MidCap Bonanza
Welspun Living 129 131 1.55 Adhar Housing 468 485 3.63
Jio Fin 238 246 3.36 Varun Beveragies 550 556 1.09
AU Small Bank 575 587 2.09 Bullseye
ITC 420 427 1.67 SBI 763 797 4.46
Eternal Ltd 222 231 4.05 Paytm 841 848 0.83
Apollo Tyre 439 451 2.73 PI Ind 3587 3646 1.64
Intellect Design 752 760 1.06 Rapid Fire Stocks
Indusind Bank 735 794 8.03 Shriram Fin 670 691 3.13
Adani Port 1210 1259 4.05 Lambi Race
MAcro Tech 1214 1235 1.73 Grasim 2719 2760 1.51
Aurobindo 1135 1171 3.17 Superme Ind 3372 3393 0.62
Bharti Air 1798 1889 5.06 Tata Con. 3247 3298 1.57

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https://smartinvestment.in/service/9
Financial Weekly R

20th April 2025 to 26th April 2025 75

Financial Weekly R

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