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Vol.11Issue09March2018

RNI Regd. No. - MAHMUL02501/13/1/2008-TC

Ashok HaldiaMD & CEO

PTC India Financial Services Ltd

Ramesh IyerVice Chairman & MDMahindra & Mahindra Financial Services Ltd

Clifton DesilvaDirector

Altina Securities

Price - Rs.125/-

C L RathiMD

Advanced Enzymes Technologies Ltd

Suresh MutrejaMD

Valson Industries Ltd

P B DandawateChairman

Dhruv Consultancy Services Ltd

Best stocks from Financial Institutions Industry

(including NBFCs)

ARESEARCHDRIVENCOMPANYAdvancedEnzymesTechnologiesLtd

ONTHEFASTTRACKDhruvConsultancyServicesLimited

Pipalia Kalan, Distt.-Pali, Rajasthan, India. Pin - 306307Ph: +91 2937 287151-55, Fax: 287150, Email: [email protected], Website: www.pgfoils.in

PG Foils is a flagship company of Prem Froup, having varied interest in manufacturing of overheadconductor for power transmission lines, manufacturing machinery for Conductor Manufacturing, Aluminum

rod, Wire and Aluminum foils and its laminate. The group has also interest in farming and investment.We are iso 9001:2008 certified company.

– Products --

---- Our Honourable Clients ----

Bare Aluminium Foil Blister Lidding Foil Multilayer Laminated Foil Pharmaceutical Strip Foil

Vol.11Issue09March2018

Jitendra Pal Sethi on behalf of GraceCommunicationsPrintedatPrintVision.EditedandPublishedfromParadiseTower,ThaneAllreaders are advised to consult expert beforetakinganybusinessand investmentdecisionsand Share Bazaar Journal Today holds noresponsibilityforanylossesthatmayariseduetobusinessandinvestmentdecisionsmadeonthe basis of information given within themagazine.Allrightsreserved.Noreproductionispermittedinwholeorpartwithoutwrittenconsent fromShareBazaar Journal Today.AlldisputesaresubjecttoexclusivejurisdictionofcompetentcourtandforumsinMumbaionly.

01

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12Issues

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10

24Gossip

02

04

09

Best stocks from Financial Institutions Industry

(including NBFCs)

Best Buys

11 12 13 14Sectors Update

PBDandawateChairman

DhruvConsultancyServicesLimited

20CliftonDesilva

DirectorAltinaSecurities

11

RameshIyerViceChairman&MDMahindra&MahindraFinancialServices

10AshokHaldiaMD&CEO

PTCIndiaFinancialServicesLtd

09SureshMutreja

MDValsonIndustriesLtd

02

15 16 17 18 19

CLRathiMD

AdvancedEnzymesTechnologiesLtd

23

02 Www.vifia.comWww.vifia.com

SBJ DidYouBuy‘EmmbiInd’?WeRecommendedtobuythisshareinApr’[email protected]

stPriceon1 Feb’18-Rs.213(1675%Up)BestBuy

BestBuyValsonIndustriesLtd

Price:Rs.38

BSECode:530459

FaceValue:Rs.10

QuarterlyFinancialHighlights YearlyFinancialHighlights

Incorporated in Jun.83,ValsonIndustriesLtd,earlierValsonSyntheticswaspromotedbyShamlalVMehtaandSureshNMutreja.ThepromotersalsohaveinterestsinValsonPolyesters,DhanalaxmiMillsandChandraTextiles.

Thecompany isengaged in thedyeing, coningand texturisingof syntheticpolyesteryarn.ProductsofVSLaremarketedunderthebrandnameValson.Thecompanyhasastrongresearchteamfordevelopmentofnewshades.Thetexturiseddyedyarnofthecompanyisnotonlyusedfortraditionalapplicationssuchassuitings,shirtings,dressmaterial,etc,butalsoforwovenlabels,curtains,upholstery,luggage,knittedfabric,etc.

During1997-98,thecompanyhasincreasedtheinstalledcapacityofTexturisingYarnfrom1900MTto2700MT,Dyeing&Conningby1500MTandtwistingyarnby700MT.

During1998-99,thecompanyhasaquiredallthenecessaryequipmentsforqualityCottonYarnDyeingwhichweresucessfullycommssionedduringApril,99.ThecompanysR&Dhasdevelopedseveralnewcolourshadeforcottonyarn.

SureshMutrejaMD

Here is the list of growth companies of 2016-17 fromFinancial Institutions Industry ( i n c l u d i n g NB FC s ) . T h e s e companies have shown growth intopline,PBDTandEPS.Promoters'high stake has been given dueweightage togauge theconfidenceof promoters in the companies.Rankinghasbeendoneinorderofcompositegrowth.

SBJ


ValueTheGrowthThese companies have alreadybeen recognized for their growthvalueinthelastoneyearandsomeof these stocks are available atyearlyhighpricesorclosetothatSOBECHOOSY.Ontheothersidealotofwellknowncompanieshaveproved to be laggards for thisperiod.

Balmer Lawrie Investments Ltd.Paisalo Digital LtdAuthum Investment & InfraPnb Gilts Ltd.Vardhman Holdings Ltd.PTC Financial Services Ltd.Motilal Oswal Financial Services Mahindra & Mahindra Financial Idfc LimitedManappuram Finance Ltd.Capital Trust Ltd.Ujjivan Financial Services LtdSundaram Finance Ltd.Golden Goenka Fincorp LimitedSREI Infrastructure Finance Ltd.Muthoot Finance Ltd.A.K.Capital Services Ltd.Shriram Transport Finance Co.Muthoot Capital Services Ltd.Tourism Finance Corporation

41.82249.52221.46499.93186.94

1,350.79141.46

6,173.91159.22

3,007.01114.261,349

2,356.7925.94

2,291.975,728.63

92.8310,828.75

284.04207.72

31.7193.37316.78343.2253.09

1,186.91109.9

5,853.164,560.482,213.08

61.321,007.252,312.44

24.511,889.764,861.40

68.3510,238.90

227.82184.22

40.8877.5813.51

256.88187.98532.0692.65

666.0984.18

1,056.6255.2922.16

802.2318.21

199.931,969.23

37.81,957.83

47.1897.64

37.6569.031.48

51.9449.5

535.7461.47

1,079.07-1,790.05

57231.23

297.26767.4313.04

132.981,374.27

29.231,817.74

36.4876.41

17.4812.657.249.29

569.145.866.037.090.358.63

24.1317.7544.58

0.61.91

29.5636.9355.4224.138.73

16.0511.131.021.92

150.936.963.3

11.92-7.294.01

14.3817.5142.960.381.14

20.3428.1451.9318.326.64

1234567891011121314151617181920

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16

Company Name Price Dividend Revenue PBDT EPS Rank

Rs. in Crores

CompanieswithgreaterthanrevenueofRs.25crores&PBDTofgreaterthanRs.5crores

1710

2.55

1.57

2.40.25

21.50.8

11.50

0.5106

1102

BestStocksFromFinancialInstitutionsIndustry(includingNBFCs)

3822925835

422726

110643550

104382345

16007.56

81393419

1446748154

Per Share(Rs.)

DidYouBuy‘SupremePet’?WeRecommendedtobuythisshareinMar’[email protected]

stPriceon1 Feb’18-Rs.372(2762%Up)CoverStory

And The Best Buy Are... PTC Financial Services Ltd and Mahindra & Mahindra Financial Services Ltd.

BestBuyshavebeenconsideredasthe Best Buys for 2018 in thisranking. The selected companieshaveshownaggressivegrowthonallparameters.

NeverMarryAStockNever marry a stock and neverremainmarriedtoastockwhichisnot growth oriented and is notofferingvalueforyourmoney.Soifastockdoesnotperformdumpitand choose another good stockwhich is showing s igns of aggressivegrowthandisavailableatagoodpricewithapotentialtoappreciatefurther.

Www.vifia.comWww.vifia.com

SBJ DidYouBuy‘Insecticides’?WeRecommendedtobuythisshareinMar’[email protected]


05

Bharat Financial Inclusion LtdCholamandalam Investment CSL Finance LtdSakthi Finance Ltd.Shriram City Union Finance Baid Leasing And Finance Co.Capri Global Capital LimitedBajaj Finance LimitedRural Electrification Corp Ltd.Paul Merchants LtdReliance Capital Ltd.Satin Creditcare Network LtdPower Finance Corporation Ltd.Magma Fincorp Ltd

1,553.084,659.56

40.55167.81

4,431.6228.5

213.279,977.36

23,350.792,992.611,954.00

757.2226,716.231,972.98

1,169.134,192.47

44.67168.03

3,834.8718.21

186.397,304.31

23,638.352,463.554,076.00

552.2727,473.652,109.64

205.611,143.69

23.924.33

888.255.93

99.392,888.688,865.74

27.05544

42.835,115.35

59

402.26892.118.5923.25

843.764.23

55.442,020.918,050.66

34.341,213.00

90.419,066.83

305.32

21.8246.0135.07

3.184.34

3.933.3

34.0131.63

121.1216.67.138.050.26

23.937.5

27.892.25

80.374.47

11.76242.356.99

198.6338.6720.2846.31

7.84

2122232425262728293031323334

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16


Rs. in Crores

06.5

11

160.50.33.6

10.050

10.50

7.80.8

1063146158731

211816384

1690129

503342937490

152

Per Share(Rs.)

Pacheli Industrial Finance LtdMaha Rashtra Apex CorpMehta Integrated Finance Ltd.Nalin Lease Finance Ltd.Northlink Fiscal And Capital Franklin Leasing And Finance Siddha Ventures Ltd.Landmarc Leisure Corporation Madhusudan Securities Ltd.Rama Petrochemicals Ltd.VCK Capital Market Services Bampsl Securities Ltd.United Leasing & Industries Wall Street Finance Ltd.Upasana Finance Ltd.Trans Financial Resources Ltd.BFL Asset Finvest LtdSarvottam Finvest LtdGujarat Investa Ltd.Ushakiran Finance Ltd.Regal Entertainment & ConPrism Medico And Pharmacy Dhruva Capital Services Ltd.Aneri Fincap LtdZenith Capitals Ltd.Krishna Capital And Securities Polytex India Ltd.Acme Resources LtdTimes Guaranty Ltd.Libord Finance Ltd.

0.370.46

-0.282.564.034.270.5

1.010.740.340.270.843.97

43.931.340.121.524.580.150.320.220.090.25

19.530.1

0.360.79

22.755.570.77

0.320.4

0.022.312.7

1.820.140.850.360.710.440.9

0.5848.041.280.060.771.680.160.110.110.090.230.2

0.110.370.76

25.190.120.88

0.12-0.360.081.450.230.360.01

-3.64-0.15-1.33-0.11

0.21.190.920.660.051.320.140.040.34

-0.17-0.210.090.46

-0.040.420.19

11.825.130.09

0.08-7.640.661.190.140.23

-0.01-1.54-0.17-3.83-0.150.640.032.3

0.530.030.010.110.03

-0.04-0.250.010.080.010.120.190.171.36

-0.250.36

0.22-0.280.132.840.230.160.01

-0.06-0.57-0.13-0.12

01.890.4

1.380.021.880.120.041.16

-0.55-0.760.111.07

-0.221.060.1

4.874.510.07

0.21-0.171.262.180.170.14

-0.05-0.04-0.65-3.69-0.150.010.011.191.060.040.060.090.01

-0.06-0.83-0.040.09

-0.184.8

0.450.090.22

-0.280.32

123456789101112131415161718192021222324252627282930

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16


Rs. in Crores

CompanieswithlessthanrevenueofRs.25crores&PBDToflessthanRs.5crores

0000000000000

4.2500

0.50000000000000

7.3135

12.742230

26.90.510.555.714.091.1

1.3818.7

33.25292073

31.453.744.31026

6.754.351279.4

4.6121.5

4815

Per Share(Rs.)




06

Sagar Productions LimitedMorarka Finance Ltd.Anjani Finance Ltd.Anar Industries Ltd.Alfred Herbert (India) Ltd.Bengal & Assam Company Ltd.Suchitra Finance & Trading CoSavani Financials Ltd.Ramsons Projects Ltd.Margo Finance LimitedSuperior Finlease LtdSmart Finsec LtdMefcom Capital Markets Ltd.S R G Securities Finance LtdTokyo Finance Ltd.Amarnath Securities LtdKlg Capital Services Ltd.Vistar Amar LtdUnited Credit Ltd.Transwarranty Finance Ltd.Ishwarshakti Holdings & TradChokhani Securities Ltd.First Custodian Fund (India)Minolta Finance Ltd.Moongipa Capital Finance Ltd.Fortune Financial Services (I)Manipal Finance Corporation Ladderup Finance Ltd.Blue Circle Services Ltd.Master Trust Ltd.Standard Batteries Ltd.Warner Multimedia Ltd.Devki Leasing & Finance Ltd.Kothari World Finance Ltd.Focus Industrial Resources Ltd.Hasti Finance Ltd.Garbi Finvest LtdOracle Credit LtdSilver Oak Commercial Ltd.Ramchandra Leasing & Finance Inter Globe Finance Ltd.Lead Financial Services Ltd.TTI Enterprise LtdAdvik Capital LtdIndergiri Finance Ltd.Mega Corporation Ltd.Shricon Industries Ltd.Anna Infrastructures Ltd.Panafic Industrials LtdAvonmore Capital & ManageCubical Financial Services Ltd.Vibrant Global Capital LtdKarnavati Finance LtdPawansut Holdings Ltd.Rich Universe Network Ltd.Parsharti Investment Ltd.GSB Finance Ltd.India Cements Capital Ltd.Futuristic Securities Ltd.Optimus Finance LtdMorgan Ventures Ltd.Paragon Finance Ltd

5.050.721.01

16.062.0743.112.70.170.33

0.20.186.293.912.641.620.340.693.292.09

11.670.710.140.670.260.72

12.361.09

15.358.064.550.240.220.032.931.851.270.560.26

35.120.31

78.494.08

50.480.411.430.440.625.856.896.92

18.221.231.862.770.2510.34.33

0.14.430.353.87

0.910.340.95

22.192.01

41.822.01

0.20.110.360.161.891.491.971.610.380.220.231.77

10.020.690.770.211.150.493.530.12

3.70.83

10.560.160.080.053.43

1.71.450.610.2524.3

0.492

0.922.761.130.971.01

0.21.130.93

1.86.39

17.740.621.753.720.93

15.723.9

0.091.890.353.29

0.510.270.446.49

21.4422.76.570.070.130.320.071.490.490.66

-0.650.190.570.020.740.940.022.020.320.040.821.521.34

12.720.010.790.16

-0.14-0.142.150.150.150.120.060.990.092.830.510.210.190.041.050.320.290.636.220.153.340.980.070.020.061.190.780.040.320.05

2.5

0.010.02

0.30.160.93

24.170.49

0.1-0.020.04

-0.27-0.130.090.510.380.160.07

-0.090.36

0.20.013.46

-0.140.01

-0.14-0.530.81

2.6-0.080.340.15

-0.15-0.12.350.02-0.50.14

-0.170.3

0.050.590.170.140.080.110.460.120.440.26

1.5-0.40.610.450.050.010.19

0.30.390.03

-0.330.030.79

0.10.4

0.410.01

218.6626.53

4.680.180.430.680.46

3.70.520.98

-0.920.4

1.290.051.46

0.30.43

4.21.6

0.042.330.141.519.82

-0.010.5

-0.1-0.08-0.431.810.030.020.050.061.670.01

2.31.3

0.030.240.060.072.420.370.132.560.020.89

0.90.020.020.151.290.220.150.790.034.16

00.020.25

-0.2313.5726.46

0.330.24

-0.050.07

-1.15-0.260.040.680.370.310.14

-0.210.110.060.036.36

-1.230.01

-0.530.041.021.98

-0.020.04

-0.14-0.1

-0.281.8

0.01-0.480.08-0.3

-0.290

0.40.210.010.050.150.011.020.660.020.56

-0.070.290.440.010.02

0.50.330.090.11

-1.050.011.13

3132333435363738394041424344454647484950515253545556575859606162636465666768697071727374757677787980818283848586878889909192

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16


Rs. in Crores

0.020002

101000000000000000000000000000000000

0.5000000000000000000000

13.7334

3.6917

9802082

627.779.09

1414.45

5118.6

429.85

3913

21.0518.259.493.1976.427.50.529.252305.59

363690

9.440.96

1.255

2.766.3321.6

125.240.34

229.51.1

3.774.971.26

427.73

0.531

1.196129

3.454.3

6.348.895.05

1114.2513.4219.5

Per Share(Rs.)




07

Nikki Global Finance Ltd.Viji Finance LtdJpt Securities Ltd.Rajputana Investment & FinSps Finquest LtdVani Commercials LtdIndia Finsec Ltd.Hb Leasing & Finance Co.Ltd.Shri Niwas Leasing & Finance Winy Commercial & Fiscal Ser.Saumya Consultants LtdKuber Udyog LtdSystematix Securities Ltd.Interactive Financial Services Upsurge Investment & Finance Typhoon Financial Services LtdBeryl Securities Ltd.Continental Securities LtdKeynote Corporate Services Contil India Ltd.Vantage Corporate Services Aryaman Financial Services Meenakshi Enterprises LtdGalada Finance LtdRajsanket Realty LimitedOrient Tradelink Ltd.Decillion Finance LtdAd-Manum Finance Ltd.Saraswati Commercial (India) Standard Capital Markets Ltd.CIL Securities Ltd.Capital Trade Links LtdSouth India Projects LtdJ.J.Finance Corporation Ltd.Brilliant Portfolios LtdAbhinav Capital Services Ltd.TCI Finance Ltd.Sulabh Engineers & Services Oasis Securities Ltd.Shikhar Leasing & Trading Ltd.Integrated Financial Services Gowra Leasing & Finance Ltd.Im+ Capitals LimitedKjmc Financial Services Ltd.Sujala Trading & Holdings LtdPyxis Finvest LtdIntegra Capital Management Indo Asian Finance Ltd.Gilada Finance & Investments Abhinav Leasing & Finance LtdKwality Credit & Leasing Ltd.Choice International Ltd.ISL Consulting Ltd.Indo Credit Capital Ltd.Amrapali Fincap LtdDynamic Portfolio Management Sugal & Damani Share Brokers Mansi Finance (Chennai) Ltd.Shree Metalloys Ltd.DCM Financial Services Ltd.Kifs Financial Services Ltd.Skp Securities Ltd

2.451.611.612.967.310.29

8.80.750.430.312.521.330.440.43

13.230.131.61

0.45

0.60.5

5.032.771.48

12.888.77

1.513.55

6.441.049.329.22

40.630.984.41

12.220.92

46.330.295.591.276.662.817.044.591.180.392.512.630.63

19.6346.35

0.0924.59

2.054.227.65

44.160

8.4810.75

3.041.330.523.412.750.287.240.250.460.346.030.620.450.46

14.290.160.660.337.160.620.5

2.642.071.4

10.017.780.94

13.779.240.274.61

18.280.770.420.4

4.0211.251.01

33.990.273.4

1.294.232.193.512.9

0.860.782.072.390.79

77.8617.81

0.13-5.410.815.516.02

40.130

7.1510.46

0.090.990.190.016.590.042.45

0.10.180.013.610.150.120.050.650.031.060.162.780.120.191.510.240.470.940.470.191.535.170.070.731.110.690.41

-0.024.074.290.63

-0.060.055.111.382.26

0.40.162.920.14

-0.661.360.03

-0.014.390.42

-0.060.580.212.032.850.462.455.092.09

-0.080.620.060.012.440.040.85

-0.420.080.023.970.070.16

-0.160.240.030.410.125.260.130.110.76

-0.660.46

-2.66-1.510.181.28

13.840.041.090.540.350.22

-0.123.392.320.75

-0.320.042.910.841.070.750.152.360.11

-1.881.640.050.113.130.24

00.380.191.642.420.412.944.291.83

0.220.080.430.05

10.580.050.680.090.260.014.530.290.19

0.10.340.061.350.032.690.270.270.850.130.792.32

0.30.361.15

81.630.119.620.151.441.16-0.14.63

2.80.04

-0.360.316.913.044.18

0.90.191.92

0.3-0.892.59

0-0.022.590.23

-0.080.340.122.236.120.330.77

3.12.2

-0.260.460.13

-0.024.260.050.22

-0.390.080.015.260.140.23

-0.530.130.070.570.014.950.310.12

0.5-0.550.77

-7.84-1.38

0.40.34

216.140.062.630.07

0.90.63-0.43.321.540.05

-1.890.273.961.913.021.430.181.290.16

-2.272.320.050.171.660.19

00.260.131.764.630.230.952.611.96

93949596979899

100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145146147148149150151152153154

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16


Rs. in Crores

00.01

0000000000000000100000000000

0.50.075

0.50000000

1.2100

0.1000

0.2500000000000

0.90

11.315.64

1711.61735.6

31.52.4138.5

5.4494.1

3.423350

17.453.26.554

9.251644

10.5519563.41130

16.21.6727.8

4.3249

526.6569.5

269.84

433.15

40215133663037

4.1534

1.558.6212420.70.66

331.5

13.129

6.591.95

8375

Per Share(Rs.)




08

Alfavision Overseas (India) Ltd.FGP Ltd.Glance Finance Ltd.Boston Leasing And Finance LtdSom Datt Finance CorporationMoney Masters Leasing & Fin.BCL Enterprises LtdShalibhadra Finance Ltd.Kapil Raj Finance LtdKey Corp Ltd.Shivom Investment & Consul.Finkurve Financial Services LtdK.Z.Leasing & Finance Ltd.Mangalam Industrial Finance Dharani Finance Ltd.ISF LimitedG.K.Consultants Ltd.Goenka Business & Finance LtdComfort Fincap Ltd.Arman Financial Services Ltd.Sanghi Corporate Services Ltd.Sungold Capital Ltd.Epic Energy Ltd.Asia Capital LtdIndianivesh Ltd.Nalwa Sons Investments Ltd.Neil Industries LtdMidas Infra Trade LimitedAbirami Financial Services (I) Econo Trade (India) LtdTRC Financial Services Ltd.PMC Fincorp LimitedRander Corporation Ltd.Rap Media Ltd.Apple Finance Ltd.Prime Capital Market Ltd.Thirani Projects LtdCrest Ventures LimitedAmit Securities Ltd.Aadhaar Ventures India Ltd.Goldcrest Corporation LimitedComfort Intech Ltd.Arnold Holdings LtdIndus Finance LtdMathew Easow Research SecMotor & General Finance Ltd.Williamson Financial Services Industrial Investment Trust Ltd.Rajath Finance LimitedGlobal Capital Markets Ltd.IFCI Ltd.Wisec Global Ltd.Advance Powerinfra Tech LtdVoltaire Leasing & Finance Ltd.Naysaa Securities LtdScintilla Commercial & Credit Amrapali Capital And Finance Kreon Finnancial Services Ltd.Dhenu Buildcon Infra Ltd.Supreme Holdings & Hospitality Niyogin Fintech Ltd.

31.640.149.370.191.512.151.68

15.641.751.753.32

10.360.2

8.022.471.06

51.611.92

5.416.56

0.011.81

19.5342.42

1.315

5.840.35

014.67

0.097.36

20.22

01.1

3.6617.58

0.859.249.049.49

37.533.4

1.5913.2229.97

1.930.363.86

2,739.730.43

12.132.17

15.540.77

52.110.59

-0.155.982.99

31.860.1613.60.171.172.462.54

13.010.5

1.694.079.420.742.072.340.85

29.652.294.51

15.92-0.231.27

19.2441.42

0.518.9724.18

3.420

22.380.09

14.393.734.38

09.061.57

11.662.84

17.7422.4910.4825.85

4.389.23

13.8329.1816.99

0.48.33

3,818.593.22

10.764.764.632.67-1.50.747.97

00.11

0.38-0.80.430.020.49

0.5-0.126.540.291.171.570.860.180.460.460.040.290.162.833.89

-0.020.09

-1.770.20.7

14.051.01

-0.090.210.27

01.160.26

-1.510.270.010.164.52

0.1-0.08

3.41.010.180.13

0.20.56

-14.61-6.37-0.14-0.27

-744.83-1.19-1.23-0.34-0.32-0.110.99

-0.28-0.87-1.18-4.77

0.31-0.610.420.090.370.51

-0.115.5

0.341.061.310.840.130.340.470.040.310.223.013.87

-0.290.15

-1.610.21

0.716.62

1.130.640.520.440.011.590.382.171.050.080.418.96

0.50.32

10.484.280.860.940.942.94

-6.446.930.09

-0.05457.96

-0.250.820.060.120.011.360.020.01

-0.010.01

0.88-0.681.520.020.380.27-0.28.6

0.311.92

-5.260.060.29

00.66

00.410.011.793.61

-0.050.04

-4.070.430.16

23.420.28

-0.010.090.06

00.010.14

-3.160.010.010.061.430.08

-0.013.530.020.010.080.16

-0.18-17.49

-2.52-0.35-0.11-2.76

-1.1-0.99-1.14-0.99-0.120.29-0.3

-0.47-0.21

-13.25

0.83-0.51

10.110.380.66

-0.196.910.451.73

-6.070.050.390.020.65

00.4

0.042.07

3.6-0.97

0-4.210.450.14

26.790.410.010.490.160.030.020.19

-44.170.140.070.145.840.57

011.21

0.10.260.710.830.73

-7.722.89-0.2

-0.082.03

-0.220.32

0.10.050.010.660.02

-0.090

0.01

155156157158159160161162163164165166167168169170171172173174175176177178179180181182183184185186187188189190191192193194195196197198199200201202203204205206207208209210211212213214215

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16


Rs. in Crores

000000000000000000

0.200000

0.02000

0.300000000

0.500

0.50.01

0000000000000000000

501.06

4211.24.9

5.698

12421

26.76.45

5112.62

1.2212

0.447

57.716.15

3266.481.438.8515.8

361055

201.33

7.710.14

160.44

12.3611.13.155.2534.52054.750.49

551.567.02

13.4519393095

7.233.8

20.355.24

3.120.55

262740

3.722.77

14102

Per Share(Rs.)

Note:Allfigureshavebeentakenfromwww.bseindia.com


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BestBuyPTCIndiaFinancialServicesLtd

Price:Rs.24

BSECode:533344

FaceValue:Rs.10


PTCIndiaFinancialServicesLtd isanIndiannon-bankingfinancial institutionpromotedbyPTCIndiaLtd.ThecompanyisoneofthefewfinancialinstitutionsinIndiathatprovidebothequityanddebtfinancing,includingshort-termandlong-termdebt,aswellasstructureddebtfinancing.Theyofferanintegratedsuiteofservicesincludingprovisionfinancingto,andmakeinvestmentsin,privatesectorIndiancompaniesinthepowersector,includingforpowergeneration,equipmentsupplyandfuelsourceprojects.

Thecompanyintendstogrowtheirprincipalinvestmentanddebtfinancingbusinesses,aswellasexpandtheirfeebasedandotherservices,toensureeffectivesourcingandcrossselloftheirfinancingproductsandservices.Thecompanyintendstoincreasetheirfocusontheircurrentfee-basedservicesthatincludeprimarilydebtfacilityagentandsecurityagentservicesaswellasvariousadvisoryservicessuchastechno-commercialappraisalservices.Theyintendtoincreasetheirfocusondebtsyndicationactivitiesinthefuture.Thecompanyintendstocontinuetodevelopstrategicpartnershipswithinternationalfinancialinstitutionsbyestablishingjointventuresand/orprivateequityfunds.

AshokHaldiaMD&CEO


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BestBuyMahindra&MahindraFinancialServicesLtd.

Price:Rs.435

BSECode:532720

FaceValue:Rs.2


Mahindra&MahindraFinancialServicesLimited(M&MFSL),asubsidiaryofMahindra&MahindraLimitedwasincorporatedon1stJanuary1991asMaxiMotorsFinancialServicesLimited.OneofIndiasleadingnon-bankingfinancecompanies,focusedontheruralandsemi-urbansector,thecompanyprovidefinanceforUtilityVehicles(UV),tractorsandcarsandhavethelargestnetworkofbranches(80%ofthedistrictsinIndia)coveringtheseareas.Thecompanysproductportfolioincludesrightfromfinancefortwowheelers,tractors,farmequipment,carsandutility vehicles to commercial vehicles and construction equipment also have a group of experts providinginvestmentadvice,surveyingavailablemarketproductsandchoosingthemostsuitabletocustomersneeds.

In2012,thecompanywontheinauguralporterprizeinthecatagoryofCreatingDistinctiveValueandalsofirstrunnersupatCNBCTV18BestBank&FinancialInstitutionawards.In2013,thecompany&MahindraFinancesignMOUforJointVenture.During2015,thecompanywinstheGoldenPeacockNationalTrainingAward.

RameshIyerViceChairman&MD

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stPriceon1 Feb’18-Rs.185(741%Up)SectorsUpdate

MNC BLUE CHIPS SHOW SIGNS OFREVIVAL

Amidboutsofsustainedsellingintheequity markets, some good-oldmultinational blue chip companieswithprovenbusinessmodelsthathaveshown signs of a turnaround and areonce again attracting t investorinterest.

Nestle, Castrol and Colgate-Palmoliveare among such companies that havereported over 30 per cent earningsgrowthintheDecemberquarteraftery e a r s o f n o t s o - i m p r e s s i v e performance; their managementcommentary, too, was also positive.Here's a low-down on these threecompanies:

NESTLE

After theMaggi fiasco in 2015— itsbiggestprofitcontributor—Nestlehaslaunched nearly 50 products, and issimultaneously working on costrationalization. Fuelled by the newproductsandrecoveryinMaggisales,thecompanyhasreported15percentsalesgrowthand36percentEBIDTA(earningsbeforeinterestdepreciationand tax) growth in the Decemberquarter. Its 18 per cent domesticbusinessgrowthwasthehighestinthepeerset.

The management has said that themomentumof launcheswillcontinue.Aspartofitsstrategy,themanagementhas divided India into 15 clusters totarget customers better. It willintroduce products specific to theneedsofeachclusteroveraperiodoftime. Given Nestle's healthy trackrecord of innovation and strongdistribution reach, it will be the keybeneficiary of the expected urbanconsumptionrecovery.

Thecompany'snewapproachbackedbyimprovingnumbersreaffirmsthatit is comingoff the slowdownphase.Its stock is currently trading at 40times the expected FY19 earnings.Historically it has traded at highermultiples.

CASTROLINDIA

Leading automotive and industriallubricant manufacturing companyCastrol's 16 per cent growth involumes and 43 per cent jump inEBIDTA indicate full restoration ofnormalcy after several quarters ofweakperformance.What'sevenbetterthat the growth is likely to continue.Themanagementsaidthatitisseeingasustainedgaininmarketshareinthepersonal mobility segment and anincrease in market share in thecommercialvehicle(CV)segment.

Analysts are positive on the CVsegment with revival in freight.Further,margins are on theupswingwithoperatingleveragekickingin—mostoftheincrementalsalestricklingdowntobottom-lineascostsare thesame.OnexpectedFY19earnings,itsstockistradingat25times,multi-yearlow multiples and at 3 per centdividendyield.

COLGATE-PALMOLIVE

Following the strategy of its rivalPatanjali, Colgate too has beenincreasingitsshareofherbalproductsin itsportfoliowithnaturalofferingssuch as Cibaca Vedshakti, SwarnaVedshakti, Colgate Active range andColgate Herbal. Although its overallmarketshareisdeclining,itsshareinthe herbal offerings is improvingwhichisapositivesign.

While the valuations factor in thedecliningmarketshare,thegoodthing

is theprobability of losing the sharefromcurrentlevelsislow.Andevenifithappens, thepaceofsharedeclinewillbeveryslow.

Withaseriesofherbalofferingsandincreased ad spends, the volumegrowth is expected to revive. In theDecember quarter, its sales andEBIDTAgrewby19per cent and32per cent, respectively. Its stock istrading at 38 times FY19 estimatedearnings.

RUSHTODECLAREDIVIDENDS

It's rainingdividendsatmutual fundh o u s e s . A s s e t m a n a g em e n t companies are doling out liberaldividends in the equitymutual fundschemes before the new tax rulesmaking dividends less lucrativecommence on April 1. The financeminister, in the Union Budget,announced a 10 per cent dividenddistributiontaxformutualfundsfromApril1,2018.Asper thecurrent taxlaws, dividend on equity orientedmutualfundsistaxfree.

DSP Blackrock Equity Fund hasdeclared a dividend of Rs 16. On its

COMPANYNEWSREVIEW

CliftonDesilvaDirector

AltinaSecuritiesPvt.Ltd

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NAV of Rs 62.38, the dividend yieldworksoutto25.64percent.SBISmalland Midcap Fund has declared adividendofRs9.1perunit.OnanNAVofRs42.54onMarch7,itsyieldworksoutto21.4percent.

Distributorssaidmanyfundhousesarelikely to come upwith high dividendpayouts in the coming days. Severalmutualfundshaveunofficiallysoundedout top distributors that dividendpayouts are likely. Reliance MutualFund and Essel Mutual Fund amongothersarelikelytoannouncedividendslater thismonthwhere yieldswill beupwardsof15percentperannum.

SEBIlawssaytherecorddateshouldbeat least5daysafterthedayonwhichtheannouncementdeclaringdividendismade.Butfundhousesareknowntoinform distributors about the likelydividendabout15-20daysearlierasithelps them sell such schemes toinvestors.

While dividends payouts help attractfreshmoney,investorsputmoneyintosuchschemesfortaxincentives.Manyrichinvestorsusedividendasatooltobook losses. For instance, an investorbuys a mutual fund scheme with anNAV of Rs 30 in the dividend optiontodayandthefunddeclaresadividendofRs5onMarch20.TheinvestorearnsRs5astax-freedividend,andpoststhedividendpayment,theNAVdropstoRs25. As per tax laws, an investor canclaimanotionallossontheNAVduetodividend if units were bought threemonthsbeforetherecorddateorwereheldforatleastninemonthsafterthedividendispaid.So,ifaninvestorholdsthe units till December 20 after adividendisdeclaredonMarch20,andthe NAV of the scheme does not goaboveRs30, the investorcanredeemthe units and book the difference inamountasshort-termcapitalloss.

PNBSEEKSPROVISIONINGRELIEF

Punjab National Bank has requestedReserveBankofIndia(RBI)toallowittoprovidefor lossesinthenearlyRs13,000-crore Nirav Modi-GitanjaliGemsscamoverfourquartersinsteadof at one go as it expects to recover40%oftheloanedfunds.

Bearing the full provisioning loss ofoverRs12,900croreintheMarch-endbalance sheet could wipe out morethanaquarterofPNB'snetworthofRs48,000crore.

Sucherosioninthebookvaluewouldalso restrict e bank's ability to raisemoneyinthemarket.

"WebelievethatRBIwillagreetoourrequest as there is a provision in itsrulethatlossescanbespreadoverfourquarters. Also, the entire amount isstillnotNPAasitwillhappenduringthecourseofthefullyear.Sowhatweare saying that we will providetowardsLoUthatremainsunpaidtillMarch31andthensubsequentlyinthecomingquarters.

"However to smoothen the effect ofsuchprovisioningonquarterlyprofitand loss, banks have the option tomaketheprovisionsoveraperiod,notexceedingfourquarters,commencingfrom the quarter in which the fraudhasbeendetected,"therulesays.

InapressconferenceheldbythePNBmanagementonFebruary15,thebankhadsaidthatitwasdifficulttogiveanytechnical number on the amount ofprovisioning the bank would berequired tomake "right now" as thematterwasunderinvestigation.

Subsequently, in an analyst call onFebruary 16, the management hadclarified that it won't slip under thePromptCorrectiveActionrulesoftheregulator even if it had to pay all

counterpartybankclaims.

"Evenifalltheseliabilitiesdevolveonus and the regulator finds that nootherbankisatfaultandeverythingisfair and we have to meet theseliabilities,wewillnotbebreachingourregulatory capital requirement. TherequirementforCET1is5.5%andweareat8.05%,"SunilMehta,MD,PNBsaid.

Butpeopleintheknowbelievethatthestate-runlenderwouldbestretchedifit has to take on the provisioningburden alone and that too in onequarter.

"According to the regulator's rule,fraudaccountshavetobewrittenofftotallyandifthathappens,25%ofthebank'snetworthcouldbewipedoutatonego.

WORLD BANK FORECASTS INDIAGDP GROWHT RATE AT 7.3% IN2018-19

WorldBank'sIndiareportexpectstheIndianeconomytoclockaGDPgrowthrate of 6.7% in 2018-19. TheWorldBank said while India's GDP growthratewillreturnto7.5%intwoyears'time, to sustain an 8% GDP growthrate, India requires a decisivestructural reform momentum thatsucceeds in stimulating investmentandexportgrowthwhilemaintainingmacroeconomicstability.

The Indian economy regained itsmomentumintheDecemberquarter,recovering from disruptions causedb y d e m o n e t i z a t i o n a n d implementation of the goods andservicestax(GST),toexpandat7.2%,the fastest in fivequarters.Basedonthefiscalthird-quartergrossdomesticproduct (GDP) data, the full year'sgrowthhasbeenraisedto6.6%.TheWorld Bank has projected economicgrowthtoaccelerateto7.3%in2018-

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19and7.5%in2019-20.

I n i t s l a t e s t b i a nnu a l I n d i a DevelopmentUpdate, thebanksaid ifliquidity in financialmarkets tightensor risk aversion increases, it mayadversely impact India's growthoutlook.However,itsaidoilpriceislessofariskfornow,asitexpectsoilpricesto remain range-bound and average$58perbarrelin2018.

Thebanksaiddespitethegrowthraterecovering, attaininga growth rateof8%orhigheronasustainedbasisisnotguaranteed in the absence of aneffective structural reform agenda.Therehavebeensixepisodesinthelastfive decades when growth ratesexceeded 8%, about once in eachdecade.

The only durable episode of growthsustainingat levelsabove8% for fivecontinuous years is the one whichlasted from 2004 to 2008, with theaverage growth rate reaching anunprecedentedhighof8.8%ayear.

"This episode benefited from thecombinedeffectof importantreformsundertaken in the 1990s and early2000s and fromunusual buoyancy inthe global economy and easy globalliquidity, leading to high sustainedgrowth across sectors and al l componentsofGDP,"thebanksaid.

Sustaining a growth rate higher than7.5%, and reaching an aspirationalgrowth rate of 8% or higher willrequire contributions from all domesticsectorsandsupportfromtheglobaleconomy,theWorldBanksaid.

" M a i n t a i n i n g t h e h a r d - w o n macroeconomicstability,adefiniteanddurablesolutiontothebankingsectorissues, realization of the expectedgrowth and fiscal dividend from theGST,andregainingthemomentumonanunfinishedstructuralreformagenda

are key components o f th i s . Acceleratingthegrowthratewillalsorequirecontinuedintegrationintotheglobaleconomy,"thebanksaid.

The multilateral lending institutionsaiddecisivereformswillbeneededtoenable the Indian banking sector toh e l p f i n ance I nd i a ' s g rowth aspirations.

" B e s i d e s r e c ap i t a l i z a t i o n , a consolidation of public sector banks,revising their incentive structure toalign it more closely with theircommercial performance, ensuring alevel playing field for private banks,and opening the space for greatercompetition would be importantmeasures to durably enhance thestabilityandefficiencyofthebankingsector,"thebankadded.

In addition, reforms to land, labourand financial markets would beneeded to assure the continuedcompetitive supply and use of keyproductioninputs,thebanksaid.

CEMENTPRICESFALL

Onebigreasonwhycementpricesarefalling is relatively low demand. TheMarch quarter is a seasonally strongone for cement companies, given thebusy construction season. However,thistimeitisdifferent.

A recent dealer channel check byKotak Institutional Equities showedthat all-India cement prices fell byRs9/bagfromFebruarytoRs322/bagin March—offsetting increases ofprevious months. A cement bagweighs50kg.

Thedeclinewas ledby the southernreg ion where pr ices fe l l the most—Rs17/bag compared to amonthago,inspiteoftheeasinginthesandminingbanissue,saidthereportdated9March.

This was followed by northern,westernandcentralmarketsthatsawpricesfallingtothetuneofRs5-9/bagon a month-on-month basis. Pricemovementineasternregionwasflat,addedthereport.

One big reason is relatively lowdemand. Demand from governmentspendingoninfrastructureandalliedprojects has not been sufficient tosupportprices.

Realestateactivity,especiallyfromthehousingsegment,whichisthelargestcontributor to overall cementdemand,remainsdismal.

Another reason i s increased competitive intensity mainly on theb a c k o f c a p a c i t y r amp -up s , diversificationintonewermarketsbyregional cement makers and somebrownfieldexpansions.

Forinstance,volumesinthemarketsofcentral,northandsoutharelargelybeingdrivenbyaggressiveramp-upofJaiprakashAssociatesLtd'scapacitiesacquiredbyUltraTechCementLtd.

The plunge in overall cement pricesindicates that cement producers arechasing market share gains at theexpenseofprices,despitepersistentlyelevatedinputcosts.

And while ACC Ltd and AmbujaCementsLtdhaveputtheirmergeronhold,theyhaveenteredintoa"mastersupply agreement" with each otherand their focus on further marketshare gains would keep them fromleadingapricingaction.Also,itisyetto be seen what kind of impact theramp-up of Binani Cement Ltd willhaveon thesector'spricingscenarioonceafinaldecisiononitsacquisitionisreached.

According to analysts, historically,barring the demonetization year,

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there has been a trend of pricingdiscipline among cement companies,whichhasnotplayedoutthistimeduetotheabove-mentionedfactors.

Depressed cement prices and highcosts will surely weigh on thecompanies' profitability in theMarchquarter earnings. Cement producershaving exposure to the southernmarket are likely to be worst hitcompared to regional and pan-Indiafirms.

On theotherhand, volumegrowthofcementproducerswouldbebetter intheMarchquartergiventhe lingeringlowbase-effectofdemonetization.

REALTYFINDSINVESTORSFAVOUR

Cloudsofgloomonsomefrontssuchasapile-upofunsoldunitsandmountingdebtareclearingup,butarecoveryinhome sales and prices, key to betterprofits, is still some quarters away.Investorexpectationsfromrealestatestocks have climbed many levels,thoughit'sunclearifthesearebuiltonasolidfoundation.

TheBSERealtyindexhasrallied60%inayear,astellarperformancecomparedtotheSensexandBSE500index,whichrose by 14% and 17%, respectively.Perhaps, the improving financials oftop-rung real estate firms havemadeinvestorsoptimisticaboutarecovery.

Large listed companies are seeinggreenshootsofrecovery.Ananalysisof10realestatefirmsthatcomprisetheBSE Realty index shows that theaverageinterestcostasapercentageofsalesofthesefirmsimprovedto18%intheDecemberquarter,from25%intheprecedingquarterand22%intheyear-ago period—going back to the levelseeneightquartersearlier.

Two critical factors have played outfavourably for realty firms. One, the

stringent enforcement of the RealEstate(RegulationandDevelopment)Act (RERA), which pulverized newlaunches, and forced companies topushsalesfromexistingprojects.Thisprunedunsold inventory levels.Datafrom Icra Ltd's sample of 11 listedrealty firms, mainly catering to thehousing segment, showed a 2.8%decline in inventory levels (in valueterms)forthefirsttimeintwoyears,betweenthesixmonthsendedMarch2017 and the six months endedSeptember 2017. Lower inventoriesand fewer project launches broughtdown working capital needs andinterestcoststoo.

Two, repayment by debt-laden firmshas trimmed overall debt of listedcompaniesintheindex.ThenumbersarelikelytoimprovefurtherbytheendoftheMarchquarter.

Homesalesrosebothinvalueandareaterms during the December quarterforBSERealtyindexfirms.

Reinforcing this data, Icra's quarter-to-sellratiothatindicatesthenumberof quarters required to sell existinginventory, fell to12 in theDecemberquarterfrom15intheMarchquarter.However,investorsmustnotethattheroad torecoveryhasmoreobstacles.These gains in the profit and lossaccounthaveaccruedfromregulatorychanges, operating efficiencies and abalance- sheet clean-up that hasloweredinterestcosts.

Improving the payment collectioncyclefromcustomers(whichhasbeendeclining for many quarters) is thenewchallengeasprojectsneedtobeRERA-registered before solicitinghomebuyers and taking any advancepayments.

While new launches will signalconfidence among developers thatdemandforhomesisimproving,sofar,

realtyfirmsaretryingtopushexistinginventory.DemandissubduedandtheReserve Bank of India's House PriceIndexshowsdecliningaffordability.

Besides,withlargedevelopersmovinginto theaffordablehousing segment,where demand is higher, futurerealizationsandprofitmarginsmaybelower.

Meanwhile, a 60% run-up in indexstocks leaves little room for furtherappreciation,unlessthereisastrongdemandpullthatincreaseshomesalesand prices. Chasing the sector formore returns at this point does notseemtobejustified.

ROADINFRASTRUCTURE–ORDERSINFLOW

Companiesareheadedforabrighterfuture,giventhesurgeinorderinflow.IRBInfrastructurebaggedtwoHybridAnnuity Model (HAM) projects inTamilNaduworthRs34.9billion.DilipBuildcon, Sadbhav InfrastructureProjects, KNR Constructions andAshokaBuildconhavealsoseengoodorderinflow.

Though the firstninemonths (April-November) of 2017-18 saw mutedorder book growth, there has sincebeenaspurt in theses fromNationalHighways Authority of India (NHAI)andothergovernmentprojects.Mostbig construction entities surpassedtheir FY17 orders in the first 11monthsofFY18.

This bodes well and improves theirearningsvisibility.MostofthebenefitsoftherecentorderswillstartaccruingfromthesecondhalfofFY19andwillsignificantly improve the earningsoutlookforFY20.

Importantly, more orders areexpected. Companies foresee asituation where a project could be

SBJ




awarded every few days. The coming2019generalelectionwouldspurthis.GovernmentannouncementsonNHAIinviting bids for 7,768 km worth Rs1 , 4 16 b i l l i o n s u ppo r t t h e s e expectations.

Analysisshows61and38percentareHAM a nd E PC ( e n g i n e e r i n g , procurement and construction)projects;onlyonepercentaretollones.Hence, asset-light road constructionplayers in the EPC and HAM spaceremaininasweetspot.Dilip Buildcon, Ashoka Buildcon andSadbhavInfraareamongthosewithastrongrecordinprojectexecution.PNChadslowexecution in the firsthalfofFY18butisgaininginthis,havinggotclearancesandprojectclosuredates.astrong order book and recedingexecutionchallengeswilldriverevenuegrowth and PNC will out-beat theconsensusestimates,bothonrevenueandprofit,inFY19.

AstrongorderbookpositionatAshokaBuildcon,withlowstandalonedebttohelpthecompany'sEPCrevenuegrowannuallyby17percentoverFY17-20.Recentorderwinssuggestthegrowthcould be faster. On the back of therecent Rs 19 bn of orders, DilipBuildcon continues to surprisepositively on execution,with revenueinthefirstninemonthsofFY18up55per cent over a yearbefore. It is alsoseeinghighermomentumintendering.

IRB In frastructure's port fo l io comprises a higher share of toll-roadprojectsandhadseensomeconcernontheorderbook.Thatgiventhelackoftoll orders in the NHAI pipeline, thecompany could face challenges onwinningnewordersinthenearterm.However,IRBhasstartedwinningHAMprojects(ithadbidforthree)andthesewouldimprovetheoutlook.

IMPROVING OUTLOOK – ZEE, SUNTV

Strong advertising growth in theMarch quarter and an improvingoutlook for 2018 should aid therevenuegrowthofZeeEntertainment,thelargestlistedmediacompany,andSun TV, which dominates theviewership in South India, especiallyTamilNadu.This,coupledwithrisingviewership,willhelpZeeoutperformitspeers.

I t posted an overal l networkviewershipgrowthof220basispoints(bps)year-on-year(y-o-y)inFebruaryto26.2percent,onthebackofastrongshowing in the Hindi general entertainmentsegment(GEC)andtheTamilgenre.

Afterfourstraightquartersofrevenueand net profit decline on a year-on-year (y-o-y) basis, Sun TV NetworkLtd's December quarter financialperformancewasapositivesurprise,beating Street expectations. Double-digitgrowthinadvertisingcomparedwith single-digit growth in the firsthalf of the fiscal year boostedperformance. Subscription revenuerose16%,reflectingthefullimpactoftheArasudeal.

Sun TV's revenue in the Decemberquarter rose by 14% over the sameperiod last year to Rs.486 crore. Incomparison, in the September andJune quarters, revenue had fallen by4% and 6%, respectively. In theDecember quarter, advertisingrevenue increasedby20% toRs.293crore.Itnaturallylooksfarbetterthanthe4-5%growthseeninthepasttwoquarters. Of course, the past quarterwas helped by a lower base, festiveseasonimpactandhigheradvertisingspendinginmanysectors.

Althoughnetprofitincreasedby13%t o R s . 1 9 0 c r o r e , o p e r a t i n g

performance deteriorated. Operatingprofitmarginsdeclinedby280basispoints on a y-o-y basis to 77.4%. Abasispointis0.01%.

Allcomponentsofcostincreasedatarelatively faster pace. What offerscomfortthoughisoperatingmargininthe three months ended Decemberwas better than the preceding twoquarters.

However,shareholdersfornowdon'tseem to be too worried about theannual decline in margin. Therecovery in growth rates in revenueandnetprofitisheartening.Moreover,outlook on advertising revenue, too,has improved. No wonder the stockhas risen by about 5% since thecompany announced its Decemberquarter numbers last week. Thebenchmark Sensex remained about0.6%higherinthesameperiod.

So far in this fiscal year, the Sun TVstock has gained about 46% againstthe 15% increase in the BSE-200index.AtRs.456,ittradesataround21timesestimatedearningsforthenextf i sca l year s tart ing Apri l . In comparison, peer Zee EntertainmentEnterprisesLtd'sstocktradesatabout25timesestimated2013-14earnings.ItsuggeststheremightbesomemorejuiceleftfortheSunTVstock.

UNLISTED COMPANIES TO GETINDEXATIONBENEFITGiving some relief to investors, thegovernment extended indexationbenefit forcomputingtax liabilityonsaleofshareslistedafterJanuary31.

LTCGonsuchshareswillbetaxedasper the new LTCG tax regime at 10percent.However, for thepurposeofthisnewtaxregime,fairmarketvaluefor these shareswill be takenas thecostindexeduptofinancialyear2017-18." The indexation benefit- whichtakes into account the impact of

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inflationonacquisitioncost-willnotbeavailable on gainsmade from sale ofl i s t ed s e cu r i t i e s , a s pe r t he amendmentstotheFinanceBill,whichwaspassedbyLokSabhaThe2018-19Budget had after a gap of 14 yearsreintroduced10percenttaxonlong-termcapitalgains(LTCG)exceedingRs1lakhfromsaleofshares.Currently,15percent tax is leviedoncapitalgainsmadeonsaleofshareswithinayearofpurchase.However,LTCGtaxisnilforsharessoldafterayearofpurchasetill31.03.2018 as per Budget 2018proposals. LTCG on sale of unlistedshares is taxed at 20 per cent whenindexation is applicable, while shortterm capital gains are taxed at theincometaxslabratesapplicabletoyourincome. The highest income tax slabrateis30percentforindividuals.

SEBI TO RELAX START-UP NETWORTHNORMSMarket regulator Securities andExchange Board of India (SEBI) isplanning to allow start-ups to list onthe small and medium enterprises(SME)platformofthestockexchanges.Sources say start-ups will be givenspecial relaxations on the SMEplatform in terms of net worthrequirements and profitability. Themove comes after Indian stockexchanges in coordination with Sebiheldseveraldiscussionswithboththeindustryparticipants and to comeupwith a new framework for start-upl isting. The move comes afterInstitutional tradingplatform(ITP), aspecialsegmentforlistingofnew-agecompanies, failed to take-off. Sourcessay the idea behind the move is toprovidecapitalraisingopportunitiestosmall and mid level start-ups whocannot list on themainboard for thehigher compliance norms and at thesametimearereluctanttoconsiderITPplatform. Although the ITP platformwas designed to facilitate start-uplistings,companieshavenotbeenkeendue to several factors including

liquidityontheplatform.Ontheotherhand, SME platform has beensuccessful in catering to the capitalrequirementsofsmallsizeenterpriseswithmorethan200listingstilldate.As per the Sebi listing regulations, acompany listing on the start-upplatform can have a maximumnetworthofRs10croretoqualifyforanSMElisting.Howeverstart-upswhohaveraisedmoneyfromprivateequityinvestorshavemuchhighernetworthto qualify for the platform. Since alarge part of start-ups are eitherprivate equity (pe) or angel investorbacked, the market regulator couldalso introduce the concept ofprofessionally managed companiesforSMEsegment.Suchatweakwouldenablepeinvestorsandangelfundstogetanexit throughSMEIPOwithouthavingtoobligewiththecompliancerequirements of a promoter. Currentrules needpromoters to own atleast20percentstakeinthecompanyandalsomandatesthemtohaveminimumthreeyearsofexperienceinthesamelineofbusiness."Thediscussionsarecurrentlyinanadvancedstageandwecouldexpectanannouncementinthenext one month. Not just Sebi, evenstock exchanges have reachedout tothe new-age companies seekinginputs.

If the relaxations are provided, SMEplatform would emerge as a viableoption for start-ups to raise capital,"s a i d a s o u r c e p r i v y t o t h e development.

INDIANMEDIASECTOR–POSITIVEOUTLOOKT h e c o u n t r y ' s m e d i a a n d entertainment (M&E) sector touchedRs1.5trillion($22.7billion)in2017,withagrowthofaround13percentover2016.AstudybytheconsultancyfirmEYIndiasaidthis isexpectedtocross Rs 2 trillion ($31 billion) by2020, with a compounded annual

growth(CAGR)of11.6percent.Thisgrowth is being led by the digitalsegment, showing that advertisingbudgetsareinlinewiththechangesincontent consumption patterns. Thereportobserves thesectorcontinuesto grow faster than that of thecountry's gross domestic product.Subscription growth outpacedadver t i s ing dur ing 2017 but advertisingwill continue togrow till2020,ledbythedigitalsegment.

Digitalmediahasgrownsignificantlyover the past few years. And,continuestoleadthegrowthchartsinadvertising. Subscription revenuesare emerging and are expected tomake theirpresence felt by2020. In2017,digitalmediagrew29.4percent(27.8 per cent, net of the impact ofgoodsandservicestax),onthebackof28.8 per cent growth in advertisingand of 50 per cent in subscription.Subscriptionwasonly3.3percentoftotal digital revenues in 2016. It isexpected to grow to 9 per cent by2020. Around 250 million viewedvideos online in 2017 and this isexpected todoubleby2020.Around40percentofallmobiletrafficcamefrom the consumption of videoservices in2015.This is expected totouch72percentby2020.

Television The TV industry grewfromRs594billionin2016toRs660billion in2017, at11.2per cent (9.8per cent, net of taxes). Advertisinggrew to Rs 267 billion, whiledistributiongrewtoRs393billionandcomprised 41 per cent of revenues.Distributionwas59percentof totalrevenues.

At a broadcaster level, however,subscription revenues (includinginternational subscription) made upabout 28 per cent of the total.Advertising is 41 per cent of totalrevenues. The report expects this togrowto43percentby2020.

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Print Print continues to hold thesecond-largest share of the sector,despite growing under 3 per cent toreach Rs 303 billion in 2017. Thesegment is estimated to grow at anoverall CAGR of 7 per cent till 2020,with the non-English segment at 8-9percentandEnglishabitslower.Thisisexpected despite the foreign directinvestmentlimitremainingunchangedat26percentforthesector,restrictingaccess to foreign print players. And,despiteimpositionoftheGSTat5percentontheadvertisingrevenuesoftheprint industry for the first time in

history.Whilemagazinescontributed4.3percenttotheprintsegment,thelatterwas largelyat statusquo,withnotmanysignificantnewlaunchesin2017.

FilmsFilmsgrew27percentin2017,onthebackofboxoffice(BO)growth,both domestic and international.Coupledwithincreasedrevenuesfromsaleof satellite anddigital rights.Allsub-segments grew, wi th the exceptionofhomevideo,andthefilmsegment reached Rs 156 billion in2017.

Hollywood and international filmscomprisethebalance.Thetop50filmscontributedapproximately97.75percent of the total net box officecollection.Boxofficecollectionsofthetop50filmsgrewby11.60percentin2017. Regional movies drove thegrowthinnumberofreleasesin2017.Screencountincreasedfrom9,481in2016 to 9,530 in 2017. Number ofHindimoviescrossingtheRs1billionmarkwashighestin2017amongthepast5years.From31moviesin2016,Hindidubbedmoviesincreasedmorethan3timesto96in2017.

DHRUVCONSULTANCYSERVICESLIMITEDCOMPANYSNAPSHOT

CompanyName

RegisteredOffice

CorporateOffice


NaviMumbai,Maharashtra

NaviMumbai,Maharashtra

DateofIncorporation

Exchange

Industry

August,262003

BSE-SME

Consultancy

l TheCompanywasincorporatedonAugust26,2003andsincethenitisintoInfrastructureConsultancy.TheCompanyprovidesdesign,engineering,procurement,constructionandintegratedprojectmanagementservicesforHighways,Bridges,Tunnels,Architecture,EnvironmentalEngineeringandPorts.

l Over theyears companyhasdevelopeda track recordofworkingonamajorityofprojects in conjunctionwithgovernmentbodiesandpublicsectorundertakings.

l Beingaconsultancyorganization,thecompanybelievesthathumancapitalisoneofthemostvaluableassets.Thecompanyhasaqualifiedandprofessionalemployeebaseofover313employees, including240EngineersasonDecember31,2017.

l Company'stotalrevenuehasincreasedfromRs.510.85lakhsforFiscal2013toRs.3046.24lakhsforFiscal2017,ataCAGROF56.27%.NetprofitasrestatedhasincreasedfromRs.34.52lakhsforFiscal2013toRs.308.16forFiscal2017,ataCAGRof72.85%.

l Company deals in varied services. Thediversified range of services helps them tocaterdifferentspectrumofclientswhichalsoincreases their clientelebase all over India.Their service includes Highways, Bridges,Tunnels, Architecture, Environmental andPorts.

l The majority of their business has beenconcentrated inMaharashtra.TheCompanyalso have relationshipswith clients outsideMaharashtra.Nowthecompanyproposestofocus on improving relationships instrategically important areas such asAhmadabad,Bangalore,Chennai,NewDelhi,HyderabadandMumbai.

SBJ




COMPETITORANALYSIS

250

200

150

100

50

0

FaceValueEPSPERONWBookValue

ArtefactProjectsLtd

MITCONConsultancy&EngineeringServicesLtd

DhruvConsultancyServicesLtd

ArtefactProjectsLtd

MITCONConsultancy

&Engineering

ServicesLtd

DhruvConsultancy

ServicesLtd

FaceValue

10

10

10

EPS

0.35

3.66

32.33

PE

135.71

19.81

0

RONW

0.54

4.8

35.48

BookValue

64.17

76.13

228.54

SBJ




VIEWPOINT

Thecompanyisissuing42,96,000shares@Rs54pershareaggregatingRs23.19crorethroughanIPOontheBSESMEplatformwhichistoopenshortly.ForFY18thecompanyisexpectedtoreportanetprofitofoverRs6crorewhichisa100%increaseoverFY18profitofRs3.08crore.ForFY19theprofitisestimatedatoverRs12croreagainanincreaseof100%whichtranslatesintoanearningspershareofRs8.40ontheexpandedcapitalpostissueandapplyingapricemultipleof20thestockcouldquoteintheregionofRs.175(againsttheissuepriceofRs.54),areturnofaround225%overaperiodofoneyear.

WestronglyrecommendaninvestmentinthisIPOforexcellentappreciation.

Kindlynotetheissueopenson27.03.2018to03.04.2018

DISCLAIMERAltinaSecuritiesPvtLtdhastakenduecareandcautionincompilationofdata.InformationhasbeenobtainedbyAltinaSecuritiesPvtLtdfromsourcesitconsidersreliable.However,AltinaSecuritiesPvtLtddoesnotguaranteetheaccuracy,adequacyorcompletenessoftheinformationandisnotresponsibleforanyerrorsoromissionsorfortheresultsobtainedfromtheuseofsuchinformation.AltinaSecuritiesPvtLtdisnotresponsibleforanyerrorsindatareproduction.AltinaSecuritiesPvtLtdespeciallystatesthatithasnofinancialliabilitywhatsoevertothesubscribers/users/transmitters/distributorsofthisbulletin.

REVENUESTATEMENT

Particulars AmountIn(Rs.Cr)AsAt

30.12.2017 31.03.2017 31.03.2016 31.03.2015 31.03.2014 31.03.2013

Revenue 33.48 30.44 15.11 9.45 9.02 4.99

Expenditure 24.10 22.79 11.65 7.80 7.28 4.43

OperatingProfit 9.38 7.65 3.46 1.65 1.74 0.56

OperatingProfit

Margin%

28.02

25.13

22.89

17.46

19.29

11.22

OtherIncome 0.04 0.02 0.04 0.28 0.14 0.11

Depreciation 0.72 0.85 0.34 0.30 0.07 0.07

EBIT 8.69 6.82 3.15 1.63 1.81 0.60

Interest 1.28 1.87 0.86 0.29 0.11 0.05

PBT 7.41 4.95 2.28 1.34 1.70 0.55

Tax 2.01 1.86 0.96 0.55 0.57 0.20

PAT 5.40 3.08 1.32 0.79 1.13 0.35

NPM% 16.13 10.11 8.73 8.35 12.52 7.01

SBJ



stPriceon1 Feb’18-Rs.185(741%Up)Interview

Giveusasnapshotofyourcompany.Our Company was incorporated on August26, 2003 and since then we are intoInfrastructure Consultancy. We providedes ign , eng ineer ing , procurement , construction and integrated projectmanagementservicesforHighways,Bridges,Tunnels, Architecture, EnvironmentalEngineeringandPorts.

Over the years we have developed a trackrecordofworkingonamajorityofprojectsinconjunction with government bodies andpublicsectorundertakings.

Beingaconsultancyorganization,webelievethathumancapitalisoneofthemostvaluableassets.Wehaveaqualifiedandprofessionalemployee base of over 313 employees,including240EngineersasonDecember31,2017.

Our total revenue has increased fromRs.510.85lakhsforFiscal2013toRs.3046.24lakhsforFiscal2017,ataCAGROF56.27%.NetprofitasrestatedhasincreasedfromRs.34.52lakhsforFiscal2013toRs.308.16forFiscal2017,ataCAGRof72.85%.

We deal in varied services. The diversifiedrangeofserviceshelpsustocatertodifferentspectrumofclientswhichalsoincreasesourclientelebasealloverIndia.

ThemajorityofourbusinessisconcentratedinMaharashtra.WehaverelationshipswithclientsoutsideMaharashtra.Wenowproposeto focus on improving relationships instrategically important areas such asAhmadabad,Bangalore,Chennai,NewDelhi,HyderabadandMumbai.

Whataretheobjectsoftheissue?Repayment / prepayment of certainindebtedness, to meet Working Capitalrequirements; General Corporate Expensesandissueexpenses.

Elaborate on the operations of thecompany.Wecatertothefollowingverticals,highways,bridges, tunnels, architecture services,environmental services. In highways itinvolves design of vertical profiles andalignment of highways, flexible and rigidpavement, toll plazas, road drainage and

Supervisionofconstructionofroadworks.

In Bridges it involves design of structureslike bridges, flyover, ROB & CD works,Manual inspectionofbridges (withMobileBridge Inspection Unit),Strengthening ofsub-structure and super-structure toenhance their load carrying capacity forwideningofthedecks.

In Tunnels it is Tunnel Design while inArchi tectura l Serv ices i t involves architectural designing, Landscaping.Interior designing and in EnvironmentalEngineeringitisDesignofwatertreatmentplants, Sewerage treatment plants, Reorganization of water supply andsewerage networks. As far as ports areconcerneditisthedevelopmentofports

Elaborateonyourserviceverticals.They include pre-tender services, posttender services, advisory services anddesign. Pre tender services include surveyand investigations, estimating and costing,traffic study and analysis, feasibility study,detailed Project Report while post tenderservices include, Project Management,Consultancy, Supervision of work, Billing.MonitoringOperation&Maintenanceworks.

AdvisoryServicesareFinancialEngineering,TechnoLegalServices,andStructuralAuditsDesign includes Preliminary Design ofHighways & Bridges, Proof Checking ofDesignsofHighways

Givedetailsofsomecompletedprojects.Wehavecompletedseveralprojectssomeofwh i ch a re Ahmednaga r -Ka rma l a -Tembhurni,forSupreme InfrastructureatavalueofRs5.24croreMumbaiPuneCorridorandMumbaiPuneSMumbai ,MaintenanceandTollcollectionoftheBhiwandi-Kalyan-ShilPhataHighwayforPlusBKSPTollLtd,atavalueofRs1.88croreWhoareyourmajorclients?SomeofourmajorclientsincludeMSRDC,PWD,MumbaiMetropol i tan Region Development Authority,IAHE,SupremeInfrastrucure,MinistryOfRoadTransport&Highways,NHAI,MIDC,MaharashtraTourism,LARSEN&TOUBRO

Whoareyourcompetitors?ArtefactProjectsLtd,MITCONConsultancy&EngineeringServicesLtd

Whatareyoursegmentalrevenues?OursegmentalrevenuesforFY17andFY16areasfollows:Highways23.79(10.46)Bridges5.98(4.43)Tunnels 0.05 (0) Architectural 0.02(0.01)Environmental engineering 0.02(0.01)Ports 0.57 (0) Total Consultancy Income30.43(15.11)

Whatareyourrevenuesandprofits?The company has shown strong financialperformanceduringFY17asithaspostedstrong operating and net profit margin of25.13%and10.11%respectivelyduringFY17.Alsothecompanyhasgeneratedstrongreturn on shareholders ' funds o f 35.48%duringthesameyear.DuringFY13-17thecompany'srevenueandprofitshavegrown at 571.16% and 72.234 %respectively.

Whatisthefutureoutlook?Asyouareallawarethatwiththethrustofthe government on the infrastructure theoutlookforthesectorispromising.Weareanassetlightcompanyandhopenotonlytomaintainbut improveonourperformancewith the infusion of funds that will beavailabletouspostourIPOslatedtoopeninthe firstweek of April. Our objective is toemergeasashareholderfriendlycompanyand thereforewehavepricedour shareattherateofRs54toenableinvestorstoearndecentreturns.

ONTHEFASTTRACK

PBDandawateChairman


SBJ



stPriceon1 Feb’18-Rs.185(741%Up)Interview

Whatisyourcorebusiness?

AdvancedEnzymesisaresearchdrivencompany with global leadership inmanufactur ing o f enzymes and probiotics. We are the largest Indianenzyme company engaged in ther e s e a r c h a n d d e v e l o p m e n t , manufacturing and marketing of 400+proprietary products developed fromover 65 indigenous enzymes &probiotics.Ouraimistohelpconsumersaccess side-effect free healthcare, helpfarmers enhance nutrition for animals,and also to help the industry replacet r a d i t i o n a l t h e rma l - c h em i c a l -mechanical processes into enzymepassedprocesses.

Whataretheuniquestrengthsofyourcompany?

1. AETL is an integrated player withinhouse R&D, Manufacturing , Marketing&Distribution

2.StrongBalanceSheet

3. In specialized business with HighEntryBarriers

4. 400+ products & 700+ clientsworldwide depicts our InherentDiversificationintheBusinessModel

Howdoyoulookattheopportunities?

We find areas where our products can

help create value for customers. Forinstance,inPalmoilindustrytheyhavebeen using thermo-mechanical frompast 100 years and are able to extract18% of oil out of the 24% from palmfruit. By using our patent process andenzyme, the commodity business canharnessextra1%whichwouldincreasetheprofitmargin.

What would you like to say aboutqua l i t y s tandards , R&D and innovation?

Inordertoachievesustenance,onehasto constantly invest time and money.AETLsfocusoninnovationhasresultedin68+enzymestodayfrom3enzymes24 years ago. Our team of 100+scientists is constantly progressingsuccessfully in making new enzymes.We always look for like-mindedtechnocratswithwhomsynergycanbeformedandadvancementsaremade.Wehad recently acquired a German R&Dcompany Evoxx Technologies GmbH.Our R&D capabilities have increasedwith State of Art “Directed Evolution”Technology in creating any desiredenzymemolecules.

Whatareyourfinancialstrengths?

1. EBIDTA Margin above 40%increasingwithCAGRof12%

2. PAT Margin above 20% showingCAGRof16%

3.Virtuallydebtfreewith.1DebtRatio

4.20%ROEand27%ROCE

Howdoyouforeseethefutureofyourcompany?

Broadening& deepening Geographicalpresenceisourareaofinterest.Wewillbeexpandingoursales,marketinganddistribution in North American,European, Latin American and Asianmarkets.BuildingStrategicpartnershipinkeymarketsforfocussegmentswillhelp us grow inorganically. Sinceinnovationisnecessitytoourbusiness,we will continue identifying productgaps and develop new enzyme &solutionswithexpandingcompetenciesin enzyme discovery & geneticengineering.

MessagefortheShareholdersA long-term view and investmenthorizon, in our humble opinion, ispossiblythesurestwayofreapingrichdividends & rewards in our business.Your patience, and our perseverance,willsurelyseeusthrough.

ARESEARCHDRIVENCOMPANYAdvancedEnzymesTechnologiesLtd


SBJ DidYouBuy‘AartiDrugs’?WeRecommendedtobuythisshareinMay’[email protected]

stPriceon1 Feb’18-Rs.625(1102%Up)Writeup

AdvancedEnzymesTechnologiesLtd

Price:Rs.213

BSECode:540025

FaceValue:Rs.2


AdvancedEnzymesisaresearchdrivencompanywithgloballeadershipinthemanufacturingofenzymes.

TheCompanywas incorporated, as aprivate limited companyonMarch15, 1989under theprovisionsof theCompaniesAct,1956asAdvancedBiochemicalsPrivateLimitedinMaharashtra.Pursuanttoaspecialresolutionpassedby the shareholdersof theCompanyat theextra-ordinarygeneralmeetingheldonApril21,1992, theCompanywasconvertedintoapubliclimitedcompanyandconsequentlythenameofourCompanywaschangedtoAdvancedBiochemicalsLimited.

Thecompanyis largestIndianenzymecompany,engagedintheresearchanddevelopment,manufacturingandmarketingof400+proprietaryproductsdevelopedfrom60indigenousenzymes.In2011,thecompanytookoverCal-IndiaFoodsInternational,givingthecompanydirectpresenceinUSA.In2012,thecompanytookoverAdvancedSupplementaryTechnologiesCorporationforconsolidatingitspresenceinUSA.

CLRathiMD

SBJ


Gossip March2018

RelianceIndustriesLtdatRs.882isrumouredtobeagoodbuy.Shareseemstohavegoodpotentialforappreciation.

TataGlobalBeverages Ltd atRs.258 is rumoured to be a goodbuy. Share has good chances ofappreciationinthenearfuture.

NocilLtdatRs.190isrumouredtobeagoodbuy.Shareseemstohavegoodpotentialforappreciation.

“Ihadnoself-confidenceandwasbecomingself-destructive,sotobolstermyself-esteem

Iharnessedmyself-controltoself-publishaself-helpbookaboutself-acceptancewhenIcametothe

self-realizationthatIknewnothingaboutself-promotion.That'swhereyoucomein.”

“Let'ssayyourpotentialbossasksyoutocommunicatewithhimexclusivelyviahis

handpuppetproxy,Mr.Handsington.Howwouldyouhandlethat?”

“Delegating?Don'twehavepeopleforthat?”“Thanksforcomingin.You'vegiven

mealottoforgetaboutafteryouleave.”

CHEMCRUX ENTERPRISES LTD.

Manufacturers of Intermediates for APIs, Dyes & Pigments

We Believe in Quality, Consistancy & Reliability

CHEMCRUX ENTERPRISES LTDRegistered Office : T-7, National Plaza, R.C.Dutt Road, Vadodara-390 007, ( Gujarat ) INDIA

Phone : +91 265 2344803 / 2358903

Fax : +91 265 2332910

Contact Person : Mr. Girish Shah

E-mail : [email protected]

a research driven company · for further enquiries and magazine subscription, please contact mobile...

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